Document:

EX-10.4

 Exhibit 10.4 

Execution Version 

AMENDED AND RESTATED CREDIT AGREEMENT 

DATED AS OF 

JULY 1, 2022 

AMONG 

CHORD ENERGY CORPORATION, 

AS PARENT, 

OASIS PETROLEUM NORTH AMERICA LLC, 

AS BORROWER, 

THE OTHER CREDIT PARTIES PARTY HERETO, 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

AS ADMINISTRATIVE AGENT, ISSUING BANK AND
SWINGLINE LENDER 
 AND 

THE LENDERS PARTY HERETO 

SOLE LEAD ARRANGER AND SOLE BOOKRUNNER 

WELLS FARGO SECURITIES, LLC 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS AND ACCOUNTING MATTERS
	  	 	2	 
			
	 Section 1.01
	 	Terms Defined Above	  	 	2	 
	 Section 1.02
	 	Certain Defined Terms	  	 	2	 
	 Section 1.03
	 	Types of Loans and Borrowings	  	 	45	 
	 Section 1.04
	 	Terms Generally; Rules of Construction	  	 	45	 
	 Section 1.05
	 	Accounting Terms and Determinations; GAAP	  	 	46	 
	 Section 1.06
	 	Rates	  	 	46	 
	 Section 1.07
	 	Divisions	  	 	47	 
	 Section 1.08
	 	Other Calculations	  	 	47	 
		
	 ARTICLE II THE CREDITS
	  	 	47	 
			
	 Section 2.01
	 	Commitments	  	 	47	 
	 Section 2.02
	 	Loans and Borrowings	  	 	48	 
	 Section 2.03
	 	Requests for Borrowings	  	 	49	 
	 Section 2.04
	 	Interest Elections	  	 	50	 
	 Section 2.05
	 	Funding of Borrowings; Funding by Lenders	  	 	51	 
	 Section 2.06
	 	Termination and Reduction of Aggregate Maximum Credit Amounts; Optional Increase and Reduction of Aggregate Elected Commitment Amounts	  	 	52	 
	 Section 2.07
	 	Borrowing Base	  	 	56	 
	 Section 2.08
	 	Letters of Credit	  	 	61	 
	 Section 2.09
	 	Swingline Loans	  	 	67	 
	 Section 2.10
	 	Extension Offers	  	 	68	 
		
	 ARTICLE III PAYMENTS OF PRINCIPAL AND INTEREST; PREPAYMENTS; FEES
	  	 	71	 
			
	 Section 3.01
	 	Repayment of Loans	  	 	71	 
	 Section 3.02
	 	Interest	  	 	71	 
	 Section 3.03
	 	Alternate Rate of Interest	  	 	72	 
	 Section 3.04
	 	Prepayments	  	 	75	 
	 Section 3.05
	 	Fees	  	 	77	 
		
	 ARTICLE IV PAYMENTS; PRO RATA TREATMENT; SHARING OF
SET-OFFS
	  	 	78	 
			
	 Section 4.01
	 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	 	78	 
	 Section 4.02
	 	Presumption of Payment by the Borrower	  	 	80	 
	 Section 4.03
	 	Certain Deductions by the Administrative Agent	  	 	80	 
	 Section 4.04
	 	Disposition of Proceeds	  	 	80	 
		
	 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES
	  	 	81	 
			
	 Section 5.01
	 	Increased Costs	  	 	81	 
	 Section 5.02
	 	Break Funding Payments	  	 	82	 
	 Section 5.03
	 	Taxes	  	 	82	 
	 Section 5.04
	 	Mitigation Obligations; Replacement of Lenders	  	 	85	 

  
 i 

							
		 		  			
	 ARTICLE VI CONDITIONS PRECEDENT
	  	 	86	 
			
	 Section 6.01
	 	Effective Date	  	 	86	 
	 Section 6.02
	 	Each Credit Event	  	 	89	 
		
	 ARTICLE VII REPRESENTATIONS AND WARRANTIES
	  	 	90	 
			
	 Section 7.01
	 	Organization; Powers	  	 	90	 
	 Section 7.02
	 	Authority; Enforceability	  	 	90	 
	 Section 7.03
	 	Approvals; No Conflicts	  	 	90	 
	 Section 7.04
	 	Financial Condition; No Material Adverse Change	  	 	91	 
	 Section 7.05
	 	Litigation	  	 	91	 
	 Section 7.06
	 	Environmental Matters	  	 	92	 
	 Section 7.07
	 	Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency	  	 	93	 
	 Section 7.08
	 	Investment Company Act	  	 	93	 
	 Section 7.09
	 	Taxes	  	 	93	 
	 Section 7.10
	 	ERISA	  	 	93	 
	 Section 7.11
	 	Disclosure; No Material Misstatements	  	 	94	 
	 Section 7.12
	 	Insurance	  	 	95	 
	 Section 7.13
	 	Restriction on Liens	  	 	95	 
	 Section 7.14
	 	Subsidiaries	  	 	95	 
	 Section 7.15
	 	Location of Business and Offices	  	 	95	 
	 Section 7.16
	 	Properties; Titles, Etc.	  	 	96	 
	 Section 7.17
	 	Maintenance of Properties	  	 	97	 
	 Section 7.18
	 	Gas Imbalances, Prepayments	  	 	97	 
	 Section 7.19
	 	Marketing of Production	  	 	97	 
	 Section 7.20
	 	Swap Agreements and Qualified ECP Guarantor	  	 	98	 
	 Section 7.21
	 	Use of Loans and Letters of Credit	  	 	98	 
	 Section 7.22
	 	Solvency	  	 	98	 
	 Section 7.23
	 	Anti-Corruption Laws	  	 	98	 
	 Section 7.24
	 	Sanctions	  	 	99	 
	 Section 7.25
	 	Affected Financial Institutions	  	 	99	 
	 Section 7.26
	 	Beneficial Ownership Certification	  	 	99	 
		
	 ARTICLE VIII AFFIRMATIVE COVENANTS
	  	 	99	 
			
	 Section 8.01
	 	Financial Statements; Other Information	  	 	99	 
	 Section 8.02
	 	Notices of Material Events	  	 	103	 
	 Section 8.03
	 	Existence; Conduct of Business	  	 	103	 
	 Section 8.04
	 	Payment of Taxes	  	 	103	 
	 Section 8.05
	 	Operation and Maintenance of Properties	  	 	103	 
	 Section 8.06
	 	Insurance	  	 	104	 
	 Section 8.07
	 	Books and Records; Inspection Rights	  	 	105	 
	 Section 8.08
	 	Compliance with Laws	  	 	105	 
	 Section 8.09
	 	Environmental Matters	  	 	105	 
	 Section 8.10
	 	Further Assurances	  	 	106	 
	 Section 8.11
	 	Reserve Reports	  	 	106	 
	 Section 8.12
	 	Title Information	  	 	108	 

  
 ii 

							
	 Section 8.13
	 	Additional Collateral; Additional Guarantors	  	 	109	 
	 Section 8.14
	 	ERISA Compliance	  	 	110	 
	 Section 8.15
	 	Marketing Activities	  	 	110	 
	 Section 8.16
	 	Commodity Exchange Act Keepwell Provisions	  	 	111	 
	 Section 8.17
	 	Unrestricted Subsidiaries	  	 	111	 
	 Section 8.18
	 	Post-Closing Covenants	  	 	111	 
	 Section 8.19
	 	Collateral for Permitted Secured Term Debt	  	 	112	 
		
	 ARTICLE IX NEGATIVE COVENANTS
	  	 	112	 
			
	 Section 9.01
	 	Financial Covenants	  	 	112	 
	 Section 9.02
	 	Debt	  	 	112	 
	 Section 9.03
	 	Liens	  	 	115	 
	 Section 9.04
	 	Dividends, Distributions and Redemptions; Repayment of Senior Notes and Amendment to Terms of Senior Notes	  	 	116	 
	 Section 9.05
	 	Investments, Loans and Advances	  	 	118	 
	 Section 9.06
	 	Nature of Business; International Operations	  	 	120	 
	 Section 9.07
	 	Proceeds of Loans	  	 	121	 
	 Section 9.08
	 	Designation and Conversion of Restricted and Unrestricted Subsidiaries	  	 	121	 
	 Section 9.09
	 	ERISA Compliance	  	 	121	 
	 Section 9.10
	 	Sale or Discount of Receivables	  	 	122	 
	 Section 9.11
	 	Mergers, Etc	  	 	122	 
	 Section 9.12
	 	Sale of Properties and Liquidation of Swap Agreements	  	 	123	 
	 Section 9.13
	 	Environmental Matters	  	 	125	 
	 Section 9.14
	 	Transactions with Affiliates	  	 	125	 
	 Section 9.15
	 	Subsidiaries	  	 	126	 
	 Section 9.16
	 	Negative Pledge Agreements; Dividend Restrictions	  	 	126	 
	 Section 9.17
	 	Gas Imbalances, Take-or-Pay or Other Prepayments	  	 	127	 
	 Section 9.18
	 	Swap Agreements	  	 	127	 
	 Section 9.19
	 	Covenants of Parent and OP LLC	  	 	128	 
	 Section 9.20
	 	Non-Qualified ECP Guarantors	  	 	128	 
		
	 ARTICLE X EVENTS OF DEFAULT; REMEDIES
	  	 	129	 
			
	 Section 10.01
	 	Events of Default	  	 	129	 
	 Section 10.02
	 	Remedies	  	 	131	 
		
	 ARTICLE XI THE AGENTS
	  	 	132	 
			
	 Section 11.01
	 	Appointment; Powers	  	 	132	 
	 Section 11.02
	 	Duties and Obligations of Administrative Agent	  	 	133	 
	 Section 11.03
	 	Action by Administrative Agent	  	 	134	 
	 Section 11.04
	 	Reliance by Administrative Agent	  	 	134	 
	 Section 11.05
	 	Subagents	  	 	134	 
	 Section 11.06
	 	Resignation of Administrative Agent	  	 	135	 
	 Section 11.07
	 	Agents as Lenders	  	 	135	 
	 Section 11.08
	 	No Reliance	  	 	135	 
	 Section 11.09
	 	Administrative Agent May File Proofs of Claim	  	 	136	 

  
 iii 

							
		 		  			
	 Section 11.10
	 	Authority of Administrative Agent to Release Collateral and Liens	  	 	136	 
	 Section 11.11
	 	The Arranger	  	 	136	 
	 Section 11.12
	 	Erroneous Payments	  	 	137	 
	 Section 11.13
	 	INTERCREDITOR AGREEMENTS	  	 	138	 
		
	 ARTICLE XII MISCELLANEOUS
	  	 	138	 
			
	 Section 12.01
	 	Notices	  	 	138	 
	 Section 12.02
	 	Waivers; Amendments	  	 	139	 
	 Section 12.03
	 	Expenses, Indemnity; Damage Waiver	  	 	142	 
	 Section 12.04
	 	Successors and Assigns	  	 	145	 
	 Section 12.05
	 	Survival; Revival; Reinstatement	  	 	149	 
	 Section 12.06
	 	Counterparts; Integration; Effectiveness	  	 	149	 
	 Section 12.07
	 	Severability	  	 	151	 
	 Section 12.08
	 	Right of Setoff	  	 	151	 
	 Section 12.09
	 	GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS	  	 	151	 
	 Section 12.10
	 	Headings	  	 	152	 
	 Section 12.11
	 	Confidentiality	  	 	153	 
	 Section 12.12
	 	Interest Rate Limitation	  	 	154	 
	 Section 12.13
	 	EXCULPATION PROVISIONS	  	 	154	 
	 Section 12.14
	 	Collateral Matters; Swap Agreements	  	 	155	 
	 Section 12.15
	 	No Third Party Beneficiaries	  	 	155	 
	 Section 12.16
	 	USA Patriot Act Notice	  	 	155	 
	 Section 12.17
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	155	 
	 Section 12.18
	 	No Advisory or Fiduciary Responsibility	  	 	156	 
	 Section 12.19
	 	Acknowledgement Regarding Any Supported QFCs	  	 	157	 
	 Section 12.20
	 	Disposition of Proceeds	  	 	157	 
	 Section 12.21
	 	Agency of the Borrower for the Other Credit Parties	  	 	158	 
	 Section 12.22
	 	Existing Credit Agreement	  	 	158	 
	 Section 12.23
	 	Release of Collateral and Guarantee Obligations	  	 	159	 

  
 iv 

 ANNEXES, EXHIBITS AND SCHEDULES 

 

			
	Annex I	  	List of Maximum Credit Amounts and Elected Commitments
		
	Exhibit A	  	Form of Note
	Exhibit B	  	Form of Borrowing Request
	Exhibit C	  	Form of Interest Election Request
	Exhibit D	  	Form of Compliance Certificate
	Exhibit E-1	  	Security Instruments
	Exhibit E-2	  	Form of Guaranty and Security Agreement
	Exhibit F	  	Form of Assignment and Assumption
	Exhibit G	  	Form of Elected Commitment Increase Certificate
	Exhibit H	  	Form of Additional Lender Certificate
	Exhibit I-1	  	 Form of U.S. Tax Compliance Certificate

(Foreign Lenders; Not Partnerships)

	Exhibit I-2	  	 Form of U.S. Tax Compliance Certificate

(Foreign Participants; Not Partnerships)

	Exhibit I-3	  	 Form of U.S. Tax Compliance Certificate

(Foreign Participants; Partnerships)

	Exhibit I-4	  	 Form of U.S. Tax Compliance Certificate

(Foreign Lenders; Partnerships)

		
	Schedule 1.02(a)	  	Existing Letters of Credit
	Schedule 1.02(b)	  	Permitted Existing Secured Swap Agreements
	Schedule 7.05	  	Litigation
	Schedule 7.06	  	Environmental Matters
	Schedule 7.14	  	Subsidiaries
	Schedule 7.16	  	Title Defects
	Schedule 7.18	  	Gas Imbalances
	Schedule 7.19	  	Marketing Contracts
	Schedule 7.20	  	Swap Agreements
	Schedule 8.18	  	Post-Closing Covenants
	Schedule 9.02	  	Debt
	Schedule 9.03	  	Liens
	Schedule 9.05	  	Investments

  
 v 

 THIS AMENDED AND RESTATED CREDIT AGREEMENT dated as of July 1, 2022, is among:
Chord Energy Corporation, a Delaware corporation (the “Parent”); Oasis Petroleum LLC, a Delaware limited liability company (“OP LLC”), Oasis Petroleum North America LLC, a Delaware limited liability company (the
“Borrower”); each of the Lenders from time to time party hereto; and Wells Fargo Bank, National Association (in its individual capacity, “Wells Fargo”) as administrative agent for the Lenders (in such capacity,
together with its successors in such capacity, the “Administrative Agent”). 
 R E C I
T A L S 
 WHEREAS, the Parent, OP LLC and the Borrower are each a party to that certain Credit Agreement,
dated as of November 19, 2020, with the banks, financial institutions and other lending institutions from time to time party as lenders thereto and Wells Fargo, as administrative agent (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time prior to the Effective Date, the “Existing Credit Agreement”); 
 WHEREAS, prior to
the Effective Date, the Parent formed Ohm Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of the Parent, and New Ohm LLC, a Delaware limited liability company and wholly-owned subsidiary of the Parent, for the purpose of
acquiring Whiting Petroleum Corporation, a Delaware corporation (“Whiting”) and its subsidiaries and on March 7, 2022, the Parent, Ohm Merger Sub Inc., New Ohm LLC (“New Ohm”) and Whiting executed that certain
Agreement and Plan of Merger (as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the Effective Date, the “Merger Agreement”), pursuant to which (a) Ohm Merger Sub Inc. will
be merged with and into Whiting and (b) Whiting will be merged with and into New Ohm LLC and New Ohm LLC shall continue as a direct Wholly-Owned Subsidiary of the Borrower on or prior to the Effective Date (the “Merger”, and
together with the payment of cash consideration required under the Merger Agreement and fees and expenses therewith and the other transactions contemplated by the Merger Agreement, the “Merger Transactions”); 

WHEREAS, (a) in connection with the Transactions, the Parent, OP LLC and the Borrower (collectively, the “Parent Group”)
desire to amend and restate the Existing Credit Agreement in its entirety, and (b) the Borrower has requested that the Lenders provide certain loans to and extensions of credit on behalf of the Borrower through an amendment and restatement of
the Existing Credit Agreement; and 
 WHEREAS, the Lenders, the Swingline Lender and the Issuing Bank are willing to make available:
(i) to the Borrower, such revolving credit and swingline facilities and (ii) to the Borrower and the other Credit Parties (as defined below), such letter of credit facilities, in each case, upon the terms and subject to the conditions set
forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and of the loans, extensions of
credit and commitments hereinafter referred to, the parties hereto agree as follows: 

 ARTICLE I 

DEFINITIONS AND ACCOUNTING MATTERS 

Section 1.01 Terms Defined Above. As used in this Agreement, each term defined above has the meaning indicated above. 

Section 1.02 Certain Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“2022 Reserve Reports” means, with respect to the first Scheduled Redetermination after the Effective Date, (a) the
report prepared by or under the supervision of the chief engineer of the Borrower with respect to certain Oil and Gas Properties of the Borrower and its Restricted Subsidiaries as of July 1, 2022 (excluding the Oil and Gas Properties of Whiting
Opco and its Restricted Subsidiaries) and (b) the report prepared by or under the supervision of the chief engineer of the Borrower with respect to certain Oil and Gas Properties of Whiting Opco and its Restricted Subsidiaries as of
July 1, 2022. 
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans
comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Acquisition
Properties” has the meaning assigned to such term in Section 2.07(e)(ii). 
 “Additional
Lender” has the meaning assigned to such term in Section 2.06(c)(i). 
 “Additional Lender
Certificate” has the meaning assigned to such term in Section 2.06(c)(ii)(G). 
 “Adjusted Daily
Simple SOFR” means, for any day (a “Simple SOFR Rate Day”), a rate per annum equal to the sum of (i) SOFR for the day (such day, a “Simple SOFR Determination Day”) that is five (5) U.S. Government
Securities Business Days prior to (A) if such Simple SOFR Rate Day is a U.S. Government Securities Business Day, such Simple SOFR Rate Day or (B) if such Simple SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S.
Government Securities Business Day immediately preceding such Simple SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website; provided that if by 5:00 p.m. on the second (2nd) U.S. Government Securities Business Day immediately following any Simple SOFR Determination Day, SOFR in respect of such Simple SOFR Determination Day has not been published on the SOFR
Administrator’s Website and a Benchmark Replacement Date with respect to Adjusted Daily Simple SOFR has not occurred, then SOFR for such Simple SOFR Determination Day will be SOFR as published in respect of the first preceding U.S. Government
Securities Business Day for which such SOFR was published on the SOFR Administrator’s Website; provided further that SOFR as determined pursuant to this proviso shall be utilized for purposes of calculation of Adjusted Daily
Simple SOFR for no more than three (3) consecutive Simple SOFR Rate Days; provided further that notwithstanding the foregoing, if SOFR determined as provided above shall be less than the Floor, then SOFR shall be deemed to be the
Floor and (ii) the SOFR Adjustment. Any change in Adjusted Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower. 

  
 2 

 “Adjusted Term SOFR” means for any Interest Period, the rate per annum
equal to (a) Term SOFR for such Interest Period plus (b) the SOFR Adjustment. 
 “Administrative Questionnaire”
means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Affected Financial Institution”
means (a) any EEA Financial Institution or (b) any UK Financial Institution. 
 “Affiliate” means, with respect
to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agents” means, collectively, the Administrative Agent and any other agent for the Lenders from time to time appointed under
this Agreement. 
 “Aggregate Elected Commitment Amounts” at any time shall equal the sum of the Elected Commitments, as
the same may be increased, reduced or terminated pursuant to Section 2.06(c). As of the Effective Date, the Aggregate Elected Commitment Amounts are equal to $800,000,000. 

“Aggregate Maximum Credit Amounts” at any time shall equal the sum of the Maximum Credit Amounts. The Aggregate Maximum
Credit Amounts as of the Effective Date is $3,000,000,000. 
 “Agreement” means this Amended and Restated Credit Agreement,
including any schedules and exhibits hereto, as the same may from time to time be further amended, restated, amended and restated, supplemented or modified. 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such
day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) Adjusted Term SOFR for a one month Interest Period on such day (or
if such day is not a Business Day, the immediately preceding Business Day) plus 1.00% (provided that clause (c) shall not be applicable during any period in which Adjusted Term SOFR is unavailable or unascertainable). Any change in the
Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the
Adjusted Term SOFR, respectively. 
 “Anti-Corruption Laws” means all state or federal laws, rules, and regulations
applicable to each member of the Parent Group or any of its respective Subsidiaries from time to time concerning or relating to bribery or corruption, including the FCPA. 

“Anti-Money Laundering Laws” means any and all laws, statues, regulations or obligatory government orders, decrees,
ordinances or rules related to terrorism financing or money laundering (including, without limitation, the USA Patriot Act, the Money Laundering Control Act of 1986, the Bank Secrecy Act, the Proceeds of Crime (Money Laundering) and Terrorist
Financing Act (Canada), and the rules and regulations promulgated thereunder) of the jurisdictions in which the Borrower or any of its Subsidiaries operates or in which the proceeds of the Loans or Letters of Credit will be used in connection with
the operations of each member of the Parent Group or any of its respective Subsidiaries. 

  
 3 

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

  

																					
	 Total Commitments
Utilization Grid
	 
	 Total Commitments Utilization Percentage
	  	 	< 25	% 	 	 
 
	≥ 25
 < 50
	% 
 % 
	 	 
 
	≥ 50
 < 75
	% 
 % 
	 	 
 
	≥ 75
 < 90
	% 
 % 
	 	 	≥ 90	% 
	 ABR Loans or Swingline Loans
	  	 	0.750	% 	 	 	1.000	% 	 	 	1.250	% 	 	 	1.500	% 	 	 	1.750	% 
	 SOFR Loans
	  	 	1.750	% 	 	 	2.000	% 	 	 	2.250	% 	 	 	2.500	% 	 	 	2.750	% 
	 Commitment Fee Rate
	  	 	0.375	% 	 	 	0.375	% 	 	 	0.500	% 	 	 	0.500	% 	 	 	0.500	% 

 Each change in the Applicable Margin shall apply during the period commencing on the effective date of such change and ending
on the date immediately preceding the effective date of the next such change, provided, however, that if at any time the Borrower fails to deliver a Reserve Report pursuant to Section 8.11(a), then if so
elected by the Majority Lenders, until the time that the Borrower delivers such Reserve Report to the Administrative Agent, the “Applicable Margin” means the rate per annum set forth on the grid when the Total Commitments Utilization
Percentage is at its highest level (retroactive to the date on which the Borrower failed to deliver such Reserve Report). 

“Applicable Percentage” means, with respect to any Lender, the percentage of the Aggregate Maximum Credit Amounts represented
by such Lender’s Maximum Credit Amount as such percentage is set forth on Annex I; provided that in the case of Section 2.08(k) when a Defaulting Lender shall exist, “Applicable Percentage” as
used in such Section 2.08(k) shall mean the percentage of the Aggregate Maximum Credit Amounts (disregarding any Defaulting Lender’s Maximum Credit Amounts) represented by such Lender’s Maximum Credit Amount. 

“Approved Counterparty” shall mean any Person who, with respect to a Swap Agreement, is (a) a Secured Swap Party, or
(b) any other Person whose issuer rating or long term senior unsecured debt ratings at the time of entry into such Swap Agreement is A-/A3 by S&P or Moody’s (or their equivalent) or higher (or
whose obligations under the applicable Swap Agreement are guaranteed by an Affiliate of such Person meeting such rating standards). 

“Approved Electronic Platform” means IntraLinksTM, DebtDomain, SyndTrak,
ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system. 

  
 4 

 “Approved Fund” means any Person (other than a natural person) that is
engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers or manages a Lender. 
 “Approved Petroleum Engineers” means
(a) Netherland, Sewell & Associates, Inc., (b) Ryder Scott Company Petroleum Consultants, L.P., (c) DeGolyer and MacNaughton, (d) Cawley, Gillespie & Associates, Inc. and (e) any other independent petroleum
engineers reasonably acceptable to the Administrative Agent. 
 “Arranger” means Wells Fargo Securities, LLC, in its
capacities as the sole lead arranger and sole bookrunner hereunder. 
 “ASC” means the Financial Accounting Standards Board
Accounting Standards Codification, as in effect from time to time. 
 “Assignment and Assumption” means an assignment and
assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 12.04(b)), and accepted by the Administrative Agent, in the form of Exhibit F or any other form
approved by the Administrative Agent. 
 “Available Borrowing Base” means, at any time, the amount of the Borrowing Base
then in effect minus the aggregate principal amount of all Permitted Secured Term Debt then outstanding. 
 “Available
Commitment” means, at any time, (a) the aggregate amount of the Commitments of all Lenders at such time minus the total Revolving Credit Exposures of all Lenders at such time. 

“Availability Period” means the period from and including the Effective Date to but excluding the Termination Date. 

“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable,
(a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (b) otherwise, any payment period for interest
calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for
the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 3.03(c)(iv). 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” means, (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the 

  
 5 

 
United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of
unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

“Bank Products” means any of the following bank services: (a) commercial credit cards, including merchant card services
and purchase or debit cards, including non-card e-payables services, (b) stored value cards, and (c) treasury management services (including, without
limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services). 

“Bank Products Provider” means any Lender or Affiliate of a Lender that provides Bank Products to any member of the Parent
Group or any Restricted Subsidiary. 
 “Basket” shall mean any amount, threshold, exception or value (including any Fixed
Basket and Non-Fixed Basket) permitted or prescribed with respect to any Lien, Debt, Disposition, Investment, Restricted Payment, transaction, action, judgment or amount under any provision in this Agreement
or any other Loan Document. For all purposes hereunder, (x) “Fixed Basket” shall mean any Basket that is subject to a fixed-Dollar limit (including Baskets based on a percentage of EBITDAX or Consolidated Total Assets) and (y)
“Non-Fixed Basket” shall mean any Basket that is subject to compliance with a financial ratio or test (including any Basket requiring compliance with the Leverage Ratio or the Secured Leverage
Ratio covenant on a Pro Forma Basis). 
 “Benchmark” means, initially, the Term SOFR Reference Rate; provided that
if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced
such prior benchmark rate pursuant to Section 3.03(c)(i). 
 “Benchmark Replacement” means, with respect to any
Benchmark Transition Event, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 

(a) Adjusted Daily Simple SOFR; or 

(b) the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due
consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a
benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would be less
than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

  
 6 

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

“Benchmark Replacement Date” means the earlier to occur of the following events with respect to the then-current Benchmark:

 (a) in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of
the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all
Available Tenors of such Benchmark (or such component thereof); or 
 (b) in the case of clause (c) of the definition of “Benchmark
Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component
thereof) to be non-representative; provided that such non-representativeness will be determined by reference to the most recent statement or publication referenced in
such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. 

For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b)
with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current
Benchmark: 
 (a) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such
statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(b) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Board, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such
Benchmark (or such component) or a court or an entity with similar insolvency or 

  
 7 

 
resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide
all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of
such Benchmark (or such component thereof); or 
 (c) a public statement or publication of information by the regulatory supervisor for the
administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

 For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a
public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date
has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03(c)(i) and (y) ending at the time that a Benchmark
Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03(c)(i). 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial
Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Board” means the Board of Governors of the Federal Reserve System of the United
States of America or any successor Governmental Authority. 
 “Borrowing” means (a) Loans of the same Type, made,
converted or continued on the same date and, in the case of Term SOFR Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan. 

“Borrowing Base” means at any time an amount equal to the amount determined in accordance with
Section 2.07, as the same may be adjusted from time to time pursuant to Section 8.12(c) or Section 9.12(d). 

“Borrowing Base Deficiency” occurs if at any time the Total Borrowing Base Debt Exposure exceeds the Borrowing Base then in
effect. The amount of any Borrowing Base Deficiency is the amount by which the Total Borrowing Base Debt Exposure exceeds the Borrowing Base then in effect. 

  
 8 

 “Borrowing Base Properties” means the proved Oil and Gas Properties of the
Credit Parties included in the Initial Reserve Reports and thereafter in the most recently delivered Reserve Report delivered hereunder. 

“Borrowing Base Value” means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of
commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base. 

“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with
Section 2.03. 
 “Business Day” means any day that (a) is not a Saturday, Sunday or other
day on which the NYFRB is closed and (b) is not a day on which commercial banks in New York City or Houston, Texas are closed. 

“Call Spread Counterparties” means one or more financial institutions selected by the Parent to sell the options contemplated
by the Permitted Bond Hedge Transaction(s) and purchase the warrants contemplated by the Permitted Warrant Transaction(s). 

“Capital Expenditures” means accrued capital expenditures (as determined in accordance with GAAP) of the Parent and its
Consolidated Restricted Subsidiaries for any period, including exploration and production expenses and other capital expenditures. 

“Capital Leases” means, in respect of any Person, all leases which shall have been, or should have been, in accordance with
GAAP, recorded as capital leases on the balance sheet of the Person liable (whether contingent or otherwise) for the payment of rent thereunder. 

“Casualty Event” means any loss, casualty or other insured damage to, or any nationalization, taking under power of eminent
domain or by condemnation or similar proceeding of, any Property of the Borrower or any of its Restricted Subsidiaries having a fair market value in excess of $15,000,000. 

“CFC” means any subsidiary that is a “controlled foreign corporation” within the meaning of Section 957 of the
Code. 
 “Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of
record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of Equity Interests representing more than 35% of the aggregate ordinary voting power
represented by the issued and outstanding Equity Interests of the Parent, (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Parent by Persons who were not (i) members of the board of
directors of Parent as of the Effective Date, (ii) nominated (or whose nomination was approved) by the board of directors of the Parent or (iii) appointed (or whose appointment was approved) by directors so nominated (or whose nomination
was so approved), (c) the Parent fails to own directly or indirectly all of the Equity Interests of the Borrower, or (d) the occurrence of a “change of control” (or any other similar event) under any Material Indebtedness. 

  
 9 

 “Change in Law” means (a) the adoption of any law, rule or regulation
after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation, implementation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender
or the Issuing Bank (or, for purposes of Section 5.01(b), by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or directive (whether
or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided, however, for the purposes of this Agreement, each of the Dodd-Frank Wall Street Reform and Consumer Protection Act
and all requests, guidelines or directives in connection therewith or promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision or the United States or foreign regulatory authorities, in each case, pursuant to
Basel III, shall be deemed to be a change in law regardless of when such law, rule or regulation goes into effect or is adopted. 

“Class” shall mean (i) with respect to Commitments or Loans, those of such Commitments or Loans that have the same terms
and conditions (without regard to differences in the Type of Loan, Interest Period, upfront fees, original issue discount or similar fees paid or payable in connection with such Commitments or Loans, or differences in tax treatment (e.g.,
“fungibility”)); provided that such Commitments or Loans may be designated in writing by the Administrative Agent, the Borrower and Lenders holding such Commitments or Loans as a separate Class from other Commitments or Loans
that have the same terms and conditions and (ii) with respect to Lenders, those of such Lenders that have Commitments or Loans of the same particular Class. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral” means all Property which is subject to a Lien under one or more Security Instruments. 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans and to acquire participations in
Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be modified from time to time pursuant to
Section 2.06 and modified from time to time pursuant to assignments by or to such Lender pursuant to Section 12.04(b). The amount representing each Lender’s Commitment shall at any time be the
least of (a) such Lender’s Maximum Credit Amount, (b) such Lender’s Applicable Percentage of the then-effective Available Borrowing Base and (c) such Lender’s Elected Commitment. 

“Commitment Fee Rate” has the meaning set forth in the definition of “Applicable Margin”. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time
to time, and any successor statute. 
 “Conforming Changes” means, with respect to either the use or administration of Term
SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business
Day,” the definition of “U.S. Government Securities Business Day,” the definition of “Interest Period” or any similar or analogous definition (or the 

  
 10 

 
addition of a concept of “interest period”), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or
continuation notices, the applicability and length of lookback periods, the applicability of Section 5.02 and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate
to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption
of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative
Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 

“Consolidated Net Income” means with respect to the Parent and the Consolidated Restricted Subsidiaries, for any period, the
aggregate of the net income (or loss) of the Parent and the Consolidated Restricted Subsidiaries, without duplication, after allowances for taxes for such period determined on a consolidated basis in accordance with GAAP; provided that there
shall be excluded from such net income (to the extent otherwise included therein) the following: (a) the net income of any Person in which the Parent or any Consolidated Restricted Subsidiaries has an interest (which interest does not cause the
net income of such other Person to be consolidated with the net income of the Parent and the Consolidated Restricted Subsidiaries in accordance with GAAP), except to the extent of the amount of dividends or distributions actually paid in cash during
such period by such Person to the Parent or any Consolidated Restricted Subsidiary; (b) the net income (but not loss) during such period of any Consolidated Restricted Subsidiaries to the extent that the declaration or payment of dividends or
similar distributions or transfers or loans by that Consolidated Restricted Subsidiaries is not at the time permitted by operation of the terms of its charter or any agreement, instrument or Governmental Requirement applicable to such Consolidated
Restricted Subsidiary or is otherwise restricted or prohibited, in each case determined in accordance with GAAP; (c) the net income (or loss) of any Person acquired in a
pooling-of-interests transaction for any period prior to the date of such transaction; (d) any extraordinary non-cash gains
or losses during such period and (e) any gains or losses attributable to writeups or writedowns of assets, including ceiling test writedowns. 

“Consolidated Restricted Subsidiaries” means any Restricted Subsidiaries that are Consolidated Subsidiaries. 

“Consolidated Subsidiaries” means each Subsidiary of the Parent (whether now existing or hereafter created or acquired), the
financial statements of which shall be (or should have been) consolidated with the financial statements of the Parent in accordance with GAAP. 

“Consolidated Total Assets” shall mean the total assets of the Borrower and its Restricted Subsidiaries, determined on a
consolidated basis in accordance with GAAP, as shown on the most recent consolidated balance sheet of the Borrower. 
 “Consolidated
Unrestricted Subsidiaries” means any Unrestricted Subsidiaries that are Consolidated Subsidiaries. 

  
 11 

 “Control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative
thereto. 
 “Control Agreement” has the meaning assigned to such term in the Guaranty and Security Agreement. 

“Convertible Notes” means any unsecured senior or unsecured senior subordinated Debt securities (whether registered or
privately placed) convertible into Equity Interests of the Parent (other than Disqualified Capital Stock) incurred pursuant to a Convertible Notes Indenture. 

“Convertible Notes Indenture” means any indenture among the Parent, as issuer, the subsidiary guarantors party thereto and
the trustee named therein, pursuant to which the Convertibles Notes are issued, as the same may be amended or supplemented in accordance with Section 9.04(b). 

“Covered Entity” means any of the following: 

(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); 

(ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R.§ 47.3(b); or 

(iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R.§ 382.2(b). 

“Covered Party” has the meaning assigned to it in Section 12.19. 

“Credit Parties” means, collectively, the Borrower and each Guarantor, and “Credit Party” means any one of
the foregoing. 
 “Crestwood Common Units” means common units representing limited partner interests in Crestwood Equity
Partners LP, a Delaware limited partnership. 
 “Crestwood Merger” means the transactions described in that certain
Agreement and Plan of Merger, dated as of October 25, 2021, by and among Crestwood Equity Partners LP, a Delaware limited partnership, Project Falcon Merger Sub LLC, a Delaware limited liability company, Project Phantom Merger Sub LLC, a
Delaware limited liability company, Oasis Midstream Partners LP, a Delaware limited partnership, OMP GP LLC, a Delaware limited liability company, and Crestwood Equity GP LLC, a Delaware limited liability company. 

“Current Assets” has the meaning assigned to such term in Section 9.01(a). 

“Current Liabilities” has the meaning assigned to such term in Section 9.01(a). 

  
 12 

 “Current Production” means the lesser of (a) the prior month’s
production of each of crude oil and natural gas, calculated separately, of the Borrower and its Restricted Subsidiaries and (b) the forecasted production, as reasonably determined by the Borrower, of each of crude oil and natural gas,
calculated separately, of the Borrower and its Restricted Subsidiaries for each month for the period ending no sooner than the latest month for which volumes are hedged under Swap Agreements. 

“Current Ratio” has the meaning assigned to such term in Section 9.01(a). 

“Daily Simple SOFR Loan” means any Loan bearing interest at a rate based on Adjusted Daily Simple SOFR. 

“Debt” means, for any Person, the sum of the following (without duplication): (a) all obligations of such Person for
borrowed money or evidenced by bonds, bankers’ acceptances, debentures, notes or other similar instruments; (b) all obligations of such Person (whether contingent or otherwise) in respect of letters of credit, surety or other bonds and
similar instruments; (c) all accounts payable and all accrued expenses, liabilities or other obligations of such Person to pay the deferred purchase price of Property or services, other than any such obligations that (i) are not greater
than sixty (60) days past the date of invoice or delinquent or (ii) are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (d) all obligations under
Capital Leases; (e) all obligations under Synthetic Leases; (f) all Debt (as defined in the other clauses of this definition) of others secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be
secured by) a Lien on any Property of such Person, whether or not such Debt is assumed by such Person; (g) all Debt (as defined in the other clauses of this definition) of others guaranteed by such Person or in which such Person otherwise
assures a creditor against loss of the Debt (howsoever such assurance shall be made) to the extent of the lesser of the amount of such Debt and the maximum stated amount of such guarantee or assurance against loss; (h) all obligations or
undertakings of such Person to maintain or cause to be maintained the financial position or covenants of others to purchase the Debt or Property of others; (i) obligations to deliver commodities, goods or services, including, without
limitation, Hydrocarbons, in consideration of one or more advance payments, other than gas balancing arrangements in the ordinary course of business; (j) obligations to pay for goods or services even if such goods or services are not actually
received or utilized by such Person (other than firm transportation or storage, or drilling contracts); (k) any Debt of a partnership for which such Person is liable either by agreement, by operation of law or by a Governmental Requirement but
only to the extent of such liability; (l) Disqualified Capital Stock; and (m) the undischarged balance of any production payment created by such Person or for the creation of which such Person directly or indirectly received payment. The
Debt of any Person shall include all obligations of such Person of the character described above to the extent such Person remains legally liable in respect thereof notwithstanding that any such obligation is not included as a liability of such
Person under GAAP. 
 “Debt Transactions” means, with respect to (a) the Borrower, the execution, delivery and
performance by the Borrower of this Agreement and each other Loan Document to which it is a party, the borrowing of Loans, the use of the proceeds thereof and/or the issuance of Letters of Credit, and the grant or reaffirmation of Liens by the
Borrower on Mortgaged Properties and other Properties pursuant to the Security Instruments and (b) each Guarantor, the execution, delivery and performance by such Guarantor of each Loan Document to which it is a party, the guaranteeing (or
reaffirmation of existing guaranties) of the Indebtedness and the other obligations under the Guaranty and Security Agreement by such Guarantor, and the grant or reaffirmation of Liens by such Guarantor on Mortgaged Properties and other Properties
pursuant to the Security Instruments. 

  
 13 

 “Default” means any event or condition which constitutes an Event of
Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“Defaulting Lender” means any Lender that (a) has failed to (i) within three (3) Business Days of the date
required to be funded or paid, to fund any portion of its Loans, unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more
conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied or (ii) within three (3) Business Days of the date required
to be funded or paid, to fund any portion of its Loans, fund any portion of its participations in Letters of Credit or Swingline Loans or pay over to any Credit Party any other amount required to be paid by it hereunder; (b) has
notified the Borrower or any other Credit Party in writing, or has made a public statement, to the effect that it does not intend or expect to comply with any of its funding obligations under this Agreement or generally under other agreements in
which it commits to extend credit (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to
funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied); (c) has failed, within three (3) Business Days after request by the
Administrative Agent, a Swingline Lender or a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations to fund prospective Loans and participations
in then outstanding Letters of Credit and Swingline Loans under this Agreement; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in
form and substance satisfactory to it and the Administrative Agent; or (d) has (or whose bank holding company has) been placed into receivership, conservatorship or bankruptcy or has become subject to a
Bail-In Action; provided that (x) a Lender shall not become a Defaulting Lender solely as a result of the acquisition or maintenance of an ownership interest in such Lender or Person controlling
such Lender or the exercise of control over a Lender or Person controlling such Lender by a Governmental Authority or an instrumentality thereof and (y) the appointment of an administrator, provisional liquidator, conservator, receiver,
trustee, custodian or other similar official by a supervisory authority or regulator with respect to a Lender or Person under the Dutch Financial Supervision Act 2007 (as amended from time to time and including any successor legislation) shall not
be deemed an event described in clause (d) hereof, so long as, in the case of each of clauses (x) and (y), such ownership interest or such appointment, as applicable, does not result in or provide such Lender with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such governmental authority or instrumentality) to reject, repudiate, disavow or disaffirm any
contracts or agreements made with such Lender. 

  
 14 

 “Disposition” means with respect to any Property, any sale, lease, sale and
leaseback transaction, assignment, farmout, exchange, conveyance, transfer or other disposition (including by way of a merger or consolidation) of such Property or any interest therein. The terms “Dispose” and “Disposed
of” shall have correlative meanings. 
 “Disqualified Capital Stock” means any Equity Interest that, by its terms
(or by the terms of any security into which it is convertible or for which it is exchangeable) or upon the happening of any event, matures or is mandatorily redeemable for any consideration other than other Equity Interests (which would not
constitute Disqualified Capital Stock), pursuant to a sinking fund obligation or otherwise, or is convertible or exchangeable for Debt or redeemable for any consideration other than other Equity Interests (which would not constitute Disqualified
Capital Stock) at the option of the holder thereof, in whole or in part, on or prior to the date that is one year after the earlier of (a) the Latest Maturity Date and (b) the date on which Payment in Full has occurred. 

“dollars” or “$” refers to lawful money of the United States of America. 

“Domestic Subsidiary” means any Restricted Subsidiary that is organized under the laws of the United States of America or any
state thereof or the District of Columbia. 
 “EBITDAX” means, for any period, the sum of Consolidated Net Income for such
period, plus the following expenses or charges to the extent deducted from Consolidated Net Income in such period: (i) interest, (ii) income taxes, (iii) depreciation, depletion, amortization or exploration expenses and other
similar non-cash charges, (iv) any fees, expenses and other transaction costs (whether or not such transactions were consummated) in connection with the Transactions which are incurred through
December 31, 2022, (v) without duplication of any amounts added back pursuant to clause (iv), any fees, expenses and other transaction costs incurred in connection with any Investments, acquisitions, incurrences of Debt or sales or dispositions
(in each case, whether or not consummated) permitted under this Agreement, (vi) any net losses from the Liquidation of any Swap Agreement and (vii) any losses on asset dispositions or abandonments (other than the sale of Hydrocarbons in
the ordinary course of business), minus the following to the extent included in Consolidated Net Income in such period, (a) all non-cash income added to Consolidated Net Income and (b) any net
gains from the Liquidation of any Swap Agreement and (c) any gains on asset dispositions or abandonments (other than the sale of Hydrocarbons in the ordinary course of business). For the purposes of calculating EBITDAX for any Test Period for
any determination of the Leverage Ratio or the Secured Leverage Ratio, if at any time during such Test Period the Borrower or any Consolidated Restricted Subsidiary shall have made any Material Disposition or Material Acquisition, the EBITDAX for
such Test Period shall be calculated after giving pro forma effect thereto as if such Material Disposition or Material Acquisition had occurred on the first day of such Test Period; provided that such pro forma adjustments shall be acceptable
to Administrative Agent and the Borrower. 
 “EEA Financial Institution” means (a) any credit institution or
investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of
this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its
parent. 

  
 15 

 “EEA Member Country” means any of the member states of the European Union,
Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public administrative authority or any person
entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means the date on which the conditions specified in Section 6.01 are satisfied (or
waived in accordance with Section 12.02). 
 “Elected Commitment” means, as to each Lender, the
amount set forth opposite such Lender’s name on Annex I under the caption “Elected Commitment”, as the same may be increased, reduced or terminated from time to time in connection with an optional increase, reduction or
termination of the Aggregate Elected Commitment Amounts pursuant to Section 2.06(c). 
 “Elected
Commitment Increase Certificate” has the meaning assigned to such term in Section 2.06(c)(ii)(F). 

“Electronic Record” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

 “Electronic Signature” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C.
7006. 
 “Engineering Reports” has the meaning assigned such term in Section 2.07(c)(i). 

“Environmental Laws” means any and all Governmental Requirements pertaining in any way to occupational health and worker
safety (to the extent relating to exposure to Hazardous Materials), the protection of the environment, the preservation or reclamation of natural resources, or the management, Release or threatened Release of any Hazardous Materials, in effect in
any and all jurisdictions in which the Parent, the Borrower or any Subsidiary is conducting or at any time has conducted business, or where any Property of the Borrower or any Subsidiary is located, including without limitation, the Oil Pollution
Act of 1990 (“OPA”), as amended, the Clean Air Act, as amended, the Comprehensive Environmental, Response, Compensation, and Liability Act of 1980 (“CERCLA”), as amended, the Federal Water Pollution Control Act, as
amended, the Occupational Safety and Health Act of 1970, as amended (to the extent relating to exposure to Hazardous Materials), the Resource Conservation and Recovery Act of 1976 (“RCRA”), as amended, the Safe Drinking Water Act,
as amended, the Toxic Substances Control Act, as amended, the Superfund Amendments and Reauthorization Act of 1986, as amended, the Hazardous Materials Transportation Act, as amended, and other analogous state or local environmental conservation or
protection Governmental Requirements. 

  
 16 

 “Environmental Permit” means any permit, registration, license, approval,
consent, exemption, variance, or other authorization required under or issued pursuant to applicable Environmental Laws. 
 “Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights
entitling the holder thereof to purchase or acquire any such Equity Interest. 
 “ERISA” means the Employee Retirement
Income Security Act of 1974, as amended, and any successor statute. 
 “ERISA Affiliate” means each trade or business
(whether or not incorporated) which together with the Borrower or a Subsidiary would be deemed to be a “single employer” within the meaning of section 4001(b)(1) of ERISA or subsections (b) or (c) of section 414 of the Code, or
solely with respect to Section 412 of the Code or Section 302 of ERISA, subsections (m) or (o) of section 414 of the Code. 

“ERISA Event” means: (a) any “reportable event,” as defined in section 4043(c) of ERISA or the regulations
issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the failure of a Plan to meet the minimum funding standards under section 412 of the Code or section 302 of ERISA (determined without
regard to any waiver of the funding provisions therein or in section 430 of the Code or section 303 of ERISA); (c) the filing pursuant to section 412 of the Code or section 303 of ERISA of an application for a waiver of the minimum funding standard
with respect to any Plan; (d) the failure of a Plan to satisfy the requirements of section 401(a)(29) of the Code, section 436 of the Code or section 206(g) of ERISA; (e) the incurrence by the Borrower, a Subsidiary or any ERISA Affiliate
of any liability under Title IV of ERISA with respect to the termination of any Plan (including any liability in connection with the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under section
4041 of ERISA); (f) the receipt by the Borrower, a Subsidiary or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan or the
occurrence of any other event or condition which might constitute grounds under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan; (g) the incurrence by the Borrower, a Subsidiary or any ERISA
Affiliate of any liability under section 4062(e) of ERISA or with respect to the withdrawal or partial withdrawal from any Plan (including as a “substantial employer,” as defined in section 4001(a)(2) of ERISA) or Multiemployer Plan
(including the incurrence by the Borrower, a Subsidiary or any ERISA Affiliate of any Withdrawal Liability); (h) the occurrence of an act or omission which could give rise to the imposition on the Borrower, a Subsidiary or any ERISA Affiliate of
fines, penalties, taxes or related charges or liabilities under Chapter 43 of the Code or under section 409, section 502, or section 4071 of ERISA in respect of any employee benefit plan (within the meaning of section 3(3) of ERISA); or (i) the
receipt by the Borrower, a Subsidiary or any ERISA Affiliate of any notice concerning the imposition of a Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, in endangered or critical status, within the
meaning of section 305 of ERISA, or insolvent, within the meaning of Title IV of ERISA. 

  
 17 

 “Erroneous Payment” has the meaning assigned thereto in
Section 11.12(a). 
 “EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Event of Default” has the meaning assigned such term in Section 10.01. 

“Excepted Liens” means: (a) Liens for Taxes, assessments or other governmental charges or levies which are not
delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (b) Liens arising by operation of law in connection with workers’ compensation,
unemployment insurance or other social security, old age pension or public liability obligations which are not delinquent for more than 30 days or which are being contested in good faith by appropriate action and for which adequate reserves have
been maintained in accordance with GAAP; (c) statutory landlord’s liens, operators’, vendors’, carriers’, warehousemen’s, repairmen’s, mechanics’, suppliers’, workers’, materialmen’s,
construction or other like Liens arising by operation of law in the ordinary course of business or incident to the exploration, development, operation and maintenance of Oil and Gas Properties each of which is in respect of obligations that are not
delinquent for more than 30 days or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (d) contractual Liens which arise in the ordinary course of business
under operating agreements, joint venture agreements, oil and gas partnership agreements, oil and gas leases, farm-out agreements, division orders, contracts for the sale, transportation or exchange of oil and
natural gas, unitization and pooling declarations and agreements, area of mutual interest agreements, overriding royalty agreements, marketing agreements, processing agreements, net profits agreements, development agreements, gas balancing or
deferred production agreements, injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or other geophysical permits or agreements, and other agreements which are usual and customary in the oil and gas
business and are for claims which are not delinquent for more than 30 days or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP, provided that any such
Lien referred to in this clause does not materially impair the use of any material Property covered by such Lien for the purposes for which such Property is held by the Borrower or any Restricted Subsidiary or materially impair the value of such
Property subject thereto; (e) Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar rights and remedies or customary deposit
account terms and burdening only deposit accounts or other funds maintained with a creditor depository institution, provided that no such deposit account is a dedicated cash collateral account or is subject to restrictions against access by
the depositor in excess of those set forth by regulations promulgated by the Board and no such deposit account is intended by Parent or any of its Restricted Subsidiaries to provide collateral to the depository institution; (f) easements,
restrictions, servitudes, permits, conditions, covenants, exceptions or reservations in any Property of the Parent or any Restricted Subsidiary for the purpose of roads, pipelines, transmission lines, transportation lines, distribution lines for the
removal of gas, oil, coal or other minerals or timber, and other like purposes, or for the joint or common use of real estate, rights of way, facilities and equipment, that do not secure any monetary obligations and which in the aggregate do not
materially impair the use of any material Property for the purposes of which such Property is held by the Parent or any Restricted Subsidiary or materially impair the value of any material Property subject thereto; (g)

  
 18 

 
leases, licenses, subleases or sublicenses granted to others not interfering in any material respect with the business of the Parent or any Restricted Subsidiary, taken as a whole; (h) Liens
arising from precautionary UCC financing statement or similar filings; (i) Liens on cash or securities pledged to secure (or to secure the bonds, letters of credit or similar instruments securing) performance of tenders, surety, stay, customs
and appeal bonds, government contracts, performance and return of money bonds, bids, trade contracts, leases, statutory obligations, plugging and abandonment or decommissioning obligations, regulatory obligations and other obligations of a like
nature, including those incurred to secure health, safety and environmental obligations, incurred in the ordinary course of business and (j) judgment and attachment Liens not giving rise to an Event of Default; provided that any
appropriate legal proceedings which may have been duly initiated for the review of any such judgment that, individually or in the aggregate, exceeds the materiality threshold applicable thereto set forth in
Section 10.01(k), shall not have been finally terminated or the period within which such proceeding may be initiated shall not have expired and no action to enforce such Lien has been commenced; provided,
further that (i) Liens described in clauses (a) through (d) shall remain “Excepted Liens” only for so long as no action to enforce such Lien has been commenced that has not been stayed or dismissed and no intention to
subordinate the first priority Lien granted in favor of the Administrative Agent and the Lenders is to be hereby implied or expressed by the permitted existence of such Excepted Liens and (ii) the term “Excepted Liens” shall not
include any Lien securing Debt for borrowed money other than the Indebtedness. 
 “Excess Cash” means as of any date, the
cash or cash equivalents of the Borrower or any other Credit Party in excess of $150,000,000 in the aggregate (other than, without duplication, (i) cash collateral with respect to Letters of Credit, (ii) any cash set aside and to be used
to pay royalty or other production revenue obligations of the Credit Parties for amounts which have accrued to unaffiliated third parties, (iii) any cash set aside to and to be used to pay in the ordinary course of business amounts (other than
royalty or other production revenue obligations) of the Credit Parties then due and owing to unaffiliated third parties and for which the Credit Parties have issued checks or have initiated wires or ACH transfers (or will issue checks or initiate
wires or ACH transfers within five (5) Business Days) in order to make such payments, (iv) any cash set aside and used solely for payroll or employee benefits or for the payment of taxes of the Credit Parties, (v) any cash of the
Credit Parties constituting purchase price deposits set aside and held in escrow by an unaffiliated third party pursuant to a binding and enforceable purchase and sale agreement with an unaffiliated third party containing customary provisions
regarding the payment and refunding of such deposits, (vi) any cash set aside to pay the purchase price for any acquisition of any Property not prohibited by this Agreement by the Borrower or any direct or indirect Restricted Subsidiary
pursuant to a binding and enforceable purchase and sale, merger or similar agreement with an unaffiliated third party, to be used within thirty (30) days after such time so long as such cash is held in a deposit account subject to a Control
Agreement in favor of the Administrative Agent). 
 “Excluded Lender” means, any Person that is an Industry Competitor, a
Credit Party, any Credit Party’s Affiliate or Subsidiary, a Defaulting Lender or a natural person (including a holding company, investment vehicle or trust for, owned and operated for the primary benefit of, a natural person). 

  
 19 

 “Excluded Subsidiary” means (a) any Foreign Subsidiary, (b) any
CFC, (c) any FSHCO, (d) any Subsidiary that is a direct or indirect subsidiary of any CFC or FSHCO, (e) any Unrestricted Subsidiary, (f) any Restricted Subsidiary that is not a Material Subsidiary and (g) so long as such
Subsidiary does not own any Borrowing Base Property, any Subsidiary that is prohibited by (i) any applicable contractual obligation existing on the Effective Date (other than customary non-assignment
provisions that are ineffective under the Uniform Commercial Code or other applicable law or any term, covenant, condition or provision that could be waived by the Parent or its Affiliates and only to the extent such contractual obligation was not
entered into in contemplation of such Subsidiary becoming a Subsidiary or a Restricted Subsidiary) or (ii) any Governmental Requirement, in each case, from guaranteeing or granting Liens to secure the Indebtedness at the time such Subsidiary
becomes a Restricted Subsidiary (and for so long as such restriction or any replacement or renewal thereof is in effect) or such guarantee or grant of Liens to secure the Indebtedness at the time such Subsidiary becomes a Restricted Subsidiary would
require a consent, approval, license or authorization of a Governmental Authority (unless such consent, approval, license or authorization has been received and only for so long as such restriction is outstanding). 

“Excluded Swap Obligation” means, with respect to any Credit Party individually determined on a Credit Party by Credit Party
basis, any Indebtedness in respect of any Swap Agreement if, and solely to the extent that, all or a portion of the guarantee of such Person of, or the grant by such Person of a security interest to secure, such Indebtedness in respect of any Swap
Agreement (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such
Person’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act at the time such guarantee or grant of a security interest becomes effective with respect to such related
Indebtedness in respect of any Swap Agreement. If any Indebtedness in respect of any Swap Agreement arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Indebtedness in respect of any
Swap Agreement that is attributable to swaps for which such guarantee or security interest is or becomes illegal. 
 “Excluded
Taxes” means, with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Borrower or any Guarantor hereunder or under any other Loan
Document, (a) Taxes imposed on (or measured by) its net income (however denominated), franchise Taxes, and branch profits Taxes (i) imposed as a result of such recipient being organized under the laws of, or having its principal office or,
in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, any U.S. federal
withholding tax that is imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement or designates a new lending office, except to the extent that such Lender (or its assignor, if any) was entitled, at the time
of designation of a new lending office (or assignment), to receive additional amounts with respect to such withholding tax pursuant to Section 5.03(a) or Section 5.03(c), (c) any withholding tax
that is attributable to the Administrative Agent’s or any Lender’s failure to comply with Section 5.03(f), and (d) any withholding taxes imposed by FATCA. 

“Existing Class” means a Class of Existing Commitments and related Existing Loans. 

“Existing Commitment” means, with respect to a Class of Commitments, the Commitments of such Class at the time a
Borrowing Request is made. 

  
 20 

 “Existing Credit Agreement” shall have the meaning provided in the recitals
to this Agreement. 
 “Existing Letters of Credit” shall mean each letter of credit existing on the Closing Date and
identified on Schedule 1.02(a) and any amendments, extensions and renewals thereof. 
 “Existing Loans” means, with
respect to a Class of Loans, the Loans of such Class at the time a Loan Extension Request is made. 
 “Existing Senior
Notes” means the Debt issued under that certain Indenture, dated as of June 9, 2021, by and among the Parent and each of the guarantors party thereto, and Regions Bank as trustee. 

“Extended Class” means a Class of Extended Commitments and related Extended Loans. 

“Extended Commitments” means, with respect to a Class of Commitments, all or the portion of such Class extended
pursuant to Section 2.10, as applicable. 
 “Extended Loans” means, with respect to a
Class of Loans, all or the portion of such Class of Loans extended pursuant to Section 2.10, as applicable. 

“Extending Lender” shall have the meaning provided in Section 2.10(b). 

“Extension Amendment” shall have the meaning provided in Section 2.10(c). 

“Extension Election” shall have the meaning provided in Section 2.10(b). 

“Extension Minimum Condition” means a condition to consummating any extension of a minimum amount (to be determined and
specified in the relevant Loan Extension Request, in the Borrower’s sole discretion) of any or all applicable Classes to be submitted for extension. 

“Extension Series” shall have the meaning provided in Section 2.10(a). 

“FATCA” means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b) of the Code and any fiscal
or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of the foregoing. 

“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended. 

“Federal Funds Effective Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight
federal funds transactions with members of the Federal Reserve System, as published by the NYFRB on the Business Day next succeeding such day, provided that if such rate is not so published for any day which is a Business Day, the Federal
Funds Effective Rate for such day shall be the average of the quotation for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by the Administrative Agent.
Notwithstanding the foregoing, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

  
 21 

 “FERC” means the Federal Energy Regulatory Commission or any of its
successors. 
 “Finance Co” means a Restricted Subsidiary that is a Guarantor formed by the Parent for the purpose of being
a co-issuer of Senior Notes or any Permitted Secured Term Debt issued by the Parent or the Borrower. 

“Financial Officer” means, for any Person, any vice president, the chief financial officer, principal accounting officer,
treasurer or controller of such Person. Unless otherwise specified, all references herein to a Financial Officer means a Financial Officer of the Borrower. 

“Financial Statements” means the financial statement or statements of the Parent and its Consolidated Subsidiaries referred
to in Section 7.04(a). 
 “Flood Insurance Regulations” means (a) the National Flood
Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (b) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (c) the National Flood Insurance Reform Act
of 1994 (amending 42 USC § 4001, et seq.), as the same may be amended or recodified from time to time, and (d) the Flood Insurance Reform Act of 2004 and any regulations promulgated thereunder. 

“Floor” means a rate of interest equal to 0.00%. 

“Foreign Lender” means any Lender that is not a U.S. Person. 

“Foreign Subsidiary” means any Restricted Subsidiary that is not a Domestic Subsidiary. 

“FSHCO” means any domestic subsidiary, substantially all the assets of which consist of equity interests, or debt and equity
interests, in CFCs. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect
from time to time subject to the terms and conditions set forth in Section 1.05. 
 “Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government over the Parent, the Borrower, any Subsidiary, any of their Properties, any Agent, the Issuing Bank or any Lender.

 “Governmental Requirement” means any law, statute, code, ordinance, order, determination, rule, regulation, judgment,
decree, injunction, franchise, permit, certificate, license, rule of common law, authorization or other directive or requirement, whether now or hereinafter in effect, including, without limitation, Environmental Laws, energy regulations and
occupational, safety and health standards or controls, of any Governmental Authority. 

  
 22 

 “Guarantors” means: 

 

	 	(a)	 the Parent; 

  

	 	(b)	 OP LLC; 

  

	 	(c)	 Oasis Petroleum Marketing LLC, a Delaware limited liability company; 

 

	 	(d)	 Oasis Well Services LLC, a Delaware limited liability company; 

 

	 	(e)	 OMS Holdings LLC, a Delaware limited liability company; 

 

	 	(f)	 Oasis Petroleum Permian LLC, a Delaware limited liability company; 

 

	 	(g)	 Oasis Investment Holdings LLC, a Delaware limited liability company; 

 

	 	(h)	 New Ohm; 

  

	 	(i)	 Whiting Opco; and 

  

	 	(k)	 each other Person that guarantees the Indebtedness pursuant to Section 8.13(b).

 “Guaranty and Security Agreement” means the Amended and Restated Guaranty and Security Agreement
executed by the Credit Parties in substantially the form of Exhibit E-2 pursuant to which the Credit Parties (a) unconditionally guaranty on a joint and several basis, payment of the Indebtedness,
and (b) grant Liens and a security interest on the Credit Parties’ personal property constituting “collateral” as defined therein in favor of the Administrative Agent for the benefit of the Secured Parties to secure the
Indebtedness, as the same may be amended, modified or supplemented from time to time. 
 “Hazardous Material” means any
substance regulated or as to which liability might arise under any applicable Environmental Law due to its hazardous, toxic, dangerous or deleterious properties or characteristics including, without limitation: (a) any chemical, compound,
material, product, byproduct, substance or waste defined as or included in the definition or meaning of “hazardous substance,” “hazardous material,” “hazardous waste,” “solid waste,” “toxic waste,”
“extremely hazardous substance,” “toxic substance,” “contaminant,” “pollutant,” or words of similar meaning or import found in any applicable Environmental Law; (b) Hydrocarbons, petroleum products,
petroleum substances, natural gas, oil, oil and gas waste, crude oil, and any components, fractions, or derivatives thereof; and (c) radioactive materials, explosives, asbestos or asbestos containing materials, polychlorinated biphenyls, radon,
infectious or medical wastes. 
 “Highest Lawful Rate” means, with respect to each Lender, the maximum nonusurious interest
rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the Notes or on other Indebtedness under laws applicable to such Lender which are presently in effect or, to the extent allowed by
law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws allow as of the date hereof. 

  
 23 

 “Hydrocarbon Interests” means all rights, titles, interests and estates now
or hereafter acquired in and to oil and gas leases, oil, gas and mineral leases, or other liquid or gaseous hydrocarbon leases, mineral fee interests, overriding royalty and royalty interests, net profit interests and production payment interests,
including any reserved or residual interests therein or thereto, of whatever nature. 
 “Hydrocarbons” means oil, gas,
casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined or separated therefrom. 

“Illegality Notice” has the meaning assigned to such term in Section 3.03(b). 

“Indebtedness” means, without duplication, any and all amounts and obligations of every nature owing or to be owing by any
member of the Parent Group, any Subsidiary or any Guarantor (whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising): (a) to the Administrative Agent,
the Issuing Bank or any Lender under any Loan Document; (b) to any Secured Swap Party under any Secured Swap Agreement; (c) to any Bank Products Provider in respect of Bank Products; and (d) all renewals, extensions and/or
rearrangements of any of the above; provided that solely with respect to any Guarantor that is not an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder, Excluded Swap
Obligations of such Guarantor shall in any event be excluded from “Indebtedness” owing by such Guarantor. 
 “Indemnified
Taxes” means (a) Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower or any Guarantor under any Loan Document and (b) to the extent not otherwise
described in clause (a), Other Taxes. 
 “Industry Competitor” means (a) any Person (other than Borrower, any
Guarantor or any of their Affiliates or Subsidiaries) that is (or one or more of whose Affiliates are) actively engaged as one of its principal businesses in lease acquisitions, exploration and production operations or development of oil and gas
properties (including the drilling and completion of producing wells) that is separately identified in a written notice delivered by the Borrower to the Administrative Agent and (b) reasonably identifiable Affiliates and Subsidiaries of the
entities designated as such in accordance with clause (a) hereof; provided that the designation of any such Person or its Affiliates and Subsidiaries as an “Industry Competitor” shall not be effective until two
(2) Business Days following such notice; provided further that any bona fide debt fund or investment vehicle that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of business which is managed, sponsored or advised by any Person Controlling, Controlled by or under common Control with such Industry Competitor or its Controlling owner and for which no personnel involved with the
competitive activities of such Industry Competitor or Controlling owner (i) makes any investment decisions for such debt fund or (ii) has access to any confidential information (other than publicly available information) relating to the
Parent Group and its Subsidiaries, shall be deemed not to be an Industry Competitor. The list of Industry Competitors designated as such in accordance with clause (a) hereof shall be specified on a schedule that is held with the Administrative
Agent, which shall be made available by the Administrative Agent to the Lenders upon request therefor, subject to customary confidentiality requirements. Notwithstanding the foregoing, “Industry Competitor”

  
 24 

 
shall not include any Person that (i) has acquired and currently holds an assignment or participation interest, (ii) entered into a trade for either of the foregoing that is still in
effect or (iii) has otherwise become a Lender, in each case, before the earlier of (x) the date that such entity (or its Affiliate) is added to the list of Industry Competitors or (y) the date that any prospective assignor of any Loan
or Indebtedness or seller of any participations therein to such Person is notified that the Borrower has delivered a written notice in accordance with clause (a) hereof with respect to such Person. 

“Initial Reserve Reports” means, collectively, (a) the report of an Approved Petroleum Engineer with respect to certain
Oil and Gas Properties of the Borrower and its Restricted Subsidiaries as of January 1, 2022 (excluding the Oil and Gas Properties of Whiting Opco and its Restricted Subsidiaries) and (b) the Whiting Reserve Report. 

“Intercompany Subordination Agreement” means that certain Intercompany Subordination Agreement dated as of the Effective
Date, executed by the Parent Group and each Subsidiary of the Parent Group, as amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“Intercreditor Agreement” means any Pari Passu Intercreditor Agreement or Junior Lien Intercreditor Agreement, as applicable.

 “Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with
Section 2.04. 
 “Interest Payment Date” means (a) with respect to any ABR Loan or any Daily
Simple SOFR Loan, the last day of each March, June, September and December, (b) with respect to any Term SOFR Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Term SOFR
Loan with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first (1st) day of such Interest Period and (c) with
respect to a Swingline Loan, the day that such Loan is required to be repaid pursuant to Section 2.09. 

“Interest Period” means with respect to any Term SOFR Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, three or six months (or, with the consent of each Lender, twelve months) thereafter, as the Borrower may elect; provided, that (a) if any Interest Period
would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on
the next preceding Business Day, (b) any Interest Period pertaining to a Term SOFR Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month
of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (c) no tenor that has been removed from this definition pursuant to Section 3.03(c)(iv) shall be available for specification
in any Borrowing Request or Interest Election Request. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation
of such Borrowing. 

  
 25 

 “Interim Redetermination” has the meaning assigned such term in
Section 2.07(b). 
 “Interim Redetermination Date” means the date on which a Borrowing Base that has been
redetermined pursuant to an Interim Redetermination becomes effective as provided in Section 2.07(d). 

“Investment” means, for any Person: (a) the acquisition (whether for cash, Property, services or securities or
otherwise) of Equity Interests of any other Person; (b) the making of any deposit with, or advance, loan or capital contribution to, the assumption of Debt of, the purchase or other acquisition of any other Debt of or equity participation or
interest in, or other extension of credit to, any other Person (including the purchase of Property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person, but excluding any such
advance, loan or extension of credit having a term not exceeding ninety (90) days representing the purchase price of inventory, material, equipment or supplies sold by such Person in the ordinary course of business); (c) the purchase or
acquisition (in one or a series of transactions) of Property of another Person that constitutes a business unit or (d) the entering into of any guarantee of, or other contingent obligation (including the deposit of any Equity Interests to be
sold) with respect to, Debt of any other Person; provided that in no event shall any Permitted Bond Hedge Transactions or any Permitted Warrant Transaction be considered an “Investment” for the purpose of this Agreement. 

“Issuing Bank” means Wells Fargo, in its capacity as the issuer of Letters of Credit hereunder, and its successors in such
capacity as provided in Section 2.08(i); provided that JPMorgan Chase Bank, N.A. shall also constitute an “Issuing Bank” under this Agreement solely with respect to the Existing Letters of Credit
issued by it as set forth on Schedule 1.02(a). References herein and in the other Loan Documents to the “Issuing Bank” shall be deemed to refer to the Issuing Bank in respect of the applicable Letter of Credit or to all Letter of Credit
Issuers, as the context requires. The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate
with respect to Letters of Credit issued by such Affiliate. 
 “Junior Lien Intercreditor Agreement” means, with respect to
any Permitted Junior Lien Term Loan Debt, an intercreditor agreement, in form and substance acceptable to the Administrative Agent, the Borrower and the Majority Lenders, as the same may from time to time be amended, amended and restated,
supplemented or otherwise modified in accordance with the terms thereof. 
 “Latest Maturity Date” shall mean, at any date
of determination, the latest Maturity Date applicable to any Class of Commitments or Loans that is outstanding hereunder on such date of determination. 

“LC Commitment” at any time means $100,000,000. 

“LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at
such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC
Exposure at such time. 

  
 26 

 “Lenders” means the Persons listed on Annex I and any Person that
shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption, and any Person that shall have become a party hereto as an Additional
Lender pursuant to Section 2.06(c). Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender. 

“Letter of Credit” means any letter of credit issued pursuant to this Agreement and shall include the Existing Letters of
Credit. 
 “Letter of Credit Agreements” means all letter of credit applications and other agreements (including any
amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit. 

“Leverage Ratio” shall have the meaning set forth in Section 9.01(b). 

“Lien” means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the
Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including but not limited to (a) the lien or security interest arising from a mortgage,
encumbrance, pledge, security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes or (b) production payments and the like payable out of Oil and Gas Properties. The term “Lien” shall
include easements, restrictions, servitudes, permits, conditions, covenants, exceptions or reservations. For the purposes of this Agreement, each member of the Parent Group and the Subsidiaries shall be deemed to be the owner of any Property which
it has acquired or holds subject to a conditional sale agreement, or leases under a financing lease or other arrangement pursuant to which title to the Property has been retained by or vested in some other Person in a transaction intended to create
a financing. 
 “Liquidate” means, with respect to any Swap Agreement, the sale, assignment, novation, unwind or
termination of all or any part of such Swap Agreement; provided that for purposes of this definition, a Swap Agreement shall not be deemed to have been Liquidated if, (a) such Swap Agreement is novated from the existing counterparty to
an Approved Counterparty, with the Borrower or another Credit Party being the “remaining party” for purposes of such novation, or (b) upon its termination, it is replaced, in a substantially contemporaneous transaction, with one or
more Swap Agreements with approximately the same mark-to-market value and without cash payments to the Borrower or any other Credit Party in connection therewith. The
terms “Liquidated” and “Liquidation” have correlative meanings thereto. 
 “Loan
Documents” means this Agreement, the Notes, the Letter of Credit Agreements, the Letters of Credit and the Security Instruments. 

“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. Unless the context otherwise
requires, the term “Loans” includes the Swingline Loans. 

  
 27 

 “Majority Lenders” means, (a) at any time while no Loans or LC
Exposure is outstanding, Lenders having more than fifty percent (50%) of the Aggregate Maximum Credit Amounts; and (b) at any time while any Loans or LC Exposure is outstanding, Lenders holding more than fifty percent (50%) of the outstanding
aggregate principal amount of the Loans and participation interests in Letters of Credit (without regard to any sale by a Lender of a participation in any Loan under Section 12.04(c)); provided that the Maximum
Credit Amounts and the principal amount of the Loans and participation interests in Letters of Credit of the Defaulting Lenders (if any) shall be excluded from the determination of Majority Lenders. 

“Material Acquisition” means any acquisition of Property or series of related acquisitions of Property (whether pursuant to
an asset sale, by merger or otherwise) that involves the payment of consideration by any Credit Party with a value in excess of a dollar amount equal to $25,000,000 (whether or not in the form or cash; provided that, for the avoidance of doubt, the
Merger shall be deemed to be a Material Acquisition hereunder). 
 “Material Adverse Effect” means a material adverse
change in, or material adverse effect on (a) the business, operations, Property or financial condition of the Credit Parties, taken as a whole, (b) the ability of the Credit Parties to perform any of their obligations under any Loan
Document, (c) the validity or enforceability of any Loan Document or (d) the rights and remedies of or benefits available to the Administrative Agent, any other Agent, the Issuing Bank or any Lender under any Loan Document. 

“Material Disposition” means (a) any Disposition of Property or series of related Dispositions of property that yields
gross proceeds to the Credit Parties in excess of a dollar amount equal to $25,000,000and (b) any Disposition of Crestwood Common Units. 

“Material Indebtedness” means Debt (other than the Loans and Letters of Credit), or obligations in respect of one or more
Swap Agreements, of any one or more of each member of the Parent Group and the Restricted Subsidiaries in an aggregate principal amount exceeding $75,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the
obligations of each member of the Parent Group or any Restricted Subsidiary in respect of any Swap Agreement at any time shall be the Swap Termination Value owed by each member of the Parent Group and the Restricted Subsidiaries, as applicable. 

“Material Subsidiary” means, as of any date, any Restricted Subsidiary that: (i) owns any Borrowing Base Property; or
(ii) whose total assets (when combined with the assets of such Restricted Subsidiary’s Subsidiaries, after eliminating intercompany obligations and determined as if references to the Parent and its Restricted Subsidiaries in the definition
of “Consolidated Total Assets” were references to such Restricted Subsidiary and its Subsidiaries) at the last day of the most recent Test Period were equal to or greater than 5.0% of Consolidated Total Assets at such date; or
(iii) whose revenues (when combined with the revenues of such Restricted Subsidiary’s Subsidiaries, after eliminating intercompany obligations) during the most recent Test Period were equal to or greater than 5.0% of the consolidated
revenues of the Parent and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP; provided that if, at any time and from time to time after the Effective Date, Restricted Subsidiaries that are not
Material Subsidiaries have, in the aggregate, (x) total assets (when combined with the assets of such Restricted Subsidiary’s Subsidiaries, after eliminating intercompany obligations and 

  
 28 

 
determined as if references to the Parent and its Restricted Subsidiaries in the definition of “Consolidated Total Assets” were references to such Restricted Subsidiary and its
Subsidiaries) at the last day of the most recent Test Period equal to or greater than 10.0% of Consolidated Total Assets at such date or (y) revenues (when combined with the revenues of such Restricted Subsidiary’s Subsidiaries, after
eliminating intercompany obligations) during the most recent Test Period equal to or greater than 10.0% of the consolidated revenues of the Parent and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP, then
the Borrower shall, on the date on which financial statements for such fiscal quarter are delivered (or required to be delivered) pursuant to this Agreement, designate in writing to the Administrative Agent one or more of such Restricted
Subsidiaries as “Material Subsidiaries”, and the Borrower shall cause such designated Material Subsidiaries to comply with Section 8.13(b). In the event that the Borrower fails to so designate sufficient additional Restricted
Subsidiaries as “Material Subsidiaries” as aforesaid, the Administrative Agent may, by prior written notice to and in consultation with the Borrower, designate sufficient additional Restricted Subsidiaries as “Material
Subsidiaries” on the Borrower’s behalf, whereupon such Restricted Subsidiaries shall constitute “Material Subsidiaries” for all purposes of this Agreement. 

“Maturity Date” means July 1, 2027, or for any Lender that has extended its Maturity Date pursuant to Section 2.10,
such extended maturity date as determined pursuant to Section 2.10. 
 “Maximum Credit Amount” means, as to each
Lender, the amount set forth opposite such Lender’s name on Annex I under the caption “Maximum Credit Amounts”, as the same may be reduced or terminated from time to time in connection with a reduction or termination of the
Aggregate Maximum Credit Amounts pursuant to Section 2.06(b), modified from time to time pursuant to Section 2.06(c) or modified from time to time pursuant to any assignment permitted by
Section 12.04(b). 
 “Merger” shall have the meaning provided in the recitals to this Agreement.

 “Merger Agreement” shall have the meaning provided in the recitals to this Agreement. 

“Merger Transactions” shall have the meaning provided in the recitals to this Agreement. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto that is a nationally recognized rating
agency. 
 “Mortgaged Property” means any Property owned by the Borrower or any Guarantor which is subject to the Liens
existing and to exist under the terms of the Security Instruments. 
 “Multiemployer Plan” means a multiemployer plan as
defined in section 3(37) or 4001(a)(3) of ERISA that is subject to Title IV of ERISA, section 412, 431 or 432 of the Code or section 302, 304 or 305 of ERISA and to which the Borrower, a Subsidiary or any ERISA Affiliate is making or accruing an
obligation to make contributions. 
 “New Borrowing Base Notice” has the meaning assigned such term in
Section 2.07(d). 
 “New Debt” has the meaning assigned such term in
Section 2.07(e)(i). 

  
 29 

 “New Guarantors” means New Ohm and Whiting Opco. 

“Non-Consenting Lender” means any Lender that does not approve (a) any
amendment, waiver or consent of or under any Loan Document that requires the approval of all Lenders or all affected Lenders in accordance with Section 12.02 (other than any Proposed Borrowing Base that would increase the
then-current Borrowing Base) and has been approved by the Required Lenders or (b) any Proposed Borrowing Base that would increase the then-current Borrowing Base that has been approved by (i) if there are less than three Lenders at such
time, all Lenders (other than any Defaulting Lender), and (ii) if there are three or more Lenders at such time (A) at any time while no Loans or LC Exposure is outstanding, Lenders having at least eighty percent (80%) of the Aggregate
Maximum Credit Amounts and (B) at any time while any Loans or LC Exposure is outstanding, Lenders holding at eighty percent (80%) of the outstanding aggregate principal amount of the Loans and participation interests in Letters of Credit
(without regard to any sale by a Lender of a participation in any Loan under Section 12.04(c)). 
 “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 

“Notes” means the promissory notes of the Borrower described in Section 2.02(d) and being
substantially in the form of Exhibit A, together with all amendments, modifications, replacements, extensions and rearrangements thereof. 

“NYFRB” means the Federal Reserve Bank of New York. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“Oil and Gas Properties” means (a) Hydrocarbon Interests; (b) the Properties now or hereafter pooled or unitized
with Hydrocarbon Interests; (c) all presently existing or future unitization, pooling agreements and declarations of pooled units and the units created thereby (including without limitation all units created under orders, regulations and rules
of any Governmental Authority) which may affect all or any portion of the Hydrocarbon Interests; (d) all operating agreements, contracts and other agreements, including production sharing contracts and agreements, which relate to any of the
Hydrocarbon Interests or the production, sale, purchase, exchange or processing of Hydrocarbons from or attributable to such Hydrocarbon Interests; (e) all Hydrocarbons in and under and which may be produced and saved or attributable to the
Hydrocarbon Interests, including all oil in tanks, and all rents, issues, profits, proceeds, products, revenues and other incomes from or attributable to the Hydrocarbon Interests; (f) all tenements, hereditaments, appurtenances and Properties
in any manner appertaining, belonging, affixed or incidental to the Hydrocarbon Interests and (g) all Properties, rights, titles, interests and estates described or referred to above, including any and all Property, real or personal, now owned
or hereinafter acquired and situated upon, used, held for use or useful in connection with the operating, working or development of any of such Hydrocarbon Interests or Property (excluding drilling rigs, automotive equipment, rental equipment or
other personal Property which may be on such premises for the purpose of drilling a well or for other similar temporary uses) and including any and all oil wells, gas wells, injection wells or other wells, buildings, structures, fuel separators,
liquid extraction plants, plant compressors, pumps, pumping units, field gathering systems, tanks and tank batteries, fixtures, valves, fittings, machinery and parts, engines, boilers, meters, apparatus, equipment, appliances, tools, implements,
cables, wires, towers, casing, tubing and rods, surface leases, rights-of-way, easements and servitudes together with all additions, substitutions, replacements,
accessions and attachments to any and all of the foregoing. 

  
 30 

 “Other Connection Taxes” means, with respect to the Administrative Agent or
any Lender, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party to, performed its
obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes
or any other excise or Property taxes, charges or similar levies arising from any payment made hereunder, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or
otherwise with respect to, this Agreement and any other Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.04(b)).

 “Parent Group” shall have the meaning provided in the recitals to this Agreement. Each reference to the term
“Parent Group” shall be deemed to be a reference to each member of the Parent Group, individually or collectively as the context may require. 

“Pari Passu Intercreditor Agreement” means, with respect to any Permitted Pari Term Loan Debt, an intercreditor agreement, in
form and substance acceptable to the Administrative Agent and the Borrower, as the same may from time to time be amended, amended and restated, supplemented or otherwise modified in accordance with the terms thereof. 

“Participant” has the meaning set forth in Section 12.04(c)(i). 

“Participant Register” has the meaning set forth in Section 12.04(c)(i). 

“Payment in Full” means that the Commitments have expired or terminated and the principal of and interest on each Loan and
all fees payable hereunder and all other amounts payable under the Loan Documents have been paid in full (other than with respect to contingent obligations for which no claim has been made) and all Letters of Credit have expired or terminated (other
than those that have been cash collateralized in an amount in cash equal to 102.5% of the LC Exposure, or with respect to which other arrangements have been made on terms reasonably satisfactory to the Issuing Bank) and all LC Disbursements shall
have been reimbursed. 
 “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 

“Permitted Bond Hedge Transaction(s)” means the bond hedge or capped call options purchased by the Parent or any other Credit
Party from the Call Spread Counterparties to hedge the Parent’s payment and/or delivery obligations due upon conversion of the Convertible Notes. 

  
 31 

 “Permitted Debt” means Senior Notes (including the Convertible Notes),
Permitted Secured Term Debt and, in each case, any Permitted Refinancing Debt in respect thereof. 
 “Permitted Existing Secured
Swap Agreements” means, collectively, the commodity hedging transactions identified on Schedule 1.02(b) entered into between a Restricted Subsidiary and KeyBank National Association or PNC Bank, National Association, as applicable,
in each case, without giving effect to any amendments, modifications or supplements thereto entered into after the Effective Date (except that such transactions may be novated from a Restricted Subsidiary to the Borrower at any time prior to or
after the Effective Date) and, for the avoidance of doubt, excluding any other Swap Agreement or other transactions entered into between any member of the Parent Group or any Restricted Subsidiary and KeyBank National Association or PNC Bank,
National Association. 
 “Permitted Junior Lien Term Loan Debt” means Debt in the form of junior lien secured term loans or
other debt securities (whether registered or privately placed) incurred by the Parent, the Borrower and/or Finance Co; provided that (a) after giving Pro Forma Effect to the incurrence of such Debt (and the use of proceeds thereof), the
Secured Leverage Ratio shall not exceed 2.00 to 1.00, (b) at the time of and immediately after giving effect to the incurrence of such Debt, no Default or Event of Default shall have occurred that is continuing or will result therefrom, (c) at
the time of and immediately after giving effect to the incurrence of such Debt, the Available Commitment is not less than 20% of the total Commitments then in effect, (d) such Debt (i) has a stated maturity that is no earlier than 91 days
after the Latest Maturity Date and (ii) does not have any scheduled prepayment, amortization, mandatory prepayment or redemption provisions, sinking fund or similar obligations prior to the date that is 91 days after the Latest Maturity Date
(except for (A) a customary mandatory prepayment or tender offer provision, in each case, upon the occurrence of a change of control or with the proceeds of Debt not permitted thereunder, (B) a customary asset sale or casualty or
condemnation event mandatory prepayment or tender offer provision, to the extent such provision in this clause (B) first permits, at the option of the Parent, the Borrower and/or Finance Co, as the case may be, prepayment in full of the
Indebtedness (or permits at the option of the Parent, the Borrower and/or Finance Co, as the case may be, the net cash proceeds to be applied first to the prepayment of the Indebtedness), and (C) scheduled amortization of no greater than 5% per
annum of the original principal amount of such Debt); provided that if such Debt is incurred to finance all or a portion of a direct or indirect acquisition of Oil and Gas Properties, such Debt may contain mandatory prepayment or redemption
provisions providing for the repayment or redemption of such Debt in the event that such acquisition is not consummated by a certain date in an amount not to exceed the principal amount of such Debt and any accrued interest thereon through the
prepayment or redemption date, (e) such Debt does not contain any financial covenants that are more restrictive than any financial covenants set forth in this Agreement, including, for the avoidance of doubt, as a result of any Permitted
Secured Loan Document governing such Debt containing one or more financial covenants not contained in this Agreement (it being understood, however, that this Agreement may be amended on or prior to the date that any financial covenant is contained
in the Permitted Secured Loan Documents governing such Debt so as to avoid such Debt containing any financial covenants that are more restrictive than any financial covenants set forth in this Agreement), (f) (i) such Debt is on terms, taken as
a whole, not materially less favorable to the Parent and its Restricted Subsidiaries than market terms for similar junior lien Debt for borrowers of similar size and credit quality given the then-prevailing market conditions, in each case as
reasonably determined by the Borrower, and (ii) prior 

  
 32 

 
to the date that is 91 days after the Latest Maturity Date, the representations and warranties, covenants and events of default of such Debt, when taken as a whole, are no more restrictive in any
material respect than those contained in this Agreement and the other Loan Documents (it being understood, however, that (x) this Agreement may be amended so as to avoid such Debt containing any such terms that, when taken as a whole, are more
restrictive in any material respect than those contained in this Agreement and (y) the terms of such Debt shall not restrict the voluntary or mandatory prepayment of the Indebtedness in any respect), (g) such Debt is secured by Liens on all or
a portion of the Collateral on a junior priority basis with the Liens on the Collateral securing the Indebtedness and is not secured by any assets of the Parent or any Subsidiary other than the Collateral (and is not secured by any cash collateral
provided in accordance herewith), (h) such Debt is not guaranteed by the Parent or any Subsidiary of the Parent other than the Credit Parties or any Person that becomes a Credit Party in connection with the incurrence of such Debt, and (i) the
administrative agent, collateral agent, trustee and/or any similar representative acting on behalf of the holders of such Debt shall have become party to a Junior Lien Intercreditor Agreement, providing that the Liens on the Collateral securing such
Debt shall rank junior in priority to the Liens on the Collateral securing the Indebtedness. It is understood and agreed that, notwithstanding anything to the contrary herein, Permitted Junior Lien Term Loan Debt may only be incurred in reliance on,
and remain outstanding, pursuant to Section 9.02(c). 
 “Permitted Pari Term Loan Debt” means
Debt in the form of senior secured term loans or other debt securities (whether registered or privately placed) incurred by the Parent, the Borrower and/or Finance Co (such Credit Party, the “Debtor”); provided that
(a) after giving Pro Forma Effect to the incurrence of such Debt (and the use of proceeds thereof), the Secured Leverage Ratio shall not exceed 2.00 to 1.00, (b) at the time of and immediately after giving effect to the incurrence of such Debt,
no Default or Event of Default has occurred and is continuing or would result therefrom, (c) at the time of and immediately after giving effect to the incurrence of such Debt, the Available Commitment is not less than 20% of the total
Commitments then in effect, (d) such Debt has a stated maturity that is no earlier than 91 days after the Latest Maturity Date, (e) such Debt does not have any scheduled prepayment, amortization, sinking fund or similar obligations prior
to the date that is 91 days after the Latest Maturity Date, except for those obligations pursuant to (i) customary mandatory prepayment or tender offer provisions requiring prepayments upon the occurrence of a change of control or with the
proceeds of Debt not permitted thereunder, (ii) mandatory prepayment or redemption provisions providing for the repayment or redemption of such Debt to the extent incurred to finance all or a portion of a direct or indirect acquisition of Oil
and Gas Properties in the event that such acquisition is not consummated by a certain date, in an amount not to exceed the principal amount of such Debt plus any accrued interest thereon through the prepayment or redemption date, (iii) a
customary asset sale or casualty or condemnation event mandatory prepayment or tender offer provision (but only to the extent such provision in the Permitted Secured Loan Documents governing such Debt does not require such prepayment or tender offer
to be made unless such prepayment or tender offer is permitted by this Agreement), (iv) a customary mandatory prepayment or tender offer provision requiring periodic prepayments in an amount equal to a specified portion of such Debtor’s excess
cash flow (but only to the extent such provision in the Permitted Secured Loan Documents governing such Debt does not require such prepayment or tender offer to be made unless such prepayment or tender offer is permitted by this Agreement) and
(v) scheduled amortization of no greater than 5% per annum of the original principal amount of such Debt, (f) such Debt does not contain any financial covenants that are 

  
 33 

 
more restrictive than any financial covenants set forth in this Agreement, including, for the avoidance of doubt, as a result of any Permitted Secured Loan Document governing such Debt containing
one or more financial covenants not contained in this Agreement (it being understood, however, that this Agreement may be amended on or prior to the date that any financial covenant is contained in the Permitted Secured Loan Documents governing such
Debt so as to avoid such Debt containing any financial covenants that are more restrictive than any financial covenants set forth in this Agreement), (g) (i) such Debt is on terms, taken as a whole, not materially less favorable to the Parent
and its Restricted Subsidiaries than market terms for similar senior secured Debt for borrowers of similar size and credit quality given the then prevailing market conditions, in each case as reasonably determined by the Borrower and (ii) prior
to the date that is 91 days after the Latest Maturity Date, the representations and warranties, covenants and events of default of such Debt, when taken as a whole, are no more restrictive in any material respect than those contained in this
Agreement and the other Loan Documents (it being understood, however, that (x) this Agreement may be amended so as to avoid such Debt containing any such terms that, when taken as a whole, are more restrictive in any material respect than those
contained in this Agreement and (y) the terms of such Debt shall not restrict the voluntary or mandatory prepayment of the Indebtedness in any respect), (h) such Debt is secured by Liens on all or a portion of the Collateral on a pari passu
basis with the Liens on the Collateral securing the Indebtedness (it being understood that the determination as to whether such Liens are on a pari passu basis shall be made without regard to control of remedies) and is not secured by any assets of
the Parent or any Subsidiary other than the Collateral (and is not secured by any cash collateral provided in accordance herewith), (i) such Debt is not guaranteed by the Parent or any subsidiary of the Parent other than the Credit Parties or any
Person that becomes a Credit Party in connection with the incurrence of such Debt, and (j) the administrative agent, collateral agent, trustee and/or any similar representative acting on behalf of the holders of such Debt shall have become
party to a Pari Passu Intercreditor Agreement, providing that the Liens on the Collateral securing such Debt shall rank equal in priority to the Liens on the Collateral securing the Indebtedness (it being understood that the determination as to
whether such Liens rank equal in priority shall be made without regard to control of remedies). It is understood and agreed that, notwithstanding anything to the contrary herein, Permitted Pari Term Loan Debt may only be incurred in reliance on, and
remain outstanding, pursuant to Section 9.02(c). 
 “Permitted Refinancing Debt” means Senior
Notes, Permitted Secured Term Debt or Debt permitted under Section 9.02(n) issued or incurred by the Parent, the Borrower and/or Finance Co (for purposes of this definition, such Credit Party, the “Debtor”
and such Debt, the “new Debt”), incurred or issued in exchange for, or the net proceeds of which are used to extend, refinance, repay, renew, replace (whether or not contemporaneously), defease, discharge, refund or otherwise Redeem
in whole or in part (collectively to “Refinance” or a “Refinancing” or “Refinanced”) outstanding Senior Notes, Permitted Secured Term Debt or Debt permitted under
Section 9.02(n), as applicable (the “Refinanced Debt”); provided that (a) the principal amount of such new Debt (or if such new Debt is issued at a discount, the initial issuance price of such
Permitted Refinancing Debt) does not exceed the principal amount of the Refinanced Debt outstanding immediately prior to such Refinancing (plus the amount of any premiums and accrued interest paid and fees and expenses incurred in connection
therewith); (b) such new Debt has a weighted average life to maturity equal to or greater than the weighted average life to maturity of, the Refinanced Debt; (c) if the Refinanced Debt is Senior Notes, such new Debt shall constitute unsecured
senior or unsecured senior subordinated Debt of the Debtor; (d) if the Refinanced Debt is Permitted Junior 

  
 34 

 
Lien Term Loan Debt, such new Debt shall constitute: (i) Permitted Junior Lien Term Loan Debt (and for this purpose clauses (a), (b) and (c) of the definition of Permitted Junior Lien
Term Loan Debt shall be deemed not to apply); or (ii) unsecured senior or unsecured senior subordinated Debt of the Debtor; and (e) if the Refinanced Debt is Permitted Pari Term Loan Debt, such new Debt shall constitute: (i) Permitted
Pari Term Loan Debt (and for this purpose clauses (a), (b) and (c) of the definition of Permitted Junior Lien Term Loan Debt shall be deemed not to apply); (ii) Permitted Junior Lien Term Loan Debt (and for this purpose clauses (a), (b) and
(c) of the definition of Permitted Junior Lien Term Loan Debt shall be deemed not to apply); or (iii) unsecured senior or unsecured senior subordinated Debt of the Debtor. 

