Document:

exv10w1

 

Exhibit 10.1

EXECUTION VERSION

 
 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

dated as of

October 25, 2006

among

RANGE RESOURCES CORPORATION,

as Borrower

CERTAIN SUBSIDIARIES OF BORROWER,

as Guarantors

The Lenders Party Hereto

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

J.P. MORGAN SECURITIES INC.,

as Sole Bookrunner and Lead Arranger

$800,000,000 Senior Secured Revolving Credit Facility

 
 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	Section 1.01. Defined Terms
	 	 	1	 
	Section 1.02. Types of Loans and Borrowings
	 	 	24	 
	Section 1.03. Terms Generally
	 	 	24	 
	Section 1.04. Accounting Terms; GAAP
	 	 	24	 
	Section 1.05. Oil and Gas Definitions
	 	 	24	 
	Section 1.06. Time of Day
	 	 	25	 
	 
	 	 	 	 
	ARTICLE II THE CREDITS
	 	 	25	 
	 
	 	 	 	 
	Section 2.01. Commitments
	 	 	25	 
	Section 2.02. Termination and Reduction of the Aggregate Commitment
	 	 	25	 
	Section 2.03. Increases in the Aggregate Commitment
	 	 	26	 
	Section 2.04. Loans and Borrowings
	 	 	27	 
	Section 2.05. Requests for Borrowings
	 	 	28	 
	Section 2.06. Reserved
	 	 	28	 
	Section 2.07. Letters of Credit
	 	 	28	 
	Section 2.08. Funding of Borrowings
	 	 	32	 
	Section 2.09. Interest Elections
	 	 	33	 
	Section 2.10. Repayment of Loans; Evidence of Debt
	 	 	34	 
	Section 2.11. Optional Prepayment of Loans
	 	 	35	 
	Section 2.12. Mandatory Prepayment of Loans
	 	 	35	 
	Section 2.13. Fees
	 	 	36	 
	Section 2.14. Interest
	 	 	37	 
	Section 2.15. Alternate Rate of Interest
	 	 	38	 
	Section 2.16. Increased Costs
	 	 	38	 
	Section 2.17. Break Funding Payments
	 	 	39	 
	Section 2.18. Taxes
	 	 	40	 
	Section 2.19. Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	 	 	41	 
	Section 2.20. Mitigation Obligations; Replacement of Lenders
	 	 	43	 
	 
	 	 	 	 
	ARTICLE III BORROWING BASE
	 	 	44	 
	 
	 	 	 	 
	Section 3.01. Reserve Report; Proposed Borrowing Base
	 	 	44	 
	Section 3.02. Scheduled Redeterminations of the Borrowing Base; Procedures and Standards
	 	 	45	 
	Section 3.03. Special Redeterminations
	 	 	46	 
	Section 3.04. Notice of Redetermination
	 	 	46	 
	 
	 	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES
	 	 	46	 
	 
	 	 	 	 
	Section 4.01. Organization; Powers
	 	 	46	 
	Section 4.02. Authorization; Enforceability
	 	 	46	 
	Section 4.03. Governmental Approvals; No Conflicts
	 	 	47	 

i

 

	 	 	 	 	 
	 	 	Page	 
	Section 4.04. Financial Condition; No Material Adverse Change
	 	 	47	 
	Section 4.05. Properties
	 	 	47	 
	Section 4.06. Litigation and Environmental Matters
	 	 	48	 
	Section 4.07. Compliance with Laws and Agreements
	 	 	48	 
	Section 4.08. Investment Company Status
	 	 	48	 
	Section 4.09. Taxes
	 	 	48	 
	Section 4.10. ERISA
	 	 	48	 
	Section 4.11. Disclosure
	 	 	49	 
	Section 4.12. Labor Matters
	 	 	49	 
	Section 4.13. Capitalization and Credit Party Information
	 	 	49	 
	Section 4.14. Margin Stock
	 	 	49	 
	Section 4.15. Oil and Gas Interests
	 	 	49	 
	Section 4.16. Insurance
	 	 	50	 
	Section 4.17. Solvency
	 	 	50	 
	 
	 	 	 	 
	ARTICLE V CONDITIONS
	 	 	51	 
	 
	 	 	 	 
	Section 5.01. Effective Date
	 	 	51	 
	Section 5.02. Each Credit Event
	 	 	52	 
	 
	 	 	 	 
	ARTICLE VI AFFIRMATIVE COVENANTS
	 	 	53	 
	 
	 	 	 	 
	Section 6.01. Financial Statements; Other Information
	 	 	53	 
	Section 6.02. Notices of Material Events
	 	 	55	 
	Section 6.03. Existence; Conduct of Business
	 	 	56	 
	Section 6.04. Payment of Obligations
	 	 	56	 
	Section 6.05. Maintenance of Properties; Insurance
	 	 	56	 
	Section 6.06. Books and Records; Inspection Rights
	 	 	56	 
	Section 6.07. Compliance with Laws
	 	 	57	 
	Section 6.08. Use of Proceeds and Letters of Credit
	 	 	57	 
	Section 6.09. Mortgages
	 	 	57	 
	Section 6.10. Title Data
	 	 	57	 
	Section 6.11. Swap Agreements
	 	 	57	 
	Section 6.12. Operation of Oil and Gas Interests
	 	 	58	 
	Section 6.13. Restricted Subsidiaries
	 	 	58	 
	Section 6.14. Pledged Equity Interests
	 	 	59	 
	 
	 	 	 	 
	ARTICLE VII NEGATIVE COVENANTS
	 	 	59	 
	 
	 	 	 	 
	Section 7.01. Indebtedness
	 	 	59	 
	Section 7.02. Liens
	 	 	60	 
	Section 7.03. Fundamental Changes
	 	 	61	 
	Section 7.04. Investments, Loans, Advances, Guarantees and Acquisitions
	 	 	62	 
	Section 7.05. Swap Agreements
	 	 	63	 
	Section 7.06. Restricted Payments
	 	 	63	 
	Section 7.07. Transactions with Affiliates
	 	 	64	 
	Section 7.08. Restrictive Agreements
	 	 	64	 
	Section 7.09. Disqualified Stock
	 	 	64	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	Section 7.10. Amendments to Organizational Documents
	 	 	64	 
	Section 7.11. Financial Covenants
	 	 	65	 
	Section 7.12. Sale and Leaseback Transactions and other Liabilities
	 	 	65	 
	Section 7.13. Modifications of Senior Subordinated Notes
	 	 	65	 
	 
	 	 	 	 
	ARTICLE VIII GUARANTEE OF OBLIGATIONS
	 	 	66	 
	 
	 	 	 	 
	Section 8.01. Guarantee of Payment
	 	 	66	 
	Section 8.02. Guarantee Absolute
	 	 	66	 
	Section 8.03. Guarantee Irrevocable
	 	 	66	 
	Section 8.04. Reinstatement
	 	 	67	 
	Section 8.05. Subrogation
	 	 	67	 
	Section 8.06. Subordination
	 	 	67	 
	Section 8.07. Payments Generally
	 	 	67	 
	Section 8.08. Setoff
	 	 	68	 
	Section 8.09. Formalities
	 	 	68	 
	Section 8.10. Limitations on Guarantee
	 	 	68	 
	 
	 	 	 	 
	ARTICLE IX EVENTS OF DEFAULT
	 	 	69	 
	 
	 	 	 	 
	ARTICLE X THE ADMINISTRATIVE AGENT
	 	 	71	 
	 
	 	 	 	 
	ARTICLE XI MISCELLANEOUS
	 	 	73	 
	 
	 	 	 	 
	Section 11.01. Notices
	 	 	73	 
	Section 11.02. Waivers; Amendments
	 	 	74	 
	Section 11.03. Expenses; Indemnity; Damage Waiver
	 	 	75	 
	Section 11.04. Successors and Assigns
	 	 	76	 
	Section 11.05. Survival
	 	 	79	 
	Section 11.06. Counterparts; Integration; Effectiveness
	 	 	80	 
	Section 11.07. Severability
	 	 	80	 
	Section 11.08. Right of Setoff
	 	 	80	 
	Section 11.09. GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS
	 	 	80	 
	Section 11.10. WAIVER OF JURY TRIAL
	 	 	81	 
	Section 11.11. Headings
	 	 	81	 
	Section 11.12. Confidentiality
	 	 	82	 
	Section 11.13. Interest Rate Limitation
	 	 	82	 
	Section 11.14. USA PATRIOT Act
	 	 	82	 
	Section 11.15. Original Credit Agreement
	 	 	83	 
	Section 11.16. Reaffirmation and Grant of Security Interest
	 	 	83	 
	Section 11.17. Reallocation of Aggregate Commitment
	 	 	83	 

SCHEDULES:

	 	 	 	 	 
	Schedule 2.01

	 	—
	 	Applicable Percentages and Initial Commitments
	Schedule 4.06

	 	—
	 	Disclosed Matters
	Schedule 4.13

	 	—
	 	Capitalization and Credit Party Information

iii

 

	 	 	 	 	 
	Schedule 7.01

	 	—
	 	Existing Indebtedness
	Schedule 7.02

	 	—
	 	Existing Liens
	Schedule 7.04

	 	—
	 	Existing Investments
	Schedule 7.07

	 	—
	 	Transactions with Affiliates
	Schedule 7.08

	 	—
	 	Existing Restrictions

EXHIBITS:

	 	 	 	 	 
	Exhibit A

	 	—
	 	Form of Assignment and Assumption
	Exhibit B

	 	—
	 	Form of Opinion of Borrower’s Counsel
	Exhibit C

	 	—
	 	Form of Counterpart Agreement
	Exhibit D

	 	—
	 	Form of Revolving Note

ii

 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT dated as of October 25, 2006, among RANGE RESOURCES
CORPORATION, as Borrower, CERTAIN SUBSIDIARIES OF BORROWER, as Guarantors, the LENDERS party
hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent.

The parties hereto agree as follows:

Article I

Definitions

     Section 1.01. Defined Terms. As used in this Agreement, the following terms have the
meanings specified below:

     “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” means, the acquisition by the Borrower or any Restricted
Subsidiary, whether by purchase, merger (and, in the case of a merger with any such Person,
with such Person being the surviving corporation) or otherwise, of all or substantially all
of the Equity Interest of, or the business, property or fixed assets of or business line or
unit or a division of, any other Person primarily engaged in the business of producing oil
or natural gas or the acquisition by the Borrower or any Restricted Subsidiary of property
or assets consisting of Oil and Gas Interests.

     “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any
Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16
of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory
Reserve Rate.

     “Administrative Agent” means JPMorgan Chase Bank, in its capacity as
contractual representative of the Lenders hereunder pursuant to Article X and not in its
individual capacity as a Lender, and any successor agent appointed pursuant to Article X.

     “Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Administrative Agent.

     “Advance Payment Contract” means any contract whereby any Credit Party either
(a) receives or becomes entitled to receive (either directly or indirectly) any payment (an
“Advance Payment”) to be applied toward payment of the purchase price of
Hydrocarbons produced or to be produced from Oil and Gas Interests owned by any Credit Party
and which Advance Payment is, or is to be, paid in advance of actual delivery of such
production to or for the account of the purchaser regardless of such production including
any volumetric production payments, or (b) grants an option or right of refusal to the
purchaser to take delivery of such production in lieu of payment, and, in

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — Page  1

 

either of the
foregoing instances, the Advance Payment is, or is to be, applied as payment
in full for such production when sold and delivered or is, or is to be, applied as
payment for a portion only of the purchase price thereof or of a percentage or share of such
production; provided that inclusion of the standard “take or pay” provision in any
gas sales or purchase contract or any other similar contract shall not, in and of itself,
constitute such contract as an Advance Payment Contract for the purposes hereof.

     “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.

     “Aggregate Commitment” means the amount equal to the lesser of (i) the Maximum
Facility Amount and (ii) the Borrowing Base; provided that the initial Aggregate
Commitment is $800,000,000. The Aggregate Commitment may be reduced or increased pursuant
to Section 2.02 and Section 2.03; provided that in no event shall the Aggregate
Commitment exceed the Borrowing Base. If at any time the Borrowing Base is reduced below
the Aggregate Commitment in effect prior to such reduction, the Aggregate Commitment shall
be reduced automatically to the amount of the Borrowing Base in effect at such time.

     “Aggregate Credit Exposure” means, as of any date of determination, the
aggregate amount of the Credit Exposure of all of the Lenders as of such date.

     “Agreement” means this Third Amended and Restated Credit Agreement, dated as of
October 25, 2006 as it may be amended, supplemented or otherwise modified from time to time.

     “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 and (b) the Federal Funds Effective
Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a
change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and
including the effective date of such change in the Prime Rate or the Federal Funds Effective
Rate, respectively.

     “Appalachia Properties” means, at any time, the Mortgaged Properties owned by
Borrower or any of its Subsidiaries and located in Ohio, Pennsylvania, West Virginia, New
York, Virginia or any other state specified by the Borrower and acceptable to the
Administrative Agent.

     “Applicable Percentage” means, with respect to any Lender at any time, the
percentage of the Aggregate Commitment represented by such Lender’s Commitment at such time.
The initial amount of each Lender’s Applicable Percentage is as set forth on Schedule 2.01.
If the Aggregate Commitment has terminated or expired, the Applicable Percentages shall be
determined based upon the Aggregate Commitment most recently in effect, giving effect to any
subsequent assignments.

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — Page  2

 

     “Applicable Rate” means, for any day, with respect to any ABR Loan or
Eurodollar Loan, or with respect to the Unused Commitment Fees payable hereunder, as
the case may be, the applicable rate per annum set forth below under the caption “ABR
Spread”, “Eurodollar Spread” or “Unused Commitment Fee Rate”, as the case may be, based upon
the Borrowing Base Usage applicable on such date:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Unused
	Borrowing	 	Eurodollar	 	 	 	 	 	Commitment
	Base Usage	 	Spread	 	ABR Spread	 	Fee Rate
	3 90%
	 	 	175 b.p.	 	 	 	50 b.p.	 	 	 	37.5 b.p.	 
	3 75% and < 90%
	 	 	150 b.p.	 	 	 	25 b.p.	 	 	 	35 b.p.	 
	3 50% and < 75%
	 	 	125 b.p.	 	 	 	0 b.p.	 	 	 	30 b.p.	 
	< 50%
	 	 	100 b.p.	 	 	 	0 b.p.	 	 	 	25 b.p.	 

Each change in the Applicable Rate shall apply during the period commencing on the
effective date of such change and ending on the date immediately preceding the effective
date of the next change.

     “Approved Counterparty” means, at any time and from time to time, (i) any
Person engaged in the business of writing Swap Agreements for commodity, interest rate or
currency risk that is acceptable to the Administrative Agent and has (or the credit support
provider of such Person has), at the time Borrower or any Restricted Subsidiary enters into
a Swap Agreement with such Person, a long term senior unsecured debt credit rating of BBB+
or better from S&P or Baa1 or better from Moody’s and (ii) any Lender Counterparty.

     “Approved Fund” has the meaning assigned to such term in Section 11.04.

     “Approved Petroleum Engineer” means DeGolyer and MacNaughton, H.J. Gruy and
Associates, Inc., Wright and Company, Inc., or one or more other reputable firms of
independent petroleum engineers selected by the Borrower and approved by the Administrative
Agent, which approval shall not be unreasonably withheld or delayed.

     “Arranger” means J.P. Morgan Securities Inc. in its capacity as sole bookrunner
and lead arranger.

     “Assignment and Assumption” means an assignment and assumption entered into by
a Lender and an Eligible Assignee, and accepted by the Administrative Agent, in the form of
Exhibit A or any other form approved by the Administrative Agent.

     “Availability Period” means the period from and including the Effective Date to
but excluding the earlier of the Maturity Date and the date of termination of the Aggregate
Commitment.

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — Page  3

 

     “Board” means the Board of Governors of the Federal Reserve System of the
United States of America.

     “Borrower” means Range Resources Corporation, a Delaware corporation, and its
successors and permitted assigns.

     “Borrower Materials” has the meaning assigned to such term in Section 6.01.

     “Borrowing” means Loans of the same Type, made, converted or continued on the
same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in
effect.

     “Borrowing Base” means, at any time an amount equal to the amount determined in
accordance with Section 3.01, as the same may be redetermined, adjusted or reduced from time
to time pursuant to Section 3.02 and Section 3.03.

     “Borrowing Base Deficiency” means, as of any date, the amount, if any, by which
the Aggregate Credit Exposure on such date exceeds the Borrowing Base in effect on such
date; provided, that, for purposes of determining the existence and amount of any
Borrowing Base Deficiency, obligations under any Letter of Credit will not be deemed to be
outstanding to the extent such obligations are secured by cash in the manner contemplated by
Section 2.07(j).

     “Borrowing Base Properties” means all Oil and Gas Interests included in the
Reserve Report of the Borrower and the Restricted Subsidiaries and evaluated by the Lenders
for purposes of establishing the Borrowing Base.

     “Borrowing Base Usage” means, as of any date and for all purposes, the
quotient, expressed as a percentage, of (a) the Aggregate Credit Exposure as of such date,
divided by (b) the Borrowing Base as of such date.

     “Borrowing Request” means a request by the Borrower for a Borrowing in
accordance with Section 2.05.

     “Business Day” means any day that is not a Saturday, Sunday or other day on
which commercial banks in Chicago, Illinois or Dallas, Texas are authorized or required by
law to remain closed; provided that, when used in connection with a Eurodollar Loan,
the term “Business Day” shall also exclude any day on which banks are not open for
dealings in dollar deposits in the London interbank market.

     “Capital Lease Obligations” of any Person means the obligations of such Person
to pay rent or other amounts under any lease of (or other arrangement conveying the right to
use) real or personal property, or a combination thereof, which obligations are required to
be classified and accounted for as capital leases on a balance sheet of such Person under
GAAP, and the amount of such obligations shall be the capitalized amount thereof determined
in accordance with GAAP; provided that obligations with respect to usual and

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — Page  4

 

customary oil,
gas and mineral leases shall not be included as Capitalized Lease Obligations.

     “Cash Management Obligations” means, with respect to any Credit Party, any
obligations of such Credit Party owed to any Lender (or any Affiliate of any Lender) in
respect of treasury management arrangements, depositary or other cash management services.

     “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 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
2.16(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.

     “Change of 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 Securities and Exchange Commission
thereunder as in effect on the Effective Date) of Equity Interests representing more than
40% of the aggregate ordinary voting power represented by the issued and outstanding Equity
Interests of Borrower; or (b) occupation of a majority of the seats (other than vacant
seats) on the board of directors of Borrower by Persons who were neither (i) nominated by
the board of directors of Borrower nor (ii) appointed by directors so nominated.

     “Charges” has the meaning assigned to such term in Section 11.13.

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

     “Collateral” means all assets, whether now owned or hereafter acquired by any
Borrower or any other Credit Party, in which a Lien is granted or purported to be granted to
any Secured Party as security for any Obligation including any Borrowing Base Properties
located in Virginia and deemed subject to a Mortgage pursuant to the terms of this
Agreement.

     “Commitment” means, with respect to each Lender, the commitment of such Lender
to make Loans and to acquire participations in Letters of Credit hereunder, expressed as an
amount representing the maximum aggregate amount of such Lender’s Credit Exposure hereunder,
as such commitment may be (a) reduced or increased from time to time pursuant to Section
2.02 and Section 2.03, (b) reduced or increased from time to time as a result of changes in
the Borrowing Base pursuant to Article III and (c) reduced or increased from time to time
pursuant to assignments by or to such Lender pursuant to Section 11.04. The initial amount
of each Lender’s Commitment (which amount is such Lender’s Applicable Percentage of the
initial Aggregate Commitment) is

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — Page  5

 

set forth in Schedule 2.01, or in the Assignment and
Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable.

     “Consolidated Current Assets” means, as of any date of determination, the total
of (a) the consolidated current assets of the Borrower and the Consolidated Subsidiaries
determined in accordance with GAAP as of such date, plus, all Unused Commitments as
of such date, (b) less any non-cash assets required to be included in consolidated
current assets of the Borrower and the Consolidated Subsidiaries as a result of the
application of FASB Statement 133 as of such date.

     “Consolidated Current Liabilities” means, as of any date of determination, the
total of (a) consolidated current liabilities of the Borrower and the Consolidated
Subsidiaries, as determined in accordance with GAAP as of such date, (b) less
current maturities of the Loans and the Senior Subordinated Notes, (c) less any
non-cash obligations required to be included in consolidated current liabilities of the
Borrower and the Consolidated Subsidiaries as a result of the application of FASB Statement
133 as of such date.

     “Consolidated Current Ratio” means, as of any date of determination, the ratio
of Consolidated Current Assets to Consolidated Current Liabilities as of such date.

     “Consolidated EBITDAX” means, with respect to the Borrower and its Consolidated
Subsidiaries for any period, Consolidated Net Income for such period; plus, without
duplication and to the extent deducted in the calculation of Consolidated Net Income for
such period, the sum of (a) income or franchise Taxes paid or accrued; (b) Consolidated
Interest Expense; (c) amortization, depletion and depreciation expense; (d) any non-cash
losses or charges resulting from the application of FASB Statements 121, 133 or 143 for that
period; (e) oil and gas exploration expenses (including all drilling, completion, geological
and geophysical costs) for such period; (f) losses from sales or other dispositions of
assets (other than Hydrocarbons produced in the ordinary course of business) and other
extraordinary or non-recurring losses; (g) cash payments made during such period as a result
of the early termination of any Swap Agreement (giving effect to any netting agreements);
and (h) other non-cash charges (excluding accruals for cash expenses made in the ordinary
course of business); minus, to the extent included in the calculation of Consolidated Net
Income for such period; (j) the sum of (i) any non-cash gains resulting from the application
of FASB Statements 121, 133 or 143 for that period; (ii) extraordinary or non-recurring
gains; and (iii) gains from sales or other dispositions of assets (other than Hydrocarbons
produced in the ordinary course of business); provided that, with respect to the
determination of Borrower’s compliance with the leverage ratio set forth in Section 7.11(b)
for any period, Consolidated EBITDAX shall be adjusted to give effect, on a pro forma basis,
to any Acquisitions made during such period as if such Acquisitions were made at the
beginning of such period.

     “Consolidated Funded Indebtedness” means, as of any date and without
duplication, Indebtedness of the Borrower and the Restricted Subsidiaries of the type
described in clauses (a, excluding Indebtedness consisting of deposits and advances), (b),

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — Page  6

 

(c), (e), (g, to the extent any such Guarantees are Guarantees of Indebtedness that is
otherwise Consolidated Funded Indebtedness) or (h) of the definition of Indebtedness.

     “Consolidated Interest Expense” means for any period, without duplication, the
aggregate of all interest paid or accrued by the Borrower and its Consolidated Subsidiaries,
on a consolidated basis, in respect of Indebtedness of any such Person, on a consolidated
basis, including all interest, fees and costs payable with respect to the obligations
related to such Indebtedness (other than fees and costs which may be capitalized as
transaction costs in accordance with GAAP) and the interest component of Capitalized Lease
Obligations, all as determined in accordance with GAAP.

     “Consolidated Net Income” means for any period, the consolidated net income (or
loss) of the Borrower and its Consolidated Subsidiaries, as applicable, determined on a
consolidated basis in accordance with GAAP; provided that there shall be excluded
(a) the income (or deficit) of any Person accrued prior to the date it becomes a
Consolidated Subsidiary of the Borrower, or is merged into or consolidated with the Borrower
or any of its Consolidated Subsidiaries, as applicable, (b) the income (or deficit) any
Person in which any other Person (other than the Borrower or any of its Restricted
Subsidiaries) has an Equity Interest, except to the extent of the amount of dividends and
other distributions actually paid to the Borrower or any of its Restricted Subsidiaries
during such period and and (c) the undistributed earnings of any Consolidated Subsidiary of
the Borrower, to the extent that the declaration or payment of dividends or similar
distributions by such Consolidated Subsidiary is not at the time permitted by the terms of
any contractual obligation (other than under any Loan Document or the Indenture) or by any
law applicable to such Consolidated Subsidiary.

     “Consolidated Subsidiaries” means, for any Person, any Subsidiary or other
entity the accounts of which would be consolidated with those of such Person in its
consolidated financial statements in accordance with GAAP.

     “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.

     “Counterpart Agreement” means a Counterpart Agreement substantially in the form
of Exhibit C delivered by a Guarantor pursuant to Section 6.13.

     “Credit Exposure” means, with respect to any Lender at any time, the sum of the
outstanding principal amount of such Lender’s Loans and its LC Exposure at such time.

     “Credit Parties” means collectively, Borrower, and each Guarantor and each
individually, a “Credit Party”.

     “Crude Oil” means all crude oil and condensate.

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     “Deep Participation Rights” means the right of Marbel to participate in the
drilling or deepening of certain wells located in a specified area of Ohio pursuant to
Section 6.09 of that certain Purchase and Sale Agreement dated June 1, 2004, providing for
the acquisition by the Borrower of all of the outstanding membership interests of
GLEP not already indirectly owned by the Borrower as in effect on the Original
Effective Date.

     “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.

     “Defaulting Lender” means any Lender that (a) has failed to fund any portion of
the Loans or participations in LC Disbursements required to be funded by it hereunder within
one Business Day of the date required to be funded by it hereunder, (b) has otherwise failed
to pay over to the Administrative Agent or any other Lender any other amount required to be
paid by it hereunder within one Business Day of the date when due, unless the subject of a
good faith dispute, or (c) has been deemed insolvent or become the subject of a bankruptcy
or insolvency proceeding.

     “Disclosed Matters” means the actions, suits and proceedings and the
environmental matters disclosed in Schedule 4.06.

     “Disqualified Stock” means any Equity Interest, which, by its terms (or by the
terms of any security into which it is convertible or for which it is exchangeable), or upon
the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or is redeemable at the sole option of the holder thereof, in whole
or in part, on or prior to the Maturity Date.