“Permitted Secured Loan Documents” means any credit agreement, loan agreement, indenture or note purchase agreement governing
any Permitted Secured Term Debt and each “Loan Document” (or similar term) as defined therein, and any other loan documents entered into in connection therewith, including, without limitation, any Intercreditor Agreement, any promissory
notes, mortgages, deeds of trust, security agreements and instruments, guarantees, collateral or credit support documents, and any other agreements, instruments, consents or certificates executed by the Parent or any of its Restricted Subsidiaries
in connection with, or as security for the payment or performance of, any Permitted Secured Term Debt, in each case, as the same may from time to time be amended, restated, amended and restated, supplemented or otherwise modified, subject in the
case of any Permitted Junior Lien Loans, to the extent not prohibited by Section 9.04(b). 
 “Permitted
Secured Term Debt” means any Permitted Junior Lien Term Loan Debt or Permitted Pari Term Loan Debt. 
 “Permitted Warrant
Transaction(s)” means one or more net share or cash settled warrants sold by the Parent to the Call Spread Counterparties, concurrently with the purchase by the Parent or any other Credit Party of the Permitted Bond Hedge Transactions, to
offset the cost to the Parent of the Permitted Bond Hedge Transactions. 
 “Person” means any natural person, corporation,
limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any employee pension benefit plan, as defined in section 3(2) of ERISA, that is subject to Title IV of
ERISA, section 412 or 430 of the Code or section 302 of ERISA (other than a Multiemployer Plan) and which (a) is currently or hereafter sponsored, maintained or contributed to by the Borrower, a Subsidiary or an ERISA Affiliate or (b) was
at any time during the six calendar years preceding the date hereof, sponsored, maintained or contributed to by the Borrower or a Subsidiary or an ERISA Affiliate and to which the Borrower or a Subsidiary has any liability, including on account of
an ERISA Affiliate. 
 “Prime Rate” means the rate of interest per annum publicly announced from time to time by Wells
Fargo, as its prime rate in effect at its principal office in San Francisco; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. Such rate is set by the Administrative
Agent as a general reference rate of interest, taking into account such factors as the Administrative Agent may deem appropriate; it being understood that many of the Administrative Agent’s commercial or other loans are priced in relation to
such rate, that it is not necessarily the lowest or best rate actually charged to any customer and that the Administrative Agent may make various commercial or other loans at rates of interest having no relationship to such rate. 

  
 35 

 “Pro Forma Basis” and “Pro Forma Effect” means,
(a) for the purpose of calculating the Leverage Ratio or the Secured Leverage Ratio for any Specified Transaction as of any date of determination, that such calculation shall be made on a pro forma basis using (i) Total Net Debt or
Total Secured Net Debt on such date (giving effect to any Redemption, incurrence or assumption of Debt on such date) and (ii) EBITDAX for the most recently ended Test Period and (b) for the purpose of calculating the Current Ratio for any
Specified Transaction, that such calculation shall be made on a pro forma basis using each of Current Assets and Current Liabilities as of such date; provided that with respect to any pro forma calculations to be made in connection
with any acquisition or investment in respect of which financial statements for the relevant target are not available for the same Test Period for which internal financial statements of the Borrower are available, the Borrower shall determine such
pro forma calculations on the basis of the available financial statements (even if for differing periods) or such other basis as determined on a commercially reasonable basis by the Borrower (and in a manner reasonably acceptable to the
Administrative Agent). 
 “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. 
 “Proposed Borrowing
Base” has the meaning assigned to such term in Section 2.07(c)(i). 
 “Proposed Borrowing Base
Notice” has the meaning assigned to such term in Section 2.07(c)(ii). 
 “Proved
Reserves” means collectively, “proved oil and gas reserves,” “proved developed producing oil and gas reserves,” “proved developed non-producing oil and gas reserves”
(consisting of proved developed shut-in oil and gas reserves and proved developed behind pipe oil and gas reserves), and “proved undeveloped oil and gas reserves,” as such terms are defined by the
SPE in its standards and guidelines. 
 “Purchase Money Debt” means Debt of the Credit Parties incurred to finance the
acquisition, construction or improvement of any fixed or capital assets, including equipment or motor vehicles, and any Debt assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the
acquisition thereof, and extensions, renewals and replacements of any such Debt; provided that (i) in each case the acquired assets are reasonably related to the businesses of the Credit Parties engaged in on the Effective Date and
(ii) such Debt is incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in
accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” has the meaning assigned to it in
Section 12.19. 

  
 36 

 “Qualified ECP Guarantor” means, in respect of any Swap Agreement, each
Credit Party that (a) has total assets exceeding $10,000,000 at the time any guaranty of obligations under such Swap Agreement becomes effective or (b) otherwise constitutes an “eligible contract participant” under the Commodity
Exchange Act or any regulations promulgated thereunder and can cause another Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange
Act. 
 “Redemption” means with respect to any Debt, the repurchase, redemption, prepayment, repayment, defeasance or any
other acquisition or retirement for value (or the segregation of funds with respect to any of the foregoing) of such Debt. “Redeem” has the correlative meaning thereto. 

“Redetermination Date” means, with respect to any Scheduled Redetermination or any Interim Redetermination, the date that the
redetermined Borrowing Base related thereto becomes effective pursuant to Section 2.07(d). 

“Register” has the meaning assigned such term in Section 12.04(b)(iv). 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, partners, employees, agents and advisors (including attorneys, accountants and experts) of such Person and such Person’s Affiliates. 

“Release” means any depositing, spilling, leaking, pumping, pouring, placing, emitting, discarding, abandoning, emptying,
discharging, migrating, injecting, escaping, leaching, dumping, or disposing into the environment. 
 “Relevant Governmental
Body” means the Board and/or the NYFRB, or a committee officially endorsed or convened by the Board and/or the NYFRB or any successor thereto. 

“Remedial Work” has the meaning assigned such term in Section 8.09(a). 

“Required Lenders” means, (a) at any time while no Loans or LC Exposure is outstanding, Lenders having at least sixty-six and two-thirds percent (662⁄3%) of the Aggregate Maximum Credit Amounts; and
(b) at any time while any Loans or LC Exposure is outstanding, Lenders holding at least sixty-six and two-thirds percent
(662⁄3%) of the outstanding aggregate principal amount of the Loans and participation interests in Letters of Credit (without regard to any sale by a Lender of a
participation in any Loan under Section 12.04(c)); provided that the Maximum Credit Amounts and the principal amount of the Loans and participation interests in Letters of Credit of the Defaulting Lenders (if any)
shall be excluded from the determination of Required Lenders. 
 “Reserve Report” means a report, in form and substance
reasonably satisfactory to the Administrative Agent, setting forth, as of each January 1st or July 1st (or such other date in the event of an Interim Redetermination) the oil and gas reserves located in the United States attributable to
the Oil and Gas Properties of the Credit Parties, together with a projection of the rate of production and future net income, taxes, operating expenses and capital expenditures with respect thereto as of such date, based upon the economic
assumptions consistent with the Administrative Agent’s lending requirements at the time. 

  
 37 

 “Resolution Authority” means an EEA Resolution Authority or, with respect
to any UK Financial Institution, a UK Resolution Authority. 
 “Responsible Officer” means, as to any Person, the Chief
Executive Officer, the President, any Financial Officer or any Vice President of such Person. Unless otherwise specified, all references to a Responsible Officer herein shall mean a Responsible Officer of the Borrower. 

“Restricted Parties” means the Parent and its Restricted Subsidiaries, and “Restricted Party” means any one
of the foregoing. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other
Property and including any transfer of cash, securities or other Property by division of any Person) with respect to any Equity Interests in each member of the Parent Group or any of the Restricted Subsidiaries, or any payment (whether in cash,
securities or other Property and including any transfer of cash, securities or other Property by division of any Person), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such Equity Interests in the each member of the Parent Group or any of the Restricted Subsidiaries or any option, warrant or other right to acquire any such Equity Interests in each member of the Parent Group or any of the
Restricted Subsidiaries. 
 “Restricted Subsidiary” means any Subsidiary of the Parent that is not an Unrestricted
Subsidiary. For the avoidance of doubt, each of the Borrower and OP LLC is a Restricted Subsidiary of the Parent. 
 “Revolving
Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Loans plus such Lender’s LC Exposure at such time plus such Lender’s Swingline Exposure at such
time. 
 “S&P” means S&P Global Ratings and any successor thereto that is a nationally recognized rating agency.

 “Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any
Sanctions (including, as of the Effective Date, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea Region of Ukraine,
Cuba, Iran, North Korea and Syria). 
 “Sanctioned Person” means, at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, or by the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other
relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clause (a) or clause (b). 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United
Kingdom or other relevant sanctions authority. 

  
 38 

 “Scheduled Redetermination” has the meaning assigned such term in
Section 2.07(b). For purposes of this Agreement, the initial Borrowing Base determination on the Effective Date shall constitute a Scheduled Redetermination hereunder. 

“Scheduled Redetermination Date” means the date on which a Borrowing Base that has been redetermined pursuant to a Scheduled
Redetermination becomes effective as provided in Section 2.07(d). For purposes of this Agreement, the Effective Date shall constitute a Scheduled Redetermination Date hereunder. 

“SEC” means the Securities and Exchange Commission or any successor Governmental Authority. 

“Secured Leverage Ratio” means, as of any date of determination, the ratio of Total Secured Net Debt as of such date to
EBITDAX for the most recently ended Test Period (or if such date is the last day of a fiscal quarter, the Test Period ending on such date), in each case for the Parent and the Consolidated Restricted Subsidiaries. 

“Secured Parties” means, collectively, the Administrative Agent, the Lenders, the Bank Products Providers and the Secured
Swap Parties, and “Secured Party” means any of them individually. 
 “Secured Swap Agreements” means
(i) any Swap Agreement between a member of the Parent Group or any Restricted Subsidiary and any Secured Swap Party and (ii) any Permitted Existing Secured Swap Agreement. 

“Secured Swap Indebtedness” means Indebtedness of the type referred to in clause (b) of the definition of Indebtedness.

 “Secured Swap Party” means any Person that is a party to a Swap Agreement with a member of the Parent Group or any
Restricted Subsidiary that entered into such Swap Agreement prior to the time, or during the time, that such Person or its Affiliate is a Lender (including any Swap Agreement between such Person in existence prior to the date hereof), even if such
Person subsequently ceases to be a Lender (or an Affiliate thereof) for any reason; provided that any such Person that ceases to be a Lender or an Affiliate thereof shall not be a Secured Swap Party with respect to any Swap Agreement (or
transactions under any Swap Agreement) that it thereafter enters into (or that is assigned or transferred to it) while it is not a Lender or an Affiliate thereof; provided further that, notwithstanding the foregoing, each of KeyBank
National Association and PNC Bank, National Association shall be a “Secured Swap Party” solely with respect to each Permitted Existing Secured Swap Agreement to which it is a party. 

“Security Instruments” means the Guaranty and Security Agreement, any Intercreditor Agreement, mortgages, deeds of trust, and
other agreements, instruments or certificates described or referred to in Exhibit E-1, and any and all other agreements, instruments, consents or certificates now or hereafter executed and delivered by
each member of the Parent Group, any other Guarantor or any other Person (other than Secured Swap Agreements or participation or similar agreements between any Lender and any other lender or creditor with respect to any Indebtedness pursuant to this
Agreement) as security for the payment or performance of the Indebtedness, the Notes, this Agreement, or reimbursement obligations under the Letters of Credit, as such agreements may be amended, modified, supplemented or restated from time to time.

  
 39 

 “Senior Notes” means, individually or collectively as the context may
require, any unsecured senior or unsecured senior subordinated Debt of the Parent, the Borrower and/or Finance Co, including, for the avoidance of doubt, any Convertible Notes and the Existing Senior Notes. 

“Senior Notes Documents” means any credit agreement, notes, indenture, agreement, instrument or other definitive document
governing, evidencing or related to, or securing, guaranteeing or otherwise providing credit support for, any Senior Notes, as the same may from time to time be amended, restated, amended and restated, supplemented or otherwise modified to the
extent not prohibited by Section 9.04(b). 
 “SOFR” means a rate equal to the secured overnight
financing rate as administered by the SOFR Administrator. 
 “SOFR Adjustment” means a percentage equal to 0.10% per annum.

 “SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate). 

“SOFR Administrator’s Website” means the website of the NYFRB, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 
 “SOFR
Loan” means any Daily Simple SOFR Loan or Term SOFR Loan. 
 “Solvent” means, with respect to any Person on any
date of determination, that on such date (a) the fair value of the assets (after giving effect to amounts that could reasonably be received by reason of indemnity, offset, insurance or any similar arrangement) of such Person and its Restricted
Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their Debt, (b) the present fair saleable value of the property of such Person and its Restricted Subsidiaries, on a consolidated basis, is greater than the amount that
will be required to pay the probable liability, on a consolidated basis, of their Debt, as such Debt becomes absolute and matured, (c) such Person and its Restricted Subsidiaries, on a consolidated basis, are able to pay their Debt, as such
Debt becomes absolute and matured (after taking into account the timing and amounts of cash to be received by such Person and its Restricted Subsidiaries and the amounts to be payable on or in respect of its liabilities, and giving effect to amounts
that could reasonably be received by reason of indemnity, offset, insurance or any similar arrangement) and (d) such Person and its Restricted Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business
for which they have unreasonably small capital. The amount of any contingent Debt at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be
expected to become an actual or matured liability. 
 “SPE” means the Society of Petroleum Engineers. 

  
 40 

 “Specified Event of Default” means any Event of Default pursuant to
Section 10.01(a), (b), (h), (i) or (j). 
 “Specified Transaction”
means any incurrence or Redemption of Debt, Investment, Disposition, Capital Expenditure or Restricted Payment, in each case, that by the terms of this Agreement requires the Leverage Ratio, the Secured Leverage Ratio and/or the Current Ratio to be
calculated on a Pro Forma Basis. 
 “Subsidiary” means (a) any Person of which at least a majority of the outstanding
Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors, manager or other governing body of such Person (irrespective of whether or not at the time Equity Interests of any other class or
classes of such Person shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by the Parent and/or one or more of its Subsidiaries and (b) any partnership
of which the Parent or any of its Subsidiaries is a general partner. Unless otherwise indicated herein, each reference to the term “Subsidiary” shall mean a Subsidiary of the Parent. 

“Subsidiary Guarantor” means any Restricted Subsidiary of the Borrower that is a Guarantor. 

“Supported QFC” has the meaning assigned to it in Section 12.19. 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement, whether exchange traded, “over-the-counter” or otherwise, 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 (including any agreement, contract or
transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act); provided that no phantom stock or similar plan providing for payments only on account of services provided by current or
former directors, officers, employees or consultants of the Borrower or its Subsidiaries shall be a Swap Agreement. 
 “Swap
Termination Value” means, in respect of any one or more Swap Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such
Swap Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s) and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Agreements, as determined by the counterparties to such Swap Agreements. 

“Swingline Borrowing” means a borrowing of a Swingline Loan pursuant to Section 2.09. 

“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The
Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time. 

  
 41 

 “Swingline Lender” means Wells Fargo, in its capacity as a lender of
Swingline Loans hereunder. 
 “Swingline Loan” has the meaning assigned to such term in
Section 2.09(a). 
 “Synthetic Leases” means, in respect of any Person, all leases which shall
have been, or should have been, in accordance with GAAP, treated as operating leases on the financial statements of the Person liable (whether contingently or otherwise) for the payment of rent thereunder and which were properly treated as
indebtedness for borrowed money for purposes of U.S. federal income taxes, if the lessee in respect thereof is obligated to either purchase for an amount in excess of, or pay upon early termination an amount in excess of, 80% of the residual value
of the Property subject to such operating lease upon expiration or early termination of such lease. 
 “Taxes” means any
and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term SOFR” means, 

(a) for any calculation with respect to a Term SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period
on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR
Administrator; provided, however, that if as of 5:00 p.m. (Eastern time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a
Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government
Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government
Securities Business Days prior to such Periodic Term SOFR Determination Day, and 
 (b) for any calculation with respect to an ABR Loan on
any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the “Alternate Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to such day, as such
rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (Eastern time) on any Alternate Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been
published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator
on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more
than three (3) U.S. Government Securities Business Days prior to such Alternate Base Rate Term SOFR Determination Day; 

  
 42 

 provided, further, that if Term SOFR determined as provided above (including
pursuant to the proviso under clause (a) or clause (b) above) shall be less than the Floor, then Term SOFR shall be deemed to be the Floor. 

“Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term
SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion). 
 “Term SOFR Loan” means any Loan
bearing interest at a rate based on Adjusted Term SOFR (other than pursuant to clause (c) of the definition of “Alternate Base Rate”) as provided in Section 3.02(b). 

“Term SOFR Reference Rate” means the forward-looking term rate based on SOFR. 

“Termination Date” means the earlier of the Maturity Date and the date of termination of the Commitments. 

“Test Period” means (i) for the purposes of calculating the Leverage Ratio pursuant to
Section 9.01(b), the period of four (4) consecutive fiscal quarters ending on the last day of each fiscal quarter and (ii) for any other purposes under this Agreement, for any date of determination, the period of
four (4) consecutive fiscal quarters of the Borrower then most recently ended for which financial statements and the related compliance certificate have been delivered pursuant to Section 8.01(a) or (b), as
applicable, and Section 8.01(c). 
 “Total Borrowing Base Debt Exposure” means, at any time, the
sum of (a) the total Revolving Credit Exposures of all Lenders at such time plus (b) the aggregate principal amount of all Permitted Secured Term Debt then outstanding. 

“Total Commitments Utilization Percentage” means, as of any day, the fraction expressed as a percentage, the numerator of
which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the total Commitments of the Lenders in effect on such day. 

“Total Net Debt” means, at any date, (a) all Debt (i) of the type described in clause (a), (b) (to
the extent such amounts have been funded and not reimbursed), (c), (d), (e), (l) or (m) of the definition thereof or (ii) of the type described in clauses (f), (g) or (k) to the
extent in respect of Debt of the type described in clause (i), in each case of the definition thereof, of the Parent and the Consolidated Restricted Subsidiaries on a consolidated basis, excluding non-cash
obligations under ASC 815 minus (b) the aggregate cash and cash equivalents of the Parent and the Consolidated Restricted Subsidiaries, in each case, free and clear of all Liens other than Liens permitted under
Section 9.03, included in the cash and cash equivalents accounts listed on the consolidated balance sheet of the Parent and the Consolidated Restricted Subsidiaries at such date, provided that if any Loans are outstanding
at such date, the amount deducted pursuant to this clause (b) shall not exceed $150,000,000 in the aggregate. 
 “Total Secured
Net Debt” means, at any date, all Total Net Debt of the Parent and the Consolidated Restricted Subsidiaries on a consolidated basis that is secured by a Lien on any of their Properties. 

  
 43 

 “Transactions” means, collectively, the Debt Transactions, the Merger
Transactions, the repayment in full of all loans and other amounts owing under the Whiting Credit Agreement, and the payment of all fees and expenses incurred or paid by the Parent Group or any of their respective Subsidiaries in connection with any
of the foregoing. 
 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on
such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Alternate Base Rate or the Adjusted Term SOFR, or to the extent applicable, Adjusted Daily Simple SOFR. 

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time
to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes
certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 
 “UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. 

“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement
Adjustment. 
 “Unrestricted Subsidiary” means Oasis Petroleum International LLC, a Delaware limited liability company,
Whiting Programs, Inc., a Delaware limited liability company and each of their subsidiaries, if any, and any other Subsidiary of the Parent (for the avoidance of doubt, other than the Borrower or OP LLC) designated as such on Schedule
7.14 as of the Effective Date or which the Borrower has designated in writing to the Administrative Agent to be an Unrestricted Subsidiary pursuant to Section 9.08. 

“U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day
on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities; provided, that for
purposes of notice requirements in Section 2.03, Section 2.04(b) and Section 3.04(b), in each case, such day is also a Business Day. 

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 “U.S. Special Resolution Regime” has the meaning assigned to it in Section 12.19. 

“U.S. Tax Compliance Certificate” has the meaning set forth in Section 5.03(f). 

“Whiting” has the meaning provided in the recitals to this Agreement. 

“Whiting Credit Agreement” means that certain Credit Agreement, dated as of September 1, 2020, among Whiting, as parent
guarantor, Whiting Opco, as borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, as amended, amended and restated, supplemented or otherwise modified prior to the Effective Date. 

  
 44 

 “Whiting Opco” means Whiting Oil and Gas Corporation, a Delaware
corporation. 
 “Whiting Reserve Report” means the report of an Approved Petroleum Engineer with respect to certain Oil and
Gas Properties of Whiting Opco and its Restricted Subsidiaries as of January 1, 2022. 
 “Wholly-Owned Subsidiary”
means any Restricted Subsidiary of which all of the outstanding Equity Interests (other than any directors’ qualifying shares mandated by applicable law), on a fully-diluted basis, are owned by the Parent or one or more of the Wholly-Owned
Subsidiaries or are owned by the Parent and one or more of the Wholly-Owned Subsidiaries. 
 “Withdrawal Liability” means
liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Title IV of ERISA. 

“Withholding Agent” means any Credit Party or the Administrative Agent. 

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any
other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 
 Section 1.03
Types of Loans and Borrowings. For purposes of this Agreement, Loans and Borrowings, respectively, may be classified and referred to by Type (e.g., a “Term SOFR Loan” or a “Term SOFR
Borrowing”). 
 Section 1.04 Terms Generally; Rules of Construction. 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
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, restated or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth in the Loan Documents), (b) any reference herein to any law shall be construed as referring to such law as amended, modified, codified or reenacted, in
whole or in part, and in effect from time to time, (c) any reference herein to any Person shall be construed to include such Person’s 

  
 45 

 
successors and assigns (subject to the restrictions contained in the Loan Documents), (d) 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, (e) with respect to the determination of any time period, the word “from” means “from and including” and the word
“to” means “to and including” and (f) any reference herein to Articles, Sections, Annexes, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Annexes, Exhibits and Schedules to, this
Agreement. No provision of this Agreement or any other Loan Document shall be interpreted or construed against any Person solely because such Person or its legal representative drafted such provision. Notwithstanding anything herein to the contrary,
for the purposes of calculating any of the ratios tested under Section 9.01 and the components of each of such ratios, and for use of certain Baskets, except to the extent expressly stated otherwise, any Unrestricted Subsidiary
(including in each case their assets, liabilities, income, losses, cash flows, and the elements thereof) shall be excluded, except for any cash dividends or distributions actually paid by any such Person to the Restricted Parties, which shall be
deemed to be income to such Restricted Party when actually received by such Person. 
 Section 1.05 Accounting Terms and
Determinations; GAAP. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all determinations with respect to accounting matters hereunder shall be made, and all financial statements and certificates and
reports as to financial matters required to be furnished to the Administrative Agent or the Lenders hereunder shall be prepared, in accordance with GAAP, applied on a basis consistent with the Financial Statements except for changes in which
Borrower’s independent certified public accountants concur and which are disclosed to Administrative Agent on the next date on which financial statements are required to be delivered to the Lenders pursuant to Section 8.01(a);
provided that, unless the Borrower and the Majority Lenders shall otherwise agree in writing, no such change shall modify or affect the manner in which compliance with the covenants contained herein is computed such that all such computations
shall be conducted utilizing financial information presented consistently with prior periods. 
 Section 1.06 Rates. The
Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, (a) the continuation of, administration of, submission of, calculation of or any other matter related to Adjusted Daily
Simple SOFR, SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or with respect to any alternative, successor or replacement rate thereto
(including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to
Section 3.03(c), will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, Adjusted Daily Simple SOFR, SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR or any
other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its Affiliates or other related entities may engage in transactions that
affect the calculation of Adjusted Daily Simple SOFR, SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto and
such transactions may be adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain Adjusted Daily Simple 

  
 46 

 
SOFR, SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any other Benchmark, any component definition thereof or rates referred to in the definition thereof, in each case
pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs,
losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. 

Section 1.07 Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under
Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to
have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of
its Equity Interests at such time. 
 Section 1.08 Other Calculations. 

(a) Notwithstanding anything to the contrary in this Section 1.08 or in any classification under GAAP of any Person, business,
assets or operations in respect of which a definitive agreement for the disposition thereof has been entered into, at the election of the Borrower, no pro forma effect shall be given to any discontinued operations (and the EBITDAX or Consolidated
Total Assets attributable to any such Person, business, assets or operations shall not be excluded for any purposes hereunder) until such disposition shall have been consummated. 

(b) Notwithstanding anything in this Agreement or any Loan Document to the contrary, with respect to any amounts incurred, or transactions
entered into or consummated, in reliance on a Fixed Basket substantially concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on a Non-Fixed Basket, it is understood
and agreed that such amounts incurred in reliance on any applicable Fixed Basket shall be disregarded in the calculation of the financial ratio or test applicable to the Non-Fixed Basket in connection with
such substantially concurrent incurrence; provided that full pro forma effect shall be given to all applicable and related transactions (including the use of proceeds of all applicable Indebtedness incurred and any repayments, repurchases and
redemptions of Indebtedness) and all other adjustments as to which pro forma effect may be given under this Section 1.08. 

ARTICLE II 
 THE CREDITS

 Section 2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender (acting through any of its
branches or affiliates) severally, but not jointly, agrees to make Loans (other than Swingline Loans, which shall be governed by Section 2.09) in U.S. dollars to the Borrower from time to time during the Availability Period in an
aggregate principal amount that will not result in (i) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (ii) the total Revolving Credit Exposures exceeding the total Commitments. Within the foregoing
limits and subject to the terms and conditions set forth herein, the Borrower may borrow, repay and reborrow the Loans. 

  
 47 

 Section 2.02 Loans and Borrowings. 

(a) Borrowings; Several Obligations. Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in
accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments are several and no Lender shall
be responsible for any other Lender’s failure to make Loans as required. 
 (b) Types of Loans. Subject to Section 3.03,
each Borrowing shall be comprised entirely of ABR Loans or Term SOFR Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Term SOFR Loan by causing any domestic or foreign branch or Affiliate of such
Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 

(c) Minimum Amounts; Limitation on Number of Borrowings. At the commencement of each Interest Period for any Term SOFR Borrowing, such
Borrowing shall be in an aggregate amount that is an integral multiple of $500,000 and not less than $1,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $250,000 and
not less than $1,000,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated
by Section 2.08(e). Borrowings of more than one Type may be outstanding at the same time; provided that there shall not at any time be more than a total of ten (10) Borrowings of SOFR Loans outstanding.
Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Term SOFR Borrowing if the Interest Period requested with respect thereto would end after the Maturity
Date. 
 (d) Notes. If requested by a Lender, the Loans made by each Lender shall be evidenced by a single promissory note of the
Borrower in substantially the form of Exhibit A, dated, in the case of (a) any Lender party hereto as of the date of this Agreement, as of the date of this Agreement, (b) any Lender that becomes a party hereto pursuant to an
Assignment and Assumption, as of the effective date of the Assignment and Assumption or (c) any Lender that becomes a party hereto in connection with an increase in the Aggregate Elected Commitment Amounts pursuant to
Section 2.06(c), as of the effective date of such increase, payable to such Lender in a principal amount equal to its Maximum Credit Amount as in effect on such date, and otherwise duly completed. In the event that any
Lender’s Maximum Credit Amount increases or decreases for any reason (whether pursuant to Section 2.06, Section 12.04(b) or otherwise), if requested by such Lender, the Borrower shall deliver
or cause to be delivered, to the extent such Lender is then holding a Note, on the effective date of such increase or decrease, a new Note payable to such Lender in a principal amount equal to its Maximum Credit Amount after giving effect to such
increase or decrease, and otherwise duly completed and such Lender shall promptly return to the Borrower the previously issued Note held by such Lender. The date, amount, Type, interest rate and, if applicable, Interest Period of each Loan made by
each Lender, and all payments 

  
 48 

 
made on account of the principal thereof, shall be recorded by such Lender on its books for its Note, and, prior to any transfer, may be recorded by such Lender on a schedule attached to such
Note or any continuation thereof or on any separate record maintained by such Lender. Failure to make any such notation or to attach a schedule shall not affect any Lender’s or the Borrower’s rights or obligations in respect of such Loans
or affect the validity of such transfer by any Lender of its Note. 
 Section 2.03 Requests for Borrowings. To request a
Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone or e-mail (a) in the case of a Term SOFR Borrowing, not later than 12:00 noon, New York City time, three
(3) U.S. Government Securities Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing; provided that no
such notice shall be required for any deemed request of an ABR Borrowing to finance the reimbursement of an LC Disbursement as provided in Section 2.08(e). Each such telephonic or e-mail Borrowing
Request shall be irrevocable and, if made by telephone, shall be confirmed promptly by hand delivery, facsimile or e-mail to the Administrative Agent of a written Borrowing Request in substantially the form of
Exhibit B and signed by each member of the Parent Group. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) the aggregate amount of the requested Borrowing; 

(ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such Borrowing is to be an ABR Borrowing or a Term SOFR Borrowing; 

(iv) in the case of a Term SOFR Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; 
 (v) the amount of the then effective Borrowing
Base, the Aggregate Elected Commitment Amounts, the aggregate principal amount of Permitted Secured Term Debt then outstanding, the current total Revolving Credit Exposures (without regard to the requested Borrowing) and the pro forma total
Revolving Credit Exposures (giving effect to the requested Borrowing); and 
 (vi) the location and number of the
Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.05. 
 If no election as to the Type
of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Term SOFR Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one
month’s duration. Each Borrowing Request shall constitute a representation that the amount of the requested Borrowing shall not cause the total Revolving Credit Exposures to exceed the total Commitments (i.e., the least of (x) the
Aggregate Maximum Credit Amounts, (y) the then effective Available Borrowing Base and (z) the Aggregate Elected Commitment Amounts). 

  
 49 

 Promptly following receipt of a Borrowing Request in accordance with this
Section 2.03, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

Section 2.04 Interest Elections. 

(a) Conversion and Continuance. Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the
case of a Term SOFR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Term
SOFR Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.04. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section 2.04(a) shall not apply to
Swingline Borrowings, which may not be converted or continued. Notwithstanding anything to the contrary herein, no Borrowing shall initially be a Daily Simple SOFR Loan and no conversion may be made into a Daily Simple SOFR Loan except in accordance
with Section 3.03. 
 (b) Interest Election Requests. To make an election pursuant to this
Section 2.04, the Borrower shall notify the Administrative Agent of such election by telephone or e-mail by the time that a Borrowing Request would be required under
Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic or e-mail
Interest Election Request shall be irrevocable and, if made by telephone, shall be confirmed promptly by hand delivery, facsimile or e-mail to the Administrative Agent of a written Interest Election Request in
substantially the form of Exhibit C and signed by the Borrower. 
 (c) Information in Interest Election Requests. Each telephonic/e-mail and written Interest Election Request shall specify the following information in compliance with Section 2.02: 

(i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to
different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to Sections 2.04(c)(iii) and (iv) shall be specified for each resulting
Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a
Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Term SOFR Borrowing; and 

(iv) if the resulting Borrowing is a Term SOFR Borrowing, the Interest Period to be applicable thereto after giving effect to
such election, which shall be a period contemplated by the definition of the term “Interest Period”. 

  
 50 

 If any such Interest Election Request requests a Term SOFR Borrowing but does not specify an Interest
Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
 (d) Notice to Lenders by
the Administrative Agent. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) Effect of Failure to Deliver Timely Interest Election Request and Events of Default on Interest Election. If the Borrower fails to
deliver a timely Interest Election Request with respect to a Term SOFR Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing
shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, acting at the direction of the Majority Lenders, has notified the Borrower
that no conversion of outstanding Borrowings into, or continuation as, Term SOFR Borrowings shall be permitted, (i) no outstanding Borrowing may be converted to or continued as a Term SOFR Borrowing (and any Interest Election Request that
requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Term SOFR Borrowing shall be ineffective) and (ii) unless repaid, each Term SOFR Borrowing shall be converted to an ABR Borrowing at the end of the Interest
Period applicable thereto. 
 Section 2.05 Funding of Borrowings; Funding by Lenders. 

(a) Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds by 1:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in
Section 2.09. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account subject to a Control Agreement designated by the Borrower in
the applicable Borrowing Request; provided that ABR Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.08(e) shall be remitted by the Administrative Agent to the Issuing Bank.
Nothing herein shall be deemed to obligate any Lender to obtain the funds for its Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for its Loan in any particular
place or manner. 
 (b) Presumption of Funding by the Lenders. Except with respect to Swingline Loans made pursuant to
Section 2.09, unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s
share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.05(a) and may, in reliance upon such assumption, make available to the
Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made 

  
 51 

 
available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative
Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 
 Section 2.06 Termination and
Reduction of Aggregate Maximum Credit Amounts; Optional Increase and Reduction of Aggregate Elected Commitment Amounts. 
 (a)
Scheduled Termination of Commitments. Unless previously terminated, the Commitments shall terminate on the Maturity Date. If at any time the Aggregate Maximum Credit Amounts, the Borrowing Base or the Aggregate Elected Commitments Amount is
terminated or reduced to zero, then the Commitments shall terminate on the effective date of such termination or reduction. 
 (b)
Optional Termination and Reduction of Aggregate Maximum Credit Amounts. 
 (i) The Borrower may at any time terminate,
or from time to time reduce, the Aggregate Maximum Credit Amounts; provided that (a) each reduction of the Aggregate Maximum Credit Amounts shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000,
(b) the Borrower shall not terminate or reduce the Aggregate Maximum Credit Amounts if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(c), the total Revolving Credit
Exposures would exceed the total Commitments, and (c) upon any reduction of the Aggregate Maximum Credit Amounts that results in the Aggregate Maximum Credit Amounts being less than the Aggregate Elected Commitment Amounts, the Aggregate
Elected Commitment Amounts shall be automatically reduced (ratably among the Lenders) so that they equal the Aggregate Maximum Credit Amounts as so reduced. 

(ii) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Aggregate Maximum Credit
Amounts under Section 2.06(b)(i) at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following
receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.06(b)(ii) shall be irrevocable; provided that any
such notice delivered hereunder may state that it is conditioned upon the occurrence of any event specified therein (including the effectiveness of other credit facilities), in which case such notice may be revoked by the Borrower (by written notice
to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Aggregate Maximum Credit Amounts shall be permanent and may not be reinstated. Each reduction of the
Aggregate Maximum Credit Amounts shall be made ratably among the Lenders in accordance with each Lender’s Applicable Percentage. 

  
 52 

 (c) Optional Increase and Reduction of Aggregate Elected Commitment Amounts. 

(i) Subject to the conditions set forth in Section 2.06(c)(ii), the Borrower may increase the
Aggregate Elected Commitment Amounts then in effect by increasing the Elected Commitment of a Lender or by causing a Person that is acceptable to the Administrative Agent that at such time is not a Lender to become a Lender (an “Additional
Lender”). Notwithstanding anything to the contrary contained in this Agreement, in no case shall an Additional Lender be the Borrower or an Affiliate of a Borrower. 

(ii) Any increase in the Aggregate Elected Commitment Amounts shall be subject to the following additional conditions: 

(A) such increase shall not be less than $50,000,000 unless the Administrative Agent otherwise consents, and no such increase
shall be permitted if after giving effect thereto the Aggregate Elected Commitment Amounts exceed the difference of (1) the Borrowing Base then in effect minus (2) the aggregate principal amount of Permitted Secured Term Debt then
outstanding; 
 (B) following any Scheduled Redetermination Date, the Borrower may not increase the Aggregate Elected
Commitment Amounts more than once before the next Scheduled Redetermination Date; 
 (C) no Default shall have occurred and
be continuing on the effective date of such increase; 
 (D) on the effective date of such increase, no Term SOFR Borrowings
shall be outstanding or if any Term SOFR Borrowings are outstanding, then the effective date of such increase shall be the last day of the Interest Period in respect of such Term SOFR Borrowings unless the Borrower pays compensation required by
Section 5.02; 
 (E) no Lender’s Elected Commitment may be increased without the consent of
such Lender; 
 (F) if the Borrower elects to increase the Aggregate Elected Commitment Amounts by increasing the Elected
Commitment of a Lender, the Borrower and such Lender shall execute and deliver to the Administrative Agent a certificate substantially in the form of Exhibit G (an “Elected Commitment Increase Certificate”); and 

(G) if the Borrower elects to increase the Aggregate Elected Commitment Amounts by causing an Additional Lender to become a
party to this Agreement, then the Borrower and such Additional Lender shall execute and deliver to the Administrative Agent a certificate substantially in the form of Exhibit H (an “Additional Lender Certificate”), together
with an Administrative Questionnaire and a processing and recordation fee of $3,500, and the Borrower shall (1) if requested by the Additional Lender, deliver a Note payable to such Additional Lender in a principal amount equal to its Maximum
Credit Amount, and otherwise duly completed and (2) pay any applicable fees as may have been agreed to between the Borrower, the Additional Lender and the Arranger. 

  
 53 

 (H) the increase shall be on the exact same terms and pursuant to the exact
same documentation applicable to this Agreement (other than with respect to any arrangement, structuring, upfront or other fees or discounts payable in connection with such increase in the Aggregate Elected Commitment Amounts) (provided that, to the
extent applicable, the Applicable Margin shall be increased to be consistent with that for such increase in the Aggregate Elected Commitment Amounts). 

(iii) Subject to acceptance and recording thereof pursuant to Section 2.06(c)(iv), from and after the
effective date specified in the Elected Commitment Increase Certificate or the Additional Lender Certificate (or if any Term SOFR Borrowings are outstanding, then the last day of the Interest Period in respect of such Term SOFR Borrowings, unless
the Borrower has paid compensation required by Section 5.02): (a) the amount of the Aggregate Elected Commitment Amounts shall be increased as set forth therein, and (b) in the case of an Additional Lender Certificate,
any Additional Lender party thereto shall be a party to this Agreement and have the rights and obligations of a Lender under this Agreement and the other Loan Documents. In addition, the Lender or the Additional Lender, as applicable, shall purchase
a pro rata portion of the outstanding Loans (and participation interests in Letters of Credit) of each of the other Lenders (and such Lenders hereby agree to sell and to take all such further action to effectuate such sale) such that each Lender
(including any Additional Lender, if applicable) shall hold its Applicable Percentage of the outstanding Loans (and participation interests) after giving effect to the increase in the Aggregate Elected Commitment Amounts. 

(iv) Upon its receipt of a duly completed Elected Commitment Increase Certificate or an Additional Lender Certificate, executed
by the Borrower and the Lender or by the Borrower and the Additional Lender party thereto, as applicable, the processing and recording fee referred to in Section 2.06(c)(ii) and the Administrative Questionnaire referred to
in Section 2.06(c)(ii), if applicable, the Administrative Agent shall accept such Elected Commitment Increase Certificate or Additional Lender Certificate and record the information contained therein in the Register
required to be maintained by the Administrative Agent pursuant to Section 12.04(b)(iv). No increase in the Aggregate Elected Commitment Amounts shall be effective for purposes of this Agreement unless it has been recorded
in the Register as provided in this Section 2.06(c)(iv). 
 (v) Upon any increase in the Aggregate
Elected Commitment Amounts pursuant to this Section 2.06(c), (A) each Lender’s Maximum Credit Amount shall be automatically deemed amended to the extent necessary so that each such Lender’s Applicable
Percentage equals the percentage of the Aggregate Elected Commitment Amounts represented by such Lender’s Elected Commitment, in each case after giving effect to such increase, and (B) Annex I to this Agreement shall be deemed
amended to reflect the Elected Commitment of each Lender (including any Additional Lender) as thereby increased, any changes in the Lenders’ Maximum Credit Amounts pursuant to the foregoing clause (A), and any resulting changes in the
Lenders’ Applicable Percentages. 

  
 54 

 (vi) The Borrower may from time to time reduce the Aggregate Elected
Commitment Amounts; provided that (a) each reduction of the Aggregate Elected Commitment Amounts shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000 and (b) the Borrower shall not reduce the
Aggregate Elected Commitment Amounts if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(c), the total Revolving Credit Exposures would exceed the Aggregate Elected Commitment
Amounts. 
 (vii) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Aggregate
Elected Commitment Amounts under Section 2.06(c)(vi) at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly
following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.06(c)(vii) shall be irrevocable; provided
that any such notice of commitment termination delivered hereunder may state that it is conditioned upon the occurrence of any event specified therein (including the effectiveness of other credit facilities), in which case such notice may be
revoked by the Borrower (by written notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Aggregate Elected Commitment Amounts shall be permanent and
may not be reinstated, except pursuant to Section 2.06(c)(i). Each reduction of the Aggregate Elected Commitment Amounts shall be made ratably among the Lenders in accordance with each Lender’s Applicable
Percentage. 
 (viii) Upon any redetermination or other adjustment in the Borrowing Base pursuant to this Agreement that
would result in the Available Borrowing Base becoming less than the Aggregate Elected Commitment Amounts, the Aggregate Elected Commitment Amounts shall be automatically reduced (ratably among the Lenders in accordance with each Lender’s
Applicable Percentage) so that they equal the Available Borrowing Base (and Annex I shall be deemed amended to reflect such amendments to each Lender’s Elected Commitment and the Aggregate Elected Commitment Amounts). 

(ix) Contemporaneously with any increase in the Borrowing Base pursuant to this Agreement, if (a) the Borrower elects to
increase the Aggregate Elected Commitment Amount and (b) each Lender has consented to such increase in its Elected Commitment, then the Aggregate Elected Commitment Amount shall be increased (ratably among the Lenders in accordance with each
Lender’s Applicable Percentage) by the amount requested by the Borrower (subject to the limitations set forth in Section 2.06(c)(ii)(A)) without the requirement that any Lender deliver an Elected Commitment Increase
Certificate, and Annex I shall be deemed amended to reflect such amendments to each Lender’s Elected Commitment and the Aggregate Elected Commitment Amount. The Administrative Agent shall record the information regarding such increases
in the Register required to be maintained by the Administrative Agent pursuant to Section 12.04(b)(iv). 

  
 55 

 Section 2.07 Borrowing Base. 

(a) Initial Borrowing Base. For the period from and including the Effective Date to but excluding the first Redetermination Date to
occur thereafter, the amount of the Borrowing Base shall be an amount equal to $2,000,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments in between Scheduled Redeterminations from time to time pursuant
to Section 2.07(e), Section 8.12(c) or Section 9.12(d). 
 (b)
Scheduled and Interim Redeterminations. The Borrowing Base shall be redetermined semi-annually in accordance with this Section 2.07(b) (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such
redetermined Borrowing Base shall become effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders on April 1st and October 1st of each year (or, in each case, such date promptly thereafter as reasonably
practicable), commencing October 1, 2022. In addition, (i) the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one
time between any two Scheduled Redeterminations, each elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations and (ii) the Borrower may elect, by notifying the Administrative Agent of any acquisition of Oil and
Gas Properties by the Borrower or any of its Restricted Subsidiaries with an aggregate purchase price in an amount in excess of at least five (5%) of the then effective Borrowing Base, to cause the Borrowing Base to be redetermined prior to the
first Scheduled Redetermination after the Effective Date or between Scheduled Redeterminations (each election under clause (i) or (ii), an “Interim Redetermination”) in accordance with this Section 2.07. 

(c) Scheduled and Interim Redetermination Procedure. 

(i) Each Scheduled Redetermination and each Interim Redetermination shall be effectuated as follows: Upon receipt by the
Administrative Agent of (x) the Reserve Report (or the 2022 Reserve Reports in the case of the first Scheduled Redetermination after the Effective Date) and the certificate required to be delivered by the Borrower to the Administrative Agent,
in the case of a Scheduled Redetermination, pursuant to Section 8.11(a) and (c), and, in the case of an Interim Redetermination, pursuant to Section 8.11(b) and (c), and (y) such
other reports, data and supplemental information, including, without limitation, the information provided pursuant to Section 8.11(c), as may, from time to time, be reasonably requested by the Administrative Agent (the
Reserve Reports, such certificate and such other reports, data and supplemental information being the “Engineering Reports”), the Administrative Agent shall evaluate the information contained in the Engineering Reports and shall, in
its sole discretion, propose a new Borrowing Base (the “Proposed Borrowing Base”) based upon such information and such other information (including, without limitation, the status of title information with respect to the Oil and Gas
Properties of the Credit Parties as described in the Engineering Reports and the existence of any other Debt, the Credit Parties’ other assets, liabilities, fixed charges, cash flow, business, properties, prospects, management and ownership,
hedged and unhedged exposure to price, price and production scenarios, interest rate and operating cost changes) as the Administrative Agent deems appropriate in its sole discretion and consistent with its normal oil and gas lending criteria as it
exists at the particular time. 

  
 56 

 (ii) The Administrative Agent shall notify the Borrower and the Lenders of
the Proposed Borrowing Base (the “Proposed Borrowing Base Notice”): 
 (A) in the case of a Scheduled
Redetermination (x) if the Administrative Agent shall have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.11(a) and (c) in a timely and complete manner, then
on or before March 15th and September 15th of such year following the date of delivery or (y) if the Administrative Agent shall not have received the Engineering Reports required to be delivered by the Borrower pursuant to
Section 8.11(a) and (c) in a timely and complete manner, then promptly after the Administrative Agent has received complete Engineering Reports from the Borrower and has had a reasonable opportunity to determine
the Proposed Borrowing Base in accordance with Section 2.07(c)(i); and 
 (B) in the
case of an Interim Redetermination, promptly, and in any event, within fifteen (15) days after the Administrative Agent has received the required Engineering Reports. 

(iii) Any Proposed Borrowing Base that would increase the Borrowing Base then in effect must be approved by all of the Lenders
as provided in this Section 2.07(c)(iii); and any Proposed Borrowing Base that would decrease or maintain the Borrowing Base then in effect must be approved or be deemed to have been approved by the Required Lenders based
upon the Engineering Reports and such other information (including, without limitation, the status of title information with respect to the Oil and Gas Properties of the Credit Parties as described in the Engineering Reports and the existence of any
other Debt, the Credit Parties’ other assets, liabilities, fixed charges, cash flow, business, properties, prospects, management and ownership, hedged and unhedged exposure to price, price and production scenarios, interest rate and operating
cost changes) as each Lender deems appropriate in its sole discretion and consistent with its normal oil and gas lending criteria as it exists at the particular time as provided in this Section 2.07(c)(iii). Upon receipt of
the Proposed Borrowing Base Notice, each Lender shall have fifteen (15) days to agree with the Proposed Borrowing Base or disagree with the Proposed Borrowing Base by proposing an alternate Borrowing Base. If at the end of such fifteen
(15) days, any Lender has not, in the case of any Proposed Borrowing Base that would decrease or maintain the Borrowing Base then in effect, communicated its approval or disapproval in writing to the Administrative Agent, such silence shall be
deemed to be an approval of the Proposed Borrowing Base. If at the end of such fifteen (15) days, any Lender has not, in the case of any Proposed Borrowing Base that would increase the Borrowing Base then in effect, communicated its approval or
disapproval in writing to the Administrative Agent, such silence shall be deemed to be a disapproval of the Proposed Borrowing Base. If, at the end of such fifteen (15) day period, all of the Lenders, in the case of a Proposed Borrowing Base
that would increase the Borrowing Base then in effect, or the Required Lenders, in the case of a Proposed Borrowing Base that would decrease or maintain the Borrowing Base then in effect, have approved or, in the case of a Proposed Borrowing Base
that would decrease or maintain the Borrowing Base then in effect, deemed to have approved, as aforesaid, then the Proposed Borrowing Base shall become the new Borrowing Base, effective on the date specified in
Section 2.07(d). If, however, 

  
 57 

 
at the end of such fifteen (15) day period, all of the Lenders, in the case of a Proposed Borrowing Base that would increase the Borrowing Base then in effect, or the Required Lenders, in
the case of a Proposed Borrowing Base that would decrease or maintain the Borrowing Base then in effect, have not approved or, in the case of a decrease or reaffirmation, deemed to have approved, as aforesaid, then the Administrative Agent shall
poll the Lenders to ascertain the highest Borrowing Base then acceptable to (x) in the case of a decrease or reaffirmation, a number of Lenders sufficient to constitute the Required Lenders and (y) in the case of an increase, all of the
Lenders, as applicable, and, such amount shall become the new Borrowing Base, effective on the date specified in Section 2.07(d). 

(d) Effectiveness of a Redetermined Borrowing Base. After a redetermined Borrowing Base is approved by all of the Lenders
or approved or deemed to have been approved by the Required Lenders, as applicable, pursuant to Section 2.07(c)(iii), the Administrative Agent shall notify the Borrower and the Lenders of the amount of the redetermined
Borrowing Base (the “New Borrowing Base Notice”), and such amount shall become the new Borrowing Base, effective and applicable to the Borrower, the Agents, the Issuing Bank and the Lenders: 

(i) in the case of a Scheduled Redetermination, (a) if the Administrative Agent shall have received the Engineering
Reports required to be delivered by the Borrower pursuant to Section 8.11(a) and (c) in a timely and complete manner, then on the April 1st or
October 1st (or, in each case, such date promptly thereafter as reasonably practicable), as applicable, following such notice, or (b) if the Administrative Agent shall not have received
the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.11(a) and (c) in a timely and complete manner, then on the Business Day next succeeding delivery of such New Borrowing Base
Notice; and 
 (ii) in the case of an Interim Redetermination, on the Business Day next succeeding delivery of such New
Borrowing Base Notice. 
 Such amount shall then become the Borrowing Base until the next Scheduled Redetermination Date, the next Interim Redetermination
Date or the next adjustment to the Borrowing Base under Section 2.07(e), Section 8.12(c) or Section 9.12(d), whichever occurs first. Notwithstanding the foregoing, no
Scheduled Redetermination or Interim Redetermination shall become effective until the New Borrowing Base Notice related thereto is received by the Borrower. 

(e) Reduction of Borrowing Base Upon Issuance of Senior Notes. 

(i) If the Parent, the Borrower and/or Finance Co issues or incurs any Senior Notes (including any Permitted Refinancing Debt)
in accordance with Section 9.02(c) (“New Debt”) during the period between Scheduled Redetermination Dates and not in conjunction with an Interim Redetermination, then on the date of such issuance, the
Borrowing Base then in effect shall be reduced by an amount equal to the product of 0.25 multiplied by an amount equal to the difference between (A) the stated principal amount of such New Debt minus (B) in the event such New Debt
constitutes Permitted Refinancing Debt, the stated principal amount of the previously outstanding Senior Notes Redeemed with the proceeds of such New Debt. Such reduction shall be effective and applicable to

  
 58 

 
the Borrower, the Agents, the Issuing Bank and the Lenders on such date until the next redetermination or modification of the Borrowing Base under this Agreement. For purposes of this
Section 2.07(e), if any such New Debt is issued at a discount or otherwise sold for less than “par”, the reduction shall be calculated based upon the stated principal amount without reference to such discount.

 (ii) The Borrowing Base reduction provided for in Section 2.07(e)(i) shall not
occur on the date such New Debt is issued or incurred if reasonably prior (and in any event, at least two Business Days prior) to the issuance or incurrence of such New Debt: 

(A) The Borrower delivers written notice to the Administrative Agent and the Lenders that the Credit Parties intend to issue or
incur such New Debt to finance all or a portion of (x) a recent acquisition of Oil and Gas Properties for which the acquired assets have not yet been included in the most recent redetermination of the Borrowing Base or (y) a contemplated
acquisition of Oil and Gas Properties (such properties, the “Acquisition Properties”), which notice shall specify the contemplated principal amount of such New Debt and the targeted closing date of the issuance thereof; 

(B) The Borrower delivers to the Administrative Agent and the Lenders a Reserve Report and such other Engineering Reports
reasonably requested by the Administrative Agent in form and with an “as of” date reasonably satisfactory to the Administrative Agent which evaluates such Acquisition Properties; and 

(C) The Borrower delivers to the Administrative Agent a certificate in form and substance reasonably acceptable to the
Administrative Agent stating that the Borrower has a reasonable, good faith expectation that the value that the Lenders will attribute to such Acquisition Properties in the first redetermination of the Borrowing Base that becomes effective following
the consummation of such contemplated (or recently completed) acquisition will be greater than or equal to 25% of the stated principal amount of such New Debt; 

Provided, that: 

(1) the Borrowing Base shall, subject to clauses (2) and (3) below, be redetermined giving pro forma effect to the
acquisition of such Acquisition Properties in accordance with the procedures set forth in Section 2.07(c) for an Interim Redetermination, with such redetermined Borrowing Base to become effective upon the later to occur of
(x) the date the Credit Parties acquire substantially all of such Acquisition Properties and (y) the date that is 30 days following the date on which the Lenders receive the applicable Engineering Reports pursuant to clause (B) above
or, in either case, such date as soon thereafter as reasonably practicable (provided that such redetermination shall not constitute a Scheduled Redetermination or an Interim Redetermination requested by the Borrower or the Majority Lenders); 

  
 59 

 (2) if (i) the Credit Parties do not acquire substantially all of such
Acquisition Properties for any reason prior to the date that is 90 days following the Credit Parties’ issuance of such New Debt or (ii) any Credit Party knows with reasonable certainty that the Credit Parties will not acquire substantially
all of such Acquisition Properties, then, subject to clause (3) below, the redetermination referred to in the foregoing clause (1) shall not be effective and the Borrowing Base shall be automatically reduced upon the earlier to occur of
the events described in clauses (i) and (ii) in accordance with the procedures set forth in Section 2.07(e)(i) by an amount equal to 25% of the stated principal amount of such New Debt; 

(3) if upon consummation of such acquisition, the Credit Parties acquire at least 85% but less than 95% of the total value of
such Acquisition Properties (as reasonably determined by the Administrative Agent), (i) the Borrowing Base reduction provided for in the foregoing clause (2) shall not occur, (ii) the redetermination referred to in the foregoing
clause (1) shall not be effective and (iii) the Borrowing Base shall be redetermined giving effect to the Acquisition Properties actually acquired by the Credit Parties in accordance with the procedures set forth in
Section 2.07(c) for an Interim Redetermination, with such redetermined Borrowing Base to become effective 15 days (or such longer period as is reasonably necessary) following the date on which such acquisition is
consummated (provided that such redetermination shall not constitute a Scheduled Redetermination or an Interim Redetermination requested by the Borrower or the Required Lenders), provided further, that this clause (3) shall only be given
effect if the redetermination referred to in clause (1) resulted in a Proposed Borrowing Base greater than or equal to the Borrowing Base in effect immediately prior to such redetermination; 

(4) the Borrower shall promptly (and in any event, within two Business Days) provide the Administrative Agent with written
notice upon the Borrower knowing with reasonable certainty that the Credit Parties will not acquire substantially all of the Acquisition Properties; 

(5) for purposes of the foregoing clauses (1) and (2), “substantially all of such Acquisition Properties” shall
mean Oil and Gas Properties with a value (as reasonably determined by the Administrative Agent) of not less than 95% of the total value of all of such Acquisition Properties; and 

  
 60 

 (6) on the date that any such acquisition occurs, the Borrower shall
deliver to the Administrative Agent a certificate certifying (w) that attached to such certificate are true, accurate and complete copies of the transaction documents evidencing and governing the acquisition of such Acquisition Properties,
(x) that the Credit Parties have consummated such acquisition in accordance with the terms of such documents, (y) as to which Acquisition Properties have been acquired and which Acquisition Properties were not acquired, and (z) as to
the final purchase price for the Acquisition Properties after giving effect to all adjustments thereto made at the closing of such acquisition (and specifying by category and amount each such adjustment). 

Section 2.08 Letters of Credit. 

(a) General. Subject to the terms and conditions set forth herein, the Borrower may request the issuance of dollar denominated Letters
of Credit for its own account or for the account of any of its Restricted Subsidiaries, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability Period;
provided that the Borrower may not request the issuance, amendment, renewal or extension of Letters of Credit hereunder if a Borrowing Base Deficiency exists at such time or would exist as a result thereof. In the event of any inconsistency
between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any
Letter of Credit, the terms and conditions of this Agreement shall control. 
 (b) Notice of Issuance, Amendment, Renewal, Extension;
Certain Conditions. To request the issuance of a Letter of Credit, or the amendment, renewal or extension of an outstanding Letter of Credit, the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements
for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (not less than three (3) Business Days in advance of the requested date of issuance, amendment, renewal or extension (or such later date as
the Issuing Bank may agree to in its sole discretion)) a notice: 
 (i) requesting the issuance of a Letter of Credit or
identifying the Letter of Credit to be amended, renewed or extended; 
 (ii) specifying the date of issuance, amendment,
renewal or extension (which shall be a Business Day); 
 (iii) specifying the date on which such Letter of Credit is to
expire (which shall comply with Section 2.08(c)); 
 (iv) specifying the amount of such Letter of
Credit; 
 (v) specifying the name and address of the beneficiary thereof and such other information as shall be necessary to
prepare, amend, renew or extend such Letter of Credit; and 
 (vi) specifying the amount of the then effective Borrowing Base
and whether a Borrowing Base Deficiency exists at such time, the aggregate principal amount of Permitted Secured Term Debt then outstanding, the current total Revolving Credit Exposures (without regard to the requested Letter of Credit or the
requested amendment, renewal or extension of an outstanding Letter of Credit) and the pro forma total Revolving Credit Exposures (giving effect to the requested Letter of Credit or the requested amendment, renewal or extension of an
outstanding Letter of Credit). 

  
 61 

 Each notice shall constitute a representation by the Borrower that after giving effect to the requested
issuance, amendment, renewal or extension, as applicable, (i) the LC Exposure shall not exceed the LC Commitment and (ii) the total Revolving Credit Exposures shall not exceed the total Commitments (i.e., the least of (x) the
Aggregate Maximum Credit Amounts, (y) the then effective Available Borrowing Base and (z) the Aggregate Elected Commitment Amounts). 
 If
requested by the Issuing Bank, the Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit; provided that, in the event of any conflict between
such application or any Letter of Credit Agreement and the terms of this Agreement, the terms of this Agreement shall control. 
 (c)
Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension
thereof, one year after such renewal or extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date. Notwithstanding the foregoing, no Letter of Credit may expire beyond the close of business on the date that is
five (5) Business Days prior to the earliest Maturity Date applicable to any Lender, unless the amount of such Letter of Credit on the date of issuance, renewal or extension, as applicable, together with the outstanding total Revolving Credit
Exposures at such time, is less than or equal to the total Commitments of all Lenders having a later Maturity Date. 
 (d)
Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each
Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and
in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing
Bank and not reimbursed by the Borrower on the date due as provided in Section 2.08(e), or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Lender acknowledges and agrees that its
obligation to acquire participations pursuant to this Section 2.08(d) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal
or extension of any Letter of Credit or the occurrence and continuance of a Default, the existence of a Borrowing Base Deficiency or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement,
withholding or reduction whatsoever. 
 (e) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter
of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 3:00 p.m., New York City time, on the date that such LC Disbursement is made, if the Borrower
shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such 

  
 62 

 
notice has not been received by the Borrower prior to such time on such date, then not later than 3:00 p.m., New York City time, on the Business Day immediately following the date that the
Borrower receives such notice; provided that the Borrower shall, subject to the conditions to Borrowing set forth herein, be deemed to have requested, and the Borrower does hereby request under such circumstances, that such payment be
financed with an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Borrowing. If the Borrower fails to make such payment
when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice,
each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Loans made by such Lender (and
Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Lenders. Promptly
following receipt by the Administrative Agent of any payment from the Borrower pursuant to this Section 2.08(e), the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Lenders have
made payments pursuant to this Section 2.08(e) to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this
Section 2.08(e) to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse
such LC Disbursement. 
 (f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in
Section 2.08(e) shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any
lack of validity or enforceability of any Letter of Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent
or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of
such Letter of Credit or any Letter of Credit Agreement, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.08(f),
constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Related Parties shall have any
liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any
error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the
extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s failure to
exercise care when determining whether drafts and other 

  
 63 

 
documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the
Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised all requisite care in each such determination. In furtherance of the foregoing and without limiting the generality thereof,
the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such
documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such
Letter of Credit. 
 (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all
documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy or e-mail)
of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the
Issuing Bank and the Lenders with respect to any such LC Disbursement. 
 (h) Interim Interest. If the Issuing Bank shall make any LC
Disbursement, then, until the Borrower shall have reimbursed the Issuing Bank for such LC Disbursement (either with its own funds or a Borrowing under Section 2.08(e)), the unpaid amount thereof shall bear interest, for
each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Loans. Interest accrued pursuant to this
Section 2.08(h) shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to Section 2.08(e) to reimburse the Issuing Bank
shall be for the account of such Lender to the extent of such payment. 
 (i) Replacement of the Issuing Bank. The Issuing Bank may
be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At
the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 3.05(b). From and after the effective date of any such
replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing
Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of the Issuing Bank hereunder, the replaced Issuing Bank
shall remain a party hereto and shall continue to have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional
Letters of Credit. 

  
 64 

 (j) Cash Collateralization. If (i) any Event of Default shall occur and be
continuing and the Borrower receives notice from the Administrative Agent or the Majority Lenders demanding the deposit of cash collateral pursuant to this Section 2.08(j), or (ii) the Borrower is required to pay to
the Administrative Agent the excess attributable to an LC Exposure in connection with any prepayment pursuant to Section 3.04(c), then the Borrower shall deposit, in an account with the Administrative Agent, in the name of
the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to, in the case of an Event of Default, 102.5% of the LC Exposure, and in the case of a payment required by Section 3.04(c), 102.5% of the
amount of such excess as provided in Section 3.04(c) plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit
shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to each member of the Parent Group or any Restricted Subsidiary described in
Section 10.01(h) or Section 10.01(i). The Borrower hereby grants to the Administrative Agent, for the benefit of the Issuing Bank and the Lenders, an exclusive first priority and
continuing perfected security interest in and Lien on such account and all cash, checks, drafts, certificates and instruments, if any, from time to time deposited or held in such account, all deposits or wire transfers made thereto, any and all
investments purchased with funds deposited in such account, all interest, dividends, cash, instruments, financial assets and other Property from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of
the foregoing, and all proceeds, products, accessions, rents, profits, income and benefits therefrom, and any substitutions and replacements therefor. The Borrower’s obligation to deposit amounts pursuant to this
Section 2.08(j) shall be absolute and unconditional, without regard to whether any beneficiary of any such Letter of Credit has attempted to draw down all or a portion of such amount under the terms of a Letter of Credit,
and, to the fullest extent permitted by applicable law, shall not be subject to any defense or be affected by a right of set-off, counterclaim or recoupment which the Borrower or any of its Subsidiaries may
now or hereafter have against any such beneficiary, the Issuing Bank, the Administrative Agent, the Lenders or any other Person for any reason whatsoever. Such deposit shall be held as collateral securing the payment and performance of the
Borrower’s and the Guarantor’s obligations under this Agreement and the other Loan Documents. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than
any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or
profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not
so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated, be applied to satisfy other obligations of the Borrower and the
Guarantors under this Agreement or the other Loan Documents. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, and the Borrower is not otherwise required to pay to the
Administrative Agent the excess attributable to an LC Exposure in connection with any prepayment pursuant to Section 3.04(c), then such amount (to the extent not applied as aforesaid) shall be returned to the Borrower
within three (3) Business Days after all Events of Default have been cured or waived. 

  
 65 

 (k) Defaulting Lenders. Notwithstanding any provision of this Agreement to the
contrary, if any Lender becomes a Defaulting Lender, and any LC Exposure or any Swingline Exposure exists at the time a Lender becomes a Defaulting Lender, then: 

(i) all or any part of such LC Exposure or Swingline Exposure shall be reallocated among the
Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent (x) the sum of all Non-Defaulting Lenders’ Revolving Credit Exposures does not exceed the total of all Non-Defaulting Lenders’ Commitments and (y) the conditions set forth in
Section 6.02 are satisfied at such time; 
 (ii) if the reallocation described in clause (i)
above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable law, within one (1) Business Day following notice by the Administrative Agent cash
collateralize such Defaulting Lender’s LC Exposure and prepay such Defaulting Lender’s Swingline Exposure (in each case after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures
set forth in Section 2.08(j) for so long as such LC Exposure is outstanding; 
 (iii) if the
Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to this Section 2.08(k), the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to
Section 3.05(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized; 

(iv) if the LC Exposure and the Swingline Exposure of the Non-Defaulting Lenders is
reallocated pursuant to this Section 2.08(k), then the fees payable to the Lenders pursuant to Section 3.05(a) and Section 3.05(b) shall be adjusted in accordance with
such Non-Defaulting Lenders’ Applicable Percentages; or 
 (v) if any Defaulting
Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to this Section 2.08(k), then, without prejudice to any rights or remedies of the Issuing Bank or any Lender hereunder, all commitment fees
that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s Commitment that was utilized by such LC Exposure) under Section 3.05(a) and letter of
credit fees payable under Section 3.05(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until such LC Exposure is cash collateralized and/or reallocated. 

If the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Bank agree in writing that a Lender is no longer a Defaulting Lender, the
Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender
will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in
Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with the Commitments (without giving effect to Section 2.08(k)(i)), whereupon such Lender will cease to be a Defaulting Lender;
provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

  
 66 

 Notwithstanding any provision of this Agreement to the contrary, so long as any Lender is a Defaulting
Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the
Commitments of the Non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.08(j), and participating interests in any such newly
issued or increased Letter of Credit or newly made Swingline Loan shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 2.08(k)(i) (and any Defaulting
Lender shall not participate therein). Subject to Section 12.19, no reallocation hereunder shall constitute a waiver or release of any claim by any party hereunder against a Defaulting Lender arising from such Lender having
become a Defaulting Lender. 
 (l) Existing Letters of Credit(m) . Subject to the terms and conditions hereof, on the Effective Date,
the Existing Letters of Credit shall, without any further action by the Borrower, be deemed to have been issued by the applicable Issuing Bank pursuant to, and shall constitute a Letter of Credit for all purposes under, this Agreement, in each case
without payment of any fees otherwise due upon the issuance of a Letter of Credit, and each Existing Letter of Credit shall be subject to and governed by the terms and conditions hereof. 

Section 2.09 Swingline Loans. 

(a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make loans to the Borrower (each such loan, a
“Swingline Loan”) from time to time during the Availability Period in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans
exceeding $50,000,000 and (ii) the aggregate Revolving Credit Exposures exceeding the aggregate Commitments (i.e., the least of (x) the Aggregate Maximum Credit Amounts, (y) the then effective Available Borrowing Base and
(z) the Aggregate Elected Commitment Amounts); provided that (x) the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan and (y) the Swingline Lender shall not be required
to make a Swingline Loan that would result in the total outstanding amount of such Lender’s Loans to exceed such Lender’s Commitment. The Borrower shall pay to the Administrative Agent, for the account of the Swingline Lender or each
Lender, as applicable, pursuant to this Section 2.09, the outstanding aggregate principal and accrued and unpaid interest under each Swingline Loan no later than seven (7) Business Days following such Swingline
Borrowing. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow amounts under the subfacility for Swingline Loans provided for in this
Section 2.09, provided that, for the avoidance of doubt, in no event may the Borrower continue or convert a Swingline Loan. 

  
 67 

 (b) To request a Swingline Loan, the Borrower shall notify each of the Administrative Agent
and the Swingline Lender of such request by telephone or e-mail not later than 2:00 p.m., New York City time, on the date of the proposed Swingline Loan (and, in the case of telephonic notice, confirmed
by hand delivery or e-mail). Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will
promptly advise the Swingline Lender of (i) the current aggregate Revolving Credit Exposures, (ii) the aggregate principal amount of Permitted Secured Term Debt then outstanding and (iii) the amount of the Available Commitment. To the
extent that the Swingline Lender receives the information referred to in the immediately preceding sentence no later than 4:00 p.m., New York City time, then the Swingline Lender shall make such Swingline Loan available to the Borrower by means of a
credit to the general deposit account of the Borrower by 5:00 p.m., New York City time, on the requested date of such Swingline Loan. Each Swingline Borrowing shall be in an amount that is an integral multiple of $250,000 and not less than
$1,000,000. 
 (c) The Lenders shall participate in Swingline Loans according to their respective Applicable Percentages. Upon any Swingline
Borrowing, the Administrative Agent shall give notice thereof to each Lender, specifying in such notice such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt
of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire
participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the aggregate
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same
manner as provided in Section 2.05 with respect to Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the
Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders and shall distribute the payments received from the Borrower to the Swingline Lender and the other Lenders as their interests appear with
respect to such Swingline Loans. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph. Any amounts received by the Swingline Lender from the Borrower (or other party on
behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative
Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted
shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this
paragraph shall not relieve the Borrower of any default in the payment thereof. 
 Section 2.10 Extension Offers. 

(a) The Borrower may, at any time during any six-month period ending on the Latest Maturity Date then
in effect (each such period, an “Extension Period”) request that all or a portion of the Commitments and related Loans of a given Class be amended to extend the scheduled Maturity Date thereof and to provide for other terms
consistent with this Section 2.10. In order to establish an Extended Class, the Borrower shall provide a notice to the Administrative 

  
 68 

 
Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Class) (each, a “Loan Extension Request”) setting forth the proposed terms of
the Extended Class to be established, which shall (x) be identical as offered to each Lender under such Existing Class (including as to the proposed interest rates and fees payable, but excluding any arrangement, structuring or other
similar fees payable in connection therewith that are not generally shared with all relevant Lenders) and offered pro rata to each Lender under such Existing Class and (y) be identical to the Commitments and Loans under the Existing
Class from which such Extended Class is to be amended (the “Specified Existing Commitment Class”), except that: (i) the fees with respect to the Extended Commitments of any Extended Class may be different than
the fees for the Commitments of such Existing Class, in each case to the extent provided in the applicable Extension Amendment, (ii) the yield with respect to the Extended Loans of any Extended Class (whether in the form of interest rate
margin, upfront fees, original issue discount or otherwise) may be different than the yield for the Loans of such Existing Class, in each case, to the extent provided in the applicable Extension Amendment; (iii) the Extension Amendment may
provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extended Class); provided
that (A) in no event shall the final Maturity Date of any Extended Class of a given Extension Series at the time of establishment thereof be earlier than the Maturity Date of the Existing Class, (B) all documentation in respect of
such Extension Amendment shall be consistent with the foregoing and (C) any Extended Loans of an Extended Class may participate on a pro rata basis or less than pro rata basis (but not greater than a pro rata basis) in
any voluntary repayments or prepayments of principal of the Loans hereunder and on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in any mandatory repayments or prepayments of Loans
hereunder, in each case as specified in the respective Loan Extension Request. Any Class of Loans and Commitments amended pursuant to any Loan Extension Request shall be designated a series (each, an “Extension Series”) of
Extended Commitments and Extended Loans for all purposes of this Agreement; provided that any Extended Commitments and Extended Loans amended from an Existing Class may, to the extent provided in the applicable Extension Amendment, be
designated as an increase in any previously established Extension Series with respect to an Existing Class. Each request for an Extension Series of Extended Commitments and Extended Loans proposed to be incurred under this
Section 2.10 shall be in an aggregate principal amount that is not less than $10,000,000 (it being understood that the actual principal amount thereof provided by the applicable Lenders may be lower than such minimum
amount) and the Borrower may impose an Extension Minimum Condition with respect to any Loan Extension Request, which may be waived by the Borrower in its sole discretion. 

(b) The Borrower shall provide the applicable Loan Extension Request at least five (5) Business Days (or such shorter period as may be
agreed by the Administrative Agent) prior to the date on which Lenders under the Existing Class are requested to respond, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent and the
Borrower, in each case acting reasonably to accomplish the purposes of this Section 2.10. No Lender shall have any obligation to agree to have any of its Commitments and Loans of any Existing Class amended into an
Extended Class pursuant to any Loan Extension Request. Any Lender holding a Commitment or Loan under an Existing Class (each, an “Extending Lender”) wishing to have all or a portion of its Commitments and Loans under the
Existing Class subject to such Loan Extension Request amended into Extended Commitments and Extended Loans shall notify the Administrative Agent (each, an “Extension Election”) on or prior to the date specified

  
 69 

 
in such Loan Extension Request of the amount of its Commitments and Loans under the Existing Class, which it has elected to request be amended into an Extended Class (subject to any minimum
denomination requirements imposed by the Administrative Agent). In the event that the aggregate principal amount of Commitments and Loans under the Existing Class in respect of which applicable Lenders shall have accepted the relevant Loan
Extension Request exceeds the amount of Extended Commitments and Extended Loans requested to be extended pursuant to the Loan Extension Request, Commitments and Loans subject to Extension Elections shall be amended to Extended Commitments and
Extended Loans on a pro rata basis (subject to rounding by the Administrative Agent) based on the aggregate principal amount of Commitments and Loans included in each such Extension Election. Notwithstanding the conversion of any Existing
Commitment into an Extended Commitment, such Extended Commitment shall be treated identically to all Existing Commitments of the Specified Existing Commitment Class for purposes of the obligations of a Lender in respect of Swingline Loans under
Section 2.09 and Letters of Credit under Section 2.08, except that the applicable Extension Amendment may provide that the Maturity Date with respect to Swingline Loans and/or the last day for
issuing Letters of Credit may be extended and the related obligations to make Swingline Loans and issue Letters of Credit may be continued (pursuant to mechanics to be specified in the applicable Extension Amendment) so long as the applicable
Swingline Lender and/or the applicable Issuing Bank, as applicable, have consented to such extensions. For the avoidance of doubt, neither Maturity Date with respect to Swingline Loans nor the last day for issuing Letters of Credit may be extended
(and the related obligations to make Swingline Loans or issue Letters of Credit may not be continued) without the express consent of the Swingline Lender or applicable Issuing Bank, as applicable. 

(c) Extended Commitments and Extended Loans shall be established pursuant to an amendment (each, a “Extension Amendment”) to
this Agreement among the Borrower, the Administrative Agent and each Extending Lender providing an Extended Commitment and Extended Loan thereunder (and the Swingline Lender and Issuing Bank, if applicable), which shall be consistent with the
provisions set forth in Sections 2.10(a) and (b) above (but which shall not require the consent of any other Lender). The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension Amendment.
Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to an Extension Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to
(i) reflect the existence and terms of the Extended Commitment and Extended Loans incurred pursuant thereto, (ii) modify the prepayments set forth in Section 3.04 to reflect the existence of the Extended
Commitments and Extended Loans and the application of prepayments with respect thereto, (iii) address technical issues relating to funding and payments and (iv) effect such other amendments to this Agreement and the other Loan Documents as
may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.10, and the Lenders hereby expressly authorize the Administrative Agent to
enter into any such Extension Amendment. Notwithstanding the other provisions of this Agreement, no Extension Amendment shall be effective unless (i) all Letter of Credit Exposure will be covered on terms reasonably acceptable to the Issuing
Bank and (ii) all Swingline Exposure will be covered on terms reasonably acceptable to the Swingline Lender. 
 (d) No conversion of
Commitments and Loans pursuant to any extension in accordance with this Section 2.10 shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement. 

  
 70 

 ARTICLE III 

PAYMENTS OF PRINCIPAL AND INTEREST; PREPAYMENTS; FEES 

Section 3.01 Repayment of Loans. The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account
of each Lender the then unpaid principal amount of each Loan on the Termination Date. 
 Section 3.02 Interest. 

(a) ABR Loans. The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin, but
in no event to exceed the Highest Lawful Rate. 
 (b) SOFR Loans. The Loans comprising each Term SOFR Borrowing shall bear interest
at the Adjusted Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Margin, but in no event to exceed the Highest Lawful Rate. The Loans comprising each Daily Simple SOFR Borrowing shall bear interest at the Adjusted
Daily Simple SOFR for the Interest Period in effect for such Borrowing plus the Applicable Margin, but in no event to exceed the Highest Lawful Rate. 

(c) Swingline Loans. Each Swingline Loan shall bear interest on the unpaid principal amount of such Swingline Loan at the
Alternate Base Rate plus the Applicable Margin, but in no event to exceed the Highest Lawful Rate. 
 (d) Post-Default Rate and Borrowing
Base Deficiency Rate. Notwithstanding the foregoing, (i) if any Specified Event of Default has occurred and is continuing or (ii) the Majority Lenders (or the Administrative Agent at their direction) provide written notice to the
Borrower of their election in connection with the occurrence and continuance on or after the Effective Date of any other Event of Default, then in each case all Loans then outstanding and any other fees or other amounts then due and owing under any
Loan Document, shall bear interest, after as well as before judgment, at a rate per annum equal to two percent (2%) plus the rate applicable to ABR Loans as provided in Section 3.02(a) but in no event to exceed the Highest
Lawful Rate. In the case of the foregoing clause (i), such increase in the interest rate shall become effective automatically upon the occurrence of any such Event of Default and shall accrue from and including the first date on which such Event of
Default occurred. In the case of the foregoing clause (ii), such increase in the interest rate shall become effective upon delivery of written notice to the Borrower of the election of the Majority Lenders (or the election of the Administrative
Agent at the direction of the Majority Lenders) during the continuance of such Event of Default, and thereafter shall accrue from and including the date upon which the notice of such election described therein is provided to the Borrower and ending
on the date on which such Event of Default has been cured or waived in accordance with Section 12.02. During any Borrowing Base Deficiency, a portion of the Revolving Credit Exposure equal to the amount of the Borrowing
Base Deficiency shall, upon the written election of the Majority Lenders (or the Administrative Agent at their direction), bear interest, after as well as before judgment, at the rate per annum equal to two percent (2%) plus the rate otherwise
applicable to such portion of the Revolving Credit Exposures but in no event to exceed the Highest Lawful Rate; provided that, upon such written election of the Majority Lenders (or the Administrative Agent at their direction), such increase
in the interest rate shall accrue from and including the date on which notice of such written election is provided to the Borrower and ending on the date on which such Borrowing Base Deficiency has been repaid or waived in accordance with
Section 12.02. 

  
 71 

 (e) Interest Payment Dates. Accrued interest on each Loan shall be payable in arrears
on each Interest Payment Date for such Loan and on the Termination Date; provided that (i) interest accrued pursuant to Section 3.02(d) shall be payable on demand, (ii) in the event of any repayment or
prepayment of any Loan (other than an optional prepayment of an ABR Loan prior to the Termination Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, (iii) in the event
of any conversion of any Term SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion and (iv) accrued interest on any Swingline Loan shall be
payable on the earlier of (x) the Termination Date and (y) seven (7) Business Days after such Swingline Loan is made. 
 (f)
Interest Rate Computations. All interest hereunder shall be computed on the basis of a year of three hundred sixty (360) days, unless such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the
basis of a year of three hundred sixty-five (365) days (or three hundred sixty-six (366) days in a leap year), except that interest computed by reference to the Alternate Base Rate at times when the
Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of three hundred sixty-five (365) days (or three hundred sixty-six (366) days in a leap year), and in each case
shall be payable for the actual number of days elapsed (including the first (1st) day but excluding the last day). The applicable Alternate Base Rate, Adjusted Term SOFR, Term SOFR or Adjusted Daily Simple SOFR shall be determined by the
Administrative Agent, and such determination shall be conclusive absent manifest error, and be binding upon the parties hereto. 
 (g)
Term SOFR Conforming Changes. In connection with the use or administration of Term SOFR, the Administrative Agent (in consultation with the Borrower) will have the right to make Conforming Changes from time to time and, notwithstanding
anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. The
Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR. 

Section 3.03 Alternate Rate of Interest.  

(a) Circumstances Affecting Benchmark Availability. Unless and until a Benchmark Replacement is implemented in accordance with
clause (c) below, in connection with any request for a Term SOFR Loan or a conversion to or continuation thereof or otherwise, if for any reason (i) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining Adjusted Term SOFR for the applicable Interest Period with respect to a proposed Term SOFR Loan on or prior to the first day of such Interest Period or (ii) the
Administrative Agent is advised by the Majority Lenders that Adjusted Term SOFR for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Term SOFR

  
 72 

 
Borrowing for such Interest Period, then (A) the Administrative Agent shall promptly give notice thereof to the Borrower and (B) thereafter until the Administrative Agent notifies the
Borrower that such circumstances no longer exist, the obligation of the Lenders to make Term SOFR Loans and the right of the Borrower to convert any Loan to or continue any Loan as a Term SOFR Loan shall be suspended (to the extent of the affected
Term SOFR Loans or the affected Interest Periods), and the Borrower shall either (1) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such Term SOFR Loan together with accrued interest thereon (subject
to Section 12.12), on the last day of the then current Interest Period applicable to such Term SOFR Loan; or (2) convert the then outstanding principal amount of each such Term SOFR Loan on the last day of such
Interest Period to (x) a Daily Simple SOFR Loan so long as such circumstances do not exist with respect to Adjusted Daily Simple SOFR or (y) an ABR Loan. 

(b) Laws Affecting Term SOFR Availability. If, after the date hereof, the introduction of, or any change in, any Governmental
Requirement or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any of the Lenders (or any of
their respective lending offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any of the Lenders (or any of
their respective lending offices) to honor its obligations hereunder to make or maintain any Term SOFR Loan or to determine or charge interest based upon SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, (i) such
Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice to the Borrower and the other Lenders (an “Illegality Notice”) and (ii) thereafter, until the
Administrative Agent notifies the Borrower that such circumstances no longer exist, (A) any obligation of the Lenders to make Term SOFR Loans, and any right of the Borrower to convert any Loan to a Term SOFR Loan or continue any Loan as a Term
SOFR Loan, shall be suspended and (B) if necessary to avoid such illegality, the Administrative Agent shall compute the Alternate Base Rate without reference to clause (c) of the definition of “Alternate Base Rate”. Upon receipt
of an Illegality Notice, the Borrower shall, if necessary to avoid such illegality, upon demand from any Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Term SOFR Loans to ABR Loans (in each case, if necessary
to avoid such illegality, the Administrative Agent shall compute the Alternate Base Rate without reference to clause (c) of the definition of “Alternate Base Rate”), on the last day of the Interest Period therefor, if all affected
Lenders may lawfully continue to maintain such Term SOFR Loans to such day, or immediately, if any Lender may not lawfully continue to maintain such Term SOFR Loans to such day. 

(c) Benchmark Replacement Setting. 

(i) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition
Event and its related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of such Benchmark setting and subsequent Benchmark settings without any
amendment to, or further action or consent of any other party to, this Agreement or any other 

  
 73 

 
Credit Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of “Benchmark Replacement” for such Benchmark Replacement
Date, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the
fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such
time, written notice of objection to such amendment from Lenders comprising the Majority Lenders. 
 (ii) Benchmark Replacement
Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent (in consultation with the Borrower) will have the right to make Conforming Changes from time to time
and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other
Loan Document. 
 (iii) Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the
Borrower and the Lenders of (A) any occurrence of a Benchmark Transition Event, (B) the implementation of any Benchmark Replacement and (C) the effectiveness of any Conforming Changes in connection with the use, administration,
adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 3.03(c)(iv) and
(y) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this
Section 3.03(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to
take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document,
except, in each case, as expressly required pursuant to this Section 3.03(c). 
 (iv) Unavailability of Tenor
of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including
the Term SOFR Reference Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion
or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative
Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor
and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject
to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for
all Benchmark settings at or after such time to reinstate such previously removed tenor. 

  
 74 

 (v) Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of
the commencement of a Benchmark Unavailability Period, (A) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of Term SOFR Loans to be made, converted or continued during any Benchmark Unavailability
Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to (1) Daily Simple SOFR Loans so long as Adjusted Daily Simple SOFR is not the subject of a Benchmark
Transition Event or (2) ABR Loans if Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event and (B) any outstanding affected Term SOFR Loans will be deemed to have been converted at the end of the applicable Interest
Period to (1) Daily Simple SOFR Loans so long as Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (2) ABR Loans if Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event. During any
Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable,
will not be used in any determination of the Alternate Base Rate. 
 Section 3.04 Prepayments. 

(a) Optional Prepayments. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in
part, subject to prior notice in accordance with Section 3.04(b). 
 (b) Notice and Terms of Optional
Prepayment. The Borrower shall notify the Administrative Agent by telephone or e-mail (confirmed by facsimile) of any prepayment hereunder (i) in the case of prepayment of a Term SOFR Borrowing, not
later than 12:00 noon, New York City time, three (3) U.S. Government Securities Business Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing, not later than 12:00 noon, New York City time, one
(1) Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that any such notice may
state that it is conditioned upon the occurrence of any event specified therein (including the effectiveness of other credit facilities), in which case such notice may be revoked by the Borrower (by written notice to the Administrative Agent on or
prior to the specified effective date) if such condition is not satisfied. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of
any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans
included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 3.02. 

  
 75 

 (c) Mandatory Prepayments. 

(i) If, after giving effect to any termination or reduction of the Aggregate Maximum Credit Amounts pursuant to
Section 2.06(b), or any reduction of the Aggregate Elected Commitment Amounts pursuant to Section 2.06(c), the total Revolving Credit Exposures exceeds the total Commitments, then the Borrower
shall (a) prepay the Borrowings on the date of such termination or reduction in an aggregate principal amount equal to such excess, and (b) if any excess remains after prepaying all of the Borrowings as a result of an LC Exposure, pay to
the Administrative Agent on behalf of the Lenders an amount equal to such excess to be held as cash collateral as provided in Section 2.08(j). 

(ii) Upon any Scheduled Redetermination of the Borrowing Base or Interim Redetermination of the Borrowing Base, in each case in
accordance with Section 2.07(b), or any adjustment to the amount of the Borrowing Base in accordance with Section 8.12(c), if the Total Borrowing Base Debt Exposure exceeds the redetermined or
adjusted Borrowing Base, then the Borrower shall, within ten (10) Business Days after its receipt of a New Borrowing Base Notice indicating such Borrowing Base Deficiency, inform the Administrative Agent of the Borrower’s election to:
(A) within thirty (30) days following such election, prepay the Loans in an aggregate principal amount equal to such excess, (B) prepay the Loans in six equal monthly installments, commencing on the thirtieth (30th) day following
receipt of the New Borrowing Base Notice indicating such Borrowing Base Deficiency with each payment being equal to 1/6th of the aggregate principal amount of such excess and due and payable on the same day in each of the five subsequent calendar
months, (C) within thirty (30) days following such election, mortgage additional Oil and Gas Properties not evaluated in the most recently delivered Reserve Report acceptable to the Administrative Agent in its sole discretion (together
with title information with respect thereto acceptable to the Administrative Agent in its sole discretion) having a Borrowing Base Value sufficient, after giving effect to any other actions taken pursuant to this
Section 3.04(c), to eliminate such excess, or (D) undertake a combination of any of clauses (A), (B) and (C); provided that if, because of LC Exposure, a Borrowing Base Deficiency remains
after prepaying all of the Loans, the Borrower shall cash collateralize such remaining Borrowing Base Deficiency as provided in Section 2.08(j); provided further, that all payments required to be made pursuant
to this clause (ii) must be made on or prior to the Termination Date. Notwithstanding the foregoing, if the Borrower does not inform the Administrative Agent of its election within such ten (10) Business Day period, the Borrower shall be
deemed to have delivered an election notice proposing the action set forth in clause (B) above as of the last day of such ten (10) Business Day period. 

(iii) Upon any adjustments to the Borrowing Base pursuant to Section 9.12(d), if the Total Borrowing
Base Debt Exposure exceeds the Borrowing Base as adjusted, then the Borrower shall (A) prepay the Borrowings in an aggregate principal amount equal to such excess, and (B) if any excess remains after prepaying all of the Borrowings as a
result of an LC Exposure, pay to the Administrative Agent on behalf of the Lenders an amount equal to such excess to be held as cash collateral as provided in Section 2.08(j). The Borrower shall be obligated to make such
prepayment and/or deposit of cash collateral in the case of an adjustment as a result of a Disposition or Liquidation in accordance with Section 9.12(d), on the second
(2nd) Business Day succeeding the date of the consummation of such Disposition and/or Liquidation; provided that all payments required to be made pursuant to this
Section 3.04(c)(iii) must be made on or prior to the Termination Date. 

  
 76 

 (iv) Upon any adjustments to the Borrowing Base pursuant to
Section 2.07(e), if the Total Borrowing Base Debt Exposure exceeds the Borrowing Base as adjusted, then the Borrower shall (A) prepay the Borrowings in an aggregate principal amount equal to such excess, and
(B) if any excess remains after prepaying all of the Borrowings as a result of an LC Exposure, pay to the Administrative Agent on behalf of the Lenders an amount equal to such excess to be held as cash collateral as provided in
Section 2.08(j). The Borrower shall be obligated to make such prepayment and/or deposit of cash collateral, if required, on the first (1st) Business Day succeeding the date the Parent, the Borrower and/or Finance Co issues
or incurs the applicable New Debt; provided that all payments required to be made pursuant to this Section 3.04(c)(iv) must be made on or prior to the Termination Date. 

(v) Each prepayment of Borrowings pursuant to this Section 3.04(c) shall be applied, first, ratably
to any ABR Borrowings then outstanding, and, second, to any Term SOFR Borrowings then outstanding, and if more than one Term SOFR Borrowing is then outstanding, to each such Term SOFR Borrowing in order of priority beginning with the Term SOFR
Borrowing with the least number of days remaining in the Interest Period applicable thereto and ending with the Term SOFR Borrowing with the most number of days remaining in the Interest Period applicable thereto. 

(vi) Each prepayment of Borrowings pursuant to this Section 3.04(c) shall be applied ratably to the
Loans included in the prepaid Borrowings. Prepayments pursuant to this Section 3.04(c) shall be accompanied by accrued interest to the extent required by Section 3.02. 

(d) No Premium or Penalty. Prepayments permitted or required under this Section 3.04 shall be without premium
or penalty, except as required under Section 5.02. 
 Section 3.05 Fees. 

(a) Commitment Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall
accrue at the applicable Commitment Fee Rate on the average daily amount of the unused amount of the Commitment of such Lender during the period from and including the date of this Agreement to but excluding the Termination Date. Accrued commitment
fees shall be payable in arrears on the last day of March, June, September and December of each year and on the Termination Date, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis of
a year of three hundred sixty (360) days, unless such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of three hundred sixty-five (365) days (or three hundred sixty-six (366) days in a leap year), and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). Solely for purposes of calculating the commitment fees
pursuant to this Section 3.05(a), Swingline Loans will not be deemed to be a utilization of the Commitments. 

  
 77 

 (b) Letter of Credit Fees. The Borrower agrees to pay (i) to the Administrative
Agent for the account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Term SOFR Loans on the average daily
amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the date of this Agreement to but excluding the later of the date on which such Lender’s
Commitment terminates and the date on which such Lender ceases to have any LC Exposure (during the continuation of an Event of Default, upon written notice to the Borrower of the election of Majority Lenders, such participation fee shall increase by
2% per annum over the then applicable rate), (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC
Disbursements) during the period from and including the date of this Agreement to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, and (iii) to the Issuing Bank, for
its own account, its standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of March,
June, September and December of each year shall be payable on the third (3rd) Business Day following such last day, commencing on the first such date to occur after the date of this Agreement; provided that all such fees shall be payable on
the Termination Date and any such fees accruing after the Termination Date shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this Section 3.05(b) shall be payable within ten (10) days
after demand. All participation fees and fronting fees shall be computed on the basis of a year of three hundred sixty (360) days, unless such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the
basis of a year of three hundred sixty-five (365) days (or three hundred sixty-six (366) days in a leap year), and shall be payable for the actual number of days elapsed (including the first (1st)
day but excluding the last day). 
 (c) Administrative Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own
account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 
 (d)
Defaulting Lender Fees. Subject to Section 2.08(k), the Borrower shall not be obligated to pay the Administrative Agent any Defaulting Lender’s ratable share of the fees described in
Section 3.05(a) and (b) for the period commencing on the day such Defaulting Lender becomes a Defaulting Lender and continuing for so long as such Lender continues to be a Defaulting Lender. 

ARTICLE IV 
 PAYMENTS;
PRO RATA TREATMENT; SHARING OF SET-OFFS 
 Section 4.01 Payments Generally; Pro Rata
Treatment; Sharing of Set-offs. 
 (a) Payments by the Borrower. The Borrower shall make
each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 5.01, Section 5.02,
Section 5.03 or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without defense, deduction, recoupment, set-off or
counterclaim. Fees, once paid, shall be fully earned and shall not be refundable under any circumstances absent manifest error. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed

  
 78 

 
to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices specified in
Section 12.01, except payments to be made directly to the Issuing Bank as expressly provided herein and except that payments pursuant to Section 5.01, Section 5.02,
Section 5.03 and Section 12.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person
to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment
accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in dollars. 

(b) Application of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative Agent to
pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto
in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of principal and unreimbursed LC Disbursements then due to such parties. 
 (c) Sharing of Payments by Lenders. If any Lender
shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements resulting in such
Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and accrued interest thereon than the proportion received by any other Lender (other than, in the case of Swingline Loans,
the Swingline Lenders), then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements of other Lenders to the extent necessary so that the benefit of all
such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements; provided that (i) if any such
participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the
provisions of this Section 4.01(c) shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of
this Section 4.01(c) shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such
participation. 

  
 79 

 Section 4.02 Presumption of Payment by the Borrower. Unless the Administrative
Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank that the Borrower will not make such payment, the Administrative Agent
may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has
not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation. 
 Section 4.03 Certain Deductions by the Administrative
Agent. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(b), Section 2.08(d), Section 2.08(e) or
Section 4.02, or otherwise hereunder, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account
of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. If at any time prior to the acceleration or maturity of the Loans, the Administrative Agent shall receive any payment
in respect of principal of a Loan or a reimbursement of an LC Disbursement while one or more Defaulting Lenders shall be party to this Agreement, the Administrative Agent shall apply such payment first to the Borrowing(s) for which such Defaulting
Lender(s) shall have failed to fund its pro rata share until such time as such Borrowing(s) are paid in full or each Lender (including each Defaulting Lender) is owed its Applicable Percentage of all Loans then outstanding. After acceleration or
maturity of the Loans, all principal will be paid ratably as provided in Section 10.02(c). 
 Section 4.04
Disposition of Proceeds. The Security Instruments contain an assignment by the Borrower and/or the Guarantors unto and in favor of the Administrative Agent for the benefit of the Secured Parties of all of the Borrower’s or each
Guarantor’s interest in and to production and all proceeds attributable thereto which may be produced from or allocated to the Mortgaged Property. The Security Instruments further provide in general for the application of such proceeds to the
satisfaction of the Indebtedness and other obligations described therein and secured thereby. Notwithstanding the assignment contained in such Security Instruments, until the occurrence of an Event of Default, (a) the Administrative Agent and
the Lenders agree that they will neither notify the purchaser or purchasers of such production nor take any other action to cause such proceeds to be remitted to the Administrative Agent or the Lenders, but the Lenders will instead permit such
proceeds to be paid to the Borrower and the Restricted Subsidiaries and (b) the Lenders hereby authorize the Administrative Agent to take such actions as may be necessary to cause such proceeds to be paid to the Borrower and/or such Restricted
Subsidiaries. 

  
 80 

 ARTICLE V 

INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES 

Section 5.01 Increased Costs. 

(a) Changes in Law. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended by, any Lender; or 
 (ii) impose on any Lender
any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender; 
 and the result of any of the foregoing
shall be to increase the cost to such Lender of making, continuing, converting or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender (whether of
principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this
Agreement or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or
the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding
company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or
such Lender’s or the Issuing Bank’s holding company for any such reduction suffered. 
 (c) Certificates. A certificate of a
Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in Section 5.01(a) or (b) shall be
delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

 (d) Effect of Failure or Delay in Requesting Compensation. Failure or delay on the part of any Lender or the Issuing Bank to demand
compensation pursuant to this Section 5.01 shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to
compensate a Lender or the Issuing Bank pursuant to this Section 5.01 for any increased costs or reductions incurred more than one hundred eighty (180) days prior to the date that such Lender or the Issuing Bank, as
the case 

  
 81 

 
may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation
therefor; provided, further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the one hundred eighty (180) day period referred to above shall be extended to include the period of
retroactive effect thereof. 
 Section 5.02 Break Funding Payments. In the event of (a) the payment of any principal of any
Term SOFR Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Term SOFR Loan other than on the last day of the Interest Period applicable thereto,
(c) the failure to borrow, convert, continue or prepay any Term SOFR Loan on the date specified in any notice delivered pursuant hereto, or (d) the assignment of any Term SOFR Loan other than on the last day of the Interest Period
applicable thereto as a result of a request by the Borrower pursuant to Section 5.04(b), then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. A
certificate of any Lender setting forth in reasonable detail the basis for any such amount or amounts that such Lender is entitled to receive pursuant to this Section 5.02 shall be delivered to the Borrower and shall be conclusive absent
manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

Section 5.03 Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or any Guarantor under any Loan
Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the applicable Withholding Agent shall be required to deduct any Indemnified Taxes or Other Taxes from such payments,
then (i) the sum payable shall be increased by the Borrower or any Guarantor as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this
Section 5.03), the Administrative Agent, Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the applicable Withholding Agent
shall make such deductions and (iii) the applicable Withholding Agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b) Payment of Other Taxes by the Borrower. The Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in
accordance with applicable law, or at the option of the Administrative Agent, timely reimburse it for the payment of, any Other Taxes. 
 (c)
Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank, within ten (10) days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes
paid or payable (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 5.03) by the Administrative Agent, such Lender or the Issuing Bank, as the case may
be, or required to be deducted from a payment to the Administrative Agent, such Lender or the Issuing Bank, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate of the Administrative Agent, a Lender (with a copy to the Administrative Agent) or the Issuing Bank specifying the
amount of such payment or liability delivered to the Borrower shall be conclusive absent manifest error. 

  
 82 

 (d) Indemnification by the Lenders. Each Lender shall severally indemnify the
Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that Borrower has not already indemnified the Administrative Agent for such Indemnified
Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.04(c) relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any
other source against any amount due to the Administrative Agent under this paragraph (d). 
 (e) Evidence of Payments. As soon as
practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower or a Guarantor to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(f) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 5.03(f)(ii)(A) and Section 5.03(f)(ii)(B) and Section 5.03(g) below) shall not be required if in the Lender’s reasonable judgment such completion, execution
or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

  
 83 

 (ii) Without limiting the generality of the foregoing, in the event that the
Borrower is a U.S. Person, 
 (A) any Lender that is a “United States person” as defined in Section 7701(a)(3)
of the Code shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), whichever of the following is applicable: 
 (1) in the case of a Foreign Lender claiming the
benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and
(y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN (or IRS Form W-8BEN-E, as
applicable) establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(2) executed copies of IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (x) a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a
“10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or 

(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-2 or Exhibit
I-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and
one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit
I-4 on behalf of each such direct and indirect partner; and 

  
 84 

 (C) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Withholding Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made. 

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such
form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 
 (g)
FATCA. If a payment made to a Lender under this Agreement would be subject to United States federal withholding tax imposed by FATCA if such Lender fails to comply with the applicable reporting requirements of FATCA (including those contained
in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Withholding Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Withholding Agent, such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Withholding Agent as may be necessary for the Withholding Agent to comply with its
obligations under FATCA, to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this
Section 5.03(g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(h) For purposes of this Section 5.03, the term “Lender” includes any Issuing Bank. 

(i) Each party’s obligation under this Section 5.03 shall survive the resignation or replacement of the
Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

Section 5.04 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of Different Lending Office. If any Lender requests compensation under Section 5.01, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.03, then such Lender shall use reasonable efforts to designate a different
lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its 

  
 85 

 
offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 5.01 or Section 5.03, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) Replacement of Lenders. If any Lender requests compensation under Section 5.01, if the Borrower is
required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.03, if it becomes unlawful for any Lender or its applicable lending office to make Term
SOFR Loans, as described in Section 3.03(b), while a Lender is a Defaulting Lender or if a Lender becomes a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to
such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04(b)), all its interests, rights and
obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) such Lender shall have received payment of an amount equal
to the outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts) and (ii) in the case of any such assignment resulting from a claim for compensation under Section 5.01 or payments required to be made pursuant to
Section 5.03, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender
or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 ARTICLE VI CONDITIONS
PRECEDENT 
 Section 6.01 Effective Date. This Agreement, and the obligations of the Lenders to make Loans and of the
Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02): 

(a) The Administrative Agent, the Arranger and the Lenders shall have received all commitment, facility, upfront, arrangement and agency fees
and all other fees and amounts due and payable by the Credit Parties on or prior to the Effective Date, including, to the extent invoiced at least two (2) Business Days prior to the Effective Date, reimbursement or payment of all reasonable and
documented out-of-pocket fees and expenses required to be reimbursed or paid by the Credit Parties hereunder (including the reasonable and documented fees and expenses
of Paul Hastings LLP, counsel to the Administrative Agent). 
 (b) The Administrative Agent shall have received a certificate of the
Secretary or an Assistant Secretary of each member of the Parent Group and each other Guarantor setting forth (i) resolutions of its board of directors or other appropriate governing body with respect to the authorization of each member of the
Parent Group or such Guarantor to execute and deliver the Loan Documents to which it is a party and to enter into the transactions contemplated in those 

  
 86 

 
documents, (ii) the officers of each member of the Parent Group or such Guarantor (y) who are authorized to sign the Loan Documents to which each member of the Parent Group or such
Guarantor is a party and (z) who will, until replaced by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection
with this Agreement and the transactions contemplated hereby, (iii) specimen signatures of such authorized officers, and (iv) the articles or certificate of incorporation and by-laws or other
applicable organizational documents of each member of the Parent Group and each Guarantor, certified as being true and complete. The Administrative Agent and the Lenders may conclusively rely on such certificate until the Administrative Agent
receives notice in writing from the Borrower to the contrary. 
 (c) The Administrative Agent shall have received certificates of the
appropriate State agencies with respect to the existence or good standing, as applicable, of each member of the Parent Group and each Guarantor in the state in which such Credit Party is organized. 

(d) The Administrative Agent shall have received a certificate with respect to the matters described in
Section 6.02(a) and (b), duly and properly executed by a Responsible Officer of the Borrower and dated as of the date of Effective Date. 

(e) The Administrative Agent shall have received from each party hereto counterparts (in such number as may be requested by the Administrative
Agent) of this Agreement signed on behalf of such party. 
 (f) To the extent requested by a Lender, the Administrative Agent shall have
received duly executed Notes payable to each Lender in a principal amount equal to its Maximum Credit Amount dated as of the date hereof. 

(g) The Administrative Agent shall have received from each of the parties thereto duly executed counterparts (in such number as may be
requested by the Administrative Agent) of the Security Instruments described on Exhibit E-1. In connection with the execution and delivery of the Security Instruments, the Administrative Agent shall
(a) be reasonably satisfied that the Security Instruments create first priority, perfected Liens (subject only to Liens permitted under Section 9.03) on at least 85% of the Proved Reserves evaluated in the Initial Reserve Reports and on
all other Property purported to be pledged as collateral pursuant to the Security Instruments and (b) have received certificates, together with undated, blank stock powers for each such certificate, representing all of the issued and
outstanding Equity Interests of each of the Guarantors (other than the Parent) to the extent any such Equity Interest is certificated. 
 (h)
The Administrative Agent shall have received the executed legal opinions of (i) Kirkland & Ellis LLP, as New York and Delaware counsel to the Credit Parties and (ii) local counsel to the Credit Parties in the States of North
Dakota and Montana, in each case in form and substance reasonably satisfactory to the Administrative Agent. The Borrower, the Guarantors and the Administrative Agent hereby instruct such counsel to deliver such legal opinions. 

(i) The Administrative Agent shall have received a certificate of insurance coverage of the Credit Parties evidencing that the Credit Parties
are carrying insurance in accordance with Section 7.12 (provided that to the extent such certificate of insurance coverage does not include the New Guarantors, the Borrower shall deliver a certificate of insurance coverage with respect to the
New Guarantors pursuant to Section 8.18). 

  
 87 

 (j) The Administrative Agent shall have received a certificate of a Responsible Officer of
each member of the Parent Group certifying that each member of the Parent Group has received all consents and approvals required by Section 7.03. 

(k) The Administrative Agent shall have received (i) the financial statements referred to in Section 7.04(a) and
(ii) the Initial Reserve Reports accompanied by a certificate covering the matters described in Section 8.11(c). 

(l) The Administrative Agent shall have received appropriate UCC search certificates reflecting no prior Liens encumbering the Properties of
each Credit Party (other than Liens being assigned or released on or prior to the Effective Date or Liens permitted by Section 9.03) from the Secretary of State in the state in which such Credit Party is organized and any
other jurisdiction reasonably requested by the Administrative Agent. 
 (m) The Administrative Agent shall have received reasonably
satisfactory evidence that (i) all loans and other amounts owing under the Whiting Credit Agreement have been (or contemporaneously with the Effective Date are being) repaid in full and all commitments thereunder have been terminated or
cancelled and (ii) all Liens on the Properties of the New Guarantors associated with the Whiting Credit Agreement have been released or terminated subject only to the filing of applicable terminations, releases or assignments (and the
Administrative Agent shall have received duly executed recordable releases and terminations reasonably acceptable to the Administrative Agent with respect thereto). 

(n) The Administrative Agent and the Lenders shall have received, by at least three (3) Business Days (or such later date as agreed to by
the Administrative Agent in its sole discretion) prior to the Effective Date, all documentation and other information about the Credit Parties as shall have been requested in writing by the Administrative Agent or the Lenders at least ten
(10) Business Days prior to the Effective Date required by U.S. regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act and the Beneficial Ownership
Regulation. 
 (o) The Merger shall have been (or substantially contemporaneously with the Effective Date shall be) consummated in accordance
with the terms of the Merger Agreement. The Administrative Agent shall have received an officer’s certificate from the Borrower, certifying that (i) the Merger has been consummated in accordance with applicable law and the terms described
in the Merger Agreement without giving effect to any waiver, modification or consent thereunder that is materially adverse to the interests of the Lenders (in their capacities as such) absent the Administrative Agent’s consent thereto (such
consent not to be unreasonably withheld, conditioned, or delayed), and in connection therewith, (ii) all of the Proved Reserves evaluated in the Whiting Reserve Report have been indirectly acquired by the Borrower as a result thereof,
(iii) all of the Equity Interests of Whiting and its Subsidiaries have been acquired, directly or indirectly, by the Borrower, and each of the New Guarantors constitutes a Wholly-Owned Subsidiary of the Borrower and (iv) attached thereto
is a true and complete executed copy of the Merger Agreement (as amended or otherwise modified prior to the Effective Date). 

  
 88 

 Without limiting the generality of the provisions of
Section 11.04, for purposes of determining compliance with the conditions specified in this Section 6.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved
or accepted or to be satisfied with, each document or other matter required under this Section 6.01 to be consented to or approved by or acceptable or reasonably satisfactory to a Lender unless the Administrative Agent
shall have received notice from such Lender prior to the Effective Date specifying its objection thereto. All documents executed or submitted pursuant to this Section 6.01 by and on behalf of each member of the Parent Group
or any of their Subsidiaries (including the New Guarantors) shall be in form and substance reasonably satisfactory to the Administrative Agent and its counsel (or if applicable, in substantially the same form as is attached hereto as an exhibit).
The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to
Section 12.02). The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 

Section 6.02 Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing
Bank to issue, increase, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 
 (a) At the time
of and immediately after giving effect to such Borrowing or the issuance, increase, renewal or extension of such Letter of Credit, as applicable, no Default or Borrowing Base Deficiency shall have occurred and be continuing. 

(b) The representations and warranties of the Borrower and the Guarantors set forth in this Agreement and in the other Loan Documents shall be
true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects) on and as of the date of such Borrowing or the date of issuance, increase,
renewal or extension of such Letter of Credit, as applicable, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the date of such Borrowing or the date of issuance,
increase, renewal or extension of such Letter of Credit, as applicable, such representations and warranties shall continue to be true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar
qualification, true and correct in all respects) as of such specified earlier date. 
 (c) (i) The making of such Loan or the issuance,
increase, renewal or extension of such Letter of Credit, as applicable, would not conflict with, or cause any Lender or the Issuing Bank to violate or exceed, any applicable Governmental Requirement, and (ii) no Change in Law shall have
occurred, and no litigation shall be pending or threatened, which in either case does or, with respect to any threatened litigation, seeks to, enjoin, prohibit or restrain, the making or repayment of any Loan, the issuance, increase, renewal,
extension or repayment of any Letter of Credit or any participations therein or the consummation of the transactions contemplated by this Agreement or any other Loan Document. 

(d) At the time of and immediately after giving effect to such Borrowing and the application of all or a portion of the proceeds thereof within
two Business Days of the funding date, the Borrower, together with the other Credit Parties, shall not have any Excess Cash. 

  
 89 

 (e) The receipt by the Administrative Agent of a Borrowing Request in accordance with
Section 2.03 (which shall include a certification as to the use of such Borrowing within two Business Days to the extent the Borrower would otherwise have Excess Cash on such date) or a request for a Letter of Credit (or an
increase, extension or renewal of a Letter of Credit) in accordance with Section 2.08(b), as applicable. 
 Each
request for a Borrowing and each request for the issuance, increase, renewal or extension of any Letter of Credit shall be deemed to constitute a representation and warranty by each member of the Parent Group on the date thereof as to the matters
specified in Section 6.02(a) through (d). 
 ARTICLE VII 

REPRESENTATIONS AND WARRANTIES 

Each member of the Parent Group represents and warrants to the Lenders that: 

Section 7.01 Organization; Powers. Each member of the Parent Group and the Restricted Subsidiaries is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization, have all requisite power and authority, and have all material governmental licenses, authorizations, consents and approvals necessary, to own its assets and to
carry on its business as now conducted, and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where failure to have such power, authority, licenses, authorizations, consents,
approvals and qualifications could not reasonably be expected to have a Material Adverse Effect. 
 Section 7.02 Authority;
Enforceability. The Debt Transactions are within each Credit Party’s corporate, limited liability company or partnership, as applicable, powers and have been duly authorized by all necessary corporate, limited liability company, partnership
and, if required, shareholder, member or partner action (including any action required to be taken by any class of directors of the Credit Parties or any other Person, whether interested or disinterested, in order to ensure the due authorization of
the Debt Transactions). Each Loan Document to which any Credit Party is a party has been duly executed and delivered by such Credit Party and constitutes a legal, valid and binding obligation of such Credit Party, enforceable in accordance with its
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at
law. 
 Section 7.03 Approvals; No Conflicts. The Debt Transactions (a) do not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority or any other third Person (including shareholders or any class of directors, whether interested or disinterested, of each member of the Parent Group or any other
Person), nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby, except such as have been obtained or
made and are in full force and effect other than (i) the recording and filing of the Security Instruments as required by this Agreement, (ii) those third party approvals or consents which, if not made or obtained, would not cause a Default
hereunder, could not reasonably be expected to have a Material Adverse Effect or do not have an 

  
 90 

 
adverse effect on the enforceability of the Loan Documents and (iii) those consents, approvals or filings that are customarily obtained after the closing of an acquisition of Oil and Gas
Properties, (b) will not violate (i) the charter, by-laws or other organizational documents of each member of the Parent Group or any Restricted Subsidiary or (ii) any applicable law or
regulation or any order of any Governmental Authority, other than any such violation that could not reasonably be expected to have a Material Adverse Effect or an adverse effect on the enforceability of the Loan Documents, (c) will not violate
or result in a default under any material indenture, agreement or other instrument binding upon any Restricted Party or any of their respective Properties, or give rise to a right thereunder to require any payment to be made by such Restricted
Party, and (d) will not result in the creation or imposition of any Lien on any material Property of Restricted Party (other than the Liens created by the Loan Documents). 

Section 7.04 Financial Condition; No Material Adverse Change. 

(a) The Parent has heretofore furnished to the Lenders (i) its consolidated balance sheet and statements of income, stockholders equity
and cash flows as of and for the fiscal year ended December 31, 2021, reported on by PricewaterhouseCoopers LLP, independent public accountants, (ii) its unaudited consolidated balance sheet and statements of income, stockholders equity
and cash flows as of and for the fiscal quarter ended March 31, 2022, (iii) Whiting’s consolidated balance sheet and statements of income, stockholders equity and cash flows as of and for the fiscal year ended December 31, 2021,
reported on by Deloitte & Touche LLP, independent public accountants and (iv) Whiting’s unaudited consolidated balance sheet and statements of income, stockholders equity and cash flows as of and for the fiscal quarter ended
March 31, 2022. The financial statements set forth in clauses (i) and (ii) of the preceding sentence present fairly, in all material respects, the financial position and results of operations and cash flows of the Parent and its
Consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject, in the case of clause (ii), to the absence of footnotes and normal year-end audit adjustments. 

(b) Since the Effective Date, there has been no event, development or circumstance that has had or could reasonably be expected to have a
Material Adverse Effect. 
 (c) None of the Restricted Parties has on the date hereof any material Debt (including Disqualified Capital
Stock) or any material off-balance sheet liabilities or partnerships, unusual forward or long-term commitments or unrealized or anticipated losses from any such unfavorable commitments that are, in the
aggregate, material to the balance sheet and statements of income, stockholders equity and cash flows of the Restricted Parties on a consolidated basis and are not reflected on such balance sheets and statements of income, stockholders equity and
cash flows (including in the footnotes to such financial statements) or otherwise permitted under Section 9.02. 

Section 7.05 Litigation. 

(a) Except as set forth on Schedule 7.05, there are no actions, suits, investigations or proceedings by or before any
arbitrator or Governmental Authority, including the FERC or any equivalent state regulatory agency, pending against or, to the knowledge of each member of the Parent Group, threatened in writing against the Borrower or any Restricted Subsidiary
(i) not fully covered by insurance (except for normal deductibles) that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, or (ii) that involve any Loan Document or the Debt
Transactions. 

  
 91 

 (b) Since the Effective Date, there has been no change in the status of the matters
disclosed in Schedule 7.05 that, individually or in the aggregate, has resulted in a Material Adverse Effect. 

Section 7.06 Environmental Matters. Except for such matters as set forth on Schedule 7.06 or that,
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect on the Parent Group or the Borrower: 

(a) the Borrower and the Subsidiaries, including with respect to each of their respective Properties and operations thereon are, and within all
applicable statute of limitation periods have been, in compliance with all applicable Environmental Laws; 
 (b) the Borrower and the
Subsidiaries have obtained all Environmental Permits required for their respective operations and each of their Properties, with all such Environmental Permits being currently in full force and effect, and none of Borrower or the Subsidiaries has
received any written notice or, to the knowledge of the Parent Group, oral notice that any such existing Environmental Permit will be revoked or that any application for any new Environmental Permit or renewal of any existing Environmental Permit
will be protested or denied; 
 (c) there are no claims, demands, suits, orders, inquiries, or proceedings concerning any violation of, or
any liability (including as a potentially responsible party) under, any applicable Environmental Laws that is pending or to the knowledge of the Parent Group, threatened in writing against the Borrower or the Subsidiaries, including with respect to
any of their respective Properties or as a result of any operations at the Properties; 
 (d) none of the Properties of any Credit Party
contain or have contained any: (i) underground storage tanks for Hazardous Materials; (ii) asbestos-containing materials; or (iii) landfills or dumps; (iv) hazardous waste management units as defined pursuant to RCRA or any
comparable state law; or (v) sites on or proposed for the National Priority List promulgated pursuant to CERCLA or any state remedial priority list promulgated or published; pursuant to any comparable state law, in each case that would
reasonably be expected to result in liability under Environmental Law for the Parent Group under Environmental Law; 
 (e) there has been no
Release or threatened Release of Hazardous Materials at, on, under or from any of Borrower’s or the Subsidiaries’ Properties, there are no investigations, remediations, abatements, removals, or monitorings of Hazardous Materials required
under applicable Environmental Laws at such Properties and, to the knowledge of the Parent Group, none of such Properties are adversely affected by any Release or threatened Release of a Hazardous Material originating or emanating from any other
real property, in each case that could reasonably be expected to result in liability for the Parent Group under Environmental Law; 
 (f)
neither the Borrower nor the Subsidiaries has received any written notice asserting an alleged liability or obligation under any applicable Environmental Laws with respect to the investigation, remediation, abatement, removal, or monitoring of any
Hazardous Materials at, under, or Released or threatened to be Released from any real properties offsite the Borrower’s or the Subsidiaries’ Properties; 

  
 92 

 (g) there has been no exposure of any Person to any Hazardous Materials as a result of or in
connection with the operations and businesses of any of the Borrower’s or the Subsidiaries’ Properties that would reasonably be expected to form the basis for a claim against the Parent Group for damages or compensation under Environmental
Law; and 
 (h) the Borrower and the Subsidiaries have provided to Lenders copies of all environmental site assessment reports,
investigations, studies and analyses in the Borrower’s or Subsidiaries’ custody, possession or control bearing on any alleged non-compliance with or liability under Environmental Laws (including with
respect to any Environmental Permits required for the operation of the Properties of the Borrower and the Subsidiaries) that are in any of the Borrower’s or the Subsidiaries’ possession or control and relating to their respective
Properties or operations thereon. 
 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base
Deficiency. 
 (a) Each Restricted Party is in compliance with all Governmental Requirements applicable to it or its Property and all
material agreements and other instruments binding upon it or its Property, and possesses all licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of
its business, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

(b) No Default or Borrowing Base Deficiency has occurred and is continuing. 

Section 7.08 Investment Company Act. None of the Restricted Parties is an “investment company” or a company
“controlled” by an “investment company,” within the meaning of, or subject to regulation under, the Investment Company Act of 1940, as amended. 

Section 7.09 Taxes. Each Restricted Party has timely filed or caused to be filed all Tax returns and reports required to have been
filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which such Restricted Party has set aside on its books adequate
reserves in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. The charges, accruals and reserves on the books of the Restricted Parties in respect of
Taxes and other governmental charges are, in the reasonable opinion of the Parent Group, adequate. 
 Section 7.10 ERISA. 

(a) Except as would not reasonably be expected, individually or in the aggregate, to result in a material liability to the Borrower or any of
its Subsidiaries; (i) no ERISA Event has occurred or is reasonably expected to occur; (ii) the Borrower, the Subsidiaries and each ERISA Affiliate have complied in all material respects with ERISA and, where applicable, the Code regarding
each Plan; and (iii) each Plan is, and has been, maintained in substantial compliance with its terms, ERISA and, where applicable, the Code. 

  
 93 

 (b) None of the Borrower, its Subsidiaries or any ERISA Affiliates are required to
contribute to, or have any other direct or contingent liability in respect of, any Multiemployer Plan that, when taken together with all other such contribution obligations and liabilities to any other Multiemployer Plan, would reasonably be
expected to result in a material liability to the Borrower or any of its Subsidiaries. None of the Borrower, its Subsidiaries or any ERISA Affiliate has (i) failed to make any contribution or payment to any Plan or Multiemployer Plan, or made
any amendment to any Plan that has resulted or could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Code, or (ii) incurred any liability under Title IV of ERISA other than a liability to the
PBGC for premiums under section 4007 of ERISA that are not past due that, in either case of clause (i) or (ii), would reasonably be expected to result in a material liability to the Borrower or any of its Subsidiaries. The present value of all
accrued benefits under each Plan that is subject to Title IV of ERISA (based on those assumptions used to fund such Plan) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the
value of the assets of such Plan allocable to such accrued benefits by a material amount. 
 (c) None of the Borrower or the Subsidiaries,
nor any ERISA Affiliate, sponsors, maintains, or contributes to an employee welfare benefit plan, as defined in section 3(1) of ERISA, that provides benefits to former employees of such entities, other than continuation coverage under
Section 4980B of the Code, that may not be terminated by the applicable plan sponsor in its sole discretion at any time without any material liability, other than the payment of claims incurred as of the date of such termination pursuant to the
terms of such plan and the requirements of applicable law. 
 (d) None of the Borrower or its Subsidiaries sponsors, maintains or contributes
to any employee pension plan, as defined in section 3(2) of ERISA, that is subject to Title IV of ERISA, section 302 of ERISA or section 412 of the Code. 

Section 7.11 Disclosure; No Material Misstatements. The Parent Group has disclosed to the Administrative Agent all matters, except
for matters that could reasonably be expected to be known already by the Lenders, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the other written reports, financial statements,
certificates or other written information, taken as a whole, furnished by or on behalf of any Restricted Party to the Administrative Agent or any Lender or any of their Affiliates in connection with the negotiation of this Agreement or any other
Loan Document or delivered hereunder or under any other Loan Document (as modified or supplemented by other information so furnished) (other than information of a general industry nature or constituting projections, projected financial information,
forward-looking information or prospect information) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
materially misleading; provided that, with respect to projections, projected financial information, forward-looking information or information regarding future prospects, the Parent Group represents only that such information was prepared in
good faith based upon assumptions believed to be reasonable at the time. There are no statements or conclusions in any Reserve Report which are based upon or include materially 

  
 94 

 
misleading information of a material fact or fail to take into account known material information regarding the matters reported therein, it being understood that projections concerning volumes
attributable to the Oil and Gas Properties and production and cost estimates contained in each Reserve Report are necessarily based upon professional opinions, estimates and projections and that the Restricted Parties do not warrant that such
opinions, estimates and projections will ultimately prove to have been accurate. 
 Section 7.12 Insurance. The Parent Group
has, and have caused all of their respective Restricted Subsidiaries to have, (a) all insurance policies sufficient for the compliance by each of them with all material Governmental Requirements and all material agreements and
(b) insurance coverage in at least amounts and against such risks as are usually insured against by companies similarly situated and engaged in the same or a similar business for the assets and operations of the Parent Group and their
respective Restricted Subsidiaries. 
 Section 7.13 Restriction on Liens. None of the Restricted Parties is a party to any
material agreement or arrangement, or subject to any order, judgment, writ or decree, which either restricts or purports to restrict its ability to grant Liens to the Administrative Agent for the benefit of the Secured Parties on or in respect of
their Properties constituting Collateral to secure the Indebtedness and the Loan Documents, other than as permitted under Section 9.16. 

Section 7.14 Subsidiaries. Except as set forth on Schedule 7.14, as of the Effective Date, the Parent
has no Subsidiaries. The Parent has no Foreign Subsidiaries. As of the Effective Date, Schedule 7.14 identifies each Subsidiary as either “Restricted” or “Unrestricted”, and each Restricted Subsidiary on
such schedule is a Wholly-Owned Subsidiary. 
 Section 7.15 Location of Business and Offices. As of the Effective Date, the
Borrower’s jurisdiction of organization is the State of Delaware; the name of the Borrower as listed in the public records of its jurisdiction of organization is “Oasis Petroleum North America LLC”; and the organizational
identification number of the Borrower in its jurisdiction of organization is 4354265. As of the Effective Date, the Borrower’s principal place of business and chief executive offices are located at the address specified in
Section 12.01. As of the Effective Date, the jurisdiction of organization of OP LLC is the State of Delaware; the name of OP LLC as listed in the public records of its jurisdiction of organization is “Oasis Petroleum
LLC”, and the organizational identification number of OP LLC in its jurisdiction of organization is 4307625. As of the Effective Date, the principal place of business and chief executive offices of OP LLC are located at the address specified in
Section 12.01. As of the Effective Date, the jurisdiction of organization of the Parent is the State of Delaware; the name of the Parent as listed in the public records of its jurisdiction of organization is “Chord
Energy Corporation”, and the organizational identification number of the Parent in its jurisdiction of organization is 4793429. As of the Effective Date, the principal place of business and chief executive offices of the Parent are located at
the address specified in Section 12.01. As of the Effective Date, each other Guarantor’s jurisdiction of organization, name as listed in the public records of its jurisdiction of organization, organizational
identification number in its jurisdiction of organization, and the location of its principal place of business and chief executive office is stated on Schedule 7.14. 

  
 95 

 Section 7.16 Properties; Titles, Etc. 

(a) Except as set forth in Schedule 7.16, each of the Borrower and the Restricted Subsidiaries has good and
defensible title to the Borrowing Base Properties (except for those Oil and Gas Properties that have been Disposed of since the date of the most recently delivered Reserve Report in accordance with this Agreement or leases which have expired in
accordance with their terms) and good title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens, the
Borrower or the Restricted Subsidiary specified as the owner in the most recently delivered Reserve Report owns the net interests in production attributable to the Hydrocarbon Interests as reflected therein, other than reductions in such interests
resulting from any actions permitted under Section 9.12 or from the election of the Borrower to not participate in any operation in respect of an Oil and Gas Property, and the ownership of such Properties shall not in any
material respect obligate the Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of such Property set
forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the Borrower’s or such Restricted Subsidiary’s net revenue interest in such Property, other than excesses (A) relating
to customary provisions of operating agreements requiring parties thereto to pay to the operator the share of costs of a defaulting party, (B) resulting from the acquisition of the interest of any
non-participating parties pursuant to customary provisions of joint operating agreements or (C) resulting from interests acquired pursuant to compulsory pooling statutes. 

(b) All material leases and agreements necessary for the conduct of the business of the Borrower and the Restricted Subsidiaries are valid and
subsisting, in full force and effect, and there exists no default or event or circumstance which with the giving of notice or the passage of time or both would give rise to a default under any such lease or leases, in each case, except as could not
be reasonably expected to have a Material Adverse Effect. 
 (c) The rights and Properties presently owned, leased or licensed by the
Borrower and the Restricted Subsidiaries including all easements and rights of way, include all rights and Properties necessary to permit the Borrower and the Restricted Subsidiaries to conduct their business in all material respects in the same
manner as its business has been conducted prior to the date hereof. 
 (d) All of the Properties of the Borrower and the Restricted
Subsidiaries which are reasonably necessary for the operation of their businesses are in good working condition and are maintained in accordance with prudent business standards, ordinary wear and tear excepted, except as could not reasonably be
expected to have a Material Adverse Effect. 
 (e) The Borrower and each Restricted Subsidiary owns, or is licensed to use, all trademarks,
tradenames, copyrights, patents and other intellectual Property material to its business, and the use thereof by the Borrower and such Restricted Subsidiary does not infringe upon the rights of any other Person, except for any such infringements
that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrower and the Restricted Subsidiaries either own or have valid licenses or other rights to use all databases, geological data,
geophysical data, engineering data, seismic data, maps, interpretations and other technical information used in their businesses as presently conducted, subject to the limitations contained in the agreements governing the use of the same, which
limitations are customary for companies engaged in the business of the exploration and production of Hydrocarbons, with such exceptions as could not reasonably be expected to have a Material Adverse Effect. 

  
 96 

 Section 7.17 Maintenance of Properties. Except for such acts or failures to act
as could not be reasonably expected to have a Material Adverse Effect, the Oil and Gas Properties (and Properties unitized therewith) of the Borrower and the Restricted Subsidiaries have been maintained, operated and developed in a good and
workmanlike manner and in conformity with all Governmental Requirements and the provisions of all leases, subleases or other contracts comprising a part of the Hydrocarbon Interests and other contracts and agreements forming a part of the Oil and
Gas Properties of the Borrower and the Restricted Subsidiaries. Specifically in connection with the foregoing, except for those as could not be reasonably expected to have a Material Adverse Effect, (a) no Oil and Gas Property of the Borrower
or any Restricted Subsidiary is subject to having allowable production reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) and
(b) none of the wells comprising a part of the Oil and Gas Properties (or Properties unitized therewith) of the Borrower or any Restricted Subsidiary is deviated from the vertical more than the maximum permitted by Governmental Requirements,
and such wells are, in fact, bottomed under and are producing from, and the well bores are wholly within, the Oil and Gas Properties (or in the case of wells located on Properties unitized therewith, such unitized Properties) of the Borrower or such
Restricted Subsidiary. 
 Section 7.18 Gas Imbalances, Prepayments. As of the Effective Date and as of the date of each
certificate required to be delivered pursuant to Section 8.11(c), except as set forth on Schedule 7.18 or on the most recent certificate delivered pursuant to
Section 8.11(c), on a net basis there are no gas imbalances, take or pay or other prepayments which would require the Borrower or any of the Restricted Subsidiaries to deliver Hydrocarbons produced from the Oil and Gas
Properties at some future time without then or thereafter receiving full payment therefor other than gas imbalances, take or pay or other prepayments incurred in the ordinary course of business and which gas imbalances, take or pay or other
prepayments and balancing rights, in the aggregate, do not result in the Borrower or any of the Restricted Subsidiaries having net aggregate liability at any time in excess of an amount equal to 1.00% of the aggregate annual production of gas from
the Oil and Gas Properties of the Borrower and its Restricted Subsidiaries during the most recent calendar year (on an mcf basis). 

Section 7.19 Marketing of Production. As of the Effective Date and as of the date of each certificate required to be delivered
pursuant to Section 8.11(c), except for contracts listed on Schedule 7.19 or in such certificate, as applicable, or otherwise either disclosed in writing to the Administrative Agent or included in
the most recently delivered Reserve Report (with respect to all of which contracts the Borrower represents that it or the Restricted Subsidiaries are receiving a price for all production sold thereunder which is computed substantially in accordance
with the terms of the relevant contract and are not having deliveries curtailed substantially below the subject Property’s delivery capacity), no material agreements exist which are not cancelable on sixty (60) days’ notice or less
without penalty or detriment for the sale of production from the Borrower’s or the Restricted Subsidiaries’ Hydrocarbons (including, without limitation, calls on or other rights to purchase, production, whether or not the same are
currently being exercised) that (a) pertain to the sale of production at a fixed price and (b) have a maturity or expiry date of longer than six (6) months from the date hereof. 

  
 97 

 Section 7.20 Swap Agreements and Qualified ECP Guarantor. As of the date hereof,
and after the date hereof, as of the date of each report required to be delivered by the Borrower pursuant to Section 8.01(e), Schedule 7.20 or such report, as applicable, sets forth, a true and complete list of all
Swap Agreements of the Borrower and each Restricted Subsidiary, the material terms thereof (including the type, term, effective date, termination date and notional amounts or volumes), the estimated net mark-to-market value thereof, all credit support agreements relating thereto (including any margin required or supplied) (other than the Loan Documents) and, to the extent that the counterparty to such
agreement is not a Lender or an Affiliate of a Lender, the counterparty to each such agreement. Each member of the Parent Group are each Qualified ECP Guarantors. 

Section 7.21 Use of Loans and Letters of Credit. The proceeds of the Loans and the Letters of Credit shall be used, upon the
Borrower’s election, to (a) fund payments, fees and expenses in connection with the Transactions and the other transactions contemplated by the Merger Agreement, (b) provide working capital for exploration and production operations,
(c) provide funding for general corporate purposes (including, without limitation, for the Transactions and any other transaction expressly permitted hereunder) and (d) repay Swingline Loans. The Restricted Parties are not engaged
principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the
Board), and no part of the proceeds of any Loan or Letter of Credit shall be used for any purpose which violates the provisions of Regulation T, U or X of the Board. Neither the Restricted Parties, nor any of their directors, officers, employees or
agents shall use, directly or indirectly, any part of the proceeds of any Loan or Letter of Credit for any purpose which violates any Anti-Corruption Laws, Anti-Money Laundering Laws or applicable Sanctions. 

Section 7.22 Solvency. After giving effect to the transactions contemplated hereby and on the occasion of any Borrowing (including
the initial funding) and of the issuance, increase, renewal or extension of any Letter of Credit, the Restricted Parties, taken as a whole, are Solvent. 

Section 7.23 Anti-Corruption Laws. None of the members of the Parent Group nor any of their respective Subsidiaries, nor, to their
knowledge, any director, officer, agent, employee or Affiliate of any member of the Parent Group or any of its respective Subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a material violation by such
Persons of any Anti-Corruption Laws, including without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any
money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for
foreign political office, in contravention of any Anti-Corruption Law; and, the Parent Group, and their respective Subsidiaries and, to their knowledge, each of their respective Affiliates have conducted their business in material compliance with
the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance by the Parent Group and their Subsidiaries and their directors, officers, agents,
employees and Controlled Affiliates, with the FCPA. 

  
 98 

 Section 7.24 Sanctions. None of the members of the Parent Group nor any of their
respective Subsidiaries, nor, to knowledge of the Parent Group, any director, officer, agent, employee or any Affiliate of the Parent Group or any of its respective Subsidiaries is a Sanctioned Person, and the Parent Group will not directly or
indirectly use the proceeds from the Loans or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, for the purpose of financing the activities of any Person currently subject to any
applicable Sanctions. 
 Section 7.25 Affected Financial Institutions. No Credit Party is an Affected Financial Institution.

 Section 7.26 Beneficial Ownership Certification. As of the Effective Date, the information included in the Beneficial
Ownership Certification is true and correct in all respects. 
 ARTICLE VIII 

AFFIRMATIVE COVENANTS 

Until Payment in Full has occurred, each member of the Parent Group covenants and agrees with the Lenders that: 

Section 8.01 Financial Statements; Other Information. The Parent Group will furnish to the Administrative Agent, for distribution
to each Lender: 
 (a) Annual Financial Statements. In accordance with then applicable law and not later than ninety (90) days
after the end of each fiscal year of the Parent, its audited consolidated balance sheet and related statements of operations, members’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the
figures for the previous fiscal year, all reported on by independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the
scope of such audit, other than solely with respect to, or resulting from (i) the Maturity Date occurring within one year from the time such opinion is delivered or (ii) any potential inability to satisfy any financial maintenance covenant
on a future date or in a future period) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Parent and its Consolidated Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied. 
 (b) Quarterly Financial Statements. In accordance with then
applicable law and not later than sixty (60) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Parent, its consolidated balance sheet and related statements of operations, members’ equity and
cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as
of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Parent and its Consolidated Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes. 

  
 99 

 (c) Certificate of Financial Officer - Compliance. Concurrently
with any delivery of financial statements under Section 8.01(a) or Section 8.01(b), a certificate of a Financial Officer in substantially the form of Exhibit D hereto (i) certifying as
to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance
with Section 9.01, (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 7.04 and, if
any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate, (iv) setting forth any update to Schedule 7.14 that would be necessary to the extent the representations
under Section 7.14 and Section 7.15 hereof and Section 4.05(a) of the Guaranty and Security Agreement were made as of such date (which updates shall be a supplement to Schedule
7.14) and (v) (A) specifying the identity of each Excluded Subsidiary and each Material Subsidiary as of the end of such fiscal quarter or fiscal year, as applicable (and including reasonable detail, in form and substance
satisfactory to the Administrative Agent, with respect thereto) and (B) if necessary, designating sufficient additional Subsidiaries as Material Subsidiaries so as to comply with the definition of “Material Subsidiary”. 

(d) Certificate of Financial Officer - Consolidating Information. At any time that all of the Consolidated
Subsidiaries of the Parent are not Consolidated Restricted Subsidiaries, then concurrently with any delivery of financial statements under Section 8.01(a) or Section 8.01(b), a certificate of a
Financial Officer setting forth consolidating spreadsheets that show all Consolidated Unrestricted Subsidiaries and the eliminating entries, in each case, in such form as would be presentable to the auditors of the Parent. 

(e) Certificate of Financial Officer – Swap Agreements. Concurrently with any delivery of financial statements under
Section 8.01(a) or Section 8.01(b), a certificate of a Financial Officer, in form and substance reasonably satisfactory to the Administrative Agent, setting forth as of the last Business Day of
such quarter, a true and complete list of all Swap Agreements of the Borrower and each Restricted Subsidiary, the material terms thereof (including the type, term, effective date, termination date and notional amounts or volumes), the estimated net mark-to-market value therefor, any new credit support agreements relating thereto not listed on Schedule 7.20 (other than the Loan Documents), any
margin required or supplied under any credit support document, and the counterparty to each such agreement. 
 (f) Certificate of Insurer
- Insurance Coverage. Concurrently with any delivery of financial statements under Section 8.01(a), a certificate of insurance coverage from each insurer with respect to the insurance required by
Section 8.06, in substance reasonably satisfactory to the Administrative Agent and, if requested by the Administrative Agent or any Lender, all copies of the applicable policies. 

(g) Other Accounting Reports. Promptly upon receipt thereof, a copy of each other material report or letter submitted to any Restricted
Party by independent accountants in connection with any annual, interim or special audit made by them of the books of such Restricted Party, and a copy of any response by any such Restricted Party, or the board of directors or other appropriate
governing body of any such Restricted Party, to such material letter or report. 

  
 100 

 (h) SEC and Other Filings; Reports to Shareholders. Promptly after the same become
publicly available, copies of all periodic and other reports, proxy statements and other materials filed by any Restricted Party with the SEC, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as
the case may be. 
 (i) Notices Under Material Instruments. Promptly after the furnishing thereof, copies of any financial statement,
material report or material notice furnished to or by any Person pursuant to the terms of any preferred stock designation, indenture, loan or credit or other similar agreement with respect to Material Indebtedness, other than any Loan Document and
not otherwise required to be furnished to the Lenders pursuant to any other provision of this Agreement. 
 (j) Notice of Sales of Oil and
Gas Properties, Liquidation of Commodity Swap Agreements or Casualty Events. Prior to the Disposition of any Oil and Gas Properties (or promptly following any Casualty Events with respect thereto), Liquidation of any Swap Agreements in respect
of commodities or Disposition of any Equity Interests in any Restricted Subsidiary owning Oil and Gas Properties constituting Proved Reserves pursuant to Section 9.12(d), in which such single Disposition or Liquidation or
series of Dispositions or Liquidations pursuant to such provisions as of such date, since the later of the last Redetermination Date and the last date on which the Borrowing Base was adjusted pursuant to such provisions, exceeds 5.0% of the
then-effective Borrowing Base, written notice of such disposition, the anticipated price thereof and the anticipated date of closing and any other details thereof reasonably requested by the Administrative Agent or any Lender. 

(k) Notice of Sales of Crestwood Common Units. Promptly after the Disposition of any Crestwood Common Units pursuant to
Section 9.12(j), written notice of such disposition, the price thereof and the date of closing and any other details thereof reasonably requested by the Administrative Agent or any Lender. 

(l) Information Regarding Borrower and Guarantors. Prompt written notice of (and in any event at least thirty (30) days after the
occurrence thereof) any change (i) in the Borrower’s or any Guarantor’s corporate name, (ii) in the location of the Borrower’s or any Guarantor’s chief executive office or principal place of business, (iii) in the
Borrower’s or any Guarantor’s corporate structure or in the jurisdiction in which such Person is incorporated or formed, and (iv) in the Borrower’s or any Guarantor’s federal taxpayer identification number. 

(m) Production Report and Lease Operating Statements. Within sixty (60) days after the end of each of the first three fiscal
quarters for each calendar month during the then-current fiscal year to date, and within ninety (90) days after the end of the fiscal year (or in each case, such later date as the Administrative Agent may agree in its sole discretion), a report
setting forth the volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month during such period from the Oil and Gas Properties
described therein. 
 (n) Notice of Certain Changes. Promptly after the execution thereof, copies of any amendment, modification or
supplement to the certificate or articles of incorporation, by-laws or any other organic document of any Restricted Party, or any amendment, modification or supplement to any material Permitted Secured Loan
Documents, if any. 

  
 101 

 (o) Other Requested Information. Promptly following any reasonable request therefor,
(i) such other information regarding the operations, business affairs and financial condition of the Parent Group or any Restricted Subsidiary (including, without limitation, any Plan, and any reports or other information required to be filed
with respect thereto under the Code or under ERISA, and any Multiemployer Plan), or compliance with the terms of this Agreement or any other Loan Document, as the Administrative Agent or any Lender may reasonably request, (ii) information and
documentation requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” rules and regulations or any Anti-Money Laundering Laws and (iii) to the extent the Borrower qualifies
as a “legal entity customer” under the Beneficial Ownership Regulation and any Lender has requested a Beneficial Ownership Certification in a written notice to the Borrower, a Beneficial Ownership Certification. 

(p) Issuance of Senior Notes, Permitted Secured Term Debt and Permitted Refinancing Debt. In the event the Parent, the Borrower and/or
Finance Co decides to issue or incur any Permitted Debt as contemplated by Section 9.02(i) or Section 9.02(c), three (3) Business Days prior written notice of such offering therefor or the
incurrence thereof, which shall include the expected amount thereof and the anticipated date of closing and a copy of the preliminary offering memorandum (if any) and the final offering memorandum (if any) and any other material documents relating
to such offering or incurrence of Permitted Debt and whether such issuance or incurrence of Debt is intended to Redeem any other Permitted Debt (but with respect to any fees of the agents or arrangers thereunder, to the extent permitted by, and
subject to, the confidentiality provisions thereof). 
 Documents required to be delivered pursuant to Section 8.01(a),
(b), (g) or (h) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Parent or the Borrower posts such documents, or provides a link thereto on the
Parent’s or the Borrower’s public website; or (ii) on which such documents are posted on the Parent’s or the Borrower’s behalf on an Internet or intranet website (including the SEC’s EDGAR website), if any, to which
each Lender and the Administrative Agent have been provided access (whether a commercial, third-party website or whether sponsored by the Administrative Agent). 

The Administrative Agent may make available to the Lenders materials and/or information provided by or on behalf of the Parent Group hereunder (collectively,
“Company Materials”) by posting the Company Materials on an Approved Electronic Platform. Each member of the Parent Group hereby acknowledges that certain of the Lenders may from time to time elect to be “public-side”
Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower or its securities) (each, a “Public Lender”) and the Borrower hereby agrees that
(w) all Company Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page
thereof, (x) by marking Company Materials “PUBLIC,” each member of the Parent Group shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Company Materials as either publicly available information
or not material information (although it may be sensitive and proprietary) with respect to each member of the Parent Group or their respective securities for purposes of United States Federal and state securities laws, (y) all Company Materials
marked “PUBLIC” are permitted to be made available through a portion of the Approved Electronic Platform designated “Public Investor” and (z) the Administrative Agent shall be entitled to treat Company Materials that are not
marked “PUBLIC” as being suitable only for posting on a portion of the Approved Electronic Platform not designated “Public Investor.” 

  
 102 

 Section 8.02 Notices of Material Events. The Parent Group will furnish to the
Administrative Agent (for distribution to each Lender) prompt written notice of the following: 
 (a) the occurrence of any Default; 

(b) the filing or commencement of, or the threat in writing of, any action, suit, proceeding, investigation or arbitration by or before any
arbitrator or Governmental Authority against or affecting the Parent Group or any Restricted Subsidiary not previously disclosed in writing to the Lenders or any material adverse development in any action, suit, proceeding, investigation or
arbitration (whether or not previously disclosed to the Lenders) that, in either case, could reasonably be expected to result in a Material Adverse Effect; and 

(c) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 

Each notice delivered under this Section 8.02 shall be accompanied by a statement of a Responsible Officer setting forth the details
of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
 Section 8.03
Existence; Conduct of Business. The Parent Group will, and will cause each Restricted Subsidiary to, do or cause to be done all things necessary to (a) preserve, renew and keep in full force and effect (i) its legal existence and
(ii) the rights, licenses, permits, privileges and franchises material to the conduct of its business and (b) maintain, if necessary, its qualification to do business in each other jurisdiction in which its Oil and Gas Properties are
located or the ownership of its Properties requires such qualification, except, in the case of this clause (b), where the failure to do so could not reasonably be expected to have a Material Adverse Effect; provided that the foregoing shall
not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 9.11 or any Disposition permitted under Section 9.12. 

Section 8.04 Payment of Taxes. The Parent Group will, and will cause each Restricted Subsidiary to, pay its Tax liabilities before
the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings and the Parent Group or such Restricted Subsidiary has set aside on its books adequate
reserves with respect thereto in accordance with GAAP or (b) the failure to make payment could not reasonably be expected to result in a Material Adverse Effect or result in the seizure or levy of any material Property of any Restricted Party.

 Section 8.05 Operation and Maintenance of Properties. The Borrower, at its own expense, will, and will cause each Restricted
Subsidiary to: 
 (a) operate its Oil and Gas Properties and other material Properties or cause such Oil and Gas Properties and other
material Properties to be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance with all Governmental Requirements, including,
without limitation, applicable proration requirements and Environmental Laws, and all applicable laws, rules and regulations of every other Governmental Authority from time to time constituted to regulate the development and operation of its Oil and
Gas Properties and the production and sale of Hydrocarbons and other minerals therefrom, except, in each case, where the failure to comply could not reasonably be expected to have a Material Adverse Effect; 

  
 103 

 (b) keep and maintain all Property material to the conduct of its business in good working
order and condition (ordinary wear and tear excepted), and preserve, maintain and keep in good repair, working order and efficiency (ordinary wear and tear excepted) all of its Oil and Gas Properties and other Properties, including, without
limitation, all equipment, machinery and facilities, except, in each case, where the failure to comply could not reasonably be expected to have a Material Adverse Effect; 

(c) promptly pay and discharge, or make reasonable and customary efforts to cause to be paid and discharged, all delay rentals, royalties,
expenses and indebtedness accruing under the leases or other agreements affecting or pertaining to its Oil and Gas Properties and do all other things necessary to keep unimpaired their rights with respect thereto and prevent any forfeiture thereof
or default thereunder, except, in each case, where the failure to do so could not reasonably be expected to have a Material Adverse Effect; 

(d) promptly perform or make reasonable and customary efforts to cause to be performed, in accordance with industry standards, the obligations
required by each and all of the assignments, deeds, leases, sub-leases, contracts and agreements affecting its interests in its Oil and Gas Properties and other material Properties, except, in each case, where
the failure to do so could not reasonably be expected to have a Material Adverse Effect; and 
 (e) operate its Oil and Gas Properties and
other Properties or cause or make reasonable and customary efforts to cause such Oil and Gas Properties and other Properties to be operated in accordance with the practices of the industry and in compliance with all applicable contracts and
agreements and in compliance with all Governmental Requirements except, in each case, where the failure to comply could not reasonably be expected to have a Material Adverse Effect. 

To the extent the Borrower is not the operator of any Property, the Borrower shall use commercially reasonable efforts to cause the operator to comply with
this Section 8.05, but the failure of the operator to so comply will not, in and of itself, constitute a Default or an Event of Default hereunder. 

Section 8.06 Insurance. The Parent Group will, and will cause each of their respective Restricted Subsidiaries to, maintain, with
financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. Commencing on the
date specified on Schedule 8.18, the loss payable clauses or provisions in said insurance policy or policies insuring any of the collateral for the Loans shall be endorsed in favor of and made payable to the Administrative Agent as its interests may
appear and such policies shall name the Administrative Agent and the Lenders as “additional insureds” and the Administrative Agent as “lender loss payee” and provide that the insurer will endeavor to give at least thirty
(30) days prior notice of any cancellation to the Administrative Agent. 

  
 104 

 Section 8.07 Books and Records; Inspection Rights. The Parent Group will, and
will cause each Restricted Subsidiary to, keep proper books of record and account in which full, true and correct entries in conformity with GAAP are made of all dealings and transactions in relation to its business and activities to the extent
required by GAAP. The Parent Group will, and will cause each Restricted Subsidiary to, permit any representatives designated by the Administrative Agent or the Majority Lenders, upon reasonable prior notice, to visit and inspect its Properties, to
examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants (subject to such accountants’ policies and procedures), all at reasonable times and intervals
during normal business hours; provided that, unless an Event of Default then exists, (a) only the Administrative Agent on behalf of the Majority Lenders may exercise the rights under this Section 8.07 and (b) such rights may
not be exercised more than three times per year and only one such visit will be at the Borrower’s expense. 
 Section 8.08
Compliance with Laws. The Parent Group will, and will cause each Restricted Subsidiary to, comply with all Governmental Requirements applicable to it or its Property, except where the failure to do so, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect. 
 Section 8.09 Environmental Matters. 

(a) the Parent Group shall at their sole expense: (i) comply, and shall cause each Subsidiary to comply, with all applicable Environmental
Laws, the breach of which could be reasonably expected to have a Material Adverse Effect; (ii) not dispose of or otherwise Release, and shall cause each Subsidiary not to dispose of or otherwise Release, any Hazardous Material, or solid waste
on, under, about or from any of the Borrower’s or its Subsidiaries’ Properties or any other Property to the extent caused by the Borrower’s or any of its Subsidiaries’ operations except in compliance with applicable Environmental
Laws, the disposal or Release of which could reasonably be expected to have a Material Adverse Effect; (iii) timely obtain or file, and shall cause each Subsidiary to timely obtain or file, all notices, and Environmental Permits, if any,
required under applicable Environmental Laws to be obtained or filed in connection with the operation or use of the Borrower’s or the Subsidiaries’ Properties, which failure to obtain or file could reasonably be expected to have a Material
Adverse Effect; and (iv) promptly commence and diligently prosecute to completion, and shall cause each Subsidiary to promptly commence and diligently prosecute to completion, any assessment, evaluation, investigation, monitoring, containment,
cleanup, removal, repair, restoration, remediation or other remedial obligations (collectively, the “Remedial Work”) in the event any Remedial Work is required of the Parent Group or any Subsidiary under applicable Environmental
Laws because of or in connection with the actual or suspected past, present or future disposal or other Release of any Hazardous Material on, under, about or from any of the Borrower’s or the Subsidiaries’ Properties, which failure to
commence and diligently prosecute to completion could reasonably be expected to have a Material Adverse Effect. 
 (b) The Parent Group will
promptly notify the Administrative Agent and the Lenders in writing of any threatened action, investigation or inquiry by any Governmental Authority or any threatened demand or lawsuit by any landowner or other third party against the Borrower or
the Subsidiaries or their respective Properties of which the Borrower has knowledge in connection with any Environmental Laws (excluding routine testing and corrective action) if the Borrower reasonably anticipates that such action will result in
liability (whether individually or in the aggregate) in excess of $75,000,000 not fully covered by insurance, subject to normal deductibles. 

  
 105 

 Section 8.10 Further Assurances. 

(a) The Parent Group at their sole expense will, and will cause each Restricted Subsidiary to, promptly execute and deliver to the
Administrative Agent all such other documents, agreements and instruments reasonably requested by the Administrative Agent to comply with, cure any defects or accomplish the conditions precedent, covenants and agreements of the Parent Group or any
Restricted Subsidiary, as the case may be, in the Loan Documents, including the Notes, or to further evidence and more fully describe the collateral intended as security for the Indebtedness, or to correct any omissions in this Agreement or the
Security Instruments, or to state more fully the obligations secured therein, or to perfect, protect or preserve any Liens created pursuant to this Agreement or any of the Security Instruments or the priority thereof, or to make any recordings, file
any notices or obtain any consents, all as the Administrative Agent reasonably deems necessary or appropriate in connection therewith. 
 (b)
Each member of the Parent Group hereby authorizes the Administrative Agent to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Collateral without the signature of the Borrower or any
other Guarantor where permitted by law. A carbon, photographic or other reproduction of the Security Instruments or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by
law. Each member of the Parent Group acknowledges and agrees that any such financing statement may describe the collateral as “all assets” of the applicable Credit Party or words of similar effect as may be required by the Administrative
Agent. 
 Section 8.11 Reserve Reports. 

(a) On or before March 1st and September 1st of each year, commencing September 1, 2022, the Borrower shall furnish to the
Administrative Agent and the Lenders a Reserve Report (or the 2022 Reserve Reports, solely with respect to the September 1, 2022 requirement) evaluating the Oil and Gas Properties of the Credit Parties as of the immediately preceding
January 1 or July 1, respectively. The Reserve Report as of January 1 of each year shall be comprised of (i) a report prepared by one or more Approved Petroleum Engineers with regards to not less than 85% of the total value of
the Proved Reserves of the Credit Parties and (ii) a report on the remainder of the Oil and Gas Properties of the Credit Parties prepared by or under the supervision of the chief engineer of the Borrower who shall certify that such portion of
such Reserve Report (x) is true and correct in all material respects, and (y) has been prepared in accordance with the procedures used to prepare the portion of such Reserve Report that was prepared by one or more Approved Petroleum
Engineers. The July 1 Reserve Report (or reports, in the case of the 2022 Reserve Reports) of each year shall be prepared by or under the supervision of the chief engineer of the Borrower who shall certify each such Reserve Report (A) to
be true and accurate in all material respects and (B) to have been prepared in accordance with the procedures used in the immediately preceding January 1 Reserve Report (or the Initial Reserve Reports, in the case of the first Reserve
Report delivered hereunder). For purposes of this Section 8.11(a), with respect to any Reserve Report (or portion thereof) prepared by or under the 

  
 106 

 
supervision of the chief engineer of the Borrower, it is understood that projections concerning volumes attributable to the Oil and Gas Properties and production and cost estimates contained in
each Reserve Report are necessarily based upon professional opinions, estimates and projections and that none of the members of the Parent Group, the Restricted Subsidiaries or such Responsible Officer warrants that such opinions, estimates and
projections will ultimately prove to have been accurate. 
 (b) In the event of an Interim Redetermination, the Borrower shall furnish to the
Administrative Agent and the Lenders a Reserve Report prepared by or under the supervision of the chief engineer of the Borrower who shall certify such Reserve Report to be true and accurate in all material respects, it being understood that
projections concerning volumes attributable to the Oil and Gas Properties and production and cost estimates contained in each Reserve Report are necessarily based upon professional opinions, estimates and projections and that none of the members of
the Parent Group, the Restricted Subsidiaries or such Responsible Officer warrants that such opinions, estimates and projections will ultimately prove to have been accurate, and to have been prepared in accordance with the procedures used in the
immediately preceding January 1 Reserve Report. For any Interim Redetermination requested by the Administrative Agent or the Borrower pursuant to Section 2.07(b), the Borrower shall provide such Reserve Report with an
“as of” date as required by the Administrative Agent as soon as possible, but in any event no later than thirty (30) days following the receipt of such request. 

(c) No later than (x) March 15 in the case of a Reserve Report required to be delivered on or prior to March 1,
(y) September 15 in the case of a Reserve Report required to be delivered on or prior to September 1 and (z) fifteen (15) days after any Reserve Report is delivered pursuant to Section 8.11(b), the
Borrower shall provide to the Administrative Agent and the Lenders a certificate from a Responsible Officer certifying that: (i) the information contained in the Reserve Report and any other information delivered in connection therewith is true
and correct in all material respects, it being understood that projections concerning volumes attributable to the Oil and Gas Properties and production and cost estimates contained in each Reserve Report are necessarily based upon professional
opinions, estimates and projections and that none of the member of the Parent Group, the Subsidiaries or such Responsible Officer warrants that such opinions, estimates and projections will ultimately prove to have been accurate, (ii) the
Borrower or the Restricted Subsidiaries owns good and defensible title to the Oil and Gas Properties evaluated in such Reserve Report and such Properties are free of all Liens except for Liens permitted by Section 9.03,
(iii) except as set forth on an exhibit to the certificate, on a net basis there are no gas imbalances, take or pay or other prepayments in excess of the volume specified in Section 7.18 with respect to its Oil and Gas
Properties evaluated in such Reserve Report which would require the Borrower or any Restricted Subsidiary to deliver Hydrocarbons either generally or produced from such Oil and Gas Properties at some future time without then or thereafter receiving
full payment therefor, (iv) none of their Oil and Gas Properties (as defined in subsections (a), (b), (c), (d) and (e) of the definition thereof) have been sold pursuant to
Section 9.12(d) since the date of the last Borrowing Base determination except as set forth on an exhibit to the certificate, which certificate shall list all of its Oil and Gas Properties (as defined in
subsections (a), (b), (c), (d) and (e) of the definition thereof) sold pursuant to Section 9.12(d) and in such detail as reasonably required by the Administrative Agent;
provided that, this clause (iv) shall not apply to the sale of oil that would not otherwise be included in such certificate but for the fact that it has been stored in tanks in the ordinary course of business for a short period of time

  
 107 

 
pending collection and sale, (v) attached to the certificate is a list of all marketing agreements entered into subsequent to the later of the date hereof or the most recently delivered
Reserve Report which the Borrower could reasonably be expected to have been obligated to list on Schedule 7.19 had such agreement been in effect on the Effective Date and (vi) attached thereto is a schedule of the Oil
and Gas Properties evaluated by such Reserve Report that are Mortgaged Properties and demonstrating the percentage of the total value of Proved Reserves that such Mortgaged Properties represent in compliance with
Section 8.13(a). 
 Section 8.12 Title Information. 

(a) On or before the delivery to the Administrative Agent and the Lenders of each Reserve Report required by
Section 8.11(a) (or such later date as the Administrative Agent may agree in its sole discretion), the Borrower will deliver title information in form and substance reasonably acceptable to the Administrative Agent covering
enough of the Oil and Gas Properties evaluated by such Reserve Report, so that the Administrative Agent shall have received together with title information previously delivered to the Administrative Agent, reasonably satisfactory title information
on at least 85% of the total value of the Proved Reserves evaluated by such Reserve Report. 
 (b) If the Borrower has provided title
information for additional Properties under Section 8.12(a), the Borrower shall, within sixty (60) days of notice from the Administrative Agent (or within 90 days of such notice, with the consent of the Administrative
Agent, which consent shall not be unreasonably withheld) that title defects or exceptions exist with respect to such additional Properties, either (i) cure any such title defects or exceptions (including defects or exceptions as to priority)
which are not permitted by Section 9.03 raised by such information, (ii) substitute acceptable Mortgaged Properties with no title defects or exceptions except for Excepted Liens (other than Excepted Liens described in
clauses (e), (g) and (h) of such definition) having an equivalent value or (iii) deliver title information in form and substance reasonably acceptable to the Administrative Agent so that the Administrative Agent
shall have received, together with title information previously delivered to the Administrative Agent, reasonably satisfactory title information on at least 85% of the value of the Proved Reserves evaluated by such Reserve Report. 

(c) If the Borrower is unable to cure any title defect requested by the Administrative Agent or the Lenders to be cured within the sixty
(60) day period (or 90-day period, if applicable) or the Borrower does not comply with the requirements to provide reasonably acceptable title information covering 85% of the value of the Proved Reserves evaluated in the most recent Reserve
Report, such default shall not be a Default, but instead the Administrative Agent and/or the Required Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this
remedy at any time shall not be a waiver as to future exercise of the remedy by the Administrative Agent or the Lenders. To the extent that the Administrative Agent or the Required Lenders are not reasonably satisfied with title to any Mortgaged
Property after the sixty (60) day period (or 90-day period, if applicable) has elapsed, such unacceptable Mortgaged Property shall not count towards the 85% requirement, and the Administrative Agent may send a notice to the Borrower and the
Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by the Required Lenders to cause the Borrower to be in compliance with the requirement to provide reasonably acceptable title information on 85% of the
value of the Proved Reserves. This new Borrowing Base shall become effective immediately after receipt of such notice. 

  
 108 

 Section 8.13 Additional Collateral; Additional Guarantors. 

(a) In connection with each redetermination of the Borrowing Base, the Borrower shall review the applicable Reserve Report and the list of
current Mortgaged Properties (as described in Section 8.11(c)(vi)) to ascertain whether the Mortgaged Properties represent at least 85% of the total value of the Oil and Gas Properties evaluated in such Reserve Report after
giving effect to exploration and production activities, acquisitions, dispositions and production. In the event that the Mortgaged Properties do not represent at least 85% of such total value, then the Borrower shall, and shall cause the Restricted
Subsidiaries to, grant, within thirty (30) days of delivery of the certificate required under Section 8.11(c) (or such later date as the Administrative Agent may agree in its sole discretion), to the Administrative
Agent as security for the Indebtedness a first-priority Lien interest (subject to Excepted Liens) on additional Oil and Gas Properties of the Credit Parties not already subject to a Lien of the Security Instruments such that after giving effect
thereto, the Mortgaged Properties will represent at least 85% of such total value. All such Liens will be created and perfected by and in accordance with the provisions of deeds of trust, security agreements and financing statements or other
Security Instruments, all in form and substance reasonably satisfactory to the Administrative Agent and in sufficient executed (and acknowledged where necessary or appropriate) counterparts for recording purposes. In order to comply with the
foregoing, if any Restricted Subsidiary places a Lien on its Oil and Gas Properties and such Restricted Subsidiary is not a Guarantor, then it shall become a Guarantor and comply with Section 8.13(b). 

(b) In the event that (i) the Borrower or any other Credit Party creates or acquires any Subsidiary (in each case other than an Excluded
Subsidiary), (ii) any Domestic Subsidiary incurs or guarantees any Debt or (iii) any Excluded Subsidiary ceases to be an Excluded Subsidiary, the Parent Group shall promptly cause such Subsidiary to guarantee the Indebtedness pursuant to the
Guaranty and Security Agreement. In connection with any such guarantee, the Parent Group shall (A) cause such Domestic Subsidiary to execute and deliver the Guaranty and Security Agreement or a supplement thereto, as applicable, and the
Intercompany Subordination Agreement or a supplement thereto, as applicable, (B) cause the Credit Party that owns Equity Interests in such Subsidiary to pledge all of the Equity Interests of such new Subsidiary pursuant to the Guaranty and
Security Agreement (including, without limitation, delivery (if applicable) of original certificates evidencing the Equity Interests of such Subsidiary, together with an appropriate undated stock powers for each certificate duly executed in blank by
the registered owner thereof) and (C) execute and deliver such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent. 

(c) Notwithstanding any provision in any of the Loan Documents to the contrary, in no event is any Building (as defined in the applicable Flood
Insurance Regulations) or Manufactured (Mobile) Home (as defined in the applicable Flood Insurance Regulations) owned by any Credit Party included in the Mortgaged Property and no Building or Manufactured (Mobile) Home shall be encumbered by any
Security Instrument; provided, that (i) the applicable Credit Party’s interests in all lands and Hydrocarbons situated under any such Building or Manufactured (Mobile) Home shall be included in the Mortgaged Property and shall be
encumbered by the Security Instruments and (ii) the Parent Group shall not, and shall not permit any of their respective Restricted Subsidiaries to, permit to exist any Lien on any Building or Manufactured (Mobile) Home except Excepted Liens.

  
 109 

 (d) Notwithstanding anything to the contrary in this Agreement, the Guaranty and Security
Agreement, or any other Loan Document, (i) Property may be excluded from the Collateral for all purposes of the Loan Documents if the Administrative Agent has determined in its sole discretion (and has designated in writing) that such Property
is immaterial for oil and gas mineral interest owners and the costs of obtaining such a security interest or perfection thereof are excessive in relation to the benefit of the Lenders of the security to be afforded thereby, (ii) the
Administrative Agent may grant extensions of time or waivers of the requirements for the obtaining of title opinions or other title information, legal opinions, appraisals, flood insurance and surveys with respect to the particular assets where it
reasonably determines, in consultation with the Borrower, that obtaining such items is not permitted by law or cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement or
the Loan Documents, (iii) Liens required to be granted from time to time pursuant to this Agreement and the Guaranty and Security Agreement shall be subject to exceptions and limitations set forth in the Guaranty and Security Agreement and
(iv) the Administrative Agent and the Borrower may execute and/or consent to easements, covenants, rights of way or similar instruments (and Administrative Agent may agree to subordinate the lien of any mortgage to any such easement, covenant,
right of way or similar instrument or record or may agree to recognize any lessee pursuant to an agreement in a form and substance reasonably acceptable to the Administrative Agent), as are reasonable or necessary and otherwise permitted by this
Agreement and the other Loan Documents. 
 Section 8.14 ERISA Compliance. The Borrower will promptly furnish and will cause its
Subsidiaries and any ERISA Affiliate to promptly furnish to the Administrative Agent (i) copies of each annual and other report with respect to each Plan or any trust created thereunder to the extent such report is reasonably requested of the
Borrower by the Administrative Agent and (ii) immediately upon becoming aware of the occurrence of any ERISA Event, a written notice signed by the President or principal Financial Officer of the Borrower, the Subsidiary or the ERISA Affiliate,
as the case may be, specifying the nature thereof, what action the Borrower, the Subsidiary or the ERISA Affiliate is taking or proposes to take with respect thereto, and, when known, any action taken or proposed by the Internal Revenue Service, the
Department of Labor or the PBGC with respect thereto. 
 Section 8.15 Marketing Activities. The Parent Group will not, and will
not permit any Restricted Subsidiaries to, engage in marketing activities for any Hydrocarbons or enter into any contracts related thereto other than (a) contracts for the sale of Hydrocarbons scheduled or reasonably estimated to be produced
from their proved Oil and Gas Properties during the period of such contract, (b) contracts for the sale of Hydrocarbons scheduled or reasonably estimated to be produced from proved Oil and Gas Properties of third parties during the period of
such contract associated with the Oil and Gas Properties of the Borrower and the Restricted Subsidiaries that the Borrower or one of the Restricted Subsidiaries has the right to market pursuant to joint operating agreements, unitization agreements
or other similar contracts that are usual and customary in the oil and gas business and (c) other contracts for the purchase and/or sale of Hydrocarbons of third parties (i) which have generally offsetting provisions (i.e.,
corresponding pricing mechanics, delivery dates and points and volumes) such that no “position” is taken and (ii) for which appropriate credit support has been taken to alleviate the material credit risks of the counterparty thereto.

  
 110 

 Section 8.16 Commodity Exchange Act Keepwell Provisions. Each member of the
Parent Group, to the extent that it is a Qualified ECP Guarantor, hereby guarantees the payment and performance of all Indebtedness of each Credit Party (other than itself) and absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by each Credit Party (other than itself) in order for such Credit Party to honor its obligations under the Guaranty and Security Agreement including obligations with respect to Swap
Agreements (provided, however, that the each member of the Parent Group, to the extent each is a Qualified ECP Guarantor, shall only be liable under this Section 8.16 for the maximum amount of such liability that can be hereby
incurred (a) without rendering its obligations under this Section 8.16, or otherwise under this Agreement or any Loan Document, as it relates to such other Credit Parties, voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer, and not for any greater amount and (b) without rendering such Credit Party liable for amounts to creditors, other than the Secured Parties, that such Credit Party would not otherwise have made available to such creditors if
this Section 8.16 was not in effect). The obligations of each member of the Parent Group, to the extent each is a Qualified ECP Guarantor, under this Section 8.16 shall remain in full force and effect until Payment in Full has occurred.
Each member of the Parent Group that is a Qualified ECP Guarantor intends that this Section 8.16 constitute, and this Section 8.16 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each
other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 Section 8.17 Unrestricted
Subsidiaries. The Parent Group: 
 (a) will cause the management, business and affairs of each of the Borrower and its Restricted
Subsidiaries to be conducted in such a manner (including, without limitation, by keeping separate books of account, furnishing separate financial statements of Unrestricted Subsidiaries to creditors and potential creditors thereof and by not
permitting Properties of the Borrower and its respective Restricted Subsidiaries to be commingled) so that each Unrestricted Subsidiary that is a corporation will be treated as a corporate entity separate and distinct from the Borrower and the
Restricted Subsidiaries. 
 (b) will not, and will not permit any of the Restricted Subsidiaries to, incur, assume, guarantee or be or become
liable for any Debt of any of the Unrestricted Subsidiaries. 
 (c) will not permit any Unrestricted Subsidiary to hold any Equity Interest
in, or any Debt of the Parent Group or any Restricted Subsidiary. 
 Section 8.18 Post-Closing Covenants. To the extent not delivered on or prior to the Effective Date, the Borrower will, or will cause the applicable Restricted Subsidiary to, perform each of the covenants described on Schedule 8.18 that
are required to be performed by such Person, on or before the date specified for such covenant in Schedule 8.18 (or such later date as the Administrative Agent may agree in its sole discretion). 

  
 111 

 Section 8.19 Collateral for Permitted Secured Term Debt. In the event that the
Parent or any Restricted Subsidiary grants a Lien on any Property to secure any Permitted Secured Term Debt that is not already subject to the terms of any then-existing Security Instrument, the Parent and the Borrower will, and will cause any such
Restricted Subsidiary to, also grant to the Administrative Agent to secure the Indebtedness, a first-priority or pari passu Lien, as applicable, on the same Property, pursuant to a joinder or supplement to the applicable then-existing Security
Instruments, or a new Security Instrument that is on terms substantially similar to those of the same type entered into on the Effective Date (or, as otherwise agreed by Borrower and the Administrative Agent). The Parent and the Borrower will cause
any Subsidiary and any other Person guaranteeing any Permitted Secured Term Debt that is not already a Guarantor to contemporaneously guarantee the Indebtedness pursuant to a supplement to the Guaranty and Security Agreement. 

ARTICLE IX 
 NEGATIVE
COVENANTS 
 Until Payment in Full has occurred, each member of the Parent Group covenants and agrees with the Lenders that: 

Section 9.01 Financial Covenants. 

(a) Current Ratio. The Parent Group will not permit, as of the last day of any fiscal quarter (commencing with the fiscal quarter ending
December 31, 2022), the ratio of (i) consolidated current assets (including the unused amount of the total Commitments, but excluding non-cash assets under ASC 815) of the Parent and the Consolidated
Restricted Subsidiaries (“Current Assets”) to (ii) consolidated current liabilities (excluding non-cash obligations under ASC 815 and current maturities under this Agreement) of the
Parent and the Consolidated Restricted Subsidiaries (“Current Liabilities”, and such ratio, the “Current Ratio”), to be less than 1.0 to 1.0. 

(b) Ratio of Total Net Debt to EBITDAX. The Parent Group will not, as of the last day of any Test Period (commencing with the Test
Period ending December 31, 2022), permit the ratio of Total Net Debt as of such date to EBITDAX, in each case for the Parent and the Consolidated Restricted Subsidiaries for the Test Period ending on such date (the “Leverage
Ratio”), to be greater than 3.50 to 1.00. 
 Section 9.02 Debt. The Parent Group will not, and will not permit any
Restricted Subsidiary to, incur, create, assume or suffer to exist any Debt, except: 
 (a) the Notes or other Indebtedness or any guaranty
of or suretyship arrangement for the Notes or other Indebtedness. 
 (b) Debt existing on the date hereof that is reflected in the Financial
Statements or in Schedule 9.02. 
 (c) Permitted Pari Term Loan Debt and/or Permitted Junior Lien Term Loan Debt, and any
guarantees thereof, incurred on or prior to July 1, 2023, in an aggregate principal amount not to exceed at the time of incurrence thereof the lesser of (i) 100% of the amount of the Aggregate Elected Commitment Amount on such date and
(ii) an amount equal to the difference of (A) the Borrowing Base then in effect on such date minus (B) the Aggregate Elected Commitment Amount on such date, and, in each case, Permitted Refinancing Debt in respect thereof. 

  
 112 

 (d) Purchase Money Debt and Debt under Capital Leases not to exceed $50,000,000 at any time
outstanding. 
 (e) Debt in respect of performance bonds, bid bonds, appeal bonds, surety bonds, completion guarantees and similar
obligations (including those incurred to secure health, safety and environmental obligations) and obligations in respect of letters of credit, bank guaranties or instruments related thereto, in each case, not in connection with money borrowed and
provided in the ordinary course of business or consistent with past practice in connection with the operation of the Oil and Gas Properties. 

(f) intercompany Debt between or among the Restricted Parties to the extent permitted by Section 9.05;
provided that (i) such Debt is not held, assigned, transferred, negotiated or pledged to any Person other than the Parent Group or one of its Wholly-Owned Subsidiaries or to secure the Indebtedness and any other Permitted Secured Term Debt
permitted hereunder and (ii) any such Debt owed by a Credit Party shall be (A) subordinated to the Indebtedness on terms set forth in the Intercompany Subordination Agreement and (B) shall not have any scheduled amortization prior to
the date that is one (1) year after the earlier of (x) the Latest Maturity Date and (y) Payment in Full. 
 (g)
endorsements of negotiable instruments for collection in the ordinary course of business. 
 (h) other Debt not to exceed $50,000,000 in the
aggregate at any one time outstanding. 
 (i) (i) the Existing Senior Notes and any guarantees thereof, (ii) any additional Senior
Notes of the Parent, the Borrower and/or Finance Co and any guarantees thereof and (iii) any unsecured Permitted Refinancing Debt with respect to any such Debt described under clause (i) or (ii) hereof and any
guarantees thereof; provided that no such Debt contemplated by clause (ii) or (iii) hereof shall be permitted unless, at the time of the incurrence or issuance thereof, (A) the Borrower shall have complied with
Section 8.01(p), (B) (x) no Default has occurred and is then continuing and (y) after giving effect to the incurrence of such Senior Notes or Permitted Refinancing Debt (and any concurrent repayment of Debt with
the proceeds of such incurrence, if any), no Default would result from the incurrence of such Senior Notes or Permitted Refinancing Debt, (C) the Borrower shall be in compliance with Section 9.01(b), in each case calculated on a Pro Forma
Basis after giving effect to such Debt incurrence, (D) the Borrowing Base shall be adjusted to the extent required by Section 2.07(e) and prepayment is made to the extent required by Section 3.04(c)(iii), and no
Borrowing Base Deficiency would then exist after giving effect to such adjustment and prepayment, (E) such Senior Notes or Permitted Refinancing Debt, as applicable, do not have any scheduled principal amortization prior to the date which is
one year after the Latest Maturity Date, (F) such Senior Notes or Permitted Refinancing Debt do not mature sooner than the date which is one year after the Latest Maturity Date, (G) such Senior Notes or

  
 113 

 
Permitted Refinancing Debt and any guarantees thereof are on terms, taken as a whole, at least as favorable to the Borrower and the Guarantors as market terms for issuers of similar size and
credit quality given the then prevailing market conditions as determined by the Borrower in good faith, (H) such Senior Notes or Permitted Refinancing Debt do not have any mandatory prepayment or redemption provisions which would require a
mandatory prepayment or redemption in priority to the Indebtedness (other than customary change of control or asset sale tender offer provisions (provided that, in case of an asset sale tender offer, amounts are permitted to be applied first
to the Indebtedness)); provided that if such Senior Notes are issued to finance all or a portion of a direct or indirect acquisition of Oil and Gas Properties, such Senior Notes may contain mandatory prepayment or redemption provisions
providing for the repayment or redemption of such Senior Notes in the event that such acquisition is not consummated by a certain date in an amount not to exceed the principal amount of such Senior Notes and any accrued interest thereon through the
prepayment or redemption date, (I) neither the Parent nor any Subsidiary of the Parent (other than the Borrower or a Guarantor or a Person who becomes a Guarantor in connection therewith) is an obligor under such Debt, (J) if such Debt is
senior subordinated or subordinated Debt, the terms of such Debt provide for customary subordination of such Debt to the Indebtedness and (K) no such Debt shall be secured by any Lien on any Property. 

(j) Debt constituting Investments permitted by Section 9.05 (other than Section 9.05(l)).

 (k) Debt under Swap Agreements permitted pursuant to Section 9.18. 

(l) Debt owed to insurance companies for premiums on policies required by Section 8.06. 

(m) Debt in respect of netting services, automatic clearing house arrangements, employees’ credit or purchase cards, overdraft protections
and similar arrangements. 
 (n) (i) Debt of a Person or Debt attaching to the assets of a Person that, in either case, becomes a
Restricted Subsidiary (or is a Restricted Subsidiary that survives a merger with such Person or any of its Subsidiaries) or Debt attaching to the assets that are acquired by the Borrower or any Restricted Subsidiary, in each case, after the
Effective Date as the result of an Investment permitted under Section 9.05; provided that: 
 (A) such Debt existed at
the time such Person became a Restricted Subsidiary or at the time such assets were acquired and, in each case, was not created in anticipation thereof; 

(B) such Debt is not guaranteed in any respect by the Borrower or any other Restricted Subsidiary; 

(C) (1) the Equity Interests of such Person are pledged to the Administrative Agent to the extent required under
Section 8.13 and (2) such Person executes a supplement to the Guaranty and Security Agreement, to the extent required under Section 8.13; 

  
 114 

 (D) the property acquired shall not constitute Borrowing Base Properties
(and any Person acquired in such Investment (or any Restricted Subsidiary that survives a merger with such Person or any of its Subsidiaries) shall not own or hold any Borrowing Base Properties); and 

(E) immediately after giving effect to the assumption of any such Debt, such acquisition and any related transactions, the
Borrower shall be in compliance with Section 9.01(b) on Pro Forma Basis; and 
 (ii) any Permitted Refinancing Debt
issued or incurred to refinance such Debt, so long as such Permitted Refinancing Debt is not guaranteed in any respect by the Borrower or any other Restricted Subsidiary. 

(o) all premiums (if any), interest (including post-position interest), fees, expenses, charges, and additional or contingent interest on
obligations described in clauses (a) through (n) above. 
 Section 9.03 Liens. The Parent Group will not, and will not
permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on any of its Properties (now owned or hereafter acquired), except: 

(a) Liens securing the payment of any Indebtedness. 

(b) Excepted Liens. 
 (c) Liens
securing Purchase Money Debt or Capital Leases permitted by Section 9.02 but only on the Property under lease or acquired, constructed or improved with such Debt. 

(d) Liens securing intercompany Debt under Section 9.02(f), provided that such Liens on the assets of any
Credit Party are subordinated to the Liens securing the Indebtedness in accordance with the terms of the Intercompany Subordination Agreement. 

(e) other Liens on Property not constituting Borrowing Base Properties; provided that the aggregate principal or face amount of all Debt
secured under this Section 9.03(e) shall not exceed $50,000,000 at any time. 
 (f) Liens solely on any cash
earnest money deposits made by the Parent or any of the Restricted Subsidiaries in connection with any letter of intent or purchase agreement in connection with an acquisition or an Investment that is not prohibited by
Section 9.05. 
 (g) Liens on insurance policies and the proceeds thereof securing the financing of the premiums
with respect thereto. 
 (h) Liens existing on the date hereof and listed on Schedule 9.03. 

  
 115 

 (i) Liens on the Collateral securing Permitted Secured Term Debt and Permitted Refinancing
Debt and any guarantees thereof, in each case permitted to be incurred pursuant to Section 9.02(c); provided, however that such Liens are granted in compliance with Section 8.19 and are either (i) subordinated to the Liens
securing the Indebtedness pursuant to a Junior Lien Intercreditor Agreement or (ii) pari passu with the Liens securing the Indebtedness pursuant to a Pari Passu Intercreditor Agreement, as applicable. 