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

     “Domestic Subsidiary” means, with respect to any Person, a subsidiary of such
Person that is incorporated or formed under the laws of the United States of America, any
state thereof or the District of Columbia.

     “Effective Date” means the date on which the conditions specified in Section
5.01 are satisfied (or waived in accordance with Section 11.02).

     “Eligible Assignee” means any Person that qualifies as an assignee pursuant to
Section 11.04(b)(i); provided that notwithstanding the foregoing, “Eligible
Assignee” shall not include the Borrower or any of the Borrower’s Affiliates or
Subsidiaries.

     “Engineered Value” means, the value attributed to the Borrowing Base Properties
for purposes of the most recent Redetermination of the Borrowing Base pursuant to Article
III (or for purposes of determining the Initial Borrowing Base in the event no such
Redetermination has occurred), based upon the discounted present value of the estimated

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net
cash flow to be realized from the production of Hydrocarbons from the Borrowing Base
Properties as set forth in the Reserve Report.

     “Environmental Laws” means all laws, rules, regulations, codes, ordinances,
orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated
or entered into by any Governmental Authority, relating in any way to the
environment, preservation or reclamation of natural resources, the management, release
or threatened release of any Hazardous Material or to health and safety matters.

     “Environmental Liability” means any liability, contingent or otherwise
(including any liability for damages, costs of environmental remediation, fines, penalties
or indemnities), of any Credit Party directly or indirectly resulting from or based upon (a)
violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous
Materials, (d) the release or threatened release of any Hazardous Materials into the
environment or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing.

     “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
from time to time.

     “ERISA Affiliate” means any trade or business (whether or not incorporated)
that, together with any Credit Party, is treated as a single employer under Section 414(b)
or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the
Code, is treated as a single employer under Section 414 of the Code.

     “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 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 existence with respect to any Plan of an
“accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of
ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or
Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with
respect to any Plan; (d) the incurrence by any Credit Party or any of its ERISA Affiliates
of any liability under Title IV of ERISA with respect to the termination of any Plan; (e)
the receipt by any Credit Party 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; (f) the incurrence by any Credit Party or any of its ERISA
Affiliates of any liability with respect to the withdrawal or partial withdrawal from any
Plan or Multiemployer Plan; or (g) the receipt by any Credit Party or any ERISA Affiliate of
any notice, or the receipt by any Multiemployer Plan from any Credit Party or any ERISA
Affiliate of any notice, concerning the

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imposition of Withdrawal Liability or a
determination that a Multiemployer Plan is, or is expected to be, insolvent or in
reorganization, within the meaning of Title IV of ERISA.

     “Eurodollar”, 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 Adjusted LIBO Rate.

     “Event of Default” has the meaning assigned to such term in Article IX.

     “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 hereunder, (a) income or franchise taxes imposed on (or measured
by) its net income by the United States of America, or by the jurisdiction under the laws
of which such recipient is organized or in which its principal office is located or, in the
case of any Lender, in which its applicable lending office is located, (b) any branch
profits taxes imposed by the United States of America or any similar tax imposed by any
other jurisdiction in which the Borrower is located and (c) in the case of a Foreign Lender
(other than an assignee pursuant to a request by the Borrower under Section 2.20(b)), any
withholding tax that is imposed on amounts payable to such Foreign Lender at the time such
Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is
attributable to such Foreign Lender’s failure to comply with Section 2.18(e), except to the
extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of
designation of a new lending office (or assignment), to receive additional amounts from the
Borrower with respect to such withholding tax pursuant to Section 2.18(a).

     “Existing Swap Agreements” means any Swap Agreements entered into between the
Borrower or any Guarantor and any Lender Counterparty prior to the Effective Date and in
effect on the Effective Date.

     “FASB” means Financial Accounting Standards Board.

     “Federal Funds Effective Rate” means, for any day, the weighted average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by Federal funds
brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New
York, or, if such rate is not so published for any day that is a Business Day, the average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for
such transactions received by the Administrative Agent from three Federal funds brokers of
recognized standing selected by it.

     “Foreign Lender” means any Lender that is organized under the laws of a
jurisdiction other than that in which any Credit Party is located. For purposes of this
definition, the United States of America, each State thereof and the District of Columbia
shall be deemed to constitute a single jurisdiction.

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     “GAAP” means generally accepted accounting principles in the United States of
America.

     “Gas Balancing Agreement” means any agreement or arrangement whereby the
Borrower or any Restricted Subsidiary, or any other party having an interest in any
Hydrocarbons to be produced from Oil and Gas Interests in which the Borrower or any
Restricted Subsidiary owns an interest, has a right to take more than its proportionate
share of production therefrom.

     “GLEP” means Great Lakes Energy Partners, L.L.C., a Delaware limited liability
company and its successors and permitted assigns.

     “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
properly exercising executive, legislative, judicial, taxing, regulatory or administrative
powers or functions of or pertaining to government.

     “Guarantee” of or by any Person (in this definition, the “guarantor”)
means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the
economic effect of guaranteeing any Indebtedness or other obligation of any other Person
(the “primary obligor”) in any manner, whether directly or indirectly, and including
any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or
supply funds for the purchase or payment of) such Indebtedness or other obligation or to
purchase (or to advance or supply funds for the purchase of) any security for the payment
thereof, (b) to purchase or lease property, securities or services for the purpose of
assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to
maintain working capital, equity capital or any other financial statement condition or
liquidity of the primary obligor so as to enable the primary obligor to pay such
Indebtedness or other obligation or (d) as an account party in respect of any letter of
credit or letter of guaranty issued to support such Indebtedness or obligation;
provided, that the term Guarantee shall not include endorsements for collection or
deposit in the ordinary course of business.

     “Guaranteed Liabilities” has the meaning assigned to such term in Section 8.01.

     “Guarantor” means each Restricted Subsidiary that is a party hereto or
hereafter executes and delivers to the Administrative Agent and the Lenders, a Counterpart
Agreement pursuant to Section 6.13 or otherwise.

     “Hazardous Materials” means all explosive or radioactive substances or wastes
and all hazardous or toxic substances, wastes or other pollutants, including petroleum or
petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature
regulated pursuant to any Environmental Law.

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     “Hydrocarbons” means all Crude Oil and Natural Gas produced from or
attributable to the Oil and Gas Interests of the Credit Parties.

     “Increased Commitment Date” has the meaning assigned to such term in Section
2.03.

     “Indebtedness” of any Person means, without duplication, (a) all obligations of
such Person for borrowed money or with respect to deposits or advances of any kind, (b) all
obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c)
all obligations of such Person upon which interest charges are paid
(excluding accounts payable incurred in the ordinary course of business, contingent
obligations as a non-operator under oil and gas operating agreements and contingent
obligations under standard and customary provisions of gas sale contracts for make-up
volumes on sales of natural gas), (d) all obligations of such Person under conditional sale
or other title retention agreements relating to property acquired by such Person, (e) all
obligations of such Person in respect of the deferred purchase price of property or services
(excluding current accounts payable incurred in the ordinary course of business), (f) all
Indebtedness of others secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any Lien on property owned or
acquired by such Person, whether or not the Indebtedness secured thereby has been assumed,
(g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease
Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as
an account party in respect of letters of credit and letters of guaranty and (j) all
obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances.
The Indebtedness of any Person shall include the Indebtedness of any other entity (including
any partnership in which such Person is a general partner) to the extent such Person is
liable therefor as a result of such Person’s ownership interest in or other relationship
with such entity, except to the extent the terms of such Indebtedness provide that such
Person is not liable therefor.

     “Indemnified Taxes” means Taxes other than Excluded Taxes.

     “Indemnitee” has the meaning assigned to such term in Section 11.03.

     “Indenture” means, collectively, (i) that certain Indenture dated as of July
21, 2003, by and between the Borrower, as issuer, certain of its Subsidiaries, as
guarantors, and JPMorgan Chase Bank, N.A. (successor to Bank One, N.A.), as trustee,
pursuant to which the Borrower issued the Senior Subordinated Notes, as amended and
supplemented by that certain Supplemental Indenture dated as of June 22, 2004 and as further
amended and supplemented from time to time as permitted under the terms thereof, (ii) that
certain Indenture dated March 9, 2005, among the Borrower, as issuer, certain of its
Subsidiaries, as guarantors, and J.P. Morgan Trust Company, National Association, as amended
or supplemented from time to time as permitted under the terms hereof, and (iii) that
certain Indenture dated May 23, 2006, among the Borrower, as issuer, certain of its
Subsidiaries, as guarantors, and J. P. Morgan Trust Company, National Association, as
amended or supplemented from time to time as permitted under the terms hereof.

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     “Information” has the meaning assigned to such term in Section 11.12.

     “Initial Borrowing Base” has the meaning assigned to such term in Section 3.01.

     “Interest Election Request” means a request by the Borrower to convert or
continue a Borrowing in accordance with Section 2.09.

     “Interest Payment Date” means (a) with respect to any ABR Loan, the last day of
each calendar month and (b) with respect to any Eurodollar 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 Eurodollar Borrowing with an Interest Period of more than three months’ duration,
each day prior to the last day of such Interest Period that occurs at intervals of three
months’ duration after the first day of such Interest Period.

     “Interest Period” means with respect to any Eurodollar Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in
the calendar month that is one, two, three, six or, if at the date of such election a twelve
month placement is available, 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 and (b) any Interest Period
pertaining to a Eurodollar 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. 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.

     “Issuing Bank” means JPMorgan Chase Bank, in its capacity as the issuer of
Letters of Credit hereunder, and its successors in such capacity as provided in Section
2.07(i). 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.

     “JPMorgan Chase Bank” and “JPMorgan Chase Bank, N.A.” means JPMorgan
Chase Bank, N.A. and its successors.

     “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.

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     “Lender Counterparty” means any Lender or any Affiliate of a Lender
counterparty to a Swap Agreement with any Credit Party.

     “Lenders” means the Persons listed on Schedule 2.01 and any other 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.

     “Letter of Credit” means any letter of credit issued pursuant to this Agreement
and, to the extent outstanding on the Effective Date, any letter of credit issued under the
Original Credit Agreement and any renewals thereof.

     “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest
Period, the rate appearing on Page 3750 of the Moneyline Telerate Service (or on any
successor or substitute page of such Service, or any successor to or substitute for such
Service, providing rate quotations comparable to those currently provided on such page of
such Service, as determined by the Administrative Agent from time to time for purposes of
providing quotations of interest rates applicable to dollar deposits in the London interbank
market) at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, as the rate for dollar deposits with a maturity
comparable to such Interest Period. In the event that such rate is not available at such
time for any reason, then the “LIBO Rate” with respect to such Eurodollar Borrowing
for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a
maturity comparable to such Interest Period are offered by the principal London office of
the Administrative Agent in immediately available funds in the London interbank market at
approximately 11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period.

     “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b)
the interest of a vendor or a lessor under any conditional sale agreement, capital lease or
title retention agreement (or any financing lease having substantially the same economic
effect as any of the foregoing) relating to such asset and (c) in the case of securities,
any purchase option, call or similar right of a third party with respect to such securities.

     “Loan Documents” means this Agreement, any promissory notes executed in
connection herewith, the Security Instruments, the Letters of Credit (and any applications
therefor and reimbursement agreements related thereto), the Fee Letter and any other
agreements executed in connection with this Agreement.

     “Loans” means the loans made by the Lenders to the Borrower pursuant to this
Agreement.

     “Marbel” means Marbel Holdco, Inc., an Ohio corporation and its successors and
permitted assigns.

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     “Material Adverse Effect” means a material adverse effect on (a) the assets or
properties, financial condition, businesses or operations of the Borrower and its
Subsidiaries taken as a whole (it being understood that changes in commodity prices for
Hydrocarbons affecting the oil and gas industry as a whole shall not constitute a material
adverse effect), (b) the ability of the Credit Parties taken as a whole to carry out their
business as of the date of this Agreement or as proposed at the date of this Agreement to be
conducted, (c) the ability of the Credit Parties taken as a whole to perform fully and on a
timely basis their respective obligations under any of the Loan Documents to which
they are a party, or (d) the validity or enforceability of any of the Loan Documents or
the rights and remedies of the Administrative Agent or the Lenders under this Agreement and
the other Loan Documents.

     “Material Domestic Subsidiary” means any Domestic Subsidiary that (i) owns or
holds assets, properties or interests (including Oil and Gas Interests) with an aggregate
fair market value, on a consolidated basis, greater than five percent (5%) of the aggregate
fair market value of all of the assets, properties and interests (including Oil and Gas
Interests) of the Borrower and the Restricted Subsidiaries, on a consolidated basis.

     “Material Indebtedness” means Indebtedness (other than the Loans and Letters of
Credit), or obligations in respect of one or more Swap Agreements, of the Borrower or any
one or more of the Restricted Subsidiaries in an aggregate principal amount exceeding
$10,000,000. For purposes of determining Material Indebtedness, the “principal amount” of
the obligations of the Borrower or any Guarantor in respect of any Swap Agreement at any
time shall be the maximum aggregate amount (giving effect to any netting agreements) that
the Borrower or such Guarantor would be required to pay if such Swap Agreement were
terminated at such time.

     “Maturity Date” means October 25, 2011.

     “Maximum Facility Amount” means $1,200,000,000.

     “Maximum Liability” has the meaning assigned to such term in Section 8.10.

     “Maximum Rate” has the meaning assigned to such term in Section 11.13.

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

     “Mortgaged Properties” means the Oil and Gas Interests described in one or more
duly executed, delivered and filed Mortgages evidencing a Lien prior and superior in right
to any other Person in favor of the Administrative Agent for the benefit of the Secured
Parties and subject only to the Liens permitted pursuant to Section 7.02; provided that the
Borrowing Base Properties of any Credit Party located in Virginia shall be deemed subject to
an executed, delivered and filed Mortgage evidencing such Lien in favor of the
Administrative Agent so long as the Borrower and the Restricted Subsidiaries are in
compliance with Section 6.14 with respect to the Equity Interests of such Credit Party
owning such Virginia Borrowing Base Properties.

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     “Mortgages” means all mortgages, deeds of trust, amendments to mortgages,
security agreements, assignments of production, pledge agreements, collateral mortgages,
collateral chattel mortgages, collateral assignments, financing statements and other
documents, instruments and agreements evidencing, creating, perfecting or otherwise
establishing the Liens required by Section 6.09. All Mortgages shall be in form and
substance satisfactory to Administrative Agent in its sole discretion

     “Multiemployer Plan” means a multiemployer plan as defined in Section
4001(a)(3) of ERISA.

     “Natural Gas” means all natural gas, distillate or sulphur, natural gas liquids
and all products recovered in the processing of natural gas (other than condensate)
including, without limitation, natural gasoline, coalbed methane gas, casinghead gas,
iso-butane, normal butane, propane and ethane (including such methane allowable in
commercial ethane).

     “Net Cash Proceeds” means, with respect to the sale of Borrowing Base
Properties by the Borrower or any Restricted Subsidiary, the excess, if any, of (a) the sum
of cash and cash equivalents received in connection with such sale, but only as and when so
received, over (b) the sum of (i) the principal amount of any Indebtedness that is secured
by such asset and that is required to be repaid in connection with the sale thereof (other
than the Loans), (ii) the out-of-pocket expenses incurred by the Borrower or such Restricted
Subsidiary in connection with such sale, (iii) all legal, title and recording tax expense
and all federal, state, provincial, foreign and local taxes required to be accrued as a
liability under GAAP as a consequence of such sale, (iv) all distributions and other
payments required to be made to minority interest holders in Restricted Subsidiaries as a
result of such sale, (v) the deduction of appropriate amounts provided by the seller as a
reserve, in accordance with GAAP, against any liabilities associated with the property or
other assets disposed of in such sale and retained by the Borrower or any Restricted
Subsidiary after such sale, (vi) cash payments made to satisfy obligations resulting from
early termination of Swap Agreements in connection with or as a result of any such sale, and
(vii) any portion of the purchase price from such sale placed in escrow, whether as a
reserve for adjustment of the purchase price, for satisfaction of indemnities in respect of
such sale or otherwise in connection with such sale; provided however, that
upon the termination of that escrow, Net Cash Proceeds will be increased by any portion of
funds in the escrow that are released to the Borrower or any Restricted Subsidiary.

     “New Commitments” has the meaning assigned to such term in Section 2.03.

     “New Lender” has the meaning assigned to such term in Section 2.03.

     “Non-Consenting Lender” has the meaning assigned to such term in Section
2.20(c).

     “Obligations” means any and all obligations of every nature, contingent or
otherwise, whether now existing or hereafter arising, of any Credit Party from time to

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time owed to the Administrative Agent, the Issuing Bank, the Lenders or any of them or any Lender
Counterparty arising under or in connection with any Loan Document or Swap Agreement
(including, any and all Cash Management Obligations and any and all obligations, contingent
or otherwise, whether now existing or hereafter arising, of any Credit Party under any
Existing Swap Agreement and any and all obligations, contingent or otherwise, whether now
existing or hereafter arising, of any Credit Party with respect to any transactions under
any Swap Agreement with any Person that was a Lender Counterparty at the time such Credit
Party entered into such transactions regardless of
whether such Person is no longer a Lender Counterparty), whether for principal,
interest, reimbursement of amounts drawn under any Letter of Credit, payments for early
termination of Swap Agreements, funding indemnification amounts, fees, expenses,
indemnification or otherwise.

     “Off-Balance Sheet Liability” of a Person means (a) any repurchase obligation
or liability of such Person with respect to accounts or notes receivable sold by such
Person, (b) any liability under any Sale and Leaseback Transaction which is not a Capital
Lease Obligation, (c) any liability under any so-called “synthetic lease” transaction
entered into by such Person, or (d) any obligation arising with respect to any other
transaction which is the functional equivalent of or takes the place of borrowing but which
does not constitute a liability on the balance sheets of such Person, but excluding from the
foregoing clauses (c) and (d) operating leases, joint operating agreements, and usual and
customary oil, gas and mineral leases.

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

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     “Organizational Documents” means (a) with respect to any corporation, its
certificate or articles of incorporation or organization, as amended, and its by-laws, as
amended, (b) with respect to any limited partnership, its certificate of limited
partnership, as amended, and its partnership agreement, as amended, (c) with respect to any
general partnership, its partnership agreement, as amended, and (d) with respect to any
limited liability company, its certificate of formation or articles of organization, as
amended, and its limited liability company agreement or operating agreement, as amended.

     “Original Credit Agreement” means, that certain Second Amended and Restated
Credit Agreement dated June 23, 2004, among Borrower and GLEP, as borrowers, the lenders
from time to time a party thereto, and JPMorgan Chase Bank N.A. (successor by merger to Bank
One, N.A. (Illinois)), as administrative agent, as amended, supplemented or otherwise
modified from time to time prior to the Effective Date.

     “Original Effective Date” means the “Effective Date” as defined in the Original
Credit Agreement.

     “Original Loans” means the loans and other extensions of credit outstanding
under the Original Credit Agreement as of the Effective Date.

     “Other Taxes” means any and all present or future stamp or documentary taxes or
any other excise or property taxes, charges or similar levies arising from any payment made
hereunder or from the execution, delivery or enforcement of, or otherwise with respect to,
this Agreement.

     “Participant” has the meaning assigned to such term in Section 11.04.

     “Payment Currency” has the meaning assigned to such term in Section 8.07.

     “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined
in ERISA and any successor entity performing similar functions.

     “Permitted Encumbrances” means:

     (a) Liens imposed by law for Taxes that are not yet due or are being contested in
compliance with Section 6.04;

     (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like
Liens imposed by law, landlords’ liens, and contractual Liens granted to operators and
non-operators under oil and gas operating agreements, in each case, arising in the ordinary
course of business or incident to the exploration, development, operation and maintenance of
Oil and Gas Interests and securing obligations that are not overdue by more than 30 days or
are being contested in compliance with Section 6.04;

     (c) pledges and deposits made in the ordinary course of business in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations;

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     (d) deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like
nature, in each case in the ordinary course of business;

     (e) judgment liens in respect of judgments that do not constitute an Event of Default
under clause (k) of Article IX;

     (f) easements, zoning restrictions, rights-of-way, servitudes, permits, surface leases,
and similar encumbrances on real property imposed by law or arising in the ordinary course
of business that do not secure any monetary obligations and do not materially detract from
the value of the affected property or interfere with the ordinary conduct of business of any
Credit Party;

     (g) royalties, overriding royalties, reversionary interests, production payments, sales
contracts, and similar burdens with respect to the Oil and Gas Interests owned by the
Borrower or such Restricted Subsidiary, as the case may be, if the net cumulative effect of
such burdens does not operate to deprive the Borrower or any Restricted Subsidiary of any
material right in respect of its assets or properties (except for rights customarily granted
with respect to such interests);

     (h) Liens arising from Uniform Commercial Code financing statement filings and real
property record filings regarding operating leases entered into by the Borrower or any
Restricted Subsidiary in the ordinary course of business covering the property under the
lease;

     (i) routine operational agreements, preferential rights to purchase, and provisions
requiring a third party’s consent prior to assignment and similar restraints on alienation,
in each case, granted pursuant to an oil and gas operating agreement or lease and arising in
the ordinary course of business or incident to the exploration, development, operation and
maintenance of Oil and Gas Interests; provided such right, requirement or restraint does not
materially and adversely affect the value of such Oil and Gas Interests;

     (j) Liens arising pursuant to Section 9.343 of the Texas Uniform Commercial Code or
other similar statutory provisions of other states with respect to production purchased from
others; and

     (k) Liens (other than Liens on Collateral) that secure obligations under Swap
Agreements to Persons other than a Lender Counterparty.

provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness (other than contractual Liens described in the foregoing clause (b) granted to
operators and non-operators under oil and gas operating agreements and leases to the extent the
obligations secured by such Liens constitute Indebtedness).

     “Permitted Investments” means:

     (a) U.S. Government Securities;

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     (b) investments in demand and time deposit accounts, certificates of deposit and money
market deposits maturing within 180 days of the date of acquisition thereof issued by a bank
or trust company which is organized under the laws of the United States of America, any
State thereof or any foreign country recognized by the United States of America, and which
bank or trust company has capital, surplus and undivided profits aggregating in excess of
$50,000,000 (or the foreign currency equivalent thereof) and has
outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at
least one nationally recognized statistical rating organization (as defined in Rule 436
under the Securities Act of 1933, as amended) or any money-market fund sponsored by a
registered broker dealer or mutual fund distributor;

     (c) investments in deposits available for withdrawal on demand with any commercial bank
that is organized under the laws of any country in which the Borrower or any Restricted
Subsidiary maintains an office or is engaged in the oil and gas business;

     (d) repurchase obligations with a term of not more than 30 days for underlying
securities of the types described in clause (a) above entered into with a bank meeting the
qualifications described in clause (b) above;

     (e) investments in commercial paper, maturing not more than 90 days after the date of
acquisition, issued by a corporation (other than an Affiliate of the Borrower) organized and
in existence under the laws of the United States of America or any foreign country
recognized by the United States of America with a rating at the time as of which any
investment therein is made of “P-1” (or higher) according to Moody’s or “A-l” (or higher)
according to S&P;

     (f) investments in securities with maturities of six months or less from the date of
acquisition issued or fully guaranteed by any state, commonwealth or territory of the United
States of America, or by any political subdivision or taxing authority thereof, and rated at
least “A” by S&P or “A” by Moody’s; and

     (g) investments in money market funds that invest substantially all their assets in
securities of the types described in clauses (a) through (f) above

     “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 (other than a Multiemployer
Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section
302 of ERISA, and in respect of which any Credit Party or any ERISA Affiliate is (or, if
such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.

     “Platform” has the meaning assigned to such term in Section 6.01.

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     “Pledge Agreement” means a Pledge and Security Agreement in favor of the
Administrative Agent for the benefit of the Secured Parties covering, among other things,
the rights and interests of Borrower or any Restricted Subsidiary in the Equity Interest of
each Restricted Subsidiary and otherwise in form and substance satisfactory to the
Administrative Agent and the Required Lenders.

     “Prime Rate” means the rate of interest per annum publicly announced from time
to time by JPMorgan Chase Bank as its prime rate in effect at its principal office in
Chicago, Illinois, each change in the Prime Rate shall be effective from and including
the date such change is publicly announced as being effective.

     “Projections” means the Borrower’s forecasted (a) balance sheets, (b) profit
and loss statements, and (c) cash flow statements, all prepared on a basis consistent with
the historical financial statements described in Section 4.04 and after giving effect to the
Transactions, together with appropriate supporting details and a statement of underlying
assumptions, in each case in form and substance satisfactory to the Lenders.

     “Public Lender” has the meaning assigned to such term in Section 6.01.

     “Redetermination” means any Scheduled Redetermination or Special
Redetermination.

     “Redetermination Date” means (a) with respect to any Scheduled Redetermination,
on or about each April 1 and October 1 of each year, commencing April 1, 2007, and (b) with
respect to any Special Redetermination, the first day of the first month which is not less
than twenty (20) Business Days following the date of a request for, or the event giving rise
to, a Special Redetermination.

     “Register” has the meaning assigned to such term in Section 11.04.

     “Related Parties” means, with respect to any specified Person, such Person’s
Affiliates and the respective directors, officers, employees, agents and advisors of such
Person and such Person’s Affiliates.

     “Required Lenders” means, at any time, Lenders having Credit Exposures and
Unused Commitments representing at least fifty percent (50%) of the sum of the Aggregate
Credit Exposure and all Unused Commitments of all Lenders at such time or, if the Aggregate
Commitment has been terminated, Lenders having Credit Exposures representing at least fifty
percent (50%) of the Aggregate Credit Exposure of all Lenders at such time; provided
that the Commitment of and the Credit Exposures held or deemed held by any Defaulting Lender
shall be excluded for purposes of making a determination of the Required Lenders.