(j) Liens securing Debt permitted under Section 9.02(n); provided that (i) the aggregate principal amount of all Debt secured
by such Liens shall not exceed $50,000,000 at any time, (ii) such Liens existed at the time the applicable Investment was made and, in each case, were not created in anticipation of such Investment, (iii) such Liens attach at all times
only to (A) the assets so acquired, (B) after acquired property that is affixed or incorporated into such assets and (C) the proceeds and products thereof and (iv) such Liens do not attach to any other Property of the Parent
Group or any Restricted Subsidiaries. 
 Section 9.04 Dividends, Distributions and Redemptions; Repayment of Senior Notes and
Amendment to Terms of Senior Notes. 
 (a) Restricted Payments. The Parent Group will not, and will not permit any Restricted
Subsidiary to, declare or make, directly or indirectly, any Restricted Payment, return any capital or make any distribution of its Property to its Equity Interest holders, except: 

(i) the Parent and OP LLC may declare and pay dividends with respect to its Equity Interests payable solely in additional
shares of its Equity Interests (other than Disqualified Capital Stock), 
 (ii) Subsidiaries of the Parent may declare and
pay dividends ratably with respect to their Equity Interests, 
 (iii) the Parent and OP LLC may make Restricted Payments
pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Borrower and its Subsidiaries, 

(iv) the Parent Group may make payments to former employees in connection with the termination of such former employee’s
employment in an aggregate amount not to exceed $750,000 in any calendar year for the purpose of repurchasing Equity Interests in any member of the Parent Group, as applicable, issued to such former employee pursuant to stock option plans or other
benefit plans for management or employees of the Parent and its Subsidiaries, 
 (v) any Credit Party may pay the purchase
price for any Permitted Bond Hedge Transaction(s), 
 (vi) the Parent may pay cash and/or deliver common stock upon the
settlement, termination or redemption of any Permitted Warrant Transaction(s), 
 (vii) the Parent may pay cash and/or
deliver common stock in satisfaction of the Parent’s obligations in respect of the Convertible Notes whether upon conversion of such securities, upon the occurrence of a change of control (or similar event, however so defined by the terms of
such securities) or other customary mandatory prepayment or redemption event permitted by Section 9.04(b)(i), upon repurchase of such securities pursuant to a Redemption thereof otherwise permitted by this Agreement or at
maturity of such securities, 

  
 116 

 (viii) each member of the Parent Group shall be permitted to make other
Restricted Payments provided that (A) no Default or Event of Default is continuing or would result therefrom, (B) the Leverage Ratio, calculated on a Pro Forma Basis, is less than 3.0 to 1.0 and (C) the Available Commitment after
giving effect thereto is not less than 20% of the total Commitments then in effect, and 
 (ix) the Credit Parties may make
the Ohm Special Dividend (as defined in the Merger Agreement) pursuant to and in accordance with the Merger Agreement. 
 (b) Repayment of
Permitted Debt; Amendment to Terms of Permitted Debt. The Parent Group will not, and will not permit any Restricted Subsidiary to, prior to the date that is ninety-one (91) days after the Maturity
Date: 
 (i) call, make or offer to make any optional or voluntary Redemption of or otherwise optionally or voluntarily
Redeem (whether in whole or in part) any Permitted Debt; provided that: 
 (A) the Parent may Redeem Permitted Debt in
one or more transactions in an aggregate amount not to exceed the net cash proceeds of any sale of Equity Interests (other than Disqualified Capital Stock) of the Parent to the extent that (x) such Redemption is consummated within one hundred
eighty (180) days of the consummation of such sale of Equity Interests and (y) after giving effect to such Redemption, no Default, Event of Default or Borrowing Base Deficiency shall have occurred and be continuing, 

(B) the Parent may Redeem Permitted Debt with the proceeds of any Permitted Refinancing Debt substantially concurrently with
the incurrence of such Permitted Refinancing Debt, and 
 (C) the Parent, the Borrower and/or Finance Co may Redeem any
Permitted Debt so long as at the time of such Redemption, (1) no Default or Event of Default is continuing or would result therefrom, (2) the Leverage Ratio, calculated on a Pro Forma Basis, is less than 3.0 to 1.0 and (3) the
Available Commitment after giving effect thereto is not less than 20% of the total Commitments then in effect; 
 (ii) call,
make or offer to make any mandatory Redemption of any Permitted Pari Term Loan Debt (A) of the type described in clause (e)(iii) of the definition of Permitted Pari Term Loan Debt, unless, at the time of such Redemption, (1) no Event of
Default is continuing or would result therefrom and (2) the Available Commitment after giving effect thereto is not less than 20% of the total Commitments then in effect; or (B) of the type described in clause (e)(iv) of the definition of
Permitted Pari Term Loan Debt, unless, at the time of such Redemption, (1) no Event of Default is continuing or would result therefrom, (2) the Leverage Ratio, calculated on a Pro Forma Basis, is less than 3.0 to 1.0 and (3) the
Available Commitment after giving effect thereto is not less than 20% of the total Commitments then in effect; 

  
 117 

 (iii) amend, modify, waive or otherwise change, consent or agree to any
amendment, modification, waiver or other change to, any of the terms of the Senior Notes or the Senior Notes Documents or the terms of any Permitted Refinancing Debt with respect thereto and the agreements governing any Permitted Refinancing Debt
with respect thereto or the terms of the Convertible Notes or the Convertible Notes Indenture if (A) the effect thereof would be to shorten its maturity or average life or increase the amount of any payment of principal thereof or increase the
rate or shorten any period for payment of interest thereon or (B) such action requires the payment of a consent fee (howsoever described), provided that the foregoing shall not prohibit the execution of supplemental indentures associated
with the incurrence of additional Senior Notes, Convertible Notes or Permitted Refinancing Debt with respect thereto to the extent permitted by Section 9.02 or the execution of supplemental indentures to add guarantors if
required by the terms of any Senior Notes Documents, any Convertible Notes Indenture or any agreement governing any Permitted Refinancing Debt provided such Person complies with Section 8.13(b); 

(iv) with respect to any Permitted Debt that is subordinated to the Indebtedness or any other Debt, designate any such
Permitted Debt (other than obligations of the Borrower and the Restricted Subsidiaries pursuant to the Loan Documents and other than any Permitted Pari Term Loan Debt) as “Specified Senior Indebtedness” or “Specified Guarantor Senior
Indebtedness” or give any such other Permitted Debt any other similar designation for the purposes of any Senior Notes Documents, Convertible Notes Indenture, Permitted Secured Loan Documents or any agreement governing any Permitted Refinancing
Debt with respect thereto that is subordinated to the Indebtedness or any other Debt; or 
 (v) amend, modify, waive or
otherwise change, consent or agree to any amendment, modification, waiver or other change to, any of the terms of any Permitted Secured Loan Document (i) if the effect thereof would be to cause the Borrower to violate the terms of
Section 9.02(c) or Section 9.03(i) or (ii) if any such amendment, modification, waiver or other change would be prohibited by the applicable Intercreditor Agreement. 

Section 9.05 Investments, Loans and Advances. The Parent Group will not, and will not permit any Restricted Subsidiary to, make or
permit to remain outstanding, any Investments in or to any Person, except that the foregoing restrictions shall not apply to: 
 (a)
Investments made prior to the Effective Date reflected in the Financial Statements or which are disclosed to the Lenders in Schedule 9.05. 

(b) accounts receivable arising in the ordinary course of business. 

(c) direct obligations of the United States or any agency thereof, or obligations guaranteed by the United States or any agency thereof, in
each case maturing within one year from the date of creation thereof. 

  
 118 

 (d) commercial paper maturing within one year from the date of creation thereof rated in the
highest grade by S&P or Moody’s. 
 (e) deposits maturing within one year from the date of creation thereof with, including
certificates of deposit issued by, any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, has capital, surplus and undivided profits
aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or
Moody’s, respectively. 
 (f) deposits in money market funds investing exclusively in Investments described in
Section 9.05(c), Section 9.05(d) or Section 9.05(e). 
 (g) Investments (i) made by any Credit Party in
or to any other Credit Party (or any Person that will, upon making such Investment, become a Guarantor) or (ii) made by any Restricted Party that is not a Credit Party in or to any other Restricted Party. 

(h) subject to the limits in Section 9.06, Investments (including, without limitation, capital contributions) in
general or limited partnerships or other types of entities (each a “venture”) entered into by the Borrower or a Restricted Subsidiary with others in the ordinary course of business; provided that (i) any such venture is
engaged exclusively in oil and gas exploration, development, production, processing and related activities, including transportation, (ii) the interest in such venture is acquired in the ordinary course of business and on fair and reasonable
terms and (iii) such venture interests acquired and capital contributions made (valued as of the date such interest was acquired or the contribution made) do not exceed, in the aggregate at any time outstanding an amount equal to $30,000,000.

 (i) subject to the limits in Section 9.06, Investments in direct ownership interests in additional Oil and Gas
Properties and gas gathering systems related thereto or related to farm-out, farm-in, participation agreements, joint operating, joint venture or area of mutual interest
agreements, gathering systems, pipelines or other similar arrangements which are usual and customary in the oil and gas exploration and production business located within the geographic boundaries of the United States of America. 

(j) loans or advances to employees, officers or directors in the ordinary course of business of the Borrower or any Restricted Subsidiary, in
each case only as permitted by applicable law, including Section 402 of the Sarbanes Oxley Act of 2002, but in any event not to exceed $5,000,000 in the aggregate at any time. 

(k) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted under this
Section 9.05 owing to any Restricted Party as a result of a bankruptcy or other insolvency proceeding of the obligor in respect of such debts or upon the enforcement of any Lien in favor of any Restricted Party. 

(l) guarantees of Debt permitted by Section 9.02(a), (h) or (i). 

  
 119 

 (m) Investments in Crestwood Common Units acquired by the Credit Parties as a result of the
Crestwood Merger. 
 (n) Investments made by the Credit Parties in any Unrestricted Subsidiaries or any Restricted Subsidiaries that are not
then Credit Parties in an aggregate amount not to exceed $60,000,000 at any time; provided that, (1) the Borrower shall be in compliance with the covenants contained in Section 9.01 on a Pro Forma Basis after
giving effect to such Investment and (2) after giving effect to such Investment, (x) no Default or Event of Default shall have occurred and be continuing and (y) the Available Commitment after giving effect thereto is not less than
15% of the total Commitments then in effect. 
 (o) to the extent constituting an Investment, Swap Agreements permitted under
Section 9.18 and guarantees thereof. 
 (p) Investments held by a Person acquired (including by way of merger,
amalgamation or consolidation) after the Effective Date otherwise in accordance with this Section 9.05 to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger,
amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation. 
 (q) deposits
of cash and / or cash equivalents permitted by Section 9.03(f) in connection with any letter of intent or purchase agreement in connection with an acquisition or an Investment that is not prohibited by this
Section 9.05. 
 (r) additional Investments at any time outstanding that do not exceed $100,000,000 in the
aggregate, so long as after giving effect to such Investment, (i) no Default or Event of Default shall have occurred and be continuing, (ii) the Available Commitment is not less than 20% of the total Commitments then in effect and
(iii) the Leverage Ratio, calculated on a Pro Forma Basis, is less than 3.0 to 1.0. 
 (s) Investments constituting non-cash proceeds of Dispositions of assets to the extent permitted by Section 9.12. 

(t) Investments made on or prior to the Effective Date pursuant to the Merger Agreement. 

(u) any Investment constituting a Disposition or transfer of any asset between or among the Borrower and/or its Restricted Subsidiaries as a
substantially concurrent interim Disposition or transfer in connection with an Investment otherwise permitted pursuant to clauses (a) through (t) above or in connection with a transaction permitted by
Section 9.11 or in connection with a Disposition permitted pursuant to Section 9.12. 

Section 9.06 Nature of Business; International Operations. The Parent Group will not, and will not permit any Restricted
Subsidiary to, allow any material change to be made in the character of its business as an independent oil and gas exploration and production company. From and after the date hereof, the Borrower and the Domestic Subsidiaries will not acquire or
make any other expenditure (whether such expenditure is capital, operating or otherwise) in or related to, any Oil and Gas Properties not located within the geographical boundaries of the United States. 

  
 120 

 Section 9.07 Proceeds of Loans. The Borrower will not permit the proceeds of the
Loans to be used for any purpose other than those permitted by Section 7.21. Neither the Borrower nor any Person acting on behalf of the Borrower has taken or will take any action which might cause any of the Loan Documents
to violate Regulations T, U or X or any other regulation of the Board or to violate Section 7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereinafter be in
effect. If requested by the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form U-1 or
such other form referred to in Regulation U, Regulation T or Regulation X of the Board, as the case may be. 
 Section 9.08
Designation and Conversion of Restricted and Unrestricted Subsidiaries. 
 (a) Unless designated as an Unrestricted Subsidiary on
Schedule 7.14 as of the date hereof or otherwise in compliance with this Section 9.08 for any designation after the date hereof, assuming compliance with Section 9.08(b),
any Person that becomes a Subsidiary of the Parent or any of its Restricted Subsidiaries shall be classified as a Restricted Subsidiary. 

(b) The Borrower may designate (on behalf of itself or the Person that owns the Equity Interests of the applicable Subsidiary) by written
notification thereof to the Administrative Agent, any Restricted Subsidiary, including a newly formed or newly acquired Subsidiary, as an Unrestricted Subsidiary if (i) prior, and after giving effect, to such designation, neither a Default nor
a Borrowing Base Deficiency would exist, and (ii) such designation is deemed to be an Investment in an Unrestricted Subsidiary in an amount equal to the fair market value as of the date of such designation of the Parent’s direct and
indirect ownership interest in such Subsidiary and such Investment would be permitted to be made at the time of such designation under Section 9.05. Except as provided in this Section 9.08(b), no
Restricted Subsidiary may be redesignated as an Unrestricted Subsidiary. 
 (c) The Borrower may designate any Unrestricted Subsidiary to be
a Restricted Subsidiary if after giving effect to such designation, (i) the representations and warranties of the Parent Group and their respective Restricted Subsidiaries contained in each of the Loan Documents are true and correct in all
material respects on and as of such date as if made on and as of the date of such redesignation (or, if stated to have been made expressly as of an earlier date, were true and correct in all material respects (or, if already qualified by
materiality, Material Adverse Effect or a similar qualification, true and correct in all respects) as of such date), (ii) no Default would exist, and (iii) the Borrower complies with the requirements of
Section 8.13, Section 8.17 and Section 9.15. Any such designation shall be treated as a cash dividend in an amount equal to the lesser of the fair market value of the
Parent’s direct and indirect ownership interest in such Subsidiary or the amount of the Borrower’s cash investment previously made for purposes of the limitation on Investments under Section 9.05. 

Section 9.09 ERISA Compliance. Except as would not reasonably be expected to result in a liability to the Borrower or any of its
Subsidiaries in excess of $75,000,000, individually or in the aggregate, with respect to each of the subsections of this Section 9.09 or in the aggregate, the Borrower will not, and will not permit any of its Subsidiaries
to, at any time: 

  
 121 

 (a) engage in, or permit any ERISA Affiliate to engage in, any transaction in connection
with which the Borrower, a Subsidiary or any ERISA Affiliate could be subjected to either a civil penalty assessed pursuant to subsections (c), (i), (l) or (m) of section 502 of ERISA or a tax imposed by Chapter 43 of Subtitle D
of the Code; 
 (b) fail to make, or permit any ERISA Affiliate to fail to make, full payment when due of all amounts which, under the
provisions of any Plan or Multiemployer Plan, agreement relating thereto or applicable law, the Borrower, a Subsidiary or any ERISA Affiliate is required to pay as contributions thereto; or 

(c) contribute to or assume an obligation to contribute to, or permit any ERISA Affiliate to contribute to or assume an obligation to
contribute to, (i) any employee welfare benefit plan, as defined in section 3(1) of ERISA, that provides benefits to former employees of such entities, other than continuation coverage under section 4980B of the Code, that may not be
terminated by the applicable plan sponsor in its sole discretion at any time without any material liability, other than the payment of claims incurred as of the date of such termination pursuant to the terms of such plan and the requirements of
applicable law or (ii) any employee pension benefit plan, as defined in section 3(2) of ERISA, that is subject to Title IV of ERISA, section 302 of ERISA or section 412 of the Code. 

Section 9.10 Sale or Discount of Receivables. Except for receivables obtained by the Borrower or any Restricted Subsidiary out of
the ordinary course of business or the settlement of joint interest billing accounts in the ordinary course of business or discounts granted to settle collection of accounts receivable or the sale of defaulted accounts arising in the ordinary course
of business in connection with the compromise or collection thereof and not in connection with any financing transaction, the Parent Group will not, and will not permit any Restricted Subsidiary to, discount or sell (with or without recourse) any of
its notes receivable or accounts receivable. 
 Section 9.11 Mergers, Etc. The Parent Group will not, and will not permit any
Restricted Subsidiary to, merge into or with or consolidate with any other Person, or sell, lease or otherwise dispose of (whether in one transaction or in a series of transactions and including by division of such Person) all or substantially all
of its Property to any other Person (including by division of such Person), except that: 
 (a) any Restricted Subsidiary (other than the
Borrower) may merge with the Borrower (provided that the Borrower shall be the continuing or surviving entity in any such transaction) or any other Restricted Subsidiary (provided that a Subsidiary Guarantor shall be the continuing or
surviving entity in any such transaction involving a Subsidiary Guarantor), and any Restricted Subsidiary may divide so long as each Person created as a result of such division becomes a Guarantor in accordance with
Section 8.13 if such Restricted Subsidiary was a Guarantor at the time of such division; 
 (b) any member of the
Parent Group may merge with any Restricted Subsidiary so long as any member of the Parent Group is the survivor (provided that the Borrower shall be the continuing or surviving entity in any such transaction involving the Borrower); 

  
 122 

 (c) any Restricted Subsidiary may consummate any merger, consolidation or sale the purpose
of which is to effect (i) a sale permitted pursuant to Section 9.12 or (ii) an Investment permitted pursuant to Section 9.05 (in each case of clause (ii), so long as the continuing or
surviving Person is a Restricted Subsidiary, which together with each of its Restricted Subsidiaries, shall be in compliance with the requirements of Section 8.13 without giving effect to any times for compliance set forth therein;
provided that if a Subsidiary Guarantor is party to such merger or consolidation and is not the continuing or surviving Person in such merger or consolidation, the surviving Person shall become a Subsidiary Guarantor in compliance with the
requirements of Section 8.13 without giving effect to any times for compliance set forth therein);(d) any Restricted Subsidiary (other than the Borrower) may consummate a merger with a newly-formed shell entity, the sole purpose of which is to
reincorporate or reorganize in another jurisdiction in the United States, so long as (i) the continuing or surviving Person is a Restricted Subsidiary, which together with each of its Restricted Subsidiaries, shall be in compliance with the
requirements of Section 8.13 without giving effect to any times for compliance set forth therein; provided that if a Subsidiary Guarantor is party to such merger and is not the continuing or surviving Person in such merger, the surviving
Person shall be in compliance with the requirements of Section 8.13 without giving effect to any times for compliance set forth therein, (ii) the Administrative Agent shall have provided its prior written consent to such merger and
(iii) such Person delivers any applicable information requested by the Administrative Agent or any Lender under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act; and 

(e) the consummation of the Merger Transactions on or prior to the Effective Date shall not prohibited under this
Section 9.11. 
 In no event shall any member of the Parent Group divide itself pursuant to Section 18-217 of
the Delaware Limited Liability Company Act (or any corresponding provision of any successor statute thereof). 
 Section 9.12 Sale
of Properties and Liquidation of Swap Agreements. The Parent Group will not, and will not permit any Restricted Subsidiary to, Dispose of any Property (including any transfer that is effected through the division of a Person) or to Liquidate any
Swap Agreement in respect of commodities, except for: 
 (a) the sale of Hydrocarbons or Investments permitted under
Section 9.05(c), (d), (e) or (f) in the ordinary course of business; 
 (b) farmouts in
the ordinary course of business of undeveloped acreage or undrilled depths and assignments in connection with such farmouts; 
 (c) the
Disposition of equipment that is no longer necessary for the business of the Borrower or such Restricted Subsidiary or is replaced by equipment of at least comparable value and use; 

(d) the Disposition (including Casualty Events) of any Oil and Gas Property constituting Proved Reserves or any interest therein or any
Restricted Subsidiary owning Oil and Gas Properties constituting Proved Reserves, or the Liquidation of any Swap Agreement in respect of commodities; provided that: 

  
 123 

 (i) 75% of the consideration or settlement proceeds received in respect of
such Disposition or the Liquidation of any Swap Agreement in respect of commodities shall be cash (it being understood and agreed that any Liquidation of any Swap Agreement with respect to which the Borrower or such Restricted Subsidiary, as
applicable, is “out-of-the-money” shall be permitted only to the extent set forth in clause (B) below);
provided that (A) in the case of the Disposition of Oil and Gas Properties, the consideration for such Disposition may be newly acquired Oil and Gas Properties so long as the aggregate value (as set forth in the most recently delivered
Reserve Report) of all Oil and Gas Properties exchanged or swapped for newly acquired Oil and Gas Properties since the last Redetermination Date does not exceed five percent (5%) of the Borrowing Base then in effect and (B) notwithstanding the
foregoing, the Borrower and its Restricted Subsidiaries shall be permitted to Liquidate any Swap Agreements with respect to which the Borrower or such Restricted Subsidiary, as applicable, is “out-of-the-money”, so long as (1) no Default or Event of Default is continuing or would result therefrom, (2) the Leverage Ratio, calculated on a
Pro Forma Basis, is less than 3.0 to 1.0 and (3) the Available Commitment after giving effect thereto is not less than 20% of the total Commitments then in effect; 

(ii) the consideration or settlement proceeds received in respect of such Disposition or the Liquidation of any Swap Agreement
in respect of commodities shall be equal to or greater than the fair market value of the Oil and Gas Property, interest therein or Restricted Subsidiary subject of such Disposition, or Swap Agreement subject of such Liquidation (as reasonably
determined by a Responsible Officer of the Borrower or by the appropriate governing body of the Parent and/or the Borrower, as applicable); 

(iii) if such Disposition of Oil and Gas Properties constituting Proved Reserves or Restricted Subsidiaries owning Oil and Gas
Properties constituting Proved Reserves, and Swap Agreements Liquidated pursuant to this Section 9.12(d), when aggregated with any other Disposition of Oil and Gas Properties constituting Proved Reserves or Restricted
Subsidiaries owning Oil and Gas Properties constituting Proved Reserves and Swap Agreements Liquidated, in each case pursuant to this Section 9.12(d), since the last Redetermination Date has a Borrowing Base Value
individually or in the aggregate in excess of seven-and-one-half percent (7.5%) of the then effective Borrowing Base (after
taking into account the value (as determined by the Administrative Agent) of Swap Agreements executed since the last Redetermination Date, including those executed substantially concurrently with the taking of any such action), the Borrowing Base
shall be reduced, effective immediately upon such Disposition or Liquidation, by an amount equal to the Borrowing Base Value of such Properties Disposed of, or Swap Agreements in respect of commodities Liquidated, in each case since the last
Redetermination Date; provided that if a Borrowing Base Deficiency would result from such reduction in the Borrowing Base, the Borrower shall make a prepayment to the extent required by, and subject to the terms of,
Section 3.04(c)(iii); and 

  
 124 

 (iv) if any such Disposition is of a Restricted Subsidiary owning Oil and
Gas Properties constituting Proved Reserves, such Disposition shall include all the Equity Interests of such Restricted Subsidiary; 
 (e)
Dispositions of Properties not regulated by Section 9.12(d) having a fair market value not to exceed $50,000,000 during any 12-month period; provided that if any such Disposition is of the Equity Interests of a
Restricted Subsidiary, such Disposition shall include all the Equity Interests of such Restricted Subsidiary; 
 (f) exchanges, swaps or
trades of Oil and Gas Properties not constituting Proved Reserves or other Property not regulated by Section 9.12(d); provided that (i) no Event of Default has occurred and is continuing or would result from
such exchange, swap or trade and (ii) the consideration received in respect of such exchange, swap or trade shall be equal to or greater than the fair market value of the Property (or interest therein) subject of such exchange, swap or trade
(in each case, as reasonably determined by the Borrower); 
 (g) transfers among the Parent and the Restricted Subsidiaries; provided
that (i) the provisions of Section 8.13 are complied with to the extent applicable and (ii) if the transferor is a Credit Party, the transferee shall be a Credit Party (or shall become a Credit Party
contemporaneously with such Transfer); 
 (h) any issuance or sale of the Parent’s Equity Interests on or prior to the Effective Date in
connection with the consummation of the Merger Transactions; 
 (i) any issuance or sale of Equity Interests in, or sale of Debt or other
securities of, an Unrestricted Subsidiary (or a Restricted Subsidiary which owns an Unrestricted Subsidiary, so long as such Restricted Subsidiary owns no assets other than the Equity Interests of such Unrestricted Subsidiary) for fair market value;

 (j) Dispositions of any Crestwood Common Units; and 

(k) Disposition of any asset between or among the Borrower and/or its Restricted Subsidiaries as a substantially concurrent interim Disposition
in connection with a transaction permitted by Section 9.11, or in connection with an Investment otherwise permitted pursuant to Section 9.05 or a Disposition otherwise permitted pursuant to
clauses (a) through (j) above. 
 Section 9.13 Environmental Matters. The Parent Group will not, and will not
permit any of their respective Restricted Subsidiaries to, cause or permit any of its Property to be in violation of, or do anything or permit anything to be done which will reasonably be expected to subject any such Property to any Remedial Work
under any Environmental Laws, assuming disclosure to the applicable Governmental Authority of all relevant facts, conditions and circumstances, if any, pertaining to such Property where such violations or Remedial Work could reasonably be expected
to have a Material Adverse Effect. 

  
 125 

 Section 9.14 Transactions with Affiliates. The Parent Group will not, and will
not permit any Restricted Subsidiary to, enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of Property or the rendering of any service, with any Affiliate (other than the Guarantors and Wholly-Owned
Subsidiaries of the Borrower) unless such transactions are not otherwise in violation of this Agreement and are upon fair and reasonable terms no less favorable to it than it would obtain in a comparable arm’s length transaction with a Person
not an Affiliate; provided that the restrictions set forth in this Section 9.14 shall not apply to: 
 (a)
Investments permitted by any of Section 9.05(j) or (m); 
 (b) any Restricted Payment permitted by
Section 9.04; 
 (c) the consummation of the Transactions; 

(d) employment and severance arrangements and health, disability and similar insurance or benefit plans between the Parent and the Restricted
Subsidiaries and their respective future, current or former directors, officers, employees or consultants (including management and employee benefit plans or agreements, subscription agreements or similar agreements pertaining to the repurchase of
Equity Interests pursuant to put/call rights or similar rights with future, current or former employees, officers, directors or consultants and equity option or incentive plans and other compensation arrangements) in the ordinary course of business
or as otherwise approved by the board of directors of the Parent; 
 (e) transactions permitted by Section 9.11(d) solely for the
purpose of reincorporating in a new jurisdiction; and 
 (f) the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, future, current or former directors, officers, employees and consultants of the Parent and its Restricted Subsidiaries. 

Section 9.15 Subsidiaries. The Parent Group will not, and will not permit any Restricted Subsidiary to, create or acquire
(a) any additional Domestic Subsidiary unless the Borrower complies with Section 8.13(b) or (b) any Foreign Subsidiary. The Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, Dispose
of any Equity Interests in any Subsidiary except in compliance with Section 9.12(d), (e) or (g), as applicable. 

Section 9.16 Negative Pledge Agreements; Dividend Restrictions. The Parent Group will not, and will not permit any Restricted
Subsidiary to, create, incur, assume or suffer to exist any contract, agreement or understanding (other than (a) the Loan Documents, the Permitted Secured Loan Documents or Capital Leases or Purchase Money Debt creating Liens permitted by
Section 9.03, (b) any leases or licenses or similar contracts as they affect any Property or Lien subject to a lease or license, (c) any restriction with respect to a Restricted Subsidiary imposed pursuant to an
agreement entered into for the direct or indirect sale or disposition of all or substantially all the equity or Property of such Restricted Subsidiary (or the Property that is subject to such restriction) pending the closing of such sale or
disposition or (d) customary provisions with respect to the distribution of Property in joint venture agreements) which in any way (i) prohibits or restricts the granting, conveying, creation or imposition of any Lien on any of its
Property constituting Collateral in favor of the Administrative Agent, for the benefit of the Lenders, or (ii) restricts any Restricted Subsidiary from paying dividends or making distributions to the Borrower or any Guarantor, or which requires
the consent of other Persons in connection therewith. 

  
 126 

 Section 9.17 Gas Imbalances, Take-or-Pay or Other Prepayments. The Parent Group will not, and will not permit any Restricted Subsidiary to, allow gas imbalances,
take-or-pay or other prepayments with respect to the Oil and Gas Properties of the Borrower or any Restricted Subsidiary that would require the Borrower or such
Restricted Subsidiary to deliver Hydrocarbons at some future time without then or thereafter receiving full payment therefor to exceed 1.00% of the aggregate annual production of gas from the Oil and Gas Properties of the Borrower and its Restricted
Subsidiaries during the most recent calendar year (on an mcf basis). 
 Section 9.18 Swap Agreements. 

(a) The Parent Group will not, and will not permit any Restricted Subsidiary to, enter into any Swap Agreements with any Person other than
(i) Swap Agreements in respect of commodities (A) with an Approved Counterparty and (B) the notional volumes for which (when aggregated with other commodity Swap Agreements then in effect other than basis differential swaps on volumes
already hedged pursuant to other Swap Agreements) do not exceed, as of the date such Swap Agreement is executed (and for each month during the period during which such Swap Agreement is in effect), for each full calendar month during the
forthcoming sixty (60) consecutive full calendar months following the date of determination, eighty-five percent (85%) of the reasonably anticipated production for each of crude oil and natural gas, calculated separately, in each case, as
such production is projected from the Borrower’s and its Restricted Subsidiaries’ Oil and Gas Properties as set forth on the most recent Reserve Report delivered pursuant to the terms of this Agreement; provided, that (x) the
Borrower may update such projections by providing the Administrative Agent an internal report prepared by or under the supervision of the chief engineer of the Borrower and any additional informational reasonably requested by the Administrative
Agent that is, in each case, reasonably satisfactory to the Administrative Agent (and shall include new reasonably anticipated Hydrocarbon production from new wells or other production improvements and any dispositions, well shut-ins and other reductions of, or decreases to, production) and (y) the Borrower may purchase puts and floors the notional volumes for which exceed the foregoing percentage limitations (but which do not
cause all notional volumes hedged to exceed 100% of the Current Production for any period beyond the last day of the second calendar year following the calendar year in which such puts and/or floors are purchased) (the Swap Agreements described in
this clause (i), the “Ongoing Commodity Hedges”), (ii) Swap Agreements in respect of interest rates with an Approved Counterparty, as follows: (A) Swap Agreements effectively converting interest rates from fixed to
floating, the notional amounts of which (when aggregated with all other Swap Agreements of the Borrower and its Restricted Subsidiaries then in effect effectively converting interest rates from fixed to floating) do not exceed 50% of the then
outstanding principal amount of the Borrower’s Debt for borrowed money which bears interest at a fixed rate and (B) Swap Agreements effectively converting interest rates from floating to fixed, the notional amounts of which (when
aggregated with all other Swap Agreements of the Borrower and its Restricted Subsidiaries then in effect effectively converting interest rates from floating to fixed) do not exceed 75% of the then outstanding principal amount of the Borrower’s
Debt for borrowed money which bears interest at a floating rate, (iii) any Permitted Bond Hedge Transaction(s), and (iv) any Permitted Warrant Transaction. In no event shall any Swap Agreement contain any requirement for the Borrower or
any Restricted Subsidiary to post, during the term of this Agreement, collateral or margin to secure their obligations under such Swap Agreement or to cover market exposures and in no event shall (1) any Swap Agreements in respect of interest
rates have a term beyond 48 months from the date of execution thereof or (2) any Swap Agreements in respect of commodities have a term beyond 60 months from the date of execution thereof. 

  
 127 

 (b) In addition to the Ongoing Commodity Hedges, in connection with a proposed acquisition
or merger permitted hereunder (a “Proposed Acquisition”), the Credit Parties may also enter into Swap Agreements in respect of commodities with an Approved Counterparty, the notional volumes for which do not exceed, as of the date
such Swap Agreement is executed, fifteen percent (15%) of the reasonably anticipated production (without giving effect to the Proposed Acquisition) for each of crude oil and natural gas, calculated separately, as such production is projected
from the Borrower’s and its Restricted Subsidiaries’ Oil and Gas Properties as set forth on the most recent Reserve Report delivered pursuant to the terms of this Agreement (provided, that the Borrower may update such projections by
providing the Administrative Agent an internal report prepared by or under the supervision of the chief engineer of the Borrower and any additional informational reasonably requested by the Administrative Agent that is, in each case, reasonably
satisfactory to the Administrative Agent (and shall include new reasonably anticipated Hydrocarbon production from new wells or other production improvements and any dispositions, well shut-ins and other
reductions of, or decreases to, production); provided further that any such report shall contain updated information solely in respect of Oil and Gas Properties included in the most recent Reserve Report and shall not, for the avoidance of
doubt, contain any information in respect of any Oil and Gas Properties the subject of such Proposed Acquisition), for each month during the period not exceeding 36 months from the date such Swap Agreement is entered into (the “Acquisition
Hedges”), during the period between (I) the date on which the Borrower or any Guarantor signs a definitive acquisition agreement in connection with a Proposed Acquisition and (II) the earliest of (x) the date such Proposed
Acquisition is consummated, (y) the date such Proposed Acquisition is terminated and (z) 90 days after such definitive acquisition agreement was executed (or such longer period as to which the Administrative Agent may agree in its sole
discretion); provided, however, all such Acquisition Hedges entered into with respect to a Proposed Acquisition must be terminated or unwound within 90 days following the date such Proposed Acquisition is terminated (it being
understood, for avoidance of doubt, that the Acquisition Hedges may be permitted as Ongoing Commodity Hedges to the extent such Acquisition Hedges could then be entered into pursuant to Section 9.18(a)). 

(c) Except as permitted by Section 9.12(d), the Parent Group will not, and will not permit any Restricted Subsidiary
to Liquidate, or create any off-setting positions in respect of any hedge position in respect of commodities (whether evidenced by a floor, put or Swap Agreement), without the prior written consent of the
Majority Lenders. 
 Section 9.19 Covenants of Parent and OP LLC. The Parent and OP LLC covenant and agree with the
Administrative Agent and the Lenders that neither the Parent nor OP LLC shall own or lease any Oil and Gas Properties that are included in the Borrowing Base nor be the operator under any operating agreement governing operations thereon. 

Section 9.20 Non-Qualified ECP Guarantors. The Parent Group shall not permit any Credit
Party that is not a Qualified ECP Guarantor to own, at any time, any Oil and Gas Properties or any Equity Interests in any Restricted Subsidiaries. 

  
 128 

 ARTICLE X 

EVENTS OF DEFAULT; REMEDIES 

Section 10.01 Events of Default. One or more of the following events shall constitute an “Event of Default”: 

(a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the
same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof, by acceleration or otherwise. 

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in
Section 10.01(a)) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) Business Days. 

(c) any representation or warranty made or deemed made by or on behalf of the Parent Group or any Subsidiary in or in connection with any Loan
Document or any amendment or modification of any Loan Document or waiver under such Loan Document, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document or any amendment or
modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all
respects). 
 (d) the Parent Group or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement
applicable to it contained in (x) Section 8.01(i), Section 8.01(l), Section 8.02(a), Section 8.03, Section 8.13,
Section 8.18 or in Article IX or (y) Section 5.09 of the Guaranty and Security Agreement. 
 (e)
the Parent Group or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in this Agreement applicable to it (other than those specified in Section 10.01(a),
Section 10.01(b) or Section 10.01(d)) or any other Loan Document, and such failure shall continue unremedied for a period of thirty (30) days after the earlier to occur of (i) notice
thereof from the Administrative Agent to the Borrower (which notice will be given at the request of the Majority Lenders) or (ii) a Responsible Officer of the Borrower or such Restricted Subsidiary otherwise becoming aware of such default. 

(f) Any Credit Party or any Restricted Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in
respect of any Material Indebtedness, when and as the same shall become due and payable and such failure continues beyond any applicable grace period. 

(g) any event or condition (other than customary change of control or asset sale tender offer provisions of any agreement governing any Debt
permitted under Section 9.02 which would require a mandatory prepayment or redemption of the Debt arising thereunder) occurs that results in any Material Indebtedness of the Credit Parties or any Restricted Subsidiary
becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any
Material Indebtedness to become due, or to require the Redemption thereof or any offer to Redeem to be made in respect thereof, prior to its scheduled maturity or require any Credit Party or any Restricted Subsidiary to make an offer in respect
thereof and such event or condition continues beyond any applicable grace period. 

  
 129 

 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed
seeking (i) liquidation, reorganization or other relief in respect of the Parent Group or any Restricted Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership
or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Parent Group or any Restricted Subsidiary or for a substantial part of its assets, and,
in any such case, such proceeding or petition shall continue undismissed for thirty (30) days or an order or decree approving or ordering any of the foregoing shall be entered. 

(i) the Parent Group or any Restricted Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in Section 10.01(h), (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for each member of the Parent Group
or any Restricted Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors
or (vi) take any action for the purpose of effecting any of the foregoing. 
 (j) the Parent Group or any Restricted Subsidiary shall
become unable, admit in writing its inability or fail generally to pay its debts as they become due. 
 (k) (i) one or more judgments
for the payment of money in an aggregate amount in excess of $75,000,000 (to the extent not covered by independent third party insurance provided as to which the insurer does not dispute coverage and is not subject to an insolvency proceeding) or
(ii) any one or more non-monetary judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, shall be rendered against the Parent Group, any
Restricted Subsidiary or any combination thereof and the same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment
creditor to attach or levy upon any assets of the Parent Group or any Restricted Subsidiary to enforce any such judgment. 
 (l) the Loan
Documents after delivery thereof shall for any reason, except to the extent permitted by the terms thereof or as otherwise acceptable to the Administrative Agent in its sole discretion, cease to be in full force and effect and valid, binding and
enforceable in accordance with their terms against the Borrower or a Guarantor or shall be repudiated by any of them, or cease to create a valid and perfected Lien of the priority required thereby on any of the Collateral purported to be covered
thereby with a fair market value greater than $15,000,000, except to the extent permitted by the terms of this Agreement, or the Parent Group or any Restricted Subsidiary or any of their Affiliates shall so state in writing. 

  
 130 

 (m) an ERISA Event shall have occurred that, when taken together with all other ERISA Events
that have occurred, would reasonably be expected to result in liability of the Borrower, its Subsidiaries and the ERISA Affiliates in an aggregate amount in excess of $75,000,000. 

(n) a Change in Control shall occur. 

(o) At any time that any Permitted Secured Term Debt is outstanding, the Junior Lien Intercreditor Agreement or Pari Passau Lien Intercreditor
Agreement, as applicable, with respect thereto shall for any reason, except to the extent permitted by the terms thereof, cease to be in full force and effect and valid, binding and enforceable in accordance with its terms against the Parent Group,
any other Guarantor, the agent for the lenders of such Permitted Secured Term Debt or any other party thereto, or shall be repudiated by any of them, or cease to establish the relative Lien priorities required or purported thereby, or the Parent
Group, any other Guarantor, such agent or any of their respective Affiliates shall so state in writing. 
 Section 10.02
Remedies. 
 (a) In the case of an Event of Default other than one described in Section 10.01(h),
Section 10.01(i) or Section 10.01(j), at any time thereafter during the continuance of such Event of Default, the Administrative Agent may, and at the request of the Majority Lenders, shall, by
notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Notes and the Loans then
outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable,
together with accrued interest thereon and all fees and other obligations of the Borrower and the Guarantors accrued hereunder and under the Notes and the other Loan Documents (including, without limitation, the payment of cash collateral to secure
the LC Exposure as provided in Section 2.08(j)), shall become due and payable immediately, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other notice of any kind, all of
which are hereby waived by the Borrower and each Guarantor; and in case of an Event of Default described in Section 10.01(h), Section 10.01(i) or Section 10.01(j), the
Commitments shall automatically terminate and the Notes and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and the other obligations of the Borrower and the Guarantors accrued hereunder and under the
Notes and the other Loan Documents (including, without limitation, the payment of cash collateral to secure the LC Exposure as provided in Section 2.08(j)), shall automatically become due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrower and each Guarantor. 
 (b) In the case of the
occurrence of an Event of Default, the Administrative Agent and the Lenders will have all other rights and remedies available at law and equity. 

  
 131 

 (c) All proceeds realized from the liquidation or other disposition of Collateral or
otherwise received after maturity of the Notes, whether by acceleration or otherwise, shall be applied: 
 (i) first,
to payment or reimbursement of that portion of the Indebtedness constituting fees, expenses and indemnities payable to the Administrative Agent in its capacity as such; 

(ii) second, pro rata to payment or reimbursement of that portion of the Indebtedness constituting fees, expenses and
indemnities payable to the Lenders; 
 (iii) third, pro rata to payment of accrued interest on the Loans; 

(iv) fourth, pro rata to payment of (A) principal outstanding on the Loans, (B) LC Disbursements that have not
yet been reimbursed by or on behalf of the Borrower at such time and (C) Secured Swap Indebtedness owing to Secured Swap Parties; 

(v) fifth, pro rata to any other Indebtedness owing to the Secured Parties and to cash collateral to be held by the
Administrative Agent to secure the remaining LC Exposure in an amount equal to 102.5% of such remaining LC Exposure; and 

(vi) sixth, any excess, after all of the Indebtedness shall have been indefeasibly paid in full in cash, shall be paid
to the Borrower or as otherwise required by any Governmental Requirement. 
 Notwithstanding the foregoing, amounts received from the
Borrower or any Guarantor that is not an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder shall not be applied to any Excluded Swap Obligations (it being understood, that in the
event that any amount is applied to Indebtedness other than Excluded Swap Obligations as a result of this clause, the Administrative Agent shall make such adjustments as it determines are appropriate to distributions pursuant to clause fourth
above from amounts received from “eligible contract participants” under the Commodity Exchange Act or any regulations promulgated thereunder to ensure, as nearly as possible, that the proportional aggregate recoveries with respect to
Indebtedness described in clause fourth above by the holders of any Excluded Swap Obligations are the same as the proportional aggregate recoveries with respect to other Indebtedness pursuant to clause fourth above). 

ARTICLE XI 
 THE AGENTS

 Section 11.01 Appointment; Powers. Each of the Lenders and the Issuing Bank hereby irrevocably appoints the
Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof and the other Loan Documents, together with
such actions and powers as are reasonably incidental thereto. The provisions of this Article (excluding Section 11.06 and Section 11.10) are solely for the benefit of the Administrative Agent and
the Lenders, and no Credit Party shall have rights as a third-party beneficiary of any of such provisions (other than in respect of Sections 11.01, 11.06 and 11.10). Each of the Lenders, by its execution hereof, authorizes and
directs the Administrative Agent to execute and deliver the Security Instruments, binding the Lenders to the terms thereof. 

  
 132 

 Section 11.02 Duties and Obligations of Administrative Agent. The Administrative
Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties,
regardless of whether a Default has occurred and is continuing (the use of the term “agent” herein and in the other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable law; rather, 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), (b) the Administrative Agent shall have no duty to take any discretionary action or exercise any discretionary powers, except as provided in Section 11.03, and (c) except as expressly set forth herein, the
Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Parent Group or any of its Subsidiaries that is communicated to or obtained by the bank serving as
Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Parent Group or a
Lender, and shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any
certificate, report or other document delivered hereunder or under any other Loan Document or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth
herein or in any other Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, (v) the satisfaction of any condition set
forth in Article VI or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or as to those conditions precedent expressly required to be to the Administrative Agent’s
satisfaction, (vi) the existence, value, perfection or priority of any collateral security or the financial or other condition of the Parent Group and its Subsidiaries or any other obligor or guarantor, or (vii) any failure by the Parent
Group or any other Person (other than itself) to perform any of its obligations hereunder or under any other Loan Document or the performance or observance of any covenants, agreements or other terms or conditions set forth herein or therein. For
purposes of determining compliance with the conditions specified in Article VI, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed closing date specifying its objection thereto. 

The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce,
compliance with the provisions hereof relating to Industry Competitors. Without limiting the generality of the foregoing, the Administrative Agent shall not (x) be obligated to ascertain, monitor or inquire as to whether any Lender or
Participant or prospective Lender or Participant is an Industry Competitor or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any Industry
Competitor. 

  
 133 

 Section 11.03 Action by Administrative Agent. The Administrative Agent shall
have no duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise in writing
as directed by the Majority Lenders, Required Lenders or the Lenders, as applicable, (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02) and in all
cases the Administrative Agent shall be fully justified in failing or refusing to act hereunder or under any other Loan Documents unless it shall (a) receive written instructions from the Majority Lenders, Required Lenders or the Lenders, as
applicable, (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02) specifying the action to be taken and (b) be indemnified to its satisfaction by
the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action. The instructions as aforesaid and any action taken or failure to act pursuant thereto by the Administrative
Agent shall be binding on all of the Lenders. If a Default has occurred and is continuing, then the Administrative Agent shall take such action with respect to such Default as shall be directed by the requisite Lenders in the written instructions
(with indemnities) described in this Section 11.03, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the
Administrative Agent to personal liability or which is contrary to this Agreement, the Loan Documents or applicable law. No Agent shall be liable for any action taken or not taken by it with the consent or at the request of the Majority Lenders,
Required Lenders or the Lenders, as applicable, (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02), and otherwise no Agent shall be liable for any
action taken or not taken by it hereunder or under any other Loan Document or under any other document or instrument referred to or provided for herein or therein or in connection herewith or therewith INCLUDING ITS OWN ORDINARY NEGLIGENCE, except
for its own gross negligence or willful misconduct. 
 Section 11.04 Reliance by Administrative Agent. The Administrative Agent
shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the
proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon and each of the members of the
Parent Group, the Lenders and the Issuing Bank hereby waives the right to dispute the Administrative Agent’s record of such statement, except in the case of gross negligence or willful misconduct by the Administrative Agent. The Administrative
Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts. The Administrative Agent may deem and treat the payee of any Note as the holder thereof for all purposes hereof unless and until a written notice of the assignment or transfer thereof permitted hereunder shall have been filed
with the Administrative Agent. 
 Section 11.05 Subagents. The Administrative Agent may perform any and all its duties and
exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may
perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding Sections of this Article XI shall apply to any such sub-agent and to the Related Parties
of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as
Administrative Agent. 

  
 134 

 Section 11.06 Resignation of Administrative Agent. Subject to the appointment
and acceptance of a successor Administrative Agent as provided in this Section 11.06, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower, and the Administrative Agent
may be removed at any time by the Required Lenders if the Administrative Agent, in its capacity as a Lender, is a Defaulting Lender at such time. Upon any such resignation or removal, the Required Lenders shall have the right, in consultation with
the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation
or removal of the retiring Administrative Agent, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent. Upon the acceptance of its appointment as Administrative Agent
hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s
resignation hereunder, the provisions of this Article XI and Section 12.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Agent. 

Section 11.07 Agents as Lenders. Each bank serving as an Agent hereunder shall have the same rights and powers in its capacity as
a Lender as any other Lender and may exercise the same as though it were not an Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Parent Group or any Subsidiary or
other Affiliate thereof as if it were not an Agent hereunder. 
 Section 11.08 No Reliance. Each Lender acknowledges that it
has, independently and without reliance upon the Administrative Agent, any other Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Agreement and each other Loan Document to which it is a party. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Agent or any other Lender and based on such documents and
information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document, any related agreement or any document furnished hereunder or
thereunder. The Agents shall not be required to keep themselves informed as to the performance or observance by the Borrower or any of its Subsidiaries of this Agreement, the Loan Documents or any other document referred to or provided for herein or
to inspect the Properties or books of the Borrower or its Subsidiaries. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent hereunder, no Agent or the Arranger
shall have any duty or responsibility to provide any Lender with any credit or other information concerning the affairs, financial condition or business of the Borrower (or any of its Affiliates) which may come into the

  
 135 

 
possession of such Agent or any of its Affiliates. In this regard, each Lender acknowledges that Paul Hastings LLP is acting in this transaction as special counsel to the Administrative Agent
only, except to the extent otherwise expressly stated in any legal opinion or any Loan Document. Each other party hereto will consult with its own legal counsel to the extent that it deems necessary in connection with the Loan Documents and the
matters contemplated therein. 
 Section 11.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Borrower or any of its Subsidiaries, the Administrative Agent (irrespective of whether the principal
of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such
proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of
the Loans and all other Indebtedness that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Section 12.03)
allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or other property payable or deliverable on any such claims
and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and,
in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the
Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Section 12.03. 

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan
of reorganization, arrangement, adjustment or composition affecting the Indebtedness or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. 

Section 11.10 Authority of Administrative Agent to Release Collateral and Liens. Each Lender and the Issuing Bank hereby
authorizes the Administrative Agent to (i) release any Collateral or Guarantor that is permitted to be sold or released pursuant to the terms of the Loan Documents and (ii) execute and deliver to the Borrower, at the Borrower’s sole
cost and expense, any and all releases of Liens, termination statements, assignments or other documents reasonably requested by the Borrower in connection with any Disposition of Property or release of a Guarantor to the extent such Disposition or
release of Guarantor is permitted by the terms of Section 9.12 or is otherwise authorized by the terms of the Loan Documents. 

Section 11.11 The Arranger. The Arranger shall have no duties, responsibilities or liabilities under this Agreement. 

  
 136 

 Section 11.12 Erroneous Payments. 

(a) Each Lender and the Issuing Bank hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall
be conclusive absent manifest error) such Lender or the Issuing Bank that the Administrative Agent has determined in its sole discretion that any funds received by such Lender or the Issuing Bank from the Administrative Agent or any of its
Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Lender or the Issuing Bank (whether or not known to such Lender or the Issuing Bank) or (ii) it receives any payment from the
Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment,
(y) that was not preceded or accompanied by a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment or (z) that such Lender or the Issuing Bank otherwise becomes aware was transmitted,
or received, in error or by mistake (in whole or in part) then, in each case an error in payment has been made (any such amounts specified in clause (i) or (ii) of this Section 11.12(a), whether received as a payment,
prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, an “Erroneous Payment”) and the Lender or the Issuing Bank, as the case may be, is deemed to have knowledge of such error at
the time of its receipt of such Erroneous Payment and to the extent permitted by applicable law, such Lender or the Issuing Bank shall not assert any right or claim to the Erroneous Payment, and hereby waives, any claim, counterclaim, defense or
right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including without limitation waiver of any
defense based on “discharge for value” or any similar doctrine. 
 (b) Without limiting the immediately preceding clause
(a), each Lender and the Issuing Bank agrees that, in the case of clause (a)(ii) above, it shall promptly (and, in all events, within one Business Day of its knowledge (or deemed knowledge) of such error) notify the Administrative Agent in
writing of such occurrence and, in the case of either clause (a)(i) or (a)(ii) above upon demand from the Administrative Agent, it shall promptly, but in all events no later than one Business Day thereafter, return to the Administrative Agent the
amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment
(or portion thereof) was received by such Lender or the Issuing Bank to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation from time to time in effect. 
 (c) Each member of the Parent Group
hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) has been demanded by the Administrative Agent pursuant to Section 11.12(b) and has not been recovered from any Lender or the Issuing Bank
that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender or the Issuing Bank with respect to such amount unless and until such amounts are recovered
by the Administrative Agent, (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Indebtedness owed by the Parent Group or any other Credit Party and (z) to the extent that an Erroneous Payment was in

  
 137 

 
any way or at any time credited as payment or satisfaction of any of the Indebtedness, the Indebtedness or any part thereof that was so credited, and all rights of the applicable Lender or the
Issuing Bank (as subrogated by the Administrative Agent pursuant to the terms of clause (x) above), the Administrative Agent or other Secured Party, as the case may be, shall be reinstated and continue in full force and effect as if such
payment or satisfaction had never been received. 
 (d) The Credit Parties’ agreements, and the Administrative Agent’s, the Issuing
Bank’s and each Lender’s obligations, under this Section 11.12 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender,
and Payment in Full. 
 Section 11.13 INTERCREDITOR AGREEMENTS. UPON THE ENTRY OF THE BORROWER OR ANY CREDIT PARTY INTO
ANY AGREEMENT TO BORROW OR ISSUE ANY PERMITTED SECURED TERM DEBT FROM ANY PERSON, EACH LENDER HEREBY (a) INSTRUCTS AND AUTHORIZES THE ADMINISTRATIVE AGENT TO PROMPTLY EXECUTE AND DELIVER THE APPLICABLE INTERCREDITOR AGREEMENT ON ITS BEHALF IN
CONNECTION THEREWITH, (b) AUTHORIZES AND DIRECTS THE ADMINISTRATIVE AGENT TO EXERCISE ALL OF THE ADMINISTRATIVE AGENT’S RIGHTS AND TO COMPLY WITH ALL OF ITS OBLIGATIONS UNDER SUCH INTERCREDITOR AGREEMENT, (c) AGREES THAT THE
ADMINISTRATIVE AGENT MAY TAKE ACTIONS ON ITS BEHALF AS IS CONTEMPLATED BY THE TERMS OF SUCH INTERCREDITOR AGREEMENT AND (d) UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT AT ALL TIMES FOLLOWING THE EXECUTION AND DELIVERY OF SUCH INTERCREDITOR
AGREEMENT, SUCH LENDER (AND EACH OF ITS SUCCESSORS AND ASSIGNS) SHALL BE BOUND BY THE TERMS THEREOF. 
 ARTICLE XII 

MISCELLANEOUS 

Section 12.01 Notices. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to
Section 12.01(b)), 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 facsimile or e-mail, as follows: 
 (i) if to any member of the Parent Group, to it at 1001 Fannin,
Suite 1500, Houston, Texas 77002, Attention of Michael Lou (Facsimile No. (713) 574-1759, e-mail address: mlou@oasispetroleum.com); 

(ii) if to the Administrative Agent, to it at 1000 Louisiana, Suite 900, Houston, Texas, 77002; Attention of Ed Pak (Facsimile
No. (713) 651-8101, e-mail address: Edward.Pak@wellsfargo.com), with a copy to WLS Charlotte Agency Services (Facsimile No.
(704) 590-2782, email address: Donna.Verwold@wellsfargo.com), 1525 W. WT Harris Blvd., Charlotte, NC 28262; 

  
 138 

 (iii) if to Wells Fargo, in its capacity as a Swingline Lender, to it at the
address set forth in clause (ii) above; and 
 (iv) if to any other Lender, to it at its address (or telecopy number)
set forth in its Administrative Questionnaire. 
 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished
by electronic communications (including email and Internet websites) in accordance with Section 8.01 or otherwise pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not
apply to notices pursuant to Article II, Article III, Article IV and Article V unless otherwise agreed by the Administrative Agent and the Issuing Bank or Swingline Lender, as applicable. The Borrower may, in its
discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 (c) Any party hereto may change its address or telecopy 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; provided that (i) notices and other
communications sent to an email shall be deemed received upon the earlier of (x) the date of receipt and (y) the sender’s receipt of an acknowledgment from the intended recipient (such as by the “Return receipt requested”
function, as available, return email or other written acknowledgment); and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the date such item has been posted to (A) a website address
previously identified to the Administrative Agent and the Lenders in accordance with the provisions hereof or (B) the SEC’s EDGAR website, as applicable. 

Section 12.02 Waivers; Amendments. 

(a) No failure on the part of the Administrative Agent, any other Agent, the Issuing Bank or any Lender to exercise and no delay in exercising,
and no course of dealing with respect to, any right, power or privilege, or any abandonment or discontinuance of steps to enforce such right, power or privilege, under any of the Loan Documents shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, power or privilege under any of the Loan Documents preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies of the Administrative Agent, any
other Agent, the Issuing Bank and the Lenders hereunder and under the other Loan Documents 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 any other Loan
Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by Section 12.02(b), and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent,
any other Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. In the case of any waiver, the Borrower, the other Credit Parties, the Lenders and the Administrative Agent shall be restored to their
former positions and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; it being understood that no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereon. 
  

  
 139 

 (b) Neither this Agreement nor any provision hereof nor any other Security Instrument nor
any provision thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Majority Lenders or by the Borrower and the Administrative Agent with the consent of the Majority
Lenders; provided that no such agreement shall (i) increase the Maximum Credit Amount or Elected Commitment of any Lender without the written consent of such Lender (provided that any Lender may increase the amount of its Elected
Commitment without the consent of any other Lender, including the Majority Lenders, in accordance with Section 2.06(c)(i)), (ii) increase the Borrowing Base without the written consent of each Lender, decrease or
maintain the Borrowing Base without the consent of the Required Lenders, or modify Section 2.07 in any manner that results in an increase in the Borrowing Base without the consent of each Lender, (iii) reduce the
principal amount of any Loan or LC Disbursement without the written consent of each Lender affected thereby, (iv) reduce the rate of interest thereon (it being understood that only the consent of the Majority Lenders shall be necessary to waive
any obligation of the Borrower to pay default interest), or reduce, or waive or excuse the payment of, any fees or any other Indebtedness hereunder or under any other Loan Document owed to any Lender, without the written consent of such Lender,
(v) postpone the scheduled date of payment or prepayment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or the scheduled date of any fees or any other Indebtedness payable hereunder or under any other Loan
Document, or reduce the amount of, waive or excuse any such payment (it being understood that only the consent of the Majority Lenders shall be necessary to waive any obligation of the Borrower to pay default interest), or postpone or extend the
Termination Date or amend Section 2.08(c) in a manner that would permit the expiration of any Letter of Credit to occur after the Maturity Date without the written consent of each Lender affected thereby, (vi) change
Section 4.01(b) or Section 4.01(c) or any other term or condition hereof in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender,
(vii) waive or amend Section 3.04(c), Section 6.01, Section 8.13, Section 10.02(c) or Section 12.14 or change the
definition of the terms “Domestic Subsidiary”, “Foreign Subsidiary”, “Material Subsidiary”, “Subsidiary” or “Applicable Percentage”, without the written consent of each Lender (other than any
Defaulting Lender), (viii) release any Guarantor (except as set forth in the Guaranty and Security Agreement or as provided for in Section 11.10), release all or substantially all of the collateral or subordinate the
Liens on all or substantially all of the collateral (in each case other than as provided in Section 11.10), or reduce the percentage set forth in Section 8.13, without the written consent of each
Lender (other than any Defaulting Lender), (ix) subordinate the Indebtedness to any other Debt, without the written consent of each Lender directly affected thereby, (x) lengthen the term of any Extension Period without the written consent of
each Lender (other than any Defaulting Lender) or (xi) change any of the provisions of this Section 12.02(b) or the definitions of “Majority Lenders”, “Required Lenders” or any other provision
hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or under any other Loan Documents or make any determination or grant any consent hereunder or any other Loan Documents, without the written
consent of each Lender; provided, further that (i) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any other Agent, the Swingline Lender or the Issuing

  
 140 

 
Bank hereunder or under any other Loan Document without the prior written consent of the Administrative Agent, such other Agent, the Swingline Lender or the Issuing Bank, as the case may be and
(ii) the consent of Lenders holding more than 50% of any Class of Commitments or Loans shall be required with respect to any amendment that by its terms adversely affects the rights of such Class in respect of payments or Collateral
hereunder in a manner different than such amendment affects other Classes. Notwithstanding the foregoing, any supplement to Schedule 7.14 (Subsidiaries) shall be effective simply by delivering to the Administrative Agent a
supplemental schedule clearly marked as such and, upon receipt, the Administrative Agent will promptly deliver a copy thereof to the Lenders; provided that no redesignation of any Subsidiary as “Restricted” or
“Unrestricted” shall be effective unless such redesignation is in compliance with Section 9.05. Notwithstanding anything herein to the contrary, the Administrative Agent and the Borrower may, without the consent
of any Lender, (u) enter into amendments or modifications to this Agreement or any of the other Loan Documents or enter into additional Loan Documents in order to incorporate any more restrictive terms set forth in any Permitted Pari Term Loan
Debt or Permitted Junior Lien Term Loan Debt (in each case as contemplated by each of the definitions thereof), (v) enter into amendments or modifications to this Agreement or any of the other Loan Documents or enter into additional Loan Documents
in order to implement any Benchmark Replacement or any Conforming Changes or otherwise effectuate the terms of Section 3.02(g) or Section 3.03(c) in accordance with the terms of such section, as
applicable, (w) effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional Property to become Collateral for the benefit of the Secured Parties, or as required by local law to
give effect to, or protect any security interest for the benefit of the Secured Parties, in any Property or so that the security interests therein comply with applicable law and/or this Agreement or in each case to otherwise enhance the rights or
benefits of any Lender under any Loan Document, (x) amend the definitions of “Issuing Bank” and “LC Commitment” to add an Issuing Bank, remove an Issuing Bank or modify the LC Commitment of any Issuing Bank with the consent
solely of the Borrower, the Administrative Agent and such Issuing Bank (and the consent of the Majority Lenders or any other Class of Lenders shall not be required), (y) amend the definitions of “Swingline Lender” and “Swingline
Commitment” to add a Swingline Lender, remove a Swingline Lender or modify the amount of the Swingline Commitment, with the consent solely of the Borrower, the Administrative Agent and the Swingline Lender (and the consent of the Majority
Lenders or any other Class of Lenders shall not be required), and (z) amend this Agreement or any other Loan Document without the consent of the Lenders in order to correct, amend or cure any ambiguity, inconsistency or defect or correct
any typographical error or other manifest error in any Loan Document. In connection with the foregoing provisions, the Administrative Agent may, but shall have no obligation to, with the consent of any Lender, execute amendments, modifications,
waivers or consents on behalf of such Lender whose consent is required hereunder. 
 (c) In connection with the incurrence by the Parent, the
Borrower or any of its Restricted Subsidiaries of Permitted Secured Term Debt, the Administrative Agent and the Borrower (without the consent of any Lender or the Issuing Bank) shall be permitted to enter into any amendments, amendments and
restatements, restatements or waivers of or supplements to or other modifications to any then-existing applicable Intercreditor Agreement (each, an “Intercreditor Agreement Document”), in each case as may be reasonably requested by
the Borrower and agreed by the Administrative Agent; provided that no such Intercreditor Agreement Document shall be adverse, in any material respect, to the interests of the Lenders (as determined

  
 141 

 
by Administrative Agent in its sole discretion). The Lenders and the Issuing Bank hereby authorize the Administrative Agent to take any action contemplated by the preceding sentence, and any such
Intercreditor Agreement Document shall be effective notwithstanding the provisions of Section 12.02. 
 (d)
Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Majority Lenders, the Administrative Agent and the Borrower (i) to add one or more additional credit or debt facilities to
this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Loans and
the Commitments and the accrued interest and fees in respect thereof and (ii) to include appropriately the Lenders holding such credit or debt facilities in any determination of the Majority Lenders, the Required Lenders and Non-Defaulting Lenders on substantially the same basis as the Lenders prior to such inclusion. 

Section 12.03 Expenses, Indemnity; Damage Waiver. 

(a) The Borrower shall pay (i) all reasonable and documented
out-of-pocket expenses incurred by the Administrative Agent and its Affiliates in connection with the preparation, negotiation, syndication and execution of this
Agreement and the other Loan Documents and any amendment, waiver, consent or other modification of the provisions hereof and thereof, and the consummation and administration of the transactions contemplated hereby and thereby, including, without
limitation, the reasonable and documented out-of-pocket fees, charges and disbursements of one firm of primary legal counsel and one firm of local counsel in each
relevant jurisdiction and other reasonably necessary outside consultants for the Administrative Agent, the reasonable and documented travel, photocopy, mailing, courier, telephone and other similar out-of-pocket expenses, and the cost of environmental audits, surveys and appraisals, in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution,
delivery and administration (both before and after the execution hereof and including advice of counsel to the Administrative Agent as to the rights and duties of the Administrative Agent and the Lenders with respect thereto) of this Agreement and
the other Loan Documents and any amendments, modifications or waivers of or consents related to the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all costs, expenses,
Other Taxes, assessments and other charges incurred by any Agent or any Lender in connection with any filing, registration, recording or perfection of any security interest contemplated by this Agreement or any Security Instrument or any other
document referred to therein, (iii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment,
renewal or extension of any Letter of Credit or any demand for payment thereunder, and (iv) all documented out-of-pocket expenses incurred by any Agent, the
Swingline Lender, the Issuing Bank or any Lender, including the reasonable fees, charges and disbursements of one firm of primary legal counsel and one firm of local counsel in any relevant jurisdiction for any Agent, the Swingline Lender, the
Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement or any other Loan Document, including its rights under this Section 12.03, or in connection with
the Loans made or Letters of Credit issued hereunder, including, without limitation, all such out-of-pocket expenses incurred during any workout, restructuring or
negotiations in respect of such Loans or Letters of Credit, except in the case of out-of-pocket expenses described in this clause (iv) to the
extent that Section 12.03(b) expressly provides that the Borrower shall not indemnify such party for such out-of-pocket expenses. 

 

  
 142 

 (b) THE BORROWER SHALL INDEMNIFY EACH AGENT, THE ARRANGER, THE SWINGLINE LENDER, THE ISSUING
BANK AND EACH LENDER, AND EACH RELATED PARTY OF ANY OF THE FOREGOING PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LOSSES, CLAIMS, DAMAGES, LIABILITIES AND
RELATED EXPENSES, INCLUDING THE REASONABLE FEES, CHARGES AND DISBURSEMENTS OF ONE FIRM OF LEGAL COUNSEL FOR ALL INDEMNITEES (AND, IF NECESSARY BY A SINGLE FIRM OF LOCAL COUNSEL IN EACH APPROPRIATE JURISDICTION FOR ALL INDEMNITEES, TAKEN AS A WHOLE
(AND, IN THE CASE OF AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST WHERE THE INDEMNITEES AFFECTED BY SUCH CONFLICT INFORM THE BORROWER OF SUCH CONFLICT, OF ANOTHER FIRM OF COUNSEL FOR SUCH AFFECTED INDEMNITEES)), INCURRED BY OR ASSERTED AGAINST ANY
INDEMNITEE ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF (i) THE EXECUTION OR DELIVERY OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY (OTHER THAN EXPENSES IN CONNECTION WITH
THE EXECUTION AND DELIVERY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS DATED OF EVEN DATE HEREWITH, WHICH EXPENSES SHALL ONLY BE PAID BY THE BORROWER TO THE EXTENT PROVIDED IN SECTION 12.03(A)), (ii) THE PERFORMANCE BY THE PARTIES
HERETO OR THE PARTIES TO ANY OTHER LOAN DOCUMENT OF THEIR RESPECTIVE OBLIGATIONS HEREUNDER OR THEREUNDER OR THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR BY ANY OTHER LOAN DOCUMENT, (iii) THE FAILURE OF THE BORROWER OR ANY
RESTRICTED SUBSIDIARY TO COMPLY WITH THE TERMS OF ANY LOAN DOCUMENT, INCLUDING THIS AGREEMENT, OR WITH ANY GOVERNMENTAL REQUIREMENT, (iv) ANY INACCURACY OF ANY REPRESENTATION OR ANY BREACH OF ANY WARRANTY OR COVENANT OF THE BORROWER OR ANY
GUARANTOR SET FORTH IN ANY OF THE LOAN DOCUMENTS OR ANY INSTRUMENTS, DOCUMENTS OR CERTIFICATIONS DELIVERED IN CONNECTION THEREWITH, (v) ANY LOAN OR LETTER OF CREDIT OR THE USE OF THE PROCEEDS THEREFROM, INCLUDING, WITHOUT LIMITATION, ANY
REFUSAL BY THE ISSUING BANK TO HONOR A DEMAND FOR PAYMENT UNDER A LETTER OF CREDIT IF THE DOCUMENTS PRESENTED IN CONNECTION WITH SUCH DEMAND DO NOT STRICTLY COMPLY WITH THE TERMS OF SUCH LETTER OF CREDIT, OR THE PAYMENT OF A DRAWING UNDER ANY LETTER
OF CREDIT NOTWITHSTANDING THE NON-COMPLIANCE, NON-DELIVERY OR OTHER IMPROPER PRESENTATION OF THE DOCUMENTS PRESENTED IN CONNECTION THEREWITH, (vi) ANY OTHER ASPECT
OF THE LOAN DOCUMENTS, (vii) THE OPERATIONS OF THE BUSINESS OF THE BORROWER AND ITS SUBSIDIARIES BY THE BORROWER AND ITS SUBSIDIARIES, (viii) ANY ASSERTION THAT THE LENDERS WERE NOT ENTITLED TO RECEIVE THE PROCEEDS RECEIVED PURSUANT TO THE
SECURITY INSTRUMENTS, (ix) ANY LIABILITY UNDER ENVIRONMENTAL LAW ARISING OUT OF THE OPERATIONS OF BORROWER OR ANY SUBSIDIARY OR ANY OF THEIR PROPERTIES, INCLUDING WITHOUT LIMITATION, THE PRESENCE,

  
 143 

 
GENERATION, STORAGE, RELEASE, THREATENED RELEASE, USE, TRANSPORT, DISPOSAL, ARRANGEMENT OF DISPOSAL OR TREATMENT OF HAZARDOUS MATERIALS ON ANY OF THEIR PROPERTIES, (x) THE BREACH OR NON-COMPLIANCE BY THE BORROWER OR ANY SUBSIDIARY WITH ANY ENVIRONMENTAL LAW APPLICABLE TO THE BORROWER OR ANY SUBSIDIARY, (xi) THE PAST OWNERSHIP BY THE BORROWER OR ANY SUBSIDIARY OF ANY OF THEIR PROPERTIES OR
PAST ACTIVITY ON ANY OF THEIR PROPERTIES WHICH, THOUGH LAWFUL AND FULLY PERMISSIBLE AT THE TIME, COULD RESULT IN PRESENT LIABILITY, (xii) THE PRESENCE, USE, RELEASE, STORAGE, TREATMENT, DISPOSAL, GENERATION, THREATENED RELEASE, TRANSPORT,
ARRANGEMENT FOR TRANSPORT OR ARRANGEMENT FOR DISPOSAL OF HAZARDOUS MATERIALS BY BORROWER OR ANY SUBSIDIARY ON OR AT ANY OF THE PROPERTIES OWNED OR OPERATED BY THE BORROWER OR ANY SUBSIDIARY OR ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS
MATERIALS ON OR FROM ANY PROPERTY OWNED OR OPERATED BY THE BORROWER OR ANY OF ITS SUBSIDIARIES, (xiii) ANY LIABILITY UNDER ENVIRONMENTAL LAW RELATED IN ANY WAY TO THE BORROWER OR ANY OF ITS SUBSIDIARIES, (xiv) ANY OTHER ENVIRONMENTAL,
HEALTH OR SAFETY CONDITION IN CONNECTION WITH THE LOAN DOCUMENTS, OR (xv) ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF THE FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY AND
REGARDLESS OF WHETHER ANY INDEMNITEE IS A PARTY THERETO, AND SUCH INDEMNITY SHALL EXTEND TO EACH INDEMNITEE NOTWITHSTANDING THE SOLE OR CONCURRENT NEGLIGENCE OF EVERY KIND OR CHARACTER WHATSOEVER, INCLUDING ITS OWN ORDINARY NEGLIGENCE,
WHETHER ACTIVE OR PASSIVE, WHETHER AN AFFIRMATIVE ACT OR AN OMISSION, INCLUDING WITHOUT LIMITATION, ALL TYPES OF NEGLIGENT CONDUCT IDENTIFIED IN THE RESTATEMENT (SECOND) OF TORTS OF ONE OR MORE OF THE INDEMNITEES OR BY REASON OF STRICT LIABILITY
IMPOSED WITHOUT FAULT ON ANY ONE OR MORE OF THE INDEMNITEES; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES ARE DETERMINED BY A COURT
OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE; PROVIDED THAT THE BORROWER SHALL NOT INDEMNIFY ANY INDEMNITEE FOR (A) ANY FINANCIAL
LIABILITIES OF A LENDER TO THE PARENT GROUP OR ANY RESTRICTED SUBSIDIARY PURSUANT TO AND IN ACCORDANCE WITH THE TERMS OF A SWAP AGREEMENT, (B) CLAIMS SOLELY BETWEEN OR AMONG INDEMNITEES TO THE EXTENT NOT RELATED TO AN ACT OR OMISSION OF ANY
MEMBER OF THE PARENT GROUP OR ANY SUBSIDIARY (OTHER THAN ANY CLAIMS AGAINST AN INDEMNITEE IN ITS CAPACITY OR IN FULFILLING ITS ROLE AS AN AGENT OR ISSUING BANK UNDER THIS AGREEMENT) AND (C) LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED
EXPENSES THAT ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO BE A DIRECT RESULT OF A MATERIAL BREACH OF THIS AGREEMENT BY SUCH INDEMNITEE. THIS SECTION 12.03(B) SHALL NOT APPLY WITH RESPECT
TO TAXES OTHER THAN ANY TAXES THAT REPRESENT LOSSES, CLAIMS, OR DAMAGES ARISING FROM A NON-TAX CLAIM. 

  
 144 

 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to any
Agent, the Arranger, the Swingline Lender or the Issuing Bank under Section 12.03(a) or (b), each Lender severally agrees to pay to such Agent, the Arranger, the Swingline Lender or the Issuing Bank, as the case may
be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against such Agent, the Arranger or the Issuing Bank in its capacity as such. 

(d) No party hereto shall assert, and each party hereto does hereby waive, any claim against any other party hereto and each Indemnitee on any
theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this clause (d) shall relieve the Parent or the Borrower of any obligation it may have to
indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party. None of the Arranger, the Issuing Bank, the Swingline Lender or any Lender, or any Related Party of any of the
foregoing Persons shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection
with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby except to the extent such damages result from the gross negligence or willful misconduct of such Person as determined by a court of competent
jurisdiction by final and nonappealable judgment. 
 (e) All amounts due under this Section 12.03 shall be payable
not later than thirty (30) days after written demand therefor; provided, however, that such Indemnitee shall promptly refund such amount to the extent that there is a final judicial determination that such Indemnitee was not entitled to
indemnification rights with respect to such payment pursuant to the express terms of this Section 12.03. 

Section 12.04 Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this
Section 12.04. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate
of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in Section 12.04(c)) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the
Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
 145 

 (b) (i) Subject to the conditions set forth in
Section 12.04(b)(ii), any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it)
with the prior written consent (such consent not to be unreasonably withheld or delayed) of: 
 (A) the Borrower,
provided that (1) no consent of the Borrower shall be required (x) if such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund or (y) if an Event of Default has occurred and is continuing and (2) the
Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; and 

(B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment
to an assignee that is a Lender or an Affiliate of a Lender immediately prior to giving effect to such assignment. 
 (ii)
Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender
or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date
the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such
consent of the Borrower shall be required if an Event of Default has occurred and is continuing; 
 (B) each partial
assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 

(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together
with a processing and recordation fee of $3,500; 
 (D) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire; 
 (E) no such assignment shall be made to an Excluded Lender; and 

  
 146 

 (F) in no event may any Lender assign all or a portion of its rights and
obligations under this Agreement to the Borrower or any Affiliate of the Borrower. 
 (iii) Subject to
Section 12.04(b)(iv) and the acceptance and recording thereof, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be
entitled to the benefits of Section 5.01, Section 5.02, Section 5.03 and Section 12.03). Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this Section 12.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with
Section 12.04(c). 
 (iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and
the Maximum Credit Amount and Elected Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in
the Register shall be conclusive (absent manifest error), and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
In connection with any changes to the Register, if necessary, the Administrative Agent will reflect the revisions on Annex I and forward a copy of such revised Annex I to the Borrower, the Issuing Bank and each Lender. 

(v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the
assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in Section 12.04(b) and any written consent to such assignment
required by Section 12.04(b), the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this
Agreement unless it has been recorded in the Register as provided in this Section 12.04(b). 
 (c) (i) Any
Lender may, without the consent of, or notice to, the Borrower, the Administrative Agent, the Swingline Lender or the Issuing Bank, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of
such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (a) such Lender’s obligations under this Agreement shall remain unchanged,
(b) such 

  
 147 

 
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (c) the Borrower, the Administrative Agent, the Issuing Bank and the other Lenders
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement, and (d) no such participation may be sold to an Excluded Lender. Any agreement or instrument pursuant
to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 12.02(b) that affects such
Participant. In addition such agreement must provide that the Participant be bound by the provisions of Section 12.03. Subject to Section 12.04(c)(i), the Borrower agrees that each Participant
shall be entitled to the benefits of Section 5.01, Section 5.02 and Section 5.03 to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to Section 12.04(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.08 as though it were a Lender, provided such Participant
agrees to be subject to Section 4.01(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the
Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the
“Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit
or other obligation is in registered form under Section 5f.103-1(c) of the United States Department of the Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest
error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the
Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(ii) A Participant shall not be entitled to receive any greater payment under Section 5.01 or
Section 5.03 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the
Borrower’s prior written consent or to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. A Participant that would be a Foreign Lender
if it were a Lender shall not be entitled to the benefits of Section 5.03 unless such Participant agrees, for the benefit of the Borrower, to comply with Section 5.03(f) as though it were a Lender
(it being understood that the documentation required under Section 5.03(f) shall be delivered to the participating Lender). 

(d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender (other than to an Excluded Lender), including, without limitation, any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority, and this
Section 12.04 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or
substitute any such pledgee or assignee for such Lender as a party hereto. 

  
 148 

 (e) Notwithstanding any other provisions of this Section 12.04, no
transfer or assignment of the interests or obligations of any Lender or any grant of participations therein shall be permitted if such transfer, assignment or grant would require the Borrower and the Guarantors to file a registration statement with
the SEC or to qualify the Loans under the “Blue Sky” laws of any state. 
 Section 12.05 Survival; Revival;
Reinstatement. 
 (a) All covenants, agreements, representations and warranties made by Parent and the Borrower herein and in the
certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this
Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any other Agent, the Issuing Bank or any
Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan
or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Section 5.01,
Section 5.02, Section 12.03 and Article XI shall survive and remain in full force and effect for a period of one hundred eighty (180) days following the Maturity Date, regardless of the
consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement, any other Loan Document or any provision hereof or
thereof. 
 (b) To the extent that any payments on the Indebtedness or proceeds of any Collateral are subsequently invalidated, declared to
be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver or other Person under any bankruptcy law, common law or equitable cause, then to such extent, the Indebtedness so satisfied shall be
revived and continue as if such payment or proceeds had not been received and the Administrative Agent’s and the Lenders’ Liens, security interests, rights, powers and remedies under this Agreement and each Loan Document shall continue in
full force and effect. In such event, each Loan Document shall be automatically reinstated and the Parent Group shall take such action as may be reasonably requested by the Administrative Agent and the Lenders to effect such reinstatement. 

Section 12.06 Counterparts; Integration; Effectiveness. 

(a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. 

  
 149 

 (b) This Agreement, the other Loan Documents and any separate letter agreements with respect
to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject
matter hereof and thereof. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
 (c) Except as provided in Section 6.01,
this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties
hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as
delivery of a manually executed counterpart of this Agreement. 
 (d) Electronic Execution. The words “execute,”
“execution,” “signed,” “signature,” “delivery” and words of like import in or related to this Agreement, any other Loan Document or any document, amendment, approval, consent, waiver, modification,
information, notice, certificate, report, statement, disclosure, or authorization to be signed or delivered in connection with this Agreement or any other Loan Document or the transactions contemplated hereby shall be deemed to include Electronic
Signatures or execution in the form of an Electronic Record, and contract formations on electronic platforms approved by the Administrative Agent, deliveries or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Each party hereto agrees that any Electronic Signature or execution in the
form of an Electronic Record shall be valid and binding on itself and each of the other parties hereto to the same extent as a manual, original signature. For the avoidance of doubt, the authorization under this paragraph may include, without
limitation, use or acceptance by the parties of a manually signed paper which has been converted into electronic form (such as scanned into PDF format), or an electronically signed paper converted into another format, for transmission, delivery
and/or retention. Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent
pursuant to procedures approved by it; provided that, without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such Electronic Signature from any party hereto, the Administrative Agent and the other
parties hereto shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of the executing party without further verification and (b) upon the request of the Administrative Agent or any Lender, any Electronic
Signature shall be promptly followed by an original manually executed counterpart thereof. Without limiting the generality of the foregoing, each party hereto hereby (i) agrees that, for all purposes, including without limitation, in
connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and any of the Credit Parties, electronic images of this Agreement or any other Loan Document (in
each case, including 

  
 150 

 
with respect to any signature pages thereto) shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or right to
contest the validity or enforceability of the Loan Documents based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto. 

Section 12.07 Severability. Any provision of this Agreement or any other Loan Document held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof or
thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 12.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations
(of whatsoever kind, including, without limitations obligations under Swap Agreements) at any time owing by such Lender or Affiliate to or for the credit or the account of the Parent Group or any Subsidiary against any of and all the obligations of
the Parent Group or any Subsidiary owed to such Lender now or hereafter existing under this Agreement or any other Loan Document, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document
and although such obligations may be unmatured. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided, that the failure by any Lender to provide such notice
shall not limit or affect such Lender’s rights under this Section 12.08. The rights of each Lender under this Section 12.08 are in addition to other rights and remedies (including other rights
of setoff) which such Lender or its Affiliates may have. 
 Section 12.09 GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF
PROCESS. 
 (a) THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
EXCEPT TO THE EXTENT THAT UNITED STATES FEDERAL LAW PERMITS ANY LENDER TO CONTRACT FOR, CHARGE, RECEIVE, RESERVE OR TAKE INTEREST AT THE RATE ALLOWED BY THE LAWS OF THE STATE WHERE SUCH LENDER IS LOCATED. 

(b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THE LOAN DOCUMENTS SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED
STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
JURISDICTION OF THE AFORESAID COURTS. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON 

  
 151 

 
CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS. THIS SUBMISSION TO JURISDICTION IS
NON-EXCLUSIVE AND DOES NOT PRECLUDE A PARTY FROM OBTAINING JURISDICTION OVER ANOTHER PARTY IN ANY COURT OTHERWISE HAVING JURISDICTION. 

(c) EACH PARTY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE
MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO IT AT THE ADDRESS SPECIFIED IN SECTION 12.01 OR SUCH OTHER ADDRESS AS IS SPECIFIED PURSUANT TO SECTION 12.01 (OR ITS ASSIGNMENT AND ASSUMPTION), SUCH
SERVICE TO BECOME EFFECTIVE THIRTY (30) DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF A PARTY OR ANY HOLDER OF A NOTE TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE
PROCEED AGAINST ANOTHER PARTY IN ANY OTHER JURISDICTION. 
 (d) EACH PARTY HEREBY (I) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN; (II) IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY
RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; PROVIDED THAT NOTHING CONTAINED IN THIS
SECTION 12.09(d) SHALL LIMIT THE BORROWER’S INDEMNIFICATION OBLIGATIONS TO THE EXTENT SET FORTH IN SECTION 12.03 TO THE EXTENT SUCH SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES
ARE INCLUDED IN ANY THIRD PARTY CLAIM IN CONNECTION WITH WHICH SUCH INDEMNITEE IS OTHERWISE ENTITLED TO INDEMNIFICATION HEREUNDER; (III) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OF COUNSEL FOR ANY PARTY HERETO HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (IV) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE LOAN DOCUMENTS AND
THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION 12.09. 

Section 12.10 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

  
 152 

 Section 12.11 Confidentiality. Each of the Administrative Agent, the Issuing
Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants,
legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); provided, that for
purposes of this clause, the term “Affiliate” shall not include any Industry Competitor, (b) to the extent requested by any regulatory authority purporting to have jurisdiction over such Person or its directors, officers, employees
and agents, including accounts, legal counsel and other advisors, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement or any other Loan
Document, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or
thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section 12.11, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any
of its rights or obligations under this Agreement (other than to an Excluded Lender) or (ii) any actual or prospective counterparty (or its advisors) to any Swap Agreement relating to any member of the Parent Group and its obligations,
(g) with the consent of the Borrower, (h) to any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender or to any
collector of market data or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 12.11 or (y) becomes available to the Administrative Agent, the
Issuing Bank or any Lender on a nonconfidential basis from a source other than the Parent Group. For the purposes of this Section 12.11, “Information” means all information received from the Parent Group, any
Subsidiary relating to the Parent Group or any Subsidiary and their businesses, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the
Parent Group or a Subsidiary; provided that, in the case of information received from the Parent Group or any Subsidiary after the date hereof, if such information is clearly identified at the time of delivery as public or not confidential,
or is confirmed not to be confidential by the Person who delivered such information after such delivery, such information will not be deemed “Information”. Any Person required to maintain the confidentiality of Information as provided in
this Section 12.11 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to
its own confidential information. Notwithstanding anything herein to the contrary, “Information” shall not include, and the Borrower, the Borrower’s Subsidiaries, the Administrative Agent, each Lender and the respective Affiliates of
each of the foregoing (and the respective partners, directors, officers, employees, agents, advisors and other representatives of the aforementioned Persons), and any other party, may disclose to any and all Persons, without limitation of any kind
(i) any information with respect to the United States federal and state income tax treatment of the transactions contemplated hereby and any facts that may be relevant to understanding the United States federal or state income tax treatment of
such transactions (“tax structure”), which facts shall not include for this purpose the names of the parties or any other person named herein, or information that would permit identification of the parties or such other persons, or any
pricing terms or other nonpublic business or financial information that is unrelated to such tax treatment or tax structure, and (ii) all materials of any kind (including opinions or other tax analyses) that are provided to the Borrower, the
Administrative Agent or such Lender relating to such tax treatment or tax structure. 

  
 153 

 Section 12.12 Interest Rate Limitation. It is the intention of the parties
hereto that each Lender shall conform strictly to usury laws applicable to it. Accordingly, if the transactions contemplated hereby would be usurious as to any Lender under laws applicable to it (including the laws of the United States of America
and the State of Texas or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement), then, in that event, notwithstanding anything to the contrary in any of the Loan
Documents or any agreement entered into in connection with or as security for the Notes, it is agreed as follows: (a) the aggregate of all consideration which constitutes interest under law applicable to any Lender that is contracted for,
taken, reserved, charged or received by such Lender under any of the Loan Documents or agreements or otherwise in connection with the Notes shall under no circumstances exceed the maximum amount allowed by such applicable law, and any excess shall
be canceled automatically and if theretofore paid shall be credited by such Lender on the principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or would thereby be paid in full,
refunded by such Lender to the Borrower); and (b) in the event that the maturity of the Notes is accelerated by reason of an election of the holder thereof resulting from any Event of Default under this Agreement or otherwise, or in the event
of any required or permitted prepayment, then such consideration that constitutes interest under law applicable to any Lender may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in
this Agreement or otherwise shall be canceled automatically by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Indebtedness (or, to the extent
that the principal amount of the Indebtedness shall have been or would thereby be paid in full, refunded by such Lender to the Borrower). All sums paid or agreed to be paid to any Lender for the use, forbearance or detention of sums due hereunder
shall, to the extent permitted by law applicable to such Lender, be amortized, prorated, allocated and spread throughout the stated term of the Loans evidenced by the Notes until payment in full so that the rate or amount of interest on account of
any Loans hereunder does not exceed the maximum amount allowed by such applicable law. If at any time and from time to time (i) the amount of interest payable to any Lender on any date shall be computed at the Highest Lawful Rate applicable to
such Lender pursuant to this Section 12.12 and (ii) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Lender would be less than the amount of interest payable to
such Lender computed at the Highest Lawful Rate applicable to such Lender, then the amount of interest payable to such Lender in respect of such subsequent interest computation period shall continue to be computed at the Highest Lawful Rate
applicable to such Lender until the total amount of interest payable to such Lender shall equal the total amount of interest which would have been payable to such Lender if the total amount of interest had been computed without giving effect to this
Section 12.12. To the extent that Chapter 303 of the Texas Finance Code is relevant for the purpose of determining the Highest Lawful Rate applicable to a Lender, such Lender elects to determine the applicable rate
ceiling under such Chapter by the weekly ceiling from time to time in effect. Chapter 346 of the Texas Finance Code does not apply to the Borrower’s obligations hereunder. 

Section 12.13 EXCULPATION PROVISIONS. EACH OF THE PARTIES HERETO SPECIFICALLY AGREES THAT IT HAS A DUTY TO READ THIS AGREEMENT AND
THE OTHER LOAN DOCUMENTS AND AGREES THAT IT IS CHARGED WITH NOTICE AND KNOWLEDGE OF THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; THAT IT HAS IN FACT READ THIS AGREEMENT AND IS FULLY 

  
 154 

 
INFORMED AND HAS FULL NOTICE AND KNOWLEDGE OF THE TERMS, CONDITIONS AND EFFECTS OF THIS AGREEMENT; THAT IT HAS BEEN REPRESENTED BY INDEPENDENT LEGAL COUNSEL OF ITS CHOICE THROUGHOUT THE
NEGOTIATIONS PRECEDING ITS EXECUTION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; AND HAS RECEIVED THE ADVICE OF ITS ATTORNEY IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; AND THAT IT RECOGNIZES THAT CERTAIN OF THE TERMS OF THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS RESULT IN ONE PARTY ASSUMING THE LIABILITY INHERENT IN SOME ASPECTS OF THE TRANSACTION AND RELIEVING THE OTHER PARTY OF ITS RESPONSIBILITY FOR SUCH LIABILITY. EACH PARTY HERETO AGREES AND COVENANTS THAT IT WILL
NOT CONTEST THE VALIDITY OR ENFORCEABILITY OF ANY EXCULPATORY PROVISION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS ON THE BASIS THAT THE PARTY HAD NO NOTICE OR KNOWLEDGE OF SUCH PROVISION OR THAT THE PROVISION IS NOT “CONSPICUOUS.”

 Section 12.14 Collateral Matters; Swap Agreements. The benefit of the Security Instruments and of the provisions of this
Agreement relating to any Collateral securing the Indebtedness shall also extend to and be available to Secured Swap Parties on a pro rata basis (but subject to the terms of the Loan Documents, including, without limitation, provisions thereof
relating to the application and priority of payments to the Persons entitled thereto) in respect of any obligations of the a Parent, the Borrower or any of its Subsidiaries which arise under Secured Swap Agreements. No Secured Swap Party shall have
any voting rights under any Loan Document as a result of the existence of obligations owed to it under any such Swap Agreements. 

Section 12.15 No Third Party Beneficiaries. This Agreement, the other Loan Documents, and the agreement of the Lenders to make
Loans and the Issuing Bank to issue, amend, renew or extend Letters of Credit hereunder are solely for the benefit of the Parent Group and no other Person (including, without limitation, any Subsidiary of the Borrower, any obligor, contractor,
subcontractor, supplier or materialsman) shall have any rights, claims, remedies or privileges hereunder or under any other Loan Document against the Administrative Agent, any other Agent, the Issuing Bank or any Lender for any reason whatsoever.
There are no third party beneficiaries. 
 Section 12.16 USA Patriot Act Notice. Each Lender hereby notifies the Parent Group
that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the
Parent Group, which information includes the name, tax identification and address of the Parent Group and other information that will allow such Lender to identify the Parent Group in accordance with the Act and the Beneficial Ownership Regulation.

 Section 12.17 Acknowledgement and Consent to Bail-In of Affected Financial
Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution
arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and 

  
 155 

 (b) the effects of any Bail-In Action on any such
liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 
 Section 12.18 No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each member of the
Parent Group acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that: (a) (i) no fiduciary, advisory or agency relationship between the Parent Group and their respective Subsidiaries and the Administrative
Agent or any Lender is intended to be or has been created in respect of the transactions contemplated hereby or by the other Loan Documents, irrespective of whether the Administrative Agent or any Lender has advised or is advising the Parent, the
Borrower or any Subsidiary on other matters; (ii) the arranging and other services regarding this Agreement provided by the Administrative Agent and the Lenders are arm’s-length commercial
transactions between the Parent, the Borrower and their Subsidiaries, on the one hand, and the Administrative Agent and the Lenders, on the other hand; (iii) each member of the Parent Group has consulted its own legal, accounting, regulatory
and tax advisors to the extent that it has deemed appropriate; and (iv) each member of the Parent Group is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the
other Loan Documents; and (b) (i) the Administrative Agent and the Lenders each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting
as an advisor, agent or fiduciary for the Parent Group or any of their Subsidiaries, or any other Person; (ii) neither the Administrative Agent nor the Lenders has any obligation to the Parent Group or any of their Subsidiaries with respect to
the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent and the Lenders and their respective Affiliates may be engaged, for their own accounts
or the accounts of customers, in a broad range of transactions that involve interests that differ from those of the Parent Group and their Subsidiaries, and neither the Administrative Agent nor the Lenders has any obligation to disclose any of such
interests to the Parent Group or their respective Subsidiaries. To the fullest extent permitted by Governmental Requirement, each member of the Parent Group hereby waives and releases any claims that it may have against the Administrative Agent and
the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

  
 156 

 Section 12.19 Acknowledgement Regarding Any Supported QFCs. To the extent that
the Loan Documents provide support, through a guarantee or otherwise, for any Swap Agreement or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan
Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such
interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such
Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is
understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

Section 12.20 Disposition of Proceeds. The Security Instruments contain an assignment by the Borrower and/or the other Credit
Parties party thereto unto and in favor of the Administrative Agent for the benefit of the Lenders of all of the Borrower’s or each such Credit Party’s interest in and to their as-extracted
collateral in the form of production and all proceeds attributable thereto which may be produced from or allocated to the Mortgaged Property. The Security Instruments further provide in general for the application of such proceeds to the
satisfaction of the Indebtedness described therein and secured thereby. Notwithstanding the assignment contained in such Security Instruments, until the occurrence of an Event of Default, (a) the Administrative Agent and the Lenders agree that
they will neither notify the purchaser or purchasers of such production nor take any other action to cause such proceeds to be remitted to the Administrative Agent or the Lenders, but the Lenders will instead permit such proceeds to be paid to the
Borrower and its Subsidiaries and (b) the Lenders hereby authorize the Administrative Agent to take such actions as may be necessary to cause such proceeds to be paid to the Borrower and/or such Subsidiaries. 

  
 157 

 Section 12.21 Agency of the Borrower for the Other Credit Parties. Each of the
other Credit Parties hereby appoints the Borrower as its agent for all purposes relevant to this Agreement and the other Loan Documents, including the giving and receipt of notices and the execution and delivery of all documents, instruments and
certificates contemplated herein and therein and all modifications hereto and thereto. 
 Section 12.22 Existing Credit
Agreement. On the Effective Date, the Existing Credit Agreement shall be amended and restated in its entirety as set forth herein. This Agreement and any Notes issued hereunder have been given in renewal, extension, rearrangement and increase,
and not in extinguishment of the obligations under the Existing Credit Agreement and the notes and other documents related thereto. This Agreement does not constitute a novation of the obligations and liabilities under the Existing Credit Agreement
or evidence repayment of any such obligations and liabilities. All Liens, deeds of trust, mortgages, assignments and security interests securing the Existing Credit Agreement and the obligations relating thereto are hereby ratified, confirmed,
renewed, extended, brought forward and rearranged as security for the Indebtedness. None of the Liens and security interests created pursuant to the “Security Instruments” as defined in the Existing Credit Agreement are released. The
substantive rights and obligations of the parties hereto shall be governed by this Agreement and the other Loan Documents, rather than the Existing Credit Agreement and the Loan Documents (as defined in the Existing Credit Agreement and referred to
herein as the “Existing Loan Documents”). Without limitation of any of the foregoing, (a) this Agreement shall not in any way release or impair the rights, duties, Indebtedness (as defined in the Existing Credit Agreement) or
Liens (as defined in the Existing Credit Agreement) created pursuant to the Existing Credit Agreement or any other Existing Loan Document or affect the relative priorities thereof, in each case to the extent in force and effect thereunder as of the
Effective Date and except as modified hereby or by documents, instruments and agreements executed and delivered in connection herewith, and all of such rights, duties, Indebtedness and Liens are assumed, ratified and affirmed by each member of the
Parent Group and each of the Guarantors; (b) all indemnification obligations of each member of the Parent Group and each of the Guarantors and any other co-borrower or guarantor under the Existing Credit
Agreement and any other Existing Loan Documents shall survive the execution and delivery of this Agreement and shall continue in full force and effect for the benefit of the any Person indemnified under the Existing Credit Agreement or any other
Existing Loan Document at any time prior to the Effective Date; (c) the Indebtedness (as defined in the Existing Credit Agreement) incurred under the Existing Credit Agreement shall, to the extent outstanding on the Effective Date, continue
outstanding under this Agreement and shall not be deemed to be paid, released, discharged or otherwise satisfied by the execution of this Agreement, and this Agreement shall not constitute a refinancing, substitution or novation of such Indebtedness
or any of the other rights, duties and obligations of the parties hereunder, and the terms “Indebtedness”, “Obligations” or similar terms as they are used in the Loan Documents shall include the Indebtedness (as defined in the
Existing Credit Agreement) as increased, amended and restated under this Agreement; (d) any and all references to the Existing Credit Agreement in any Security Instrument or other Loan Document shall, without further action of the parties, be
deemed a reference to the Existing Credit Agreement, as amended and restated by this Agreement, and as this Agreement shall be further amended, restated, supplemented or otherwise modified from time to time; and (e) the Liens granted pursuant
to the Security Instruments (as defined in the Existing Credit Agreement) to which any Credit Party is a party shall continue without any diminution thereof and shall remain in full force and effect on and after the Effective Date. 

  
 158 

 Section 12.23 Release of Collateral and Guarantee Obligations 

(a) Upon the occurrence of Payment in Full, the Administrative Agent shall promptly, at the request and expense of the Borrower, (i) (A)
retransfer and deliver all Collateral in its possession to the applicable Credit Parties; and (B) execute a written release or termination statement and reassign to the applicable Credit Parties without recourse or warranty any remaining
Collateral and all rights conveyed pursuant to the Security Instruments; and (ii) confirm in writing that this Agreement is of no further force or effect (except to the extent of any obligations that expressly survive the termination of this
Agreement and the other Loan Documents). 
 (b) If any of the Collateral shall be sold, transferred or otherwise disposed of by any Credit
Party in a transaction permitted by this Agreement, then the Administrative Agent, at the request and sole expense of the Borrower, shall promptly (but in any event within five (5) Business Days) execute and deliver to the Borrower all releases
or other documents reasonably necessary or desirable for the release of the Liens created under the Security Instruments on such Collateral. At the request and sole expense of the Borrower, the Administrative Agent shall promptly (but in any event
within five (5) Business Days of such request) authorize the release of all Liens created under the Security Instruments that encumber the Equity Interests in, and Property of, a Subsidiary Guarantor in the event that all the Equity Interests
of such Subsidiary Guarantor are sold, transferred or otherwise disposed of in a transaction permitted by this Agreement and provide all releases or other documents reasonably necessary or desirable to evidence the release of such Subsidiary
Guarantor from its obligations under the Loan Documents; provided that the Borrower shall have delivered to the Administrative Agent, at least five (5) Business Days prior to the date of the proposed release (or such shorter period of
time as the Administrative Agent may permit in its sole discretion), a written request for release identifying the relevant Subsidiary Guarantor and the terms of the sale or other disposition in reasonable detail, including the price thereof and any
expenses in connection therewith, together with a certification by the Borrower stating that such transaction is in compliance with the Credit Agreement and the other Loan Documents. 

[Remainder of page intentionally left blank; signature pages follow] 

  
 159 

 The parties hereto have caused this Agreement to be duly executed as of the day and year
first above written. 
  

							
	BORROWER:	 		 	OASIS PETROLEUM NORTH AMERICA LLC
				
		 		 	By:	 	 /s/ Michael H. Lou

		 		 	Name:	 	Michael H. Lou
		 		 	Title:	 	Chief Financial Officer
			
	PARENT:	 		 	CHORD ENERGY CORPORATION
				
		 		 	By:	 	 /s/ Michael H. Lou

		 		 	Name:	 	Michael H. Lou
		 		 	Title:	 	Chief Financial Officer
		 		 		 	
			
	OP LLC:	 		 	OASIS PETROLEUM LLC
				
		 		 	By:	 	 /s/ Michael H. Lou

		 		 	Name:	 	Michael H. Lou
		 		 	Title:	 	Chief Financial Officer

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

							
	 ADMINISTRATIVE AGENT,
 SWINGLINE
LENDER,
	 		 		 	
	ISSUING BANK AND LENDER:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 		 	as Administrative Agent, Issuing Bank, a Swingline Lender and a Lender
				
		 		 	By:	 	 /s/ Edward Pak

		 		 	Name:	 	Edward Pak
		 		 	Title:	 	Director

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

							
	LENDERS:	 		 	CITIBANK, N.A., as a Lender
				
		 		 	By:	 	 /s/ Cliff Vaz

		 		 	Name:	 	Cliff Vaz
		 		 	Title:	 	Vice President

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

 
			
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	 /s/ Dalton Harris

	Name:	 	Dalton Harris
	Title:	 	Authorized Officer

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Jay T. Sartain

	Name:	 	Jay T. Sartain
	Title:	 	Authorized Signatory

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

 
			
	CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Matthew Brice

	Name:	 	Matthew Brice
	Title:	 	Director

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

 
			
	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ Trudy Nelson

	Name:	 	Trudy Nelson
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Scott W. Danvers

	Name:	 	Scott W. Danvers
	Title:	 	Authorized Signatory

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

 
			
	CITIZENS BANK, N.A., as a Lender
		
	By:	 	 /s/ Kelly Graham

	Name:	 	Kelly Graham
	Title:	 	Vice President

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

 
			
	ZIONS BANCORPORATION, N.A. DBA AMEGY BANK, as a Lender
		
	By:	 	 /s/ John Moffitt

	Name:	 	John Moffitt
	Title:	 	Senior Vice President

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

 
			
	BOKF, NA DBA BANK OF TEXAS, as a Lender
		
	By:	 	 /s/ Mari Salazar

	Name:	 	Mari Salazar
	Title:	 	SVP; Regional Manager

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

 
			
	TRUIST BANK, as a Lender
		
	By:	 	 /s/ James Giordano

	Name:	 	James Giordano
	Title:	 	Managing Director

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

 
			
	COMERICA BANK, as a Lender
		
	By:	 	 /s/ Britney P. Geidel

	Name:	 	Britney P. Geidel
	Title:	 	Assistant Vice President

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

 
			
	REGIONS BANK, as a Lender
		
	By:	 	 /s/ Mike Kolosowsky

	Name:	 	Mike Kolosowsky
	Title:	 	Managing Director

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

 
			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	 /s/ Andrew B. Vernon

	Name:	 	Andrew B. Vernon
	Title:	 	Authorized Signatory

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

 
			
	MIZUHO BANK, LTD., as a Lender
		
	By:	 	 /s/ Edward Sacks

	Name:	 	Edward Sacks
	Title:	 	Authorized Signatory

 Signature Page to Amended and Restated Credit Agreement 

(Oasis Petroleum North America LLC) 

 ANNEX I 

LIST OF MAXIMUM CREDIT AMOUNTS 

AND ELECTED COMMITMENTS 

Aggregate Maximum Credit Amounts and 

Aggregate Elected Commitment Amounts 
  

													
	 Name of Lender
	  	Applicable
Percentage	 	 	Maximum
Credit Amount	 	  	Elected
Commitment	 
	 Wells Fargo Bank, National Association
	  	 	9.375000000	% 	 	$	281,250,000.00	 	  	$	75,000,000.00	 
	 Citibank, N.A.
	  	 	9.375000000	% 	 	$	281,250,000.00	 	  	$	75,000,000.00	 
	 Citizens Bank, N.A.
	  	 	9.375000000	% 	 	$	281,250,000.00	 	  	$	75,000,000.00	 
	 JPMorgan Chase Bank, N.A.
	  	 	9.375000000	% 	 	$	281,250,000.00	 	  	$	75,000,000.00	 
	 Mizuho Bank, Ltd.
	  	 	9.375000000	% 	 	$	281,250,000.00	 	  	$	75,000,000.00	 
	 Royal Bank of Canada
	  	 	9.375000000	% 	 	$	281,250,000.00	 	  	$	75,000,000.00	 
	 Truist Bank
	  	 	9.375000000	% 	 	$	281,250,000.00	 	  	$	75,000,000.00	 
	 BOKF, NA dba Bank of Texas
	  	 	6.250000000	% 	 	$	187,500,000.00	 	  	$	50,000,000.00	 
	 Capital One, National Association
	  	 	6.250000000	% 	 	$	187,500,000.00	 	  	$	50,000,000.00	 
	 Canadian Imperial Bank Of Commerce, New York Branch
	  	 	6.250000000	% 	 	$	187,500,000.00	 	  	$	50,000,000.00	 
	 Regions Bank
	  	 	6.250000000	% 	 	$	187,500,000.00	 	  	$	50,000,000.00	 
	 Comerica Bank
	  	 	3.593750000	% 	 	$	107,812,500.00	 	  	$	28,750,000.00	 
	 Goldman Sachs Bank USA
	  	 	3.593750000	% 	 	$	107,812,500.00	 	  	$	28,750,000.00	 
	 Zions Bancorporation, N.A. dba Amegy Bank
	  	 	2.187500000	% 	 	$	65,625,000.00	 	  	$	17,500,000.00	 
	 TOTAL
	  	 	100.000000000	% 	 	$	3,000,000,000.00	 	  	$	800,000,000.00Exhibit 4.1

  

  

  

  FTAI INFRA ESCROW HOLDINGS, LLC

  

  

  (whose obligations are to be assumed by FTAI Infrastructure Inc.)

  

  

  and

  

  

  U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

  

  

  as Trustee and as Notes Collateral Agent

  

  

  _____________________

  

  

  INDENTURE

  

  

  _____________________

  

  

  Dated as of July 7, 2022

  

  

  10.500% SENIOR SECURED NOTES DUE 2027

  

  

  
    
      

  

  
  

  

  TABLE OF CONTENTS

  

  

  	 	 	
          Page

        

  

  

  ARTICLE I

  

  

  	
          DEFINITIONS AND INCORPORATION BY REFERENCE

        	
          1

        
	 	 	 
	
          SECTION 1.01.

        	
          Definitions

        	
          1

        
	
          SECTION 1.02.

        	
          Other Definitions

        	
          39

        
	
          SECTION 1.03.

        	
          Rules of Construction

        	
          40

        
	
          SECTION 1.04.

        	
          Acts of Holders

        	
          41

        

  

  

  ARTICLE II

  

  

  	
          THE NOTES

        	
          42

        
	 	 	 
	
          SECTION 2.01.

        	
          Form and Dating; Terms

        	
          42

        
	
          SECTION 2.02.

        	
          Execution and Authentication

        	
          43

        
	
          SECTION 2.03.

        	
          Registrar, Transfer Agent and Paying Agent

        	
          44

        
	
          SECTION 2.04.

        	
          Paying Agent to Hold Money in Trust

        	
          44

        
	
          SECTION 2.05.

        	
          Holder Lists

        	
          45

        
	
          SECTION 2.06.

        	
          Transfer and Exchange

        	
          45

        
	
          SECTION 2.07.

        	
          Replacement Notes

        	
          55

        
	
          SECTION 2.08.

        	
          Outstanding Notes

        	
          55

        
	
          SECTION 2.09.

        	
          Treasury Notes

        	
          56

        
	
          SECTION 2.10.

        	
          Temporary Notes

        	
          56

        
	
          SECTION 2.11.

        	
          Cancellation

        	
          56

        
	
          SECTION 2.12.

        	
          Defaulted Interest

        	
          56

        
	
          SECTION 2.13.

        	
          CUSIP/ISIN Numbers

        	
          57

        

  

  

  ARTICLE III

  

  

  	
          REDEMPTION

        	
          57

        
	 	 	 
	
          SECTION 3.01.

        	
          Notices to Trustee

        	
          57

        
	
          SECTION 3.02.

        	
          Selection of Notes to Be Redeemed

        	
          57

        
	
          SECTION 3.03.

        	
          Notice of Redemption

        	
          57

        
	
          SECTION 3.04.

        	
          Effect of Notice of Redemption

        	
          59

          

        
	
          SECTION 3.05.

        	
          Deposit of Redemption Price

        	
          59

          

        
	
          SECTION 3.06.

        	
          Notes Redeemed in Part

        	
          59

          

        
	
          SECTION 3.07.

        	
          Optional Redemption

        	
          60

        
	
          SECTION 3.08.

        	
          Mandatory Redemption

        	
          60

        
	
          SECTION 3.09.

        	
          [Reserved]

        	
          60

        
	
          SECTION 3.10.

        	
          Offers to Repurchase by Application of Excess Proceeds

        	
          60

        

  

  

  
    -i-

    
      

  

  

  

  ARTICLE IV

  

  

  	
          COVENANTS

        	
          62

        
	 	 
	
          SECTION 4.01.

        	
          Payment of Notes

        	
          62

        
	
          SECTION 4.02.

        	
          Maintenance of Office or Agency

        	
          63

        
	
          SECTION 4.03.

        	
          Reports and Other Information

        	
          63

        
	
          SECTION 4.04.

        	
          Compliance Certificate

        	
          65

        
	
          SECTION 4.05.

        	
          Taxes

        	
          65

        
	
          SECTION 4.06.

        	
          Stay, Extension and Usury Laws

        	
          65

        
	
          SECTION 4.07.

        	
          Limitation on Restricted Payments

        	
          65

        
	
          SECTION 4.08.

        	
          Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries

        	
          71

        
	
          SECTION 4.09.

        	
          Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock

        	
          73

        
	
          SECTION 4.10.

        	
          Asset Sales

        	
          79

        
	
          SECTION 4.11.

        	
          Transactions with Affiliates

        	
          82

        
	
          SECTION 4.12.

        	
          Liens

        	
          84

        
	
          SECTION 4.13.

        	
          Offer to Repurchase Upon Change of Control

        	
          85

        
	
          SECTION 4.14.

        	
          Limitation on Guarantees and Incurrence of Indebtedness by Restricted Subsidiaries

        	
          87

        
	
          SECTION 4.15.

        	
          Suspension of Certain Covenants

        	
          88

          

        
	
          SECTION 4.16.

        	
          Calculations

        	
          89

          

        

  

  

  ARTICLE V

  

  

  	
          SUCCESSORS

        	
          89

          

        
	 	 	 
	
          SECTION 5.01.

        	
          Amalgamation, Merger, Consolidation or Sale of All or Substantially All Assets

        	
          89

          

        

  

  

  ARTICLE VI

  

  

  	
          DEFAULTS AND REMEDIES

        	
          92

        
	 	 	 
	
          SECTION 6.01.

        	
          Events of Default and Remedies

        	
          92

        
	
          SECTION 6.02.

        	
          Acceleration

        	
          95

        
	
          SECTION 6.03.

        	
          Other Remedies

        	
          95

        
	
          SECTION 6.04.

        	
          Waiver of Defaults

        	
          95

        
	
          SECTION 6.05.

        	
          Control by Majority

        	
          96

        
	
          SECTION 6.06.

        	
          Limitation on Suits

        	
          96

        
	
          SECTION 6.07.

        	
          Rights of Holders of Notes to Receive Payment

        	
          96

        
	
          SECTION 6.08.

        	
          Collection Suit by Trustee

        	
          96

        
	
          SECTION 6.09.

        	
          Restoration of Rights and Remedies

        	
          97

        
	
          SECTION 6.10.

        	
          Rights and Remedies Cumulative

        	
          97

        
	
          SECTION 6.11.

        	
          Delay or Omission Not Waiver

        	
          97

        
	
          SECTION 6.12.

        	
          Trustee May File Proofs of Claim

        	
          97

        
	
          SECTION 6.13.

        	
          Priorities

        	
          98

        
	
          SECTION 6.14.

        	
          Undertaking for Costs

        	
          98

          

        

  

  

  
    -ii-

    
      

  

  

  

  ARTICLE VII

  

  

  	
          TRUSTEE

        	
          98

          

        
	 	 	 
	
          SECTION 7.01.

        	
          Duties of Trustee

        	
          98

          

        
	
          SECTION 7.02.

        	
          Rights of Trustee

        	
          99

          

        
	
          SECTION 7.03.

        	
          Individual Rights of Trustee

        	
          101

        
	
          SECTION 7.04.

        	
          Trustee’s Disclaimer

        	
          101

        
	
          SECTION 7.05.

        	
          Notice of Defaults

        	
          101

        
	
          SECTION 7.06.

        	
          [Reserved]

        	
          101

        
	
          SECTION 7.07.

        	
          Compensation and Indemnity

        	
          101

        
	
          SECTION 7.08.

        	
          Replacement of Trustee

        	
          103

        
	
          SECTION 7.09.

        	
          Successor Trustee by Merger, etc

        	
          103

        
	
          SECTION 7.10.

        	
          Eligibility; Disqualification

        	
          103

        
	
          SECTION 7.11.

        	
          Intercreditor Agreements and Security Documents

        	
          104

        

   

  

  ARTICLE VIII

  

  

  	
          LEGAL DEFEASANCE AND COVENANT DEFEASANCE

        	
          104

        
	 	 	 
	
          SECTION 8.01.

        	
          Option to Effect Legal Defeasance or Covenant Defeasance

        	
          104

        
	
          SECTION 8.02.

        	
          Legal Defeasance and Discharge

        	
          104

        
	
          SECTION 8.03.

        	
          Covenant Defeasance

        	
          105

        
	
          SECTION 8.04.

        	
          Conditions to Legal or Covenant Defeasance

        	
          105

        
	
          SECTION 8.05.

        	
          Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions

        	
          106

        
	
          SECTION 8.06.

        	
          Repayment to Issuer

        	
          106

        
	
          SECTION 8.07.

        	
          Reinstatement

        	
          107

        

  

  

  ARTICLE IX

  

  

  	
          AMENDMENT, SUPPLEMENT AND WAIVER

        	
          107

        
	 	 	 
	
          SECTION 9.01.

        	
          Without Consent of Holders of Notes

        	
          107

        
	
          SECTION 9.02.

        	
          With Consent of Holders of Notes

        	
          109

        
	
          SECTION 9.03.

        	
          Revocation and Effect of Consents

        	
          110

        
	
          SECTION 9.04.

        	
          Notation on or Exchange of Notes

        	
          110

        
	
          SECTION 9.05.

        	
          Trustee, Notes Collateral Agent to Sign Amendments, etc

        	
          111

        
	
          SECTION 9.06.

        	
          Payment for Consent

        	
          111

        

  

  

  ARTICLE X

  

  

  	
          GUARANTEES

        	
          111

        
	 	 	 
	
          SECTION 10.01.

        	
          Guarantee

        	
          111

        
	
          SECTION 10.02.

        	
          Limitation on Guarantor Liability

        	
          112

        
	
          SECTION 10.03.

        	
          Notation Not Required

        	
          113

        
	
          SECTION 10.04.

        	
          Subrogation

        	
          113

        
	
          SECTION 10.05.

        	
          Benefits Acknowledged

        	
          113

        
	
          SECTION 10.06.

        	
          Release of Guarantees

        	
          113

        

  

  

  ARTICLE XI

  

  

  	
          SATISFACTION AND DISCHARGE

        	
          114

        
	 	 	 
	
          SECTION 11.01.

        	
          Satisfaction and Discharge

        	
          114

        
	
          SECTION 11.02.

        	
          Application of Trust Money

        	
          115

        

  

  

  
    -iii-

    
      

  

  

  

  ARTICLE XII

  

  

  	
          MISCELLANEOUS

        	
          116

        
	 	 	 
	
          SECTION 12.01.

        	
          Notices

        	
          116

        
	
          SECTION 12.02.

        	
          Communication by Holders of Notes with Other Holders of Notes

        	
          116

        
	
          SECTION 12.03.

        	
          Certificate and Opinion as to Conditions Precedent

        	
          117

        
	
          SECTION 12.04.

        	
          Statements Required in Certificate or Opinion

        	
          117

        
	
          SECTION 12.05.

        	
          Rules by Trustee and Agents

        	
          117

        
	
          SECTION 12.06.

        	
          No Personal Liability of Directors, Officers, Employees and Stockholders

        	
          117

        
	
          SECTION 12.07.

        	
          Governing Law

        	
          117

        
	
          SECTION 12.08.

        	
          Waiver of Jury Trial

        	
          117

        
	
          SECTION 12.09.

        	
          Force Majeure

        	
          118

        
	
          SECTION 12.10.

        	
          Benefits of Indenture

        	
          118

        
	
          SECTION 12.11.

        	
          No Adverse Interpretation of Other Agreements

        	
          118

        
	
          SECTION 12.12.

        	
          Successors

        	
          118

        
	
          SECTION 12.13.

        	
          Severability

        	
          118

        
	
          SECTION 12.14.

        	
          Counterpart Originals

        	
          118

        
	
          SECTION 12.15.

        	
          Table of Contents, Headings, etc

        	
          118

        
	
          SECTION 12.16.

        	
          U.S.A. Patriot Act

        	
          118

        

  

  

  ARTICLE XIII

  

  

  	
          COLLATERAL

        	
          119

        
	 	 	 
	
          SECTION 13.01.

        	
          The Collateral

        	
          119

        
	
          SECTION 13.02.

        	
          Release of Collateral

        	
          120

        
	
          SECTION 13.03.

        	
          Possession of the Collateral

        	
          120

        
	
          SECTION 13.04.

        	
          After-Acquired Collateral

        	
          120

        
	
          SECTION 13.05.

        	
          Further Assurances

        	
          121

        
	
          SECTION 13.06.

        	
          Equal Priority Intercreditor Agreement

        	
          121

        
	
          SECTION 13.07.

        	
          Junior Priority Intercreditor Agreement

        	
          121

        
	
          SECTION 13.08.

        	
          Authorization of Actions to be Taken by the Trustee or the Notes Collateral Agent under the Security Documents

        	
          122

        
	
          SECTION 13.09.

        	
          Appointment and Authorization of Notes Collateral Agent

        	
          122

        
	
          SECTION 13.10.

        	
          Collateral Accounts

        	
          123

        
	
          SECTION 13.11.

        	
          Purchaser Protected

        	
          123

        
	
          SECTION 13.12.

        	
          Resignation and Replacement of the Notes Collateral Agent

        	
          123

        
	
          SECTION 13.13.

        	
          Certain Limitations on the Collateral

        	
          124

        

  

  

  ARTICLE XIV

  

  

  	
          ESCROW ARRANGEMENT; SPECIAL MANDATORY REDEMPTION

        	
          125

        
	 	 	 
	
          SECTION 14.01.

        	
          Escrow of Proceeds

        	
          125

        
	
          SECTION 14.02.

        	
          Special Mandatory Redemption

        	
          126

        

  

  

  
    -iv-

    
      

  

  

  

  Exhibits

  

  

  	
          EXHIBIT A

        	
          Form of Note

        
	
          EXHIBIT B

        	
          Form of Certificate of Transfer

        
	
          EXHIBIT C

        	
          Form of Certificate of Exchange

        
	
          EXHIBIT D

        	
          Form of Supplemental Indenture to be Delivered on the Escrow Release Date

        
	
          EXHIBIT E

        	
          Form of Supplemental Indenture to be Delivered by Subsequent Guarantors

        

  

  

  
    -v-

    
      

  

  

  

  INDENTURE, dated as of July 7, 2022, between FTAI Infra Escrow Holdings, LLC (the “Escrow Issuer”), a Delaware limited liability company (whose obligations are to be assumed by FTAI Infrastructure, as hereinafter defined), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”) and as collateral agent (the “Notes Collateral Agent”).

  

  

  W I T N E S S E T H

  

  

  WHEREAS, the Issuer (as hereinafter defined) has duly authorized the creation of an issue of $450,000,000 aggregate principal amount of
    10.500% Senior Secured Notes due 2027 (the “Initial Notes”);

  

  

  WHEREAS, the Issuer has duly authorized the execution and delivery of this Indenture;

  

  

  WHEREAS, prior to consummation of the Spin-Off (as hereinafter defined), FTAI Infrastructure LLC, a Delaware limited liability company, will
    convert to a Delaware corporation and change its name to FTAI Infrastructure Inc. (“FTAI Infrastructure”). Upon consummation of the Spin-Off, the Escrow Issuer,
    a wholly-owned subsidiary of FTAI Infrastructure, will merge with and into FTAI Infrastructure and FTAI Infrastructure will (i) assume the obligations of the Escrow Issuer under this Indenture and the Initial Notes and (ii) execute and deliver the
    supplemental indenture in the form of Exhibit D with the Guarantors, the Trustee and the Notes Collateral Agent;

  

  

  WHEREAS, upon consummation of the Spin-Off, the Guarantors will guarantee the Issuer’s obligations under this Indenture on a senior secured
    basis following the execution and delivery of the supplemental indenture in the form of Exhibit D;

  

  

  NOW, THEREFORE, the Issuer, the Trustee and the Notes Collateral Agent agree as follows for the benefit of each other and for the equal and
    ratable benefit of the Holders of the Notes.

  

  

  ARTICLE I

  

  

  Definitions and Incorporation by Reference

  

  

  SECTION 1.01.          Definitions.

  

  

  “144A Global Note” means a Global Note
    substantially in the form of Exhibit A bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the
    name of, the Depositary or its nominee that will be issued to evidence Notes sold in reliance on Rule 144A.

  

  

  “Acquired Indebtedness” means, with respect to any
    specified Person,

  

  

  (1)          Indebtedness

      of any other Person existing at the time such other Person is consolidated with, amalgamated or merged with or into or became a Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such
      other Person consolidating with, amalgamating or merging with or into or becoming a Subsidiary of such specified Person; and

  

  

  (2)          Indebtedness

      secured by a Lien encumbering any asset acquired by such specified Person.

  

  

  
    
      

  

  
  

  

  “Additional Notes” means Notes (other than the
    Initial Notes) issued from time to time under this Indenture in accordance with Section 2.02, but subject to compliance with Section 4.09.

  

  

  “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”
    (including, with correlative meanings, the terms “controlling,” “controlled by”
    and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the
    direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.

  

  

  “Agent” means the Notes Collateral Agent and any
    Registrar, Paying Agent, Transfer Agent, Custodian or other agent appointed in accordance with this Indenture to perform any function that this Indenture authorizes such agent to perform.

  

  

  “Applicable Premium” means, as determined by the
    Issuer with respect to any Note on any Redemption Date, the greater of (a) 1.0% of the principal amount of the Note and (b) the excess (to the extent positive) of:

  

  

  (1)          the sum of
      the present value at such Redemption Date of (i) the redemption price of the Note at June 1, 2025 (such redemption price being set forth in the table appearing in Section 3.07(b)), plus (ii) all required remaining interest payments on such Note through June 1, 2025 (excluding accrued but unpaid interest to the Redemption Date), discounted to the date of redemption using a discount rate equal
      to the Treasury Rate as of such Redemption Date plus 50 basis points; over

  

  

  (2)          the then
      outstanding principal amount of such Note.

  

  

  The Trustee shall have no responsibility in connection with calculation or determination of the Applicable Premium.

  

  

  “Applicable Procedures” means, with respect to any
    transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such transfer or exchange.

  

  

  “Asset Sale” means:

  

  

  (1)          the sale,
      conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions, of property or assets (including by way of a sale and leaseback) of the Issuer or any Restricted Subsidiary (each referred to in this
      definition as a “disposition”); or

  

  

  (2)          the
      issuance or sale of Equity Interests of any Restricted Subsidiary, whether in a single transaction or a series of related transactions (other than preferred stock of Restricted Subsidiaries issued in compliance with Section 4.09 or the issuance of
      directors’ qualifying shares and shares issued to foreign nationals as required by applicable law);

  

  

  
    -2-

    
      

  

  

  

  in each case, other than:

  

  

  (1)          a
      disposition of Cash Equivalents, or dispositions of any surplus, obsolete, unnecessary, unsuitable, damaged or worn-out assets in the ordinary course of business, or dispositions of abandoned, lost, destroyed or stolen assets or assets no longer
      used, useful or economically practicable to maintain, or any disposition of inventory or goods held for sale in the ordinary course of business;

  

  

  (2)          the
      disposition of all or substantially all the assets of the Issuer in a manner permitted under Section 5.01 or any disposition that constitutes a Change of Control pursuant to this Indenture;

  

  

  (3)          the making
      of any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under Section 4.07;

  

  

  (4)          any
      issuance or sale of Equity Interests of the Issuer;

  

  

  (5)          any
      disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction or series of related transactions with an aggregate Fair Market Value of less than $10,000,000;

  

  

  (6)          any
      disposition of property or assets or issuance of Equity Interests by a Restricted Subsidiary to the Issuer or by the Issuer or a Restricted Subsidiary to a Restricted Subsidiary;

  

  

  (7)          to the
      extent qualifying for tax-free treatment under Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for use in a Similar Business;

  

  

  (8)          the lease,
      assignment, sub-lease or license of any assets or real or personal property, including the sale of assets to lease customers upon termination any of the foregoing pursuant to the terms thereof, in each case in the ordinary course of business;

  

  

  (9)          any sale of
      an Investment in Carbonfree Chemicals Holdings, LLC;

  

  

  (10)          any sale
      of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

  

  

  (11)          foreclosures,

      condemnations or any similar actions on assets;

  

  

  (12)          (i) any
      disposition of Securitization Assets in connection with any Qualified Securitization Financing and (ii) the sale or discount of accounts receivable arising (x) in connection with the Credit Facilities or (y) in the ordinary course of business in
      connection with the compromise or collection thereof or in bankruptcy or similar proceeding;

  

  

  (13)          the
      surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claim of any kind, in each case, in the ordinary course of business;

  

  

  (14)          the
      creation of a Lien permitted under this Indenture;

  

  

  (15)          the
      licensing or sub-licensing of intellectual property and software or other general intangibles in the ordinary course of business;

  

  

  (16)          the
      unwinding of any Hedging Obligations;

  

  

  
    -3-

    
      

  

  

  

  (17)          sales,
      transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding
      arrangements; and

  

  

  (18)          any
      financing transaction with respect to property built or acquired by the Issuer or any Restricted Subsidiary after the Issue Date, including sale leasebacks and asset securitizations permitted by this Indenture.

  

  

  “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 any
    corporation, the board of directors or managers, as applicable, of the corporation, or any duly authorized committee thereof; (2) with respect to any partnership, the board of directors or other governing body of the general partner of the partnership
    or any duly authorized committee thereof; and (3) with respect to any other Person, the board or any duly authorized committee of such Person serving a similar function.  Whenever any provision requires any action or determination to be made by, or any
    approval of, a Board of Directors, such action, determination or approval shall be deemed to have been taken or made if approved by a majority of the directors on any such Board of Directors (whether or not such action or approval is taken as part of a
    formal board meeting or as a formal board approval).

  

  

  “Business Day” means any day other than a
    Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the State of New York or the place of payment.

  

  

  “Capital Stock” means:

  

  

  (1)          in the case
      of a corporation, corporate stock;

  

  

  (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, limited liability company or business trust, partnership, membership or beneficial interests (whether general or limited) or shares in the capital of a company; 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 (but excluding from the foregoing any debt securities convertible into Capital Stock,
      whether or not such debt securities include any right of participation with Capital Stock).

  

  

  “Capitalized Lease Obligation” means an obligation
    that is required to be classified and accounted for as a financing or capital lease (and, for the avoidance of doubt, not a straight line or operating lease) for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness
    represented by such obligation shall be, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance
    sheet (excluding the footnotes thereto) in accordance with GAAP, and the stated maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid or 
    terminated by the lessee without payment of a penalty; provided that leases that are required to be classified and accounted for as capital leases
    in accordance with GAAP solely because of the duration of the term of the lease or the fact that the present value of the minimum lease payments of the equipment subject to such lease exceeds 90.0% of the Fair Market Value of such equipment shall not
    be deemed to be Capitalized Lease Obligations.

  

  

  
    -4-

    
      

  

  

  

  “Captive Insurance Subsidiary” means a captive
    subsidiary of the Issuer formed or acquired to provide insurance to the Issuer or its Subsidiaries.

  

  

  “Cash Equivalents” means:

  

  

  (1)          United
      States dollars;

  

  

  (2)          pounds
      sterling;

  

  

  (3)          (a) euro,
      or any national currency of any participating member state in the European Union;

  

  

  (b) Canadian dollars;

  

  

  (c) Australian dollars; or

  

  

  (d) in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by them from time to
    time in the ordinary course of business;

  

  

  (4)          securities
      issued or directly and fully and unconditionally guaranteed or insured by the United States of America or Canadian government or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit
      obligation of such government with maturities of 24 months or less from the date of acquisition;

  

  

  (5)          certificates

      of deposit, time deposits and eurodollar time deposits with maturities of 24 months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding 24 months and overnight bank deposits, in each case with any commercial bank
      having capital and surplus in excess of $500,000,000;

  

  

  (6)          repurchase
      obligations for underlying securities of the types described in clauses (4) and (5) of this definition entered into with any financial institution meeting the qualifications specified in clause (5) of this definition;

  

  

  (7)          commercial
      paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each case maturing within 24 months after the date of creation thereof;

  

  

  (8)          investment
      funds investing 95% of their assets in securities of the types described in clauses (1) through (7) of this definition;

  

  

  (9)          readily
      marketable direct obligations issued by any state of the United States of America or any political subdivision thereof or any Province of Canada having one of the two highest rating categories obtainable from either Moody’s or S&P with maturities
      of 24 months or less from the date of acquisition; and

  

  

  (10)          Indebtedness

      or preferred stock issued by Persons with a rating of A or higher from S&P or A2 or higher from Moody’s with maturities of 24 months or less from the date of acquisition.

  

  

  
    -5-

    
      

  

  

  

  Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (1)
    through (3) of this definition; provided that such amounts are converted into any currency listed in clauses (1) through (3) of this definition as
    promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

  

  

  “Certificate of Designations” means Certificate of
    Designations of Series A Senior Preferred Stock of FTAI Infrastructure Inc., the form of which will be attached as an exhibit to the Subscription Agreements to be entered into by the Issuer, Transtar, LLC and the subscriber parties party thereto and
    that will be filed in the Office of the Secretary of State of the State of Delaware in connection with the Spin-Off, as amended prior to the Spin-Off to revise the definition of HY Premium Rate as contemplated therein, which (i) will contain terms
    materially consistent with the description of the Preferred Equity in the Offering Memorandum under “Description of Our Capital Stock—Series A Preferred
      Stock” and (ii) as it relates to Section 4.07(b)(5), will contain dividend rates no higher than those described in the Offering Memorandum under “Description of Our Capital Stock—Series A Preferred Stock.”

  

  

  “CFC” means a Person that is a controlled foreign
    corporation under Section 957 of the Code.

  

  

  “Change of Control” means:

  

  

  (1)          any
      “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
      indirectly, of shares representing more than 50.0% of the voting power of the Issuer’s Voting Stock; or

  

  

  (2)          (a) all or
      substantially all the assets of the Issuer and the Restricted Subsidiaries, taken as a whole, are sold or otherwise transferred to any Person other than a Wholly-Owned Restricted Subsidiary or one or more Permitted Holders or (b) the Issuer
      consolidates, amalgamates or merges with or into another Person or any Person consolidates, amalgamates or merges with or into the Issuer, in either case under this clause (2), in one transaction or a series of related transactions in which
      immediately after the consummation thereof Persons beneficially owning (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) Voting Stock representing in the aggregate a majority of the total voting power of the Voting Stock of the Issuer
      immediately prior to such consummation do not beneficially own (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) Voting Stock representing a majority of the total voting power of the Voting Stock of the Issuer, or the applicable surviving
      or transferee Person; provided that this clause shall not apply (i) in the case where immediately after the consummation of the transactions
      Permitted Holders beneficially own Voting Stock representing in the aggregate a majority of the total voting power of the Issuer, or the applicable surviving or transferee Person, or (ii) to any consolidation, amalgamation or merger of the Issuer
      with or into (x) a corporation, limited liability company or partnership or (y) a wholly-owned subsidiary of a corporation, limited liability company or partnership that, in either case, immediately following the transaction or series of
      transactions, has no Person or group (other than Permitted Holders), which beneficially owns Voting Stock representing 50.0% or more of the voting power of the total outstanding Voting Stock of such entity and, in the case of clause (y), the parent
      of such wholly-owned subsidiary guarantees the Issuer’s obligations under the Notes and this Indenture.

  

  

  For purposes of this definition, any direct or indirect holding company of the Issuer shall not itself be considered a “person” or “group”
    for purposes of clause (1) of this definition; provided that no “person” or “group” (other than the Permitted Holders) beneficially owns, directly
    or indirectly, more than 50.0% of the total voting power of the Voting Stock of such holding company.

  

  

  
    -6-

    
      

  

  

  

  Notwithstanding the foregoing, neither (i) the Spin-Off and any related transactions (including the issuance of the Preferred Equity)
    consummated in connection with the Spin-Off nor (ii) the operation of the provisions of Section 7 of the Certificate of Designations shall be deemed to be a Change of Control.

  

  

  “Clearstream” means Clearstream Banking, Société Anonyme.

  

  

  “Code” means the U.S. Internal Revenue Code of
    1986, as amended.

  

  

  “Collateral” means all of the assets and property
    of the Issuer or any Guarantor, securing or purported to secure any Secured Notes Obligations, other than Excluded Assets.

  

  

  “Consolidated Depreciation and Amortization Expense”
    means, with respect to any Person for any period, the total amount of depreciation and amortization expense, including any amortization of deferred financing fees, amortization in relation to terminated Hedging Obligations and amortization of lease
    discounts and premiums and lease incentives, but excluding any items which are classified as Consolidated Interest Expense in accordance with GAAP, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise
    determined in accordance with GAAP.

  

  

  “Consolidated First Lien Debt” means, as to any
    Person at any date of determination, the aggregate principal amount of Consolidated Total Debt of such Person outstanding on such date (a) that constitutes Secured Notes Obligations or (b) that is secured by a Lien on the Collateral that does not rank
    junior to the Liens on the Collateral securing the Secured Notes Obligations (excluding, for the avoidance of doubt, any Capitalized Lease Obligation or purchase money Indebtedness of the Issuer or any Restricted Subsidiary secured by Liens on the
    assets subject thereto).

  

  

  “Consolidated First Lien Leverage Ratio” means
    the ratio, as of any date of determination, of (a) Consolidated First Lien Debt as of the last day of the Test Period then most recently ended on or prior to such date of determination to (b) EBITDA, in each case of the Issuer and its Restricted
    Subsidiaries on a consolidated basis.

  

  

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

  

  

  (1)          consolidated

      interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted in computing Consolidated Net Income (including (i) amortization of original issue discount resulting from the issuance of
      Indebtedness at less than par, (ii) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of or hedge ineffectiveness expenses of Hedging Obligations or other derivative
      instruments pursuant to Financial Accounting Standards Board Accounting Standards Codification 815-Derivatives and Hedging), and (iii) all commissions, discounts and other fees and charges owed with respect to letters of credit or relating to any
      Qualified Securitization Financing; and excluding (i) non-cash interest expense attributable to the amortization of gains or losses resulting
      from the termination prior to the Issue Date of Hedging Obligations, (ii) the interest component of Capitalized Lease Obligations and net payments, if any, pursuant to interest rate Hedging Obligations, (iii) amortization of deferred financing fees,
      debt issuance costs, commissions, fees and expenses and any expensing of other financing fees (including any expense resulting from bridge, commitment and other financing fees), (iv) amortization of fair value debt discounts and (v) any expense
      resulting from the application of debt modification accounting or, if applicable, purchase accounting in connection with any acquisition), and

  

  

  
    -7-

    
      

  

  

  

  (2)          consolidated

      capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, less

  

  

  (3)          interest
      income for such period.

  

  

  “Consolidated Net Income” means, with respect to
    any Person for any period, the aggregate of the Net Income, of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided that:

  

  

  (1)          any net
      after tax extraordinary, non-recurring or unusual gains or losses, including sales or other dispositions of assets under a Securitization Financing other than in the ordinary course of business (less all fees and expenses relating thereto) or
      expenses (including relating to severance, relocation and new product introductions) shall be excluded;

  

  

  (2)          the Net
      Income for such period shall not include the cumulative effect of a change in accounting principles during such period;

  

  

  (3)          any net
      after-tax income (loss) from disposed or discontinued operations and any net after-tax gains or losses on disposal of disposed or discontinued operations (including operations disposed of during such period whether or not such operations were
      classified as discontinued) shall be excluded;

  

  

  (4)          any net
      after-tax gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions other than in the ordinary course of business, as determined in good faith by such Person, shall be excluded;

  

  

  (5)          the Net
      Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be excluded; provided, however, that Consolidated Net Income of the Issuer shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash)
      to the referent Person or a Restricted Subsidiary thereof in respect of such period;

  

  

  (6)          solely for
      the purpose of determining the amount available for Restricted Payments under Section 4.07(a)(3)(A), the Net Income for such period of any Restricted Subsidiary shall be excluded to the extent that the declaration or payment of dividends or similar
      distributions by that Restricted Subsidiary of its Net Income is not at the date of determination wholly permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its
      charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that Restricted Subsidiary or its shareholders, unless such restriction with respect to the payment of dividends or in similar
      distributions has been legally waived; provided, however, that Consolidated Net Income of the Issuer will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) to the Issuer or a Restricted
      Subsidiary thereof in respect of such period, to the extent not already included therein;

  

  

  (7)          the effects
      of adjustments resulting from the application of recapitalization accounting or purchase accounting in relation to any acquisition that is consummated after the Issue Date or the amortization or write-off of any amounts thereof, net of taxes, shall
      be excluded;

  

  

  
    -8-

    
      

  

  

  

  (8)          any net
      after-tax loss from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments shall be excluded;

  

  

  (9)          any net
      after-tax gains or losses resulting from the application of Accounting Standards Codification Topic 805 “Business Combinations,” Accounting Standards Codification Topic 350 “Intangibles — Goodwill and Other,” Accounting Standards Codification Topic
      360-10-35-15 “Impairment or Disposal of Long-Lived Assets” or Accounting Standards Codification Topic 480-10-25-4 “Distinguishing Liabilities from Equity — Overall — Recognition” shall be excluded;

  

  

  (10)          any net
      after-tax gain (loss) arising from changes in the fair value of derivatives shall be excluded;

  

  

  (11)          any net
      after-tax valuation allowance against a deferred tax asset shall be excluded;

  

  

  (12)          amortization

      of (i) fair value lease premiums and discounts, (ii) lease incentives, (iii) fair value debt discounts, and (iv) debt discounts in respect of Indebtedness issued prior to the Issue Date shall be excluded;

  

  

  (13)          any
      restoration to income of any contingency reserve of an extraordinary, nonrecurring or unusual nature, except to the extent that provision for such reserve was made out of Consolidated Net Income accrued at any time following the Issue Date shall be
      excluded;

  

  

  (14)          any net
      after-tax effect of accretion of accrued interest on discounted liabilities shall be excluded;

  

  

  (15)          any
      non-cash tax expense pursuant to reversals of deferred tax assets shall be excluded; and

  

  

  (16)          any net
      after-tax effect of non-cash compensation expense recorded from grants of stock appreciation or similar rights, stock options or other rights to officers, directors or employees shall be excluded.

  

  

  In addition, to the extent not already included in the Consolidated Net Income of such Person and its Restricted Subsidiaries,
    notwithstanding anything to the contrary in the foregoing, Consolidated Net Income shall include the amount of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are covered by indemnification or
    other reimbursement provisions in connection with any Permitted Investment or any sale, conveyance, transfer or other disposition of assets permitted under this Indenture.

  

  

  Notwithstanding the foregoing, for the purpose of Section 4.07 only (other than Section 4.07(a)(3)(D) thereof), there shall be excluded from
    Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments made by the Issuer and the Restricted Subsidiaries, any repurchases and redemptions of Restricted Investments from the Issuer and the Restricted
    Subsidiaries, any repayments of loans and advances which constitute Restricted Investments by the Issuer or any Restricted Subsidiary, any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted Subsidiary,
    in each case only to the extent such amounts increase the amount of Restricted Payments permitted under Section 4.07 pursuant to Section 4.07(a)(3)(D) thereof.

  

  

  
    -9-

    
      

  

  

  

  “Consolidated Secured Debt” means, as to any
    Person at any date of determination, the aggregate principal amount of Consolidated Total Debt of such Person outstanding on such date that is secured by a Lien on Collateral (excluding, for the avoidance of doubt, any Capitalized Lease Obligation or
    purchase money Indebtedness of the Issuer or any Restricted Subsidiary secured by Liens on the assets subject thereto).

  

  

  “Consolidated Secured Leverage Ratio” means the
    ratio, as of any date of determination, of (a) Consolidated Secured Debt as of the last day of the Test Period then most recently ended on or prior to such date of determination to (b) EBITDA, in each case of the Issuer and its Restricted Subsidiaries
    on a consolidated basis.

  

  

  “Consolidated Total Debt” means, as to any Person
    at any date of determination, an amount equal to the sum of (1) the aggregate principal amount of all third-party debt for borrowed money (including letter of credit drawings that have not been reimbursed within ten Business Days and the outstanding
    principal balance of all Indebtedness of such Person represented by notes, bonds and similar instruments), Capitalized Lease Obligations and purchase money Indebtedness (but excluding, for the avoidance of doubt, (a) undrawn letters of credit, (b)
    Hedging Obligations and (c) all obligations relating to Qualified Securitization Financings) and (2) the aggregate amount of all outstanding Disqualified Stock of such Person (excluding, for the avoidance of doubt, the Preferred Equity) and all
    outstanding preferred stock of a Restricted Subsidiary that is not a Guarantor, in each case, beneficially owned by a third party, with the amount of such Disqualified Stock or preferred stock equal to the greater of their respective voluntary or
    involuntary liquidation preferences and maximum fixed repurchase prices, in each case of such Person and its Restricted Subsidiaries on such date, on a consolidated basis and determined in accordance with GAAP (excluding, in any event, the effects of
    any discounting of Indebtedness resulting from the application of purchase or pushdown accounting in connection with the Spin-Off and any related transaction on or around the Effective Date or any acquisition, Investment or other similar transaction);
    provided that “Consolidated Total Debt” shall be calculated (i) net of all unrestricted cash and Cash Equivalents of such Person and its Restricted
    Subsidiaries at such date of determination (other than the proceeds of any Indebtedness incurred in connection with the transaction for which Consolidated Total Debt is being calculated and (ii) to exclude any obligation, liability or indebtedness of
    such Person if, upon or prior to the maturity thereof, such Person has irrevocably deposited with the proper Person in trust or escrow the necessary funds (or evidence of indebtedness) for the payment, redemption or satisfaction of such obligation,
    liability or indebtedness, and thereafter such funds and evidences of such obligation, liability or indebtedness or other security so deposited are not included in the calculation of cash and Cash Equivalents. For purposes hereof, the “maximum fixed
    repurchase price” of any Disqualified Stock or preferred stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or preferred stock as if such Disqualified Stock or preferred stock
    were purchased on any date on which Consolidated Total Debt shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Stock or preferred stock, such fair
    market value shall be determined in good faith by the Board of Directors or senior management of such Person.

  

  

  “Consolidated Total Leverage Ratio” means the
    ratio, as of any date of determination, of (a) Consolidated Total Debt outstanding as of the last day of the Test Period then most recently ended on or prior to such date of determination to (b) EBITDA, in each case of the Issuer and its Restricted
    Subsidiaries on a consolidated basis.

  

  

  
    -10-

    
      

  

  

  

  “Contingent Obligations” means, with respect to
    any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of
    any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent:

  

  

  (1)          to purchase
      any such primary obligation or any property constituting direct or indirect security therefor,

  

  

  (2)          to advance
      or supply funds:

  

  

  (A)          for the
      purchase or payment of any such primary obligation, or

  

  

  (B)          to maintain
      working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, or

  

  

  (3)          to purchase
      property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

  

  

  “Control Investment Affiliate” means, as to any
    Person, any other Person that (a) directly or indirectly, is in control of, is controlled by, or is under common control with, such Person and (b) exists primarily for the purpose of making equity or debt investments in one or more companies.  For
    purposes of this definition, “control” of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.

  

  

  “Corporate Trust Office of the Trustee” shall be
    the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which office, as at the date of this Indenture, is located at 60 Livingston Avenue, St. Paul, MN 55107, Attention: Joshua Hahn, or such other address as the Trustee may designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust office
    of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Issuer).

  

  

  “Credit Facilities” means one or more debt
    facilities, indentures or commercial paper facilities providing for revolving credit loans, term loans, notes, debentures, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow
    from such lenders against receivables), letters of credit or other long-term indebtedness, including any guarantees, collateral documents, mortgages, instruments and agreements executed in connection therewith, and any amendments, modifications,
    restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof and any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that replace, refund or
    refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof.

  

  

  “Custodian” means the Trustee when serving as
    custodian for the Depositary with respect to the Global Notes, or any successor entity thereto.

  

  

  “Customer Contracts” means contracts entered into
    by the Issuer or any of its Restricted Subsidiaries for the sale, lease and/or other provision of products, goods and services by the Issuer or any such Restricted Subsidiary (i) that require the payment to the Issuer or any Restricted Subsidiary of a
    minimum amount or the delivery of the Issuer or any Restricted Subsidiary of minimum volumes, which payments are required pursuant to such contracts to continue for a period of time ending no earlier than June 1, 2027 (the provisions of the contracts
    that require such payments, the “Minimum Delivery Clauses”) and (ii) for which the payments to the Issuer or any Restricted Subsidiary or delivery by the Issuer or any Restricted Subsidiary, as applicable, pursuant to the Minimum Delivery Clauses have
    commenced.

  

  

  
    -11-

    
      

  

  

  

  “Default” means any event that is, or with the
    passage of time or the giving of notice or both would be, an Event of Default.

  

  

  “Definitive Note” means a certificated Note
    registered in the name of the Holder thereof and issued in accordance with Section 2.06(c), substantially in the form of Exhibit A hereto, except that such Note
    shall not bear the Global Note Legend and shall not have the “Schedule of Increases or Decreases of Interests in the Global Note” attached thereto.

  

  

  “Depositary” means, with respect to the Notes
    issuable or issued in whole or in part in global form, the Person specified in Section 2.03 as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary under this Indenture and having become such pursuant to
    the applicable provision of this Indenture.

  

  

  “Designated Non-cash Consideration” means the Fair
    Market Value of noncash consideration received by the Issuer or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such
    valuation, executed by a senior vice president or the principal financial officer of the Issuer, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration.

  

  

  “Designated Preferred Stock” means preferred stock
    of the Issuer that is issued after the Issue Date for cash and is designated as Designated Preferred Stock, the cash proceeds of which are contributed to the capital of the Issuer and excluded from the calculation set forth in Section 4.07(a)(3).  For
    the avoidance of doubt, the Preferred Equity shall not be Designated Preferred Stock.

  

  

  “Disqualified Stock” means, with respect to any
    Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable, other than
    as a result of a change of control or asset sale, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, other than as a result of a change of control or asset sale, in whole or in part, in each case
    prior to the date 91 days after the earlier of the maturity date of the Notes or the date the Notes are no longer outstanding; provided that if
    such Capital Stock is issued to any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be
    repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

  

  

  “Dividing Person” has the meaning assigned to it
    in the definition of “Division”.

  

  

  “Division” means the division of the assets,
    liabilities and/or obligations of a Person (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement),
    which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive.

  

  

  “Division Successor” means any Person that, upon
    the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains
    any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.

  

  

  “Domestic Subsidiary” means a Subsidiary that is
    not a Foreign Subsidiary.

  

  

  
    -12-

    
      

  

  

  

  “EBITDA” means, with respect to any Person for any
    period, the Consolidated Net Income of such Person for such period, plus (without duplication):

  

  

  (1)          collections
      of the principal portion of any direct finance leases; plus

  

  

  (2)          provision
      for taxes based on income or profits, plus franchise or similar taxes, of such Person for such period deducted in computing Consolidated Net
      Income; plus

  

  

  (3)          Consolidated

      Interest Expense (and other components of Fixed Charges to the extent changes in GAAP after the Issue Date result in such components reducing Consolidated Net Income) of such Person for such period to the extent the same was deducted in calculating
      such Consolidated Net Income, including any noncash interest charges calculated in accordance with GAAP; plus

  

  

  (4)          Consolidated

      Depreciation and Amortization Expense of such Person for such period to the extent such depreciation and amortization were deducted in computing Consolidated Net Income; plus

  

  

  (5)          any fees,
      expenses or charges, or any amortization thereof, related to any equity offering, Permitted Investment, acquisition, disposition, recapitalization or Indebtedness permitted to be incurred by this Indenture (whether or not successful) or any repayment
      of Indebtedness, including such fees, expenses or charges related to the offering of the Notes, and deducted in computing Consolidated Net Income, and including, in each case, any such transaction consummated prior to the Issue Date and any such
      transaction undertaken but not completed, and any charges or non-recurring costs incurred during such period as a result of any such transaction; plus

  

  

  (6)          any loss
      (or minus any gain) related to the disposition of assets; plus

  

  

  (7)          the amount
      of any restructuring charge or reserve deducted in such period in computing Consolidated Net Income, including any one-time costs incurred in connection with acquisitions after the Issue Date; plus

  

  

  (8)          any other
      non-cash charges reducing Consolidated Net Income for such period, excluding any such charge that represents an accrual or reserve for a cash expenditure for a future period; plus

  

  

  (9)          the amount
      of any non-controlling interest expense deducted in calculating Consolidated Net Income (less the amount of any cash dividends paid to the holders of such minority interests); plus

  

  

  (10)          expenses
      related to the implementation of new accounting pronouncements and other regulatory requirements; plus

  

  

  (11)          any net
      loss (or minus any gain) resulting from currency exchange risk Hedging Obligations; plus

  

  

  (12)          foreign
      exchange loss (or minus any gain) on debt; plus

  

  

  
    -13-

    
      

  

  

  

  (13)          Securitization

      Fees and the amount of loss on sale of Securitization Assets and related assets to a Securitization Subsidiary in connection with a Qualified Securitization Financing, to the extent deducted in determining Consolidated Net Income; less

  

  

  (14)          non-cash
      items increasing Consolidated Net Income of such Person for such period, excluding any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period; plus

  

  

  (15)          any other
      extraordinary, non-recurring or unusual losses (or minus any other extraordinary, non-recurring or unusual gain); plus

  

  

  (16)          other
      recurring cash revenue received; plus

  

  

  (17)          (i) with
      respect to any Customer Contract for which the Issuer believes in good faith that it will receive payment, solely for the first four fiscal quarters following the commencement of the payments to the Issuer or any Restricted Subsidiary or delivery by
      the Issuer or any Restricted Subsidiary, as applicable, pursuant to the Minimum Delivery Clauses thereof, the aggregate amount of “run rate” income that would have been earned pursuant to the Minimum Delivery Clauses of Customer Contracts entered
      into on or prior to the last day of such period (net of actual income earned pursuant to such Customer Contracts during such period) as estimated by the Issuer in good faith as if such Customer Contract had been entered into at the beginning of such
      period and determined assuming the contracted pricing pursuant to the Minimum Delivery Clauses for such Customer Contract was applicable during the entire period, less (ii) any actual income earned but not received under any Customer Contract that
      was cancelled or otherwise terminated in accordance with its terms during such period, or for which the Issuer has received notice that such cancellation or termination will occur;

  

  

  all as determined on a consolidated basis for such Person and its Restricted Subsidiaries in accordance with GAAP.

  

  

  “Effective Date” means the Escrow Release Date.

  

  

  “Eligible Escrow Investments” means such customary
    short-term liquid investments in which the Escrowed Property may be invested in accordance with the Escrow Agreement.

  

  

  “employees” of the Issuer and its Subsidiaries
    shall include officers of the Issuer and its Subsidiaries and employees of the Manager or its Affiliates that are involved in the management of the Issuer and its Subsidiaries.

  

  

  “EMU” means economic and monetary union as
    contemplated in the Treaty on European Union.

  

  

  “Equal Lien Priority” means, with respect to
    specified Indebtedness, such Indebtedness is secured by a Lien that is equal in priority (including any Superpriority Obligations permitted to be
    incurred by this Indenture) to the Liens on specified Collateral (but without regard to control of remedies) and is subject to the Equal Priority Intercreditor Agreement (or such other intercreditor agreement having substantially similar terms as the
    Equal Priority Intercreditor Agreement, taken as a whole).

  

  

  “Equal Priority Intercreditor Agreement” shall
    have the meaning assigned to such term in the definition of “Equal Priority Obligations.”

  

  

  
    -14-

    
      

  

  

  

  “Equal Priority Obligations” means any Obligations
    with respect to any Indebtedness permitted to be incurred under this Indenture that are (and are permitted by this Indenture to be) secured by a Lien that is equal in priority (including any Superpriority Obligations permitted to be incurred by this Indenture) to the Liens securing the Secured Notes Obligations and is subject to a customary market form (as reasonably determined by the Notes
    Collateral Agent and the Issuer as set forth in an Officer’s Certificate delivered to the Trustee and the Notes Collateral Agent) equal priority intercreditor agreement (which may include any Superpriority Obligations permitted to be incurred by this
    Indenture) among the Trustee, the Notes Collateral Agent and the authorized agents of any holders of Equal Priority Obligations (such intercreditor agreement, as the same may be amended, restated, renewed, replaced or otherwise modified from time to
    time, an “Equal Priority Intercreditor Agreement”).

  

  

  “Equal Priority Secured Parties” means
    collectively, (1) the Secured Notes Secured Parties and (2) any holders of any Equal Priority Obligations and any trustee, authorized representative or agent of such Equal Priority Obligations.

  

  

  “Equity Interests” means Capital Stock and all
    warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.

  

  

  “Equity Offering” means any public or private sale
    of common shares or preferred shares of the Issuer (excluding Disqualified Stock), other than:

  

  

  (1)          public
      offerings with respect to the Issuer’s common shares registered on Form S-8;

  

  

  (2)          any sales
      to the Issuer or any of its Subsidiaries;

  

  

  (3)          any public
      or private sale or issuance that constitutes an Excluded Contribution; and

  

  

  (4)          the
      issuance and sale of the Preferred Equity and any warrants issued on or prior to the Effective Date.

  

  

  “Escrow Agent” has the meaning assigned to it in
    the definition of “Escrow Agreement”.

  

  

  “Escrow Agreement”  means that certain escrow
    agreement, dated as of the Issue Date, among the Escrow Issuer, the Trustee and U.S. Bank Trust Company, National Association, as escrow agent (in such capacity, the “Escrow Agent”) with respect to the proceeds of the Notes.

  

  

  “Escrow Issuer” has the meaning set forth in the
    preamble hereto.

  

  

  “euro” means the single currency of participating
    member states of the EMU.

  

  

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

  

  

  “Exchange Act” means the Securities Exchange Act
    of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

  

  

  
    -15-

    
      

  

  

  

  “Excluded Assets” means,

  

  

  (1)  (i) the Equity Interests of any (A) Captive Insurance Subsidiary, (B) not-for-profit or special purpose Subsidiary, (C) Excluded Pledged
    Subsidiary or (D) Securitization Subsidiary and/or (ii) Voting Stock representing in excess of 65% of the Voting Stock of any CFC or FSHCO, except in the case of this clause (ii) to the extent that a pledge of such excess Voting Stock would not
    reasonably be expected to result in an adverse tax consequence to the Issuer or any Restricted Subsidiary;

  

  

  (2)  any intent-to-use (or similar) trademark application prior to the filing and acceptance of a “Statement of Use” or “Amendment to Allege
    Use” notice and/or filing with respect thereto;

  

  

  (3)  any asset, the grant of a security interest in which would (i) require any governmental consent, approval, license or authorization that
    has not been obtained, (ii) be prohibited by applicable requirements of law, except, in each case of clause (i) above and this clause (ii), to the extent such requirement or prohibition would be rendered ineffective under the UCC or any other
    applicable law notwithstanding such requirement or prohibition; it being understood that the term “Excluded Asset” shall not include proceeds or receivables arising out of any asset described in clause (i) or clause (ii) to the extent that the
    assignment of such proceeds or receivables is expressly deemed to be effective under the UCC or any other applicable law notwithstanding the relevant requirement or prohibition or (iii) result in material adverse tax consequences to the Issuer or any
    of its direct or indirect Subsidiaries as reasonably determined by Issuer in writing delivered to the Notes Collateral Agent;

  

  

  (4)  (i) any leasehold real property interests and (ii) any fee owned real property that is not a Material Real Estate Asset or that is
    located in a “special flood zone,” unless the portion of such property that is located in the “special flood zone” is legally subdivided, in which case only the portion of such property, including any improvements thereon, that is in the “special flood
    zone”;

  

  

  (5)  any interest in any partnership, joint venture or non-Wholly-Owned Subsidiary that cannot be pledged without (i) the consent of one or
    more third parties other than the Issuer or any of its Restricted Subsidiaries under the Organizational Documents (and/or shareholders’ or similar agreement) of such partnership, joint venture or non-Wholly-Owned Subsidiary or (ii) giving rise to a
    “right of first refusal,” a “right of first offer” or a similar right permitted or otherwise not prohibited by the terms of this Indenture that may be exercised by any third party other than the Issuer or any of its Restricted Subsidiaries in
    accordance with the Organizational Documents (and/or shareholders’ or similar agreement) of such partnership, joint venture or non-Wholly-Owned Subsidiary except, in each case of clause (i) above and this clause (ii), to the extent such requirement or
    prohibition would be rendered ineffective under the UCC or any other applicable law notwithstanding such requirement or prohibition;

  

  

  (6)  (i) assets subject to certificates of title, (ii) letter-of-credit rights not constituting supporting obligations of other Collateral
    and (iii) commercial tort claims with a value (as reasonably estimated by the Issuer) of less than $15,000,000, except, in each case of clauses (i)-(iii), to the extent a security interest therein can be perfected solely by the filing of a UCC
    financing statement;

  

  

  (7)  any margin stock;

  

  

  (8)  any lease, license or other agreement or contract or any asset subject thereto (including pursuant to a purchase money security
    interest, Capitalized Lease Obligations or similar arrangement) that is, in each case, permitted by this Indenture to the extent that the grant of a security interest therein would violate or invalidate such lease, license or agreement or contract or
    purchase money, Capitalized Lease Obligations or similar arrangement, in each case, to the extent permitted by this Indenture, or trigger a right of termination in favor of any other party thereto (other than the Issuer or any of its Restricted
    Subsidiaries) after giving effect to the applicable anti-assignment provisions of the UCC or any other applicable law; it being understood that the term “Excluded Asset” shall not include any proceeds or receivables arising out of any asset described
    in this clause (8) to the extent that the assignment of such proceeds or receivables is expressly deemed to be effective under the UCC or any other applicable law notwithstanding the relevant requirement or prohibition;

  

  

  
    -16-

    
      

  

  

  

  (9)  any asset with respect to which the Issuer has reasonably determined that the cost, burden, difficulty or consequence (including any
    effect on the ability of the Issuer or any Guarantor to conduct their operations and business in the ordinary course of business) of obtaining or perfecting a security interest therein outweighs the benefit of a security interest to the Holders of the
    security afforded thereby, which determination is evidenced in writing to the Notes Collateral Agent; provided that such asset does not secure (or purport to secure) any Equal Priority Obligations or Junior Priority Obligations;

  

  

  (10)  Securitization Assets (i) disposed of to any Securitization Subsidiary in connection with a Qualified Securitization Financing or (ii)
    otherwise pledged, factored, transferred or sold in connection with any Qualified Securitization Financing; and

  

  

  (11)  any governmental licenses or state or local franchises, charters or authorizations, to the extent a security interest in any such
    license, franchise, charter or authorization would be prohibited or restricted thereby (including any legally effective prohibition or restriction) except to the extent such requirement or prohibition would be rendered ineffective under the UCC or any
    other applicable law notwithstanding such requirement or  prohibition; it being understood that the term “Excluded Asset” shall not include proceeds or receivables arising out of any the foregoing assets to the extent that the assignment of such
    proceeds or receivables is expressly deemed to be effective under the UCC or any other applicable law notwithstanding the relevant requirement or prohibition.

  

  

  Terms defined in the UCC that are not otherwise defined in this Indenture are used in this definition as defined in the UCC.

  

  

  “Excluded Contribution” means net cash proceeds,
    marketable securities or Qualified Proceeds received by the Issuer after the Issue Date (other than Otherwise Applied Proceeds) from:

  

  

  	

        	(1)	
          contributions to its common equity capital; and

        

  

  

  (2)          the sale
      (other than to a Subsidiary of the Issuer or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any distributor equity plan or agreement of the Issuer) of Capital Stock (other than
      Disqualified Stock and Designated Preferred Stock) of the Issuer,

  

  

  in each case, designated as Excluded Contributions.

  

  

  “Excluded Pledged Subsidiary” means (a) any
    Subsidiary that is prohibited by applicable law from having a Lien granted on its Equity Interests except to the extent such prohibition would be rendered ineffective under the UCC or any other applicable law notwithstanding such prohibition, (b) any
    Unrestricted Subsidiary, (c) any Subsidiary that is not a Material Subsidiary and (d) any Subsidiary that is prohibited by the terms of a contractual obligation not otherwise prohibited by this Indenture that is in effect on the date such Subsidiary is
    acquired by the Issuer, so long as such prohibition was not incurred in connection with or in contemplation of the acquisition of such Subsidiary, from having a Lien granted on its Equity Interests.

  

  

  “Excluded Subsidiary” means (a) any Subsidiary
    that is not a Wholly-Owned Subsidiary on any date such Subsidiary would otherwise be required to become a Guarantor pursuant to the requirements of this Indenture (for so long as such Subsidiary remains a non-Wholly Owned Subsidiary), (b) any
    Subsidiary that is prohibited by applicable law from providing a Guarantee or granting a Lien on its assets, (c) any Unrestricted Subsidiary, (d) any Subsidiary that is not a Material Subsidiary, (e) any Subsidiary that is prohibited by any contractual
    obligation existing on the Effective Date (or, if later, the date it first becomes a Subsidiary, so long as such prohibition was not incurred in connection with or in contemplation of the acquisition of such Subsidiary), from providing a Guarantee or
    granting a Lien on its assets, (f) Ohio River Partners Holdco LLC and its Subsidiaries as of the Issue Date, (g) CPE Investor LLC and its Subsidiaries as of the Issue Date, (h) ARM Investment LLC and its Subsidiaries as of the Issue Date, (i) KAT
    Holdco LLC and its Subsidiaries as of the Issue Date, (j) FTAI Energy Holdings LLC and its Subsidiaries as of the Issue Date, (k) Delaware River Partners Holdco LLC and its Subsidiaries as of the Issue Date, and (l) a Subsidiary of an Excluded
    Subsidiary formed to participate in local tax incentive programs.

  

  

  
    -17-

    
      

  

  

  

  “Existing Indebtedness” means Indebtedness in
    existence on the Issue Date of the Issuer and the entities that will become Restricted Subsidiaries on the Effective Date, plus interest accruing
    thereon.

  

  

  “Fair Market Value” means the value that would be
    paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the chief executive officer, chief financial officer, chief accounting officer or controller of
    the Issuer or the Restricted Subsidiary, which determination will be conclusive (unless otherwise provided in this Indenture).

  

  

  “Fitch” means Fitch Ratings or any of its successors or assigns that is a nationally recognized statistical rating organization within the meaning of Rule 3(a)(62) under the Exchange Act.

  

  

  “Fixed Charge Coverage Ratio” means, with respect
    to any Person for any period, the ratio of EBITDA of such Person for such period to the Fixed Charges of such Person for such period.

  

  

  “Fixed Charges” means, with respect to any Person
    for any period, the sum of:

  

  

  	

        	(1)	
          Consolidated Interest Expense;

        

  

  

  	

        	(2)	
          all cash dividend payments (excluding items eliminated in consolidation) on any series of preferred stock (including the Preferred Equity and any series of Designated
            Preferred Stock) or any Refunding Capital Stock of such Person; and

        

  

  

  	

        	(3)	
          all cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified Stock.

        

  

  

  “Foreign Subsidiary” means, with respect to any
    Person, any Subsidiary of such Person that is not organized or existing under the laws of the United States of America, any state thereof or the District of Columbia.

  

  

  “Fortress” means Fortress Investment Group LLC.

  

  

  “FSHCO” shall mean any Subsidiary of the Issuer,
    substantially all of whose assets are Equity Interests in, and/or indebtedness of, one or more Subsidiaries that are CFCs or other Subsidiaries described in this definition of “FSHCO”.

  

  

  “FTAI Infrastructure” has the meaning set forth in
    the recitals hereto.

  

  

  “GAAP” means generally accepted accounting
    principles in the United States of America which are in effect on the Issue Date (except with respect to accounting for capital leases, as to which such principles in effect for the Issuer on December 31, 2018 shall apply). At any time after the Issue
    Date, the Issuer may elect to apply IFRS accounting principles in lieu of GAAP for purposes of calculations hereunder and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise provided in
    this Indenture); provided that calculation or determination in this Indenture that requires the application of GAAP for periods that include fiscal
    quarters ended prior to the Issuer’s election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. The Issuer shall give notice of any such election made in accordance with this definition to the Trustee and the
    Holders of Notes.

  

  

  
    -18-

    
      

  

  

  

  “General Partner” means Fortress Worldwide
    Transportation and Infrastructure Master GP LLC.

  

  

  “Global Note Legend” means the legend set forth in
    Section 2.06(g)(ii), which is required to be placed on all Global Notes issued under this Indenture.

  

  

  “Global Notes” means, individually and
    collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A issued in accordance with Section
    2.01, 2.06(b) or 2.06(d).

  

  

  “Government Securities” means securities that are:

  

  

  (1)          direct
      obligations of the United States of America for the timely payment of which its full faith and credit is pledged; or

  

  

  (2)          obligations
      of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America;

  

  

  which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt
    issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such Government Securities held by such custodian for the
    account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction
    from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such
    depository receipt.

  

  

  “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 letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other
    obligations.

  

  

  “Guarantee” means the guarantee by any Guarantor
    of the Issuer’s obligations under this Indenture.

  

  

  “Guarantor” means any Person that executes a
    Guarantee in accordance with the provisions of this Indenture and its respective successors and assigns, in each case, until the Guarantee of such Person has been released in accordance with the provisions of this Indenture; provided that any Excluded Subsidiaries or Unrestricted Subsidiaries shall not be required to be Guarantors.

  

  

  
    -19-

    
      

  

  

  

  “Hedging Obligations” means, with respect to any
    Person, the obligations of such Person under:

  

  

  (1)          currency
      exchange, interest rate, inflation or commodity swap agreements, currency exchange, interest rate, inflation or commodity cap agreements and currency exchange, interest rate, inflation or commodity collar agreements; and

  

  

  (2)          other
      agreements or arrangements designed to protect such Person against fluctuations in currency exchange, interest rates, inflation or commodity prices.

  

  

  “Holder” means a Person in whose name a Note is
    registered in the register.

  

  

  “IFRS” means the International Financial Reporting
    Standards issued by the International Accounting Standards Board, as in effect from time to time, to the extent applicable to the relevant financial statements.

  

  

  “Indebtedness” means, with respect to any Person:

  

  

  (1)          any
      indebtedness (including principal and premium) of such Person, whether or not contingent:

  

  

  (a) in respect of borrowed money;

  

  

  (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without
    double counting, reimbursement agreements in respect thereof);

  

  

  (c) representing the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease
    Obligations but excluding any lease obligations that do not constitute a Capitalized Lease Obligation pursuant to the proviso contained in the definition thereof), except (i) any such balance that constitutes a trade payable or similar obligation to a
    trade creditor, in each case accrued in the ordinary course of business, (ii) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and is no longer contingent and (iii) any
    purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the seller; or

  

  

  (d) representing any Hedging Obligations;

  

  

  if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would
    appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP;

  

  

  (2)          to the
      extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the Indebtedness of another Person, other than by endorsement of negotiable instruments for collection in the ordinary
      course of business; provided that the amount of Indebtedness of any Person for purposes of this clause (2) shall be deemed to be equal to the
      lesser of (i) the aggregate unpaid amount of such Indebtedness and (ii) solely in the case of Non-Recourse Indebtedness of the Issuer or a Restricted Subsidiary, the Fair Market Value of the property encumbered thereby as determined by such Person in
      good faith; and

  

  

  
    -20-

    
      

  

  

  

  (3)          to the
      extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person, whether or not such Indebtedness is assumed by such Person;

  

  

  provided, that, notwithstanding the
    foregoing, Indebtedness shall be deemed not to include: (1) Contingent Obligations, (2) obligations under or in respect of a Qualified Securitization Financing, (3) reimbursement obligations under commercial letters of credit (provided, however, that unreimbursed amounts under letters of
    credit shall be counted as Indebtedness on or after three Business Days after such amount is drawn), (4) intercompany liabilities arising from cash management, tax and accounting operations and (5) intercompany loans, advances or Indebtedness having a
    term not exceeding 364 days (inclusive of any rollover or extensions of term) and made in the ordinary course of business.

  

  

  The amount of Indebtedness of any Person outstanding at any time in the case of a revolving credit or similar facility shall be the total
    amount of funds borrowed and then outstanding.  The amount of Indebtedness of any Person outstanding at any date shall be determined as set forth in this definition or otherwise provided in this Indenture, and shall equal the amount that would appear
    on a balance sheet of such Person (excluding any notes thereto) prepared on the basis of GAAP.

  

  

  “Indenture” means this Indenture, as amended or
    supplemented from time to time.

  

  

  “Independent Financial Advisor” means an
    accounting, appraisal, investment banking firm or consultant to Persons engaged in Similar Businesses of nationally recognized standing that is, in the good faith judgment of the Issuer, qualified to perform the task for which it has been engaged.

  

  

  “Indirect Participant” means a Person who holds a
    beneficial interest in a Global Note through a Participant.

  

  

  “Initial Notes” has the meaning assigned to such
    term in the recitals hereto.

  

  

  “Initial Purchasers” means Morgan Stanley &
    Co. LLC and Barclays Capital Inc.

  

  

  “Interest Payment Date” means June 1 and December
    1 of each year, as applicable, to stated maturity.

  

  

  “Investment Grade Rating” means a rating equal to
    or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency.

  

  

  “Investments” means, with respect to any Person,
    all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel, moving and
    similar advances to officers, directors and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and
    investments that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of the Issuer in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or
    other property; provided that endorsements of negotiable instruments and documents in the ordinary course of business will not be deemed to be an
    Investment. For purposes of the definition of “Unrestricted Subsidiary” and Section 4.07:

  

  

  (1)          “Investments”

      shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer shall be deemed to continue to have a permanent
      “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to:

  

  

  (a)          the
      Issuer’s “Investment” in such Subsidiary at the time of such redesignation; less

  

  

  (b)          the portion
      (proportionate to the Issuer’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such redesignation; and

  

  

  
    -21-

    
      

  

  

  

  (2)          in the case
      of a Person that was previously a Restricted Subsidiary and ceases to be a Subsidiary, “Investments” shall include the portion (proportionate to the Issuer’s equity interest in such Person) of the Fair Market Value of the net assets of such Person at
      the time that such Person ceased to be a Subsidiary; and

  

  

  (3)          any
      property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer, in each case as determined in good faith by the Issuer.

  

  

  The amount of any Investment outstanding at any time shall be the original cost of such Investment (determined, in the case of an Investment
    made with assets of the Issuer or any Restricted Subsidiary, based on the net book value of the assets invested), reduced by any dividend, distribution, interest payment, return of capital, repayment or other amount received in cash by the Issuer or a
    Restricted Subsidiary in respect of such Investment.

  

  

  “Issue Date” means July 7, 2022.

  

  

  “Issuer” means Escrow Issuer, and following
    assumption of Escrow Issuer’s obligations hereunder by FTAI Infrastructure, means FTAI Infrastructure.

  

  

  “Issuer’s Order” means a written request or order
    signed on behalf of the Issuer, by an Officer of the Issuer who must be (A) the principal executive officer, the principal financial officer or the principal accounting officer of the Issuer or (B) an Executive Vice President, a Senior Vice President,
    the Treasurer or the Controller of the Issuer, and delivered to the Trustee.

  

  

  “Junior Lien Priority” means, with respect to
    specified Indebtedness, such Indebtedness is secured by a Lien that is junior in priority to the Liens on specified Collateral and is subject to a Junior Priority Intercreditor Agreement (or such other intercreditor agreement having substantially
    similar terms as the Junior Priority Intercreditor Agreement, taken as a whole).

  

  

  “Junior Priority Collateral Agent” means the
    Junior Priority Representative for the holders of any initial Junior Priority Obligations.

  

  

  “Junior Priority Obligations” means the
    Obligations with respect to any Indebtedness permitted to be incurred under this Indenture and having Junior Lien Priority relative to the Secured Notes Obligations; provided, that such Lien is permitted to be incurred under this Indenture, and
    provided further, that the holders of such indebtedness or their Junior Priority Representative shall become party to a Junior Priority Intercreditor Agreement.

  

  

  
    -22-

    
      

  

  

  

  “Junior Priority Representative” means any duly
    authorized representative of any holders of Junior Priority Obligations, which representative is named as such in the Junior Priority Intercreditor Agreement or any joinder thereto.

  

  

  “Junior Priority Secured Parties” means the
    holders from time to time of any Junior Priority Obligations, the Junior Priority Collateral Agent and each other Junior Priority Representative.

  

  

  “Legended Regulation S Global Note” means a Global
    Note in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the
    name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount at maturity of the Notes initially sold in reliance on Rule 903 of Regulation S.

  

  

  “Lien” means, with respect to any asset, any
    mortgage, lien, pledge, 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 sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease be deemed to constitute a Lien.

  

  

  “Management Agreement” means that certain Amended
    and Restated Management and Advisory Agreement, dated as of the Effective Date, by and between the Issuer and the Manager.

  

  

  “Management Group” means at any time, the Chairman
    of the Board of Directors, any President, any Executive Vice President, any Managing Director, any Treasurer and any Secretary or other executive officer of the Issuer or any Subsidiary at such time.

  

  

  “Manager” means FIG LLC or its permitted
    successors or assigns.

  

  

  “Material Real Estate Asset” means any “fee-owned”
    real estate asset located in the United States owned by the Issuer or any Guarantor on the Effective Date, acquired by the Issuer or any Guarantor after the Effective Date or owned by any Person at the time such Person becomes a Guarantor, in each
    case, having a fair market value in excess of $10,000,000 as of the date of acquisition thereof (or the date of substantial completion of any material improvement thereon or new construction thereof) or if the owning entity becomes a Guarantor after
    the Effective Date, as of the date such Person becomes a Guarantor.

  

  

  “Material Subsidiary” means (i) each Subsidiary of
    the Issuer that, as of the last day of the fiscal quarter of the Issuer most recently ended, had total revenues (excluding intercompany revenues) for such quarter in excess of 2.0% of the consolidated total revenues of the Issuer and its Subsidiaries
    for such quarter in accordance with GAAP and (ii) any group comprising Wholly-Owned Subsidiaries that each would not have been a Material Subsidiary under clause (i) but that, taken together, as of the last day of the fiscal quarter of the Issuer most
    recently ended, had total revenues (excluding intercompany revenues) for such quarter in excess of 5.0% of the consolidated total revenues of the Issuer and its Subsidiaries for such quarter in accordance with GAAP.

  

  

  “Moody’s” means Moody’s Investors Service, Inc. or any of its successors or assigns that is a nationally

      recognized statistical rating organization within the meaning of Rule 3(a)(62) under the Exchange Act.

  

  

  “Net Income” means, with respect to any Person,
    the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends.

  

  

  
    -23-

    
      

  

  

  

  “Net Proceeds” means an amount equal to the
    aggregate cash proceeds received by the Issuer or any Restricted Subsidiary in respect of any Asset Sale, including any cash received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale, net of the
    direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration, including legal, accounting and investment banking fees, and brokerage and sales commissions, payments made in order to obtain necessary
    consents required by agreement or by applicable law, any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements),
    other fees and expenses, including title and recordation expenses, amounts required to be applied to the repayment of principal, premium, if any, and interest on Indebtedness secured by a Lien permitted under this Indenture required (other than
    required by Section 4.10(b)(A)(1) or (B)(1)) to be paid as a result of such transaction and any deduction of appropriate amounts to be provided by the Issuer as a reserve in accordance with GAAP against any liabilities associated with the asset
    disposed of in such transaction and retained by the Issuer after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification
    obligations associated with such transaction.

  

  

  “Non-Recourse Indebtedness” means with respect to
    any Person, Indebtedness of such Person and any refinancing Indebtedness thereof for which the sole legal recourse for collection of principal and interest on such Indebtedness is against the specific property identified in the instruments evidencing
    or securing such Indebtedness.

  

  

  “Non-Subsidiary Party” means a Person in which the
    Issuer or any Restricted Subsidiary of the Issuer owns an Equity Interest but that is not a Subsidiary of the Issuer.

  

  

  “Non-U.S. Person” means a Person who is not a U.S.
    Person.

  

  

  “Notes” means any note authenticated and delivered
    under this Indenture.  For all purposes of this Indenture, the term “Notes” shall also include any Additional Notes that may be issued hereafter.  The Initial Notes and the Additional Notes, if any, shall be treated as a single class for all purposes
    under this Indenture (including waivers, amendments, redemptions and offers to purchase), except as specifically noted otherwise herein.

  

  

  “Notes Collateral Agent” means U.S. Bank Trust
    Company, National Association, as collateral agent for the holders of the Notes under the Security Documents and any successor pursuant to the provisions of this Indenture and the Security Documents.

  

  

  “Obligations” means any principal, interest
    (including any interest, fees and expenses accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar case or proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest,
    fees, or expenses is an allowed or allowable claim under applicable state, federal or foreign law), premium, penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and bankers’
    acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, premium, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness.

  

  

  “Offering Memorandum” means the offering
    memorandum, dated June 29, 2022, relating to the sale of the Initial Notes.

  

  

  
    -24-

    
      

  

  

  

  “Officer” means the Chairman of the board of
    directors, the Chief Executive Officer, the President, any Executive Vice President, Senior Vice President or Vice President, the Chief Financial Officer, the Treasurer, the Secretary or any Assistant Secretary of the Issuer.

  

  

  “Officer’s Certificate” means a certificate signed
    on behalf of the Issuer by an Officer of the Issuer, that is the principal executive officer, the principal financial officer, the treasurer, the principal accounting officer or the secretary of the Issuer, that meets the requirements set forth in this
    Indenture.

  

  

  “Opinion of Counsel” means an opinion from legal
    counsel (who may be counsel to the Issuer) that meets the requirements of this Indenture.

  

  

  “Organizational Documents” mean (i) in the case of
    any corporation, the certificate of incorporation and by-laws (or similar documents) of such person, (ii) in the case of any limited liability company, the certificate of formation and operating agreement (or similar documents) of such person, (iii) in
    the case of any limited partnership, the certificate of formation and limited partnership agreement (or similar documents) of such person, (iv) in the case of any general partnership, the partnership agreement (or similar document) of such person, (v)
    in the case of any trust, the declaration of trust and trust agreement (or similar document) of such person and (vi) in any other case, the functional equivalent of the foregoing.

  

  

  “Otherwise Applied Proceeds” means, with respect
    to a specified provision and proceeds of a transaction, proceeds from such transaction that have been or are being applied or allocated under any of the following provisions (other than such specified provision itself): (A) Section 3.07(c), (B) Section
    4.09(b)(12)(B), (C) the definition of “Excluded Contribution”, (D) clause (11) of the definition of “Permitted Investments”, (E) clause (20)(y) of the definition of “Permitted Liens” and (F) the definition of “Cumulative Credit”.  In addition, (1) the
    proceeds of the Preferred Equity and any related warrants and (2) the proceeds of a sale or transfer of Equity Interests of the Issuer or a Restricted Subsidiary to the Issuer or a Subsidiary shall be deemed to be Otherwise Applied Proceeds. 
    Notwithstanding anything herein to the contrary, in connection with the Incurrence of Indebtedness pursuant to Section 4.09(b)(12)(B) that is secured by clause (20)(y) of the definition of “Permitted Liens,” any proceeds applied or allocated under such
    provision shall be deemed not to constitute Otherwise Applied Proceeds pursuant to the other provision.

  

  

  “Pari Passu Indebtedness” means Indebtedness of
    the Issuer or a Guarantor that ranks equally in right of payment with the Notes or such Guarantor’s Guarantee, as applicable.

  

  

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

  

  

  “Permitted Asset Swap” means the concurrent
    purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Issuer or any of its Restricted Subsidiaries and another Person; provided that any cash or Cash Equivalents received must be applied in accordance with Section 4.10.

  

  

  “Permitted Holders” means, collectively, Fortress,
    its Affiliates and the Management Group; provided that the definition of “Permitted Holders” shall not include any Control Investment Affiliate
    whose primary purpose is the operation of an ongoing business (excluding any business whose primary purpose is the investment of capital or assets). Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in
    respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder.