     “Reserve Report” means an unsuperseded engineering analysis of the Borrowing
Base Properties, in form and substance reasonably acceptable to the Administrative

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — Page  21

 

Agent,
prepared in accordance with ordinary, customary and prudent practices in the petroleum
engineering industry.

     “Responsible Officer” means the chief executive officer, president, vice
president (including without limitation any senior or executive vice president), chief
financial officer, principal accounting officer, treasurer or assistant treasurer of a
Credit Party. Any document delivered hereunder that is signed by a Responsible Officer of a
Credit Party shall be conclusively presumed to have been authorized by all necessary
corporate, partnership and/or other action on the part of such Credit Party and such
Responsible Officer shall be conclusively presumed to have acted on behalf of such Credit
Party.

     “Restricted Payment” means, collectively, (i) any dividend or other
distribution (whether in cash, securities or other property) with respect to any Equity
Interests in any Credit Party, or any payment (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any such Equity
Interests in any Credit Party or any option, warrant or other right to acquire any such
Equity Interests in any Credit Party and (ii) any payment or prepayment of principal of,
premium on, or redemption, purchase, retirement, defeasance (including in-substance or legal
defeasance) sinking fund or similar payment with respect to the Senior Subordinated Notes.

     “Restricted Subsidiary” means any Subsidiary that is not an Unrestricted
Subsidiary.

     “S&P” means Standard & Poor’s Ratings Group, a division of The McGraw Hill
Corporation.

     “Sale and Leaseback Transaction” means any sale or other transfer of any
property by any Person with the intent to lease such property as lessee.

     “Scheduled Redetermination” means any redetermination of the Borrowing Base
pursuant to Section 3.02.

     “Secured Party” means the Administrative Agent, any Lender and any Lender
Counterparty and shall include Lenders and Lender Counterparties to the extent that any
Obligations owing to such Persons were incurred while such Persons were Lenders or Lender
Counterparties.

     “Security Instruments” means collectively, all Guarantees of the Obligations
evidenced by the Loan Documents and all mortgages, security agreements, pledge agreements,
collateral assignments and other collateral documents covering the Oil and Gas Interests of
the Borrower and the Restricted Subsidiaries and the Equity Interests of the Restricted
Subsidiaries and other personal property, equipment, oil and gas inventory and proceeds of
the foregoing, all such documents to be in form and substance reasonably satisfactory to the
Administrative Agent.

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     “Senior Subordinated Notes” means (i) the 7 3/8% Senior Subordinated Notes due
2013, issued pursuant to the Indenture, (ii) the 6 3/8% Senior Subordinated Notes due 2015,
issued pursuant to the Indenture and (iii) the 7 1/2% Senior Subordinated Notes due 2016,
issued pursuant to the Indenture.

     “Special Redetermination” means any redetermination of the Borrowing Base made
pursuant to Section 3.03.

     “Statutory Reserve Rate” means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number one minus
the aggregate of the maximum reserve percentages (including any marginal, special, emergency
or supplemental reserves) expressed as a decimal established by the
Board to which the Administrative Agent is subject for eurocurrency funding (currently
referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve
percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans
shall be deemed to constitute eurocurrency funding and to be subject to such reserve
requirements without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to any Lender under such Regulation D or any comparable
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the
effective date of any change in any reserve percentage.

     “Subsidiary” means, with respect to any Person (the “parent”) at any
date, any corporation, limited liability company, partnership, association or other entity
(a) of which securities or other ownership interests representing more than 50% of the
equity or more than 50% of the ordinary voting power or, in the case of a partnership, more
than 50% of the general partnership interests are, as of such date, owned, controlled or
held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more
subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.
Unless the context otherwise clearly requires, references herein to a “Subsidiary” refer to
a Subsidiary of the Borrower.

     “Super Majority Lenders” means, at any time, Lenders having Credit Exposures
and Unused Commitments representing at least sixty-six and two-thirds percent (66 2/3%) of
the sum of the Aggregate Credit Exposure and all Unused Commitments of all Lenders at such
time or, if the Aggregate Commitment has been terminated, Lenders having Credit Exposures
representing at least sixty-six and two-thirds percent (66 2/3%) of the Aggregate Credit
Exposure of all Lenders at such time; provided that the Commitment of and the Credit
Exposures held or deemed held by any Defaulting Lender shall be excluded for purposes of
making a determination of the Super Majority Lenders.

     “Swap Agreement” means any agreement with respect to any swap, forward, future
or derivative transaction or option or similar agreement involving, or settled by reference
to, one or more rates, currencies, commodities, equity or debt instruments or securities, or
economic, financial or pricing indices or measures of economic, financial or pricing risk or
value or any similar transaction or any combination of these transactions; provided
that no phantom stock or similar plan providing for payments only on account

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of services
provided by current or former directors, officers, employees or consultants of the Credit
Parties shall be a Swap Agreement.

     “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

     “Transactions” means the (i) the execution, delivery and performance by the
Credit Parties of this Agreement and the Loan Documents, (ii) the borrowing of Loans, (iii)
the use of the proceeds thereof, and (iv) the issuance of Letters of Credit hereunder.

     “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 Adjusted LIBO Rate or the Alternate Base Rate.

     “Unrestricted Subsidiary” means (a) any Subsidiary that at the time of
determination shall be designated an Unrestricted Subsidiary by the Board of Directors of
the Borrower in the manner provided below and (b) any Subsidiary of an Unrestricted
Subsidiary. The Board of Directors of the Borrower may designate any Subsidiary (including
any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such
Subsidiary or any of its Subsidiaries is a Material Domestic Subsidiary or a Subsidiary
owning Oil and Gas Interests included in the Borrowing Base Properties.

     “Unused Commitment” means, with respect to each Lender at any time, such
Lender’s Commitment at such time minus such Lender’s Credit Exposure at such time.

     “Unused Commitment Fee” has the meaning assigned to such term in Section
2.13(a).

     “U.S. Government Securities” means direct obligations of, or obligations the
principal of and interest on which are unconditionally guaranteed by, the United States of
America (or by any agency thereof to the extent such obligations are backed by the full
faith and credit of the United States of America), in each case maturing within one year
from the date of acquisition thereof.

     “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
Part I of Subtitle E of Title IV of ERISA.

     Section 1.02. Types of Loans and Borrowings. For purposes of this Agreement, Loans
may be classified and referred to by Type (e.g., a “Eurodollar Loan”). Borrowings also may
be classified and referred to by Type (e.g., a “Eurodollar Borrowing”).

     Section 1.03. Terms Generally. 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”.

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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 or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) 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, (d) all references herein to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of,
and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

     Section 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein,
all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in
effect from time to time; provided that, if the Borrower notifies the Administrative Agent
that the Borrower requests an amendment to any provision hereof to eliminate the effect of any
change occurring after the date hereof in GAAP or in the application thereof on the operation of
such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders
request an amendment to any provision hereof for such purpose), regardless of whether any such
notice is given before or after such change in GAAP or in the application thereof, then such
provision shall be interpreted on the basis of GAAP as in effect and applied immediately before
such change shall have become effective until such notice shall have been withdrawn or such
provision amended in accordance herewith.

     Section 1.05. Oil and Gas Definitions. For purposes of this Agreement, the terms
“proved [or] proven reserves,” “proved developed reserves,” “proved [or] proven undeveloped
reserves,” “proved [or] proven developed nonproducing reserves” and “proved [or] proven developed
producing reserves,” have the meaning given such terms from time to time and at the time in
question by the Society of Petroleum Engineers of the American Institute of Mining Engineers.

     Section 1.06. Time of Day. Unless otherwise specified, all references to times of
day shall be references to Central time (daylight or standard, as applicable).

Article II

The Credits

     Section 2.01. Commitments. Subject to the terms and conditions set forth herein,
each Lender agrees to continue the Original Loans and to make Loans to the Borrower from time to
time during the Availability Period in an aggregate principal amount that will not result in (a)
such Lender’s Credit Exposure exceeding such Lender’s Commitment or (b) the Aggregate Credit
Exposure exceeding the Aggregate Commitment. Within the foregoing limits and subject

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to the terms
and conditions set forth herein, the Borrower may borrow, prepay and reborrow Loans.

     Section 2.02. Termination and Reduction of the Aggregate Commitment.

     (a) Unless previously terminated, the Aggregate Commitment shall terminate on the Maturity
Date.

     (b) The Borrower may at any time terminate, or from time to time reduce, the Aggregate
Commitment; provided that (i) each reduction of the Aggregate Commitment shall be in an
amount that is an integral multiple of $10,000,000, and (ii) the Borrower shall not terminate or
reduce the Aggregate Commitment if, after giving effect to any concurrent prepayment of the Loans
in accordance with Section 2.11 and Section 2.12, the Aggregate Credit Exposure would exceed the
Aggregate Commitment.

     (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce
the Aggregate Commitment under paragraph (b) of this Section at least three 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
shall be irrevocable; provided that a notice of termination of the Aggregate Commitment
delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other
credit facilities, in which case such notice may be revoked by the Borrower (by notice to the
Administrative Agent on or prior to the specified effective date) if such condition is not
satisfied. Any termination of the Aggregate Commitment shall be permanent. Each reduction of the
Aggregate Commitment shall be made ratably among the Lenders in accordance with their respective
Commitment.

     (d) With respect to any sale, transfer or disposition of Borrowing Base Properties (other than
sales, transfers or dispositions permitted under Section 7.03(a)(vi)), the Borrowing Base shall be
automatically reduced by an amount equal to the value assigned to such Borrowing Base Properties by
the Administrative Agent in connection with the most recent Redetermination of the Borrowing Base
preceding the date of such sale (or in connection with the determination of the Initial Borrowing
Base with respect to any sale occurring prior to the first Redetermination of the Borrowing Base).

     Section 2.03. Increases in the Aggregate Commitment. So long as no Default has
occurred and is continuing or would be caused by such increase, the Borrower may by written notice
to the Administrative Agent, elect to increase the existing Aggregate Commitment in a minimum
amount of $50,000,000 and integral multiples of $10,000,000 in excess of that amount (any such
increase, the “New Commitments”); provided that the amount of such increase
together with the existing Aggregate Commitment does not, in the aggregate, exceed the lesser of
(a) the Maximum Facility Amount, or (b) the Borrowing Base then in effect. Each such notice shall
specify the date (each an “Increased Commitment Date”) on which the Borrower proposes that
the New Commitments shall be effective, which shall be a date no less than 20 days after the date
on which such notice is delivered to the Administrative Agent. Within 5 days of such notice

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from
the Borrower, the Administrative Agent shall notify each Lender of the amount of the New
Commitments and each Lender’s allocation of the New Commitments based on each Lender’s Applicable
Percentage of the existing Aggregate Commitment. Within 10 days of such notice from the Borrower,
each Lender, in its sole discretion, may elect or decline to provide its allocation of the New
Commitments. In the event any Lender declines to provide its allocation of the New Commitments or
fails to respond within ten days of such notice, each Lender that has elected to provide its
allocation, in its sole discretion, may elect or decline to provide a portion of any other Lender’s
declined allocation in the same proportion that such Lender’s allocation bears to the aggregate
amount of the allocations of all Lenders electing to provide their respective allocations. In the
event the Lenders do not elect to provide all of the New Commitments, the Arranger and the
Administrative Agent shall, in consultation with the Borrower, use commercially reasonable efforts
to identify one or more Eligible Assignees to provide the New Commitments the existing Lenders have
declined to provide (each, a “New Lender”). Such New Commitments shall become effective as
of such Increased Commitment Date in an aggregate amount equal to the amount the Lenders and any
New Lenders have elected to provide as of such
date; provided that (1) no Default exists on such Increased Commitment Date before or
after giving effect to such New Commitments, (2) the Borrower and its Consolidated Subsidiaries are
in pro forma compliance with each of the financial covenants set forth in Section 7.11 as of the
last day of the most recently ended fiscal quarter of the Borrower after giving effect to such New
Commitments, (3) if any portion of the New Commitments are provided by a New Lender, the New
Commitments of such New Lender shall be effected pursuant to an Assignment and Assumption, (4) the
Borrower shall make any payments required pursuant to Section 2.13 in connection with the New
Commitments and (5) to the extent requested in writing, the Administrative Agent has received (i)
copies, certified by the secretary of the Borrower and each Guarantor, of their respective Board of
Directors’ resolutions and of resolutions or actions of any other body authorizing the increase in
the Aggregate Commitment and the confirmation and ratification of the Guarantees and all other Loan
Documents, (ii) a certificate, signed by a Responsible Officer, showing that before and after
giving effect to the New Commitments, no Default or Event of Default shall exist and the Borrower
is in compliance with all covenants in this Agreement and in pro forma compliance with the
financial covenants set forth in Section 7.11, (iii) copies of all governmental and nongovernmental
consents, approvals, authorizations, declarations, registrations or filings, if any, required on
the part of the Borrower or any Guarantor in connection with the New Commitments, certified as true
and correct in full force and effect as of the date of the increase by a duly authorized officer of
the Borrower, or if none are required, a certificate of such officer to that effect, (iv) evidence
satisfactory to the Administrative Agent that no event, change or circumstance shall have occurred
with respect to the Borrower and its Subsidiaries since the most recent financial statements
provided to the Lenders hereunder that could reasonably be expected to result in a Material Adverse
Effect and (v) such other documents and conditions as the Administrative Agent or its counsel may
have reasonably requested.

     (a) On any Increased Commitment Date on which New Commitments are effected, subject to the
satisfaction of the foregoing terms and conditions, (a) each of the Lenders shall assign to each of
the New Lenders, and each of the New Lenders shall purchase from each of the Lenders, at the
principal amount thereof (together with accrued interest), such interests in the

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Loans outstanding
on such Increased Commitment Date as shall be necessary in order that, after giving effect to all
such assignments and purchases, such Loans will be held by existing Lenders and New Lenders ratably
in accordance with their Commitments after giving effect to the addition of such New Commitments to
the Commitments, (b) each New Commitment shall be deemed for all purposes a Commitment and each
Loan made thereunder shall be deemed, for all purposes, a Loan and (c) each New Lender shall become
a Lender with respect to the New Commitment and all matters relating thereto.

     Section 2.04. Loans and Borrowings.

     (a) 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 of the Lenders are several and no Lender shall be responsible
for any other Lender’s failure to make Loans as required.

     (b) Subject to Section 2.15, each Borrowing shall be comprised entirely of ABR Loans or
Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its option may
make any Eurodollar 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 and the exercise
of such option would not, in and of itself, give rise to the obligation of Borrower to pay
Indemnified Taxes..

     (c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing
shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than
$5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate
amount that is an integral multiple of $500,000 and not less than $2,000,000; provided that
an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the
Aggregate Commitment or that is required to finance the reimbursement of an LC Disbursement as
contemplated by Section 2.07(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) Eurodollar
Borrowings outstanding.

     (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled
to request, or to elect to convert or continue, any Eurodollar Borrowing if the Interest Period
requested with respect thereto would end after the Maturity Date.

     Section 2.05. Requests for Borrowings. To request a Borrowing, the Borrower shall
notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar
Borrowing, not later than 11:00 a.m., three Business Days before the date of the proposed
Eurodollar Borrowing or (b) in the case of an ABR Borrowing, not later than 10:00 a.m. on the
Business Day of the proposed Borrowing. Each such telephonic Borrowing Request shall be
irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative
Agent of a written Borrowing Request in a form approved by the Administrative Agent and

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signed by
the Borrower. Each such telephonic and written Borrowing Request shall specify the following
information in compliance with Section 2.04:

     (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 Eurodollar Borrowing;

     (iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be
applicable thereto, which shall be a period contemplated by the definition of the term
“Interest Period”; and

     (v) the location and number of the Borrower’s account to which funds are to be
disbursed, which shall comply with the requirements of Section 2.08.

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 Eurodollar
Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. Promptly following receipt of a Borrowing Request in accordance with this Section, 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 2.06. Reserved.

     Section 2.07. Letters of Credit.

     (a) General. Subject to the terms and conditions set forth herein, the Borrower may
request the issuance of Letters of Credit for its own or the account of any Restricted Subsidiary
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. 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 (reasonably in advance of the requested date of issuance, amendment, renewal
or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of
Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal
or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire
(which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the
name and address of the beneficiary thereof

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and such other information as shall be necessary to
prepare, amend, renew or extend such Letter of Credit. 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. A Letter of Credit shall be issued, amended,
renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of
Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such
issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $50,000,000 and (ii)
the Aggregate Credit Exposure shall not exceed the Aggregate Commitment.

     (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 Business Days prior to the 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 paragraph (e) of this Section, 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 paragraph 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 or reduction or termination of the Aggregate
Commitment, 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 12:00 noon 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. on such date, or, if such notice has not been received by the Borrower prior to such
time on such date, then not later than 12:00 noon on (i) the Business Day that the Borrower
receives such notice, if such notice is received prior to 10:00 a.m. on the day of receipt, or (ii)
the Business Day immediately following the day that the Borrower receives such notice, if such
notice is not received prior to such time on the day of receipt; provided that the Borrower
may, subject to the conditions to borrowing set forth herein, request in accordance with Section
2.05 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

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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 2.08 with
respect to Loans made by such Lender (and Section 2.08 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
paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the
extent that Lenders have made payments pursuant to this paragraph 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 paragraph 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 paragraph (e) of this Section 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 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 (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, 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 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 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

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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) 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,
unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement
is made, 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; provided that, if the
Borrower fails to reimburse such LC Disbursement when due pursuant to
paragraph (e) of this Section, then Section 2.14(c) shall apply. Interest accrued pursuant to
this paragraph 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 paragraph (e) of this Section 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
2.13(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 an Issuing
Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have
all the rights and obligations of an 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.

     (j) Cash Collateralization. If any Event of Default shall occur and be continuing, on
or before the fifth (5th) Business Day after the Borrower receives notice from the
Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been
accelerated, Lenders with LC Exposure representing greater than sixty-six and two-thirds percent
(66 2/3%) of the total LC Exposure) demanding the deposit of cash collateral pursuant to this
paragraph, 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 the LC
Exposure as of such date plus any accrued and unpaid interest thereon; provided that the

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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 the Borrower described in clause (h) or (i) of
Article IX. Such deposit shall be held by the Administrative Agent as Collateral for the payment
and performance of the obligations of the Borrower under this Agreement. So long as such Event of
Default is continuing, 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 and interest at the rate per annum in effect for accounts of the
same type maintained with the Administrative Agent at such time, 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
(but subject to the consent of Lenders with LC Exposure representing 66-2/3% or more of the total
LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement. If the
Borrower is required to provide an amount of cash
collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the
extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after
all Events of Default have been cured or waived.

     Section 2.08. Funding of Borrowings.

     (a) 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 12:00 noon to the account of the Administrative
Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative
Agent will make such Loans available to the Borrower by promptly crediting the amounts so received,
in like funds, to an account of the Borrower 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 2.07(e) shall be remitted by the Administrative Agent to the Issuing Bank.

     (b) 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 paragraph (a) of this Section 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 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

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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 2.09. Interest Elections.

     (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing
Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as
specified in such Borrowing Request; provided that all “LIBOR Loans” (as defined in the
Original Credit Agreement) outstanding as of the Effective Date shall continue as Eurodollar
Borrowings for the Interest Period applicable to such Borrowings. Thereafter, the Borrower may
elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case
of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section.
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.

     (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative
Agent of such election by telephone by the time that a Borrowing Request would
be required under Section 2.05 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 Interest Election Request shall be irrevocable and shall be confirmed promptly by hand
delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form
approved by the Administrative Agent and signed by the Borrower.

     (c) Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.04:

     (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 clauses (iii) and (iv) below 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 Eurodollar
Borrowing; and

     (iv) if the resulting Borrowing is a Eurodollar 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”.

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If any such Interest Election Request requests a Eurodollar 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) 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) If the Borrower fails to deliver a timely Interest Election Request with respect to a
Eurodollar 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, at the request of the Required
Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no
outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless
repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest
Period applicable thereto.

     Section 2.10. Repayment of Loans; Evidence of Debt.

     (a) 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 Maturity Date.

     (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such
Lender, including the amounts of principal and interest payable and paid to such Lender from time
to time hereunder.

     (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount
of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the
amount of any principal or interest due and payable or to become due and payable from the Borrower
to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent
hereunder for the account of the Lenders and each Lender’s share thereof.

     (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this
Section shall be prima facie evidence of the existence and amounts of the
obligations recorded therein; provided that the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligation
of the Borrower to repay the Loans in accordance with the terms of this Agreement.

     (e) Any Lender or Participant may request that Loans made by it be evidenced by a promissory
note. In such event, the Borrower shall prepare, execute and deliver to such Lender or Participant
a promissory note payable to the order of such Lender or Participant (or, if requested by such
Lender or Participant, to such Lender or Participant and its registered assigns)

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and in the form
attached hereto as Exhibit D. Thereafter, the Loans evidenced by such promissory note and interest
thereon shall at all times (including after assignment pursuant to Section 11.04) be represented by
one or more promissory notes in such form payable to the order of the payee named therein (or, if
such promissory note is a registered note, to such payee and its registered assigns).

     Section 2.11. Optional Prepayment of Loans.

     (a) The Borrower shall have the right at any time and from time to time to prepay, subject to
the payment of any funding indemnification amounts required by Section 2.17 but without premium or
penalty, any Borrowing in whole and or in part, subject to prior notice in accordance with
paragraph (b) of this Section.

     (b) The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of
any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than
11:00 a.m. three Business Days before the date of prepayment or (ii) in the case of prepayment of
an ABR Borrowing, not later than 10:00 a.m. on the Business Day of 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, if a notice of
prepayment is given in connection with a conditional notice of termination or reduction of the
Aggregate Commitment as contemplated by Section 2.02, then such notice of prepayment may be revoked
if such notice of termination or reduction is revoked in accordance with Section 2.02. 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
integral multiple of $1,000,000. 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 2.14.

     Section 2.12. Mandatory Prepayment of Loans.

     (a) Except as otherwise provided in Section 2.12(b), in the event a Borrowing Base Deficiency
exists, the Borrower shall either (a) within fifteen (15) days after written notice from the
Administrative Agent to the Borrower of such Borrowing Base Deficiency, by instruments satisfactory
in form and substance to the Required Lenders, provide the Lenders with additional security
consisting of Oil and Gas Interests with value and quality satisfactory to the Lenders in their
sole discretion to eliminate such Borrowing Base Deficiency, or prepay, without premium or
penalty, the principal amount of the Loans in an amount sufficient to eliminate such Borrowing Base
Deficiency (or by a combination of such additional security and such prepayment eliminate such
Borrowing Base Deficiency), or (b) within fifteen (15) days after written notice from the
Administrative Agent to the Borrower of such Borrowing Base Deficiency, elect to prepay, subject to
the payment of any funding indemnification amounts required by Section 2.17 but without premium or
penalty, the principal amount of such Borrowing Base Deficiency in not more than six (6) equal
monthly installments plus accrued interest thereon with the first such monthly payment being due
upon the 30th day after the Borrower’s receipt of notice of such Borrowing Base Deficiency. In the
event Aggregate Credit Exposure exceeds the Aggregate Commitment at any time, the Borrower shall,
subject to the

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payment of any funding indemnification amounts required by Section 2.17 but without
premium or penalty, immediately prepay the principal amount of the Loans in an amount sufficient to
eliminate such excess.

     (b) If the Borrower or any Restricted Subsidiary sells, transfers or otherwise disposes of any
Borrowing Base Properties at any time a Borrowing Base Deficiency exists or would exist after
giving effect to such sale, transfer or disposition, the Borrower shall prepay the Borrowings in an
amount equal to the Net Cash Proceeds received from such sale, transfer or other disposition on the
date it or any Restricted Subsidiary receives such Net Cash Proceeds; provided,
however that amounts applied to the payment of Borrowings pursuant to this Section may be
reborrowed subject to and in accordance with the terms of this Agreement. Amounts applied to the
prepayment of Borrowings pursuant to this Section shall be first applied, ratably to ABR Borrowings
then outstanding and, upon payment in full of all outstanding ABR Borrowings, second, to Eurodollar
Borrowings then outstanding, and if more than one Eurodollar Borrowing is then outstanding, to each
such Eurodollar Borrowing beginning with the Eurodollar Borrowing with the least number of days
remaining in the Interest Period applicable thereto and ending with the Eurodollar Borrowing with
the most number of days remaining in the Interest Period applicable thereto, subject to the payment
of any funding indemnification amounts required by Section 2.17 but without penalty or premium.

     Section 2.13. Fees.

     (a) The Borrower agrees to pay to the Administrative Agent, for the account of each Lender, an
unused commitment fee (the “Unused Commitment Fee”) equivalent to the Applicable Rate times
the daily average of the total Unused Commitments. Such Unused Commitment Fee shall be calculated
on the basis of a year consisting of 360 days. The Unused Commitment Fee shall be payable in
arrears on the last day of March, June, September and December of each year, commencing with the
first such date to occur after the Effective Date, and on the Maturity Date for any period then
ending for which the Unused Commitment Fee shall not have been theretofore paid. In the event the
Aggregate Commitment terminates on any date other than the last day of March, June, September or
December of any year, the Borrower agrees to pay to the Administrative Agent, for the account of
each Lender, on the date of such termination, the total Unused Commitment Fee due for the period
from the last day of the immediately preceding March, June, September or December, as the case may
be, to the date such termination occurs.

     (b) 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 Rate used to determine the interest rate applicable to Eurodollar 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 Effective Date 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, and (ii) to the Issuing Bank a fronting fee, which
shall accrue at the rate or rates per annum separately agreed upon between the Borrower and the
Issuing Bank on the average daily amount of the LC Exposure (excluding any portion thereof
attributable to unreimbursed LC Disbursements) during

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the period from and including the Effective
Date to but excluding the later of the date of termination of the Aggregate Commitment and the date
on which there ceases to be any LC Exposure, as well as the Issuing Bank’s 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 Business Day
following such last day, commencing on the first such date to occur after the Effective Date;
provided that all such fees shall be payable on the date on which the Aggregate Commitment
terminates and any such fees accruing after the date on which the Aggregate Commitment terminates
shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph
shall be payable within 10 days after demand. All participation fees and fronting fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day).