  

  

  
    -25-

    
      

  

  

  

  “Permitted Investments” means:

  

  

  (1)          any
      Investment in the Issuer or any Restricted Subsidiary;

  

  

  (2)          any
      Investment in cash and Cash Equivalents;

  

  

  (3)          any
      Investment by the Issuer or any Restricted Subsidiary in a Person if as a result of such Investment:

  

  

  (A)          such Person
      becomes a Restricted Subsidiary; or

  

  

  (B)          such
      Person, in one transaction or a series of related transactions, is consolidated, amalgamated or merged with or into, or transfers or conveys substantially all its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary;

  

  

  (4)          any
      Investment in securities or other assets not constituting cash or Cash Equivalents and received in connection with an Asset Sale made pursuant to Section 4.10 or any other disposition of assets not constituting an Asset Sale;

  

  

  (5)          any
      Investment (including Investments made by Persons that become Restricted Subsidiaries on the Effective Date) existing on the Issue Date or made pursuant to the terms of any agreement (including binding and contingent commitments) in effect on the
      Issue Date or an Investment that replaces, refinances or refunds an Investment existing on the Issue Date; provided that the amount of any such
      new Investment is in an amount that does not exceed the amount replaced, refinanced or refunded (after giving effect to write-downs or write-offs with respect to such Investment);

  

  

  (6)          advances
      to, or guarantees of Indebtedness of, officers, directors and employees of the Issuer, any Restricted Subsidiary or the Manager not in excess of $10,000,000 outstanding at any one time, in the aggregate;

  

  

  (7)          any
      Investment acquired by the Issuer or any Restricted Subsidiary:

  

  

  (a)          in exchange
      for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the Issuer of such other Investment or accounts
      receivable (including any trade creditor or customer);

  

  

  (b)          in
      satisfaction of judgments against other Persons; or

  

  

  (c)          as a result
      of a foreclosure by the Issuer or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;

  

  

  (8)          any
      Investments in Hedging Obligations entered into in the ordinary course of business;

  

  

  
    -26-

    
      

  

  

  

  (9)          loans to
      officers, directors and employees of the Issuer, any Restricted Subsidiary or the Manager for business-related travel expenses, moving expenses and other similar expenses, in each case incurred in the ordinary course of business;

  

  

  (10)          any
      Investment having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (10) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the
      proceeds of such sale do not consist of cash and/or marketable securities), not to exceed the greater of (x) $75,000,000 and (y) 3.0% of Total Assets at the time of such Investment (with the Fair Market Value of each Investment being measured at the
      time made and without giving effect to subsequent changes in value);

  

  

  (11)          Investments

      the payment for which consists of Equity Interests of the Issuer (exclusive of Disqualified Stock); provided that the proceeds of such Equity
      Interests shall be deemed to be Otherwise Applied Proceeds;

  

  

  (12)          Indebtedness

      and guarantees of Indebtedness permitted under Section 4.09;

  

  

  (13)          any
      transaction to the extent it constitutes an investment that is permitted and made in accordance with Section 4.11(b);

  

  

  (14)          Investments

      consisting of purchases, acquisitions and remanufacturing of inventory, supplies, material or equipment or other assets, or purchases, acquisitions, licenses, sublicenses or leases or subleases of intellectual property or other assets, in each case
      in the ordinary course of business;

  

  

  (15)          Investments

      consisting of licensing, sublicensing, leasing and subleasing of assets (including of real or personal property and intellectual property rights and other general intangibles) to other Persons in the ordinary course of business or pursuant to joint
      marketing arrangements with other Persons;

  

  

  (16)          repurchases

      of the Notes;

  

  

  (17)          any
      Investments received in compromise or resolution of (i) obligations of trade creditors or customers that were incurred in the ordinary course of business of the Issuer or any of its Restricted Subsidiaries, including pursuant to any plan of
      reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (ii) litigation, arbitration or other disputes with Persons who are not Affiliates;

  

  

  (18)          Investments

      of a Restricted Subsidiary acquired after the Issue Date or of an entity consolidated, amalgamated or merged with or into a Restricted Subsidiary in a transaction that is not prohibited by Section 5.01 after the Issue Date to the extent that such
      Investments were not made in contemplation of such acquisition, consolidation, amalgamation or merger and were in existence on the date of such acquisition, consolidation, amalgamation or merger;

  

  

  (19)          endorsements

      for collection or deposit in the ordinary course of business;

  

  

  (20)          Investments

      relating to any Securitization Subsidiary that, in the good faith determination of the Issuer, are necessary or advisable to effect any Qualified Securitization Financing;

  

  

  
    -27-

    
      

  

  

  

  (21)          any
      Investment in any Subsidiary of the Issuer or any joint venture in connection with intercompany cash management arrangements or related activities arising in the ordinary course of business;

  

  

  (22)          Investments

      made in the ordinary course of business in connection with obtaining, maintaining or renewing client and customer contracts and loans or advances made to, and guarantees with respect to obligations of, distributors, suppliers, licensors and licensees
      in the ordinary course of business;

  

  

  (23)          Investments

      in Permitted Joint Ventures in an aggregate amount that taken together with all other Investments made pursuant to this clause (23) that are at that time outstanding, does not exceed the greater of (x) $75,000,000 and (y) 3.0% of Total Assets, and as
      of the date of making such Investment and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing;

  

  

  (24)          additional
      Investments so long as, after giving effect thereto on a pro forma basis, the Consolidated Total Leverage Ratio does not exceed (A) 7.00  to 1.00 or (B) the Consolidated Total Leverage Ratio in effect immediately prior to giving effect to the
      incurrence of such Investments, in each case calculated on a pro forma basis;

  

  

  (25)          Investments

      made as part of, or which are reasonably necessary or appropriate (as determined by the Issuer in good faith) to effectuate, the Spin-Off; and

  

  

  (26)          Investments

      made in Clean Planet Energy USA LLC in an aggregate principal outstanding amount not to exceed $100,000,000.

  

  

  “Permitted Joint Venture” means any agreement,
    contract or other arrangement between the Issuer or any Restricted Subsidiary and any Person(s) that permits the parties to share risks or costs, comply with regulatory requirements or satisfy other business objectives customarily achieved through the
    conduct of a Similar Business jointly with third parties.

  

  

  “Permitted Jurisdiction” means the United States
    of America, any state thereof, the District of Columbia, or any territory thereof.

  

  

  “Permitted Liens” means, with respect to any
    Person:

  

  

  (1)          pledges or
      deposits by such Person under workmen’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such
      Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety, customs or appeal bonds to which such Person is a party, or deposits as security for contested
      taxes or import duties or for the payment of rent, or premiums to insurance carriers, in each case incurred in the ordinary course of business;

  

  

  (2)          Liens
      imposed by law, such as carriers’, warehousemen’s, materialmen’s, landlords’, workmen’s, suppliers’, repairmen’s and mechanics’ Liens and other similar Liens arising in the ordinary course of business, in each case for sums not yet overdue for a
      period of more than 30 days or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other
      proceedings for review;

  

  

  
    -28-

    
      

  

  

  

  (3)          Liens for
      taxes, assessments or other governmental charges or levies not yet overdue for a period of more than 30 days or which are being contested in good faith by appropriate proceedings and for which adequate reserves are maintained on the books of such
      Person in conformity with GAAP;

  

  

  (4)          Liens in
      favor of issuers of performance and surety bonds or bid bonds or with respect to other regulatory requirements or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business;

  

  

  (5)          minor
      survey exceptions, minor encumbrances, minor title deficiencies, easements or reservations of, or rights of others for, licenses, rights-of-way, covenants, encroachments, protrusions, sewers, electric lines, telegraph and telephone lines and other
      similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental, to the conduct of the business of such Person or to the ownership of its properties which were not incurred in connection with Indebtedness and
      which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person;

  

  

  (6)          Liens
      existing on the Issue Date;

  

  

  (7)          Liens
      securing Indebtedness under any Credit Facilities incurred and outstanding pursuant to Section 4.09(b)(1), which Indebtedness may constitute Superpriority Obligations;

  

  

  (8)          Liens on
      assets or property of or Equity Interests in a Person at the time such Person becomes a Subsidiary; provided that such Liens are not created or
      incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, that such Liens may not extend to any other property owned by the Issuer or any Restricted Subsidiary;

  

  

  (9)          Liens on
      assets or property at the time the Issuer or any Restricted Subsidiary acquired such assets or property, including any acquisition by means of a consolidation, amalgamation or merger with or into the Issuer or any Restricted Subsidiary; provided that the Liens may not extend to any other property owned by the Issuer or any Restricted Subsidiary;

  

  

  (10)          Liens
      securing Indebtedness or other obligations of the Issuer or a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary permitted to be incurred in accordance with Section 4.09;

  

  

  (11)          Liens
      securing Hedging Obligations and any guarantees thereof permitted to be incurred pursuant to Section 4.09(b)(10);

  

  

  (12)          Liens on
      specific items of inventory of other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such
      inventory or other goods;

  

  

  (13)          licenses,
      sublicenses, leases and subleases (including of real or personal property and intellectual property rights and other general intangibles) granted to others in the ordinary course of business;

  

  

  
    -29-

    
      

  

  

  

  (14)          Liens
      arising from Uniform Commercial Code financing statement filings regarding operating leases or consignments entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business;

  

  

  (15)          Liens in
      favor of the Issuer or a Restricted Subsidiary;

  

  

  (16)          Liens on
      equipment of the Issuer or any Restricted Subsidiary granted in the ordinary course of business to the Issuer’s client at which such equipment is located;

  

  

  (17)          Liens on
      Securitization Assets and related assets incurred in connection with a Qualified Securitization Financing;

  

  

  (18)          Liens
      securing Indebtedness permitted to be incurred pursuant to Section 4.09(b)(4) and obligations secured ratably thereunder; provided that such
      Liens extend only to the assets and/or Capital Stock of the applicable Persons pursuant to which the purchase, lease, improvement, development, construction, remanufacturing, refurbishment, handling and repositioning or repair is financed and any
      replacements, additions and accessions thereto and any income or profits thereof; provided, further, that individual financings provided by a lender may be cross collateralized to other financings provided by such lender or its affiliates;

  

  

  (19)          Liens to
      secure any refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6), (8), (9),
      (10), (11), (15), (18), (30), (37) and (39) and this clause (19) of this definition; provided that (x) such new Lien shall be limited to all or
      part of the same property that secured the original Lien (plus improvements on such property), (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if
      greater, committed amount of the Indebtedness described under clauses (6), (8), (9), (10), (11), (15), (18), (30), (37) and (39) and this clause (19) of this definition at the time the original Lien became a Permitted Lien under this Indenture, and
      (B) an amount necessary to pay any fees and expenses, including premiums, underwriting discounts and defeasance costs related to such refinancing, refunding, extension, renewal or replacement and (z) the new Lien has no greater priority and the
      holders of the Indebtedness secured by such Lien have no greater intercreditor rights relative to the Notes and Holders thereof than the original Liens and the related Indebtedness;

  

  

  (20)          other
      Liens securing obligations the principal amount of which does not exceed at any one time outstanding the sum of:

  

  

  (x)          the greater
      of (1) $75,000,000 and (2) 3.0% of Total Assets; plus

  

  

  (y)          100.0% of
      the net cash proceeds received by the Issuer after the Issue Date from the issue or sale of Equity Interests of the Issuer or cash contributed to the capital of the Issuer (in each case, other than Otherwise Applied Proceeds);

  

  

  (21)          Liens
      securing judgments, attachments or awards for the payment of money not constituting an Event of Default under Section 6.01(a)(5) so long as (i) such judgment is being contested in good faith and any appropriate legal proceedings that may have been
      duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired or (ii) such Liens are supported by an indemnity by a third party with an Investment Grade
      Rating;

  

  

  
    -30-

    
      

  

  

  

  (22)          Liens in
      favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business;

  

  

  (23)          Liens (i)
      of a collection bank arising under Section 4-210 of the Uniform Commercial Code, or any comparable or successor provision, on items in the course of collection, (ii) attaching to commodity trading accounts or other commodity brokerage accounts
      incurred in the ordinary course of business, and (iii) in favor of banking institutions arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry;

  

  

  (24)          Liens
      encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

  

  

  (25)          Liens that
      are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Issuer or any of its Restricted
      Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Issuer and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of
      the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;

  

  

  (26)          Liens
      arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of goods entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business;

  

  

  (27)          Liens on
      Equity Interests of Unrestricted Subsidiaries;

  

  

  (28)          Liens
      placed on the Capital Stock of any non-Wholly-Owned Subsidiary or joint venture in the form of a transfer restriction, purchase option, call or similar right of a third party joint venture partner;

  

  

  (29)          Liens
      securing Indebtedness permitted to be incurred pursuant to Section 4.09(b)(18); provided that such Liens extend only to the assets or Equity
      Interests of such joint venture;

  

  

  (30)          [reserved];

  

  

  (31)          bankers’
      Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit in one or more accounts maintained by the Issuer or its Restricted Subsidiaries, in each case granted in the ordinary course of
      business in favor of the bank or banks with which such accounts are maintained, securing amounts owing to such bank with respect to cash management and operating account arrangements, including those involving pooled accounts and netting
      arrangements; provided that, unless such Liens are non-consensual and arise by operation of law, in no case shall any such Liens secure (either
      directly or indirectly) the repayment of any Indebtedness;

  

  

  (32)          Liens on
      property or assets under construction (and related rights) in favor of a contractor or developer arising from progress or partial payments by a third party relating to such property or assets;

  

  

  
    -31-

    
      

  

  

  

  (33)          any
      reservations, limitations, provisos or conditions, if any, expressed in any grants from any governmental or similar authority;

  

  

  (34)          specific
      marine mortgages and maritime liens or foreign equivalents on property or assets of the Issuer or any Guarantor;

  

  

  (35)          [reserved];

  

  

  (36)          other
      Liens on assets securing Indebtedness permitted to be incurred in accordance with Section 4.09; provided that, at the time of incurrence thereof and after giving pro forma effect thereto and the use of the proceeds thereof (without “netting” the cash
      proceeds of the applicable incurrence), the aggregate amount of Indebtedness then outstanding and secured thereby shall not exceed an amount such that

  

  

  (I) in the case of any such Liens on the Collateral that have Equal Lien Priority (but without regard to the control of
    remedies) relative to the Liens on the Collateral securing the Secured Notes Obligations, the Consolidated First Lien Leverage Ratio does not exceed 3.00 to 1.00, calculated on a pro forma basis, (II) in the case of any such Liens on the Collateral
    that have Junior Lien Priority relative to the Liens securing the Secured Notes Obligations, the Consolidated Secured Leverage Ratio does not exceed 3.50 to 1.00, calculated on a pro forma basis and (III) in the case of any such Indebtedness that is
    secured by assets that do not constitute Collateral (assuming, for purposes of this clause (III) and future calculations of the Consolidated Secured Leverage Ratio for so long as such Indebtedness remains outstanding, that such assets constitute
    Collateral), the Consolidated Secured Leverage Ratio does not exceed 3.50 to 1.00; provided that, if such Liens are consensual Liens that are secured by the Collateral, then the holders of the Indebtedness or other obligations secured thereby (or a
    representative or trustee on their behalf) shall enter into an Equal Priority Intercreditor Agreement or a Junior Priority Intercreditor Agreement, as applicable, providing that the Liens on the Collateral (other than cash and Cash Equivalents)
    securing such Indebtedness or other obligations shall rank either equal in priority (but without regard to the control of remedies) with, or junior to, the Liens on the Collateral (other than cash and Cash Equivalents) securing the Secured Notes
    Obligations but, in any event, shall not be required to enter into any such intercreditor agreement with respect to any Collateral consisting of cash and Cash Equivalents;

  

  

  (37)          Liens
      securing Indebtedness permitted to be incurred pursuant to Section 4.09(b)(25); and

  

  

  (38)          Liens
      securing Indebtedness of any Restricted Subsidiary that is not a Guarantor permitted to be incurred subsequent to the Issue Date pursuant to Section 4.09; and

  

  

  (39)          Liens
      securing the Initial Notes and the related Guarantees.

  

  

  For purposes of determining compliance with this definition, (A) Permitted Liens need not be incurred solely by reference to one category of
    Permitted Liens described in this definition but are permitted to be incurred in part under any combination thereof and (B) in the event that a Lien (or any portion thereof) meets the criteria of one or more of the categories of Permitted Liens
    described in this definition, the Issuer may, in its sole discretion, classify or reclassify such item of Permitted Liens (or any portion thereof) in any manner that complies with this definition and the Issuer may divide and classify a Lien in more
    than one of the types of Permitted Liens in one of the above clauses of this definition.

  

  

  
    -32-

    
      

  

  

  

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

  

  

  “Preferred Equity” means the 300,000 shares of
    Series A Preferred Stock of the Issuer issued on the Effective Date.

  

  

  “preferred stock” means any Equity Interest with
    preferential rights of payment of dividends or upon liquidation, dissolution, or winding up.

  

  

  “Private Placement Legend” means the legend set
    forth in Section 2.06(g)(i) to be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture.

  

  

  “QIB” means a “qualified institutional buyer” as
    defined in Rule 144A.

  

  

  “Qualified Proceeds” means assets that are used or
    useful in, or Capital Stock of any Person engaged in, a Similar Business; provided that the Fair Market Value of any such assets or Capital Stock
    shall be determined by the Issuer in good faith.

  

  

  “Qualified Securitization Financing” means any
    Securitization Financing of a Securitization Subsidiary, the financing terms, covenants, termination events and other provisions of which, including any Standard Securitization Undertakings, shall be market terms.  A securitization of intellectual
    property that is material to the Issuer or its Restricted Subsidiaries or a securitization of an entire business or an entire business unit shall not be a “Qualified Securitization Financing”.

  

  

  “Rating Agencies” means Fitch, Moody’s and S&P
    or if any of Fitch, Moody’s or S&P or all three shall not make a rating on the Notes publicly available, one or more nationally recognized statistical
      rating organizations within the meaning of Rule 3(a)(62) under the Exchange Act, as the case may be, selected by the Issuer which shall be substituted for any of Fitch, Moody’s or S&P or all three, as the case may be.

  

  

  “Record Date” for the interest payable on any
    applicable Interest Payment Date means May 15 or November 15 (whether or not a Business Day) next preceding such Interest Payment Date.

  

  

  “Regulation S” means Regulation S promulgated
    under the Securities Act.

  

  

  “Regulation S Global Note” means a Legended
    Regulation S Global Note or an Unlegended Regulation S Global Note, as applicable.

  

  

  “Regulation S Global Note Legend” means the legend
    set forth in Section 2.06(g)(iii).

  

  

  “Related Business Assets” means assets (other than
    cash or Cash Equivalents) used or useful in a Similar Business; provided that any assets received by the Issuer or a Restricted Subsidiary in
    exchange for assets transferred by the Issuer or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a
    Restricted Subsidiary.

  

  

  “Responsible Officer” means, when used with
    respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who
    customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular
    subject and who shall have direct responsibility for the administration of this Indenture.

  

  

  
    -33-

    
      

  

  

  

  “Restricted Definitive Note” means a Definitive
    Note bearing the Private Placement Legend.

  

  

  “Restricted Global Note” means a Global Note
    bearing the Private Placement Legend.

  

  

  “Restricted Investment” means an Investment other
    than a Permitted Investment.

  

  

  “Restricted Period” means the 40-day distribution
    compliance period as defined in Regulation S.

  

  

  “Restricted Subsidiary” means, at any time, any
    direct or indirect Subsidiary of the Issuer (including any Foreign Subsidiary) that is not then an Unrestricted Subsidiary; provided that upon the
    occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted Subsidiary.”

  

  

  “Rule 144” means Rule 144 promulgated under the
    Securities Act.

  

  

  “Rule 144A” means Rule 144A promulgated under the
    Securities Act.

  

  

  “Rule 903” means Rule 903 promulgated under the
    Securities Act.

  

  

  “Rule 904” means Rule 904 promulgated under the
    Securities Act.

  

  

  “S&P” means Standard & Poor’s Investors Ratings Services or any of its successors or assigns that is a nationally recognized statistical rating organization within the meaning of Rule
      3(a)(62) under the Exchange Act.

  

  

  “SEC” means the U.S. Securities and Exchange
    Commission.

  

  

  “Secured Indebtedness” means any Indebtedness of the Issuer or any of its Restricted Subsidiaries secured by a Lien.

  

  

  “Secured Notes Obligations” means Obligations in
    respect of the Notes, this Indenture, the Guarantees and the Security Documents relating to the Notes, including any Additional Notes permitted to be incurred under this Indenture.

  

  

  “Secured Notes Secured Parties” means the Trustee,
    the Notes Collateral Agent and the Holders.

  

  

  “Securities Act” means the Securities Act of 1933,
    as amended, and the rules and regulations of the SEC promulgated thereunder.

  

  

  “Securitization Assets” means the accounts
    receivable, lease, royalty or other revenue streams and other rights to payment and all related assets (including contract rights, books and records, all collateral securing any and all the foregoing, all contracts and all guarantees or other
    obligations in respect of any and all the foregoing and other assets that are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving any and all the
    foregoing) and the proceeds thereof in each case pursuant to a Securitization Financing.

  

  

  
    -34-

    
      

  

  

  

  “Securitization Fees” means distributions or
    payments made directly or by means of discounts with respect to any Securitization Asset or participation interest therein issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any
    Qualified Securitization Financing.

  

  

  “Securitization Financing” means one or more
    transactions or series of transactions that may be entered into by the Issuer and/or any Restricted Subsidiary pursuant to which the Issuer or any Restricted Subsidiary may sell, convey or otherwise transfer Securitization Assets to (a) a
    Securitization Subsidiary (in the case of a transfer by the Issuer or any of the Restricted Subsidiaries that are not Securitization Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a
    security interest in, any Securitization Assets of the Issuer or any Restricted Subsidiary.

  

  

  “Securitization Subsidiary” means a Restricted
    Subsidiary (or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which the Issuer or any Restricted Subsidiary makes an Investment and to which the Issuer or any Restricted Subsidiary transfers Securitization
    Assets and related assets) that engages in no activities other than in connection with the financing of Securitization Assets of the Issuer or a Restricted Subsidiary, all proceeds thereof and all rights (contingent and other), collateral and other
    assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the Issuer or such other Person (as provided below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any
    other obligations (contingent or otherwise) of which (i) is guaranteed by the Issuer or any Restricted Subsidiary, other than another Securitization Subsidiary (excluding guarantees of obligations pursuant to Standard Securitization Undertakings), (ii)
    is recourse to or obligates the Issuer or any Restricted Subsidiary, other than another Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or asset of the Issuer or any
    Restricted Subsidiary, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings and (b) to which none of the Issuer or any
    other Restricted Subsidiary, other than another Securitization Subsidiary, has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the
    Issuer or such other Person shall be evidenced by a resolution of the Issuer or such other Person giving effect to such designation.

  

  

  “Security Agreement” means that certain Security
    Agreement, dated as of the Effective Date, among the Issuer, the Guarantors and the Notes Collateral Agent, as amended, restated, renewed, replaced or otherwise modified from time to time.

  

  

  “Security Documents” means, collectively, the
    Security Agreement, other security agreements relating to the Collateral securing the Secured Notes Obligations, any joinders related to the foregoing, any Equal Priority Intercreditor Agreement, any Junior Priority Intercreditor Agreement and the
    instruments filed and recorded in appropriate jurisdictions to preserve and protect the Liens on the Collateral securing the Secured Notes Obligations (including, without limitation, financing statements under the Uniform Commercial Code of the
    relevant states), each for the benefit of the Notes Collateral Agent, in each case as amended, restated, renewed, replaced or otherwise modified from time to time.

  

  

  “Significant Subsidiary” means any Restricted
    Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the Issue Date.

  

  

  “Similar Business” means any business conducted or
    proposed to be conducted by the Issuer and its Restricted Subsidiaries on the date of this Indenture or any business that is similar, reasonably related, incidental or ancillary thereto, including for the avoidance of doubt, any business that is
    generally considered to be an infrastructure business.

  

  

  
    -35-

    
      

  

  

  

  “Spin-Off” means (i) the distribution of 100% of
    the issued Equity Interests of FTAI Infrastructure to the holders of the common stock of Fortress Transportation and Infrastructure Investors LLC, a Delaware limited liability company, on the Effective Date as described in the Form 10 of FTAI
    Infrastructure, dated as of April 29, 2022, as amended from time to time and (ii) the contribution of the Infrastructure Subsidiaries (as defined in the Offering Memorandum) to FTAI Infrastructure.

  

  

  “Standard Securitization Undertakings” means
    representations, warranties, covenants and indemnities entered into by the Issuer or any Restricted Subsidiary that are customary for a seller or servicer of assets in a Securitization Financing.

  

  

  “Subject Transaction” means, with respect to any
    Test Period, (a) the Spin-Off and related transaction occurring on or around the Effective Date, (b) any acquisition, whether by purchase, merger or otherwise, of all or substantially all of the assets of, or any business line, unit or division of, any
    Person or the Equity Interests of any Person (and, in any event, including any Investment in (i) any Restricted Subsidiary the effect of which is to increase the Issuer’s or any Restricted Subsidiary’s respective equity ownership in such Restricted
    Subsidiary or (ii) any joint venture for the purpose of increasing the Issuer’s or its relevant Restricted Subsidiary’s ownership interest in such joint venture), in each case that is not prohibited by this Indenture, (c) any disposition of all or
    substantially all of the assets or Equity Interests of any Subsidiary (or any facility, business unit, line of business, product line or division of the Issuer or a Restricted Subsidiary) not prohibited by this Indenture, (d) the designation of a
    Restricted Subsidiary as an Unrestricted Subsidiary or an Unrestricted Subsidiary as a Restricted Subsidiary in accordance with this Indenture and (e) any incurrence or prepayment, repayment, redemption, repurchase, defeasance, satisfaction and
    discharge or refinancing of Indebtedness.

  

  

  “Subordinated Indebtedness” means (a) with respect
    to the Issuer, any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the Notes, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms subordinated in right of payment to the
    Guarantee of such Guarantor.

  

  

  “Subsidiary” means, with respect to any Person:

  

  

  (1)          any
      corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50.0% of the total voting power of shares of Capital Stock entitled (without regard to the
      occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such 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

  

  

  (x)          more than
      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

  

  

  (y)          such Person
      or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

  

  

  
    -36-

    
      

  

  

  

  Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or
    Subsidiaries of the Issuer.

  

  

  “Test Period” means the four fiscal quarters then
    most recently ended for which financial statements are available.

  

  

  “Total Assets” means the total assets of the
    Issuer and the Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP, as shown on the most recent balance sheet of the Issuer for which internal financial statements are available immediately preceding the date on which any
    calculation of Total Assets is being made, with such pro forma adjustments for transactions consummated on or prior to or simultaneously with the
    date of the calculation as are appropriate and consistent with the pro forma adjustment provisions set forth in this Indenture.

  

  

  “Treasury Rate”  means, as of any Redemption Date,
    the rate per annum equal to the yield to maturity as of such Redemption Date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly
    available at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to June 1, 2025;
    provided that if the period from the Redemption Date to June 1, 2025 is less than one year, the weekly average yield on actually traded United
    States Treasury securities adjusted to a constant maturity of one year will be used.

  

  

  “Trust Indenture Act” means the Trust Indenture
    Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

  

  

  “Trustee” means U.S. Bank Trust Company, National
    Association, as trustee, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving under this Indenture.

  

  

  “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code (or any similar equivalent jurisdiction) as in effect in any applicable jurisdiction from time to time.

  

  

  “Unlegended Regulation S Global Note” means a
    Global Note in the form of Exhibit A hereto bearing the Global Note Legend and deposited with or on behalf of and registered in the name of the Depositary or
    its nominee and issued upon expiration of the Restricted Period.

  

  

  “Unrestricted Definitive Note” means one or more
    Definitive Notes that do not bear and are not required to bear the Private Placement Legend.

  

  

  “Unrestricted Global Note” means a permanent
    Global Note, substantially in the form of Exhibit A attached hereto that bears the Global Note Legend and that has the “Schedule of Increases or Decreases of
    Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary, representing Notes that do not bear and are not required to bear the Private Placement Legend.

  

  

  “Unrestricted Subsidiary” means:

  

  

  (1)          any
      Subsidiary of the Issuer which at the time of determination is an Unrestricted Subsidiary (as designated by the Issuer, as provided below);

  

  

  (2)          any
      Subsidiary of an Unrestricted Subsidiary; and

  

  

  (3)          as of the
      Effective Date, WWTAI Container Holdco Ltd., an exempted company incorporated with limited liability under the laws of Bermuda, and Long Ridge Terminal LLC, a limited liability company organized under the laws of Delaware (and all Subsidiaries of
      each of the foregoing).

  

  

  
    -37-

    
      

  

  

  

  The Issuer may designate any Subsidiary of the Issuer (including any existing Subsidiary and any newly acquired or newly formed Subsidiary)
    to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any property of, the Issuer or any Restricted Subsidiary of the Issuer (other than any
    Subsidiary of the Subsidiary to be so designated); provided that:

  

  

  (1)          such
      designation complies with Section 4.07; and

  

  

  (2)          each of:

  

  

  (A)          the
      Subsidiary to be so designated; and

  

  

  (B)          its
      Subsidiaries

  

  

  has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or
    indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Issuer or any Restricted Subsidiary (other than the Subsidiary to be so designated and its Subsidiaries).

  

  

  The Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing and either:

  

  

  (1)          the Issuer
      could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test described in the first sentence under Section 4.09; or

  

  

  (2)          the Fixed
      Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries would be greater than such ratio for the Issuer and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation.

  

  

  Any such designation by the Issuer shall be notified by the Issuer to the Trustee by promptly filing with the Trustee a copy of the board
    resolution giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions.

  

  

  “U.S. Person” means a U.S. person as defined in
    Rule 902(k) under the Securities Act.

  

  

  “Voting Stock” of any Person as of any date means
    the Capital Stock of such Person that is at the time entitled to vote in the election of the board of directors of such Person.

  

  

  “Weighted Average Life to Maturity” means, when
    applied to any Indebtedness, Disqualified Stock or preferred stock, as the case may be, at any date, the quotient obtained by dividing:

  

  

  (1)          the sum of
      the products obtained by multiplying (i) the amount of each (A) then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of such Indebtedness or (B) redemption
      or similar payment, in respect of such Disqualified Stock or preferred stock by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between the date of determination and the making of such payment; by

  

  

  (2)          the sum of
      all such payments.

  

  

  
    -38-

    
      

  

  

  

  “Wholly-Owned Restricted Subsidiary” means any
    Wholly-Owned Subsidiary that is a Restricted Subsidiary.

  

  

  “Wholly-Owned Subsidiary” of the Issuer means a
    Subsidiary of the Issuer, 100.0% of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares and shares issued to foreign nationals as required by applicable law) shall at the time be owned by the
    Issuer or by one or more Wholly-Owned Subsidiaries of the Issuer.

  

  

  SECTION 1.02.          Other Definitions.

  

  

  	
          Term

        	
          Defined in Section

        
	
          “Affiliate Transaction”

        	
          4.11

        
	
          “Asset Sale Offer”

        	
          4.10

        
	
          “Authentication Order”

        	
          2.02

        
	
          “Change of Control Offer”

        	
          4.13

        
	
          “Change of Control Payment”

        	
          4.13

        
	
          “Change of Control Payment Date”

        	
          4.13

        
	
          “Collateral Asset Sale Offer”

        	
          4.10

        
	
          “Collateral Excess Proceeds”

        	
          4.10

        
	
          “Covenant Defeasance”

        	
          8.03

        
	
          “Covenant Suspension Event”

        	
          4.15

        
	
          “Cumulative Credit”

        	
          4.07

        
	
          “DTC”

        	
          2.03

        
	
          “Escrowed Property

        	
          14.01

        
	
          “Escrow Release”

        	
          14.01

        
	
          “Escrow Release Conditions”

        	
          14.01

        
	
          “Escrow Release Date”

        	
          14.01

        
	
          “Event of Default”

        	
          6.01

        
	
          “Excess Proceeds”

        	
          4.10

        
	
          “Increased Amount”

        	
          4.12

        
	
          “incur”, “incurrence”

        	
          4.09

        
	
          “Initial Lien”

        	
          4.12

        
	
          “Junior Priority Intercreditor Agreement”

        	
          13.10

        
	
          “Legal Defeasance”

        	
          8.02

        
	
          “Note Register”

        	
          2.03

        
	
          “Offer Amount”

        	
          3.10

        
	
          “Offer Period”

        	
          3.10

        
	
          “Outside Date”

        	
          14.01

        
	
          “Paying Agent”

        	
          2.03

        
	
          “Permitted Non-Guarantor Indebtedness”

        	
          4.09

        
	
          “Purchase Date”

        	
          3.10

        
	
          “Redemption Date”

        	
          3.07

        
	
          “Refinancing Indebtedness”

        	
          4.09

        
	
          “Refunding Capital Stock”

        	
          4.07

        

  
    -39-

    
      

  

  

  

  	
          Term

        	
          Defined in Section

        
	
          “Registrar”

        	
          2.03

        
	
          “Restricted Payments”

        	
          4.07

        
	
          “Retired Capital Stock”

        	
          4.07

        
	
          “Reversion Date”

        	
          4.15

        
	
          “Special Mandatory Redemption”

        	
          14.02

        
	
          “Special Mandatory Redemption Date”

        	
          14.02

        
	
          “Special Mandatory Redemption Price”

        	
          14.02

        
	
          “Successor Company”

        	
          5.01

        
	
          “Successor Person”

        	
          5.01

        
	
          “Superpriority Obligations”

        	
          13.09

        
	
          “Suspended Covenants”

        	
          4.15

        
	
          “Suspension Period”

        	
          4.15

        
	
          “Transfer Agent”

        	
          2.03

        

  

  

  SECTION 1.03.          Rules of Construction.  Unless the context otherwise requires:

  

  

  (a)          a term has
      the meaning assigned to it;

  

  

  (b)          an
      accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

  

  

  (c)          “or” is not
      exclusive;

  

  

  (d)          the words
      “including”, “include” or “includes” shall be deemed to be followed by the words “without limitation”;

  

  

  (e)          words in
      the singular include the plural, and in the plural include the singular;

  

  

  (f)          references
      to “shall” and “will” are intended to have the same meaning;

  

  

  (g)          references
      to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time;

  

  

  (h)          unless the
      context otherwise requires, any reference to an “Article”, “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture;

  

  

  (i)          “furnish to
      the Trustee” shall be deemed to be followed by the words “or electronically transmit”;

  

  

  (j)          the words
      “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not any particular Article, Section, clause or other subdivision; and

  

  

  (k)          Indebtedness

      that is unsecured shall not be deemed to be subordinated or junior to Secured Indebtedness merely because it is unsecured, and Indebtedness shall not be deemed to be subordinated or junior to any other Indebtedness merely because it has a junior
      priority lien with respect to the same collateral.

  

  

  
    -40-

    
      

  

  

  

  For purposes of this Indenture and the Notes and the interpretation hereof and thereof, unless the context requires otherwise, the term
    “consolidated” with respect to any Person refers to such Person consolidated with its Restricted Subsidiaries, and excludes from such consolidation any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person.

  

  

  SECTION 1.04.          Acts of Holders.

  

  

  (a)          Any
      request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
      Holders in person or by an agent duly appointed in writing.  Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee or the Notes Collateral
      Agent (as applicable) and, where it is hereby expressly required, to the Issuer.  Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this
      Indenture and (subject to Section 7.01) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 1.04.

  

  

  (b)          The fact
      and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds,
      certifying that the individual signing such instrument or writing acknowledged to him the execution thereof.  Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute
      proof of the authority of the Person executing the same.  The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee or the Notes
      Collateral Agent (as applicable) deems sufficient.

  

  

  (c)          The
      ownership of Notes shall be proved by the Note Register.

  

  

  (d)          Any
      request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange
      therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

  

  

  (e)          The Issuer
      may, but shall not be obligated to, set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any
      action by vote or consent authorized or permitted to be given or taken by Holders.  Unless otherwise specified, if not set by the Issuer prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of
      any such vote, prior to such vote, any such record date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation.

  

  

  (f)          Without
      limiting the foregoing, a Holder entitled to take any action under this Indenture with regard to any particular Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which
      may do so pursuant to such appointment with regard to all or any part of such principal amount.  Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this Section 1.04 shall
      have the same effect as if given or taken by separate Holders of each such different part.

  

  

  
    -41-

    
      

  

  

  

  (g)          Without
      limiting the generality of the foregoing, a Holder, including the Depositary, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in
      this Indenture to be made, given or taken by Holders, and the Depositary may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such depositary’s standing instructions and customary practices.

  

  

  (h)          The Issuer
      may, but shall not be obligated to, fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note held by the Depositary entitled under the procedures of such Depositary to make, give or take,
      by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders.  If such a record date is fixed, the Holders on
      such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain
      Holders after such record date.

  

  

  ARTICLE II

  

  

  The Notes

  

  

  SECTION 2.01.          Form and Dating; Terms.

  

  

  (a)          General.  The Notes shall be substantially in the form of Exhibit A
      hereto.  The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage (provided that any such notation,
      legend or endorsement is in a form acceptable to the Issuer).  Each Note shall be dated the date of the Trustee’s authentication.  The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000.

  

  

  (b)          Global Notes.  Notes issued in global form shall be substantially in the form of Exhibit

          A attached hereto (including the Global Note Legend thereon and the “Schedule of Increases or Decreases of Interests in the Global Note” attached thereto).  Notes issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Increases or Decreases of Interests in the Global Note” attached
      thereto).  Each Global Note shall represent such of the outstanding Notes as shall be specified therein and each shall provide that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the
      aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges, repurchases and redemptions.  Any endorsement of a Global Note to reflect the amount of any
      increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee as Custodian (or if the Trustee and the Custodian are not the same Person, by the Custodian at the direction of the Trustee),
      in accordance with instructions given by the Holder thereof as required by Section 2.06.

  

  

  
    -42-

    
      

  

  

  

  (c)          Regulation S Global Notes.  Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Legended Regulation S Global Note,
      which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee as Custodian, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf
      of Euroclear or Clearstream, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided.  Upon the expiry of the Restricted Period, beneficial interests in the Legended Regulation S Global Note shall be exchanged for
      beneficial interests in the Unlegended Regulation S Global Note pursuant to Section 2.06 and the Applicable Procedures.  Simultaneously with the authentication of a Unlegended Regulation S Global Note, the Trustee shall cancel the corresponding
      Legended Regulation S Global Note.  The aggregate principal amount of a Regulation S Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be,
      in connection with transfers of interest as hereinafter provided.

  

  

  (d)          Terms.  The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.

  

  

  The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Issuer, the
    Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.  However, to the extent any provision of any Note conflicts with the express provisions of this
    Indenture, the provisions of this Indenture shall govern and be controlling.

  

  

  The Notes may be required to be repurchased by the Issuer pursuant to an Asset Sale Offer as provided in Section 4.10 or a Change of Control
    Offer as provided in Section 4.13.  The Notes shall not be redeemable, other than as provided in Article III.

  

  

  Additional Notes ranking pari passu
    with the Initial Notes may be created and issued from time to time by the Issuer without notice to or consent of the Holders and shall be consolidated with and form a single class with the other Notes (including any Initial Notes or other Additional
    Notes) and shall have the same terms as to status, redemption or otherwise as such Notes (other than date of issue and, if applicable, the date from which interest shall accrue and the first date on which payment thereof shall be made); provided that the Issuer’s ability to issue Additional Notes shall be subject to the Issuer’s compliance with Section 4.09.  Any Additional Notes may be
    issued with the benefit of an indenture supplemental to this Indenture.

  

  

  (e)          Euroclear and Clearstream Procedures Applicable.  The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of
      Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Global Notes that are held by Participants through Euroclear
      or Clearstream.

  

  

  SECTION 2.02.          Execution and Authentication.  At least one Officer of the Issuer shall execute the Notes by manual or facsimile signature.

  

  

  If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be
    valid.

  

  

  A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated substantially
    in the form of Exhibit A attached hereto, by the manual signature of the Trustee.  The signature shall be conclusive evidence that the Note has been duly
    authenticated and delivered under this Indenture.

  

  

  
    -43-

    
      

  

  

  

  On the Issue Date, the Trustee shall, upon receipt of the Issuer’s Order (an “Authentication Order”), authenticate and deliver the Initial Notes.  In addition, at any time, from time to time, the Trustee shall upon receipt of an Authentication Order authenticate and deliver any Additional Notes for
    an aggregate principal amount specified in such Authentication Order for such Additional Notes issued under this Indenture.  In authenticating such Additional Notes, the Trustee shall receive, and be fully protected in relying upon an Opinion of
    Counsel which shall state:

  

  

  (1)          that the
      form and terms of such Additional Notes have been established in conformity with the provisions of this Indenture; and

  

  

  (2)          that such
      Additional Notes, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Issuer,
      enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles.

  

  

  The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes.  An authenticating agent may authenticate
    Notes whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer.

  

  

  SECTION 2.03.          Registrar, Transfer Agent and Paying Agent.  The Issuer shall maintain (i) a registrar with an office or agency where Notes may be presented for registration (the
      “Registrar”), (ii) a transfer agent with an office or agency where Notes may be presented for transfer or for exchange (the “Transfer Agent”) and (iii) a paying agent with an office or agency where Notes may be presented for payment (the “Paying
      Agent”).  The Registrar shall maintain a register reflecting ownership of the Notes outstanding from time to time (“Note Register”) and upon written request from the Issuer, the Registrar shall provide the Issuer with a copy of the Note Register. 
      The Issuer may appoint one or more co-registrars, one or more co-transfer agents and one or more additional paying agents.  The term “Registrar” includes any co-registrar.  The term “Transfer Agent” includes any co-transfer agent.  The term “Paying
      Agent” includes any additional paying agents.  The Issuer initially appoints the Trustee as (i) Registrar, Transfer Agent and Paying Agent and (ii) the Custodian with respect to the Global Notes.  The Issuer may change the Paying Agents, the Transfer
      Agents or the Registrars without prior notice to the Holders.  The Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture.  If the Issuer fails to appoint or maintain another entity as Registrar
      or Paying Agent, the Trustee shall act as such.  The Issuer or any Guarantor may act as a Paying Agent or a Registrar.  All Agents appointed under this Indenture shall be appointed pursuant to agency agreements among the Issuer, the Trustee and the
      Agent, as applicable. In acting hereunder and in connection with the Notes, the Paying Agent and Registrar shall act solely as agent of the Issuer, and will
        not thereby assume any obligations towards or relationship of agency or trust for or with any Holder.

  

  

  The Issuer initially appoints The Depository Trust Company (“DTC”)

    to act as Depositary with respect to the Global Notes.

  

  

  SECTION 2.04.          Paying Agent to Hold Money in Trust.  The Issuer shall require the Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in
      trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Issuer in making any such payment.  While
      any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.  The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the
      Paying Agent (if other than the Issuer or a Subsidiary of the Issuer) shall have no further liability for the money.  If the Issuer or a Subsidiary of the Issuer acts as Paying Agent, it shall segregate and hold in a separate trust fund for the
      benefit of the Holders all money held by it as Paying Agent.  Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee shall serve as Paying Agent for the Notes.

  

  

  
    -44-

    
      

  

  

  

  SECTION 2.05.          Holder Lists.  The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
      all Holders.  If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least two Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such
      date as the Trustee may reasonably require of the names and addresses of the Holders of Notes.

  

  

  SECTION 2.06.          Transfer and Exchange.

  

  

  (a)          Transfer and Exchange of Global Notes.  Except as otherwise set forth in this Section 2.06, a Global Note may be transferred, in whole and not in part, only to
      another nominee of the Depositary or to a successor thereto or a nominee of such successor.  A beneficial interest in a Global Note shall be exchangeable for a Definitive Note if (A) (i) the Depositary notifies the Issuer that it is unwilling or
      unable to continue as Depositary for such Global Note or (ii) the Depositary has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days of such
      notice, (B) the Issuer, at its option, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes; provided that in
      no event shall a Legended Regulation S Global Note be exchanged by the Issuer for Definitive Notes other than in accordance with Section 2.06(b)(iii) or (C) there shall have occurred and be continuing an Event of Default with respect to the Notes and
      the Depositary has requested the issuance of Definitive Notes.  Upon the occurrence of any of the preceding events in (A), (B) or (C) above, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein will be registered
      in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its Applicable Procedures).  Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and
      2.10.  Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10, shall be authenticated and delivered in the form of, and shall be, a Global
      Note, except for Definitive Notes issued subsequent to any of the preceding events in (A), (B) or (C) above and pursuant to Section 2.06(c).  A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); provided, however, beneficial interests in a
      Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c).

  

  

  
    -45-

    
      

  

  

  

  (b)          Transfer and Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial interests in the Global Notes shall be effected through
      the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures.  Neither the Issuer nor any agent of the Issuer shall have any responsibility or liability for any aspect of the records relating to or payments made
      on account of beneficial ownership interests of a Global Note, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.  Beneficial interests in the Restricted Global Notes shall be subject to
      restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act, or for complying with or ensuring compliance with any Applicable Procedures.  Beneficial interests in Global Notes shall be transferred or
      exchanged only for beneficial interests in Global Notes pursuant to this clause (b).  Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as, if
      applicable, one or more of the other following subparagraphs:

  

  

  (i)          Transfer of Beneficial Interests in the Same Global Note.  Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery
      thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a
      Legended Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser).  Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery
      thereof in the form of a beneficial interest in an Unrestricted Global Note.  Except as required pursuant to the Private Placement Legend, no written orders or instructions shall be required to be delivered to the Transfer Agent to effect the
      transfers described in this Section 2.06(b)(i).

  

  

  (ii)          All Other Transfers and Exchanges of Beneficial Interests in Global Notes.  In connection with all transfers and exchanges of beneficial interests that are not
      subject to Section 2.06(b)(i), the transferor of such beneficial interest must deliver to the Transfer Agent (in each case in form and substance satisfactory to the Trustee and the Issuer) either:

  

  

  (A)          (1) a
      written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount
      equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or

  

  

  (B)          (1) if
      Definitive Notes are at such time permitted to be issued under this Indenture, a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be
      issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Transfer Agent containing information regarding the Person in whose name such Definitive Note
      shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon
      the transfer or exchange of beneficial interests in a Legended Regulation S Global Note other than in accordance with Section 2.06(b)(iii).

  

  

  Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in
    this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h).

  

  

  
    -46-

    
      

  

  

  

  (iii)          Transfer of Beneficial Interests in a Restricted Global Note to Another Restricted Global Note.  A beneficial interest in any Restricted Global Note may be
      transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(ii) and the Transfer Agent receives the following:

  

  

  (A)          if the
      transferee will take delivery in the form of a beneficial interest in a 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B
      hereto, including the certifications in item (1) thereof; or

  

  

  (B)          if the
      transferee will take delivery in the form of a beneficial interest in a Legended Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit

          B hereto, including the certifications in item (2) thereof.

  

  

  (iv)          Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note.  A beneficial interest in any
      Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, if the
      exchange or transfer complies with the requirements of Section 2.06(b)(ii) and the Transfer Agent receives the following:

  

  

  (A)          if the
      holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or

  

  

  (B)          if the
      holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such
      holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

  

  

  and, in each case, if the Transfer Agent or the Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
    reasonably acceptable to the Transfer Agent and the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
    required in order to maintain compliance with the Securities Act.

  

  

  If any such transfer is effected pursuant to this Section 2.06(b)(iv) at a time when an Unrestricted Global Note has not
    yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal
    amount of beneficial interests transferred pursuant to this Section 2.06(b)(iv).

  

  

  (v)          Transfer and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial Interests in a Restricted Global Note Prohibited.  Beneficial interests
      in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, beneficial interests in a Restricted Global Note.

  

  

  
    -47-

    
      

  

  

  

  (c)          Transfer or Exchange of Beneficial Interests for Definitive Notes.  Beneficial interests in Global Notes shall be exchanged for Definitive Notes only pursuant to
      this clause (c).

  

  

  (i)          Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes.  If any holder of a beneficial interest in a Restricted Global Note proposes to
      exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the occurrence of any of the events in clause
      (A), (B) or (C) of Section 2.06(a), subject to satisfaction of the conditions set forth in Section 2.06(b)(ii) and receipt by the Transfer Agent of the following documentation:

  

  

  (A)          if the
      holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof;

  

  

  (B)          if such
      beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the form of Exhibit B hereto, including the
      certifications in item (1) thereof;

  

  

  (C)          if such
      beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit

          B hereto, including the certifications in item (2) thereof;

  

  

  (D)          if such
      beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof;

  

  

  (E)          if such
      beneficial interest is being transferred to the Issuer or a Subsidiary of the Issuer, a certificate substantially in the form of Exhibit B hereto, including
      the certifications in item (3)(b) thereof; or

  

  

  (F)          if such
      beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Exhibit B
      hereto, including the certifications in item (3)(c) thereof,

  

  

  the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h),
    and the Issuer shall execute and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount.  Any
    Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial
    interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant.  The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered.  Any Definitive Note
    issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

  

  

  (ii)          Beneficial Interests in a Legended Regulation S Global Note to Definitive Notes.  Notwithstanding Sections 2.06(c)(i)(A) and (C), a beneficial interest in a
      Legended Regulation S Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to the expiration of the Restricted Period, except in the case of a transfer
      pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904.

  

  

  
    -48-

    
      

  

  

  

  (iii)          Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes.  A holder of a beneficial interest in a Restricted Global Note may exchange such
      beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events in clause (A), (B) or
      (C) of Section 2.06(a), the satisfaction of the conditions set forth in Section 2.06(b)(ii) hereof and if the Transfer Agent receives the following:

  

  

  (A)          if the
      holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or

  

  

  (B)          if the
      holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in
      the form of Exhibit B hereto, including the certifications in item (4) thereof;

  

  

  and, in each case, if the Transfer Agent or the Issuer so request or if the Applicable Procedures so require, an Opinion of Counsel in form
    reasonably acceptable to the Transfer Agent and the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
    required in order to maintain compliance with the Securities Act.

  

  

  (iv)          Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes.  If any holder of a beneficial interest in an Unrestricted Global Note proposes
      to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in clause (A), (B) or (C) of
      Section 2.06(a) and satisfaction of the conditions set forth in Section 2.06(b)(ii), the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the Issuer shall
      execute and, upon receipt of an Authentication Order in accordance with Section 2.02,  the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount.  Any Definitive Note
      issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar
      through instructions from or through the Depositary and the Participant or Indirect Participant.  The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered.  Any Definitive Note issued in exchange for a
      beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement Legend.

  

  

  (d)          Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes.  Restricted Definitive Notes shall be exchanged for beneficial interests in
      Restricted Global Notes only pursuant to this clause (d).

  

  

  (i)          Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes.  If any Holder of a Restricted Definitive Note proposes to exchange such Note for a
      beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Transfer Agent of the
      following documentation:

  

  

  (A)          if the
      Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;

  

  

  (B)          if such
      Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the form of Exhibit B hereto, including
      the certifications in item (1) thereof;

  

  

  
    -49-

    
      

  

  

  

  (C)          if such
      Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof;

  

  

  (D)          if such
      Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof;

  

  

  (E)          if such
      Restricted Definitive Note is being transferred to the Issuer or a Subsidiary of the Issuer, a certificate substantially in the form of Exhibit B hereto,
      including the certifications in item (3)(b) thereof; or

  

  

  (F)          if such
      Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Exhibit

          B hereto, including the certifications in item (3)(c) thereof,

  

  

  the Trustee shall cancel the Restricted Definitive Note and increase or cause to be increased the aggregate principal amount of the
    applicable Global Note.

  

  

  (ii)          Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of a Restricted Definitive Note may exchange such Note for a beneficial
      interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Transfer Agent receives the following:

  

  

  (A)          if the
      Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or

  

  

  (B)          if the
      Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof;

  

  

  and, in each case, if the Transfer Agent or the Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
    reasonably acceptable to the Transfer Agent and the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
    required in order to maintain compliance with the Securities Act.

  

  

  Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(ii), the Trustee shall cancel the
    Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.

  

  

  (iii)          Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of an Unrestricted Definitive Note may exchange such Note for a
      beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.  Upon receipt of a request for such an
      exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.

  

  

  
    -50-

    
      

  

  

  

  If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph (ii)
    or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes
    in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred.

  

  

  (e)          Transfer and Exchange of Definitive Notes for Definitive Notes.  Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of
      this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes.  Definitive Notes shall be exchanged for Definitive Notes only pursuant to this clause (e).  Prior to such registration of transfer or exchange, the
      requesting Holder shall present or surrender to the Transfer Agent the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Transfer Agent duly executed by such Holder or by its attorney, duly
      authorized in writing.  In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e):

  

  

  (i)          Restricted Definitive Notes to Restricted Definitive Notes.  Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take
      delivery thereof in the form of a Restricted Definitive Note if the Transfer Agent receives the following:

  

  

  (A)          if the
      transfer will be made to a QIB in accordance with Rule 144A, then the transferor must deliver a certificate substantially in the form of Exhibit B hereto,
      including the certifications in item (1) thereof;

  

  

  (B)          if the
      transfer will be made to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 then the transferor must deliver a certificate in the form of Exhibit

          B hereto, including the certifications in item (2) thereof; or

  

  

  (C)          if the
      transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof, if applicable.

  

  

  (ii)          Restricted Definitive Notes to Unrestricted Definitive Notes.  Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive
      Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Transfer Agent receives the following:

  

  

  (A)          if the
      Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit

          C hereto, including the certifications in item (1)(d) thereof; or

  

  

  (B)          if the
      Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof;

  

  

  
    -51-

    
      

  

  

  

  and, in each case, if the Transfer Agent or the Issuer so requests, an Opinion of Counsel in form reasonably acceptable to the Transfer Agent
    and the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
    the Securities Act.

  

  

  (iii)          Unrestricted Definitive Notes to Unrestricted Definitive Notes.  A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery
      thereof in the form of an Unrestricted Definitive Note.  Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.

  

  

  (f)          [Reserved].

  

  

  (g)          Legends.  The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise
      in the applicable provisions of this Indenture:

  

  

  (i)          Private Placement Legend.

  

  

  (A)          Except as
      permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form:

  

  

  “THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
    (THE ‘‘SECURITIES ACT’’), AND, ACCORDINGLY, THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE
    ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: (1) REPRESENTS THAT IT IS NOT AN ‘‘AFFILIATE’’ (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF
    FTAI INFRASTRUCTURE LLC (‘‘FTAI INFRASTRUCTURE’’) AND (A) IT IS A ‘‘QUALIFIED INSTITUTIONAL BUYER’’ (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A
    ‘‘QIB’’), OR (B) IT IS NOT A U.S. PERSON AND HAS ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT; (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST
    HEREIN EXCEPT (A) TO FTAI INFRASTRUCTURE OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) TO
    NON-U.S. PERSONS IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF REGULATION S OF THE SECURITIES ACT, (D) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (E) IN ACCORDANCE WITH ANOTHER EXEMPTION
    FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO FTAI INFRASTRUCTURE AND THE TRUSTEE) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH
    THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
    LEGEND; AND (4) AGREES THAT ANY SECURITY THAT IS OWNED BY AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF FTAI INFRASTRUCTURE MAY NOT BE RESOLD OR TRANSFERRED BY SUCH AFFILIATE OTHER THAN TO FTAI INFRASTRUCTURE OR A SUBSIDIARY THEREOF
    OR PURSUANT TO (A) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (B) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT OR (C) ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (IF AVAILABLE) IN
    A TRANSACTION THAT RESULTS IN SUCH SECURITY NO LONGER BEING A RESTRICTED SECURITY (AS DEFINED UNDER RULE 144). IN THE EVENT ANY SUCH PERSONS BENEFICIALLY OWN AN INTEREST IN THE SECURITY PRIOR TO THE TIME FTAI INFRASTRUCTURE REMOVES THE RESTRICTIVE
    LEGEND ON THE SECURITY, FTAI INFRASTRUCTURE MAY REQUIRE THAT SUCH PERSONS HOLD THEIR INTERESTS IN THE SECURITY IN CERTIFICATED FORM BEARING AN APPROPRIATE RESTRICTIVE LEGEND AND A RESTRICTED CUSIP NUMBER. AS USED HEREIN, THE TERMS ‘‘OFFSHORE
    TRANSACTIONS’’ AND ‘‘UNITED STATES’’ HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE
    FOREGOING.”

  

  

  
    -52-

    
      

  

  

  

  (B)          Notwithstanding

      the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii) or (e)(iii) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not
      bear the Private Placement Legend.

  

  

  (ii)          Global Note Legend.  Each Global Note shall bear a legend in substantially the following form:

  

  

  “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY
    FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL
    NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED
    TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.  UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
    DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY UNLESS THIS CERTIFICATE IS PRESENTED BY AN
    AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
    PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN
    AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

  

  

  (iii)          Regulation S Global Note Legend.  The Regulation S Global Note shall bear a legend in substantially the following form:

  

  

  “THE RIGHTS ATTACHING TO THIS REGULATION S GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS
    EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).”

  

  

  (iv)          Original Issue Discount Legend.  Each Note issued hereunder that has more than a de minimis amount of original issue discount for U.S. Federal income tax purposes shall bear a legend in substantially the following form:

  

  

  “THIS SECURITY HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT

  

  

  (“OID”) FOR UNITED
      STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE PRICE, THE AMOUNT OF OID, THE ISSUE DATE AND THE YIELD TO MATURITY OF THIS SECURITY MAY BE OBTAINED BY CONTACTING THE CHIEF FINANCIAL OFFICER OF FTAI INFRASTRUCTURE, 1345 AVENUE OF THE AMERICAS, 45th FLOOR, NEW YORK, NEW YORK 10105, TELEPHONE NUMBER (212) 798-6100.”

  

  

  (h)          Cancellation and/or Adjustment of Global Notes.  At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a
      particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11.  At any time prior to such cancellation,
      if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes or a particular Global Note has been redeemed
      or repurchased in part, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect
      such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an
      endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

  

  

  
    -53-

    
      

  

  

  

  (i)          General Provisions Relating to Transfers and Exchanges.

  

  

  (i)          To permit registrations of
      transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request.

  

  

  (ii)          The Registrar, Transfer Agent
      and the Trustee may require a Holder to furnish appropriate endorsements and transfer documents in connection with a transfer of Notes.

  

  

  (iii)          No service charge shall be
      made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but Holders shall pay all taxes due on transfer (other than any such transfer taxes or similar governmental
      charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.10, 4.10, 4.13 and 9.04).

  

  

  (iv)          Neither the Registrar nor the
      Issuer shall be required to register the transfer of or exchange of any Note selected for redemption.

  

  

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

  

  

  (vi)          None of the Registrar,
      Transfer Agent or the Issuer shall be required (A) to register the transfer of or exchange any Note for a period of 15 days before the giving of a notice of redemption of Notes to be redeemed, (B) to register the transfer of or to exchange a Note
      between a Record Date and the next succeeding Interest Payment Date or (C) to register the transfer of or to exchange any Notes tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer or an Asset Sale Offer.

  

  

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

  

  

  (viii)          The Trustee shall
      authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02.

  

  

  (ix)          All certifications,
      certificates and Opinions of Counsel required to be submitted to the Registrar or Transfer Agent pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by electronic transmission.

  

  

  (x)          The Trustee shall have no
      obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or
      among Participants or beneficial owners of interests in any Global Notes) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms
      of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

  

  

  
    -54-

    
      

  

  

  

  (xi)          Neither the Trustee nor any
      Agent shall have any responsibility or liability for any actions taken or not taken by the Depositary.

  

  

   (xii)          The Trustee shall have no
      responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in, Depositary or other Person with respect to the accuracy of the records of Depositary or its nominee or of any participant or member thereof, with
      respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than a Depositary) of any notice (including any notice of redemption or purchase) or the payment of any
      amount or delivery of any Notes (or other security or property) under or with respect to such Notes.  All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only
      to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note).  The rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to the applicable
      rules and procedures of the Depositary.  The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners.

  

  

  SECTION 2.07.          Replacement Notes.  If any mutilated Note is surrendered to the Trustee, or the Registrar, the Issuer and the Trustee receive evidence to their satisfaction of the
      ownership and destruction, loss or theft of any Note, the Issuer shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s and the Issuer’s requirements are met.  An indemnity bond
      must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is so replaced.  The Issuer
      may charge for its expenses (including the expenses of the Trustee) in replacing a Note.

  

  

  Every replacement Note is a contractual obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and
    proportionately with all other Notes duly issued under this Indenture.

  

  

  SECTION 2.08.          Outstanding Notes.  The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for
      cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof and those described in this Section 2.08 as not outstanding.  Except as set forth in Section 2.09, a Note does not cease
      to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.

  

  

  If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the
    replaced Note is held by a protected purchaser.

  

  

  If the principal amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue.

  

  

  If the Paying Agent (other than the Issuer, a Subsidiary of the Issuer or an Affiliate of any thereof) holds, on a Redemption Date or
    maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.

  

  

  
    -55-

    
      

  

  

  

  SECTION 2.09.          Treasury Notes.  In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by
      the Issuer, or by any Affiliate of the Issuer, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a
      Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.  Notwithstanding the foregoing, Notes that are to be acquired by the Issuer, any Subsidiary of the Issuer or an Affiliate of the Issuer pursuant to an exchange
      offer, tender offer or other similar agreement shall not be deemed to be owned by the Issuer, a Subsidiary of the Issuer or an Affiliate of the Issuer until legal title to such Notes passes to the Issuer, such Subsidiary or such Affiliate, as the
      case may be.  For the avoidance of doubt, the vote on any consent, waiver or amendment of notes beneficially owned by the holders of the Preferred Equity and their Affiliates (other than the Issuer and its Subsidiaries, to the extent applicable)
      shall not be disregarded solely as a result of such holders or their Affiliates being deemed to be or becoming Affiliates of the Issuer as a result of such holdings of Preferred Equity or the operation of the provisions of the Certificate of
      Designations.

  

  

  SECTION 2.10.          Temporary Notes.  Until certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order,
      shall authenticate temporary Notes.  Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. 
      Without unreasonable delay, the Issuer shall prepare and upon receipt of an Authentication Order, the Trustee shall authenticate Definitive Notes in exchange for temporary Notes.

  

  

  Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the benefits accorded to Holders, or
    beneficial holders, respectively, of Notes under this Indenture.

  

  

  SECTION 2.11.          Cancellation.  The Issuer at any time may deliver Notes to the Trustee for cancellation.  The Registrar, Transfer Agent and Paying Agent shall forward to the
      Trustee any Notes surrendered to them for registration of transfer, exchange or payment.  The Trustee or, at the direction of the Trustee, the Registrar, Transfer Agent or the Paying Agent and no one else shall cancel all Notes surrendered for
      registration of transfer, exchange, payment, replacement or cancellation and shall dispose of cancelled Notes (subject to the record retention requirement of the Exchange Act) in accordance with its customary procedures.  Confirmation of the disposal
      of all cancelled Notes shall be delivered to the Issuer upon its written request.  The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

  

  

  SECTION 2.12.          Defaulted Interest.  If the Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent
      lawful, interest payable on the defaulted interest to Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01. The Issuer shall notify the Trustee in writing of the amount of defaulted interest
      proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall
      make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section
      2.12. The Issuer shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall
      be less than ten days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer, the Trustee, in the name and at the expense of the Issuer)
      shall mail or cause to be mailed, first-class postage prepaid, (or otherwise deliver in accordance with the applicable procedures of the Depositary) to each Holder a notice at his or her address as it appears in the Note Register that states the
      special record date, the related payment date and the amount of such interest to be paid.

  

  

  
    -56-

    
      

  

  

  

  Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each Note delivered under this Indenture upon
    registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note.

  

  

  SECTION 2.13.          CUSIP/ISIN Numbers.  The Issuer in issuing the Notes may use CUSIP or ISIN numbers, as applicable (if then generally in use), and, if so, the Trustee may use CUSIP
      or ISIN numbers, as applicable, in notices to Holders as a convenience to Holders; provided that any such notice may state that no representation
      is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or other action shall
      not be affected by any defect in or omission of such numbers.  The Issuer shall as promptly as practicable notify the Trustee in writing of any change in the CUSIP or ISIN numbers, as applicable.  Additional Notes will not be issued with the same
      CUSIP, if any, as any existing Notes unless such Additional Notes are fungible with such existing Notes for U.S. federal income tax purposes.

  

  

  ARTICLE III

  

  

  Redemption

  

  

  SECTION 3.01.          Notices to Trustee.  If the Issuer elects to redeem Notes pursuant to Section 3.07, it shall furnish to the Trustee, at least five Business Days (or such later
      date acceptable to the Trustee) before notice of redemption is mailed or caused to be mailed (or otherwise sent in accordance with the applicable procedures of the Depositary) to the applicable Holders pursuant to Section 3.03, an Officer’s
      Certificate setting forth (i) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date (subject to any conditions precedent applicable thereto), (iii) the
      principal amount of the Notes to be redeemed and (iv) the redemption price (or manner of calculation if not then known).  If the redemption price is not known at the time such notice is to be given, the actual redemption price, calculated as
      described in the terms of the Notes and/or this Indenture, will be set forth in an Officer’s Certificate delivered to the Trustee no later than the Redemption Date.

  

  

  SECTION 3.02.          Selection of Notes to Be Redeemed.  If less than all of the Notes are to be redeemed at any time, selection of Notes for redemption shall be made by the Trustee in
      accordance with the applicable procedures of the Depositary; provided that no Notes of $2,000 or less shall be redeemed in part.

  

  

  The Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption and, in the case of any Note selected for
    partial redemption, the principal amount thereof to be redeemed.  Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; no Notes of $2,000 or less can be redeemed in part, except that if all
    of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed.  Except as provided in the preceding sentence, provisions of this Indenture that apply to
    Notes called for redemption also apply to portions of Notes called for redemption.

  

  

  SECTION 3.03.          Notice of Redemption.  The Issuer shall mail or cause to be mailed by first-class mail (or otherwise delivered in accordance with the applicable procedures of the
      Depositary), notices of redemption at least 10 days but not more than 60 days before the Redemption Date to each Holder at such Holder’s registered address or otherwise in accordance with the applicable procedures of the Depositary, except that
      redemption notices may be mailed (or otherwise sent in accordance with the applicable procedures of the Depositary) more than 60 days prior to a Redemption Date if the notice is issued in connection with Article VIII, Article XI or a purchase or a
      redemption of the Notes subject to one or more conditions precedent.  If any Note is to be redeemed in part only, any notice of redemption that relates to such Note shall state the portion of the principal amount thereof that has been or is to be
      redeemed.  In the case of any book-entry only Notes, notices of redemption shall be given to DTC in accordance with its applicable procedures.  The Issuer shall issue a new Note in a principal amount equal to the unredeemed portion of the original
      Note redeemed in the name of the Holder thereof upon cancellation of the original Note.

  

  

  
    -57-

    
      

  

  

  

  The notice shall identify the Notes (including the CUSIP or ISIN number) to be redeemed and shall state:

  

  

  (A)          subject to
      clause (I) below, the Redemption Date;

  

  

  (B)          the
      redemption price (or manner of calculation if not then known);

  

  

  (C)          if any Note
      is to be redeemed in part only, the portion of the principal amount of that Note that has been or is to be redeemed and that, after the Redemption Date upon surrender of such Note, the Issuer will issue a new Note or Notes in principal amount equal
      to the unredeemed portion of the original Note in the name of the Holder upon cancellation of the original Note;

  

  

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

  

  

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

  

  

  (F)          that,
      unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after the Redemption Date;

  

  

  (G)          the
      paragraph or subparagraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed;

  

  

  (H)          that no
      representation is made as to the correctness or accuracy of the CUSIP or ISIN number, as applicable, if any, listed in such notice or printed on the Notes; and

  

  

  (I)          any
      condition to such redemption.

  

  

  At the Issuer’s written request, the Trustee shall give the notice of redemption in the Issuer’s name and at its expense; provided that the Issuer shall have delivered to the Trustee, at least five Business Days before notice of redemption is required to be mailed or caused
    to be mailed (or sent or caused to be sent in accordance with the applicable procedures of the Depositary) to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s Certificate requesting that
    the Trustee give such notice and setting forth the information to be stated in such notice as provided in this Section 3.03.

  

  

  Any notice of any redemption may be given prior to the redemption thereof, and any such redemption or notice may, at the Issuer’s option and
    discretion, be subject to one or more conditions precedent, including the consummation of an incurrence or issuance of debt or equity or a Change of Control or other corporate transaction.  In addition, if such redemption is subject to satisfaction of
    one or more conditions precedent, such notice of redemption shall describe each such condition and, if applicable, shall state that, in the Issuer’s discretion, the applicable Redemption Date may be delayed until such time as any or all such conditions
    shall be satisfied (or waived by the Issuer in its sole discretion) or that such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuer in its sole
    discretion) by the applicable Redemption Date as stated in such notice, or by the applicable Redemption Date as so delayed.  The Issuer may provide in such notice that payment of the redemption price and performance of the Issuer’s obligations with
    respect to such redemption may be performed by another Person.

  

  

  
    -58-

    
      

  

  

  

  SECTION 3.04.          Effect of Notice of Redemption.  Subject to the last paragraph of Section 3.03 and the terms of the applicable redemption notice (including any conditions
      precedent contained therein), once notice of redemption is mailed in accordance with Section 3.03, Notes called for redemption become irrevocably due and payable on the Redemption Date at the redemption price, subject to the satisfaction of any
      conditions precedent to the redemption.  The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice.  In any case, failure to give such notice by mail or any
      defect in the notice to the Holder of the Notes designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Notes.  Subject to Section 3.05, on and after the Redemption Date, interest
      ceases to accrue on Notes or portions of Notes called for redemption.

  

  

  SECTION 3.05.          Deposit of Redemption Price.  Prior to 11:00 a.m. (New York City time) on the Redemption Date, the Issuer shall deposit with the Paying Agent money sufficient to
      pay the redemption price of and accrued and unpaid interest on all Notes to be redeemed on that date.  On the written request of the Issuer, the Paying Agent shall promptly return to the Issuer any money deposited with the Paying Agent by the Issuer
      in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed.

  

  

  If the Issuer complies with the provisions of this Section 3.05, on and after the Redemption Date, interest shall cease to accrue on the
    Notes or the portions of the Notes called for redemption.  If a Note is redeemed on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the Redemption Date shall be paid to the Person in
    whose name such Note was registered at the close of business on such Record Date.  If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Issuer to comply with this Section 3.05, interest
    shall be paid on the unpaid principal, from the Redemption Date until such principal is paid, and to the extent lawful on any interest accrued to the Redemption Date not paid on such unpaid principal, in each case at the rate provided in the Notes and
    in Section 4.01.

  

  

  SECTION 3.06.          Notes Redeemed in Part.  Upon surrender of a Note that is redeemed in part, the Issuer shall issue and the Trustee shall authenticate for the Holder at the expense
      of the Issuer a new Note equal in principal amount to the unredeemed portion of the Note surrendered representing the same indebtedness to the extent not redeemed; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.  It is understood that, notwithstanding anything in this Indenture to the contrary, only an
      Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Note.

  

  

  
    -59-

    
      

  

  

  

  SECTION 3.07.          Optional Redemption.

  

  

  (a)          Prior to
      June 1, 2025, the Issuer may, at its option and at any time, redeem all or a part of the Notes, upon notice as described in Section 3.03, at a redemption price equal to 100.0% of the principal amount of Notes redeemed plus the Applicable Premium as
      of, and accrued and unpaid interest, if any, to, but not including, the applicable date of redemption (the “Redemption Date”), subject to the right of Holders
      of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date.

  

  

  (b)          From and
      after June 1, 2025, the Issuer may, at its option and at any time, redeem all or a part of the Notes, upon notice as described in Section 3.03, at the redemption prices (expressed as percentages of principal amount on the Redemption Date) set forth
      below, plus accrued and unpaid interest thereon, if any, to, but not including, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, if
      redeemed during the twelve-month period beginning on June 1 of each of the years indicated below:

  

  

  	
          Year

        	
          Percentage

        
	
          2025

        	
          105.250%

        
	
          2026 and thereafter

        	
          100.000%

        

  

  

  (c)          In
      addition, at any time prior to June 1, 2025, the Issuer may, at its option and at any time, redeem up to 40.0% of the aggregate principal amount of Notes at a redemption price equal to 110.500% of the aggregate principal amount thereof, plus accrued
      and unpaid interest thereon, if any, to, but not including, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, with the net proceeds
      (other than Otherwise Applied Proceeds) of one or more Equity Offerings (within 180 days of the consummation of each such Equity Offering); provided
      that at least 60.0% of the aggregate principal amount of Notes remains outstanding immediately after the occurrence of each such redemption.

  

  

  (d)          The Issuer
      may, at its option and at any time, redeem the Notes at 101.0% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but not including, the applicable Redemption Date, subject to the right of Holders of
      record on the relevant record date to receive interest due on the relevant interest payment date, following the consummation of a Change of Control if at least 90.0% of the Notes outstanding prior to such date of purchase are purchased pursuant to a
      Change of Control Offer with respect to such Change of Control.

  

  

  SECTION 3.08.          Mandatory Redemption.  Except as provided for in Sections 4.10, 4.13 and 14.02, the Issuer shall not be required to make mandatory redemption or sinking fund
      payments with respect to the Notes.

  

  

  SECTION 3.09.          [Reserved]

  

  

  SECTION 3.10.          Offers to Repurchase by Application of Excess Proceeds.

  

  

  (a)          In the
      event that, pursuant to Section 4.10, the Issuer shall be required to commence an Asset Sale Offer or a Collateral Asset Sale Offer, as applicable, it shall follow the procedures specified below.

  

  

  (b)          The Asset
      Sale Offer or Collateral Asset Sale Offer, as applicable, shall remain open for a period of 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the “Offer Period”).  No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Issuer shall apply all Excess Proceeds or Collateral Excess Proceeds, as applicable (the “Offer Amount”),
      to the purchase of Notes and, if required by the terms of any Pari Passu Indebtedness, such Pari Passu Indebtedness (on a pro rata basis, if
      applicable), or, if less than the Offer Amount has been tendered, all Notes and Pari Passu Indebtedness tendered in response to the Asset Sale Offer or Collateral Asset Sale Offer, as applicable.  Payment for any Notes so purchased shall be made in
      the same manner as interest payments are made.

  

  

  
    -60-

    
      

  

  

  

  (c)          If the
      Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest, if any, up to but excluding the Purchase Date, shall be paid to the Person in whose name a Note is registered at the close
      of business on such Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Asset Sale Offer or Collateral Asset Sale Offer, as applicable.

  

  

  (d)          Upon the
      commencement of an Asset Sale Offer or Collateral Asset Sale Offer, as applicable, the Issuer shall send, by first-class mail (or otherwise sent in accordance with the applicable procedures of the Depositary), a notice to each of the Holders, with a
      copy mailed or electronically transmitted to the Trustee and Agents.  The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer or Collateral Asset Sale Offer, as
      applicable.  The Asset Sale Offer or Collateral Asset Sale Offer, as applicable, shall be made to all Holders and, if required by the terms of any Pari Passu Indebtedness, holders of such Pari Passu Indebtedness.  The notice, which shall govern the
      terms of the Asset Sale Offer or Collateral Asset Sale Offer, as applicable, shall state:

  

  

  (i)          that the
      Asset Sale Offer or Collateral Asset Sale Offer, as applicable, is being made pursuant to this Section 3.10 and Section 4.10 and the length of time the Asset Sale Offer or Collateral Asset Sale Offer, as applicable, shall remain open;

  

  

  (ii)          the
      Offer Amount, the purchase price and the Purchase Date;

  

  

  (iii)          that
      any Note not tendered or accepted for payment shall continue to accrue interest;

  

  

  (iv)          that,
      unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer or Collateral Asset Sale Offer, as applicable, shall cease to accrue interest after the Purchase Date;

  

  

  (v)          that
      Holders electing to have a Note purchased pursuant to an Asset Sale Offer or Collateral Asset Sale Offer, as applicable, may elect to have Notes purchased in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000;

  

  

  (vi)          that
      Holders electing to have a Note purchased pursuant to any Asset Sale Offer or Collateral Asset Sale Offer, as applicable, shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Note
      completed, or transfer by book-entry transfer, to the Issuer, the Depositary, if appointed by the Issuer, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date;

  

  

  (vii)          that
      Holders shall be entitled to withdraw their election if the Issuer, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the
      Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased;

  

  

  
    -61-

    
      

  

  

  

  (viii)          that,
      if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by the Holders thereof exceeds the Offer Amount, the Trustee shall select the Notes and the Issuer or the agent for such Pari Passu Indebtedness shall select such Pari
      Passu Indebtedness to be purchased on a pro rata basis (or as nearly pro rata as practicable) based on the amount of the Notes and such Pari Passu Indebtedness tendered, unless otherwise required by law or the rules of the principal national securities exchange, if any, on which the Notes
      or such Pari Passu Indebtedness are listed or by lot or such other similar method in accordance with the applicable procedures of the Depositary; provided
      that no Notes of $2,000 or less shall be repurchased in part; and

  

  

  (ix)          that
      Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer) representing the same indebtedness to the extent not
      repurchased.

  

  

  (e)          On or
      before the Purchase Date, the Issuer shall, to the extent lawful, (1) accept for payment, on a pro rata basis to the extent necessary, the Offer
      Amount of Notes or portions thereof validly tendered pursuant to the Asset Sale Offer or Collateral Asset Sale Offer, as applicable, or if less than the Offer Amount has been tendered, all Notes tendered and (2) deliver or cause to be delivered to
      the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof so tendered.

  

  

  (f)          The Issuer,
      the Depositary or the Paying Agent, as the case may be, shall promptly mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes properly tendered by such Holder and accepted by the Issuer for purchase, and the
      Issuer shall promptly issue a new Note, and the Trustee, upon receipt of an Authentication Order, shall authenticate and mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder in a principal amount equal to any
      unpurchased portion of the Note surrendered representing the same indebtedness to the extent not repurchased; provided that each such new Note
      shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess of $2,000.  Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof.  The Issuer shall publicly announce the results of
      the Asset Sale Offer or Collateral Asset Sale Offer, as applicable, on or as soon as practicable after the Purchase Date.

  

  

  ARTICLE IV

  

  

  Covenants

  

  

  SECTION 4.01.          Payment of Notes.  The Issuer shall pay or cause to be paid to the Paying Agent the principal of, premium, if any, and interest on the Notes on the dates and in
      the manner provided in the Notes.  Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Issuer or a Subsidiary, holds on the due date money deposited by the Issuer in immediately
      available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due.  In any case where an Interest Payment Date, Redemption Date or any other stated maturity of any payment required to be made on the Notes
      shall not be a Business Day, then each such payment need not be made on such date, but shall be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, Redemption Date or stated maturity of
      such payment and no additional interest shall be payable as a result of such delay in payment.

  

  

  The Issuer shall pay the Paying Agent interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
    principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay the Paying Agent interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest
    at the same rate to the extent lawful.

  

  

  
    -62-

    
      

  

  

  

  SECTION 4.02.          Maintenance of Office or Agency.  The Issuer shall maintain the office or agency required under Section 2.03 (which may be an office of the Trustee or an Affiliate
      of the Trustee) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served.  The Issuer shall give prompt written notice to
      the Trustee of the location, and any change in the location, of such office or agency.  If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
      presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.

  

  

  The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any
    or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner
    relieve the Issuer of their obligation to maintain an office or agency required under Section 2.03.  The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
    office or agency.

  

  

  The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section
    2.03.

  

  

  SECTION 4.03.          Reports and Other Information.

  

  

  (a)          Notwithstanding

      that the Issuer may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and
      regulations promulgated by the SEC, the Issuer shall be required to file with the SEC, or provide the Trustee and the Holders with:

  

  

  (1)          within 90
      days (or the successor time period then in effect under the Exchange Act for a non-accelerated filer plus any grace period provided by Rule 12b-25 under the Exchange Act) after the end of each fiscal year, annual reports of the Issuer on Form 10-K,
      or any successor or comparable form;

  

  

  (2)          within 45
      days (or the successor time period then in effect under the Exchange Act for a non-accelerated filer plus any grace period provided by Rule 12b-25 under the Exchange Act) after the end of each of the first three fiscal quarters of each fiscal year,
      quarterly reports of the Issuer on Form 10-Q, or any successor or comparable form; and

  

  

  (3)          within the
      time periods specified for filing Current Reports on Form 8-K after the occurrence of each event that would have been required to be reported in a Current Report on Form 8-K under the Exchange Act if the Issuer had been a reporting company under the
      Exchange Act, current reports on Form 8-K, or any successor or comparable form; provided that no such Current Reports shall be required to be
      filed or provided that are not material to the interests of Holders in their capacities as such (as determined in good faith by the Issuer) or the business, assets, operations, financial positions or prospects of the Issuer and the Restricted
      Subsidiaries, taken as a whole.

  

  

  
    -63-

    
      

  

  

  

  Notwithstanding the foregoing, (A) none of the foregoing reports shall be required to (i) contain the separate financial information for
    Guarantors and non-guarantor subsidiaries contemplated by Rule 3-09, 3-10, 3-16, 13-01 or 13-02 of Regulation S-X promulgated by the SEC (or, in each case, any successor item or provision in respect thereof) or (ii) present any information required by
    Item 9A of Form 10-K, Items 307 or 308 of Regulation S-K (or, in each case, any successor item or provision in respect thereof) or any other rule or regulation implementing Sections 302, 404 and 906 of the Sarbanes-Oxley Act of 2002, or Item 402 of
    Regulation S-K, or Item 601 of Regulation S-K (or, in each case, any successor item or provision in respect thereof) and (B) if any direct or indirect parent company of the Issuer is a Guarantor of the Notes, the reports, information and other
    documents required to be filed and provided as described above may be those of a parent Issuer, rather than those of the Issuer, so long as such filings would otherwise satisfy in all material respects the requirements of clauses (1), (2) or (3) above;
    provided that if such parent company holds material assets (other than cash, Cash Equivalents and the Capital Stock of the Issuer and Restricted
    Subsidiaries) such annual and quarterly reports shall include a reasonable explanation of the material differences between the assets, liabilities and results of operations of such parent company and its consolidated Subsidiaries on the one hand, and
    the Issuer and the Restricted Subsidiaries on the other hand.  Delivery of such reports to the trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or
    determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

  

  

  (b)          Notwithstanding

      anything herein to the contrary, (A) the Issuer shall not be deemed to have failed to comply with any of its obligations described under this Section 4.03 for purposes of Section 6.01(a)(3) until 60 days after the date any such report is due
      hereunder and (B) the Issuer shall not be so obligated to file such reports with the SEC (i) if the SEC does not permit such filing and (ii) subject to clause (A) of this sentence, the Issuer makes available the applicable information to prospective
      purchasers of Notes upon request, in addition to providing such information to the Trustee, in each case, within 15 days after the applicable date the Issuer would be required to file such information pursuant to the first paragraph of this section.
      To the extent any such information is not so filed or furnished, as applicable, within the time periods specified above and such information is subsequently filed or furnished, as applicable, the Issuer shall be deemed to have satisfied its
      obligations with respect thereto at such time and any Default or Event of Default (unless the Notes have been accelerated at such time) with respect thereto shall be deemed to have been cured.

  

  

  (c)          If the
      Issuer has designated any of its Subsidiaries as an Unrestricted Subsidiary, then the annual and quarterly information required by clauses (1) and (2) of Section 4.03(a) shall include information (which need not be audited or reviewed by the Issuer’s
      auditors) regarding such Unrestricted Subsidiaries substantially comparable to the financial information of the Unrestricted Subsidiaries presented in the Offering Memorandum under “Summary––The Offering––Unrestricted Subsidiaries”; provided that no such information shall be required if such financial information is not material compared to the applicable financial information of
      the Issuer and its Subsidiaries on a consolidated basis or if such Unrestricted Subsidiaries are not material to the Issuer and its Subsidiaries on a consolidated basis.

  

  

  (d)          So long as
      the Notes are outstanding and the reports required to be delivered under this Section 4.03 are not filed with the SEC, the Issuer shall maintain a website (that, at the option of the Issuer, may be password protected) to which Holders, prospective
      investors, broker-dealers and securities analysts are given access promptly upon request and to which all the reports required by this Section 4.03 are posted.

  

  

  (e)          To the
      extent not satisfied by the reports referred to in Section 4.03(a), the Issuer shall furnish to the Holders, prospective investors, broker-dealers and securities analysts, upon their request, any information required to be delivered pursuant to Rule
      144A(d)(4) under the Securities Act so long as the Notes are not freely transferable under the Securities Act.

  

  

  
    -64-

    
      

  

  

  

  (f)          The Trustee
      shall have no obligation to determine whether or not such information, documents or reports in this Section have been filed by the Issuer.

  

  

  SECTION 4.04.          Compliance Certificate.

  

  

  (a)          The Issuer
      shall deliver to the Trustee, within 120 days after the end of each fiscal year ending after the Issue Date, an Officer’s Certificate certifying that, as to such Officer signing such certificate, to the best of his or her knowledge the Issuer has
      kept, observed, performed and fulfilled each and every condition and covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions, covenants and conditions of this Indenture (or, if a
      Default shall have occurred and is continuing, describing all such Defaults of which he or she may have knowledge).

  

  

  (b)          The Issuer
      shall, within five Business Days, upon becoming aware of any Default or Event of Default or any default under any document, instrument or agreement representing Indebtedness of the Issuer or any Guarantor, deliver to the Trustee a statement
      specifying such Default or Event of Default.

  

  

  SECTION 4.05.          Taxes.  The Issuer shall, and shall cause each of its Restricted Subsidiaries to, pay, before the same shall become delinquent or in default, all material taxes,
      assessments, and governmental levies except where (a) the validity or amount thereof is being contested in good faith by appropriate negotiations or proceedings or (b) the failure to make such payment is not adverse in any material respect to the
      Holders of the Notes.

  

  

  SECTION 4.06.          Stay, Extension and Usury Laws.  The Issuer and each of the Guarantors covenant (to the extent that they may lawfully do so) that it shall not at any time insist
      upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the
      Issuer and each of the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to any such law, hinder, delay or impede the execution of any
      power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.

  

  

  SECTION 4.07.          Limitation on Restricted Payments.

  

  

  (a)          The Issuer
      shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly:

  

  

  (i)          declare or
      pay any dividend or make any distribution on account of the Issuer’s or any Restricted Subsidiary’s Equity Interests, including any dividend or distribution payable in connection with any consolidation, amalgamation or merger other than:

  

  

  (A)          dividends
      or distributions by the Issuer payable in Equity Interests (other than Disqualified Stock) of the Issuer or in options, warrants or other rights to purchase such Equity Interests; or

  

  

  (B)          dividends
      or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly-Owned Subsidiary, the Issuer or a
      Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class
      or series of securities;

  

  

  
    -65-

    
      

  

  

  

  (ii)          purchase,
      redeem, defease or otherwise acquire or retire for value any Equity Interests of the Issuer, including in connection with any consolidation, amalgamation or merger;

  

  

  (iii)          make any
      principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness, other than (x) the purchase, repurchase or
      other acquisition of Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase or acquisition, and (y)
      Indebtedness of the Issuer to a Restricted Subsidiary or a Restricted Subsidiary to the Issuer or another Restricted Subsidiary; or

  

  

  (iv)          make any
      Restricted Investment;

  

  

  (all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted Payments”), unless, at the time of such Restricted Payment:

  

  

  (1)          no Default
      or Event of Default shall have occurred and be continuing or would occur as a consequence thereof;

  

  

  (2)          immediately
      after giving effect to such transaction on a pro forma basis, the Issuer could incur $1.00 of additional Indebtedness under Section 4.09(a); and

  

  

  (3)          such
      Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clause (1) of Section 4.07(b), but excluding
      all other Restricted Payments permitted by Section 4.07(b)), is less than the sum (such sum, the “Cumulative Credit”) of:

  

  

  (A)          50.0% of
      the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from April 1, 2022 to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such
      Restricted Payment, or, in the case such Consolidated Net Income for such period is a deficit, minus 100.0% of such deficit; plus

  

  

  (B)          100.0% of
      the aggregate net cash proceeds and the Fair Market Value of marketable securities or other property received by the Issuer after the Issue Date (other than such net cash proceeds that are Otherwise Applied Proceeds) from the issue or sale of:

  

  

  (i) Equity Interests of the Issuer (other than the Preferred Equity), or

  

  

  (ii) debt securities, Designated Preferred Stock or Disqualified Stock of the Issuer or any Restricted Subsidiary that
    have been converted into or exchanged for such Equity Interests of the Issuer;

  

  

  provided that this
    clause (B) shall not include the proceeds from (a) Refunding Capital Stock, (b) Equity Interests or converted or exchanged debt securities of the Issuer sold to a Restricted Subsidiary or the Issuer, as the case may be or (c) Disqualified Stock or debt
    securities that have been converted into or exchanged for Disqualified Stock; plus

  

  

  
    -66-

    
      

  

  

  

  (C)          100.0% of
      the aggregate amount of cash and the Fair Market Value of marketable securities or other property contributed to the capital of the Issuer following the Issue Date (other than (x) by a Restricted Subsidiary or (y) net cash proceeds of any such
      contributed capital to the extent such net cash proceeds are Otherwise Applied Proceeds); plus

  

  

  (D)          [reserved];
      plus

  

  

  (E)          in the case
      of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary after the Issue Date, the Fair Market Value of the Investment in such Unrestricted Subsidiary at the time of the redesignation of such Unrestricted Subsidiary as a
      Restricted Subsidiary, other than to the extent the Investment in such Unrestricted Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to Section 4.07(b)(6) or to the extent such Investment constituted a Permitted Investment; plus

  

  

  (F)          $25,000,000.

  

  

  (b)          Section
      4.07(a) shall not prohibit any of the following:

  

  

  (1)          the payment
      of any dividend or distribution or the consummation of any redemption within 60 days after the date of declaration thereof or notice of such redemption, if at the date of declaration or notice such payment would have complied with the provisions of
      this Indenture;

  

  

  (2)          the
      redemption, repurchase or other acquisition or retirement of Subordinated Indebtedness of the Issuer or a Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Issuer or a Guarantor,
      as the case may be, which is incurred in compliance with Section 4.09 so long as:

  

  

  (A) the principal amount (or accreted value) of such new Indebtedness does not exceed the principal amount (or accreted
    value), plus any accrued and unpaid interest, of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired, plus the amount of any premium and any tender premiums, defeasance costs or other fees and expenses incurred in
    connection with the issuance of such new Indebtedness,

  

  

  (B) such Indebtedness has a final scheduled maturity date equal to or later than the earlier of (x) the final scheduled
    maturity date of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired and (y) 91 days following the maturity of the Notes, and

  

  

  (C) such Indebtedness (x) has a Weighted Average Life to Maturity which is not less than the remaining Weighted Average
    Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired or (y) requires no or nominal payments in cash prior to the date that is 91 days following the maturity of the Notes (other than scheduled payments
    prior to the date that is 91 days following the maturity of the Notes not in excess of, or prior to, the scheduled payments due prior to such date for the Indebtedness being so redeemed, repurchased, acquired or retired);

  

  

  
    -67-

    
      

  

  

  

  (3)          a
      Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of common Equity Interests of the Issuer held by any future, present or former employee, member of management, officer, director or consultant (or
      any spouses, successors, executors, administrators, heirs or legatees of any of the foregoing) of the Issuer or any of its Subsidiaries pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or
      other agreement or arrangement or any stock subscription or shareholder agreement; provided that the aggregate Restricted Payments made under
      this clause (3) may not exceed in any calendar year $5,000,000 (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of $10,000,000 in any
      calendar year); provided, further, that
      any such amount under this clause (3) in any calendar year may be increased by an amount not to exceed:

  

  

  (A) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Issuer to employees,
    members of management, officers, directors or consultants of the Issuer or any of its Subsidiaries that occurred after the Issue Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment
    of Restricted Payments by virtue of Section 4.07(a)(3); plus

  

  

  (B) the cash proceeds of key man life insurance policies received by the Issuer and the Restricted Subsidiaries after the
    Issue Date; less

  

  

  (C) the amount of any Restricted Payments previously made pursuant to subclauses (A) and (B) of this Section 4.07(b)(3);

  

  

  provided, further, that (x) the Issuer may elect to apply all or any portion of the aggregate increase contemplated by subclauses (A) and (B) of this Section
    4.07(b)(3) in any calendar year and (y) cancellation of Indebtedness owing to the Issuer from any present or former employee, member of management, officer, director or consultant of the Issuer or any of its Subsidiaries in connection with the
    repurchase of Equity Interests of the Issuer or any direct or indirect parent entity of the Issuer shall not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Indenture;

  

  

  (4)          the
      declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Issuer or any other Restricted Subsidiary or any class or series of preferred stock of any Restricted Subsidiary issued in accordance with Section
      4.09 to the extent such dividends are included in the definition of Fixed Charges;

  

  

  (5)          (x) the
      declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock and other than the Preferred Equity) issued by the Issuer after the Issue Date; provided that the aggregate amount of dividends paid pursuant to this clause shall not exceed the aggregate amount of cash actually received by the Issuer from the sale of
      such Designated Preferred Stock; provided, however,
      in the case of this Section 4.07(b)(5), that for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock, after giving
      effect to such issuance on a pro forma basis, the Issuer and the Restricted Subsidiaries could incur $1.00 of additional Indebtedness under
      Section 4.09(a) and (y) the declaration and payment of dividends in the amounts required by the terms of the Certificate of Designations (as in effect on the Effective Date) to holders of the Preferred Equity issued by the Issuer;

  

  

  
    -68-

    
      

  

  

  

  (6)          Investments
      in Unrestricted Subsidiaries made after the Issue Date having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this Section 4.07(b)(6) that are at the time outstanding, not to exceed the greater of (x)
      $75,000,000 and (y) 3.0% of Total Assets at the time of such investment; provided that the dollar amount of Investments made pursuant to this
      Section 4.07(b)(6) may be reduced by the Fair Market Value of the proceeds received by the Issuer and/or its Restricted Subsidiaries from the subsequent sale, disposition or other transfer of such Investments (with the Fair Market Value of each
      Investment being measured at the time made and without giving effect to subsequent changes in value);

  

  

  (7)          (A)
      repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants and repurchases of Equity Interests or options to purchase
      Equity Interests in connection with the exercise of stock options to the extent necessary to pay applicable withholding taxes, and (B) payment of dividend equivalents pursuant to grants of Equity Interests to employees and directors of the Issuer or
      any of its Restricted Subsidiaries under the Issuer’s equity incentive plans;

  

  

  (8)          Restricted
      Payments that are made with Excluded Contributions;

  

  

  (9)          other
      Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this Section 4.07(b)(9) not to exceed the greater of (x) $50,000,000 and (y) 2.0% of Total Assets;

  

  

  (10)          Restricted
      Payments by the Issuer or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person;

  

  

  (11)          the
      purchase by the Issuer of fractional shares arising out of stock dividends, splits or combinations or business combinations;

  

  

  (12)          distributions

      or payments of Securitization Fees, sales contributions and other transfers of Securitization Assets and purchases and repurchases of Securitization Assets in connection with a Qualified Securitization Financing;

  

  

  (13)          (A)
      payments by the Issuer or any Restricted Subsidiary to its Manager, the General Partner or any Permitted Holder (whether directly or indirectly) of management, consulting, monitoring, refinancing, transaction or advisory fees, and related expenses or
      termination fees, including payments or reimbursements made to satisfy advances or payments made on behalf of or for the Issuer or any Restricted Subsidiary, (B) customary payments and reimbursements by the Issuer or any Restricted Subsidiary to its
      Manager, the General Partner or any Permitted Holder (whether directly or indirectly) for financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including in connection with
      acquisitions or divestitures and (C) any payments, reimbursements or other transactions pursuant to the Management Agreement;

  

  

  (14)          the
      repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness required pursuant to the provisions similar to those described in Section 4.10 and Section 4.13; provided that there is a concurrent or prior Change of Control Offer, Collateral Asset Sale Offer or Asset Sale Offer, as applicable, and all Notes tendered by Holders in connection with such
      Change of Control Offer, Collateral Asset Sale Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired for value;

  

  

  
    -69-

    
      

  

  

  

  (15)          payment or
      distributions to satisfy dissenters’ or appraisal rights pursuant to or in connection with a consolidation, merger or transfer of assets that complies with Section 5.01;

  

  

  (16)          dividends
      or other distributions of Capital Stock of, or Indebtedness owed to the Issuer or a Restricted Subsidiary by, Unrestricted Subsidiaries (unless the Unrestricted Subsidiary’s principal asset is cash or Cash Equivalents);

  

  

  (17)          any
      Restricted Payment made as part of, or which are reasonably necessary or appropriate (as determined by the Issuer in good faith) to effectuate, the Spin-Off;

  

  

  (18)          (A) any
      Restricted Payment in exchange for, or out of the proceeds of the substantially concurrent sale (other than to a Restricted Subsidiary) of, Equity Interests of the Issuer (other than any Disqualified Stock) (“Refunding Capital Stock”) and (B) if immediately prior to the redemption, repurchase, retirement or other acquisition of any Equity Interests of the Issuer (“Retired Capital Stock”), the Issuer and the Restricted Subsidiaries could incur $1.00 of additional Indebtedness under Section 4.09(a), the declaration and payment of dividends on the
      Refunding Capital Stock in an aggregate amount per year no greater than the aggregate amount of dividends per annum that was declarable and payable on such Retired Capital Stock immediately prior to such retirement;

  

  

  (19)          additional
      Restricted Payments so long as the Consolidated Total Leverage Ratio, calculated on a pro forma basis at the time of the declaration thereof, would not exceed 7.00 to 1.00; and

  

  

  (20)          Restricted
      Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause (20) not to exceed 100% of the aggregate amount received in cash and the Fair Market Value of marketable securities or other property
      received by the Issuer or a Restricted Subsidiary by means of, in each case, only to the extent such amount does not also increase the amount available under any exception contained in the definition of “Permitted Investments”:

  

  

  (x)          the sale or
      other disposition (other than to the Issuer or a Restricted Subsidiary) of Investments made by the Issuer and its Restricted Subsidiaries, or a dividend or distribution from an Investment made by the Issuer and its Restricted Subsidiaries and
      repurchases and redemptions of such Investments from the Issuer and its Restricted Subsidiaries and repayments of loans or advances which constitute Investments by the Issuer and its Restricted Subsidiaries in each case after the Issue Date; or

  

  

  (y)          the sale
      (other than to the Issuer or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a dividend or distribution from an Unrestricted Subsidiary in each case after the Issue Date;

  

  

  provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (4), (5), (6), (9) and (19) of this Section 4.07(b), no Event of Default shall have
    occurred and be continuing or would occur as a consequence thereof.

  

  

  (c)          The Issuer
      shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the last sentence of the definition of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary,
      all outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the
      definition of “Investments.” Such designation shall be permitted only if a Restricted Payment or Permitted Investment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.
      Unrestricted Subsidiaries shall not be subject to any of the restrictive covenants set forth in this Indenture.

  

  

  
    -70-

    
      

  

  

  

  (d)          For
      purposes of this Section 4.07, if any Investment or Restricted Payment (or a portion thereof) would be permitted pursuant to one or more provisions described in this Section 4.07 and/or one or more of the exceptions contained in the definition of
      “Permitted Investments,” the Issuer may divide and classify such Investment or Restricted Payment (or a portion thereof) in any manner that complies with this covenant and may later divide and reclassify any such Investment or Restricted Payment so
      long as the Investment or Restricted Payment (as so divided and/or reclassified) would be permitted to be made in reliance on the applicable exception as of the date of such reclassification.

  

  

  SECTION 4.08.          Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

  

  

  (a)          The Issuer
      shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted
      Subsidiary to:

  

  

  (1)          (A)          pay dividends or make any other distributions to the Issuer or any Restricted Subsidiary on its Capital Stock or with respect to any other interest or
      participation in, or measured by, its profits; or

  

  

  (B)          pay any
      Indebtedness owed to the Issuer or any Restricted Subsidiary;

  

  

  (2)          make loans
      or advances to the Issuer or any Restricted Subsidiary; or

  

  

  (3)          sell, lease
      or transfer any of its properties or assets to the Issuer or any Restricted Subsidiary that is a Guarantor.

  

  

  (b)          The
      restrictions in Section 4.08(a) shall not apply to encumbrances or restrictions existing under or by reason of:

  

  

  (1)          contractual
      encumbrances or restrictions in effect on the Issue Date;

  

  

  (2)          this
      Indenture and the Notes and the Guarantees thereof;

  

  

  (3)          purchase
      money obligations for property acquired in the ordinary course of business and lease obligations (including Capitalized Lease Obligations and any encumbrance or restriction pursuant to any arrangement entered into in the ordinary course of business
      providing for the lease or rental by a customer of the Issuer or any Restricted Subsidiary, as the case may be, from the Issuer or any such Restricted Subsidiary, as lessor, of any assets or personal property and any amendment, extension, renewal,
      modification or combination of any of the foregoing, including the sale of assets to lease customers upon termination any of the foregoing pursuant to the terms thereof) that impose restrictions of the nature discussed in Section 4.08(a)(3) above on
      the property so acquired;

  

  

  (4)          applicable
      law or any applicable rule, regulation or order;

  

  

  
    -71-

    
      

  

  

  

  (5)          any
      agreement or other instrument of a Person acquired by the Issuer or any Restricted Subsidiary in existence at the time of such acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person,
      or the properties or assets of any Person so acquired and its Subsidiaries, other than the Person and its Subsidiaries, or the property or assets of the Person, so acquired;

  

  

  (6)          contracts
      for the sale of assets or the sale of a Subsidiary, including customary restrictions with respect to a Subsidiary pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all the Capital Stock or assets
      of such Subsidiary that impose restrictions on the assets to be sold;

  

  

  (7)          Secured
      Indebtedness otherwise permitted to be incurred pursuant to Sections 4.09 and 4.12 that limit the right of the debtor to dispose of the assets securing such Indebtedness;

  

  

  (8)          restrictions

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

  

  

  (9)          Indebtedness,

      Disqualified Stock or preferred stock of any Restricted Subsidiary that is not a Guarantor permitted to be incurred subsequent to the Issue Date pursuant to the provisions of Section 4.09 that impose restrictions solely on Restricted Subsidiaries
      that are not Guarantors party thereto;

  

  

  (10)          customary
      provisions in joint venture agreements and other similar agreements relating solely to such joint venture;

  

  

  (11)          customary
      provisions contained in leases and other agreements entered into in the ordinary course of business;

  

  

  (12)          customary
      provisions contained in licenses or sub-licenses of intellectual property and software or other general intangibles entered into in the ordinary course of business;

  

  

  (13)          restrictions

      or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or other agreement to which the Issuer or any Restricted Subsidiary is a party entered into in the ordinary course of business; provided that such agreement prohibits the encumbrance solely of the property or assets of the Issuer or such Restricted Subsidiary that are the
      subject to such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of the Issuer or such Restricted Subsidiary or the assets or property of another Restricted Subsidiary;

  

  

  (14)          any such
      encumbrance or restriction pursuant to an agreement governing Indebtedness incurred pursuant to Section 4.09, which encumbrances or restrictions are, in the good faith judgment of the Issuer not materially more restrictive, taken as a whole, than
      customary provisions in comparable financings and that the management of the Issuer determines, at the time of such financing, shall not materially impair the Issuer’s ability to make payments as required under the Notes;

  

  

  (15)          restrictions

      created in connection with any Qualified Securitization Financing that, in the good faith determination of the Issuer, are necessary or advisable to effect such Qualified Securitization Financing;

  

  

  
    -72-

    
      

  

  

  

  (16)          the
      Preferred Equity; and

  

  

  (17)          any
      encumbrances or restrictions of the type referred to in clauses (1), (2) and (3) of Section 4.08(a) imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts,
      instruments or obligations referred to in clauses (1) through (16) of this Section 4.08(b); provided that such amendments, modifications,
      restatements, renewals, increases, supplements, refundings, replacements or refinancing are, in the good faith judgment of the Issuer, no more restrictive, taken as a whole, with respect to such encumbrance and other restrictions than those prior to
      such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

  

  

  SECTION 4.09.          Limitation on
        Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 

  

  

  (a)          The Issuer
      shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur” and collectively, an “incurrence”) with respect to any Indebtedness (including Acquired
      Indebtedness) and the Issuer shall not issue any shares of Disqualified Stock and shall not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or preferred stock; provided that the Issuer may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired
      Indebtedness), issue shares of Disqualified Stock and issue shares of preferred stock, if the Fixed Charge Coverage Ratio for the Issuer and the Restricted Subsidiaries for the most recently ended four full fiscal quarters for which internal
      financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or preferred stock is issued would have been at least 2.00 to 1.00, determined on a pro forma basis (including a pro forma
      application of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or preferred stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning
      of such four-quarter period; provided, further,
      that the aggregate amount of Indebtedness that may be incurred and Disqualified Stock that may be issued pursuant to this Section 4.09(a) by Restricted Subsidiaries (other than FTAI Energy Holdings LLC, Delaware River Partners Holdco LLC and their
      respective Subsidiaries) that are not Guarantors shall not exceed the greater of (x) $150,000,000 and (y) 6.0% of Total Assets.

  

  

  (b)          The
      provisions of Section 4.09(a) shall not apply to:

  

  

  (1)          the
      incurrence of Indebtedness of the Issuer or any Restricted Subsidiary under Credit Facilities in an aggregate amount at any time outstanding pursuant to this Section 4.09(b)(1) not to exceed $75,000,000; provided that (x) Indebtedness incurred under this clause (b)(1) may constitute Superpriority Obligations and (y) no Indebtedness may be incurred pursuant to this clause (b)(1) on or
      prior to the date that is 30 days after the Issue Date;

  

  

  (2)          the
      incurrence by the Issuer and any Guarantor of Indebtedness represented by the Notes (other than any Additional Notes) (including any Guarantee);

  

  

  (3)          Existing
      Indebtedness (other than Indebtedness described in clauses (1) and (2) of this Section 4.09(b)) and the Preferred Equity;

  

  

  
    -73-

    
      

  

  

  

  (4)          Indebtedness

      (including Capitalized Lease Obligations), Disqualified Stock and preferred stock incurred by the Issuer or any Restricted Subsidiary, to finance the purchase, lease, improvement, development, construction, remanufacturing, refurbishment, handling
      and repositioning or repair of property (real or personal) or equipment that is used or useful in a Similar Business, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets, in an aggregate principal
      amount which, when aggregated with the principal amount of all other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred pursuant to this Section 4.09(b)(4) and including all Refinancing Indebtedness incurred to refund,
      refinance or replace any other Indebtedness, Disqualified Stock or preferred stock incurred pursuant to this Section 4.09(b)(4), does not exceed the greater of (x) $75,000,000 and (y) 3.0% of Total Assets;

  

  

  (5)          Indebtedness

      incurred by the Issuer or any Restricted Subsidiary constituting reimbursement obligations with respect to letters of credit and bank guarantees issued, or deposits made, in the ordinary course of business, including letters of credit in respect of
      workers’ compensation claims, health, disability or other benefits to employees or former employees or their families or property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or
      pursuant to the requirements of, environmental or other permits or licenses from governmental authorities, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; provided that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within 30 days following such drawing or
      incurrence;

  

  

  (6)          Indebtedness

      arising from agreements of the Issuer or a Restricted Subsidiary providing for indemnification, adjustment of purchase price, earn-outs or similar obligations, in each case, incurred or assumed in connection with the disposition of any business,
      assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition;

  

  

  (7)          Indebtedness

      of the Issuer to a Restricted Subsidiary; provided that, other than in the case of (i) intercompany liabilities incurred in the ordinary course
      of business in connection with the cash management operations of the Issuer and the Restricted Subsidiaries and (ii) intercompany lease obligations, any such Indebtedness owing to a Restricted Subsidiary that is not a Guarantor is subordinated in
      right of payment to the Notes; provided, further,
      that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or
      another Restricted Subsidiary) shall be deemed, in each case, to be an incurrence of such Indebtedness not permitted by this Section 4.09(b)(7);

  

  

  (8)          Indebtedness

      of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided that, other than in the case of (i) intercompany current
      liabilities incurred in the ordinary course of business in connection with the cash management operations of the Issuer and its subsidiaries to finance working capital needs of the Restricted Subsidiaries and (ii) intercompany lease obligations, if a
      Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not a Guarantor, such Indebtedness is subordinated in right of payment to the Guarantee of such Guarantor; provided, further, that any subsequent transfer of any such Indebtedness (except to the Issuer or another
      Restricted Subsidiary) shall be deemed in each case to be an incurrence of such Indebtedness not permitted by this Section 4.09(b)(8);

  

  

  (9)          shares of
      preferred stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided that any subsequent issuance or
      transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of preferred stock (except to the Issuer or another Restricted
      Subsidiary) shall be deemed in each case to be an issuance of such shares of preferred stock not permitted by this Section 4.09(b)(9);

  

  

  
    -74-

    
      

  

  

  

  (10)          Hedging
      Obligations (excluding Hedging Obligations entered into for speculative purposes) and any guarantees thereof;

  

  

  (11)          obligations

      in respect of self-insurance and obligations in respect of performance, bid, appeal and surety bonds and completion guarantees and guarantees of indemnification obligations provided by the Issuer or any Restricted Subsidiary in the ordinary course of
      business or consistent with past practice or industry practice;

  

  

  (12)          Indebtedness,

      Disqualified Stock and preferred stock of the Issuer or any Restricted Subsidiary not otherwise permitted hereunder in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount and liquidation preference
      of all other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred pursuant to this Section 4.09(b)(12) and including all Refinancing Indebtedness incurred to refund, refinance or replace any other Indebtedness,
      Disqualified Stock or preferred stock incurred pursuant to this Section 4.09(b)(12), does not at any one time outstanding exceed the sum of:

  

  

  (A) the greater of (1) $75,000,000 and (2) 3.0% of Total Assets; plus

  

  

  (B) 100.0% of the net cash proceeds received by the Issuer after the Issue Date from the issue or sale of Equity Interests
    of the Issuer or cash contributed to the capital of the Issuer (in each case, other than Otherwise Applied Proceeds or proceeds of Disqualified Stock) as determined in accordance with Section 4.07(a)(3)(B) and (C) to the extent such net cash proceeds
    or cash have not been applied pursuant to such clauses to make Restricted Payments or to make other investments, payments or exchanges pursuant to Section 4.07(b) or to make Permitted Investments (other than Permitted Investments specified in clauses
    (1) and (3) of the definition thereof);

  

  

  (13)          (a) any
      guarantee by the Issuer of Indebtedness or other obligations of any Restricted Subsidiary so long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of this Indenture, or (b) any guarantee by a
      Restricted Subsidiary of Indebtedness of the Issuer or another Restricted Subsidiary so long as the incurrence of such Indebtedness incurred by the Issuer or such other Restricted Subsidiary is permitted under the terms of this Indenture;

  

  

  
    -75-

    
      

  

  

  

  (14)          the
      incurrence by the Issuer or any Restricted Subsidiary of Indebtedness, Disqualified Stock or preferred stock which serves to extend, replace, refund, refinance, renew or defease any Indebtedness, Disqualified Stock or preferred stock incurred as
      permitted under Section 4.09(a) and clauses (2), (3), (14), (15) and (24) of this Section 4.09(b) or any Indebtedness, Disqualified Stock or preferred stock issued to extend, replace, refund, refinance, renew or defease such Indebtedness,
      Disqualified Stock or preferred stock including additional Indebtedness, Disqualified Stock or preferred stock incurred to pay premiums (including tender premiums), defeasance costs, underwriting discounts, other costs and expenses and fees in
      connection therewith (the “Refinancing Indebtedness”) prior to its respective maturity; so long as such Refinancing Indebtedness:

  

  

  (A) solely in the case of Indebtedness incurred pursuant to Section 4.09(b)(3) or any Refinancing Indebtedness of such
    Indebtedness, (x) has a Weighted Average Life to Maturity which is not less than the remaining Weighted Average Life to Maturity of the Indebtedness being so extended, replaced, refunded, refinanced, renewed or defeased or (y) requires no or nominal
    payments in cash prior to the date that is 91 days following the maturity of the Notes (other than scheduled payments prior to the date that is 91 days following the maturity of the Notes not in excess of, or prior to, the scheduled payments due prior
    to such date for the Indebtedness being so extended, replaced, refunded, refinanced, renewed or defeased);

  

  

  (B) to the extent such Refinancing Indebtedness extends, replaces, refunds, refinances, renews or defeases (x)
    Indebtedness subordinated in right of payment to the Notes, such Refinancing Indebtedness is subordinated in right of payment to the Notes at least to the same extent as the Indebtedness being extended, replaced, refunded, refinanced, renewed or
    defeased or (y) Disqualified Stock or preferred stock, such Refinancing Indebtedness must be Disqualified Stock or preferred stock, respectively; and

  

  

  (C) shall not include

  

  

  (x) Indebtedness, Disqualified Stock or preferred stock of a Subsidiary that is not a Guarantor that refinances
    Indebtedness, Disqualified Stock or preferred stock of the Issuer; or

  

  

  (y) Indebtedness, Disqualified Stock or preferred stock of a Subsidiary of the Issuer that is not a Guarantor that
    refinances Indebtedness, Disqualified Stock or preferred stock of a Guarantor.

  

  

  (15)          Indebtedness,

      Disqualified Stock or preferred stock (x) of the Issuer or any Restricted Subsidiary incurred, issued or assumed in connection with or in anticipation of an acquisition of any assets (including Capital Stock), business or Person and (y) of Persons
      that are acquired by the Issuer or any Restricted Subsidiary or consolidated, amalgamated or merged into the Issuer or a Restricted Subsidiary in accordance with the terms of this Indenture; provided that after giving effect to such acquisition, consolidation, amalgamation or merger, either:

  

  

  (A) the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
    Ratio test set forth in Section 4.09(a); or

  

  

  (B) the Fixed Charge Coverage Ratio is greater than immediately prior to such acquisition, consolidation, amalgamation or
    merger;

  

  

  (16)          Indebtedness

      arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its incurrence;

  

  

  (17)          any
      increase in the aggregate amount of all outstanding Preferred Equity in the form of accrued and accumulated dividends pursuant to the Certificate of Designations;

  

  

  (18)          Indebtedness

      or guarantees of Indebtedness of the Issuer or any Restricted Subsidiary in connection with or on behalf of joint ventures in a Similar Business in an aggregate principal amount, including all Refinancing Indebtedness incurred to refund, refinance or
      replace any other Indebtedness or guarantees of Indebtedness incurred pursuant to this clause (18), not to exceed the greater of (x) $25,000,000 and (y) 1.0% of Total Assets at any one time outstanding pursuant to this clause (18);

  

  

  
    -76-

    
      

  

  

  

  (19)          Indebtedness

      of the Issuer or any Restricted Subsidiary consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business;

  

  

  (20)          Indebtedness

      of the Issuer or any Restricted Subsidiary arising in connection with trade creditors or customers or endorsements of instruments for deposit, in each case, in the ordinary course of business;

  

  

  (21)          Indebtedness

      of the Issuer or any Restricted Subsidiary pursuant to any Qualified Securitization Financing;

  

  

  (22)          Indebtedness

      consisting of Indebtedness from the repurchase, retirement or other acquisition or retirement for value by the Issuer of common stock (or options, warrants or other rights to acquire common stock) of the Issuer from any future, current or former
      officer, director, manager, employee or consultant (or any spouses, successors, executors, administrators, heirs or legatees of any of the foregoing) of the Issuer or any of its Subsidiaries or their authorized representatives to the extent described
      in Section 4.07(b)(3);

  

  

  (23)          Indebtedness

      of the Issuer or any Restricted Subsidiary undertaken in connection with cash management and related activities, including netting services, automatic clearing house arrangements, employees’ credit or purchase cards, overdraft protections and similar
      arrangements, with respect to the Issuer, any Subsidiary or joint venture in the ordinary course of business;

  

  

  (24)          Indebtedness

      of the Issuer or any Restricted Subsidiary borrowed from or guaranteed by any federal, state or local governmental entities or agencies incurred for investment in, or the purchase, lease, development, construction, maintenance or improvement of
      property (real or personal) or equipment that is used or useful in, a Similar Business;

  

  

  (25)          Non-Recourse

      Indebtedness of the Issuer or any Restricted Subsidiary;

  

  

  (26)          Indebtedness

      incurred or Disqualified Stock issued by the Issuer or any Restricted Subsidiary or preferred stock issued by any of its Restricted Subsidiaries to the extent that the net proceeds thereof are promptly deposited with the Trustee to satisfy and
      discharge the Notes in accordance with this Indenture; and

  

  

  (27)          Indebtedness,

      Disqualified Stock or preferred stock of any Restricted Subsidiary that is not a Guarantor in an aggregate principal amount, including all Refinancing Indebtedness incurred to refund, refinance or replace any other Indebtedness, Disqualified Stock or
      preferred stock incurred pursuant to this clause (27), not to exceed the greater of (x) $50,000,000 and (y) 2.0% of Total Assets.

  

  

  
    -77-

    
      

  

  

  

  (c)          For
      purposes of determining compliance with this Section 4.09, in the event that an item of Indebtedness, Disqualified Stock or preferred stock meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or
      preferred stock described in clauses (1) through (27) of Section 4.09(b) or is entitled to be incurred pursuant to Section 4.09(a), the Issuer, in its sole discretion, may classify or reclassify such item of Indebtedness in any manner that complies
      with this covenant and the Issuer may divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in Sections 4.09(a) and (b). Accrual of interest, the accretion of accreted value, the payment of interest in
      the form of additional Indebtedness, Disqualified Stock or preferred stock and the reclassification of any operating lease as a Capitalized Lease Obligation as a result of (i) the modification or extension of the term of such lease or (ii) changes in
      GAAP that are not a result of a modification or extension pursuant to clause (i) shall not be deemed to be an incurrence of Indebtedness, Disqualified Stock or preferred stock for purposes of this Section 4.09; provided that no Indebtedness incurred pursuant to clause (b)(1) of this Section 4.09 that constitutes Superpriority Obligations may be reclassified.  For the avoidance of
      doubt, no Indebtedness may constitute Superpriority Obligations other than Indebtedness incurred pursuant to clause (b)(1) of this Section 4.09.

  

  

  (d)          For
      purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant
      currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable dollar denominated restriction to be exceeded if calculated at the
      relevant currency exchange rate in effect on the date of such refinancing, such dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (i) the
      principal amount of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums and other costs
      and expenses incurred in connection with such refinancing.

  

  

  (e)          The
      principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which
      such respective Indebtedness is denominated that is in effect on the date of such refinancing.

  

  

  (f)          The Issuer
      shall not, and shall not permit any Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is subordinated or junior in right of payment to any Indebtedness of the Issuer or such Guarantor unless such
      Indebtedness is expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee to the extent and in the same manner as such Indebtedness is subordinated in right of payment to other Indebtedness of the Issuer or such Guarantor,
      as the case may be.

  

  

  
    -78-

    
      

  

  

  

  SECTION 4.10.          Asset Sales.

  

  

  (a)          The Issuer
      shall not, and shall not permit any Restricted Subsidiary to, cause, make or suffer to exist an Asset Sale unless:

  

  

  (1)          the Issuer
      or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (at the time of contractually agreeing to such Asset Sale) of the assets or Equity Interests sold or
      otherwise disposed of; and

  

  

  (2)          except in
      the case of a Permitted Asset Swap, at least 75% of the consideration therefor received by the Issuer or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the amount of:

  

  

  (A)          any
      liabilities (as shown on the Issuer’s, or such Restricted Subsidiary’s most recent internally available balance sheet or in the notes thereto) of the Issuer or any Restricted Subsidiary (other than liabilities that are (1) contingent or (2) by their
      terms subordinated to the Notes in contractual right of payment, (3) with respect to a sale, conveyance, transfer or disposition of Collateral, unsecured liabilities of the Issuer or a Guarantor or (4) with respect to a sale, conveyance, transfer or
      disposition of Collateral, liabilities that are secured by Liens on the Collateral that rank junior to the Liens securing the Notes or the Guarantees) that are assumed by the transferee of any such assets and as a result of which the Issuer and its
      Restricted Subsidiaries are no longer obligated with respect to such liabilities or are indemnified against further liabilities;

  

  

  (B)          any
      securities, notes or other obligations or assets received by the Issuer or a Restricted Subsidiary from such transferee that are converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents (to the extent of the cash or Cash
      Equivalents received) within 180 days following the closing of such Asset Sale;

  

  

  (C)          any Capital
      Stock or assets, so long as such receipt of Capital Stock or assets would qualify under Section 4.10(b)(A)(2) or (B)(2); and

  

  

  (D)          any
      Designated Non-cash Consideration received by the Issuer or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (D) that
      is at that time outstanding, not to exceed the greater of (x) $100,000,000 and (y) 4.0% of Total Assets at the time of the receipt of such Designated Non-cash Consideration, with the Fair Market Value of each item of Designated Non-cash Consideration
      being measured at the time received and without giving effect to subsequent changes in value

  

  

  shall be deemed to be cash or Cash Equivalents for purposes of this provision and for no other purpose.

  

  

  (b)          Within 365
      days after the Issuer’s or a Restricted Subsidiary’s receipt of the Net Proceeds of any Asset Sale covered by Section 4.10(a), the Issuer or such Restricted Subsidiary, at its option, may apply the Net Proceeds from such Asset Sale:

  

  

  (A)          to the
      extent such Net Proceeds are from an Asset Sale of assets that constitute Collateral (a “Collateral Asset Sale”):

  

  

  (1)          to make one
      or more offers to the Holders (and, at the option of the Issuer, the holders of other Equal Priority Obligations) to purchase Notes (and such Equal Priority Obligations) pursuant to and subject to the conditions contained in this Indenture (each, a “Collateral Asset Sale Offer”); provided that in connection with any prepayment, repayment or purchase of Indebtedness pursuant to this clause (1), the Issuer or
      such Restricted Subsidiary shall permanently retire such Indebtedness; provided, further, that if the Issuer or such Restricted Subsidiary shall so reduce any Equal Priority Obligations (other than the Notes), the Issuer will equally and ratably reduce Indebtedness under the Notes by
      making an offer to all Holders to purchase at a purchase price equal to 100.0% of the principal amount thereof, plus accrued and unpaid interest and additional interest, if any, the pro rata principal amount of the Notes, such offer to be conducted in accordance with the procedures set forth below for a Collateral Asset Sale Offer;

  

  

  
    -79-

    
      

  

  

  

  (2)          to make an
      investment in (a) any one or more businesses, (b) capital expenditures or (c) acquisitions of other property or long-term assets that, in each of (a), (b), and (c), are used or useful in a Similar Business;

  

  

  (3)          to reduce
      Equal Priority Obligations of the Issuer or any Guarantor, other than Indebtedness owed to the Issuer or any Restricted Subsidiary; provided that
      the acquisition of Indebtedness of a Guarantor by the Issuer shall constitute a reduction in such Indebtedness; or

  

  

  (4)          any
      combination of the foregoing.

  

  

  (B)          to the
      extent such Net Proceeds are from an Asset Sale of assets that do not constitute Collateral (a “Non-Collateral Asset Sale”):

  

  

  (1)          to make one
      or more offers to the Holders (and, at the option of the Issuer, the holders of other senior Indebtedness) to purchase Notes (and such senior Indebtedness) pursuant to and subject to the conditions contained in this Indenture (each, an “Asset Sale Offer”); provided that in connection with any
      prepayment, repayment or purchase of Indebtedness pursuant to this clause (1), the Issuer or such Restricted Subsidiary shall permanently retire such Indebtedness; provided, further, that if the Issuer or such Restricted Subsidiary shall so reduce any senior Indebtedness (other
      than the Notes), the Issuer shall equally and ratably reduce Indebtedness under the Notes by making an offer to all Holders to purchase at a purchase price equal to 100.0% of the principal amount thereof, plus accrued and unpaid interest and
      additional interest, if any, the pro rata principal amount of the Notes, such offer to be conducted in accordance with the procedures set forth
      below for an Asset Sale Offer;

  

  

  (2)          to make an
      investment in (a) any one or more businesses, (b) capital expenditures or (c) acquisitions of other property or long-term assets that, in each of (a), (b) and (c), are used or useful in a Similar Business;

  

  

  (3)          to reduce
      Secured Indebtedness of the Issuer or any Restricted Subsidiary and/or to reduce Indebtedness of any Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed to the Issuer or any Restricted Subsidiary; provided that the acquisition of Indebtedness of a Restricted Subsidiary by the Issuer shall constitute a reduction in such Indebtedness; or

  

  

  (4)          any
      combination of the foregoing.

  

  

  (c)          Notwithstanding

      the foregoing, to the extent that repatriation to the United States of America of any or all the Net Proceeds of any Asset Sale by a Foreign Subsidiary (x) is prohibited or delayed by applicable local law or (y) would have a material adverse tax
      consequence (taking into account any foreign tax credit or other net benefit actually realized in connection with such repatriation that would not otherwise be realized), as determined by the Issuer in its sole discretion exercised in good faith, the
      portion of such Net Proceeds so affected shall not be required to be applied in compliance with this covenant, and such amounts may be retained by the applicable Foreign Subsidiary; provided that clause (x) of this Section 4.10(c) shall apply to such amounts for so long, but only for so long, as the applicable local law shall not permit repatriation to the United States of America (the
      Issuer hereby agreeing to use commercially reasonable efforts to cause the applicable Foreign Subsidiary to take all actions reasonably required by the applicable local law, applicable organizational impediments or other impediment to permit such
      repatriation), and if such repatriation of any of such affected Net Proceeds is permitted under the applicable local law and is not subject to clause (y) of this Section 4.10(c), then such repatriation shall be promptly effected and such repatriated
      Net Proceeds shall be applied (net of additional taxes payable or reserved against as a result thereof, to the extent not already taken into account under the definition of “Net Proceeds”) in compliance with this covenant. The time periods set forth
      in this covenant shall not start until such time as the Net Proceeds may be repatriated (whether or not such repatriation actually occurs).

  

  

  
    -80-

    
      

  

  

  

  (d)          Any Net
      Proceeds of an Asset Sale of assets that constitute Collateral that are not invested or applied as provided in Section 4.10(b)(A) within 365 days after the Issuer’s or a Restricted Subsidiary’s receipt of the Net Proceeds of any Collateral Asset Sale
      shall be deemed to constitute “Collateral Excess Proceeds”. In the case of Section 4.10(b)(A)(2), a binding commitment shall be treated as a permitted
      application of the Net Proceeds from the date of such commitment; provided that (x) such investment is consummated within 545 days after receipt
      by the Issuer or any Restricted Subsidiary of the Net Proceeds of any Collateral Asset Sale, and (y) if such investment is not consummated within the period set forth in this Section 4.10(d)(x), the Net Proceeds not so applied will be deemed to be
      Collateral Excess Proceeds. When the aggregate amount of Collateral Excess Proceeds exceeds $25,000,000, the Issuer shall make a Collateral Asset Sale Offer to all Holders, and, if required by the terms of any other Equal Priority Obligations of the
      Issuer, to the holders of such other Equal Priority Obligations, to purchase, on a pro rata basis, the maximum principal amount of Notes and such other Equal Priority Obligations, that are $2,000 or an integral multiple of $1,000 in excess thereof
      that may be purchased out of the Collateral Excess Proceeds at an offer price in cash in an amount equal to 100.0% of the principal amount thereof (or, in the case of any other Equal Priority Obligations offered at a significant original issue
      discount, 100.0% of the accreted value thereof, if permitted by the relevant indenture or other agreement governing such other Equal Priority Obligations), plus accrued and unpaid interest, if any, to, but not including, the date fixed for the
      closing of such offer, in accordance with the procedures set forth in this Indenture. The Issuer will commence a Collateral Asset Sale Offer with respect to Collateral Excess Proceeds within 30 days after the date that Collateral Excess Proceeds
      exceeds $25,000,000 by giving the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. The Issuer may, at its option, satisfy the foregoing obligations with respect to any Net Proceeds from a Collateral Asset Sale of
      assets that constitute Collateral by making a Collateral Asset Sale Offer with respect to such Net Proceeds prior to the expiration of the relevant 365 days (or such longer period provided under this Section 4.10) or with respect to Collateral Excess
      Proceeds of $25,000,000 or less. To the extent that the aggregate amount of Notes and such Equal Priority Obligations tendered pursuant to a Collateral Asset Sale Offer is less than the Collateral Excess Proceeds, the Issuer may use any remaining
      Collateral Excess Proceeds for general corporate purposes, subject to other covenants contained in this Indenture. If the aggregate principal amount of Notes or such Equal Priority Obligations surrendered by such holders thereof exceeds the amount of
      Collateral Excess Proceeds, the Notes and such Equal Priority Obligations will be purchased on a pro rata basis based on the accreted value or principal amount of the Notes or such Equal Priority Obligations tendered, subject to adjustments by the
      Issuer so that no Notes or such Equal Priority Obligations are left outstanding in unauthorized denominations. Upon completion of any such Collateral Asset Sale Offer, the amount of Collateral Excess Proceeds shall be reset at zero.

  

  

  (e)          Any Net
      Proceeds that are not invested or applied as provided in Section 4.10(b)(B) within 365 days after the Issuer’s or a Restricted Subsidiary’s receipt of the Net Proceeds of any Non-Collateral Asset Sale shall be deemed to constitute “Excess Proceeds.” In the case of Section 4.10(b)(B)(2), a binding commitment shall be treated as a permitted application of the Net Proceeds from the date of such
      commitment; provided that (x) such investment is consummated within 545 days after receipt by the Issuer or any Restricted Subsidiary of the Net
      Proceeds of any Non-Collateral Asset Sale, and (y) if such investment is not consummated within the period set forth in this Section 4.10(e)(x), the Net Proceeds not so applied shall be deemed to be Excess Proceeds. When the aggregate amount of
      Excess Proceeds exceeds $25,000,000, the Issuer shall make an Asset Sale Offer to all Holders, and, if required by the terms of any other senior Indebtedness of the Issuer, to the holders of such other senior Indebtedness, to purchase, on a pro rata basis, the maximum principal amount of Notes and such other senior Indebtedness, that are $2,000 or an integral multiple of $1,000 in excess
      thereof that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100.0% of the principal amount thereof (or, in the case of any other senior Indebtedness offered at a significant original issue discount, 100.0%
      of the accreted value thereof, if permitted by the relevant indenture or other agreement governing such other senior Indebtedness), plus accrued and unpaid interest, if any, to, but not including, the date fixed for the closing of such offer, in
      accordance with the procedures set forth in this Indenture. The Issuer shall commence an Asset Sale Offer with respect to Excess Proceeds within 30 days after the date that Excess Proceeds exceeds $25,000,000 by giving the notice required pursuant to
      the terms of this Indenture, with a copy to the Trustee.  The Issuer may, at its option, satisfy the foregoing obligations with respect to any Net Proceeds from a Non-Collateral Asset Sale by making an Asset Sale Offer with respect to such Net
      Proceeds prior to the expiration of the relevant 365 days (or such longer period provided under this Section 4.10) or with respect to Excess Proceeds of $25,000,000 or less.  To the extent that the aggregate amount of Notes and such senior
      Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for general corporate purposes, subject to other covenants contained in this Indenture. If the aggregate
      principal amount of Notes or the senior Indebtedness surrendered by such holders thereof exceeds the amount of Excess Proceeds, the Notes and such senior Indebtedness shall be purchased on a pro rata basis based on the accreted value or principal amount of the Notes or such senior Indebtedness tendered, subject to adjustments by the Issuer so that no Notes or such other senior
      Indebtedness are left outstanding in unauthorized denominations. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

  

  

  
    -81-

    
      

  

  

  

  (f)          Pending the
      final application of any such amount of Net Proceeds of a Collateral Asset Sale or a Non-Collateral Asset Sale, the Issuer or such Restricted Subsidiary may temporarily reduce Indebtedness under a revolving credit facility, if any, or otherwise
      invest or utilize such Net Proceeds in any manner not prohibited by this Indenture.

  

  

  (g)          The Issuer
      shall comply with the requirements of Section 14(e) under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to any
      Collateral Asset Sale Offer or Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and
      shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. The provisions under this Indenture relative to the Issuer’s obligation to make an offer to repurchase the Notes as a result of an Asset Sale may be
      waived or modified with the written consent of the Holders of a majority in principal amount of the Notes then outstanding.

  

  

  SECTION 4.11.          Transactions with Affiliates.

  

  

  (a)          The Issuer
      shall not, and shall not permit any Restricted Subsidiary to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any
      transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate
          Transaction”) involving aggregate payments or consideration in excess of $10,000,000, unless:

  

  

  (1)          such
      Affiliate Transaction is on terms that are not materially less favorable to the Issuer or the relevant Restricted Subsidiary at the time of such transaction or at the time of the execution of the agreement providing therefor than those that would
      have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person; and

  

  

  (2)          with
      respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in excess of $25,000,000, the Issuer delivers to the Trustee a resolution adopted by a majority of the disinterested
      directors on the Board of Directors of the Issuer approving such Affiliate Transaction.

  

  

  (b)          Section
      4.11(a) shall not apply to the following:

  

  

  (1)          transactions

      between or among the Issuer and/or any of the Restricted Subsidiaries and/or any entity that becomes a Restricted Subsidiary as a result of such transaction;

  

  

  (2)          Restricted
      Payments permitted by Section 4.07 and Permitted Investments;

  

  

  (3)          payment of
      reasonable and customary fees and reasonable out-of-pocket costs and compensation (including salaries, bonuses and equity) paid to, and reimbursement of expenses and indemnities provided on behalf of, officers, directors, employees or consultants of
      the Issuer or any Restricted Subsidiary;

  

  

  (4)          transactions

      in which the Issuer or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of
      view or meets the requirements of Section 4.11(a)(1);

  

  

  (5)          payments or
      loans (or cancellation of loans) to employees or consultants of the Issuer or any Restricted Subsidiary which are approved by the Issuer or the applicable Restricted Subsidiary in good faith;

  

  

  (6)          any
      agreement as in effect as of the Issue Date, or any amendment thereto (so long as any such amendment, taken as a whole, is no less favorable in any material respect to the Issuer and its Restricted Subsidiaries than the agreement in effect on the
      Issue Date (as determined by the Issuer in good faith));

  

  

  (7)          the
      existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of its obligations under the terms of, any limited liability company, limited partnership or other Organizational Document or joint venture, investors or
      shareholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Effective Date and any similar agreements which it may enter into thereafter; provided that the existence of, or the performance by the Issuer or any Restricted Subsidiary of obligations under any future amendment to any such existing agreement or
      under any similar agreement entered into after the Effective Date shall only be permitted by this Section 4.11(b)(7) to the extent that the terms of any such amendment or new agreement, taken as a whole, is not disadvantageous to the Holders in any
      material respect compared to the agreement in effect on the date of this Indenture (as determined by the Issuer in good faith), or is otherwise customary;

  

  

  
    -82-

    
      

  

  

  

  (8)          transactions

      with customers, clients, suppliers, trade creditors, joint venture partners or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture;

  

  

  (9)          the
      issuance of Equity Interests (other than Disqualified Stock) of the Issuer to any Affiliate of the Issuer and other customary rights in connection therewith;

  

  

  (10)          transactions

      or payments pursuant to any employee, officer or director compensation (including bonuses) or benefit plans, employment agreements, severance agreement, indemnification agreements or any similar arrangements entered into in the ordinary course of
      business or approved by the Issuer;

  

  

  (11)          transactions

      in the ordinary course with (i) Unrestricted Subsidiaries or (ii) joint ventures in which the Issuer or a Subsidiary of the Issuer holds or acquires an ownership interest (whether by way of Capital Stock or otherwise) so long as the terms of any such
      transactions are no less favorable to the Issuer or such Subsidiary participating in such joint ventures than they are to other joint venture partners, in each case as determined by the Issuer in good faith;

  

  

  (12)          transactions

      with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of the Issuer solely because the Issuer owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;

  

  

  (13)          transactions

      involving Securitization Assets, or participations therein, in connection with any Qualified Securitization Financing;

  

  

  (14)          any
      Indebtedness from time to time owing by the Issuer or any Restricted Subsidiary to the Issuer or any Restricted Subsidiary;

  

  

  (15)          any
      servicing and/or management agreements or arrangements in effect on the Effective Date or any amendment, modification or supplement to such servicing and/or management agreements or arrangements or replacement thereof or any substantially similar
      servicing and/or management agreement or arrangement entered into after the Effective Date;

  

  

  (16)          any
      transaction with an Affiliate of the Issuer where the only consideration paid by the Issuer or any Restricted Subsidiary is the issuance of Equity Interests (other than Disqualified Stock);

  

  

  (17)          the
      licensing or sub-licensing of intellectual property and software or other general intangibles in the ordinary course of business;

  

  

  (18)          investments

      by Fortress or its Affiliates in securities of the Issuer or any Restricted Subsidiary so long as the investment is being or has been offered generally to other unaffiliated investors on the same or more favorable terms or the securities are acquired
      in market transactions;

  

  

  (19)          any
      transactions (including any sale and leaseback transactions or other lease obligations) by and among Fortress or its Affiliates and the Issuer and its Restricted Subsidiaries, as the case may be, so long as the terms of such transaction are not
      materially less favorable to the Issuer or the relevant Restricted Subsidiary at the time of such transaction or at the time of the execution of the agreement providing therefor than those that would be obtained in a comparable transaction by the
      Issuer or such Subsidiary with a non-Affiliate of Fortress;

  

  

  
    -83-

    
      

  

  

  

  (20)          (A)
      payments by the Issuer or any Restricted Subsidiary to its Manager, the General Partner or any Permitted Holder (whether directly or indirectly) of management, consulting, monitoring, refinancing, transaction or advisory fees, and related expenses or
      termination fees, including payments or reimbursements made to satisfy advances or payments made on behalf of or for the Issuer or any Restricted Subsidiary, (B) customary payments and reimbursements by the Issuer or any Restricted Subsidiary to its
      Manager, the General Partner or any Permitted Holder (whether directly or indirectly) for financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including in connection with
      acquisitions or divestitures, and (C) any payments, reimbursements or other transactions pursuant to the Management Agreement; and

  

  

  (21)          any
      transactions made as part of, or which are reasonably necessary or appropriate (as determined by the Issuer in good faith) to effectuate, the Spin-Off.

  

  

  SECTION 4.12.          Liens. 

    The Issuer shall not, and shall not permit any Restricted Subsidiary to, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien that secures obligations under any Indebtedness of the Issuer or a Restricted Subsidiary
    (the “Initial Lien”) of any kind upon any of its property or assets, now owned or hereafter acquired unless: 

  

  

  (a)          in the case
      of any Initial Lien on any Collateral, such Initial Lien is a Permitted Lien; and

  

  

  (b)          in the case
      of any Initial Lien on any asset or property that is not Collateral, (i) the Notes and the related Guarantees are equally and ratably secured with (or on a senior basis to, in the case such Initial Lien secures any Subordinated Indebtedness) the
      Obligations secured by such Initial Lien until such time as such Obligations are no longer secured by such Initial Lien or (ii) such Initial Lien is a Permitted Lien.

  

  

  Any Lien created for the benefit of the Holders pursuant to clause (b)(i) of the preceding paragraph shall provide by its terms that such
    Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien that gave rise to the obligation to secure the Notes.  In addition, in the event that an Initial Lien is or becomes a Permitted
    Lien, the Issuer may, at its option and without consent from any Holder, elect to release and discharge any Lien created for the benefit of the Holders pursuant to the preceding paragraph in respect of such Initial Lien.

  

  

  With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such
    Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any
    increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms,
    accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increase in the value of property securing Indebtedness.

  

  

  
    -84-

    
      

  

  

  

  SECTION 4.13.          Offer to Repurchase Upon Change of Control.

  

  

  (a)          If a Change
      of Control occurs, the Issuer shall make an offer to purchase all the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in
      cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but not
      including, the date of purchase, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of Control, the Issuer shall send notice of such
      Change of Control Offer electronically or by first class mail, postage prepaid, with a copy to the Trustee, to each Holder to the address of such Holder appearing in the security register or otherwise in accordance with the procedures of DTC, with
      the following information:

  

  

  (1)          a Change of
      Control Offer is being made pursuant to this Section 4.13, and all Notes properly tendered pursuant to such Change of Control Offer shall be accepted for payment;

  

  

  (2)          the
      purchase price and the purchase date (the “Change of Control Payment Date”), which shall be no earlier than 10 days nor later than 60 days from the date such
      notice is given, except in the case of a conditional Change of Control Offer made in advance of a Change of Control as described in Section 4.13(c);

  

  

  (3)          any Note
      not properly tendered shall remain outstanding and continue to accrue interest;

  

  

  (4)          unless the
      Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest on, but not including, the Change of Control Payment Date;

  

  

  (5)          Holders
      electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified in
      the notice at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date;

  

  

  (6)          Holders
      shall be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes; provided that the Paying
      Agent receives, not later than the close of business on the last day of the offer period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes tendered for purchase, and a statement that such Holder
      is withdrawing its tendered Notes and its election to have such Notes purchased;

  

  

  (7)          if such
      notice is mailed or otherwise delivered prior to the occurrence of a Change of Control, stating the Change of Control Offer is conditional on the occurrence of such Change of Control; and

  

  

  (8)          Holders
      whose Notes are being purchased only in part shall be issued Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 or an integral multiple of $1,000 in excess thereof.

  

  

  While the Notes are in global form and the Issuer makes an offer to purchase all the Notes pursuant to the Change of Control Offer, a Holder
    may exercise its option to elect for the purchase of the Notes through the facilities of DTC, subject to DTC’s rules and regulations.

  

  

  
    -85-

    
      

  

  

  

  (b)          The Issuer
      shall not be required to make a Change of Control Offer following a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.13
      and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer or (2) notice of redemption has been given pursuant to this Indenture pursuant to Section 3.03 unless and until there is a default in payment of the
      applicable redemption price.

  

  

  (c)          Notwithstanding

      anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, subject to one or more conditions precedent including completion of such Change of Control.

  

  

  (d)          Notes
      repurchased by the Issuer pursuant to a Change of Control Offer shall have the status of Notes issued but not outstanding or shall be retired and cancelled at the option of the Issuer. Notes purchased by a third party pursuant to Section 4.13(b)
      shall have the status of Notes issued and outstanding.

  

  

  (e)          The Issuer
      shall comply with the requirements of Section 14(e) under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to a
      Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to
      have breached its obligations described in this Indenture by virtue thereof.

  

  

  (f)          On the
      Change of Control Payment Date, the Issuer shall, to the extent permitted by law,

  

  

  (1)          accept for
      payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer,

  

  

  (2)          deposit
      with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions thereof so tendered, and

  

  

  (3)          at the
      option of the Issuer, deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate stating that such Notes or portions thereof have been tendered to and purchased by the Issuer.

  

  

  (g)          The Paying
      Agent shall promptly mail to each Holder the Change of Control Payment for such Notes, and the Trustee, upon the Issuer’s order, shall promptly authenticate and mail to each Holder a new Note equal in principal amount to any unpurchased portion of
      the Notes surrendered, if any; provided that each such new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in
      excess thereof. The Issuer shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.

  

  

  
    -86-

    
      

  

  

  

  SECTION 4.14.          Limitation on Guarantees and Incurrence of Indebtedness by Restricted Subsidiaries.

  

  

  (a)          Subject to
      Article XIII, on the Effective Date, the Issuer will cause each of its Domestic Subsidiaries (other than Excluded Subsidiaries) as of the Effective Date to become Guarantors by executing and delivering to the Trustee a supplemental indenture in the
      form of Exhibit D hereto and to enter into the Security Documents.  In addition, within 45 days after (i) the acquisition or formation of a Domestic
      Subsidiary that is not an Excluded Subsidiary or (ii) an Excluded Subsidiary that is a Domestic Subsidiary ceasing to constitute an Excluded Subsidiary, the Issuer shall cause such Domestic Subsidiary to satisfy the Joinder Requirements (as defined
      below).  In addition, the Issuer shall cause each Restricted Subsidiary or Non-Subsidiary Party to satisfy the Joinder Requirements (as defined below) if (a) such Subsidiary or Non-Subsidiary Party provides direct credit support (including a pledge
      of assets or “keep-well” or similar arrangement) for Indebtedness in an aggregate principal amount in excess of $1,000,000 of the Issuer or a Guarantor or (b) such Subsidiary or Non-Subsidiary Party receives direct credit support (including a pledge
      of assets or “keep-well” or similar arrangement) for Indebtedness in an aggregate principal amount in excess of $1,000,000 from the Issuer or a Guarantor  (in each of clauses (a) and (b), other than (v) an Investment not prohibited by this Indenture
      that does not constitute becoming liable for, becoming an obligor on or pledging assets to secure, Indebtedness owed to a third party, (w) customary commitment letters and similar arrangements in connection with acquisitions not prohibited by this
      Indenture, (x) Standard Securitization Undertakings in connection with a Qualified Securitization Financing and (y) guarantees of Non-Recourse Indebtedness, and (z) any arrangements in existence on the Issue Date), within 45 days after providing or
      receiving such credit support.

  

  

  As used herein, the term “Joinder
        Requirements” means that the applicable Subsidiary or Non-Subsidiary Party:

  

  

  (1)          executes
      and delivers to the Trustee (i) a supplemental indenture and Guarantee, the form of which is attached as Exhibit E hereto, pursuant to which such Subsidiary or Non-Subsidiary Party shall guarantee on a senior basis all of the Issuer’s obligations
      under the Notes and this Indenture and other terms contained in the applicable supplemental indenture and subject to the conditions contained in such supplemental indenture and (ii) joinders to any Equal Priority Intercreditor Agreement, any Junior
      Priority Intercreditor Agreement and applicable Security Documents or new intercreditor agreements and Security Documents, together with any filings and agreements to the extent required by (and within the time periods as set forth in) the Security
      Documents to create or perfect the security interests for the benefit of the Holders in the Collateral of such Subsidiary or Non-Subsidiary Party; and

  

  

  (2)          delivers to
      the Trustee an Officer’s Certificate and an Opinion of Counsel (which may contain customary exceptions) that such supplemental indenture, Security Documents and Guarantee have been duly authorized, executed and delivered by such Subsidiary or
      Non-Subsidiary Party and constitute legal, valid, binding and enforceable obligations of such Subsidiary or Non-Subsidiary Party.

  

  

  (b)          If the
      Issuer otherwise elects to have a Subsidiary or Non-Subsidiary Party become a Guarantor, then, in each such case, the Issuer shall cause such Subsidiary or Non-Subsidiary Party to satisfy the Joinder Requirements.

  

  

  (c)          Each
      Guarantee of a Subsidiary or Non-Subsidiary Party shall be limited to an amount not to exceed the maximum amount that can be guaranteed by that Subsidiary without rendering the Guarantee, as it relates to such Subsidiary, voidable under applicable
      law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

  

  

  (d)          Each
      Guarantee shall be released upon the terms and in accordance with Section 10.06.

  

  

  
    -87-

    
      

  

  

  

  SECTION 4.15.          Suspension of Certain Covenants.

  

  

  (a)          If on any
      date following the Issue Date (i) the Notes have Investment Grade Ratings from two Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii)
      being collectively referred to as a “Covenant Suspension Event”), the Issuer and the Restricted Subsidiaries shall not be subject to Section 4.07, Section
      4.08, Section 4.09, Section 4.10, Section 4.11, Section 4.14 and clause (4) of Section 5.01(a) (collectively, the “Suspended Covenants”).  In addition, during
      the Suspension Period, the Guarantees shall be automatically released and the obligation to grant further Guarantees shall be suspended.

  

  

  (b)          In the
      event that the Issuer and the Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) the Notes cease to have Investment Grade Ratings from two Rating Agencies, then the Issuer and the Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants
      under this Indenture with respect to future events.  The period of time between the date of the Covenant Suspension Event and the Reversion Date is referred to in this description as the “Suspension Period.”

  

  

  (c)          Upon the
      occurrence of a Covenant Suspension Event, the amount of Excess Proceeds from Net Proceeds shall be reset at zero. During the Suspension Period no additional subsidiary may be designated an Unrestricted Subsidiary unless such designation would have
      been permitted if Section 4.07 had been in effect at all times during the Suspension Period. In the event of any such reinstatement, no action taken or omitted to be taken by the Issuer or any of its Restricted Subsidiaries prior to such
      reinstatement shall give rise to a Default or Event of Default under this Indenture with respect to Notes; provided that (1) with respect to
      Restricted Payments made after any such reinstatement, the amount of Restricted Payments made shall be calculated as though Section 4.07 had been in effect prior to, but not during the Suspension Period, (2) all Indebtedness incurred, or Disqualified
      Stock or preferred stock issued, during the Suspension Period shall be classified to have been incurred or issued pursuant to Section 4.09(b)(3), (3) any Affiliate Transaction entered into after the Reversion Date pursuant to an agreement entered
      into during any Suspension Period shall be deemed to be permitted pursuant to Section 4.11(b)(6), (4) any encumbrance or restriction on the ability of any Restricted Subsidiary that is not a Guarantor to take any action described in clauses (1)
      through (3) of Section 4.08(a) that becomes effective during any Suspension Period shall be deemed to be permitted pursuant to Section 4.08(b)(1) and (5) no Restricted Subsidiary shall be required to comply with Section 4.14 after such reinstatement
      with respect to any guarantee entered into or any Indebtedness incurred by such Restricted Subsidiary during any Suspension Period.

  

  

  (d)          On and
      after each Reversion Date, the Issuer and its Subsidiaries shall be permitted to consummate the transactions contemplated by any contract entered into during the Suspension Period, so long as such contract and such consummation would have been
      permitted during such Suspension Period.

  

  

  (e)          The Issuer
      shall give written notice to the Trustee and the Holders within 30 days of the date of any Covenant Suspension Event and/or any Reversion Date.

  

  

  
    -88-

    
      

  

  

  

  SECTION 4.16.          Calculations.

  

  

  (a)          All
      financial ratios, tests, covenants, calculations and measurements (including Consolidated Total Leverage Ratio, Consolidated Secured Leverage Ratio, Consolidated First Lien Leverage Ratio, Fixed Charge Coverage Ratio, Consolidated Interest Expense,
      Fixed Charges, Consolidated Net Income, Total Assets and EBITDA) contained in this Indenture that are calculated with respect to any period during which any Subject Transaction occurs shall be calculated with respect to such period and each such
      Subject Transaction on a pro forma basis. Further, if, subsequent to the commencement of the period for which the financial ratio, test, covenant, calculation or measurement is being calculated but prior to the event for which such calculation is
      made (the “Calculation Date”) (i) any Subject Transaction has occurred or (ii) any Person that subsequently became a Restricted Subsidiary or was merged,
      amalgamated or consolidated with or into the Issuer or any of its Restricted Subsidiaries or any joint venture since the beginning of such period has consummated any Subject Transaction, then, in each case, any applicable financial ratio, test,
      covenant, calculation or measurement shall be calculated on a pro forma basis for such period as if such Subject Transaction (including, without duplication of any amounts otherwise reflected in EBITDA for the applicable Test Period, the “run rate”
      income described, and calculated as set forth, in clause (17)(i) of the definition of EBITDA) had occurred at the beginning of the applicable Test Period (or, in the case of Total Assets, as of the last day of such Test Period).

  

  

  (b)          For
      purposes of financial ratios, tests, covenants, calculations and measurements (including Consolidated Total Leverage Ratio, Consolidated Secured Leverage Ratio, Consolidated First Lien Leverage Ratio, Fixed Charge Coverage Ratio, Consolidated
      Interest Expense, Fixed Charges, Consolidated Net Income, Total Assets and EBITDA), whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of
      the Issuer (including pro forma expense and cost reductions, regardless of whether these cost savings could then be reflected in pro forma financial statements in accordance with Regulation S-X promulgated under the Securities Act or any other
      regulation or policy of the SEC related thereto). If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Calculation Date had
      been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a
      responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computations referred to above, interest on any Indebtedness under
      a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based
      upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Issuer may designate.

  

  

  ARTICLE V

  

  

  Successors

  

  

  SECTION 5.01.          Amalgamation, Merger, Consolidation or Sale of All or Substantially All Assets.

  

  

  (a)          The Issuer
      may not consummate a Division as a Dividing Person, consolidate with, amalgamate or merge into (whether or not the Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all its
      properties or assets, taken as a whole, in one or more related transactions, to any Person unless:

  

  

  (1)          (A) the
      Issuer shall be the surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been
      made is a Person organized or existing under the laws of a Permitted Jurisdiction (such Person, as the case may be, being herein called the “Successor Company”)

      or (B) in the case of a Division where the Issuer is the Dividing Person, each Division Successor shall remain or become a co-issuer of the Notes;

  

  

  
    -89-

    
      

  

  

  

  (2)          (A) the
      Successor Company, if other than the Issuer, expressly assumes all the obligations of the Issuer under this Indenture, the Notes, any Equal Priority Intercreditor Agreement, any Junior Priority Intercreditor Agreement and the applicable Security
      Documents pursuant to supplemental indentures, joinders to the applicable Security Documents, any Equal Priority Intercreditor Agreement, any Junior Priority Intercreditor Agreement or other customary documents or instruments, as applicable or (B) in
      the case of a Division where the Issuer is the Dividing Person, each Division Successor shall remain or become a co-issuer of the Notes pursuant to supplemental indentures, joinders to the applicable Security Documents, any Equal Priority
      Intercreditor Agreement, any Junior Priority Intercreditor Agreement or other customary documents or instruments, as applicable;

  

  

  (3)          immediately
      after such transaction no Event of Default shall have occurred and be continuing;

  

  

  (4)          immediately
      after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning of the applicable four-quarter period:

  

  

  (A)          the
      Successor Company or Division Successors, as applicable, would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a); or

  

  

  (B)          the Fixed
      Charge Coverage Ratio for the Successor Company or the Division Successors, as applicable, and the Restricted Subsidiaries would be equal to or greater than such ratio for the Issuer and the Restricted Subsidiaries immediately prior to such
      transaction;

  

  

  (5)          each
      Guarantor, unless it is the other party to the transactions described in Section 5.01(a)(1) through (4), in which case Section 5.01(b)(2) shall apply, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s
      obligations under this Indenture and the Notes; and

  

  

  (6)          the Issuer,
      such Successor Company or Division Successors, as applicable, shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger, sale, assignment, transfer, lease,
      conveyance or disposition and such supplemental indentures, amendments, supplements or other instruments, if any, comply with this Indenture.

  

  

  The Successor Company or Division Successors shall succeed to, and be substituted for, the Issuer under this Indenture and the Notes, and the
    Issuer shall automatically be released and discharged from its obligations under this Indenture and the Notes.  Notwithstanding the foregoing clauses (3) and (4),

  

  

  (A)          the Issuer
      may consolidate with, amalgamate or merge into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to any Guarantor;

  

  

  
    -90-

    
      

  

  

  

  (B)          any
      Restricted Subsidiary may consolidate with, amalgamate or merge into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to the Issuer;

  

  

  (C)          the Issuer
      may consolidate with, amalgamate or merge into with an Affiliate of the Issuer solely for the purpose of reincorporating or reorganizing the Issuer in any Permitted Jurisdiction so long as the amount of Indebtedness of the Issuer and the Restricted
      Subsidiaries is not increased thereby (unless such increase is permitted by this Indenture);

  

  

  (D)          the Issuer
      may convert into a corporation, partnership, limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of organization of the Issuer or the laws of any Permitted Jurisdiction;

  

  

  (E)          the Issuer
      may change its name; and

  

  

  (F)          the Escrow
      Issuer may merge with and into FTAI Infrastructure on the Effective Date.

  

  

  (b)          Subject to
      Section 10.06, each Guarantor shall not, and the Issuer shall not permit any Guarantor to, consummate a Division as the Dividing Person (whether or not the Issuer or such Guarantor is the surviving Person), consolidate with, amalgamate or merge into
      (whether or not such Guarantor is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all its properties or assets, taken as a whole, in one or more related transactions, to any Person (other
      than the Issuer or a Guarantor) unless:

  

  

  (1)          (A)          (x) such Guarantor is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than such Guarantor)
      or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a Person organized or existing under the laws of the jurisdiction of organization of such Guarantor or a Permitted Jurisdiction (such
      Guarantor or such Person, as the case may be, being herein called the “Successor Person”) or (y) in the case of a Division where a Guarantor is the Dividing
      Person, each Division Successor shall remain or become a Guarantor;

  

  

  (B)          the
      Successor Person, if other than such Guarantor, or Division Successors, as applicable, expressly assumes all the obligations of such Guarantor under this Indenture and such Guarantor’s Guarantee, any Equal Priority Intercreditor Agreement, any Junior
      Priority Intercreditor Agreement and the applicable Security Documents pursuant to supplemental indentures, joinders to the applicable Security Documents, any Equal Priority Intercreditor Agreement, any Junior Priority Intercreditor Agreement or
      other customary documents or instruments, as applicable;

  

  

  (C)          immediately
      after such transaction no Event of Default shall have occurred and be continuing; and

  

  

  (D)          the Issuer
      shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger, sale, assignment, transfer, lease, conveyance or disposition and such supplemental indentures,
      amendments, supplements or other instruments, if any, comply with this Indenture; or

  

  

  
    -91-

    
      

  

  

  

  (2)          with
      respect to the Guarantors, the transaction is not prohibited by Section 4.10.

  

  

  Subject to Section 10.06, the Successor Person or Division Successors, as applicable, shall succeed to, and be substituted for, such
    Guarantor under this Indenture and such Guarantor’s Guarantee, and such Guarantor shall automatically be released and discharged from its obligations under this Indenture and such Guarantee. Notwithstanding the foregoing Section 5.01(b),

  

  

  (A)          a Guarantor
      may (x) consolidate with, amalgamate or merge into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to the Issuer or any Guarantor or (y) dissolve if such Guarantor sells, assigns, transfers,
      leases, conveys or otherwise disposes of all or substantially all its properties and assets to another Person in compliance with Section 4.10, and, after giving effect to such sale, assignment, transfer, lease, conveyance or disposition and prior to
      such dissolution, has no or a de minimis amount of assets;

  

  

  (B)          any
      Restricted Subsidiary may consolidate with, amalgamate or merge into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to any Guarantor;

  

  

  (C)          a Guarantor
      may consolidate with, amalgamate or merge into an Affiliate of the Issuer solely for the purpose of reincorporating or reorganizing such Guarantor in any Permitted Jurisdiction so long as the amount of Indebtedness of the Issuer and the Restricted
      Subsidiaries is not increased thereby (unless such increase is permitted by this Indenture);

  

  

  (D)          a Guarantor
      may convert into a corporation, partnership, limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of organization of such Guarantor or the laws of any Permitted Jurisdiction; and

  

  

  (E)          a Guarantor
      may change its name.

  

  

  ARTICLE VI

  

  

  Defaults and Remedies

  

  

  SECTION 6.01.          Events of Default and Remedies.

  

  

  (a)          “Event of Default” wherever used herein means any one of the following events with respect to the Notes:

  

  

  (1)          default in
      payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or premium, if any, on the Notes;

  

  

  (2)          default for
      30 days or more in the payment when due of interest on or with respect to the Notes;

  

  

  (3)          failure by
      the Issuer or any Restricted Subsidiary for 60 days after receipt of written notice given by the Trustee to the Issuer or by Holders of at least 25.0% in aggregate principal amount of the Notes then issued and outstanding to the Issuer (with a copy
      to the Trustee) to comply with any of its other agreements in this Indenture, the Notes or the Security Documents;

  

  

  
    -92-

    
      

  

  

  

  (4)          default
      under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Issuer or any Restricted Subsidiary (or the payment of which is guaranteed by the Issuer or
      any Restricted Subsidiary), other than Indebtedness owed to the Issuer or a Restricted Subsidiary, whether such Indebtedness or guarantee exists as of the Issue Date or is created after the Issue Date, if both:

  

  

  (A)          such
      default either:

  

  

  (x) results from the failure to pay any such Indebtedness at its stated final maturity (after giving effect to any
    applicable grace periods and extensions thereof); or

  

  

  (y) relates to an obligation other than the obligation to pay principal of any such Indebtedness at its stated final
    maturity and results in the holder or holders of such Indebtedness causing such Indebtedness to become due prior to its stated maturity; and

  

  

  (B)          the
      principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at stated final maturity (after giving effect to any applicable grace periods and any extensions
      thereof), or the maturity of which has been so accelerated, aggregate in excess of $25,000,000 at any one time outstanding, in each case without such acceleration having been rescinded, annulled or otherwise cured; provided that if any such acceleration is being contested in good faith by appropriate proceedings promptly instituted and diligently concluded, then the Event of Default by
      reason thereof would not be deemed to have occurred until the conclusion of such proceedings; provided, further, that such default shall not be an Event of Default with respect to (a) Indebtedness owed to the Issuer or a Restricted Subsidiary, or (b) Indebtedness of a
      Restricted Subsidiary as to which the Issuer delivers to the Trustee an Officer’s Certificate certifying a resolution adopted by the Issuer to the effect that the obligees of such Indebtedness have no recourse to the assets of the Issuer or any
      Guarantor;

  

  

  (5)          failure by
      the Issuer or any Significant Subsidiary to pay final judgments for the payment of money aggregating in excess of $25,000,000 (to the extent not adequately covered by insurance as to which a solvent insurance company has not denied coverage or an
      indemnity by a third party with an Investment Grade Rating from any Rating Agency), which final judgments remain unpaid, undischarged, unwaived and unstayed for a period of more than 90 days after such judgment becomes final, and in the event such
      judgment is covered by insurance or indemnity, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed; provided that such failure shall not be an Event of Default with respect to a judgment against a Significant Subsidiary as to which the Issuer delivers to the Trustee an Officer’s Certificate certifying a resolution
      adopted by the Board of Directors of the Issuer to the effect that the creditors of such Significant Subsidiary have no recourse to the assets of the Issuer or any Guarantor (other than such Significant Subsidiary) and that the Board of Directors of
      the Issuer has determined in good faith that the assets of such Significant Subsidiary have a Fair Market Value less than the sum of (x) the amount of such outstanding judgment, and (y) the outstanding Indebtedness of such Significant Subsidiary;

  

  

  
    -93-

    
      

  

  

  

  (6)          The Issuer
      or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

  

  

  (i)          commences
      proceedings to be adjudicated bankrupt or insolvent;

  

  

  (ii)          consents
      to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under applicable Bankruptcy Law;

  

  

  (iii)          consents
      to the appointment of a receiver, liquidator, assignee, trustee or other similar official of it or for all or substantially all of its property;

  

  

  (iv)          makes a
      general assignment for the benefit of its creditors; or

  

  

  (v)          makes an
      admission in writing of its inability generally to pay its debts as they become due; or

  

  

  (7)          a court of
      competent jurisdiction enters an order or decree under any Bankruptcy Law that:

  

  

  (i)          is for
      relief against the Issuer or any Significant Subsidiary in a proceeding in which it is to be adjudicated bankrupt or insolvent;

  

  

  (ii)          appoints a
      receiver, liquidator, assignee, trustee or other similar official of the Issuer or any Significant Subsidiary or for all or substantially all of the property of the Issuer or any Significant Subsidiary; or

  

  

  (iii)          orders
      the liquidation of the Issuer or any Significant Subsidiary; and the order or decree remains unstayed and in effect for 60 consecutive days;

  

  

  provided that, in the case of Section
    6.01(a)(6) or Section 6.01(a)(7), such events of bankruptcy or insolvency shall not be an Event of Default with respect to a Significant Subsidiary if both (A) such event of bankruptcy or insolvency is commenced by creditors of such Significant
    Subsidiary that have no recourse to the assets of the Issuer or any Guarantor; and (B) the Issuer delivers to the Trustee an Officer’s Certificate certifying a resolution adopted by the Board of Directors of the Issuer to the effect that the creditors
    of such Significant Subsidiary have no recourse to the assets of the Issuer or any Guarantor (other than such Significant Subsidiary) and that the Board of Directors of the Issuer has determined in good faith that the assets of such Significant
    Subsidiary have a Fair Market Value less than the amount of its outstanding Indebtedness;

  

  

  (8)          (A)          the Liens created by the Security Documents shall at any time not constitute a valid and perfected Lien on any material portion of the Collateral intended to
      be covered thereby (unless perfection is not required by this Indenture or the Security Documents) other than (x) in accordance with the terms of the relevant Security Document and this Indenture and (y) the satisfaction in full of all Secured Notes
      Obligations and (B)such default continues for 30 days after receipt of written notice given by the Trustee or the Holders of not less than 30% in aggregate principal amount of the then outstanding Notes; or

  

  

  (9)          the Issuer
      or any Guarantor shall assert, in any pleading in any court of competent jurisdiction, that any security interest governed by any Security Document is invalid or unenforceable (other than by reason of the satisfaction in full of all obligations under
      this Indenture and discharge of this Indenture, the release of the Guarantee of such Guarantor in accordance with the terms of this Indenture or the release of such security interest in accordance with the terms of this Indenture and the Security
      Documents).

  

  

  
    -94-

    
      

  

  

  

  (b)          The Trustee
      may withhold from the Holders notice of any continuing Default or Event of Default, except a Default or Event of Default relating to the payment of principal, premium, if any, or interest, if it determines that withholding notice is in their
      interest.

  

  

  SECTION 6.02.          Acceleration.  If any Event of Default (other than of a type specified in Section 6.01(a)(6) or Section 6.01(a)(7)) occurs and is continuing under this Indenture,
      the Trustee, by notice to the Issuer, or the Holders of at least 25.0% in aggregate principal amount of the then outstanding Notes, by notice to the Issuer (with a copy to the Trustee), may declare the principal, premium, if any, interest and any
      other monetary obligations on all the then outstanding Notes to be due and payable immediately.  Upon the effectiveness of such declaration, such principal, premium, if any, and interest shall be due and payable immediately. Notwithstanding the
      foregoing, in the case of an Event of Default arising under Section 6.01(a)(6) or Section 6.01(a)(7), all outstanding Notes shall become due and payable without further action or notice. Holders may not enforce this Indenture or the Notes except as
      provided in this Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee shall have no obligation to accelerate the
      Notes.

  

  

  SECTION 6.03.          Other Remedies.  Subject to the duties of the Trustee as provided for in Article VII, if an Event of Default occurs and is continuing, the Trustee may pursue any
      available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.  Subject to the terms of any applicable intercreditor agreement, if an
      Event of Default occurs and is continuing, the Notes Collateral Agent may pursue any available remedy under the Security Documents and this Indenture.

  

  

  The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding.  A
    delay or omission by the Trustee, the Notes Collateral Agent or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of
    Default.  All remedies are cumulative to the extent permitted by law.

  

  

  SECTION 6.04.          Waiver of Defaults.

  

  

  (a)          The Holders
      of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of the Holders of all such Notes waive any existing Default or Event of Default and its consequences under this Indenture except
      a continuing Default or Event of Default in the payment of interest on, premium, if any, or the principal of any such Note held by a non-consenting Holder and rescind any acceleration with respect to the Notes and its consequences (except if such
      rescission would conflict with any judgment of a court of competent jurisdiction).

  

  

  (b)          In the
      event of any Event of Default specified in Section 6.01(a)(4), such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of the acceleration of the Notes) shall be annulled, waived and
      rescinded, automatically and without any action by the Trustee or the Holders, if within 30 days after such Event of Default arose:

  

  

  (1)          the
      Indebtedness or guarantee that is the basis for such Event of Default has been discharged;

  

  

  (2)          the Holders
      thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default; or

  

  

  (3)          if the
      default that is the basis for such Event of Default has been cured.

  

  

  
    -95-

    
      

  

  

  

  SECTION 6.05.          Control by Majority.  Holders of a majority in principal amount of the outstanding Notes may direct in writing the time, method and place of conducting any
      proceeding for exercising any remedy available to the Trustee or the Notes Collateral Agent, as applicable, subject to the provisions of this Indenture.

  

  

  SECTION 6.06.          Limitation on Suits.  Subject to the provisions of this Indenture relating to the duties of the Trustee and the Notes Collateral Agent hereunder, in case an Event
      of Default occurs and is continuing, neither the Trustee nor the Notes Collateral Agent shall be under any obligation to exercise any of their rights or powers under this Indenture at the request of any Holder, unless such Holder has offered to the
      Trustee and the Notes Collateral Agent security and indemnity satisfactory to the Trustee against any loss, liability or expense.  Except to enforce the right to receive payment of principal or interest when due, no Holder of a Note may pursue any
      remedy with respect to this Indenture or the Notes unless:

  

  

  (1)          such Holder
      has previously given the Trustee and the Notes Collateral Agent written notice that an Event of Default is continuing with respect to the Notes;

  

  

  (2)          Holders of
      at least 25% in principal amount of the total outstanding Notes have requested the Trustee and the Notes Collateral Agent in writing to pursue the remedy;

  

  

  (3)          Holders of
      the Notes have offered the Trustee and the Notes Collateral Agent security or indemnity satisfactory to the Trustee against any loss, liability or expense;

  

  

  (4)          the Trustee
      and the Notes Collateral Agent have not complied with such written request within 60 days after the receipt thereof and the offer of security or indemnity against any loss, liability or expense; and

  

  

  (5)          Holders of
      a majority in aggregate principal amount at maturity of the total outstanding Notes have not given the Trustee and the Notes Collateral Agent a direction inconsistent with such request within such 60-day period.

  

  

  SECTION 6.07.          Rights of Holders of Notes to Receive Payment.  Notwithstanding any other provision of this Indenture, the legal right of any Holder of a Note to receive payment
      of principal, premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an Asset Sale Offer or a Change of Control Offer), or to bring suit for the enforcement of any such
      payment on or after such respective dates, shall not be impaired without the consent of such Holder.

  

  

  SECTION 6.08.          Collection Suit by Trustee.  If an Event of Default specified in Section 6.01(a)(1) or (2) occurs and is continuing, the Trustee is authorized to recover judgment
      in its own name and as trustee of an express trust against the Issuer for the whole amount of principal of  and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as
      shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation of the Trustee and the Notes Collateral Agent and the reasonable and documented out-of-pocket expenses, disbursements and advances of the Trustee
      and the Notes Collateral Agent, their respective agents and counsel, in each case as set forth in Section 7.07.

  

  

  
    -96-

    
      

  

  

  

  SECTION 6.09.          Restoration of Rights and Remedies.  If the Trustee, the Notes Collateral Agent or any Holder has instituted any proceeding to enforce any right or remedy under
      this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee, the Notes Collateral Agent or to such Holder, then and in every such case, subject to any determination in such
      proceedings, the Issuer, the Trustee, the Notes Collateral Agent and the Holders shall be restored severally and respectively to their former positions under this Indenture and thereafter all rights and remedies of the Trustee, the Notes Collateral
      Agent and the Holders shall continue as though no such proceeding has been instituted.

  

  

  SECTION 6.10.          Rights and Remedies Cumulative.  Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section
      2.07, no right or remedy herein conferred upon or reserved to the Trustee, the Notes Collateral Agent or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
      cumulative and in addition to every other right and remedy given under this Indenture or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy under this Indenture, or otherwise, shall not
      prevent the concurrent assertion or employment of any other appropriate right or remedy.

  

  

  SECTION 6.11.          Delay or Omission Not Waiver.  No delay or omission of the Trustee, the Notes Collateral Agent or of any Holder of any Note to exercise any right or remedy
      accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the Trustee, the Notes Collateral
      Agent or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee, the Notes Collateral Agent or by the Holders, as the case may be.

  

  

  SECTION 6.12.          Trustee May File Proofs of Claim.  The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order
      to have the claims of the Trustee and the Notes Collateral Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, the Collateral Agent and their respective agents and counsel) and the Holders
      allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes including the Guarantors), its creditors or its property and shall be entitled and empowered to participate as a member in any official committee of
      creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such
      payments to the Trustee and the Notes Collateral Agent, and in the event that the Trustee or the Notes Collateral Agent shall consent to the making of such payments directly to the Holders, to pay to the Trustee and the Notes Collateral Agent any
      amount due to it for the reasonable compensation and the reasonable and documented out-of-pocket expenses, disbursements and advances of the Trustee and the Collateral Agent, their respective agents and counsel, and any other amounts due the Trustee
      and the Notes Collateral Agent under Section 7.07.  To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee and the Notes Collateral Agent, its agents and counsel, and any other amounts due the
      Trustee and the Notes Collateral Agent under Section 7.07 out of the estate in any such proceeding shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends,
      money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.  Nothing herein contained shall be deemed to authorize the
      Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the
      claim of any Holder in any such proceeding.

  

  

  
    -97-

    
      

  

  

  

  SECTION 6.13.          Priorities.  If the Trustee, the Notes Collateral Agent or any other Agent collects any money pursuant to this Article VI, it shall pay out the money in the
      following order:

  

  

  (i)          to the
      Trustee, the Agents, and their agents and attorneys for amounts due under Section 7.07, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee, the Notes Collateral Agent or any other Agent and
      the costs and expenses of collection;

  

  

  (ii)          to
      Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and
      interest, respectively; and

  

  

  (iii)          to the
      Issuer or to such party as a court of competent jurisdiction shall direct including a Guarantor, if applicable.

  

  

  The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.13.

  

  

  SECTION 6.14.          Undertaking for Costs.  In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or
      omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
      attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.  This Section 6.14 does not apply to a suit by the Trustee, a suit by a Holder
      of a Note pursuant to Section 6.07, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes.

  

  

  ARTICLE VII

  

  

  Trustee

  

  

  SECTION 7.01.          Duties of Trustee.

  

  

  (a)          If an Event
      of Default has occurred (and has not been cured), the Trustee shall, in the exercise of its power, use the same degree of care and skill as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

  

  

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

  

  

  (i)          the
      duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall
      be read into this Indenture against the Trustee; and

  

  

  (ii)          in the
      absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
      this Indenture.  However, in the case of any such certificates or opinions that by any provision are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they
      conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculation or other facts stated therein).

  

  

  
    -98-

    
      

  

  

  

  (c)          The Trustee
      may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

  

  

  (i)          this
      clause (c) does not limit the effect of clause (b) of this Section 7.01;

  

  

  (ii)          the
      Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts;

  

  

  (iii)          the
      Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05; and

  

  

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

  

  

  (d)          Whether or
      not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to clauses (a), (b) and (c) of this Section 7.01.

  

  

  (e)          Subject to
      this Article VII, whether or not an Event of Default has occurred and is continuing, neither the Trustee nor the Notes Collateral Agent shall be under any obligation to exercise any of the rights or powers under this Indenture at the written request
      or written direction of any Holder or Holders of the Notes unless such Holder or Holders have offered to the Trustee and the Notes Collateral Agent indemnity or security satisfactory to the Trustee against any loss, liability or expense.

  

  

  (f)          The Trustee
      shall not be liable for interest on any money received by it.  Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

  

  

  SECTION 7.02.          Rights of Trustee.

  

  

  (a)          The Trustee
      may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person.  The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make
      such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer,
      personally or by agent or attorney at the sole cost of the Issuer and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.

  

  

  (b)          Before the
      Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel.  The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificates or Opinion of
      Counsel.  The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it
      under this Indenture in good faith and in accordance with the advice or opinion of such counsel.

  

  

  
    -99-

    
      

  

  

  

  (c)          The Trustee
      may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due care.

  

  

  (d)          The
      permissive right of the Trustee to take actions permitted by this Indenture shall not be construed as an obligation or duty to do so.

  

  

  (e)          The Trustee
      shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute willful misconduct or gross negligence.

  

  

  (f)          Unless
      otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer shall be sufficient if signed by an Officer.

  

  

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

  

  

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

  

  

  (i)          The rights,
      privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities under this Indenture, and each agent, custodian and
      other Person employed to act under this Indenture, including the Notes Collateral Agent.

  

  

  (j)          The Trustee
      shall not be required to give any bond or surety in respect of the performance of its powers and duties under this Indenture.

  

  

  (k)          The Trustee
      may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture.

  

  

  (l)          Notwithstanding

      anything to the contrary contained in this Indenture (as amended or supplemented), the Issuer, the Trustee and any Paying Agent may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed from principal
      or interest payments hereunder. The Issuer, the Trustee and any Paying Agent shall reasonably cooperate with each other and shall provide each other with copies of documents or information reasonably necessary for each of the Issuer, the Trustee and
      any such Paying Agent to comply with any withholding tax or tax information reporting obligations imposed on any of them, including any obligations imposed pursuant to an agreement with a governmental authority.

  

  

  (m)          The Trustee
      shall have the right to rely upon and comply with instructions and directions sent by e-mail, facsimile and other similar unsecured electronic methods by persons believed in good faith by the Trustee to be authorized to give instructions and
      directions on behalf of the Person or Persons authorized to give such notice or other communication hereunder. If the Trustee believes in good faith that a Person is authorized to give such instructions and directions hereunder, the Trustee shall
      have no further duty or obligation to verify or confirm that the Person who sent such instructions or directions is, in fact, a Person authorized to give instructions or directions on behalf of the Person or Persons sending a notice or other
      communication; and the Trustee shall have no liability for any losses, liabilities, costs or expenses incurred or sustained by such Person sending such notice or other communication as a result of such reliance upon or compliance with such
      instructions or directions; provided, however,
      that such losses have not arisen from gross negligence or willful misconduct of the Trustee.  The Person sending such notice or other communication agrees to assume all risks arising out of the use of such electronic methods to submit instructions
      and directions to the Trustee, including the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

  

  

  
    -100-

    
      

  

  

  

  SECTION 7.03.          Individual Rights of Trustee.  The Trustee and the Notes Collateral Agent, as applicable, in its individual or any other capacity may become the owner or pledgee
      of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee.  However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within
      90 days, apply to the SEC for permission to continue as Trustee or resign.  Any Agent may do the same with like rights and duties.  The Trustee is also subject to Sections 7.09 and 7.10.

  

  

  SECTION 7.04.          Trustee’s Disclaimer.  The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Security
      Documents, the Escrow Agreement, any Equal Priority Intercreditor Agreement, any Junior Priority Intercreditor Agreement or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or
      upon the Issuer’s direction under any provision of this Indenture or such other documents, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for
      any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.

  

  

  SECTION 7.05.          Notice of Defaults.  If a Default occurs and is continuing and is actually known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default
      within 90 days after it occurs.  Except in the case of a Default relating to the payment of principal, premium, if any, or interest on any Note, the Trustee may withhold from the Holders notice of any continuing Default if it determines that
      withholding notice is in the interest of the Holders of the Notes.  The Trustee shall not be deemed to know of any Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event that is such a
      Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.

  

  

  SECTION 7.06.          [Reserved].

  

  

  SECTION 7.07.          Compensation and Indemnity.  The Issuer shall pay to each of the Trustee and the Notes Collateral Agent from time to time such compensation for its acceptance of
      this Indenture and services under this Indenture as the parties shall agree in writing from time to time.  Such compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Issuer shall reimburse each of the
      Trustee and the Notes Collateral Agent promptly upon request for all reasonable and documented out-of-pocket disbursements, advances and expenses incurred or made by it in addition to the compensation for its services.  Such expenses shall include
      the reasonable and documented out-of-pocket compensation, disbursements and expenses of the Trustee’s and the Notes Collateral Agent’s agents and counsel.

  

  

  
    -101-

    
      

  

  

  

  The Issuer and the Guarantors, jointly and severally, shall indemnify each of the Trustee and the Notes Collateral Agent for, and hold the
    Trustee and the Notes Collateral Agent harmless against, any and all loss, damage, claims, liability or expense (including reasonable and documented out-of-pocket attorneys’ fees and expenses) incurred by the Trustee or the Notes Collateral Agent (as
    evidenced in writing from the Trustee or the Collateral Agent, as applicable) in connection with the acceptance or administration of this trust and the performance of its duties under this Indenture, the Security Documents or any Equal Priority
    Intercreditor Agreement or Junior Priority Intercreditor Agreement (including the costs and expenses of enforcing this Indenture, the Security Documents or any Equal Priority Intercreditor Agreement or Junior Priority Intercreditor Agreement against
    the Issuer or any of the Guarantors (including this Section 7.07) or defending itself against any claim whether asserted by any Holder, the Issuer or any Guarantor, or liability in connection with the acceptance, exercise or performance of any of its
    powers or duties).  Each of the Trustee and the Notes Collateral Agent shall notify the Issuer promptly of any claim for which it may seek indemnity.  Failure by the Trustee or the Notes Collateral Agent to so notify the Issuer shall not relieve the
    Issuer of its obligations under this Indenture or the Security Documents.  The Issuer shall defend the claim and the Trustee and the Notes Collateral Agent shall provide reasonable cooperation at the Issuer’s expense in the defense.  Each of the
    Trustee and the Notes Collateral Agent may have separate counsel and the Issuer shall pay the fees and expenses of such counsel; provided, however, that the Issuer shall not be required to pay such fees and expenses if it assumes the Trustee’s or the Notes Collateral Agent’s defense and, in
    the Trustee’s or the Notes Collateral Agent’s reasonable judgment, there is no conflict of interest between the Issuer and the Trustee or the Notes Collateral Agent in connection with such defense.  Any settlement which affects the Trustee or the Notes
    Collateral Agent may not be entered into without the consent of the Trustee or the Notes Collateral Agent, as applicable, unless the Trustee or the Notes Collateral Agent is given a full and unconditional release from liability with respect to the
    claims covered thereby and such settlement does not include a statement or admission of fault, culpability or failure to act by or on behalf of the Trustee or the Notes Collateral Agent.  The Issuer need not reimburse any expense or indemnify against
    any loss, liability or expense incurred by the Trustee or the Collateral Agent through the Trustee’s or the Notes Collateral Agent’s own willful misconduct or any settlement made without the Issuer’s consent, which consent shall not be unreasonably
    withheld.