     (c) 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 pursuant to the fee letter dated September 26, 2006 between the Borrower and the
Administrative Agent, and fees payable upon any increase in the Aggregate Commitment pursuant to
Section 2.03.

     (d) All fees payable hereunder shall be paid on the dates due, in immediately available funds,
to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for
distribution, in the case of Unused Commitment Fees and participation fees, to the Lenders. Fees
paid shall not be refundable under any circumstances.

     Section 2.14. Interest.

     (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate
plus the Applicable Rate.

     (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO
Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.

     (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or
other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity,
upon acceleration or otherwise, such overdue amount, at the election of the Required Lenders by
written notice of such election from the Administrative Agent to the Borrower, shall bear interest,
after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal
of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding
paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to
ABR Loans as provided in paragraph (a) of this Section; provided that upon the occurrence and
during the continuation of any Event of Default pursuant to clause (h) or (i) of Article IX, the
interest rate set forth in the foregoing clauses (i) and (ii) shall be applicable without any
election by or notice from the Administrative Agent or any Lender.

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     (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan and upon termination of the Aggregate Commitment and on the Maturity Date;
provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be
payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a
prepayment of an ABR Loan prior to the end of the Availability Period at a time when no Borrowing
Base Deficiency exists), accrued interest on the principal amount repaid or prepaid shall be
payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any
Eurodollar 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.

     (e) All interest hereunder shall be computed on the basis of a year of 360 days, 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 365 days (or 366 days in a leap
year), and in each case shall be payable for the actual number of days elapsed (including the first
day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO
Rate shall be determined by the Administrative Agent, and such determination shall be conclusive
absent manifest error.

     Section 2.15. Alternate Rate of Interest. If prior to the commencement of any
Interest Period for a Eurodollar Borrowing:

     (a) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO
Rate or the LIBO Rate, as applicable, for such Interest Period; or

     (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or
the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the
cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in
such Borrowing for such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by
telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent
notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer
exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or
continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any
Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR
Borrowing.

     Section 2.16. Increased Costs.

     (a) If any Change in Law shall:

     (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by,
any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or the
Issuing Bank; or

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     (ii) impose on any Lender or the Issuing Bank or the London interbank market any other
condition affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of
Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of
making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such
Loan) or to increase the cost to such Lender or the Issuing Bank of participating in,
issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or
receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest or
otherwise), then 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, as
the case may be, for such additional costs incurred or reduction suffered provided such
Lender or Issuing Bank is generally charging such costs to other similarly situated
borrowers under similar credit facilities.

     (b) If any Lender or the Issuing Bank determines that any Change in Law regarding capital
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 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 provided such Lender or Issuing Bank’s holding
company is generally charging such costs to other similarly situated borrowers under similar credit
facilities), 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) A certificate of a Lender or the Issuing Bank setting forth (i) the amount or amounts
reasonably necessary to compensate such Lender or the Issuing Bank or its holding company, as the
case may be, as specified in paragraph (a) or (b) of this Section, (ii) the factual basis for such
compensation and (iii) the manner in which such amount or amounts were calculated shall be
delivered to the Borrower. Such certificate 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 10 days after receipt thereof.

     (d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation
pursuant to this Section 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 for any increased costs or reductions
incurred more than 180 days prior to the date that such Lender or the Issuing Bank, as the case may
be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such increased

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costs or
reductions is retroactive, then the 180-day period referred to above shall be extended to include
the period of retroactive effect thereof.

     Section 2.17. Break Funding Payments. In the event of (a) the payment of any
principal of any Eurodollar 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 Eurodollar Loan
other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered
pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(b) and is
revoked in accordance therewith), (d) the assignment of any Eurodollar 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 2.20, then, in any such event, the Borrower shall compensate each Lender for the loss, cost
and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or
expense to any Lender shall be deemed to include an amount determined by such Lender to be the
excess, if any, of (i) the amount of interest which would have accrued on the principal amount of
such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to
such Loan, for the period from the date of such event to the last day of the then current Interest
Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that
would have been the Interest Period for such Loan), over (ii) the amount of interest which would
accrue on such principal amount for such period at the interest rate which such Lender would bid
were it to bid, at the commencement of such period, for dollar deposits of a comparable amount
and period from other banks in the eurodollar market. A certificate of any Lender setting
forth any amount or amounts that such Lender is entitled to receive pursuant to this Section 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 10 days after receipt thereof.

     Section 2.18. Taxes.

     (a) Any and all payments by or on account of any obligation of the Borrower hereunder shall be
made free and clear of and without deduction for any Indemnified Taxes or Other Taxes;
provided that if the Borrower shall be required to deduct any Indemnified Taxes or Other
Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after
making all required deductions (including deductions applicable to additional sums payable under
this Section) 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 Borrower
shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable law.

     (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law.

     (c) The Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank,
within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other
Taxes paid by the Administrative Agent, such Lender or the Issuing Bank, as the case may be, on or
with respect to any payment by or on account of any obligation

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of the Borrower hereunder (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under
this Section) 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 delivered to the Borrower by a
Lender or the Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a
Lender or the Issuing Bank, setting forth (i) the amount of such payment or liability reasonably
necessary to compensate the Administrative Agent, such Lender or the Issuing Bank, as the case may
be, (ii) the factual basis for such compensation and (iii) the manner in which such amount or
amounts were calculated, shall be conclusive absent manifest error.

     (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the
original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.

     (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the law of the jurisdiction in which the Borrower is located, or any treaty to which such
jurisdiction is a party, with respect to payments under this Agreement shall deliver to the
Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable
law, such properly completed and executed documentation prescribed by applicable
law or reasonably requested by the Borrower as will permit such payments to be made without
withholding or at a reduced rate.

     (f) If the Administrative Agent or a Lender determines, in its sole discretion, that it has
received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower
or with respect to which the Borrower have paid additional amounts pursuant to this Section 2.18,
it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made,
or additional amounts paid, by the Borrower under this Section 2.18 with respect to the Taxes or
Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative
Agent or such Lender and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund); provided, that the Borrower, upon the request
of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower
(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to
the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is
required to repay such refund to such Governmental Authority. This Section shall not be construed
to require the Administrative Agent or any Lender to make available its tax returns (or any other
information relating to its taxes which it deems confidential) to the Borrower or any other Person.

     Section 2.19. Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

     (a) 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
2.16, Section 2.17 or Section 2.18, or otherwise) prior to 12:00 noon on

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the date when due, in
immediately available funds, without set-off or counterclaim. Any amounts received after such time
on any date may, in the discretion of the Administrative Agent, be deemed 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 at JPMorgan Loan Services, 10 South
Dearborn, 19th Floor, Chicago, Illinois 60603-2003, except payments to be made directly to the
Issuing Bank as expressly provided herein and except that payments pursuant to Section 2.16,
Section 2.17, Section 2.18 and Section 11.03 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) 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, fees and
other Obligations 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; provided that in the event such funds
are received by and available to the Administrative Agent as a result of the exercise of any
rights and remedies with respect to any Collateral under the Security Instruments, the parties
entitled to a ratable share of such funds pursuant to the foregoing clause (ii) and the
determination of each parties’ ratable share shall include, on a pari passu basis, the Lender
Counterparties and the actual aggregate amounts then due and owing to each Lender Counterparty by
the Borrower or any Guarantor as a result of the early termination of any transactions under any
Swap Agreements included in the Obligations (after giving effect to any netting agreements).

     (c) 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, 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 paragraph 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

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to the Borrower or any Subsidiary or Affiliate thereof
(as to which the provisions of this paragraph 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.

     (d) 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 hereunder that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower have 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 have 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.

     (e) If any Lender shall fail to make any payment required to be made by it pursuant to Section
2.07(d) or Section 2.07(e), Section 2.08(b), Section 2.19(d) or Section 11.03(c), 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.

     Section 2.20. Mitigation Obligations; Replacement of Lenders.

     (a) If any Lender requests compensation under Section 2.16, 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 2.18, 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 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
2.16 or Section 2.18, 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) If any Lender requests compensation under Section 2.16, 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 2.18, or if any Lender defaults in its obligation to fund Loans hereunder, 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

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recourse (in accordance with and subject
to the restrictions contained in Section 11.04), 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) the Borrower shall have
received the prior written consent of the Administrative Agent (and if a Commitment is being
assigned, the Issuing Bank), which consent shall not unreasonably be withheld or delayed, (ii) 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 (iii) in the case of any
such assignment resulting from a claim for compensation under Section 2.16 or payments required to
be made pursuant to Section 2.18, 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.

     (c) If in connection with any proposed amendment, modification, termination, waiver or consent
with respect to any of the provisions of this Agreement or any other Loan Document as contemplated
by Section 11.02, the consent of Required Lenders shall have been obtained but the consent of one
or more of such other Lenders (each a “Non-Consenting Lender”) whose consent is required
has not been obtained or if Lender is a Defaulting Lender; then, the Borrower
may elect to replace such Non-Consenting Lender or Defaulting Lender, as the case may be, as a
Lender party to this Agreement in accordance with and subject to the restrictions contained in, and
consents required by Section 11.04; provided that (i) the Borrower shall have received the
prior written consent of the Administrative Agent (and if a Commitment is being assigned, the
Issuing Bank), which consent shall not unreasonably be withheld or delayed, (ii) 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 (iii) in the case of any
such assignment resulting from a claim for compensation under Section 2.16 or payments required to
be made pursuant to Section 2.18, 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 or, in the case of a Defaulting
Lender, such Lender is no longer a Defaulting Lender.

Article III

Borrowing Base

     Section 3.01. Reserve Report; Proposed Borrowing Base. During the period from the
Effective Date until the first Redetermination after the Effective Date, the Borrowing Base shall
be $1,200,000,000 (the “Initial Borrowing Base”). As soon as available and in any event by
March 1 and September 1 of each year, beginning March 1, 2007, the Borrower shall deliver to the
Administrative Agent and each Lender a Reserve Report, prepared as of the immediately

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preceding December 31 and June 30, respectively, in form and substance reasonably satisfactory
to the Administrative Agent and prepared by an Approved Petroleum Engineer (or, in the case of the
Reserve Report due on September 1 of each year, by petroleum engineers employed by the Borrower or
any of its Subsidiaries), said Reserve Report to utilize economic and pricing parameters
established from time to time by the Administrative Agent, together with such other information,
reports and data concerning the value of the Borrowing Base Properties as the Administrative Agent
shall deem reasonably necessary to determine the value of such Borrowing Base Properties.
Simultaneously with the delivery to the Administrative Agent and the Lenders of each Reserve
Report, the Borrower shall submit to the Administrative Agent and each Lender the Borrower’s
requested amount of the Borrowing Base as of the next Redetermination Date. Promptly after the
receipt by the Administrative Agent of such Reserve Report and Borrower’s requested amount for the
Borrowing Base, the Administrative Agent shall submit to the Lenders a recommended amount of the
Borrowing Base to become effective for the period commencing on the next Redetermination Date.

     Section 3.02. Scheduled Redeterminations of the Borrowing Base; Procedures and
Standards. Based on the Reserve Reports made available to the Administrative Agent and the
Lenders pursuant to Section 3.01, the requisite Lenders shall redetermine the Borrowing Base on or
prior to the next Redetermination Date (or such date promptly thereafter as reasonably possible
based on the engineering and other information available to the Lenders) in accordance with this
Section 3.02. Any Borrowing Base which becomes effective as a result of any Redetermination shall
be subject to the following restrictions: (a) such Borrowing Base shall not exceed the Maximum
Facility Amount, (b) to the extent such Borrowing Base represents an increase in the Borrowing Base
in effect prior to such Redetermination, such Borrowing Base must be approved by all Lenders, and
(c) to the extent such Borrowing Base represents a reaffirmation or decrease in the Borrowing Base
in effect prior to such Redetermination or a reaffirmation of such prior Borrowing Base, such
Borrowing Base must be approved by the Administrative Agent and Super Majority Lenders. If a
redetermined Borrowing Base is not approved by the Administrative Agent and Super Majority Lenders
within twenty (20) days after the submission to the Lenders by the Administrative Agent of its
recommended Borrowing Base pursuant to Section 3.01, or by all Lenders within such twenty (20) day
period in the case of any increase in the Borrowing Base, the Administrative Agent shall notify
each Lender that the recommended Borrowing Base has not been approved and request that each Lender
submit to the Administrative Agent within ten (10) days thereafter its proposed Borrowing Base.
Promptly following the 10th day after the Administrative Agent’s request for each
Lender’s proposed Borrowing Base, the Administrative Agent shall determine the Borrowing Base for
such Redetermination by calculating the highest Borrowing Base then acceptable to the
Administrative Agent and a number of Lenders sufficient to constitute Super Majority Lenders (or
all Lenders in the case of an increase in the Borrowing Base). The Borrower acknowledges and
agrees that each Redetermination shall be based upon the loan collateral value which the
Administrative Agent and each Lender in its sole discretion (using such methodology, assumptions
and discount rates as the Administrative Agent and such Lender customarily uses in assigning
collateral value to Oil and Gas Interests) assigns to the Borrowing Base Properties at the time in
question and based upon such other credit factors consistently applied (including, without
limitation, the assets, liabilities, cash flow, business, properties, prospects, management

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and ownership of the Credit Parties) as the Administrative Agent and such Lender customarily
considers in evaluating similar oil and gas credits, including adjustments to reflect the effect of
any Swap Agreements of the Borrower and the Restricted Subsidiaries as such exist at the time of
such Redetermination. It is expressly understood that the Administrative Agent and Lenders have no
obligation to designate the Borrowing Base at any particular amount, except in the exercise of
their discretion, whether in relation to the Aggregate Commitment or otherwise. If the Borrower
does not furnish all information, reports and data required to be delivered by any date specified
in this Article III, unless such failure is not the fault of the Borrower, the Administrative Agent
and Lenders may nonetheless designate the Borrowing Base at any amounts which the Administrative
Agent and Lenders in their reasonable discretion determine and may redesignate the Borrowing Base
from time to time thereafter until the Administrative Agent and Lenders receive all such
information, reports and data, whereupon the Administrative Agent and Lenders shall designate a new
Borrowing Base, as described above.

     Section 3.03. Special Redeterminations. The Borrower shall be permitted to request a
Special Redetermination of the Borrowing Base once between each Scheduled Redetermination and the
Required Lenders shall be permitted to request a Special Redetermination twice between each
Scheduled Redetermination. Any request by Borrower pursuant to this Section 3.03 shall be
submitted to the Administrative Agent and each Lender and at the time of such request (or within
twenty (20) days thereafter in the case of the Reserve Report) Borrower shall (1) deliver to the
Administrative Agent and each Lender a Reserve Report prepared as of a date prior to the date of
such request that is reasonably acceptable to the Administrative Agent and such other information
which the Administrative Agent shall reasonably request, and (2) notify the Administrative Agent
and each Lender of the Borrowing Base requested by Borrower in connection with such Special
Redetermination. Any request by Required Lenders for a Special Redetermination pursuant to this
Section 3.03 shall be submitted to the Administrative Agent and the Borrower. In addition to the
Scheduled Redeterminations and requested Special Redeterminations, there shall be a Redetermination
of the Borrowing Base at such time as the Borrower or any Restricted Subsidiary sells, transfers,
leases, exchanges, abandons or otherwise disposes of Borrowing Base Properties in accordance with
clauses (vi) and (vii) of Section 7.03(a). Any Special Redetermination shall be made by the
Administrative Agent and Lenders in accordance with the procedures and standards set forth in
Section 3.02; provided that no Reserve Report is required to be delivered to the
Administrative Agent or the Lenders in connection with any Special Redetermination requested by the
Required Lenders pursuant to this Section 3.03.

     Section 3.04. Notice of Redetermination. Promptly following any Redetermination of
the Borrowing Base, the Administrative Agent shall notify the Borrower of the amount of the
redetermined Borrowing Base, which Borrowing Base shall be effective as of the date specified in
such notice, and such Borrowing Base shall remain in effect for all purposes of this Agreement
until the next Redetermination.

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Article IV

Representations and Warranties

     Each Credit Party represents and warrants to the Lenders that: (it being understood and agreed
that with respect to the Effective Date such representations and warranties are deemed to be made
concurrently with and after giving effect to the consummation of the Transactions):

     Section 4.01. Organization; Powers. Each Credit Party is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization, has all
requisite power and authority to carry on its business as now conducted and, except where the
failure to do so, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect, is qualified to do business in, and is in good standing in, every
jurisdiction where such qualification is required.

     Section 4.02. Authorization; Enforceability. The Transactions are within each Credit
Party’s corporate, limited liability company or partnership powers and have been duly authorized by
all necessary corporate, limited liability company or partnership and, if required, stockholder
action. This Agreement has been duly executed and delivered by each Credit Party and constitutes a
legal, valid and binding obligation of each 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 4.03. Governmental Approvals; No Conflicts. The Transactions (a) do not
require any consent or approval of, registration or filing with, or any other action by, any
Governmental Authority, except such as have been obtained or made and are in full force and effect
and, after the Effective Date, any required filings with the Securities and Exchange Commission,
(b) will not violate any applicable law or regulation or the charter, by-laws or other
Organizational Documents of the Borrower or any Restricted Subsidiary or any order of any
Governmental Authority, (c) will not violate or result in a default under any indenture, agreement
or other instrument evidencing Material Indebtedness binding upon the Borrower or any Restricted
Subsidiary or any of their respective assets, or give rise to a right thereunder to require any
payment to be made by the Borrower or any Restricted Subsidiary, and (d) will not result in the
creation or imposition of any Lien on any asset of the Borrower or any Restricted Subsidiary not
otherwise permitted under Section 7.02.

Section 4.04. Financial Condition; No Material Adverse Change.

     (a) The Borrower has heretofore furnished to the Lenders the unaudited consolidated balance
sheet and related statements of income and cash flows of the Borrower and its Consolidated
Subsidiaries as of and for the six (6) month period ended June 30, 2006 certified by a Responsible
Officer. Such financial statements present fairly, in all material respects, the financial
position and results of operations and cash flows of the Borrower and its Consolidated Subsidiaries
as of such dates and for such periods in accordance with GAAP, subject to year-end audit
adjustments and reclassifications and the absence of footnotes.

     (b) Since June 30, 2006, there has been no material adverse change in the business, assets,
operations or financial condition of the Borrower and its Subsidiaries, taken as a whole (it

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being understood that changes in commodity prices for Hydrocarbons affecting the oil and gas
industry as a whole shall not constitute a material adverse change).

     Section 4.05. Properties.

     (a) Except as otherwise provided in Section 4.15 with respect to Oil and Gas Interests, the
Borrower and each Restricted Subsidiary has good title to, or valid leasehold interests in, all
such real and personal property material to its business, except for minor defects in title that do
not interfere with its ability to conduct its business as currently conducted or to utilize such
properties for their intended purposes.

     (b) 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 Subsidiaries, as the case may be, 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.

     Section 4.06. Litigation and Environmental Matters.

     (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental
Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the
Borrower or any Restricted Subsidiary, (i) as to which there is a reasonable possibility of an
adverse determination and that, if adversely determined, could reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or
(ii) that involve this Agreement or the Transactions.

     (b) Except for the Disclosed Matters and except with respect to any other matters that,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, neither the Borrower nor any Restricted Subsidiary to the Borrower’s knowledge (i) has
failed to comply with any Environmental Law or to obtain, maintain or comply with any permit,
license or other approval required under any Environmental Law, (ii) has become subject to any
Environmental Liability, (iii) has received notice of any claim with respect to any Environmental
Liability or (iv) knows of any basis for any Environmental Liability.

     (c) Since the date of this Agreement, there has been no change in the status of the Disclosed
Matters that, individually or in the aggregate, could reasonably be expected to have Material
Adverse Effect.

     Section 4.07. Compliance with Laws and Agreements. The Borrower and each Restricted
Subsidiary is in compliance with all laws, regulations and orders of any Governmental Authority
applicable to it or its property and all indentures, agreements and other instruments binding upon
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. No Default has occurred and is
continuing.

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     Section 4.08. Investment Company Status. Neither the Borrower nor any Restricted
Subsidiary is an “investment company” as defined in, or subject to regulation under, the Investment
Company Act of 1940.

     Section 4.09. Taxes. The Borrower and each Restricted Subsidiary 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 the Borrower or such Restricted Subsidiary, as
applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to
do so could not reasonably be expected to result in a Material Adverse Effect.

     Section 4.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur
that, when taken together with all other such ERISA Events for which liability is reasonably
expected to occur, could reasonably be expected to result in a Material Adverse Effect. The
present value of all accumulated benefit obligations under each Plan (based on the assumptions used
for purposes of FASB Statement 87) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed by more than $5,000,000 the fair market value of the assets of such
Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based
on the assumptions used for purposes of FASB Statement 87) did not, as of the date of the most
recent financial statements reflecting such amounts, exceed by more than $5,000,000 the fair market
value of the assets of all such underfunded Plans.

     Section 4.11. Disclosure. The Borrower has disclosed to the Lenders all agreements,
instruments and corporate or other restrictions to which it or any Restricted Subsidiary is
subject, and all other matters known to it, that, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect. None of the other reports,
financial statements, certificates or other information furnished by or on behalf of the Borrower
or any Restricted Subsidiary to the Administrative Agent or any Lender in connection with the
negotiation of this Agreement or delivered hereunder (as modified or supplemented by other
information so furnished) 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 misleading; provided that, with respect to the Projections, the Borrower
represents only that such information was prepared in good faith based on assumptions believed to
be reasonable at the time.

     Section 4.12. Labor Matters. There are no strikes, lockouts or slowdowns against the
Borrower or any of its Restricted Subsidiaries pending or, to the knowledge of the Borrower,
threatened that could reasonably be expected to have a Material Adverse Effect. The hours worked
by and payments made to employees of the Borrower and its Restricted Subsidiaries have not been in
violation of the Fair Labor Standards Act or any other Law dealing with such matters to the extent
that such violation could reasonably be expected to have a Material Adverse Effect.

     Section 4.13. Capitalization and Credit Party Information. Schedule 4.13 lists, as of
the Effective Date (a) each Subsidiary that is an Unrestricted Subsidiary, (b) for the Borrower,
its full legal name, its jurisdiction of organization and its federal tax identification number,
and (c)

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for each Restricted Subsidiary its full legal name, its jurisdiction of organization, its
federal tax identification number, the number of shares of capital stock or other Equity Interests
outstanding and the owner(s) of such Equity Interests.

     Section 4.14. Margin Stock. Neither the Borrower nor any Restricted Subsidiary is
engaged principally, or as one of its important activities, in the business of extending credit for
the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by
the Board), and no part of the proceeds of any Loan will be used to purchase or carry any margin
stock or to extend credit to others for the purpose of purchasing or carrying margin stock except
in compliance with applicable law.

     Section 4.15. Oil and Gas Interests. Each Credit Party has, in all material respects,
good and defensible title to all proved reserves included in the Oil and Gas Interests (for
purposes of this Section 4.15, “proved Oil and Gas Interests”) described in the most recent Reserve
Report provided to the Administrative Agent, free and clear of all Liens except Liens permitted
pursuant to Section 7.02. All such proved Oil and Gas Interests are valid, subsisting, and in full
force and effect, in all material respects, and all rentals, royalties, and other amounts due and
payable in respect thereof have, in all material respects, been duly paid or if not duly paid, are
being contested in good faith in the ordinary course of business. Without regard to any consent or
non-consent provisions of any joint operating agreement covering any Credit Party’s proved Oil and
Gas Interests, such Credit Party’s share of (a) the costs for each proved Oil and Gas Interest
described in the Reserve Report is not materially greater than the decimal fraction set forth in
the Reserve Report, before and after payout, as the case may be, and described therein by the
respective designations “working interests,” “WI,” “gross working interest,” “GWI,” or similar
terms (except in such cases where there is a corresponding increase in the net revenue interest),
and (b) production from, allocated to, or attributed to each such proved Oil and Gas Interest is
not materially less than the decimal fraction set forth in the Reserve Report, before and after
payout, as the case may be, and described therein by the designations “net revenue interest,”
“NRI,” or similar terms. Each well drilled in respect of proved producing Oil and Gas Interests
described in the Reserve Report (i) is capable of, and is presently, either producing Hydrocarbons
in commercially profitable quantities or in the process of being worked over or enhanced, and the
Credit Party that owns such proved producing Oil and Gas Interests is currently receiving payments
for its share of production, with no funds in respect of any thereof being presently held in
suspense, other than any such funds being held in suspense pending delivery of appropriate division
orders, and (ii) has been drilled, bottomed, completed, and operated in compliance with all
applicable laws, in the case of clauses (i) and (ii), except where any failure to satisfy clause
(i) or to comply with clause (ii) could not reasonably be expected to have a Material Adverse
Effect, and no such well which is currently producing Hydrocarbons is subject to any penalty in
production by reason of such well having produced in excess of its allowable production that could
reasonably be expected to have a Material Adverse Effect.

     Section 4.16. Insurance. All insurance reasonably necessary in the Credit Parties’
ordinary course of business is in effect and all premiums due on such insurance have been paid.

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     Section 4.17. Solvency.

     (a) Immediately after the consummation of the Transactions and immediately following the
making of the initial Borrowing made on the Effective Date and after giving effect to the
application of the proceeds thereof, (i) the fair value of the assets of the Credit Parties on a
consolidated basis, at a fair valuation, will exceed the debts and liabilities, subordinated,
contingent or otherwise, of the Credit Parties on a consolidated basis; (ii) the present fair
saleable value of the real and personal property of the Credit Parties on a consolidated basis will
be greater than the amount that will be required to pay the probable liability of the Credit
Parties on a consolidated basis on their debts and other liabilities, subordinated, contingent or
otherwise, as such debts and other liabilities become absolute and matured; (iii) the Credit
Parties on a consolidated basis will be able to pay their debts and liabilities, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) the
Credit Parties on a consolidated basis will not have unreasonably small capital with which to
conduct the businesses in which they are engaged as such businesses are now conducted and are
proposed to be conducted after the date hereof.

     (b) The Credit Parties do not intend to, and do not believe that they will, incur debts beyond
their ability to pay such debts as they mature, taking into account the timing of and amounts of
cash to be received by it and the timing of the amounts of cash to be payable on or in respect of
its Indebtedness.

Article V

Conditions

     Section 5.01. Effective Date. The obligations of the Lenders to continue the Original
Loans and the obligations of the Lenders to make Loans and of the Issuing Bank to continue any
Letters of Credit outstanding under the Original Credit Agreement and 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 11.02):

     (a) The Administrative Agent (or its counsel) shall have received from each party hereto
either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence
satisfactory to the Administrative Agent (which may include telecopy transmission of a signed
signature page of this Agreement) that such party has signed a counterpart of this Agreement.

     (b) The Administrative Agent shall have received a favorable written opinion (addressed to the
Administrative Agent and the Lenders and dated the Effective Date) of Vinson & Elkins LLP, counsel
for the Credit Parties, substantially in the form of Exhibit B, and covering such other matters
relating to the Credit Parties, this Agreement or the Transactions as the Required Lenders shall
reasonably request. The Credit Parties hereby request such counsel to deliver such opinion.

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     (c) The Administrative Agent shall have received such documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to the organization, existence
and good standing of each Credit Party, the authorization of the Transactions and any other legal
matters relating to the Credit Parties, this Agreement or the Transactions, all in form and
substance satisfactory to the Administrative Agent and its counsel.

     (d) The Administrative Agent shall have received a certificate, dated the Effective Date and
signed by a Responsible Officer of the Borrower, confirming that (i) the Credit Parties have (1)
complied with the conditions set forth in paragraphs (a) and (b) of Section 5.02 and (2) complied
with the requirements of Section 6.09 and (ii) after giving effect to the Transactions, the
Obligations constitute “Senior Debt” (as such term is defined in the Indenture) permitted to be
incurred under the terms of the Indenture and accompanied by reasonably detailed calculations
demonstrating compliance with Section 4.09(c) of the Indenture.

     (e) The Administrative Agent, the Lenders and the Arranger shall have received all fees and
other amounts due and payable on or prior to the Effective Date, and, to the extent invoiced,
reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the
Borrower hereunder, including all fees, expenses and disbursements of counsel for the
Administrative Agent to the extent invoiced on or prior to the Effective Date.

     (f) The Administrative Agent shall have received the Mortgages to be executed on the Effective
Date pursuant to Section 6.09 of this Agreement, duly executed and delivered by the appropriate
Credit Party, together with such other assignments, conveyances, amendments, agreements and other
writings, including, without limitation, UCC-1 financing statements, tax affidavits and applicable
department of revenue documentation, creating a Lien prior and superior in right to any other
Person, subject to Permitted Encumbrances, in Borrowing Base Properties having an Engineered Value
equal to or greater than 135% of the Aggregate Commitment; provided that the Engineered Value of
the Virginia Borrowing Base Properties do not exceed fifty percent (50%) of such Engineered Value.

     (g) On or prior to the Effective Date, the Administrative Agent shall have received a
Borrowing Request acceptable to the Administrative Agent setting forth the Loans requested by the
Borrower on the Effective Date, the Type and amount of each Loan and the accounts to which such
Loans are to be funded; provided that all Borrowings on the Effective Date shall be ABR
Borrowings (it being understood that some LIBOR Loans (as defined in the Original Credit Agreement)
outstanding as the Effective Date shall continue as a Eurodollar Loan under this Agreement on the
Effective Date for the Interest Period applicable thereto and other LIBOR Loans may be terminated
on the Effective Date in connection with the changes in the Commitments and certain funding
indemnification obligations incurred by the Borrower and GLEP under the Original Credit Agreement
as a result of such terminations shall be paid by the Borrower on the Effective Date).

     (h) Each Credit Party shall have obtained all approvals required from any Governmental
Authority and all consents of other Persons, in each case that are necessary or advisable in
connection with the Transactions and each of the foregoing shall be in full force and effect and in
form and substance reasonably satisfactory to the Administrative Agent. All

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applicable waiting periods, if any, shall have expired without any action being taken or
threatened by any competent authority which would restrain, prevent or otherwise impose adverse
conditions on the transactions contemplated by the Loan Documents or the financing thereof and no
action, request for stay, petition for review or rehearing, reconsideration, or appeal with respect
to any of the foregoing shall be pending, and the time for any applicable agency to take action to
set aside its consent on its own motion shall have expired.

     (i) There shall not exist any action, suit, investigation, litigation or proceeding or other
legal or regulatory developments, pending or threatened in any court or before any arbitrator or
Governmental Authority that, in the reasonable opinion of Administrative Agent, singly or in the
aggregate, materially impairs the Transactions, the financing thereof or any of the other
transactions contemplated by the Loan Documents or that could reasonably be expected to have a
Material Adverse Effect.

     The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such
notice shall be conclusive and binding. Notwithstanding the foregoing, 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
11.02) at or prior to 3:00 p.m. on October 31, 2006 (and, in the event such conditions are not so
satisfied or waived, the Aggregate Commitment shall terminate at such time).

     Section 5.02. 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, amend, renew or extend any Letter of
Credit, is subject to the satisfaction of the following conditions:

     (a) The representations and warranties of each Credit Party set forth in the Loan Documents
shall be true and correct in all material respects on and as of the date of such Borrowing or the
date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable except to
the extent that such representations and warranties specifically refer to an earlier date, in which
case they shall be true and correct as of such earlier date.

     (b) At the time of and immediately after giving effect to such Borrowing or the issuance,
amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have
occurred and be continuing.

     (c) At the time of and immediately after giving effect to such Borrowing or the issuance,
amendment, renewal or extension of such Letter of Credit, as applicable, no Borrowing Base
Deficiency exists or would be caused thereby.

     Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be
deemed to constitute a representation and warranty by the Borrower on the date thereof as to the
matters specified in paragraphs (a), (b) and (c) of this Section 5.02.

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Article VI

Affirmative Covenants

     Until the Aggregate Commitment has expired or been terminated and the principal of and
interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters
of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed,
each Credit Party covenants and agrees with the Lenders that:

     Section 6.01. Financial Statements; Other Information. The Borrower will furnish to
the Administrative Agent and each Lender:

     (a) within 90 days after the end of each fiscal year of the Borrower, the audited consolidated
(and unaudited consolidating) balance sheet and related consolidated (and with respect to
statements of operations, consolidating) statements of operations, stockholders’ equity and cash
flows of the Borrower and its Consolidated Subsidiaries 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
a firm of independent public accountants reasonably acceptable to Administrative Agent (without a
“going concern” or like qualification or exception and without any qualification or exception as to
the scope of such audit) to the effect that such consolidated financial statements present fairly
in all material respects the financial condition and results of operations of the Borrower and its
Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

     (b) within 45 days after the end of each of the first three fiscal quarter of the Borrower and
within 60 days after the end of the last fiscal quarter of the Borrower, the consolidated (and
consolidating) balance sheet and related consolidated (and with respect to statements of
operations, consolidating) statements of operations and cash flows of the Borrower and its
Consolidated Subsidiaries 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 a Responsible Officer as presenting fairly in all material
respects the financial condition and results of operations of the Borrower and its Consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to
normal year-end audit adjustments, reclassifications, and the absence of footnotes;

     (c) concurrently with any delivery of financial statements under clause (a) or (b) above, a
certificate in a form reasonably acceptable to Administrative Agent signed by a Responsible Officer
of the Borrower (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,
and (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 7.11;

     (d) as soon as available, and in any event no later than March 1 and September 1 of each year,
the Reserve Reports required on such dates pursuant to Section 3.01;

     (e) together with the Reserve Reports required under clause (d) above, a report, in reasonable
detail, setting forth the Swap Agreements then in effect, the notional volumes of and prices for,
on a monthly basis and in the aggregate, the Crude Oil and Natural Gas for each such Swap Agreement
and the term of each such Swap Agreement; and together with the Reserve

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Report required no later than March 1 under clause (d) above, (i) a true and correct schedule
of the Mortgaged Properties, (ii) the percentage of the Aggregate Commitment that the Engineered
Value of the Mortgaged Properties represents and (iii) a description of the additional Oil and Gas
Interests, if any, to be mortgaged by the Credit Parties to comply with Section 6.09;

     (f) promptly following any request therefor, such other information regarding the operations,
business affairs and financial condition of any Credit Party, or compliance with the terms of this
Agreement, as the Administrative Agent or any Lender may reasonably request including any
management letter or comparable analysis prepared by the auditors for and received by any Credit
Party.

Documents required to be delivered pursuant to Section 6.01(a) or Section 6.01(b) or Section 6.02
may be delivered electronically and if so delivered, shall be deemed to have been delivered on the
date (i) on which the Borrower (or the Administrative Agent on behalf of Borrower and at Borrower’s
request) posts such documents, or provides a link thereto on the Borrower’s website on the Internet
at the website address identified in Section 11.01 on which such documents are posted on the
Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or whether sponsored by
the Administrative Agent); provided that: (i) the Borrower shall deliver paper copies of
such documents to the Administrative Agent or any Lender that requests the Borrower to deliver such
paper copies until a written request to cease delivering paper copies is given by the
Administrative Agent or such Lender and (ii) the Borrower shall notify the Administrative Agent (by
telecopier or electronic mail) of the posting of any such documents and provide to the
Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such
documents. Notwithstanding anything contained herein, in every instance the Borrower shall be
required to provide paper copies of the Compliance Certificates required by Section 6.01(c) to the
Administrative Agent. Except for such Compliance Certificates, the Administrative Agent shall have
no obligation to request the delivery or to maintain copies of the documents referred to above, and
in any event shall have no responsibility to monitor compliance by the Borrower with any such
request for delivery, and each Lender shall be solely responsible for requesting delivery to it or
maintaining its copies of such documents.

     The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arranger will
make available to the Lenders and the Issuing Bank materials and/or information provided by or on
behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the
Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and
(b) certain of the Lenders may 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”). The Borrower hereby agrees that (w) all Borrower 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 Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the
Administrative Agent, the Arranger, the Issuing Bank and the Lenders to treat such Borrower
Materials as either publicly available information or not material information (although it may be
sensitive and proprietary) with respect to the Borrower or its securities for purposes of United
States Federal and state securities laws; (y) all Borrower

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Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform
designated “Public Investor;” and (z) the Administrative Agent and the Arranger shall be entitled
to treat Borrower’s Materials that are not marked “PUBLIC” as being suitable only for posting on a
portion of the Platform not designated “Public Investor.”

     Section 6.02. Notices of Material Events. The Borrower will furnish to the
Administrative Agent and each Lender, which delivery may be electronic to the extent permitted in
Section 6.01, prompt written notice of the following:

     (a) the occurrence of any Default;

     (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator
or Governmental Authority against or affecting any Credit Party or any Affiliate thereof that, if
adversely determined, could reasonably be expected to result in a Material Adverse Effect;

     (c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that
have occurred, could reasonably be expected to result in liability of the Borrower and the
Restricted Subsidiaries in an aggregate amount exceeding $5,000,000;

     (d) any written notice or written claim to the effect that any Credit Party is or may be
liable to any Person as a result of the release by any Credit Party, or any other Person of any
Hazardous Materials into the environment, which could reasonably be expected to have a Material
Adverse Effect;

     (e) any written notice alleging any violation of any Environmental Law by any Credit Party,
which could reasonably be expected to have a Material Adverse Effect; and

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

     Each notice delivered under this Section shall be accompanied by a statement of a Responsible
Officer or other executive officer of the Borrower 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 6.03. Existence; Conduct of Business. The Borrower will, and will cause each
Restricted Subsidiary to, do or cause to be done all things necessary to preserve, renew and keep
in full force and effect its legal existence and the rights, licenses, permits, privileges and
franchises material to the conduct of its business; provided that the foregoing shall not
prohibit any merger, consolidation, liquidation or dissolution permitted under Section 7.03.

     Section 6.04. Payment of Obligations. The Borrower will, and will cause each
Restricted Subsidiary to, pay its obligations, including Tax liabilities, that, if not paid, could
result in a Material Adverse Effect 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, (b) the Borrower or such Restricted Subsidiary has set aside on its books adequate

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reserves with respect thereto in accordance with GAAP and (c) the failure to make payment
pending such contest could not reasonably be expected to result in a Material Adverse Effect.

     Section 6.05. Maintenance of Properties; Insurance. The Borrower will, and will cause
each Restricted Subsidiary to, (a) keep and maintain all property material to the conduct of its
business in good working order and condition, ordinary wear and tear excepted, and (b) 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. Upon request of the Administrative Agent, the Borrower
will furnish or cause to be furnished to the Administrative Agent from time to time a summary of
the respective insurance coverage of the Borrower and its Restricted Subsidiaries in form and
substance reasonably satisfactory to the Administrative Agent, and, if requested, will furnish the
Administrative Agent copies of the applicable policies. Upon demand by Administrative Agent, the
Borrower will cause any insurance policies covering any such property to be endorsed (i) to provide
that such policies may not be cancelled, reduced or affected in any manner for any reason without
fifteen (15) days prior notice to Administrative Agent, and (ii) to provide for such other matters
as the Lenders may reasonably require.

     Section 6.06. Books and Records; Inspection Rights. The Borrower will, and will cause
each Restricted Subsidiary to, keep proper books of record and account in which full, true and
correct entries are made of all dealings and transactions in relation to its business and
activities. The Borrower will, and will cause each Restricted Subsidiary to, permit any
representatives designated by the Administrative Agent or any Lender, 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, provided an officer of the
Borrower has the reasonable opportunity to participate, its independent accountants, all at such
reasonable times and as often as reasonably requested.

     Section 6.07. Compliance with Laws. The Borrower will, and will cause each Restricted
Subsidiary to, comply with all laws, rules, regulations and orders of any Governmental Authority
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 6.08. Use of Proceeds and Letters of Credit. The proceeds of the Loans will
be used only to (a) pay the fees, expenses and transaction costs of the Transactions, (b) to
satisfy reimbursement obligations with respect to Letters of Credit, (c) to make Restricted
Payments permitted by Section 7.06(d), (d) to make investments permitted by Section 7.04 and (e)
finance the working capital needs of the Borrower, including capital expenditures, and for general
corporate purposes of the Borrower and the Guarantors, in the ordinary course of business,
including the exploration, acquisition and development of Oil and Gas Interests. No part of the
proceeds of any Loan will be used, whether directly or indirectly, to purchase or carry any margin
stock (as defined in Regulation U issued by the Board) except in accordance with applicable law.
Letters of Credit will be issued only to support general corporate purposes of the Borrower and the
Restricted Subsidiaries.

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     Section 6.09. Mortgages. Each Borrower will, and will cause each Guarantor to,
execute and deliver to the Administrative Agent, for the benefit of the Secured Parties, Mortgages
in form and substance acceptable to the Administrative Agent together with such other assignments,
conveyances, amendments, agreements and other writings, including, without limitation, UCC-1
financing statements (each duly authorized and executed, as applicable) as the Administrative Agent
shall deem necessary or appropriate to grant, evidence, perfect and maintain Liens in Borrowing
Base Properties having an Engineered Value equal to or greater than 135% of the Aggregate
Commitment provided that the Engineered Value of the Virginia Borrowing Base Properties do not
exceed fifty percent (50%) of such Engineered Value.

     Section 6.10. Title Data. The Borrower will, and will cause each Guarantor to,
deliver to the Administrative Agent such evidence of title as the Administrative Agent shall deem
reasonably necessary or appropriate to verify (a) the ownership of (i) at all times, eighty percent
(80%) of the Engineered Value of the Mortgaged Properties of the Borrower and the Guarantors (other
than the Appalachia Properties) taken as a whole and (ii) as of the Effective Date, nineteen
percent (19%), and at all times after December 31, 2006, thirty percent (30%), of the Engineered
Value of that portion of the Mortgaged Properties that are Appalachia Properties, taken as a whole
and (b) the validity, perfection and priority of the Liens created by such Mortgages and such other
matters regarding such Mortgages as Administrative Agent shall reasonably request.

     Section 6.11. Swap Agreements. The Borrower will, and will cause each Restricted
Subsidiary to, maintain the Existing Swap Agreements and none of the Existing Swap Agreements may
be materially amended, modified or cancelled by any Borrower or any Restricted Subsidiary unless
the Borrower, or such Restricted Subsidiary, as the case may be, provides written notice thereof to
the Administrative Agent within three (3) Business Days after such amendment, modification or
cancellation, as the case may be. Upon the request of the Required Lenders, the Borrower and each
Restricted Subsidiary shall use their commercially reasonable efforts to cause each Swap Agreement
to which the Borrower or any Restricted Subsidiary is a party to (a) expressly permit such
assignment and (b) upon the occurrence of any default or event of default under such agreement or
contract, (i) to permit the Lenders to cure such default or event of default and assume the
obligations of such Credit Party under such agreement or contract and (ii) to prohibit the
termination of such agreement or contract by the counterparty thereto if the Lenders assume the
obligations of such Credit Party under such agreement or contract and the Lenders take the actions
required under the foregoing clause (i). Upon the request of the Administrative Agent, the
Borrower shall, within thirty (30) days of such request, provide to the Administrative Agent and
each Lender copies of all agreements, documents and instruments evidencing the Swap Agreements not
previously delivered to the Administrative Agent and Lenders, certified as true and correct by a
Responsible Officer of the Borrower, and such other information regarding such Swap Agreements as
the Administrative Agent and Lenders may reasonably request.

     Section 6.12. Operation of Oil and Gas Interests.

     (a) Each Borrower will, and will cause each Restricted Subsidiary to, maintain, develop and
operate its Oil and Gas Interests in a good and workmanlike manner, and observe and comply with all
of the terms and provisions, express or implied, of all oil and gas leases

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relating to such Oil and Gas Interests so long as such Oil and Gas Interests are capable of
producing Hydrocarbons and accompanying elements in paying quantities, except where such failure to
comply could not reasonably be expected to have a Material Adverse Effect.

     (b) Borrower will, and will cause each Restricted Subsidiary to, comply in all respects with
all contracts and agreements applicable to or relating to its Oil and Gas Interests or the
production and sale of Hydrocarbons and accompanying elements therefrom, except to the extent a
failure to so comply could not reasonably be expected to have a Material Adverse Effect.

     Section 6.13. Restricted Subsidiaries. In the event any Person is or becomes a
Restricted Subsidiary, Borrower will (a) promptly take all action necessary to comply with Section
6.14, (b) promptly take all such action and execute and deliver, or cause to be executed and
delivered, to the Administrative Agent all such documents, opinions, instruments, agreements, and
certificates similar to those described in Section 5.01(b) and Section 5.01(c) that the
Administrative Agent may reasonably request, and (c) promptly cause such Restricted Subsidiary to
(i) become a party to this Agreement and Guarantee the Obligations by executing and delivering to
the Administrative Agent a Counterpart Agreement in the form of Exhibit C, and (ii) to the extent
required to comply with Section 6.09 or as requested by the Administrative Agent, execute and
deliver Mortgages and other Security Instruments creating a Lien prior and superior in right to any
other Person, subject to Permitted Encumbrances, in such Restricted Subsidiary’s Oil and Gas
Interests and other assets. Upon delivery of any such Counterpart Agreement to the Administrative
Agent, notice of which is hereby waived by each Credit Party, such Restricted Subsidiary shall be a
Guarantor and shall be as fully a party hereto as if such Restricted Subsidiary were an original
signatory hereto. Each Credit Party expressly agrees that its obligations arising hereunder shall
not be affected or diminished by the addition or release of any other Credit Party hereunder. This
Agreement shall be fully effective as to any Credit Party that is or becomes a party hereto
regardless of whether any other Person becomes or fails to become or ceases to be a Credit Party
hereunder. With respect to each such Restricted Subsidiary, the Borrower shall promptly send to
the Administrative Agent written notice setting forth with respect to such Person the date on which
such Person became a Restricted Subsidiary of the Borrower, and supplement the data required to be
set forth in the Schedules to this Agreement as a result of the acquisition or creation of such
Restricted Subsidiary; provided that such supplemental data must be reasonably acceptable
to the Administrative Agent and Required Lenders.

     Section 6.14. Pledged Equity Interests. At the time that any Restricted Subsidiary of
the Borrower is created or acquired or any Unrestricted Subsidiary becomes a Restricted Subsidiary,
the Borrower and the Subsidiaries (as applicable) shall execute and deliver to the Administrative
Agent for the benefit of the Secured Parties, a Pledge Agreement from the Borrower and/or the
Subsidiaries (as applicable) covering all Equity Interests owned by the Borrower or such Restricted
Subsidiaries in such Restricted Subsidiaries, together with all certificates (or other evidence
acceptable to Administrative Agent) evidencing the issued and outstanding Equity Interests of each
such Restricted Subsidiary of every class owned by such Credit Party (as applicable) which, if
certificated, shall be duly endorsed or accompanied by stock powers executed in blank (as
applicable), as Administrative Agent shall deem necessary or appropriate

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to grant, evidence and perfect a first priority security interest in the issued and
outstanding Equity Interests owned by Borrower or any Restricted Subsidiary in each Restricted
Subsidiary.

Article VII

Negative Covenants

     Until the Aggregate Commitment has expired or terminated and the principal of and interest on
each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have
expired or terminated and all LC Disbursements shall have been reimbursed, each Credit Party
covenants and agrees with the Lenders that:

     Section 7.01. Indebtedness. The Borrower will not, nor will it permit any of its
Restricted Subsidiaries to, create, incur, assume or permit to exist any Indebtedness, except:

     (a) The Obligations;

     (b) Indebtedness existing on the date hereof and set forth in Schedule 7.01 and extensions,
renewals and replacements of any such Indebtedness that do not increase the outstanding principal
amount thereof;

     (c) Indebtedness of the Borrower to any Guarantor and of any Guarantor to the Borrower or any
other Guarantor; provided, that all such Indebtedness shall be unsecured and subordinated
in right of payment to the payment in full of all of the Obligations as provided in Section 8.06;

     (d) Guarantees of the Obligations;

     (e) Indebtedness of the Borrower and the Restricted Subsidiaries incurred to finance the
acquisition, construction or improvement of any fixed or capital assets, including Capital Lease
Obligations and any Indebtedness 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 Indebtedness that do not increase the outstanding principal amount
thereof; provided that (i) such Indebtedness is incurred prior to or within 90 days after
such acquisition or the completion of such construction or improvement and (ii) the aggregate
principal amount of Indebtedness permitted by this clause (e) shall not exceed $25,000,000 at any
time outstanding;

     (f) Indebtedness incurred or deposits made by the Borrower and any Restricted Subsidiary (i)
under worker’s compensation laws, unemployment insurance laws or similar legislation, or (ii) in
connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to
which such Credit Party is a party, (iii) to secure public or statutory obligations of such Credit
Party, and (iv) of cash or U.S. Government Securities made to secure the performance of statutory
obligations, surety, stay, customs and appeal bonds to which such Credit Party is a party in
connection with the operation of the Oil and Gas Interests, in each case in the ordinary course of
business;

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     (g) Indebtedness of any Borrower or any Restricted Subsidiary under Swap Agreements to the
extent permitted under Section 7.05;

     (h) Indebtedness under the Senior Subordinated Notes in an aggregate principal amount not
exceeding $600,000,000 at any time outstanding and extensions, renewals, replacements and
refinancing of any such Indebtedness that does not exceed the maximum principal amount permitted
under this clause (h); provided that any documentation which replaces the Senior Subordinated Notes
and pursuant to which the Senior Subordinated Notes are refinanced does not contain, either
initially or by amendment or other modification, any material terms, conditions, covenants or
defaults other than those which then exist in the Indenture and the Senior Subordinated Notes or
which could be included in the Indenture or the Senior Subordinated Notes by an amendment or other
modification that would not be prohibited by the terms of this Agreement; and

     (i) Other unsecured Indebtedness of the Credit Parties in an aggregate principal amount not
exceeding $10,000,000 at any time outstanding.

     Section 7.02. Liens. The Borrower will not, nor will it permit any of its Restricted
Subsidiaries to, create, incur, assume or permit to exist any Lien on any property or asset now
owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts
receivable) or rights in respect of any thereof, except:

     (a) any Lien created pursuant to this Agreement or the Security Instruments;

     (b) Permitted Encumbrances;

     (c) any Lien on any property or asset of the Borrower or any Restricted Subsidiary existing on
the date hereof and set forth in Schedule 7.02; provided that (i) such Lien shall not apply
to any other property or asset of the Borrower or any other Restricted Subsidiary and (ii) such
Lien shall secure only those obligations which it secures on the date hereof and extensions,
renewals and replacements thereof that do not increase the outstanding principal amount thereof;

     (d) any Lien existing on any property or asset prior to the acquisition thereof by the
Borrower or any Restricted Subsidiary or existing on any property or asset of any Person that
becomes a Restricted Subsidiary after the date hereof prior to the time such Person becomes a
Restricted Subsidiary; provided that (i) such Lien secures Indebtedness permitted by
Section 7.01(e), (ii) such Lien is not created in contemplation of or in connection with such
acquisition or such Person becoming a Restricted Subsidiary, as the case may be, (iii) such Lien
shall not apply to any other property or assets of the Borrower or any other Restricted Subsidiary
and (iv) such Lien shall secure only those obligations which it secures on the date of such
acquisition or the date such Person becomes a Restricted Subsidiary, as the case may be and
extensions, renewals and replacements thereof that do not increase the outstanding principal amount
thereof; and

     (e) Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any
Restricted Subsidiary; provided that (i) such Liens, secure Indebtedness permitted by
Section 7.01, (ii) such security interests and the Indebtedness secured thereby are

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incurred prior to or within 90 days after such acquisition or the completion of such
construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of
acquiring, constructing or improving such fixed or capital assets and (iv) such security interests
shall not apply to any other property or assets of the Borrower or any other Restricted
Subsidiaries.