  

  

  The obligations of the Issuer under this Section 7.07 shall survive the satisfaction and discharge of this Indenture or the earlier
    resignation or removal of the Trustee or the Notes Collateral Agent.

  

  

  To secure the payment obligations of the Issuer and the Guarantors in this Section 7.07, the Trustee and the Notes Collateral Agent shall
    have a Lien prior to the Notes on all money or property held or collected by the Trustee or the Notes Collateral Agent, except for money or property held in trust to pay principal and interest on particular Notes.  Such Lien shall survive the
    satisfaction and discharge of this Indenture, or the earlier resignation or removal of the Trustee or the Notes Collateral Agent.

  

  

  When the Trustee or the Notes Collateral Agent incurs expenses or renders services after an Event of Default specified in Section 6.01(a)(6)
    or (7) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

  

  

  
    -102-

    
      

  

  

  

  SECTION 7.08.          Replacement of Trustee.  A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
      acceptance of appointment as provided in this Section 7.08.  The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuer.  The Holders of a majority in aggregate principal amount of the
      then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing.  The Issuer may remove the Trustee if:

  

  

  (a)          the Trustee
      fails to comply with Section 7.10;

  

  

  (b)          the Trustee
      is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

  

  

  (c)          a receiver,
      custodian or other public officer takes charge of the Trustee or its property; or

  

  

  (d)          the Trustee
      becomes incapable of acting.

  

  

  If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Issuer shall promptly appoint a
    successor Trustee.  Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
    Issuer.

  

  

  If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the
    Issuer’s expense), the Issuer or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.

  

  

  If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10, such
    Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

  

  

  A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer.  Thereupon, the
    resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail a notice of its succession to Holders. 
    The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee
    under this Indenture have been paid and subject to the Lien provided for in Section 7.07.  Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the
    retiring Trustee.

  

  

  SECTION 7.09.          Successor Trustee by Merger, etc.  If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to,
      another corporation, the successor corporation without any further act shall be the successor Trustee.

  

  

  In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by
    this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time
    any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor under this Indenture or in the name of the successor to the Trustee; provided that the right to adopt the certificate of authentication of any predecessor Trustee or authenticate Notes in the name of any predecessor Trustee shall only apply to
    its successor or successors by merger, consolidation or conversion.

  

  

  SECTION 7.10.          Eligibility; Disqualification.  There shall at all times be a Trustee under this Indenture that is a corporation organized and doing business under the laws of the
      United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at
      least $50,000,000 as set forth in its most recent published annual report of condition.

  

  

  
    -103-

    
      

  

  

  

  SECTION 7.11.          Intercreditor Agreements and Security Documents.  By their acceptance of the Notes, the Holders hereby authorize and direct the Trustee and the Notes Collateral
      Agent, as the case may be, to execute and deliver the Security Documents, any Equal Priority Intercreditor Agreement, and any Junior Priority Intercreditor Agreement in which the Trustee or the Notes Collateral Agent, as applicable, is named as a
      party, including any Security Document executed after the Issue Date.  It is hereby expressly acknowledged and agreed that, in doing so, the Trustee and the Notes Collateral Agent are (a) expressly authorized to make the representations attributed to
      Holders in any such agreements and (b) not responsible for the terms or contents of such agreements, or for the validity or enforceability thereof, or the sufficiency thereof for any purpose.  Whether or not so expressly stated therein, in entering
      into, or taking (or forbearing from) any action under, any Equal Priority Intercreditor Agreement, any Junior Priority Intercreditor Agreement or any Security Documents, the Trustee and the Notes Collateral Agent shall each have all of the rights,
      immunities, indemnities, privileges and other protections granted to it under this Indenture and the Security Documents (in addition to those that may be granted to it under the terms of such other agreement or agreements).

  

  

  ARTICLE VIII

  

  

  Legal Defeasance and Covenant Defeasance

  

  

  SECTION 8.01.          Option to Effect Legal Defeasance or Covenant Defeasance.  The Issuer may, at its option and at any time, elect to have either Section 8.02 or 8.03 applied to all
      outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

  

  

  SECTION 8.02.          Legal Defeasance and Discharge.  Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Issuer and the Guarantors shall,
      subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to the Notes, the applicable Security Documents and Guarantees, and have Liens on the Collateral securing
      the Notes released and to have cured all then existing Events of Default on the date the conditions set forth below are satisfied (“Legal Defeasance”).  For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and
      discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in clauses (a) and (b) of this
      Section 8.02, to have satisfied all their other obligations under the Notes, the applicable Security Documents and this Indenture (including those of the Guarantors) and to have cured all then existing Events of Default (and the Trustee, on demand of
      and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged under this Indenture:

  

  

  (a)          the rights
      of Holders to receive payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due solely out of the trust created pursuant to Section 8.05;

  

  

  (b)          the
      Issuer’s obligations pursuant to Sections 2.03, 2.07, 2.10 and 4.02;

  

  

  (c)          the rights,
      powers, trusts, duties and immunities of the Trustee and the Notes Collateral Agent, and the Issuer’s obligations in connection therewith; and

  

  

  (d)          the
      provisions of this Section 8.02.

  

  

  Subject to compliance with this Article VIII, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise
    of its option under Section 8.03.

  

  

  
    -104-

    
      

  

  

  

  SECTION 8.03.          Covenant Defeasance.  Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuer and the Guarantors shall, subject to
      the satisfaction of the conditions set forth in Section 8.04, be released from their obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13 and 4.14 and Section 5.01 with respect to the
      outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (“Covenant Defeasance”), and such Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or
      act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes under this Indenture (it being understood that such Notes may not be outstanding for
      accounting purposes).  For this purpose, Covenant Defeasance means that, with respect to such outstanding Notes, the Issuer or any Guarantor, as applicable, may omit to comply with and shall have no liability in respect of any term, condition or
      limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and
      such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and the Notes shall be unaffected thereby.  In addition, upon the Issuer’s exercise
      under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5), 6.01(a)(6) (solely with respect to Significant Subsidiaries),
      6.01(a)(7) (solely with respect to Significant Subsidiaries), 6.01(a)(8) and 6.01(a)(9) shall not constitute Events of Default.

  

  

  SECTION 8.04.          Conditions to Legal or Covenant Defeasance.  The following shall be the conditions to the application of either Section 8.02 or 8.03 to the outstanding Notes:

  

  

  In order to exercise either Legal Defeasance or Covenant Defeasance with respect to the Notes:

  

  

  (1)          the Issuer
      must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally recognized firm of
      independent public accountants, to pay the principal of, premium, if any, and interest due on the Notes on the stated maturity date or on the Redemption Date, as the case may be, of such principal, premium, if any, or interest on the Notes;

  

  

  (2)          in the case
      of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States of America confirming that, subject to customary assumptions and exclusions, (i) the Issuer has received from, or there has been published
      by, the United States Internal Revenue Service a ruling or (ii) since the Issue Date, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel in the United
      States of America shall confirm that, subject to customary assumptions and exclusions, the beneficial owners of the Notes shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and shall be
      subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

  

  

  (3)          in the case
      of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States of America confirming that, subject to customary assumptions and exclusions, the beneficial owners of the Notes shall not recognize
      income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
      Covenant Defeasance had not occurred;

  

  

  
    -105-

    
      

  

  

  

  (4)          no Default
      or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit or the granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit;

  

  

  (5)          such Legal
      Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any other material agreement or instrument (other than this Indenture) to which the Issuer is a party or by which the Issuer is bound (other
      than that resulting from borrowing funds to be applied to make such deposit and the granting of Liens in connection therewith);

  

  

  (6)          the Issuer
      shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or others; and

  

  

  (7)          the Issuer
      shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel in the United States of America (which Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent
      provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.

  

  

  SECTION 8.05.          Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.  Subject to the provisions of Section 8.06, all money and Government
      Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 8.04 shall be held in trust and applied by the Trustee in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or
      through any Paying Agent (including the Issuer or a Guarantor acting as Paying Agent), as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited
      with the Trustee.

  

  

  The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against Government Securities
    deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

  

  

  SECTION 8.06.          Repayment to Issuer.  Anything in this Article VIII or Article XI to the contrary notwithstanding, each of the Trustee and each Paying Agent shall promptly deliver
      or pay to the Issuer upon request any money or Government Securities held by it in accordance with this Article VIII or Article XI which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
      certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1)), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance, Covenant Defeasance
      or discharge in accordance with Article XI.

  

  

  Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium,
    if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Issuer on its written request or (if then held by the Issuer) shall be
    discharged from such trust; and the Holder of such Note shall thereafter look only to the Issuer for payment thereof, and all liability of the Trustee or any Paying Agent with respect to such trust money, and all liability of the Issuer as trustee
    thereof, shall thereupon cease.

  

  

  
    -106-

    
      

  

  

  

  SECTION 8.07.          Reinstatement.  If the Trustee or the Paying Agent is unable to apply any United States dollars or Government Securities in accordance with Section 8.02 or 8.03,
      as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s obligations under this Indenture and the Notes shall be revived and
      reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03, as the case may be; provided that, if the Issuer makes any payment of principal of, premium or interest on any Note following the reinstatement of its obligations, the Issuer shall be
      subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or the Paying Agent.

  

  

  ARTICLE IX

  

  

  Amendment, Supplement and Waiver

  

  

  SECTION 9.01.          Without Consent of Holders of Notes.  Notwithstanding Section 9.02, without the consent of any Holder, the Issuer, any Guarantor (with respect to its Guarantee,
      this Indenture, any Equal Priority Intercreditor Agreement, any Junior Priority Intercreditor Agreement or the Security Documents to which it is a party and excluding any amendment or supplement the sole purpose of which is to add an additional
      Guarantor), the Trustee and the Notes Collateral Agent, without the consent of any Holders, may amend the Notes, the Guarantee, this Indenture, the Escrow Agreement, any Equal Priority Intercreditor Agreement, any Junior Priority Intercreditor
      Agreement or the Security Documents (including, in each case, if applicable, the form of agreements attached thereto as exhibits), for any of the following purposes:

  

  

  (1)          to cure any
      ambiguity, omission, mistake, defect or inconsistency, as evidenced in an Officer’s Certificate;

  

  

  (2)          to provide
      for uncertificated Notes in addition to or in place of certificated Notes or to alter the provisions of this Indenture relating to the form of Notes (including the related definitions) in a manner that does not materially adversely affect any Holder;

  

  

  (3)          to comply
      with Section 5.01;

  

  

  (4)          to provide
      for the assumption of the obligations of the Issuer or any Guarantor to Holders;

  

  

  (5)          to make any
      change that would provide any additional rights or benefits to the Holders or that does not adversely affect the rights under this Indenture of any such Holder;

  

  

  (6)          to add
      covenants for the benefit of the Holders or to surrender any right or power conferred upon the Issuer;

  

  

  (7)          at the
      Issuer’s election, to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act, if such qualification should become required;

  

  

  (8)          to evidence
      and provide for the acceptance and appointment under this Indenture of a successor Trustee, a successor Notes Collateral Agent or a successor paying agent hereunder pursuant to the requirements thereof;

  

  

  
    -107-

    
      

  

  

  

  (9)          to provide
      for the issuance of Additional Notes;

  

  

  (10)          to add
      guarantees of the Notes under this Indenture in accordance with the terms of this Indenture;

  

  

  (11)          to conform
      the text of this Indenture, any Equal Priority Intercreditor Agreement, any Junior Priority Intercreditor Agreement, the Security Documents, the Guarantees or the Notes to any provision of the “Description of the Notes” section of the Offering
      Memorandum to the extent that such provision in the “Description of the Notes” was intended by the Issuer to be a verbatim recitation of a provision of this Indenture, any Equal Priority Intercreditor Agreement, any Junior Priority Intercreditor
      Agreement, the Security Documents, the Guarantees or the Notes, such intention to be evidenced by an Officer’s Certificate of the Issuer delivered to the Trustee;

  

  

  (12)          to make
      any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including to facilitate the issuance and administration of Notes; provided that (i) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment
      does not materially and adversely affect the rights of Holders to transfer Notes;

  

  

  (13)          to add
      Collateral with respect to any or all of the Notes and/or the Guarantees;

  

  

  (14)          to release
      any Guarantor from its Guarantee pursuant to this Indenture when permitted or required by this Indenture;

  

  

  (15)          to release
      any Collateral from the Lien securing the Notes when permitted or required by the Security Documents, this Indenture (including pursuant to the second paragraph under Section 4.12 and including any release of any lien that is not then otherwise
      required by this Indenture to be pledged as security for the Notes), any Equal Priority Intercreditor Agreement or any Junior Priority Intercreditor Agreement;

  

  

  (16)          to comply
      with the rules of any applicable securities depositary;

  

  

  (17)          to add any
      Equal Priority Secured Parties or Junior Priority Secured Parties to any Security Documents, any Equal Priority Intercreditor Agreement or any Junior Priority Intercreditor Agreement;

  

  

  (18)          in the
      case of any Security Document, to include therein any legend required to be set forth therein pursuant to any Equal Priority Intercreditor Agreement or any Junior Priority Intercreditor Agreement, or to modify any such legend as required by any Equal
      Priority Intercreditor Agreement or any Junior Priority Intercreditor Agreement;

  

  

  (19)          with
      respect to the Security Documents, any Equal Priority Intercreditor Agreement and any Junior Priority Intercreditor Agreement, as provided in the relevant Security Document, Equal Priority Intercreditor Agreement or Junior Priority Intercreditor
      Agreement as applicable; or

  

  

  (20)          to provide
      for the succession of any parties to the Security Documents, any Equal Priority Intercreditor Agreement or any Junior Priority Intercreditor Agreement (and any amendments that are administrative or ministerial in nature) in connection with an
      amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplementing or other modification from time to time of any other agreement that is not prohibited by this Indenture.

  

  

  
    -108-

    
      

  

  

  

  SECTION 9.02.          With Consent of Holders of Notes.  Except as provided in Section 9.01 or in this Section 9.02, the Issuer, the Notes Collateral Agent and the Trustee may amend or supplement this Indenture, any
      related Guarantee, the Notes, the Security Documents, any Equal Priority Intercreditor Agreement, any Junior Priority Intercreditor Agreement and the Escrow Agreement with the consent of the Holders of at least a majority in aggregate principal
      amount of the Notes then outstanding, including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes, and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default (other than a
      continuing Default in the payment of interest on, premium, if any, or the principal of, any Note, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture or the Notes issued
      under this Indenture, the Escrow Agreement, any Equal Priority Intercreditor Agreement, any Junior Priority Intercreditor Agreement or any Security Document may be waived with the consent of the Holders of a majority in aggregate principal amount of
      the then outstanding Notes (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes).  Sections 2.08 and 2.09 shall determine which Notes are considered to be “outstanding” for the purposes of
      this Section 9.02.  Notwithstanding the foregoing, without the consent of the Holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding, no amendment or waiver may (A) make any change in any Security Document, any Equal
      Priority Intercreditor Agreement, any Junior Priority Intercreditor Agreement or the provisions in this Indenture dealing with Collateral or
      application of trust proceeds of the Collateral with the effect of releasing the Liens on all or substantially all of the Collateral which secure the Secured Notes
      Obligations or (B) change or alter the priority of the Liens securing the Secured Notes Obligations in any material portion of the Collateral in any way materially adverse, taken as a whole, to the Holders, other than, in each case, as provided under
      the terms of this Indenture, the Security Documents, any Equal Priority Intercreditor Agreement or any Junior Priority Intercreditor Agreement.

  

  

  The consent of the Holders of Notes is not necessary under this Indenture to approve the particular form of any proposed amendment.  It is
    sufficient if such consent approves the substance of the proposed amendment.  A consent to any amendment or waiver under this Indenture by any Holder given in connection with a tender of such Holder’s Notes shall not be rendered invalid by such tender.

  

  

  After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall deliver electronically or mail to the
    Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver.  Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such
    amendment, supplement or waiver.

  

  

  Without the consent of each affected Holder of Notes, an amendment or waiver may not, with respect to any Notes held by a non-consenting
    Holder:

  

  

  (1)          reduce the
      percentage of the aggregate principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

  

  

  (2)          reduce the
      principal of or change the fixed maturity of any such Note;

  

  

  (3)          reduce the
      rate of or change the time for payment of interest on any Note;

  

  

  
    -109-

    
      

  

  

  

  (4)          waive a
      Default or Event of Default in the payment of principal of or premium, if any, or interest on the Notes, except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of
      the payment default that resulted from such acceleration;

  

  

  (5)          make any
      Note payable in money other than that stated in such Note;

  

  

  (6)          make any
      change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders to receive payments of principal of or premium, if any, or interest on the Notes;

  

  

  (7)          reduce the
      premium payable upon, or otherwise alter or waive in a manner that would materially adversely affect any Holder the provisions with respect to, the redemption of any Note or change the time at which any Note may be redeemed as described under Section
      3.07 (other than any change to the notice periods with respect to such redemption);

  

  

  (8)          impair the
      right of any Holder to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes;

  

  

  (9)          make the
      Notes (or any Guarantee) subordinated in right of payment to any other obligations or otherwise modify the ranking of the Notes in a way that would materially adversely affect the Holder; or

  

  

  (10)          make any
      change in these amendment and waiver provisions.

  

  

  SECTION 9.03.          Revocation and Effect of Consents.  Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every
    subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note.  However, any such Holder of a Note or subsequent Holder of a Note may revoke the
    consent as to its Note if the Trustee receives written notice of revocation before the earlier of the date the waiver, supplement or amendment becomes effective and the date on which the Trustee receives an Officer’s Certificate from the Issuer
    certifying that the requisite principal amount of Notes have consented.  An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

  

  

  The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any
    amendment, supplement, or waiver.  If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to
    such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date.

  

  

  SECTION 9.04.          Notation on or Exchange of Notes.  If an amendment changes the terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee so an appropriate notation may be
    reflected therein.  The Trustee may also place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated.  Alternatively, the Issuer in exchange for all Notes may issue and the Trustee shall, upon receipt of
    an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver.

  

  

  Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or
    waiver.

  

  

  
    -110-

    
      

  

  

  

  SECTION 9.05.          Trustee, Notes Collateral Agent to Sign Amendments, etc.  The Trustee and the Notes Collateral Agent shall sign any amendment, supplement or waiver authorized pursuant to this Article IX if
    the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee or the Notes Collateral Agent, as applicable. If it does, the Trustee and the Notes Collateral Agent may but need not sign it. 
    In executing any amendment, supplement or waiver, the Trustee (subject to Section 7.01) may request and shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.03, an Officer’s Certificate and an
    Opinion of Counsel stating that the execution of such amendment, supplement or waiver is authorized or permitted by this Indenture, the Security Documents and any Equal Priority Intercreditor Agreement and any Junior Priority Intercreditor Agreement
    and an Opinion of Counsel stating that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and any Guarantors party thereto, enforceable against them in accordance with its terms, subject to customary
    exceptions.  No Opinion of Counsel shall be required by the immediately preceding sentence for the Trustee to execute any amendment or supplement adding a new Guarantor under this Indenture.

  

  

  SECTION 9.06.          Payment for Consent.  The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of
    any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid to all Holders of the Notes that consent, waive or agree to
    amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement.

   

  

  ARTICLE X

  

  

  Guarantees

  

  

  SECTION 10.01.          Guarantee.  Prior to the Effective Date, the Escrow Issuer will be the only Subsidiary of FTAI Infrastructure, the Escrow Issuer will have no Subsidiaries, and the Notes will  not be
    guaranteed.  As of the Effective Date, the obligations of the Issuer pursuant to the Notes will be unconditionally guaranteed, jointly and severally, by each Subsidiary of the Issuer as of the Effective Date (other than Excluded Subsidiaries) and each
    other Person that executes a Guarantee in accordance with the provisions of this Indenture and its respective successors and assigns, in each case, until the Guarantee of such Person has been released in accordance with the provisions of this
    Indenture.

  

  

  After the Effective Date, certain Restricted Subsidiaries will be required to guarantee the Notes, but only under the conditions described
    under Section 4.14, shall jointly and severally, fully and unconditionally guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability
    of this Indenture, the Security Documents, the Notes or the obligations of the Issuer under this Indenture or thereunder: (a) the performance and full and punctual payment when due, whether at maturity, by acceleration or otherwise, of all obligations
    of the Issuer under this Indenture, the Security Documents and the Notes, whether for payment of principal of, premium or interest on the Notes, expenses, indemnification or otherwise, on the terms set forth in this Indenture; and (b) in case of any
    extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
    or otherwise.  Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately.  Each Guarantor agrees that this is a
    guarantee of payment and not a guarantee of collection.

  

  

  The Guarantors hereby agree that their obligations under this Indenture shall be unconditional, irrespective of the validity, regularity or
    enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action
    to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor.  Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event
    of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenants that this Guarantee shall not be discharged except by complete performance of the
    obligations contained in the Notes and this Indenture.

  

  

  
    -111-

    
      

  

  

  

  If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee,
    liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

  

  

  Each Guarantor also agrees to pay any and all reasonable and documented out-of-pocket costs and expenses (including reasonable and documented
    out-of-pocket attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01.

  

  

  Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the
    maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations
    guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article VI, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this
    Guarantee.  Each Guarantor that makes a payment for distribution under its Guarantee shall be entitled to a contribution from each other Guarantor in a pro

      rata amount based on adjusted net assets of each Guarantor.

  

  

  Each Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Issuer for
    liquidation, reorganization, should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s assets, and shall, to the fullest extent
    permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any
    obligee on the Notes or Guarantees, whether as a voidable preference, fraudulent transfer or otherwise, all as though such payment or performance had not been made.  In the event that any payment or any part thereof, is rescinded, reduced, restored or
    returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

  

  

  In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the
    remaining provisions shall not in any way be affected or impaired thereby.

  

  

  Each payment to be made by a Guarantor in respect of its Guarantee shall be made without set-off, counterclaim, reduction or diminution of
    any kind or nature.

  

  

  SECTION 10.02.          Limitation on Guarantor Liability.  Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such
    Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantee.  To
    effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be limited to the maximum amount as shall, after giving effect to such maximum amount and all other
    contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the
    obligations of such other Guarantor under this Article X, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law.

  

  

  
    -112-

    
      

  

  

  

  SECTION 10.03.          Notation Not Required.  Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding the absence of the endorsement of any
    notation of such Guarantee on the Notes.

  

  

  The delivery of any Note by the Trustee, after the authentication thereof under this Indenture, shall constitute due delivery of the
    Guarantee set forth in this Indenture on behalf of the Guarantors.

  

  

  SECTION 10.04.          Subrogation.  Each Guarantor shall be subrogated to all rights of Holders of Notes against the Issuer in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01; provided that, no Guarantor shall be entitled to enforce or receive any
      payments arising out of, or based upon, such right of subrogation until all obligations of the Issuer under this Indenture and the Notes shall have been paid in full.

  

  

  SECTION 10.05.          Benefits Acknowledged.  Each Guarantor acknowledges that it shall receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and
    waivers made by it pursuant to its Guarantee are knowingly made in contemplation of such benefits.

  

  

  SECTION 10.06.          Release of Guarantees.  The Guarantee of a Guarantor shall be automatically and unconditionally released, and no further action by such Guarantor, the Issuer or the Trustee is required for the
    release of such Guarantor’s Guarantee:

  

  

  (1)          in
      connection with any sale, exchange, transfer or other disposition of all or substantially all the assets of that Guarantor (including by way of merger, consolidation or dissolution) to a Person that is not the Issuer or a Restricted Subsidiary, if
      the sale, exchange, transfer or other disposition does not violate Section 4.10, it being understood, for the avoidance of doubt, that such release shall not occur pursuant to this clause if such Guarantor holds all or a material portion of the
      proceeds of such sale, exchange, transfer or other disposition (excluding, for the avoidance of doubt, proceeds reasonably required to conduct a dissolution in accordance with applicable law);

  

  

  (2)          in
      connection with any sale, transfer or other disposition of Capital Stock of that Guarantor to a Person that is not the Issuer or a Restricted Subsidiary and that results in such Guarantor ceasing to be a Subsidiary, if the sale, transfer or other
      disposition does not violate Section 4.10; provided that, in the case of a Non-Subsidiary Party, after giving effect to such sale, transfer or other disposition, no material portion of the Capital Stock of such Non-Subsidiary Party is beneficially
      owned by the Issuer or its Restricted Subsidiaries;

  

  

  (3)          if the
      Issuer designates any Restricted Subsidiary that is a Guarantor to be an Unrestricted Subsidiary in accordance with the provisions set forth under Section 4.07(c) and the definition of “Unrestricted Subsidiary” in this Indenture;

  

  

  
    -113-

    
      

  

  

  

  (4)          any
      Restricted Subsidiary that at such time both (i) has become an Excluded Subsidiary (other than pursuant to clause (a) of the definition of “Excluded Subsidiary”)

      pursuant to a transaction not prohibited by this Indenture and (ii) does not then have outstanding any obligation that would give rise to an obligation to provide a guarantee pursuant to Section 4.14 (it being understood if any such obligation of
      such Restricted Subsidiary that would require such Restricted Subsidiary to be a Guarantor pursuant to the covenant described under Section 4.14 is reinstated, such Guarantee shall also be reinstated);

  

  

  (5)          any
      Non-Subsidiary Party that does not then have outstanding any obligation that would require such Non-Subsidiary Party to provide a guarantee pursuant to Section 4.14 (it being understood if any such obligation of such Non-Subsidiary Party that would
      require such Non-Subsidiary Party to be a Guarantor pursuant to Section 4.14 is reinstated, such Guarantee shall also be reinstated);

  

  

  (6)          upon the
      Issuer’s exercise of its legal defeasance option as described under Article VIII or the Issuer’s obligations under this Indenture being discharged in the manner described in Article XI; and

   

    

  (7)          upon the
      occurrence of a Covenant Suspension Event as described in Section 4.15.

   

  

  Upon the written request of the Issuer, the Trustee and the Notes Collateral Agent shall evidence such release by a supplemental indenture or
    other instrument which may be executed by the Trustee and the Notes Collateral Agent without the consent of any Holder.

  

    ARTICLE XI

  

  

  Satisfaction and Discharge

  

  

  SECTION 11.01.          Satisfaction and Discharge.  This Indenture shall be discharged and shall cease to be of further effect as to all of the Notes issued hereunder and the Liens on the Collateral securing the
    Notes shall be released, when either:

   

    

  (1)          all such
      Notes theretofore authenticated and delivered, except lost stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or

  

  

  (2)          (a) all
      such Notes not theretofore delivered to such Trustee for cancellation have become due and payable by reason of the making of a notice of redemption or otherwise or shall become due and payable within one year, and the Issuer or any other Person on
      behalf of the Issuer has irrevocably deposited or caused to be deposited with such Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as shall
      be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date
      of maturity or redemption;

  

  

  (b)          no Default
      or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit or the granting of Liens in connection therewith) with respect to this Indenture or the Notes issued thereunder shall have occurred and be
      continuing on the date of such deposit or shall occur as a result of such deposit and such deposit shall not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuer is a party or by which the Issuer
      is bound (other than an instrument to be terminated contemporaneously with or prior to the borrowing of funds to be applied to make such deposit and the granting of Liens in connection therewith);

  

  

  
    -114-

    
      

  

  

  

  (c)          the Issuer
      has paid or caused to be paid all other sums payable by it under this Indenture; and

  

  

  (d)          the Issuer
      has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of such Notes at maturity or the Redemption Date, as the case may be.

  

  

  In addition, the Issuer must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent
    to satisfaction and discharge have been satisfied.

  

  

  Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to subclause
    (a) of clause (2) of this Section 11.01, the provisions of Section 11.02 and Section 8.06 shall survive.

  

  

  SECTION 11.02.          Application of Trust Money.  Subject to the provisions of Section 8.06, all money and Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section
    11.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer or any Guarantor acting as the Paying Agent) as the
    Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent
    required by law.

  

  

  If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.01 by reason of any legal
    proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived
    and reinstated as though no deposit had occurred pursuant to Section 11.01 until such time as the Trustee or any Paying Agent is permitted to apply all such money or Government Securities in accordance with Section 11.01; provided that if the Issuer has made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Issuer shall be
    subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.

  

  

  
    -115-

    
      

  

  

  

  ARTICLE XII

  

  

  Miscellaneous

  

  

  SECTION 12.01.          Notices.  Any notice or communication by the Issuer, any Guarantor, the Trustee, the Notes Collateral Agent or any Paying Agent to the others is duly given if in writing and delivered in
    person, electronically transmitted (only in the case of notices or communications to the Trustee) or mailed by first-class mail (registered or certified, return receipt requested) or overnight air courier guaranteeing next day delivery, to the others’
    address:

  

  

  If to the Issuer and/or any Guarantor:

  

  

  FTAI Infra Escrow Holdings, LLC

  Fortress Transportation and Infrastructure Investors LLC

  1345 Avenue of the Americas, 45th Floor

  New York, New York 10105

  Attention:  Kevin Krieger, Secretary

  

  

  If to the Trustee or to the Notes Collateral Agent:

  

  

  U.S. Bank Trust Company, National Association

  60 Livingston Avenue

  St. Paul, Minnesota 55107

  Attention: Joshua Hahn

  

  

  The Issuer, any Guarantor, the Trustee, the Notes Collateral Agent or any Paying Agent, by notice to the others, may designate additional or
    different addresses for subsequent notices or communications.

  

  

  All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if
    personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail (or in the case of Notes in global form, on the date the notice is sent pursuant to the applicable procedures of the Depositary);
    the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; and on the first date of which publication is made, if given by publication; and when sent, if sent electronically; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt thereof.

  

  

  Any notice or communication to a Holder shall be mailed by first class mail, postage prepaid, to its address shown on the register kept by
    the Registrar or otherwise in accordance with the procedures of the Depositary.  Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.

  

  

  If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the
    addressee receives it.

  

  

  If the Issuer mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time.

  

  

  SECTION 12.02.          Communication by Holders of Notes with Other Holders of Notes.  Holders may communicate with other Holders with respect to their rights under this Indenture or the Notes.

  

  

  
    -116-

    
      

  

  

  

  SECTION 12.03.          Certificate and Opinion as to Conditions Precedent.  Upon any request or application by the Issuer or any of the Guarantors to the Trustee or the Notes Collateral Agent to take any action
    under this Indenture, the Issuer or such Guarantor, as the case may be, shall furnish to the Trustee (except as set forth in Section 9.05):

  

  

  (1)          an
      Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.04) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided
      for in this Indenture relating to the proposed action have been satisfied; and

  

  

  (2)          an Opinion
      of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.04) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.

  

  

  In giving any Opinion of Counsel under this Indenture, counsel may rely as to factual matters on an Officer’s Certificate or certificates of
    public officials.

  

  

  SECTION 12.04.          Statements Required in Certificate or Opinion.  Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
    provided pursuant to Section 4.04) shall include:

  

  

  (1)          a statement
      that the Person making such certificate or opinion has read such covenant or condition;

  

  

  (2)          a brief
      statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

  

  

  (3)          a statement
      that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with (which examination or
      investigation, in the case of an Opinion of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of fact or certificates of public officials); and

  

  

  (4)          a statement
      as to whether or not, in the opinion of such Person, such condition or covenant has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials.

  

  

  SECTION 12.05.          Rules by Trustee and Agents.  The Trustee may make reasonable rules for action by or at a meeting of Holders.  The Registrar, Transfer Agent or Paying Agent may make reasonable rules and set
    reasonable requirements for its functions.

  

  

  SECTION 12.06.          No Personal Liability of Directors, Officers, Employees and Stockholders.  No director, officer, employee, incorporator, member, partner or shareholder of the Issuer or any Guarantor shall
    have any liability for any obligations of the Issuer or the Guarantors under the Notes, the Guarantees, the Security Documents, the Escrow Agreement or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their
    creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

  

  

  SECTION 12.07.          Governing Law.  THIS INDENTURE, THE NOTES, THE ESCROW AGREEMENT, THE SECURITY AGREEMENT AND ANY GUARANTEE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
    YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

  

  

  

  

  SECTION 12.08.          Waiver of Jury
        Trial.  EACH OF THE ISSUER, THE GUARANTORS, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
    TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  

  

  
    -117-

    
      

  

  

  

  SECTION 12.09.          Force Majeure.  In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused by, directly
    or indirectly, forces beyond its reasonable control, including 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 or hardware) services; it being understood that the 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 12.10.          Benefits of Indenture.  Nothing in this Indenture or the Notes shall give to any Person, other than the parties hereto, any Paying Agent, any Transfer Agent, any Registrar and its successors
    hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture.

  

  

  SECTION 12.11.          No Adverse Interpretation of Other Agreements.  This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or any of the Restricted Subsidiaries or
    of any other Person.  Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

  

  

  SECTION 12.12.          Successors.  All agreements of the Issuer in this Indenture and the Notes shall bind its successors.  All agreements of the Trustee, the Notes Collateral Agent or any Agent in this Indenture
    shall bind its successors.  All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.06.

  

  

  SECTION 12.13.          Severability.  In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall
    not in any way be affected or impaired thereby.

  

  

  SECTION 12.14.          Counterpart Originals.  This Indenture may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original
    and all of which together shall constitute one and the same instrument.  Any signature to this Indenture may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. Federal ESIGN Act of 2000 or the
    New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by
    applicable law. Each of the parties hereto represents and warrants to the other parties that it has the corporate or other capacity and authority to execute this Indenture through electronic means and there are no restrictions for doing so in that
    party’s constitutive documents.

  

  

  SECTION 12.15.          Table of Contents, Headings, etc.  The Table of Contents, the cross-reference table in Section 1.02 and the headings of the Articles and Sections of this Indenture have been inserted for
    convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

  

  

  SECTION 12.16.          U.S.A. Patriot Act.  The parties hereto acknowledge that in order to help the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal
    regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001))), all financial institutions are required to obtain, verify, record and update information that
    identifies each person establishing a relationship or opening an account.  Each party to this agreement agrees that it shall provide to the Trustee such information as the Trustee may request, from time to time, in order for the Trustee to satisfy the
    requirements of the USA PATRIOT Act, including but not limited to the name, address, tax identification number and other information that shall allow it to identify the individual or entity who is establishing the relationship or opening the account
    and may also ask for formation documents such as articles of incorporation or other identifying documents to be provided.

  

  

  
    -118-

    
      

  

  

  

  ARTICLE XIII

   

    

  Collateral

  

  

  SECTION 13.01.          The Collateral.  The due and punctual payment of the principal of, premium on, if any, and interest on the Notes when and as the same shall be due and payable, whether on an interest payment
    date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest on the Notes and performance of all other Secured Notes Obligations of the Issuer and the Guarantors to
    the Holders or the Trustee and/or Notes Collateral Agent (as applicable), according to the terms of this Indenture, the Notes and the Guarantees, shall be secured as provided in the Security Documents, which the Issuer and the Guarantors will enter
    into on the Effective Date and which define the terms of the Liens that secure the Secured Notes Obligations.

  

  

  The Trustee, the Issuer and the Guarantors hereby acknowledge and agree that the Notes Collateral Agent holds the Collateral for the benefit
    of the Holders, the Trustee and the Notes Collateral Agent and pursuant to the terms of the Security Documents.  Each Holder, by accepting a Note, consents and agrees to the terms of the Security Documents, the Equal Priority Intercreditor Agreement
    and Junior Priority Intercreditor Agreement (including the provisions providing for the possession, use, release and foreclosure of Collateral), each as may be in effect or may be amended from time to time in accordance with their terms and the terms
    of this Indenture, and authorizes and directs the Notes Collateral Agent and/or the Trustee, as applicable, to enter into the Security Documents, any Junior Priority Intercreditor Agreement in respect of permitted Junior Priority Obligations and any
    the Equal Priority Intercreditor Agreement in respect of permitted Equal Priority Obligations, and any amendments, supplements, and/or joinders to the foregoing to which it is a party, at any time after the Issue Date, if applicable, and to perform its
    obligations and exercise its rights thereunder in accordance therewith.

  

  

  On or following the Effective Date, the Issuer shall deliver to the Notes Collateral Agent copies of all documents required to be filed
    pursuant to the Security Documents, and shall do or cause to be done all such acts and things as may be necessary, proper, or as may be required by the Security Documents, to assure and confirm to the Notes Collateral Agent the security interest in the
    Collateral contemplated hereby, by the Security Documents or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes secured hereby, according to the intent
    and purposes herein expressed.  On or following the Effective Date, the Issuer and the Guarantors shall execute any and all further documents, financing statements (including continuation statements and amendments to financing statements), agreements
    and instruments, make all filings (including filings of financing statements under the UCC and continuation statements and amendments to such financing statements that may be necessary to continue the effectiveness of such financing statements and any
    filings with the Surface Transportation Board (as defined in the Security Agreement)), and take all further action that may be required under applicable law in order to grant, preserve, maintain, protect and perfect (or continue the perfection of) the
    validity and priority of the Liens and security interests created or intended to be created by the Security Documents in the Collateral, subject to Permitted Liens.

  

  

  
    -119-

    
      

  

  

  

  SECTION 13.02.          Release of Collateral.  The Issuer and the Guarantors will be entitled to the release of property and other assets constituting Collateral from the Liens securing the Notes and the Guarantees
    under any one or more of the following circumstances:

  

  

  (1)          to enable
      the Issuer or any Guarantor to consummate the sale, transfer, or other disposition of such Collateral to any Person other than the Issuer or a Guarantor, to the extent such sale, transfer or other disposition is not prohibited by Section 4.10;

  

  

  (2)          in the case
      of a Guarantor that is released from its Guarantee, with respect to the property and other assets of such Guarantor, upon the release of such Guarantor from its Guarantee;

  

  

  (3)          with
      respect to any Collateral that becomes an “Excluded Asset,” upon it becoming an Excluded Asset in accordance with a transaction not prohibited by this Indenture;

  

  

  (4)          in
      accordance with the second paragraph under Section 4.12;

  

  

  (5)          as required
      pursuant to the terms of any Equal Priority Intercreditor Agreement or any Junior Priority Intercreditor Agreement; or

  

  

  (6)          as
      described under Article IX.

  

  

  The Liens on the Collateral securing the Notes and the related Guarantees also shall automatically, without the need for any further action
    by any Person, be terminated and released, (i) upon payment in full of the principal of, together with accrued and unpaid interest on, the Notes and all other Obligations in respect of the Notes under this Indenture, the related Guarantees and the
    Security Documents that are due and payable at or prior to the time such principal, together with accrued and unpaid interest, are paid, other than any contingent obligations not yet due or payable or (ii) upon a legal defeasance or covenant defeasance
    with respect to the Notes under this Indenture as described under Article VIII or a satisfaction and discharge of this Indenture with respect to the Notes as described under Article XI, in each case other than any contingent obligations (including
    contingent indemnity obligations not yet due or payable).

  

  

  Upon the written request of the Issuer, the Trustee and the Notes Collateral Agent shall evidence such release by an instrument which may be
    executed by the Trustee and the Notes Collateral Agent without the consent of any Holder.  In connection with any release of Liens on Collateral that requires execution by the Notes Collateral Agent, the Notes Collateral Agent shall receive an
    Officer’s Certificate and an Opinion of Counsel, upon which it may conclusively rely without liability, stating that such release is permitted by this Indenture and the Security Documents.

  

  

  SECTION 13.03.          Possession of the Collateral.  Pursuant to and subject to the terms of the Security Documents, the Issuer and the Guarantors will have the right to remain in possession and retain exclusive
    control of the Collateral and to freely operate the Collateral and to collect, invest and dispose of any income therefrom.

  

  

  SECTION 13.04.          After-Acquired Collateral.  From and after the Effective Date, and subject to certain limitations and exceptions, if the Issuer or any Guarantor directly creates, or acquires any security
    interest upon any property or asset (other than Excluded Assets) that would constitute Collateral, the Issuer and each of the Guarantors must concurrently grant a first-priority perfected security interest (subject to Permitted Liens) upon any such
    Collateral, as security for the Secured Notes Obligations. From and after the Effective Date, if the Issuer or any Guarantor creates or perfects any additional security interest upon any property or assets to secure any Equal Priority Obligations or
    Junior Priority Obligations, it must concurrently grant and perfect a first-priority perfected security interest (subject to Permitted Liens) in such property as security for the Secured Notes Obligations with the priority required by this Indenture
    and the Security Documents.

  

  

  
    -120-

    
      

  

  

  

  SECTION 13.05.          Further Assurances.  The Issuer and the Guarantors shall, at their sole expense, take all actions (including filing Uniform Commercial Code and other financing statements, mortgages and deeds
    of trust) that may be required under applicable law, or that the Trustee or the Notes Collateral Agent may reasonably request, in order to ensure the creation, perfection and priority (or continuance thereof) of the security interests created or
    intended to be created by the Security Documents.

  

  

  SECTION 13.06.          Equal Priority Intercreditor Agreement.  If the Issuer or any Guarantor (i) incurs any obligations in respect of Equal Priority Obligations (including any Superpriority Obligations (as defined
    below)) at any time when no applicable Equal Priority Intercreditor Agreement is in effect or at any time when Indebtedness constituting Equal Priority Obligations entitled to the benefit of an existing Equal Priority Intercreditor Agreement is
    concurrently retired, and (ii) delivers to the Notes Collateral Agent an Officer’s Certificate so stating and requesting the Notes Collateral Agent to enter into an equal priority intercreditor agreement (in customary market form (as reasonably
    determined by the Notes Collateral Agent and the Issuer as set forth in an Officer’s Certificate delivered to the Trustee and the Notes Collateral Agent)) in favor of a designated agent or representative for the holders of the Equal Priority
    Obligations so incurred, the Notes Collateral Agent shall (and is hereby authorized and directed to) enter into such intercreditor agreement (at the sole expense and cost of the Issuer, including reasonable legal fees and expenses of the Notes
    Collateral Agent), bind the Holders on the terms set forth therein and perform and observe its obligations thereunder. The Equal Priority Intercreditor Agreement may provide that certain Equal Priority Obligations will have priority in right of payment
    (any such obligations, the “Superpriority Obligations”) upon a foreclosure, enforcement or exercise of remedies with respect to the Collateral or a bankruptcy, insolvency or similar event or if the Notes Collateral Agent or any other agent representing
    the Equal Priority Obligations receives payment with respect to any Collateral pursuant to any intercreditor Agreement and will be repaid prior to the payment of the Secured Notes Obligations and the other Equal Priority Obligations.

  

  

  SECTION 13.07.          Junior Priority Intercreditor Agreement.  If the Issuer and the Guarantors incur Junior Priority Obligations secured (and permitted by this Indenture to be secured) by Liens on the Collateral
    having, or intending to have, a Junior Lien Priority ranking relative to the Liens on the Collateral securing the Secured Notes Obligations, the Notes Collateral Agent and the applicable Junior Priority Collateral Agent(s) will enter into a junior
    priority intercreditor agreement (in customary market form (as reasonably determined by the Notes Collateral Agent and the Issuer as set forth in an Officer’s Certificate delivered to the Trustee and the Notes Collateral Agent)) (as the same may be
    amended, restated, renewed, replaced or otherwise modified from time to time, a “Junior Priority Intercreditor Agreement”). The Junior Priority Intercreditor Agreement may be entered into and amended from time to time thereafter without the consent of
    the Holders to add other parties holding Equal Priority Obligations and/or Junior Priority Obligations permitted to be incurred and secured under this Indenture and the relevant agreements, or their respective representatives.

  

  

  
    -121-

    
      

  

  

  

  SECTION 13.08.          Authorization of Actions to be Taken by the Trustee or the Notes Collateral Agent under the Security Documents.  Subject to the provisions of the Security Documents, the Junior Priority
    Intercreditor Agreement (if any) and the Equal Priority Intercreditor Agreement (if any), each of the Trustee or the Notes Collateral Agent may (but shall not be obligated to), in its sole discretion and without the consent of the Holders, on behalf of
    the Holders, take all actions it deems necessary or appropriate in order to (a) enforce any of its rights or any of the rights of the Holders under the Security Documents, the Junior Priority Intercreditor Agreement (if any) and the Equal Priority
    Intercreditor Agreement (if any) and (b) collect and receive any and all amounts payable in respect of the Collateral in respect of the obligations of the Issuer and the Guarantors hereunder and thereunder. Subject to the provisions of the Security
    Documents, the Junior Priority Intercreditor Agreement (if any) and the Equal Priority Intercreditor Agreement (if any), the Trustee or the Notes Collateral Agent shall have the power to institute and to maintain such suits and proceedings as it may
    deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Security Documents, the Junior Priority Intercreditor Agreement (if any), the Equal Priority Intercreditor Agreement (if any) or this
    Indenture, and such suits and proceedings as the Trustee or the Notes Collateral Agent may deem expedient to preserve or protect its interest and the interests of the Holders in the Collateral (including power to institute and maintain suits or
    proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order
    would impair the security interest hereunder or be prejudicial to the interests of the Holders, the Collateral Agent or the Trustee).

  

  

  The Trustee or the Notes Collateral Agent shall 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. Neither the Trustee nor the Notes Collateral Agent shall have responsibility for recording, filing, re-recording or refiling any financing statement,
    continuation statement, document, instrument or other notice in any public office at any time or times or to otherwise take any action to perfect or maintain the perfection of any security interest granted to it under the Security Documents or
    otherwise.  The Trustee shall 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 shall 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 Trustee in good faith.

  

  

  SECTION 13.09.          Appointment and Authorization of Notes Collateral Agent.  U.S Bank Trust Company, National Association, is hereby designated and appointed as the Notes Collateral Agent under the Security
    Documents, and is authorized as the Notes Collateral Agent to execute and enter into each of the Security Documents and all other instruments relating to the Security Documents and (i) to take action an exercise such powers as are expressly required or
    permitted under this Indenture and the Security Documents and all instruments relating hereto and thereto, including entering into any amendments, supplements, modifications, joinders or intercreditor agreements relating thereto and (ii) to exercise
    such powers and perform such duties as are in each case, expressly delegated to the Notes Collateral Agent by the terms hereof and thereof together with such other powers as are reasonably incidental hereto and thereto.

  

  

  The Notes Collateral Agent shall incur no liability to anyone in acting upon any signature, instrument, statement, notice, resolution,
    request, direction, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Notes Collateral Agent may exercise
    any of its rights or powers hereunder or perform any of its duties hereunder either directly or by or through agents or attorneys, and the Notes Collateral Agent shall not be responsible for any willful misconduct or gross negligence on the part of any
    agent or attorney appointed hereunder with due care by it. Anything in this Indenture or Security Documents notwithstanding, in no event shall the Notes Collateral Agent be liable for special, punitive, indirect or consequential damage of any kind
    whatsoever (including but not limited to lost profits), even if the Notes Collateral Agent has been advised of such loss or damage and regardless of the form of action.

  

  

  
    -122-

    
      

  

  

  

  SECTION 13.10.          Collateral Accounts.  The Trustee and the Notes Collateral Agent are authorized to receive any funds for the benefit of the Holders distributed under, and in accordance with, the Security
    Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture, the Security Documents and any Equal Priority Intercreditor Agreement or Junior Priority Intercreditor Agreement.

  

  

  SECTION 13.11.          Purchaser Protected.

   

  

  In no event shall any purchaser in good faith of any property purported to be released hereunder or under any Security Document be bound to
    ascertain the authority of the Notes Collateral Agent or the Trustee to execute the applicable release or to inquire as to the satisfaction of any conditions required by the provisions hereof for the exercise of such authority or to see to the
    application of any consideration given by such purchaser or other transferee; nor shall any purchaser or other transferee of any property or rights permitted by this Article XIII to be sold be under any obligation to ascertain or inquire into the
    authority of the Issuer or the applicable Guarantor to make any such sale or other transfer.

  

  

  SECTION 13.12.          Resignation and Replacement of the Notes Collateral Agent.  The Notes Collateral Agent may resign at any time by written notice to the Issuer, such resignation to be effective upon the
    acceptance of a successor agent to its appointment as Notes Collateral Agent.  The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Notes Collateral Agent by so notifying the Notes Collateral Agent and
    the Issuer in writing.  The Issuer or any Holder who has been a bona fide Holder for not less than six months may petition any court for removal of the Notes Collateral Agent if:

  

  

  (a)          the Notes Collateral Agent has
      or acquires a conflict of interest that is not eliminated;

  

  

  (b)          fails to meet certain minimum
      limits regarding the adequacy of its capital or surplus or

  

  

  (c)          becomes incapable of acting as
      Notes Collateral Agent or becomes insolvent or bankrupt.

  

  

  If the Notes Collateral Agent resigns under this Indenture, the Issuer shall appoint a successor collateral agent.  If no successor
    collateral agent is appointed prior to the intended effective date of the resignation of the Notes Collateral Agent (as stated in the notice of resignation), the Trustee, at the direction of the Holders of a majority of the aggregate principal amount
    of the Notes then outstanding, may appoint a successor collateral agent, subject to the consent of the Issuer (which consent shall not be unreasonably withheld and which shall not be required during a continuing Event of Default).  If no successor
    collateral agent is appointed and consented to by the Issuer pursuant to the preceding sentence within sixty (60) days after the intended effective date of resignation (as stated in the notice of resignation) the Issuer or the Holders of at least 10%
    in principal amount of the then outstanding Notes shall be entitled to petition a court of competent jurisdiction to appoint a successor.

  

  

  A successor Notes Collateral Agent shall deliver a written acceptance of its appointment to the retiring Notes Collateral Agent and to the
    Issuer. Upon the acceptance of its appointment as successor collateral agent hereunder, such successor collateral agent shall succeed to all the rights, powers and duties of the retiring Notes Collateral Agent, and the term “Notes Collateral Agent”
    shall mean such successor collateral agent, and the retiring Collateral Agent’s appointment, powers and duties as the Collateral Agent shall be terminated.

  

  

  The successor Notes Collateral Agent shall mail a notice of its succession to Holders.  The retiring Notes Collateral Agent shall promptly
    transfer all property held by it as Notes Collateral Agent to the successor Trustee; provided all sums owing to the Notes Collateral Agent under this Indenture have been paid and subject to the Lien provided for in Section 7.07.  After the retiring
    Notes Collateral Agent’s resignation hereunder, the provisions of this Section 13.12 shall continue to inure to its benefit and the retiring Notes Collateral Agent shall not by reason of such resignation be deemed to be released from liability as to
    any actions taken or omitted to be taken by it while it was the Notes Collateral Agent under this Indenture.

  

  

  
    -123-

    
      

  

  

  

  SECTION 13.13.          Certain Limitations on the Collateral.Notwithstanding anything to the contrary herein or in any Security Document, to the extent that the Lien on any Collateral is not or cannot be created
    and/or perfected on the Effective Date (other than (a) by the execution and delivery of the Security Agreement by the Issuer and the Guarantors, (b) a Lien on Collateral that is of the type that may be perfected by the filing of a financing statement
    under the UCC and (c) a Lien on the Equity Interests or instruments constituting Collateral that may be perfected on the Effective Date by the delivery of a stock or equivalent certificate or such instrument (together with a stock power or similar
    instrument endorsed in blank for the relevant certificate or instrument)), in each case after the Issuer’s use of commercially reasonably efforts to do so or without undue burden or expense, the Issuer shall use commercially reasonable efforts to
    create and/or perfect such Lien within 180 days after the Effective Date.

   

  

  Notwithstanding anything to the contrary herein or in any Security Document:

  

  

  (a)  Liens required to be granted from time to time pursuant to this Indenture shall be subject to exceptions and limitations set forth in
    the applicable Security Documents;

  

  

  (b)  (A) perfection by control will not be required with respect to assets requiring perfection through control agreements or other control
    arrangements, including deposit accounts, securities accounts and commodities accounts (other than control or possession of pledged Equity Interests (to the extent certificated) and instruments that constitute Collateral) and (B) no blocked account
    agreement, securities account control agreement or similar agreement will be required for any deposit account, securities account or commodities account;

  

  

  (c)  no actions will be required to be taken, and the Notes Collateral Agent will not be authorized to take any action, in any non-U.S.
    jurisdiction or required by the laws of any non-U.S. jurisdiction to create any security interests in assets located or titled outside of the U.S. or to perfect or make enforceable any security interests in any such assets (it being understood that
    there shall be no security agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction and no non-U.S. filings, searches or schedules);

  

  

  (d)  no actions will be required to perfect a security interest in (A) any assets subject to a certificate of title or (B) letter-of-credit
    rights not constituting supporting obligations of other Collateral, except in the case of each of clauses (A) and (B), perfection actions limited solely to the filing of a UCC financing statement; and

  

  

  (e)  no title insurance or survey shall be required to be delivered for any Material Real Estate Asset comprised of rail lands and no
    landlord lien waivers, consents, estoppels or collateral access letters shall be required to be delivered in connection with any Collateral.

  

  

  Terms defined in the UCC that are not otherwise defined in this Indenture are used in this Section 13.13 as defined in the UCC.

  
    -124-

    
      

  

  

  

  ARTICLE XIV

  

  

  ESCROW ARRANGEMENT; SPECIAL MANDATORY REDEMPTION

  

  

  SECTION 14.01.          Escrow of Proceeds.  Concurrently with the closing of this offering, the Escrow Issuer will enter into the Escrow Agreement with the Trustee and the Escrow Agent.  The Escrow Issuer will
    deposit (or cause to be deposited) into the Escrow Account an amount equal to the gross proceeds of the Notes sold on the Issue Date, plus accrued interest on the Notes through and including September 10, 2022 (the “Outside Date”) (collectively and,
    together with any other property from time to time held by the Escrow Agent in the Escrow Account, the “Escrowed Property”).  Escrow Issuer will cause an additional amount to be deposited into the Escrow Account such that the Escrowed Property is
    sufficient to yield the Special Mandatory Redemption Price as of the Special Mandatory Redemption Date (each as defined under Section 14.02).

  

  

  The Escrowed Property will be held in the Escrow Account until the earlier of (i) an Escrow Release (as defined below) following the delivery
    by Issuer to the Escrow Agent of the Officer’s Certificate referred to in the next succeeding paragraph and (ii) a Special Mandatory Redemption Date. The Escrow Issuer will grant the Trustee, for its benefit and the benefit of the Holders, subject to
    certain Liens of the Escrow Agent, a first-priority Lien in the Escrow Account and all Eligible Escrow Investments therein to secure the payment of the Special Mandatory Redemption Price (as defined below); provided, however, that such Lien shall
    automatically be released and terminated at such time as the Escrowed Property is released from the Escrow Account on the Escrow Release Date (as defined below). The Escrow Agent will invest the Escrowed Property in such Eligible Escrow Investments,
    and liquidate such Eligible Escrow Investments, as the Issuer will from time to time direct in writing.

  

  

  Subject to the provisions described in Section 14.02, the Escrow Issuer will only be entitled to direct the Escrow Agent to release Escrowed
    Property (in which case the Escrowed Property will be paid to or as directed by the Escrow Issuer) (the “Escrow Release”) upon delivery to the Escrow Agent, on or prior to the Outside Date, of an Officer’s Certificate, certifying that the following
    conditions (the “Escrow Release Conditions”) have been or, substantially concurrently with the release of the Escrowed Property, will be satisfied (the date of the Escrow Release is hereinafter referred to as the “Escrow Release Date”):

  

  

  (1)          the
      Spin-Off will occur substantially concurrently with such release;

  

  

  (2)          the Issuer
      shall have sold $300,000,000 of Preferred Equity substantially concurrently with such release with terms materially consistent with the description of the Preferred Equity in the Offering Memorandum under “Description of our Capital Stock –– Series A
      Preferred Stock”;

  

  

  (3)          the Escrow
      Issuer will have merged with and into FTAI Infrastructure and FTAI Infrastructure will have become the Issuer of the Notes;

  

  

  (4)          the Issuer
      and the Guarantors will have entered into a supplemental indenture guaranteeing the Notes in the form of Exhibit D attached hereto; and

  

  

  (5)          FTAI
      Infrastructure and the Guarantors will have entered into the Security Documents.

  

  

  The Escrow Release shall occur promptly upon receipt by the Escrow Agent of an Officer’s Certificate certifying to the foregoing.  Upon the
    occurrence of the Escrow Release, the Escrow Account shall be reduced to zero and the Escrowed Property and interest thereon shall be paid out in accordance with the Escrow Agreement.

  

  

  
    -125-

    
      

  

  

  

  SECTION 14.02.          Special Mandatory Redemption.  If (i) the Escrow Agent has not received the Officer’s Certificate described under Section 14.01 on or prior to the Outside Date or (ii) the Escrow Issuer
    notifies the Escrow Agent in writing that in its reasonable judgment the Spin-Off will not be consummated on or prior to the Outside Date, then the Escrow Agent shall release the Escrowed Property (including investment earnings thereon and proceeds
    thereof) to the Trustee, on the third Business Day succeeding (a) the Outside Date (in the case of clause (i)) or (b) the date of such notice (in the case of clause (ii)), as the case may be (such third Business Day, the “Special Mandatory Redemption
    Date”), and the Trustee shall pay the amounts to the Paying Agent for payment to the Holders of the Notes (the “Special Mandatory Redemption”) at a redemption price calculated by Issuer (the “Special Mandatory Redemption Price”) equal to 100% of the
    initial issue price of the Notes, plus accrued and unpaid interest from the Issue Date to, but excluding, the Special Mandatory Redemption Date. On the Special Mandatory Redemption Date, the Trustee will pay to the Escrow Issuer any Escrowed Property
    (including investment earnings thereon and proceeds thereof) in excess of the amount necessary to effect the Special Mandatory Redemption of such Notes on the Special Mandatory Redemption Date.

  

  

  [Signatures on following page]

  

  

  
    -126-

    
      

  

  

  

  IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as of the date first above written.

  

  

  	 	
          FTAI INFRA ESCROW HOLDINGS, LLC, as Issuer

        
	 	 	 	 
	 	
          By:

        	
          /s/ Joseph P. Adams, Jr.

        
	 	 	
          Name:

        	
          Joseph P. Adams, Jr., President

        

  

  

  

  

  
    [Signature Page to Indenture]

  

  
    
      

  

  

  

  	 	
          U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee and as Notes Collateral Agent

        
	 	 	 	 
	 	
          By:

        	
          /s/ Joshua A. Hahn

        
	 	 	
          Name:

        	
          Joshua A. Hahn

        
	 	 	
          Title:

        	
          Vice President

        

  

  

  

  

  
    [Signature Page to Indenture]

  

  
    
      

  

  
  EXHIBIT A

  

  

  [FACE OF NOTE]

   

  

  [Insert the Global Note Legend, if applicable pursuant to the provisions of this Indenture]

  

  

  [Insert the Private Placement Legend, if applicable pursuant to the provisions of this Indenture]

  

  

  [Insert the Regulation S Global Note Legend, if applicable pursuant to the provisions of this Indenture]

  

  

  [Insert the Original Issue Discount Legend, if applicable pursuant to the provisions of this Indenture]

  

  

  
    A-1

    
      

  

  

  

  [144A CUSIP: 30327T AA7]

  [Reg S CUSIP: U34870 AA0]

  [144A ISIN: US30327TAA79]

  [Reg S ISIN: USU34870AA07]

  

  

  [RULE 144A][REGULATION S] GLOBAL NOTE

  10.500% Senior Secured Notes due 2027

  

  

  
    	
            No. ___

          	
            [$          ]

          

  

   

  

  FTAI INFRA ESCROW HOLDINGS, LLC

  (whose obligations are to be assumed by FTAI Infrastructure Inc.)

  

  

  promise to pay (without duplication) to [       ] or registered assigns, the principal sum [set forth on the Schedule of Increases and Decreases of Interests in
    the Global Note attached hereto] [of United States Dollars] on June 1, 2027.

   

  

  Interest Payment Dates: June 1 and December 1, commencing on December 1, 2022

   

  

  Record Dates: May 15 and November 15

   

  

  IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed.

  

  

  	 	
          FTAI INFRA ESCROW HOLDINGS, LLC (whose obligations are to be assumed by FTAI Infrastructure Inc.), as Issuer

        
	 	 
	 	
          By

        	 
	 	 	
          Name:

        	 
	 	 	
          Title:

        	 

  

  

  
    A-2

    
      

  

  

  

  This is one of the Notes referred to in the within-mentioned Indenture:

   

  

  Dated: [        ]

  

  

  	 	
          U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee

        
	 	 	 
	 	
          By

        	 
	 	 	
          Authorized Signatory

        

  
    A-3

    
      

  

  

  

  [Back of Note]

  

  

  10.500% Senior Secured Notes due 2027

   

  

  Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

  

  

  1.          Interest.  The Issuer promises to pay (without duplication) interest on the principal amount of this Note at 10.500% per annum.  The Issuer shall pay interest semi-annually in arrears on
      June 1 and December 1 of each year, as applicable, to stated maturity (each, an “Interest Payment Date”).  The first Interest Payment Date shall be December 1,
      2022.1  The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay
      interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest at the same rate to the extent lawful. Interest on the Notes shall accrue from the most recent date on which interest was paid
      or, if no interest has been paid, from July 7, 2022.2  At maturity, the Issuer shall pay accrued and unpaid interest from the most recent date to which interest has been paid or provided for.  Interest shall be computed on the basis of a
      360-day year comprised of twelve 30-day months.

  

  

  2.          Method of Payment.  The Issuer shall pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business on the May 15 or November 15 (whether or not a
      Business Day), as the case may be (each, a “Record Date”), immediately preceding the Interest Payment Date, even if such Notes are canceled after such Record
      Date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest.  Principal of, premium, if any, and interest on the Notes will be payable at the office or agency of the Issuer
      maintained for such purpose pursuant to Section 4.02 of the Indenture or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders at their respective addresses set forth in the register of Holders; provided that all payments of principal, premium, if any, and interest with respect to Notes represented by one or more Global Notes registered in the
      name of or held by DTC or its nominee will be made by wire transfer of immediately available funds to the accounts specified by the Holder or Holders thereof. Such payment shall be in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts. In any case where an Interest Payment Date, Redemption Date or any other stated maturity of any payment required to be made on the Notes shall not be a Business Day, then each
      such payment need not be made on such date, but shall be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, Redemption Date or stated maturity of such payment and no additional interest
      shall be payable as a result of such delay in payment.

  

  

  3.          Paying Agent, Transfer Agent and Registrar.  Initially, U.S. Bank Trust Company, National Association shall act as Paying Agent, Transfer Agent and Registrar.  The Issuer may change the
      Paying Agent, the Transfer Agent or the Registrar without prior notice to the Holders.  An Issuer or any Guarantor may act as a Paying Agent or Registrar.

  

  

  

  

  1 With respect to the Initial Notes.

  2 With respect to the Initial Notes.

  
    A-4

    
      

  

  

  

  4.          Indenture.  The Issuer issued the Notes under an Indenture, dated as of July 7, 2022 (the “Indenture”),

      between the Issuer, U.S. Bank Trust Company, National Association, as trustee (the “Trustee”) and as notes collateral agent (the “Notes Collateral Agent”).  This Note is one of a duly authorized issue of Notes of the Issuer designated as its 10.500% Senior Secured Notes due 2027.  The Issuer shall be entitled to
      issue Additional Notes pursuant to Article II and Section 4.09 of the Indenture.  The terms of the Notes include those stated in the Indenture.  The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of
      such terms.  To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.  The Notes are senior secured obligations of the Issuer and the Guarantors,
      secured by a first-priority security interest in the Collateral (subject to Permitted Liens).

  

  

  5.          Optional Redemption.

   

    

  (a)          Prior to
      June 1, 2025, the Issuer may, at its option, redeem the Notes, in whole at any time or in part from time to time, upon notice as described in Section 3.03 of the Indenture, at a redemption price equal to 100.0% of the principal amount of Notes
      redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but not including, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant
      Interest Payment Date.

   

    

  (b)          From and
      after June 1, 2025, the Issuer may, at its option, redeem the Notes, in whole at any time or in part from time to time, upon notice as described in Section 3.03 of the Indenture, at the redemption prices (expressed as percentages of principal amount
      on the Redemption Date) set forth below, plus accrued and unpaid interest thereon, if any, to, but not including, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the
      relevant Interest Payment Date, if redeemed during the twelve-month period beginning on June 1 of each of the years indicated below:

  

  

  	
          Year

        	
          Percentage

        
	
          2025

        	
          105.250%

        
	
          2026 and thereafter

        	
          100.000%

        

  

  

  (c)          In
      addition, at any time prior to June 1, 2025, the Issuer may, at its option, at any time and from time to time, upon notice as described in Section 3.03 of the Indenture, redeem up to 40.0% of the aggregate principal amount of Notes at a redemption
      price equal to 110.500% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but not including, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to
      receive interest due on the relevant Interest Payment Date, with the net proceeds (other than Otherwise Applied Proceeds) of one or more Equity Offerings (within 180 days of the consummation of each such Equity Offering); provided that at least 60.0% of the aggregate principal amount of Notes remains outstanding immediately after the occurrence of each such redemption.

  

  

  (d)          The Issuer
      may, at its option and at any time, redeem the Notes at 101.0% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but not including, the applicable Redemption Date, subject to the right of Holders of
      record on the relevant record date to receive interest due on the relevant interest payment date, following the consummation of a Change of Control if at least 90.0% of the Notes outstanding prior to such date of purchase are purchased pursuant to a
      Change of Control Offer with respect to such Change of Control.

  

  

  
    A-5

    
      

  

  

  

  6.          Mandatory Redemption.  Except as provided for in Sections 4.10, 4.13 and 14.02 of the Indenture, the Issuer shall not be required to make mandatory redemption or sinking fund payments
      with respect to the Notes.

  

  

  7.          Notice of Redemption.  Notice of redemption shall be mailed by first-class mail (or otherwise delivered in accordance with the applicable procedures of the Depositary) at least 10 days
      but not more than 60 days before the Redemption Date to each Holder at such Holder’s registered address or otherwise in accordance with the applicable procedures of the Depositary, except that redemption notices may be mailed (or otherwise sent in
      accordance with the applicable procedures of the Depositary) more than 60 days prior to a Redemption Date if the notice is issued in connection with Article VIII, Article XI of the Indenture or a purchase or a redemption of the Notes subject to one
      or more conditions precedent.  Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed.  On and after the Redemption Date interest ceases to
      accrue on Notes or portions thereof called for redemption.

  

  

  8.          Offers to Repurchase.

  

  

  (a)          Upon the occurrence of a
      Change of Control, the Issuer shall make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral
      multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to, but excluding, the date of purchase (the “Change of Control Payment”).  The Change of Control Offer shall be made in accordance with Section 4.13 of the Indenture.

  

  

  (b)          If the Issuer or any of the
      Restricted Subsidiaries consummates an Asset Sale, within 30 days of each date that Excess Proceeds or Collateral Excess Proceeds, as applicable, exceed $25,000,000, the Issuer or any Restricted Subsidiary shall make an offer to all Holders of the
      Notes and, if required by the terms of any Indebtedness that is pari passu with the Notes (“Pari Passu Indebtedness”), to the holders of such Pari Passu Indebtedness (an “Asset Sale Offer”), to purchase the
      maximum aggregate principal amount of Notes and such Pari Passu Indebtedness that may be purchased out of the Excess Proceeds or Collateral Excess Proceeds, as applicable, at an offer price in cash in an amount equal to 100% of the principal amount
      thereof plus accrued and unpaid interest thereon, if any (or, in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for or permitted by the terms of such Pari Passu Indebtedness), to the date fixed for the closing
      of such offer, in accordance with the procedures set forth in the Indenture.  Any Asset Sale Offer shall be made in accordance with Section 4.10 of the Indenture.

  

  

  9.          Denominations, Transfer, Exchange.  The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  The transfer of Notes
      may be registered and Notes may be exchanged as provided in the Indenture.  The Registrar, Transfer Agent and the Trustee may require a Holder to furnish appropriate endorsements and transfer documents in connection with a transfer of the Notes. 
      Holders shall pay all taxes due on transfer.  The Issuer is not required to transfer or exchange any Note selected for redemption or surrendered for repurchase in connection with an Asset Sale Offer or Change of Control Offer.  Also, the Issuer is
      not required to transfer or exchange any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed or between a Record Date and the following Interest Payment Date.

  

  

  10.          Persons Deemed Owners.  The registered Holder of a Note shall be treated as the owner of it for all purposes.  Only registered Holders shall have rights under the Indenture and this Note.

  

  

  
    A-6

    
      

  

  

  

  11.          Amendment, Supplement and Waiver.  The Indenture, the Guarantees, the Security Documents or the Notes may be amended or supplemented as provided in the Indenture.

  

  

  12.          Defaults and Remedies.  The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture.  If any Event of Default (other than an Event of Default arising from
      certain events of bankruptcy or insolvency) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare the principal of, and accrued but unpaid interest, if any, on, all the then
      total outstanding Notes to be due and payable immediately.  Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, the principal of, and accrued but unpaid interest, if any, on, all
      the then outstanding Notes shall become due and payable without further action or notice.  Holders may not enforce the Indenture, the Notes or the Guarantees except as provided in the Indenture.  Subject to certain limitations, Holders of a majority
      in aggregate principal amount of the then outstanding Notes may direct the Trustee in writing in its exercise of any trust or power.  The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default, except a
      Default or Event of Default relating to the payment of principal or interest, if it determines that withholding notice is in their interest.  The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the
      Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except, a continuing Default or Event of Default in payment of the interest on or the principal of any
      Note held by a non-consenting Holder.  The Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required within five Business Days after becoming aware of any Default, to deliver
      to the Trustee a statement specifying such Default.

  

  

  13.          Guarantees.  Following the consummation of the Spin-Off, the Issuer’s obligations under the Notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors,
      subject to the terms of the Indenture.

  

  

  14.          Authentication.  This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee.

  

  

  15.          Security.  This Note shall be
      secured by the Collateral on the terms and subject to the conditions set forth in the Indenture, the Security Documents, the Escrow Agreement and any Equal Priority Intercreditor Agreement or Junior Priority Intercreditor Agreement. The Notes
      Collateral Agent holds the Collateral in trust for the benefit of the Trustee, the Holders and the Notes Collateral Agent pursuant to the Security Documents and the Escrow Agreement.  Each Holder, by accepting this Note, consents and agrees to the
      terms of the Security Documents (including the provisions providing for the foreclosure and release of Collateral), the Escrow Agreement and any Equal Priority Intercreditor Agreement or any Junior Priority Intercreditor Agreement as the same may be
      in effect or may be amended from time to time in accordance with its terms and the Indenture and authorizes and directs the Notes Collateral Agent to enter into the Security Documents and to perform its obligations and exercise its rights thereunder
      in accordance therewith.

  

  

  15.          Governing Law.  THE INDENTURE, THE NOTES, THE ESCROW AGREEMENT, THE SECURITY AGREEMENT AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
      NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

  

  

  16.          CUSIP and ISIN Numbers.  Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN numbers to be
      printed on the Notes and the Trustee may use CUSIP and ISIN numbers in notices to Holders as a convenience to Holders.  No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice and
      reliance may be placed only on the other identification numbers placed thereon.

  

  

  
    A-7

    
      

  

  

  

  17.          No Personal Liability of Directors, Officers, Employees and Stockholders.  No director, officer, employee, incorporator, member, partner or shareholder of the Issuer or any Guarantor
      shall have any liability for any obligations of the Issuer or the Guarantors under the Notes, the Guarantees, the Security Documents, the Escrow Agreement or the Indenture or for any claim based on, in respect of, or by reason of such obligations or
      their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

  The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture.  Requests may be made to the Issuer at the following
    address:

  

  

  FTAI Infra Escrow Holdings, LLC

  1345 Avenue of the Americas, 45th Floor

  New York, New York 10105

  Attention:  Kevin Krieger, Secretary

  

  

  
    A-8

    
      

  

  

  

  ASSIGNMENT FORM

  

  

   

  	
          To assign this Note, fill in the form below:

        	 
	 	 
	
          (I) or (we) assign and transfer this Note to:

        	 
	 	
          (Insert assignee’s legal name)

        

  

  

   

  	 
	
          (Insert assignee’s soc. sec. or tax I.D. no.)

        
	 
	 
	 
	
          (Print or type assignee’s name, address and zip code)

        

  

  

  and irrevocably appoint                                to transfer this Note on the books of the Issuer.  The agent may substitute another to act for him.

  

  

  	
          Date:

        	 	 
	 	 	 
	
          Your Signature:

        	 	 
	 	
          (Sign exactly as your name appears

        	 
	 	
          on the face of this Note)

        	 
	 	 	 
	
          Signature Guarantee*:

        	 	 

  

  

  

  

  
    

  * Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

  
    A-9

    
      

  

  

  

  OPTION OF HOLDER TO ELECT PURCHASE

  

  

  If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10 (Asset Sales) or Section 4.13 (Offer to Repurchase
    Upon Change of Control) of the Indenture, check the appropriate box below:

  

  

  ☐      Section 4.10            ☐      Section 4.13

  

  

  If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.10 or Section 4.13 of the Indenture, state
    the amount you elect to have purchased:

  $          ______

  

  

  	
          Date:

        	 	 
	 	 	 
	
          Your Signature:

        	 	 
	 	
          (Sign exactly as your name appears

        	 
	 	
          on the face of this Note)

        	 
	 	 	 
	Tax Identification No.:   

        	 	 
	 	 	 
	
          Signature Guarantee*:

        	 	 

  

  

  

  

  
    

  * Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

  

  

  
    A-10

    
      

  

  

  

  SCHEDULE OF INCREASES AND DECREASES OF INTERESTS

  IN THE GLOBAL NOTE*

  

  

   

  The initial outstanding principal amount of this Global Note is $ 
                .  The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note or
    increases or decreases in the outstanding principal amount of this Global Note, have been made:

  

  

  	
          
            Date of Exchange

          

        	
          
            Amount of

            decrease in

            Principal Amount of this Global Note

          

        	
          
            Amount of

            increase in

            Principal Amount of this Global Note

          

        	
          
            Principal Amount

            of this Global Note following such

            decrease or increase

          

        	
          
            Signature of

            authorized signatory of Trustee or

            Note Custodian

          

        
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

  

  _________________________

  * This schedule should be included only if the Note is issued in global form.

  
    A-11

    
      

  

  
  

  

  EXHIBIT B

  

  

  FORM OF CERTIFICATE OF TRANSFER

  

  

  FTAI Infra Escrow Holdings, LLC

  1345 Avenue of the Americas, 45th Floor

  New York, New York 10105

  Attention:  Kevin Krieger, Secretary

  

  

  U.S. Bank Trust Company, National Association

  as Trustee, Notes Collateral Agent Registrar and Transfer Agent

  60 Livingston Avenue

  St. Paul, Minnesota 55107

  Telephone No.: 651-466-6309

  

  

  Re: 10.500% Senior Secured Notes due 2027

  

  

  Reference is hereby made to the Indenture, dated as of July 7, 2022 (the “Indenture”), among FTAI Infra Escrow Holdings, LLC, as Issuer (the “Issuer”) (whose obligations are to be assumed by FTAI
    Infrastructure Inc.) and U.S. Bank Trust Company, National Association, as trustee and as notes collateral agent .  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

  

  

                         (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $           in such Note[s] or interests (the “Transfer”), to (the “Transferee”), as further specified in Annex A hereto.  In connection with the Transfer, the Transferor hereby certifies that:

  

  

  [CHECK ALL THAT APPLY]

  

  

  1.  ☐  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A
    BENEFICIAL INTEREST IN THE 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A.  The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably
    believed and believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a
    “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States of America and
    other jurisdictions.  Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement
    Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

  

  

  
    B-1

    
      

  

  

  

  2.  ☐  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A
    BENEFICIAL INTEREST IN THE LEGENDED REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S.  The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the
    Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States of America and (x) at the time the buy order was originated, the Transferee was outside the United States of America or such Transferor and any
    Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States of America or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such
    Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States of America, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b)
    of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) the transfer is not being made to a U.S. Person or for the account or benefit of a
    U.S. Person (other than an Initial Purchaser).  Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated
    in the Private Placement Legend printed on the Legended Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

  

  

  3. ☐   CHECK AND COMPLETE IF TRANSFEREE WILL TAKE
    DELIVERY OF A BENEFICIAL INTEREST IN THE RESTRICTED DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S.  The Transfer is being effected in compliance with the transfer restrictions applicable to
    beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States of America, and accordingly the
    Transferor hereby further certifies that (check one):

  

  

  (a)  ☐  such Transfer is being
    effected pursuant to and in accordance with Rule 144 under the Securities Act;

   

  

  or

   

  

  (b)  ☐  such Transfer is being
    effected to the Issuer or a subsidiary thereof;

   

  

  or

   

  

  (c)  ☐  such Transfer is being
    effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act.

  

  

  4.  ☐  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A
    BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

  

  

  (a)  ☐  CHECK IF TRANSFER IS PURSUANT TO RULE 144.  (i)
    The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United
    States of America and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.  Upon consummation of the proposed Transfer in accordance with
    the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive
    Notes and in the Indenture.

  

  

  (b)  ☐  CHECK IF TRANSFER IS PURSUANT TO REGULATION S. 
    (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of
    the United States of America and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.  Upon consummation of the proposed Transfer in
    accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on
    Restricted Definitive Notes and in the Indenture.

  

  

  
    B-2

    
      

  

  

  

  (c)  ☐  CHECK IF TRANSFER IS PURSUANT TO OTHER
    EXEMPTION.  (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained
    in the Indenture and any applicable blue sky securities laws of any State of the United States of America and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance
    with the Securities Act.  Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private
    Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

  

  

  This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer.

  

  

  	 	
          [INSERT NAME OF TRANSFEROR]

        
	 	 	 
	 	
          By

        	 
	 	 	
          Name:

        
	 	 	
          Title:

        

  

  

  Dated: ________________

  

  
    B-3

    
      

  

  ANNEX A TO CERTIFICATE OF TRANSFER

  

  

   

  1.          The Transferor owns and proposes to transfer the
      following:

  

  

  [CHECK ONE OF (a) OR (b)]

  

  

  (a)    ☐      a beneficial interest in the:

  

  

  (i)    ☐      144A Global Note (CUSIP/ISIN:                   ), or

  

  

  (ii)    ☐      Regulation S Global Note (CUSIP/ISIN:                   ), or

  

  

  (b)    ☐      a Restricted Definitive Note.

  

  

  2.          After the Transfer the Transferee will hold:

  

  

  [CHECK ONE]

  

  

  (a)    ☐      a beneficial interest in the:

  

  

  (i)    ☐      144A Global Note (CUSIP/ISIN:                   ), or

  

  

  (ii)    ☐      Regulation S Global Note (CUSIP/ISIN:                   ), or

  

  

  (iii)    ☐     
    Unrestricted Global Note (CUSIP/ISIN:                   ); or

  

  

  (b)    ☐      a Restricted Definitive Note; or

  

  

  (c)    ☐      an Unrestricted Definitive Note, in accordance with the terms of the Indenture.

  
    B-4

    
      

  

  
  EXHIBIT C

  

  

  FORM OF CERTIFICATE OF EXCHANGE

  

  

   

  FTAI Infra Escrow Holdings, LLC

  1345 Avenue of the Americas, 45th Floor

  New York, New York 10105

  Attention:  Kevin Krieger, Secretary

  

  

  U.S. Bank Trust Company, National Association

  as Trustee, Notes Collateral Agent, Registrar and Transfer Agent

  60 Livingston Avenue

  St. Paul, Minnesota 55107

  Telephone No.: 651-466-6309

  

  

  Re: 10.500% Senior Secured Notes due 2027

  

  

  Reference is hereby made to the Indenture, dated as of July 7, 2022 (the “Indenture”), among FTAI Infra Escrow Holdings, LLC, as Issuer (the “Issuer”) (whose obligations are to be assumed by FTAI
    Infrastructure Inc.) and U.S. Bank Trust Company, National Association, as trustee and as notes collateral agent.  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

  

  

                         (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $          in such Note[s] or interests
    (the “Exchange”).  In connection with the Exchange, the Owner hereby certifies that:

  

  

  (1)          EXCHANGE OF RESTRICTED
      DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE

  

  

  (a)    ☐      CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE.  In connection with the Exchange of the Owner’s
      beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without
      transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act
      and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States of America.

  

  

  (b)    ☐      CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE.  In connection with the Exchange of the Owner’s beneficial interest in a
      Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer
      restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
      compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States of America.

  

  

  
    C-1

    
      

  

  (c)    ☐      CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE.  In connection with the Owner’s Exchange of a Restricted Definitive
      Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer
      restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
      compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States of America.

  

  

  (d)    ☐      CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE.  In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted
      Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to
      Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities
      Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States of America.

  

  

  (2)          EXCHANGE OF RESTRICTED
      DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES

  

  

  (a)    ☐      CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE.  In connection with the Exchange of the Owner’s beneficial interest in a
      Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer.  Upon consummation of the proposed
      Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the
      Indenture and the Securities Act.

  

  

  (b)    ☐      CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE.  In connection with the Exchange of the Owner’s Restricted Definitive Note
      for a beneficial interest in the [CHECK ONE]  144A Global Note  Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii)
      such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any
      state of the United States of America.  Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement
      Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

  

  

  
    C-2

    
      

  

  This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer.

  

  

  	 	
          [INSERT NAME OF TRANSFEROR]

        
	 	 	 
	 	
          By

        	 
	 	 	
          Name:

        
	 	 	
          Title:

        

  

  

  Dated: ________________

  
    C-3

    
      

  

  
  EXHIBIT D

  

  

  [FORM OF SUPPLEMENTAL INDENTURE TO BE

  DELIVERED ON THE ESCROW RELEASE DATE]

  

  

  Supplemental Indenture (this “Supplemental Indenture”),

    dated as of                 , among FTAI Infrastructure Inc., a Delaware corporation (the “Issuer”), the guarantors party hereto (the “Guarantors”) and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”)
    and as notes collateral agent (the “Notes Collateral Agent”).

  

  

  W I T N E S S E T H

  

  

   

  WHEREAS, FTAI Infra Escrow Holdings, LLC, a Delaware limited liability company (the “Escrow Issuer”), the Trustee and the Notes Collateral Agent have heretofore executed and delivered an indenture dated as of July 7, 2022 (as amended, supplemented or otherwise modified from time to time, the “Initial Indenture”), providing for the issuance of an unlimited aggregate principal amount of 10.500% Senior Secured Notes due 2027 (the “Notes”).

  

  

  WHEREAS, as of the Escrow Release Date (as defined in the Initial Indenture), the Escrow Issuer has merged with and into the Issuer, with the
    Issuer surviving, assuming and succeeding the obligations of the Escrow Issuer by operation of law, including the obligations of the Escrow Issuer under the Notes and the Indenture;

  

  

  WHEREAS, the Initial Indenture permits each of the foregoing the transactions (including, without limitation, the merger of the Escrow Issuer
    with and into the Issuer), provided that, on the consummation of the merger on the Escrow Release Date, the Issuer and the Guarantors shall execute and deliver to the Trustee a supplemental indenture pursuant to which (x) the Issuer shall expressly and
    unconditionally assume the Escrow Issuer’s obligations under the Notes and the Initial Indenture and (y) each of the Guarantors shall expressly and unconditionally guarantee, on a joint and several basis, all of the Escrow Issuer’s obligations (as
    assumed by the Issuer) under the Notes and the Initial Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and

  

  

  WHEREAS, Section 9.01 of the Initial Indenture provides that, among other things, the Escrow Issuer, the Guarantors, the Trustee and the
    Notes Collateral Agent may amend or supplement the Initial Indenture without the consent of any Holder of the Notes.

  

  

  NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
    the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

  

  

  (1)          Capitalized Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Initial Indenture.

  

  

  
    D-1

    
      

  

  (2)          Agreement to be Bound; Guarantee.

  

  

  (a)          On the
      merger of the Escrow Issuer with and into the Issuer on the Escrow Release Date, the Issuer hereby agrees to unconditionally assume the Escrow Issuer’s obligations with respect to the Notes and the Initial Indenture and to be bound by all other
      applicable provisions of the Notes and the Initial Indenture and to perform all of the obligations and agreements of the “Issuer” under the Notes and the Initial Indenture as if it was in effect with respect to the Issuer since the Escrow Release
      Date.

  

  

  (b)          Each
      Guarantor by executing this Supplemental Indenture agrees to be a Guarantor (as defined in the Initial Indenture referred to above) under the Indenture for all purposes thereof and as such will have all of the rights and be subject to all of the
      obligations and agreements of a “Guarantor” under the Indenture, including but not limited to the obligations and agreements in Article X thereof.

  

  

  (3)          Governing Law.  THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF
      TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

  

  

  (4)          Counterparts.  This Supplemental Indenture may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an
      original and all of which together shall constitute one and the same instrument.  Any signature to this Supplemental Indenture may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. Federal
      ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest
      extent permitted by applicable law. Each of the parties hereto represents and warrants to the other parties that it has the corporate or other capacity and authority to execute this Supplemental Indenture through electronic means and there are no
      restrictions for doing so in that party’s constitutive documents.

  

  

  (5)          Effect of Headings.  The Section headings herein are for convenience of reference only, and are not to be considered part of this Supplemental Indenture and shall in no way modify or
      restrict any of the terms or provisions.

  

  

  (6)          The Trustee and the Notes Collateral Agent.  Neither the Trustee nor the Notes Collateral Agent shall be responsible in any manner whatsoever for or in respect of the validity or
      sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuer and the Guarantors.

  

  

  (7)          Effectiveness of Supplemental Indenture.  This Supplemental Indenture shall become effective immediately upon its execution and delivery by the Issuer, the Guarantors, the Trustee and the
      Notes Collateral Agent.

  

  

  (8)          Benefits Acknowledged.  The Guarantors’ Guarantees are subject to the terms and conditions set forth in the Initial Indenture.  The Issuer acknowledges that it will receive direct and
      indirect benefits from the financing arrangements contemplated by the Initial Indenture and this Supplemental indenture and that the assumption made by it pursuant to this Supplemental Indenture is knowingly made in contemplation of such benefits. 
      Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Initial Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this
      Guarantee are knowingly made in contemplation of such benefits.

  

  

  (9)          Ratification of Initial Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Initial Indenture is in all respects ratified and confirmed, and all
      the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Initial Indenture for all purposes, and each Holder of Notes heretofore or hereafter authenticated and delivered
      shall be bound hereby and entitled to the benefits hereof.

  

  

  
    D-2

    
      

  

  IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

  

  

  	 	
          FTAI INFRASTRUCTURE INC.

        
	 	 	 
	 	
          By

        	 
	 	 	
          Name:

        
	 	 	
          Title:

        
	 	 	 
	 	 	 
	 	
          [GUARANTORS]

        
	 	 	 
	 	
          By

        	 
	 	 	
          Name:

        
	 	 	
          Title:

        

  

  

  

  

  
    D-3

    
      

  

  

  

  	 	
          U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee and as Notes Collateral Agent

        
	 	 	 
	 	
          By

        	 
	 	 	
          Name:

        
	 	 	
          Title:

        

  

  

  
    D-4

    
      

  

  
  EXHIBIT E

  

  

  [FORM OF SUPPLEMENTAL INDENTURE TO BE

  DELIVERED BY SUBSEQUENT GUARANTORS]

  

  

   

  Supplemental Indenture (this “Supplemental Indenture”),

    dated as of                 , among                (the “Guaranteeing Subsidiary”), an affiliate of FTAI Infrastructure Inc., a Delaware corporation (the “Issuer”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”)

    and as notes collateral agent (the “Notes Collateral Agent”).

  

  

  W I T N E S S E T H

  

  

   

  WHEREAS, the Issuer has heretofore executed and delivered to the Trustee and the Notes Collateral Agent an indenture, dated as of July 7,
    2022 (as amended, supplemented or otherwise modified from time to time, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount
    of Senior Secured Notes due 2027 (the “Notes”);

  

  

  WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee and the
    Notes Collateral Agent a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the
    Indenture (the “Guarantee”); and

  

  

  WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee and the Notes Collateral Agent is authorized to execute and deliver this
    Supplemental Indenture.

  

  

  NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
    the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

  

  

  (1)          Capitalized Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

  

  

  (2)          Agreement to be Bound; Guarantee.  Each Guaranteeing Subsidiary by executing this Supplemental Indenture agrees to be a Guarantor (as defined in the Indenture referred to above) under the
      Indenture for all purposes thereof and as such will have all of the rights and be subject to all of the obligations and agreements of a “Guarantor” under the Indenture, including but not limited to the obligations and agreements in Article X thereof.

  

  

  (3)          Governing Law.  THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF
      TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

  

  

  (4)          Counterparts.  This Supplemental Indenture may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an
      original and all of which together shall constitute one and the same instrument.  Any signature to this Supplemental Indenture may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. Federal
      ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest
      extent permitted by applicable law. Each of the parties hereto represents and warrants to the other parties that it has the corporate or other capacity and authority to execute this Supplemental Indenture through electronic means and there are no
      restrictions for doing so in that party’s constitutive documents.

  

  

  
    E-1

    
      

  

  (5)          Effect of Headings.  The Section headings herein are for convenience of reference only, and are not to be considered part of this Supplemental Indenture and shall in no way modify or
      restrict any of the terms or provisions.

  

  

  (6)          The Trustee and the Notes Collateral Agent.  Neither Trustee nor the Notes Collateral Agent shall be responsible in any manner whatsoever for or in respect of the validity or sufficiency
      of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary.

  

  

  (7)          Benefits Acknowledged.  The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture.  The Guaranteeing Subsidiary acknowledges that it will
      receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such
      benefits.

  

  

  (8)          Ratification of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed, and all the terms,
      conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Indenture for all purposes, and each Holder of Notes heretofore or hereafter authenticated and delivered shall be bound
      hereby and entitled to the benefits hereof.

  

  

  IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

  

  

  

  

  	 	
          [GUARANTEEING SUBSIDIARY]

        
	 	 	 
	 	
          By

        	 
	 	 	
          Name:

        
	 	 	
          Title:

        

  

  

  
    E-2

    
      

  

  

  

  	 	
          U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee and as Notes Collateral Agent

        
	 	 	 
	 	
          By

        	 
	 	 	
          Name:

        
	 	 	
          Title:

        

  

  

  E-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]