     Section 7.03. Fundamental Changes.

     (a) The Borrower will not, nor will it permit any of its Restricted Subsidiaries to, merge
into or consolidate with any other Person, or permit any other Person to merge into or consolidate
with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of
transactions) all or any substantial part of the assets of the Borrower and its Restricted
Subsidiaries taken as a whole, or any of its Borrowing Base Properties or any of the Equity
Interests of any Restricted Subsidiary (in each case, whether now owned or hereafter acquired), or
liquidate or dissolve, except that, the Borrower or any Restricted Subsidiary may sell Hydrocarbons
produced from its Oil and Gas Interests in the ordinary course of business, and if at the time
thereof and immediately after giving effect thereto no Default shall have occurred and be
continuing, (i) any Restricted Subsidiary may merge into the Borrower in a transaction in which the
Borrower is the surviving entity, (ii) any Restricted Subsidiary may merge into any other
Restricted Subsidiary in a transaction in which the surviving entity is a Restricted Subsidiary,
(iii) any Restricted Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the
Borrower or to another Restricted Subsidiary, (iv) any Restricted Subsidiary may liquidate or
dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the
best interests of the Borrower and is not materially disadvantageous to the Lenders, (v) the
Borrower or any Restricted Subsidiary may sell, transfer, lease or otherwise dispose of equipment
and related items in the ordinary course of business, that are obsolete or no longer necessary in
the business of the Borrower or any of its Restricted Subsidiaries or that is being replaced by
equipment of comparable value and utility, (vi) subject to Section 2.12(b), the Borrower or any
Restricted Subsidiary may sell, transfer, lease, exchange, abandon or otherwise dispose of
Borrowing Base Properties with a value not exceeding, in the aggregate for the Borrower and its
Restricted Subsidiaries taken as a whole, ten percent (10%) of the Borrowing Base between Scheduled
Redeterminations, (vii) the Borrower or any Restricted Subsidiary may sell, transfer, abandon or
otherwise dispose of the Deep Participation Rights, and (viii) with the prior written consent of
Super Majority Lenders and subject to Section 2.12(b), the Borrower or any Restricted Subsidiary
may sell, transfer, lease, exchange, abandon or otherwise dispose of Borrowing Base Properties not
otherwise permitted pursuant to the foregoing clauses (vi) and (vii). For purposes of the
foregoing clause (vi), the value of any Oil and Gas Interests included in the Borrowing Base
Properties shall be the Engineered Value of such Oil and Gas Interests and the value of all other
Oil and Gas Interests shall be the value which would be assigned to such Oil and Gas Interests
using the same methodology, assumptions and discount rates used to determine the Engineered Value
of the Borrowing Base Properties as of the most recent Redetermination. In addition, for purposes
of determining compliance with clause (vi) of this Section with respect to any exchange of Oil and
Gas Interests, the value of such exchange shall be the net reduction, if any, in Engineered Value
realized or resulting from such exchange.

     (b) The Borrower will not, nor will it permit any of its Restricted Subsidiaries to, engage to
any material extent in any business other than businesses of the type conducted by the

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Borrower and its Restricted Subsidiaries on the date of execution of this Agreement and after
giving effect to the Transactions and businesses reasonably related thereto.

     Section 7.04. Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower
will not, nor will it permit any of its Restricted Subsidiaries to, purchase, hold or acquire
(including pursuant to any merger with any Person that was not a wholly owned Restricted Subsidiary
prior to such merger) any capital stock, evidences of Indebtedness or other securities (including
any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any
loans or advances to, Guarantee any Indebtedness of, or make or permit to exist any investment or
any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a
series of transactions) any assets of any other Person constituting a business unit, except:

     (a) Permitted Investments;

     (b) investments by the Borrower in the Equity Interests of any Restricted Subsidiary;

     (c) investments by the Borrower or Guarantor consisting of intercompany Indebtedness permitted
under Section 7.01(c)

     (d) Guarantees constituting Indebtedness permitted by Section 7.01;

     (e) investments by the Borrower and its Restricted Subsidiaries that are (1) customary in the
oil and gas business, (2) made in the ordinary course of the Borrower’s or such Restricted
Subsidiary’s business, and (3) made in the form of, or pursuant to, oil, gas and mineral leases,
operating agreements, farm-in agreements, farm-out agreements, development agreements, unitization
agreements, joint bidding agreements, services contracts and other similar agreements that a
reasonable and prudent oil and gas industry owner or operator would find acceptable;

     (f) investments consisting of Swap Agreements to the extent permitted under Section 7.05; and

     (g) investments existing on the date hereof and set forth on Schedule 7.04 but not any
increases in or additions to such investments except as otherwise permitted by this Section 7.04;

     (h) investments consisting of Restricted Payments to the extent permitted by Section 7.06(d);
and

     (i) other investments by the Borrower and the Restricted Subsidiaries; provided that,
on the date any such other investment is made, the amount of such investment, together with all
other investments made pursuant to this clause (i) of Section 7.04 (in each case determined based
on the cost of such investment) since the Effective Date, does not exceed in the aggregate, ten
percent (10%) of the Borrowing Base in effect on the Effective Date.

     Section 7.05. Swap Agreements. The Borrower will not, nor will it permit any of its
Restricted Subsidiaries to, enter into or maintain any Swap Agreement, except the Existing Swap
Agreements, and Swap Agreements entered into in the ordinary course of business with

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Approved Counterparties and not for speculative purposes to (a) hedge or mitigate Crude Oil
and Natural Gas price risks to which the Borrower or any Restricted Subsidiary has actual exposure,
and (b) effectively cap, collar or exchange interest rates (from fixed to floating rates, from one
floating rate to another floating rate or otherwise) with respect to any interest-bearing liability
or investment of any Credit Party; provided that such Swap Agreements (at the time each
transaction under such Swap Agreement is entered into) would (i) not cause the aggregate notional
amount of Hydrocarbons under all Swap Agreements then in effect (including the Existing Swap
Agreements) to exceed at any time (1) ninety percent (90%) of the forecasted production from proved
developed producing reserves of the Borrower and the Restricted Subsidiaries for the first three
years of the forthcoming five year period and (2) eighty percent (80%) of the forecasted production
from proved producing reserves of the Borrower and the Restricted Subsidiaries for the fourth and
fifth years of the forthcoming five year period, and (ii) with respect to interest rates, not
cause all Swap Agreements then in effect (including the Existing Swap Agreements) to exceed eighty
percent (80%) of the aggregate funded Indebtedness of the Borrower and its Subsidiaries projected
to be outstanding for the forthcoming three year period. Once the Borrower or any Restricted
Subsidiaries enters into a Swap Agreement or any hedge transaction pursuant to any Swap Agreement,
the terms and conditions of such Swap Agreement and such hedge transaction may not be materially
amended modified or cancelled unless the Borrower or such Restricted Subsidiary, as the case may
be, provides written notice thereof to the Administrative Agent within three (3) Business Days
after such amendment, modification or cancellation. Each Credit Party agrees and acknowledges that
(A) the Existing Swap Agreements are Swap Agreements permitted under this Section 7.05 and (B) as
of the Effective Date, the counterparty to each Existing Swap Agreement is a Lender Counterparty.
Each Credit Party and each Lender agrees and acknowledges that the obligations of the Credit
Parties under the Existing Swap Agreements are included in the defined term “Obligations” and such
obligations are entitled to the benefits of, and are secured by the Liens granted under, the
Security Instruments.

     Section 7.06. Restricted Payments. The Borrower will not, nor will it permit any of
its Restricted Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly,
any Restricted Payment, except that (a) the Borrower may declare and pay dividends and make
distributions with respect to its Equity Interests payable solely in additional Equity Interests of
the Borrower, other than Disqualified Stock, (b) so long as no Default shall have occurred and is
continuing or would be caused thereby, the Borrower 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 Restricted Subsidiaries in an aggregate amount not to exceed $10,000,000 in any
fiscal year; provided that any such Restricted Payments that are required to be made by the
issuance of additional Equity Interests of the Borrower may be made regardless of whether a Default
shall have occurred and is continuing, (c) any Restricted Subsidiary may make Restricted Payments
to the Borrower or any Guarantor and (d) so long as no Default shall have occurred and is
continuing or would be caused thereby, Restricted Payments in an aggregate amount not to exceed
$20,000,000, plus (i) 50% of cumulative Consolidated Net Income after December 31, 2001
(excluding any non-cash gains or losses associated with the application of FASB Statement 121 or
133), plus (ii) 66-2/3% of the aggregate net cash proceeds received by the Borrower from
the issuance of its Equity Interests (other than Disqualified Stock)

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at any time after December 31, 2001, minus (iii) Restricted Payments made pursuant to
Section 13(c)(ii) of the Original Credit Agreement prior to the Effective Date.

     Section 7.07. Transactions with Affiliates. The Borrower will not, nor will it permit
any of its Restricted Subsidiaries to, sell, lease or otherwise transfer any property or assets to,
or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any
other transactions with, any of its Affiliates, except (a) in the ordinary course of business at
prices and on terms and conditions not less favorable to the Borrower or such Restricted Subsidiary
than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions
between or among the Borrower and its Restricted Subsidiaries not involving any other Affiliate,
including transactions permitted under Section 7.03(a)(iii), (c) transactions described on Schedule
7.07, and (d) any Restricted Payment permitted by Section 7.06.

     Section 7.08. Restrictive Agreements. The Borrower will not, nor will it permit any
of its Restricted Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any
agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the
ability of the Borrower or any Restricted Subsidiary to create, incur or permit to exist any Lien
upon any of its property or assets, or (b) the ability of any Restricted Subsidiary to pay
dividends or other distributions with respect to any of its Equity Interests or to make or repay
loans or advances to the Borrower or any Restricted Subsidiary or to Guarantee Indebtedness of the
Borrower or any Restricted Subsidiary; provided that (i) the foregoing shall not apply to
restrictions and conditions imposed by law, this Agreement or the Indenture (or any documents
evidencing any permitted refinancing of the Senior Subordinated Notes), (ii) the foregoing shall
not apply to restrictions and conditions existing on the date hereof identified on Schedule 7.08
(but shall apply to any extension or renewal of, or any amendment or modification expanding the
scope of, any such restriction or condition), (iii) clause (a) of the foregoing shall not apply to
restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by
this Agreement if such restrictions or conditions apply only to the property or assets securing
such Indebtedness and (iv) clause (a) of the foregoing shall not apply to customary provisions in
leases and other contracts restricting the assignment thereof.

     Section 7.09. Disqualified Stock. The Borrower will not, nor will it permit any of
its Restricted Subsidiaries to, issue any Disqualified Stock.

     Section 7.10. Amendments to Organizational Documents. The Borrower will not, nor will
it permit any of its Restricted Subsidiaries to, enter into or permit any material modification or
amendment of, or waive any material right or obligation of any Person under its Organizational
Documents other than amendments, modifications or waivers required in connection with any
transactions among the Borrower and the Restricted Subsidiaries permitted under Section 7.03(a) and
not involving any other Person.

     Section 7.11. Financial Covenants.

     (a) Consolidated Current Ratio. The Borrower will not permit the Consolidated Current
Ratio as of the end of any fiscal quarter to be less than 1.00 to 1.00.

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     (b) Leverage Ratio. The Borrower will not permit the ratio, determined as of the end
of any fiscal quarter, of (A) Consolidated Funded Indebtedness as of the end of such fiscal
quarter, to (B) Consolidated EBITDAX for the trailing four (4) fiscal quarter period ending on
such date to be greater than 4.0 to 1.0.

     Section 7.12. Sale and Leaseback Transactions and other Liabilities. The Borrower
will not, nor will it permit any Restricted Subsidiary to, enter into or suffer to exist any (a)
Sale and Leaseback Transaction, (b) Advance Payment Contracts or (c) any other transaction pursuant
to which it incurs or has incurred Off-Balance Sheet Liabilities, except for Swap Agreements
permitted under Section 7.05 and Advance Payment Contracts; provided, that the
aggregate outstanding amount of all Advance Payments received by the Credit Parties from various
customers in connection with the Credit Parties’ credit management of such customers that have not
been satisfied by delivery of production does not exceed $25,000,000 at any time and the aggregate
amount of all other Advance Payments received by the Credit Parties that have not been satisfied by
delivery of production does not exceed $5,000,000 at any time.

     Section 7.13. Modifications of Senior Subordinated Notes. Prior to the termination of
all Commitments and the payment and performance in full of the Loans, the Borrower will not, nor
will it permit any Restricted Subsidiary to, agree to any amendment, modification or supplement to
the Senior Subordinated Notes (or any notes issued in connection with any refinancing of such
Senior Subordinated Notes) or any indenture, agreement, document or instrument evidencing or
relating to the Senior Subordinated Notes (or any refinancing thereof) the effect of which is to
(a) increase the maximum principal amount of the Senior Subordinated Notes or the rate of interest
on any of the Senior Subordinated Notes (other than as a result of the imposition of a default rate
of interest in accordance with the terms of the Senior Subordinated Notes), (b) change or add any
event of default or any covenant with respect to the Senior Subordinated Notes if the effect of
such change or addition is to cause any one or more of the Senior Subordinated Notes to be more
restrictive on the Borrower or any of its Subsidiaries than such Senior Subordinated Notes were
prior to such change or addition, (c) change the dates upon which payments of principal or interest
on the Senior Subordinated Notes are due, if the effect of such change is to cause any such
payments to be due earlier or more frequently than such payments are due as of the Effective Date,
(d) change any redemption or prepayment provisions of the Senior Subordinated Notes if the effect
of such change is to require any such redemption or prepayment to be made prior to the dates
required as of the Effective Date, (e) alter the subordination provisions with respect to any of
the Senior Subordinated Notes or the definition of “Senior Debt” with respect to the Senior
Subordinated Notes, or (f) grant any Liens in any assets of the Borrower or any of its Subsidiaries
to secure the Senior Subordinated Notes.

Article VIII

Guarantee of Obligations

     Section 8.01. Guarantee of Payment. Each Guarantor unconditionally and irrevocably
guarantees to the Administrative Agent for the benefit of the Secured Parties, the punctual payment
of all Obligations now or which may in the future be owing by the Borrower under the Loan Documents
and all Obligations which may now or which may in the future be owing by the

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Borrower or any other Guarantor to any Secured Party under any Swap Agreement (the
“Guaranteed Liabilities”). This Guarantee is a guaranty of payment and not of collection
only. The Administrative Agent shall not be required to exhaust any right or remedy or take any
action against the Borrower or any other Person or any Collateral. The Guaranteed Liabilities
include interest accruing after the commencement of a proceeding under bankruptcy, insolvency or
similar laws of any jurisdiction at the rate or rates provided in the Loan Documents, or the Swap
Agreements between any Credit Party and any Secured Party, as the case may be, regardless of
whether such interest is an allowed claim. Each Guarantor agrees that, as between the Guarantor
and the Administrative Agent, the Guaranteed Liabilities may be declared to be due and payable for
the purposes of this Guarantee notwithstanding any stay, injunction or other prohibition which may
prevent, delay or vitiate any declaration as regards the Borrower or any other Guarantor and that
in the event of a declaration or attempted declaration, the Guaranteed Liabilities shall
immediately become due and payable by each Guarantor for the purposes of this Guarantee.

     Section 8.02. Guarantee Absolute. Each Guarantor guarantees that the Guaranteed
Liabilities shall be paid strictly in accordance with the terms of this Agreement and the Swap
Agreements to which any Secured Party is a party. The liability of each Guarantor hereunder is
absolute and unconditional irrespective of: (a) any change in the time, manner or place of payment
of, or in any other term of, all or any of the Loan Documents or the Guaranteed Liabilities, or any
other amendment or waiver of or any consent to departure from any of the terms of any Loan Document
or Guaranteed Liability, including any increase or decrease in the rate of interest thereon; (b)
any release or amendment or waiver of, or consent to departure from, any other guaranty or support
document, or any exchange, release or non-perfection of any Collateral, for all or any of the Loan
Documents or Guaranteed Liabilities; (c) any present or future law, regulation or order of any
jurisdiction (whether of right or in fact) or of any agency thereof purporting to reduce, amend,
restructure or otherwise affect any term of any Loan Document or Guaranteed Liability; (d) without
being limited by the foregoing, any lack of validity or enforceability of any Loan Document or
Guaranteed Liability; and (e) any other setoff, defense or counterclaim whatsoever (in any case,
whether based on contract, tort or any other theory) with respect to the Loan Documents or the
transactions contemplated thereby which might constitute a legal or equitable defense available to,
or discharge of, the Borrower or a Guarantor.

     Section 8.03. Guarantee Irrevocable. This Guarantee is a continuing guaranty of the
payment of all Guaranteed Liabilities now or hereafter existing under this Agreement and such Swap
Agreements to which any Secured Party is a party and shall remain in full force and effect until
payment in full of all Guaranteed Liabilities and other amounts payable hereunder and until this
Agreement and the Swap Agreements are no longer in effect or, if earlier, when the Guarantor has
given the Administrative Agent written notice that this Guarantee has been revoked;
provided that any notice under this Section shall not release the revoking Guarantor from
any Guaranteed Liability, absolute or contingent, existing prior to the Administrative Agent’s
actual receipt of the notice at its branches or departments responsible for this Agreement and such
Swap Agreements and reasonable opportunity to act upon such notice.

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     Section 8.04. Reinstatement. This Guarantee shall continue to be effective or be
reinstated, as the case may be, if at any time any payment of any of the Guaranteed Liabilities is
rescinded or must otherwise be returned by any Secured Party on the insolvency, bankruptcy or
reorganization of the Borrower, or any other Credit Party, or otherwise, all as though the payment
had not been made.

     Section 8.05. Subrogation. No Guarantor shall exercise any rights which it may
acquire by way of subrogation, by any payment made under this Guarantee or otherwise, until all the
Guaranteed Liabilities have been paid in full and this Agreement and the Swap Agreements to which
any Lender Counterparty is a party are no longer in effect. If any amount is paid to the Guarantor
on account of subrogation rights under this Guarantee at any time when all the Guaranteed
Liabilities have not been paid in full, the amount shall be held in trust for the benefit of the
Lenders and the Lender Counterparties and shall be promptly paid to the Administrative Agent to be
credited and applied to the Guaranteed Liabilities, whether matured or unmatured or absolute or
contingent, in accordance with the terms of this Agreement and such Swap Agreements. If any
Guarantor makes payment to the Administrative Agent, Lenders, or any Lender Counterparties of all
or any part of the Guaranteed Liabilities and all the Guaranteed Liabilities are paid in full and
this Agreement and such Swap Agreements are no longer in effect, the Administrative Agent, Lenders
and Lender Counterparties shall, at such Guarantor’s request, execute and deliver to such Guarantor
appropriate documents, without recourse and without representation or warranty, necessary to
evidence the transfer by subrogation to such Guarantor of an interest in the Guaranteed Liabilities
resulting from the payment.

     Section 8.06. Subordination. Without limiting the rights of the Administrative Agent,
the Lenders and the Lender Counterparties under any other agreement, any liabilities owed by the
Borrower to any Guarantor in connection with any extension of credit or financial accommodation by
any Guarantor to or for the account of the Borrower, including but not limited to interest accruing
at the agreed contract rate after the commencement of a bankruptcy or similar proceeding, are
hereby subordinated to the Guaranteed Liabilities, and such liabilities of the Borrower to such
Guarantor, if the Administrative Agent so requests, shall be collected, enforced and received by
any Guarantor as trustee for the Administrative Agent and shall be paid over to the Administrative
Agent on account of the Guaranteed Liabilities but without reducing or affecting in any manner the
liability of the Guarantor under the other provisions of this Guarantee.

     Section 8.07. Payments Generally. All payments by the Guarantors shall be made in the
manner, at the place and in the currency (the “Payment Currency”) required by the Loan
Documents and the Swap Agreement to which any Lender Counterparty is a party, as the case may be;
provided, however, that (if the Payment Currency is other than Dollars) any
Guarantor may, at its option (or, if for any reason whatsoever any Guarantor is unable to effect
payments in the foregoing manner, such Guarantor shall be obligated to) pay to the Administrative
Agent at its principal office the equivalent amount in Dollars computed at the selling rate of the
Administrative Agent or a selling rate chosen by the Administrative Agent, most recently in effect
on or prior to the date the Guaranteed Liability becomes due, for cable transfers of the Payment
Currency to the place where the Guaranteed Liability is payable. In any case in which any
Guarantor makes or is obligated to make payment in Dollars, the Guarantor shall hold the

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Administrative Agent, the Lenders and the Lender Counterparties harmless from any loss
incurred by the Administrative Agent, any Lender or any Lender Counterparty arising from any change
in the value of Dollars in relation to the Payment Currency between the date the Guaranteed
Liability becomes due and the date the Administrative Agent, such Lender or such Lender
Counterparty is actually able, following the conversion of the Dollars paid by such Guarantor into
the Payment Currency and remittance of such Payment Currency to the place where such Guaranteed
Liability is payable, to apply such Payment Currency to such Guaranteed Liability.

     Section 8.08. Setoff. Each Guarantor agrees that, in addition to (and without
limitation of) any right of setoff, banker’s lien or counterclaim the Administrative Agent, any
Lender or any Lender Counterparty may otherwise have, the Administrative Agent, such Lender or such
Lender Counterparty shall be entitled, at its option, to offset balances (general or special, time
or demand, provisional or final) held by it for the account of any Guarantor at any office of the
Administrative Agent, such Lender or such Lender Counterparty, in Dollars or in any other currency,
against any amount payable by such Guarantor under this Guarantee which is not paid when due
(regardless of whether such balances are then due to such Guarantor), in which case it shall
promptly notify such Guarantor thereof; provided that the failure of the Administrative
Agent, such Lender, or such Lender Counterparty to give such notice shall not affect the validity
thereof.

     Section 8.09. Formalities. Each Guarantor waives presentment, notice of dishonor,
protest, notice of acceptance of this Guarantee or incurrence of any Guaranteed Liability and any
other formality with respect to any of the Guaranteed Liabilities or this Guarantee.

     Section 8.10. Limitations on Guarantee. The provisions of the Guarantee under this
Article VIII are severable, and in any action or proceeding involving any state corporate law, or
any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the
rights of creditors generally, if the obligations of any Guarantor under this Guarantee would
otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount
of such Guarantor’s liability under this Guarantee, then, notwithstanding any other provision of
this Guarantee to the contrary, the amount of such liability shall, without any further action by
the Guarantors, the Administrative Agent, any Lender or any Lender Counterparty, be automatically
limited and reduced to the highest amount that is valid and enforceable as determined in such
action or proceeding (such highest amount determined hereunder being the relevant Guarantor’s
“Maximum Liability”). This Section 8.10 with respect to the Maximum Liability of the Guarantors is
intended solely to preserve the rights of the Administrative Agent, Lenders and Lender
Counterparties hereunder to the maximum extent not subject to avoidance under applicable law, and
no Guarantor nor any other Person shall have any right or claim under this Section 8.10 with
respect to the Maximum Liability, except to the extent necessary so that none of the obligations
of any Guarantor hereunder shall not be rendered voidable under applicable law.

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Article IX

Events of Default

     If any of the following events (“Events of Default”) shall occur:

     (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 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 clause (a) of this Article) payable under this Agreement, when
and as the same shall become due and payable, and such failure shall continue unremedied for a
period of three (3) days;

     (c) any representation or warranty made or deemed made by or on behalf of the Borrower or any
Restricted Subsidiary in or in connection with this Agreement or any amendment or modification
hereof or waiver hereunder, or in any report, certificate, financial statement or other document
furnished pursuant to or in connection with this Agreement or any amendment or modification hereof
or waiver hereunder or in any Loan Document furnished pursuant to or in connection with this
Agreement or any amendment or modification thereof or waiver hereunder, shall prove to have been
incorrect in any material respect when made or deemed made;

     (d) the Borrower or any Restricted Subsidiary shall fail to observe or perform any covenant,
condition or agreement contained in Article VII;

     (e) the Borrower or any Restricted Subsidiary shall fail to observe or perform any covenant,
condition or agreement contained in this Agreement (other than those specified in clause (a), (b)
or (d) of this Article) or any Loan Document, and such failure shall continue unremedied for a
period of thirty (30) days after notice thereof from the Administrative Agent to the Borrower
(which notice will be given at the request of any Lender);

     (f) the Borrower 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 shall continue unremedied beyond any
grace period applicable thereto;

     (g) any event or condition occurs that results in any Material Indebtedness becoming due prior
to its scheduled maturity or that enables or permits 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 prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity; provided that this clause (g) shall not apply to secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or
assets securing such Indebtedness or to obligations of the Borrower or any Guarantor in respect of
any Swap Agreement unless such Swap Agreement has been terminated;

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     (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 Borrower 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 Borrower 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 60 days or an
order or decree approving or ordering any of the foregoing shall be entered;

     (i) the Borrower 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 clause (h) of this Article, (iii) apply for or consent to the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
the Borrower 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 Borrower or any Restricted Subsidiary shall become unable, admit in writing its
inability or fail generally to pay its debts as they become due;

     (k) one or more uninsured judgments for the payment of money in an aggregate amount in excess
of $5,000,000 shall be rendered against the Borrower or any Restricted Subsidiary or any
combination thereof and the same shall remain undischarged for a period of 30 consecutive days
during which execution shall not be effectively stayed or bonded, or any action shall be legally
taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Restricted
Subsidiary to enforce any such judgment which action has not been stayed or bonded;

     (l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when
taken together with all other ERISA Events that have occurred, could reasonably be expected to
result in a Material Adverse Effect;

     (m) the delivery by any Guarantor to the Administrative Agent of written notice that its
Guarantee under Article VIII has been revoked or is otherwise declared invalid or unenforceable; or

     (n) a Change of Control shall occur;

then, and in every such event (other than an event with respect to the Borrower or any Restricted
Subsidiary described in clause (h) or (i) of this Article), and at any time thereafter during the
continuance of such event, the Administrative Agent may, and at the request of the Required Lenders
shall, by notice to the Borrower, take either or both of the following actions, at the same or
different times: (i) terminate the Aggregate Commitment, and thereupon the Aggregate

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Commitment shall terminate immediately, and (ii) declare 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 accrued hereunder, shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in
case of any event with respect to the Borrower described in clause (h) or (i) of this Article, the
Aggregate Commitment shall automatically terminate and the principal of the Loans then outstanding,
together with accrued interest thereon and all fees and other obligations of the Borrower accrued
hereunder, 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.

Article X

The Administrative Agent

     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, together
with such actions and powers as are reasonably incidental thereto.

     The bank serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the
Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and
generally engage in any kind of business with any Credit Party or other Affiliate thereof as if it
were not the Administrative Agent hereunder.

     The Administrative Agent shall not have any duties or obligations except those expressly set
forth herein. 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, (b) the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby that the Administrative Agent is required to exercise in writing as
directed by the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary under the circumstances as provided in Section 11.02), 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 any Credit Party 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 not be liable for any action taken or not taken by it with the
consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary under the circumstances as provided in Section 11.02) or in the
absence of its own gross negligence or willful misconduct. 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 Borrower or a Lender, and the Administrative Agent shall not be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or

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representation made in or in connection with this Agreement, (ii) the contents of any
certificate, report or other document delivered hereunder or in connection herewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set
forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or
any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in
Article V or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent. None of the Persons identified as a Syndication Agent,
Documentation Agent, Co-Agent or Agent on Schedule 2.01 shall have any responsibility or liability
as an agent of the Lenders under this Agreement or any other Loan Document.

     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. 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 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 paragraphs
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.

     Subject to the appointment and acceptance of a successor Administrative Agent as provided in
this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the
Issuing Bank and the Borrower. Upon any such resignation, 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 30 days after
the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative
Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent
which shall be a bank with an office in Chicago, Illinois or New York, New York, or an Affiliate of
any such bank. 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 and Section 11.03 shall continue in effect
for the benefit of such retiring Administrative Agent, its

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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 Administrative Agent.

     Each Lender acknowledges that it has, independently and without reliance upon the
Administrative 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. Each
Lender also acknowledges that it will, independently and without reliance upon the Administrative
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 related agreement or any document furnished hereunder or thereunder.

Article XI

Miscellaneous

     Section 11.01. Notices.

     (a) Except in the case of notices and other communications expressly permitted to be given by
telephone (and subject to paragraph (b) below), all notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopy, as follows:

     (i) if to the Borrower, to Range Resources Corporation, 777 Main Street, Suite 800,
Fort Worth, Texas 76102, Attention: Roger Manny, Chief Financial Officer, Telecopy No.
(817) 810-1921. For purposes of delivering the documents pursuant to Section 6.01(a),
Section 6.01(b) and Section 6.01(d), the website address is www.rangeresources.com;

     (ii) if to the Administrative Agent or Issuing Bank, to JPMorgan Chase Bank, N.A.,
JPMorgan Loan Services, 10 South Dearborn St., 19th Floor, Chicago, Illinois 60603-2003,
Telecopy No.: (312) 385-7096, Attention: Claudia Kech
(claudia.kech@jpmchase.com), with a
copy to JPMorgan Chase Bank, N.A., 1717 Main Street, TX1-2448, Dallas, Texas 75201, Telecopy
No. (214) 290-2332, Attention: Wm. Mark Cranmer, Senior Vice President
(mark.cranmer@chase.com); and

     (iii) 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 pursuant to procedures approved by the Administrative Agent;
provided that the foregoing shall not apply to notices pursuant to Article II unless
otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent
or the Borrower may, in their discretion, agree to accept notices and other communications to it
hereunder by electronic communications pursuant to procedures approved

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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.

     Section 11.02. Waivers; Amendments.

     (a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in
exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or discontinuance of steps to
enforce such a right or power, preclude any other or further exercise thereof or the exercise of
any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank
and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they
would otherwise have. No waiver of any provision of this Agreement or consent to any departure by
the Borrower therefrom shall in any event be effective unless the same shall be permitted by
paragraph (b) of this Section, 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 Lender or the Issuing
Bank may have had notice or knowledge of such Default at the time.

     (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Credit Parties and the
Required Lenders or by the Credit Parties and the Administrative Agent with the consent of the
Required Lenders; provided that no such agreement shall (i) increase the Borrowing Base
without the written consent of each Lender, (ii) increase the Applicable Percentage or Commitment
of any Lender without the written consent of such Lender or the Aggregate Commitment above the
Maximum Facility Amount without the written consent of all Lenders, (iii) reduce the principal
amount of any Loan or LC Disbursement or reduce the rate of interest thereon (other than reductions
in the interest rates otherwise applicable pursuant to Section 2.14(c)), or reduce any fees payable
hereunder, without the written consent of each Lender affected thereby, (iv) postpone the scheduled
date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or
any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone
the scheduled date of expiration of any of the Aggregate Commitment, without the written consent of
each Lender affected thereby, (v) change Section 2.19(b) or Section 2.19(c) in a manner that would
alter the pro rata sharing of payments required thereby, without the written consent of each
Lender, (vi) release any Credit Party from its obligations under the Loan Documents or, except in
connection with any sales, transfers, leases or other dispositions permitted in Section 7.03,
release any of the Collateral without the written consent of each Lender, or (vii) change any of
the provisions of this Section or the definition of “Required Lenders” or any other provision
hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights
hereunder or make any determination or grant any consent hereunder, without the written consent of
each

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Lender; provided further that no such agreement shall amend, modify or
otherwise affect the rights or duties of the Administrative Agent or the Issuing Bank hereunder
without the prior written consent of the Administrative Agent or the Issuing Bank, as the case may
be. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to
approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of
such Lender may not be increased or extended without the consent of such Lender.

     Section 11.03. Expenses; Indemnity; Damage Waiver.

     (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the
Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements
of counsel for the Administrative Agent, in connection with the syndication of the credit
facilities provided for herein, the preparation and administration of this Agreement and the other
Loan Documents or any amendments, modifications or waivers of the provisions hereof (whether or not
the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable
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 (iii) all
out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender,
including the fees, charges and disbursements of any counsel for the Administrative Agent, the
Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in
connection with the Loan Documents, including its rights under this Section, or the Loans made or
Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

     (b) THE CREDIT PARTIES SHALL INDEMNIFY THE ADMINISTRATIVE AGENT, 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 FEES, CHARGES AND DISBURSEMENTS OF ANY
COUNSEL FOR ANY INDEMNITEE, 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 AGREEMENT
OR INSTRUMENT CONTEMPLATED HEREBY, THE PERFORMANCE BY THE PARTIES HERETO OF THEIR RESPECTIVE
OBLIGATIONS HEREUNDER OR THE CONSUMMATION OF THE TRANSACTIONS OR ANY OTHER TRANSACTIONS
CONTEMPLATED HEREBY, (II) ANY LOAN OR LETTER OF CREDIT OR THE USE OF THE PROCEEDS THEREFROM
(INCLUDING 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), (III) ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS MATERIALS ON
OR FROM ANY PROPERTY OWNED OR OPERATED BY THE BORROWER OR ANY SUBSIDIARY,

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OR ANY ENVIRONMENTAL LIABILITY RELATED IN ANY WAY TO THE BORROWER OR ANY SUBSIDIARY, OR (IV)
ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF THE
FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY AND REGARDLESS OF WHETHER ANY
INDEMNITEE IS A PARTY THERETO; 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.

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

     (d) To the extent permitted by applicable law, the Credit Parties shall not assert, and hereby
waive, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any agreement or instrument contemplated
hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.

     (e) All amounts due under this Section shall be payable not later than thirty (30) days after
written demand therefor.

     Section 11.04. 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) no Credit Party
may 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 such Credit Party
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. 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
paragraph (c) of this Section) 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.

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     (b)

     (i) Subject to the conditions set forth in paragraph (b)(ii) below, 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) of:

     (A) the Borrower, provided that no consent of the Borrower shall be
required for an assignment to a Lender, an Affiliate of a Lender, a Federal Reserve
Bank, an Approved Fund or, if an Event of Default has occurred and is continuing,
any other assignee; and

     (B) the Administrative Agent, provided that no consent of the
Administrative Agent shall be required for an assignment of any Commitment to an
assignee that is a Lender with a Commitment immediately prior to giving effect to
such assignment; or

     (C) the Issuing Bank.

     (ii) Assignments shall be subject to the following additional conditions:

     (A) except in the case of an assignment to a Lender, an Affiliate of a Lender,
an Approved Fund 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 in respect of such
Lender’s Commitment and such Lender’s Loans 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; and

     (D) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire.

     For the purposes of this Section 11.04(b), the term “Approved Fund” has the
following meaning:

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     “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.

     (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this
Section, 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 2.16, Section 2.17, Section
2.18 and Section 11.03). Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this Section 11.04 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 paragraph (c) of this Section except that any attempted
assignment or transfer by any Lender that does not comply with clause (C) of Section
11.04(b)(ii) shall be null and void.

     (iv) The Administrative Agent, acting for this purpose as an 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
Commitment and Applicable Percentage of, and principal amount 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, and the Credit
Parties, 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 Credit Parties, the Issuing Bank and any Lender, at
any reasonable time and from time to time upon reasonable prior notice.

     (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 paragraph (b) of this Section any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such
Assignment and Assumption and record the information contained therein in the Register;
provided that if either the assigning Lender or the assignee shall have failed to
make any payment required to be made by it pursuant to Section 2.07(d) or Section 2.07(e),
Section 2.08, Section 2.19(d) or Section 11.03(c), the Administrative Agent shall have no
obligation to accept such Assignment and Assumption and record the information therein in
the Register unless and until such

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payment shall have been made in full, together with all accrued interest thereon. No
assignment shall be effective for purposes of this Agreement unless it has been recorded in
the Register as provided in this paragraph.

     (c)

     (i) Any Lender may, without the consent of the Borrower, the Administrative Agent 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 Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations and (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. 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 11.02(b) that affects such Participant. Subject to paragraph (c)(ii) of
this Section, the Borrower agrees that each Participant shall be entitled to the benefits of
Section 2.16, Section 2.17 and Section 2.18 to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the
extent permitted by law, each Participant also shall be entitled to the benefits of Section
11.08 as though it were a Lender, provided such Participant agrees to be subject to Section
2.19(c) as though it were a Lender.

     (ii) A Participant shall not be entitled to receive any greater payment under Section
2.16 or Section 2.18 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 prior written consent of the Borrower. A Participant
that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of
Section 2.18 unless the Borrower is notified of the participation sold to such Participant
and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.18(e)
as though it were a 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, including without limitation
any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 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.

     Section 11.05. Survival. All covenants, agreements, representations and warranties
made by the Credit Parties herein and in the certificates or other instruments delivered in

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connection with or pursuant to this Agreement shall be considered to have been relied upon by
the other parties hereto and shall survive the execution and delivery of this Agreement 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, 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 Aggregate Commitment has not expired or terminated. The provisions
of Section 2.16, Section 2.17, Section 2.18 and Section 11.03 and Article X shall survive and
remain in full force and effect 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
Aggregate Commitment or the termination of this Agreement or any provision hereof.

     Section 11.06. Counterparts; Integration; Effectiveness. 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. This Agreement 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 supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. THIS WRITTEN CREDIT AND GUARANTY AGREEMENT AND THE OTHER
LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. Except as provided in Section 5.01, 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.

     Section 11.07. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

     Section 11.08. 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 at any
time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against
any of and all the obligations of any Credit Party now or hereafter existing under this Agreement

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held by such Lender, irrespective of whether or not such Lender shall have made any demand
under this Agreement and although such obligations may be unmatured. The rights of each Lender
under this Section and Section 8.08 are in addition to other rights and remedies (including other
rights of setoff) which such Lender may have.

Section 11.09. GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS.

     (a) THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE
OF TEXAS.

     (b) EACH CREDIT PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS
PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR TEXAS STATE COURT
SITTING IN DALLAS, TEXAS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT,
OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING
MAY BE HEARD AND DETERMINED IN SUCH TEXAS STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL
COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY
OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT THE
ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT AGAINST ANY CREDIT PARTY OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION.

     (c) EACH CREDIT PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT
MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING
OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY
COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

     (d) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN Section 11.01. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY
PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

     Section 11.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT

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IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     Section 11.11. 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.

     Section 11.12. 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), (b) to the extent requested
by any regulatory authority, (c) to the extent required by applicable laws or regulations or by any
subpoena or similar legal process, or self-regulatory body (it being understood that any such
self-regulatory body to whom such disclosure is made will be informed of the confidential nature of
such Information and instructed to keep such Information confidential) (d) to any other party to
this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action
or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an
agreement containing provisions substantially the same as those of this Section, to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights
or obligations under this Agreement or (ii) any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to the Credit Parties and their
obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes
publicly available other than as a result of a breach of this Section or (ii) becomes available to
the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source
other than a Credit Party. For the purposes of this Section, “Information” means all
information received from any Credit Party relating to any Credit Party or its business, 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 any Credit Party. Any Person required to
maintain the confidentiality of Information as provided in this Section 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.

     Section 11.13. Interest Rate Limitation. Notwithstanding anything herein to the
contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges
and other amounts which are treated as interest on such Loan under applicable law (collectively

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the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”)
which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan
in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to
the extent lawful, the interest and Charges that would have been payable in respect of such Loan
but were not payable as a result of the operation of this Section shall be cumulated and the
interest and Charges payable to such Lender in respect of other Loans or periods shall be increased
(but not above the Maximum Rate therefor) until such cumulated amount, together with interest
thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by
such Lender. Chapter 346 of the Texas Finance Code (which regulates certain revolving credit
accounts (formerly Tex. Rev. Civ. Stat. Ann. Art. 5069, Ch. 15)) shall not apply to this Agreement
or to any Loan, nor shall this Agreement or any Loan be governed by or be subject to the provisions
of such Chapter 346 in any manner whatsoever.

     Section 11.14. USA PATRIOT Act. Each Lender that is subject to the requirements of
the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”)
hereby notifies each Credit Party that pursuant to the requirements of the Act, it is required to
obtain, verify and record information that identifies each Credit Party, which information includes
the name and address of each Credit Party and other information that will allow such Lender to
identify each Credit Party in accordance with the Act.

     Section 11.15. Original Credit Agreement. Upon the Effective Date, this Agreement
shall supersede and replace in its entirety the Original Credit Agreement; provided,
however, that (a) all loans, letters of credit, and other indebtedness, obligations and
liabilities outstanding under the Original Credit Agreement on such date shall continue to
constitute Loans, Letters of Credit and other indebtedness, obligations and liabilities under this
Agreement, (b) the execution and delivery of this Agreement or any of the Loan Documents hereunder
shall not constitute a novation, refinancing or any other fundamental change in the relationship
among the parties and (c) the Loans, Letters of Credit, and other indebtedness, obligations and
liabilities outstanding hereunder, to the extent outstanding under the Original Credit Agreement
immediately prior to the date hereof, shall constitute the same loans, letters of credit, and other
indebtedness, obligations and liabilities as were outstanding under the Original Credit Agreement.

     Section 11.16. Reaffirmation and Grant of Security Interest. Each Credit Party hereby
(i) confirms that each Security Instrument (as defined in the Original Credit Agreement) to which
it is a party or is otherwise bound and all Collateral encumbered thereby, will continue to
guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Loan
Documents and regardless of whether any Guarantor under this Agreement was a “Borrower” under the
Original Credit Agreement, the payment and performance of all Obligations and Guaranteed
Liabilities under this Agreement and the Secured Obligations (as such term is defined in the
Security Instruments) under the Security Instruments, as the case may be, including without
limitation the payment and performance of all such Obligations and Guaranteed Liabilities under
this Agreement and the Secured Obligations under the Security Instruments, and (ii) reaffirms its
grant to the Administrative Agent for the benefit of the Secured Parties of a continuing Lien on
and security interest in and to such Credit Party’s right, title and interest in, to and under all
Collateral as collateral security for the prompt payment and

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performance in full when due of the Obligations and Guaranteed Liabilities under this
Agreement and the Secured Obligations under the Security Instruments (whether at stated maturity,
by acceleration or otherwise) in accordance with the terms thereof. With respect to the other Loan
Documents, (a) the defined term “Bank One” shall be deemed to mean JPMorgan Chase Bank, (b) the
defined term “Agent” shall be deemed to mean JPMorgan Chase Bank, in its capacity as Administrative
Agent and (c) the defined term “Rate Management Transaction” shall be deemed to mean indebtedness,
liabilities and obligations of any Credit Party with respect to transactions under Swap Agreements
between such Credit Party and any Lender Counterparty that are included in the defined term
“Obligations” under this Agreement.

     Section 11.17. Reallocation of Aggregate Commitment. The Lenders (as defined in the
Original Credit Agreement) have agreed among themselves to reallocate the Commitment (as defined in
the Original Credit Agreement) as contemplated by this Agreement and to adjust their interests in
the Commitment and the Loans (as defined in the Original Credit Agreement) accordingly. On the
Effective Date and after giving effect to such reallocation and adjustment of such Commitment and
such Loans, the Lenders (as defined in this Agreement) shall own the Applicable Percentages set
forth on Schedule 2.01. The outstanding Loans (as defined in the Original Credit Agreement) and
the funds delivered to the Administrative Agent on the Effective Date by the Lenders (other than
the Lenders under the Original Credit Agreement) and the other Lenders shall be allocated such that
after giving effect to such allocation each of the Lenders (as defined in this Agreement) shall own
the Applicable Percentages of the Aggregate Commitment and the Commitments set forth on Schedule
2.01 and such Lenders shall own the Loans (as defined in this Agreement) consistent with the
Applicable Percentages set forth on Schedule 2.01.

[Signature Pages Follow]

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

	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	RANGE RESOURCES CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	GUARANTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	GREAT LAKES ENERGY PARTNERS, L.L.C.,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Range Holdco, Inc.	 	 
	 

	 	 	 	Its member	 	 

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: Roger S. Manny
	 	 	 	 	Title:   Senior Vice President
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Range Energy I, Inc.	 	 
	 	 	 	 	Its member	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Roger S. Manny	 	 
	 

	 	 	 	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	RANGE ENERGY I, INC.,	 	 
	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	RANGE HOLDCO, INC.,	 	 
	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	RANGE PRODUCTION COMPANY,	 	 
	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	RANGE ENERGY VENTURES CORPORATION, 	 	 
	 	 	a Delaware corporation	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	GULFSTAR ENERGY, INC.,	 	 
	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	RANGE ENERGY FINANCE CORPORATION,	 	 
	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	RANGE PRODUCTION I, L.P.	 	 
	 	 	a Texas limited partnership	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RANGE PRODUCTION COMPANY	 	 
	 

	 	 	 	Its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Roger S. Manny	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	RANGE RESOURCES, L.L.C.	 	 
	 	 	a Oklahoma limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RANGE PRODUCTION COMPANY	 	 
	 

	 	 	 	Its member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RANGE HOLDCO, INC.	 	 
	 

	 	 	 	Its member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	PMOG HOLDINGS, INC.,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	PINE MOUNTAIN ACQUISITION, INC.,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	PINE MOUNTAIN OIL AND GAS, INC.,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	RANGE OPERATING NEW MEXICO, INC.,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	RANGE OPERATING TEXAS, LLC,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	STROUD ENERGY GP, LLC,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	STROUD ENERGY LP, LLC,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Thomas M. Strauss	 	 
	 	 	Title:  Manager	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	STROUD ENERGY, LTD.,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Stroud Energy Management GP, LLC	 	 
	 

	 	 	 	Its general partner	 	 

	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 

	 	 	 	 	 	 	 
	 	 	STROUD ENERGY MANAGEMENT GP, LLC,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Roger S. Manny	 	 
	 	 	Title:   Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	STROUD OIL PROPERTIES, L.P.,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Stroud Energy GP, LLC	 	 
	 

	 	 	 	Its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	By:

 

	 	 
	 

	 	 	 	Name: Roger S. Manny	 	 
	 

	 	 	 	Title:   Senior Vice President	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.	 	 
	 	 	(successor by merger to Bank One, N.A. (Illinois)

as Administration Agent and a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Wm. Mark Cranmer	 	 
	 	 	Title:   Senior Vice President	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF SCOTLAND,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	CALYON NEW YORK BRANCH,	 	 
	 

	 	as a Syndicated Agent and a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	COMPASS BANK,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,	 	 
	 	 	as a Documentation Agent and a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	FORTIS CAPITAL CORP.,	 	 
	 

	 	as a Documentation Agent and a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	NATEXIS BANQUES POPULAIRES,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	COMERICA BANK,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	CAPITAL ONE, N.A. (f/k/a Hibernia National	 	 
	 	 	Bank), as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	AMEGY BANK N.A. (f/k/a Southwest Bank of	 	 
	 	 	Texas N.A.), as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	BMO CAPITAL MARKETS FINANCING, INC.	 	 
	 	 	(f/k/a HARRIS NESBITT FINANCING, INC.),	 	 
	 	 	as a Syndication Agent and a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	KEY BANK,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL	 	 
	 	 	ASSOCIATION, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	UNION BANK OF CALIFORNIA, N.A.,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NOVA SCOTIA,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	THE FROST NATIONAL BANK,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	CITIBANK, N.A.,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	CREDIT SUISSE, Cayman Islands Branch,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	SUNTRUST BANK,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	SOCIÉTÉ GÉNÉRALE,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

RANGE RESOURCES THIRD AMENDED AND RESTATED CREDIT AGREEMENT — SIGNATURE PAGE

 

 

SCHEDULE 2.01

APPLICABLE PERCENTAGES AND INITIAL COMMITMENTS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Applicable	 	 
	Lender	 	Title	 	Percentage	 	Initial Commitment
	JPMorgan Chase Bank , N.A.
	 	Administrative Agent	 	 	5.6250000	%	 	$	45,000,000	 
	Bank of America, N.A.
	 	Documentation Agent	 	 	5.6250000	%	 	$	45,000,000	 
	Fortis Capital Corp.
	 	Documentation Agent	 	 	5.6250000	%	 	$	45,000,000	 
	Calyon New York Branch
	 	Syndicated Agent	 	 	5.6250000	%	 	$	45,000,000	 
	BMO Capital Markets
Financing, Inc., (f/k/a
Harris Nesbitt Financing,
Inc.)
	 	Syndication Agent	 	 	5.6250000	%	 	$	45,000,000	 
	Union Bank of California, N.A.
	 	Co-Agent	 	 	5.0000000	%	 	$	40,000,000	 
	Bank of Scotland
	 	Agent	 	 	5.6250000	%	 	$	45,000,000	 
	Wachovia Bank, National
Association
	 	Co-Agent	 	 	4.3750000	%	 	$	35,000,000	 
	Citibank, N.A.
	 	Co-Agent	 	 	4.3750000	%	 	$	35,000,000	 
	Comerica Bank
	 	Co-Agent	 	 	5.0000000	%	 	$	40,000,000	 
	Compass Bank
	 	 	 	 	3.1250000	%	 	$	25,000,000	 
	Credit Suisse, Cayman Islands
Branch
	 	 	 	 	3.7500000	%	 	$	30,000,000	 
	Deutsche Bank Trust Company
Americas
	 	Co-Agent	 	 	4.3750000	%	 	$	35,000,000	 
	Key Bank
	 	Co-Agent	 	 	4.3750000	%	 	$	35,000,000	 
	Natexis Banques Populaires
	 	Co-Agent	 	 	4.3750000	%	 	$	35,000,000	 
	The Bank of Nova Scotia
	 	Co-Agent	 	 	5.0000000	%	 	$	40,000,000	 
	Société Générale
	 	 	 	 	4.3750000	%	 	$	35,000,000	 
	Suntrust Bank
	 	 	 	 	4.3750000	%	 	$	35,000,000	 
	The Frost National Bank
	 	 	 	 	3.1250000	%	 	$	25,000,000	 
	Amegy Bank N.A. (f/k/a
Southwest Bank of Texas N.A.)
	 	 	 	 	3.1250000	%	 	$	25,000,000	 
	US Bank, National Association
	 	 	 	 	4.3750000	%	 	$	35,000,000	 
	Capital One, N.A. (f/k/a
Hibernia National Bank)
	 	 	 	 	3.1250000	%	 	$	25,000,000	 
	TOTAL
	 	 	 	 	100.00000	%	 	$	800,000,000	 

SCHEDULE 2.01 — PAGE 1exv10w1xay

 

Exhibit
10.1(a)

AMENDED AND RESTATED

METROPCS COMMUNICATIONS, INC.

2004 EQUITY INCENTIVE COMPENSATION PLAN

     Pursuant to Section 1.8 of
the MetroPCS Communications, Inc. 2004 Equity Incentive
Compensation Plan adopted effective as of April 15, 2004, as amended by the First Amendment to
MetroPCS Communications, Inc. 2004 Equity Incentive Compensation Plan dated effective as of
September 21, 2005, and as amended by the Second Amendment to MetroPCS Communications, Inc. 2004
Equity Incentive Compensation Plan dated effective as of December 13, 2006, such MetroPCS
Communications, Inc. 2004 Equity Incentive Compensation Plan, as amended, is hereby amended and
restated to read in its entirety as follows:

ARTICLE I

INTRODUCTION

     1.1 Purpose.
The MetroPCS Communications, Inc. 2004 Equity Incentive Compensation Plan (the
“Plan”) is intended to promote the interests of MetroPCS Communications, Inc., a Delaware
corporation, (the “Company”) and its stockholders by encouraging Employees, Consultants and
Non-Employee Directors of the Company or its Affiliates (as defined below) to acquire or increase
their equity interests in the Company, thereby giving them an added incentive to work toward the
continued growth and success of the Company. The Board of Directors of the Company (the “ Board ”)
also contemplates that through the Plan, the Company and its Affiliates will be better able to
compete for the services of the individuals needed for the continued growth and success of the
Company. The Plan provides for payment of various forms of incentive compensation and accordingly
is not intended to be a plan that is subject to the Employee Retirement Income Security Act of
1974, as amended, and shall be administered accordingly.

     1.2 Definitions. As used in the Plan, the following terms shall have the meanings set
forth below:

     “Affiliate” means (i) any entity in which the Company, directly or indirectly, owns 10%
or more of the combined voting power, as determined by the Committee, (ii) any “parent
corporation” of the Company (as defined in section 424(e) of the Code), (iii) any
“subsidiary corporation” of any such parent corporation (as defined in section 424(f) of the
Code) of the Company and (iv) any trades or businesses, whether or not incorporated which
are members of a controlled group or are under common control (as defined in Sections 414(b)
or (c) of the Code) with the Company.

     “Awards” means, collectively, Options, Purchased Stock, Bonus Stock, Stock Appreciation
Rights, Phantom Stock, Restricted Stock, Performance Awards, or Other Stock or
Performance-Based Awards.

     “Board” means the board of directors described in Section 1.1 of the Plan.

     “Bonus Stock” means Common Stock described in Article V of the Plan.

     “Change of Control” shall be deemed to have occurred upon any of the following events:

     (i) any “person” (as defined in Section 3(a)(9) of the Exchange Act, and as modified
in Section 13(d) and 14(d) of the Exchange Act) other than (A) the Company or any of its

 

 

subsidiaries, (B) any employee benefit plan of the Company or any of its subsidiaries, (C)
or any Affiliate, (D) a company owned, directly or indirectly, by stockholders of the
Company in substantially the same proportions as their ownership of the Company, or (E) an
underwriter temporarily holding securities pursuant to an offering of such securities (a “
Person ”), becomes the “beneficial owner” (as defined in Rule 13d- 3 of the Exchange Act),
directly or indirectly, of securities of the Company representing more than 50% of the
shares of voting stock of the Company then outstanding;

     (ii) the consummation of any merger, organization, business combination or
consolidation of the Company or one of its subsidiaries with or into any other company,
other than a merger, reorganization, business combination or consolidation which would
result in the holders of the voting securities of the Company outstanding immediately prior
thereto holding securities which represent immediately after such merger, reorganization,
business combination or consolidation more than 50% of the combined voting power of the
voting securities of the Company or the surviving company or the parent of such surviving
company;

     (iii) the consummation of a sale or disposition by the Company of all or substantially
all of the Company’s assets, other than a sale or disposition if the holders of the voting
securities of the Company outstanding immediately prior thereto hold securities immediately
thereafter which represent more than 50% of the combined voting power of the voting
securities of the acquiror, or parent of the acquiror, of such assets;

     (iv) the stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company; or

     (v) individuals who, as of the
Effective Date, constitute the Board (the “ Incumbent Board
”) cease for any reason to constitute at least a majority of the Board; provided, however, that
any individual becoming a director subsequent to the Effective Date whose election by the
Board, was approved by a vote of at least a majority of the directors then comprising the
Incumbent Board shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial assumption of office
occurs as a result of an election contest with respect to the election or removal of directors
or other solicitation of proxies or consents by or on behalf of a person other than the Board.

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

     “Committee” means the compensation committee of the Board which shall consist of not
less than two members of the Board, each of whom shall qualify as a “non-employee director”
(as that tem is defined in Rule 16b-3 of the General Rules and Regulations under the Exchange
Act) appointed by and serving at the pleasure of the Board to administer the Plan or, if
none, the Board; provided however, that with respect to any Award granted to a Covered
Employee which is intended to be “performance-based compensation” as described in Section
162(m)(4)(C) of the Code, the Committee shall consist solely of two or more “outside
directors” as described in Section 162(m)(4)(C)(i) of the Code.

     “Common Stock” means the Company’s Common Stock.

     “Company” means the corporation described in Section 1.1 or the Plan or any
successor thereto which assumes and continues the Plan.

2

 

     “Consultant” means any individual, other than a Director or an Employee, who renders
consulting or advisory services to the Company or an Affiliate, provided such services are
not in connection with the offer or sale of securities in a capital-raising transaction.

     “Covered Employee” shall mean any of the Chief Executive Officer of the Company and the
four highest paid officers of the Company other than the Chief Executive Officer as
described in Section 162(m)(3) of the Code.

     “Disability” means an inability to perform the Employee’s or Non-Employee Director’s
material services for the Company for a period of 90 consecutive days or a total of 180
days, during any 365-day period, in either case as a result of incapacity due to mental or
physical illness, which is determined to be total and permanent. A determination of
Disability shall be made by a physician satisfactory to both the Participant (or his
guardian) and the Company, provided that the Employee or Non-Employee Director (or his
guardian) and the Company do not agree on a physician, the Employee or Non-Employee Director
and the Company shall each select a physician and these two together shall select a third
physician, whose determination as to Disability shall be final, binding and conclusive with
respect to all parties. Notwithstanding the above, eligibility for disability benefits
under any policy for long-term disability benefits provided to the Participant by the
Company shall conclusively establish the Participant’s disability.

     “Effective Date”
 means the date that it is (i) adopted by the Board; and (ii) approved
by shareholders of the Company, provided that such shareholder approval occurs not more
than one year prior to or after the date of such adoption. The provisions of the Plan are
applicable to all Awards granted on or after the Effective Date.

     “Employee” means any employee of the Company or an Affiliate.

     “Employment” includes any period in which a Participant is an Employee of the Company
or an Affiliate.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Fair Market Value or FMV Per Share” The Fair Market Value or FMV Per Share of the
Common Stock as of the determination date shall be the closing price on the principal
exchange or over-the-counter market on which such shares are trading, if any, or as reported
on any composite index which includes such principal exchange, for the date of the
determination, or if no trade of the Common Stock shall have been reported for such date, the
closing price quoted on such exchange or market for the most recent trade prior to the
determination date. The term “closing price” shall mean (i) if the shares of Common Stock
are listed or admitted for trading on a national securities exchange, the last reported sales
price on the determination date, or, in case no such reported sale takes place on such day or
days, the average of the high and low sales prices reported for the most recent trade prior
to the determination date, in either case on the principal national securities exchange on
which the shares of Common Stock are listed or admitted for trading, or (ii) if the shares of
Common Stock are not listed or admitted for trading on a national securities exchange, (A)
the last transaction price on the determination date of the shares of Common Stock on the
Nasdaq Stock Market, Inc. (“NASDAQ ”) or, in the case no such reported transaction takes
place on such day, the average of the high and low sales prices reported on NASDAQ for the
most recent trade prior to the determination date, or (B) if the shares of Common Stock are
not quoted on NASDAQ on the determination date, the average of the closing bid and asked
prices of the shares of Common Stock on the determination date in the over-the-

3

 

counter market, as reported by The National Quotation Bureau, Inc., or an equivalent
generally accepted reporting service. If shares of the Common Stock are not listed or
admitted to trading on any exchange, over-the-counter market or any similar organization
as of the determination date, the FMV Per Share shall be determined by the Committee in
good faith using any fair and reasonable means selected in its discretion.

     “Incentive Option” means any option that satisfies the requirements of Code Section
422 and is granted pursuant to Article III of the Plan.

     “Incumbent Board” means the Board described in paragraph (v) of the definition of
Change of Control under Section 1.2 of the Plan.

     “Non-Employee Director” means a person who is a member of the Board but who is neither
an Employee nor a Consultant of the Company or any Affiliate.

     “Non-Qualified Option” shall mean an option not intended to satisfy the requirements
of Code Section 422 and which is granted pursuant to Article II of the Plan.

     “Option” means an option to acquire Common Stock granted pursuant to the provisions of
the Plan, and refers to either an Incentive Stock Option or a Non-Qualified Stock Option, or
both, as applicable.

     “Option Expiration Date” means the date determined by Committee which shall not be
more than ten years after the date of grant of an Option.

     “Optionee” means a Participant who has received or will receive an Option.

     “Other Stock or Performance-Based Award” means an award granted pursuant to Article IX of
the Plan that is not otherwise specifically provided for, the value of which is based in whole
or in part upon the value of a share of Common Stock.

     “Participant” means any Non-Employee Director, Employee or Consultant granted an
Award under the Plan.

     “Performance Award” means an Award granted pursuant to Article VIII of the Plan, which,
if earned, shall be payable in shares of Common Stock, cash or any combination thereof as
determined by the Committee.

     “Plan” means the plan described in Section 1.1 of the Plan and set forth in this
document, as amended from time to time.

     “Purchased Stock” means a right to purchase Common Stock granted pursuant to Article
IV of the Plan.

     “Phantom Stock” means an Award, granted pursuant to Article VI of the Plan, of the
right to receive (i) shares of Common Stock issued at the end of a Restricted Period, (ii)
the Fair Market Value of such shares paid in cash at the end of the Restriction Period or
(iii) a combination of shares and cash as determined by the Committee.

     “Restricted
Period” means the period established by the Committee with respect to
an Award during which the Award either remains subject to forfeiture or is not
exercisable by the

4

 

Participant.

     “Restricted Stock”
means one or more shares of Common Stock, prior to the lapse of
restrictions thereon, granted under Article VII of the Plan.

     “Retirement”
means termination of Employment of an Employee, or if determined by the
Committee termination of service of a Non-Employee Director, under circumstances as shall
constitute retirement as determined by the Committee.

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

     “Spread” means the amount determined pursuant to Section 6.1(a) of the Plan,

     “Stock Appreciation Rights” means an Award granted pursuant to Article VI of the Plan.

     1.3 Shares Subject to the Plan. The maximum number of shares of Common Stock that may be
issued under the Plan is equal to thirteen million five hundred thousand (13,500,000) shares.
Notwithstanding the above, in the event that at any time after the Effective Date the outstanding
shares of Common Stock are changed into or exchanged for a different number or kind of shares or
other securities of the Company by reason of a merger, consolidation, recapitalization,
reclassification, stock split, stock dividend, combination of shares or the like, the aggregate
number and affected class of securities available under the Plan shall be ratably adjusted by the
Committee. Upon the occurrence of any of the events described in the immediately preceding
sentence, in order to ensure that after such event the shares of Common Stock subject to the Plan
and each Participant’s proportionate interest shall be maintained substantially as before the
occurrence of such event, the Committee shall, in such manner as it may deem equitable, adjust (i)
the number of shares of Common Stock with respect to which Awards may be granted, (ii) the number
of shares of Common Stock subject to outstanding Awards, and (iii) the grant or exercise price with
respect to an Award. Such adjustment in an outstanding Option shall be made (i) without change in
the total price applicable to the Option or any unexercised portion of the Option (except for any
change in the aggregate price resulting from rounding-off of share quantities or prices) and (ii)
with any necessary corresponding adjustment in exercise price per share. The Committee’s
determinations shall be final, binding and conclusive with respect to the Company and all other
interested persons. In the event the number of shares to be delivered upon the exercise or payment
of any Award granted under the Plan is reduced for any reason whatsoever or in the event any Award
(or portion thereof) granted under the Plan can no longer under any circumstances be exercised or
paid, the number of shares no longer subject to such Award shall thereupon be released from such
Award and shall thereafter be available under the Plan for the grant of additional Awards. Shares
that cease to be subject to an Award because of the exercise of the Award, or the vesting of a
Restricted Stock Award or similar Award, shall no longer be subject to any further grant under the
Plan. Shares issued pursuant to the Plan (i) may be treasury shares, authorized but unissued
shares or, if applicable, shares acquired in the open market and (ii) shall be fully paid and
nonassessable. No fractional shares shall be issued under the Plan; payment for any fractional
shares shall be made in cash.

     1.4 Administration of the Plan.

     (a) Committee, Meetings, Rule Making and Interpretations. The Plan shall be administered by
the Committee. Subject to the provisions of the Plan, the Committee shall (i) interpret the Plan
and all Awards under the Plan, (ii) make, amend and rescind such rules as it deems necessary for
the proper administration of the Plan, (iii) make all other determinations necessary or advisable
for the administration of the Plan and (iv) correct any defect or supply any omission or reconcile
any inconsistency in the Plan or in any Award under the Plan in the manner and to the extent that
the

5

 

Committee deems desirable to effectuate the Plan. Any action taken or determination made by the
Committee pursuant to this and the other paragraphs of the Plan shall be final, binding and
conclusive on all affected persons, including the Company; any Affiliate; any grantee, holder or
beneficiary of an Award; any stockholder and any Employee, Consultant or Non-Employee Director. No
member of the Board or the Committee shall be liable for any action or determination made in good
faith with respect to the Plan or any Award granted hereunder and the members of the Board and the
Committee shall be entitled to indemnification and reimbursement by the Company and its Affiliates
in respect of any claim, loss, damage or expense (including legal fees) arising therefrom to the
full extent permitted by law.

     1.5 Granting of Awards to Participants. The Committee shall have the authority to grant,
prior to the expiration date of the Plan, Awards to such Employees, Consultants and Non-Employee
Directors as may be selected by it subject to the terms and conditions hereinafter set forth in the
Plan. In selecting the persons to receive Awards, including the type and size of the Award, the
Committee may consider the contribution the recipient has made and/or may make to the growth of the
Company or its Affiliates and any other factors that it may deem relevant. No member of the
Committee shall vote or act upon any matter relating solely to himself. Grants of Awards to
members of the Committee must be ratified by the Board. In no event shall any Employee, Consultant
or Non-Employee Director, nor his or its legal representatives, heirs, legatees, distributees or
successors have any right to participate in the Plan except to such extent, if any, as permitted
under the Plan and as the Committee may determine. Notwithstanding anything in the Plan to the
contrary, the Committee shall have the authority to grant, prior to the expiration date of the
Plan, Awards to a third party designated by a Non-Employee Director; provided, that (i) the Board
consents to such grant; (ii) such grant is made with respect to Awards that would otherwise be
granted to such Non-Employee Director; and (iii) the grant of such Award and subsequent issuance of
Common Stock may be made in reliance on an exemption from the registration requirements of the
Securities Act of 1933 (or any similar or superseding statute or statutes, any other applicable
state or federal statute or regulation, or any rule of any applicable securities exchange or
securities association, as then in effect) as determined by the Committee in its sole discretion.

     1.6 Leave of Absence. If an employee is on military, sick leave or other bona fide leave of
absence, such person shall be considered an “Employee” for purposes of an outstanding Award during
the period of such leave provided it does not exceed 180 days (or such longer period as may be
determined by the Committee in its sole discretion), or, if longer, so long as the person’s right
to reemployment is guaranteed either by statute or by contract. If the period of leave exceeds 180
days (or such longer period as may be determined by the Committee in its sole discretion), the
employment relationship shall be deemed to have terminated on the 181st day (or the first day
immediately following any period of leave in excess of 180 days as approved by the Committee) of
such leave, unless the person’s right to reemployment is guaranteed by statute or contract.

     1.7 Term of Plan. If not sooner terminated under the provisions of Section 1.8, the Plan
shall terminate upon, and no further Awards shall be made, after the tenth (10th) anniversary of
the Effective Date.

     1.8 Amendment and Discontinuance of the Plan. The Board may amend, suspend or terminate the
Plan at any time without prior notice to or consent of any person; provided, however, subject to
Section 10.12, no amendment, suspension or termination of the Plan may without the consent of the
holder of an Award terminate such Award or adversely affect such person’s rights with respect to
such Award in any material respect; and provided further, however, that no amendment shall be
effective prior to its approval by the stockholders of the Company to the extent such approval is
required by (i) applicable legal requirements, (ii) the requirements of any securities exchange on
which the Company’s stock may be listed or (iii) the requirements of the Nasdaq Stock Market, Inc.
on which the Company’s stock may be listed. Notwithstanding the foregoing, the Board may amend the
Plan in such manner as it

6

 

deems necessary in order to permit awards to meet the requirements of the Code or other applicable
laws.

ARTICLE II

NON-QUALIFIED OPTIONS

     2.1 Eligibility. The Committee may grant Non-Qualified Options to purchase the Common Stock
to any Employee, Consultant and Non-Employee Directors according to the terms set forth below.
Each Non-Qualified Option granted under the Plan shall be evidenced by a wr itten agreement between
the Company and the individual to whom Non-Qualified Options were granted in such form as the
Committee shall provide.

     2.2 Exercise Price. The exercise price to be paid for each share of Common Stock
deliverable upon exercise of each Non-Qualified Option granted under this Article II shall not be
less than one hundred percent (100%) of the FMV Per Share on the date of grant of such
Non-Qualified Option. The exercise price for each Non-Qualified Option granted under Article II
shall be subject to adjustment as provided in Section 2.3(e) of the Plan.

     2.3 Terms and Conditions of Non-Qualified Options . Non-Qualified Options shall be in such
form as the Committee may from time to time approve, shall be subject to the following terms and
conditions and may contain such additional terms and conditions, not inconsistent with this
Article II, as the Committee shall deem desirable:

     (a) Option Period and Conditions and Limitations on Exercise. No Non-Qualified Option shall
be exercisable later than the Option Expiration Date. To the extent not prohibited by other
provisions of the Plan, each Non-Qualified Option shall be exercisable at such time or times as the
Committee in its discretion may determine at the time such Non-Qualified Option is granted.

     (b) Manner of Exercise. In order to exercise a Non-Qualified Option, the person or persons
entitled to exercise it shall deliver to the Company (or its delegate) payment in full for (i) the
shares being purchased and (ii) any required withholding taxes. The payment of the exercise price
for each Non-Qualified Option shall either be (i) in cash or by check payable and acceptable to the
Company, (ii) with the consent of the Committee, by tendering to the Company shares of Common Stock
owned by the person for more than six months having an aggregate Fair Market Value as of the date
of exercise that is not greater than the full exercise price for the shares with respect to which
the Non-Qualified Option is being exercised and by paying any remaining amount of the exercise
price as provided in (i) above, or (iii) with the consent of the Committee and compliance with such
instructions as the Committee may specify, at the person’s written request the Company may deliver
certificates for the shares of Common Stock for which the Non-Qualified Option is being exercised
to a broker for sale on behalf of the person, provided that the person has irrevocably instructed
such broker to remit directly to the Company on the person’s behalf from the proceeds of such sale
the full amount of the exercise price plus all required withholding taxes. In the event that the
person elects to make payment as allowed under clause (ii) above, the Committee may authorize the
issuance of a new certificate for the number of shares being acquired pursuant to the exercise of
the Non-Qualified Option less the number of shares being tendered upon the exercise and return to
the person (or not require surrender of) the certificate for the shares being tendered upon the
exercise. If the Committee so requires, such person or persons shall also deliver a written
representation that all shares being purchased are being acquired for investment and not with a
view to, or for resale in connection with, any distribution of such shares.

     (c) Proceeds. The proceeds received from the sale of shares of Common Stock pursuant to
exercise of Non-Qualified Options exercised under the Plan will be used for general corporate
purposes.

7

 

     (d) Non-Qualified Options Not Transferable. Except as provided below, no Non-Qualified
Option granted hereunder shall be transferable other than by (i) will or by the laws of descent
and distribution or (ii) pursuant to a domestic relations order and, during the lifetime of the
Participant to whom any such Non-Qualified Option is granted, it shall be exercisable only by the
Participant (or his guardian). Any attempt to transfer, assign, pledge, hypothecate or otherwise
dispose of, or to subject to execution, attachment or similar process, any Non-Qualified Option
granted hereunder, or any right thereunder, contrary to the provisions hereof, shall be void and
ineffective, shall give no right to the purported transferee, and shall, at the sole discretion of
the Committee, result in forfeiture of the Non-Qualified Option with respect to the shares
involved in such attempt. With respect to a specific Non-Qualified Option, in accordance with
rules and procedures established by the Committee from time to time, the Participant (or his
guardian) may transfer, for estate planning purposes, all or part of such Non-Qualified Option to
one or more immediate family members or related family trusts or partnerships or similar entities
as determined by the Committee. Any Non-Qualified Option that is transferred in accordance with
the provisions of this section may only be exercised by the person or persons who acquire a
proprietary interest in the Non-Qualified Options pursuant to the transfer.

     (e) Adjustment of Non-Qualified Options. In the event that at any time after the Effective
Date the outstanding shares of Common Stock are changed into or exchanged for a different number or
kind of shares or other securities of the Company by reason of merger, consolidation,
recapitalization, reclassification, stock split, stock dividend, combination of shares or the like,
the Committee shall make an appropriate and equitable adjustments as provided in Section 1.3.

     (f) Listing and Registration of Shares. Each Non-Qualified Option shall be subject to the
requirement that if at any time the Committee determines in its discretion, that the listing,
registration, or qualification of the shares subject to such Non-Qualified Option under any
securities exchange or under any state or federal law, or the consent or approval of any
governmental regulatory body, is necessary or desirable as a condition of, or in connection with,
the issue or purchase of shares thereunder, such Non-Qualified Option may not be exercised in whole
or in part unless such listing, registration, qualification, consent or approval shall have been
effected or obtained and the same shall have been free of any conditions not acceptable to the
Committee.

     2.4 Option Repricing. With shareholder approval, the Committee, in its absolute discretion,
may grant to holders of outstanding Non-Qualified Options, in exchange for the surrender and
cancellation of such Non-Qualified Options, new Non-Qualified Options having exercise prices lower
(or higher with any required consent) than the exercise price provided in the Non-Qualified Options
so surrendered and canceled and containing such other terms and conditions as the Committee may
deem appropriate.

     2.5 Vesting. See Section 10.11 of the Plan for provisions on vesting in connection
with termination of Employment or service. Also, see Section 10.12 of the Plan relating to
vesting in connection with a Change of Control.

     2.6 Unvested Shares. The Committee shall have the discretion to grant Non-Qualified Options
which are exercisable for unvested shares of Common Stock. Should the Optionee cease Employment or
service while holding such unvested shares, the Company shall have the right to repurchase, at the
exercise price paid per share, all or, at the discretion of the Company and with the consent of the
Optionee, any of those unvested shares. The terms upon which such repurchase right shall be
exercisable (including the period and procedure for exercise and the appropriate vesting schedule
for the purchased shares) shall be established by the Committee and set forth in the document
evidencing such repurchase right. Any unvested shares of Common Stock purchased incident to
exercise of a Non-Qualified Option, shall not be assignable or transferable except as provided in
the document evidencing the Company’s

8

 

repurchase right.

ARTICLE III

INCENTIVE OPTIONS

     The terms specified in this Article III shall be applicable to all Incentive Options.
Except as modified by the provisions of this Article III, all the provisions of Article II
shall be applicable to Incentive Options. Options which are specifically designated as
Non-Qualified Options shall not be subject to the terms of this Section III

     3.1 Eligibility. Incentive Options may only be granted to Employees.

     3.2 Exercise Price. Subject to Section 3.4, the exercise price per Share shall not be less
than one hundred percent (100%) of the FMV Per Share on the option date of grant.

     3.3 Dollar Limitation. The aggregate Fair Market Value (determined as of the respective date
or dates of grant) of shares of Common Stock for which one or more options granted to any Employee
under the Plan (or any other option plan of the Company or any Affiliate which is a parent or
subsidiary as defined in Code Sections 424(e) or (f), as applicable) may for the first time become
exercisable as Incentive Options during any one (1) calendar year shall not exceed the sum of One
Hundred Thousand Dollars ($100,000). To the extent the Employee holds two (2) or more such options
which become exercisable for the first time in the same calendar year, the foregoing limitation on
the exercisability of such options as Incentive Options shall be applied on the basis of the order
in which such options are granted.

     3.4 10% Stockholder. If any Employee to whom an Incentive Option is granted owns stock
possessing more than ten percent (10%) of the total combined voting power of all classes of stock
of the Company or any “parent corporation” of the Company (as defined in Section 424(e) of the
Code) or any “subsidiary corporation” of the Company (as defined in Section 424(f) of the Code),
then the exercise price per share shall not be less than one hundred ten percent (110%) of the FMV
Per Share on the date of grant and the option term shall not exceed five (5) years measured from
the date of grant. For purposes of the immediately preceding sentence, the attribution rules under
Section 424(d) of the Code shall apply for purposes of determining an Employee’s ownership.

     3.5 Incentive Options Not Transferable. No Incentive Option granted hereunder (i) shall be
transferable other than by will or by the laws of descent and distribution and (ii) except as
permitted in regulations or other guidance issued under Section 422 of the Code, shall be
exercisable during the Optionee’s lifetime by any person other than the Optionee (or his
guardian).

     3.6 Compliance with Code Section 422. All Options that are intended to be Incentive Stock
Options described in Code Section 422 shall be designated as such in the Option grant and in all
respects shall be issued in compliance with Code Section 422.

     3.7 Limitations on Exercise. No Incentive Option shall be exercisable more than three (3)
months after the Optionee ceases to be an Employee for any reason other than death or Disability,
or more than one (1) year after the Optionee ceases to be an Employee due to death or Disability.

ARTICLE IV

PURCHASED STOCK

     4.1 Eligibility. The Committee shall have the authority to sell shares of Common Stock to
such

9

 

Employees, Consultants and Non-Employee Directors of the Company or its Affiliates as may be
selected by it, on such terms and conditions as it may establish, subject to the further provisions
of this Article IV. Each issuance of Common Stock under this Plan shall be evidenced by an
agreement, which shall be subject to applicable provisions of this Plan and to such other
provisions not inconsistent with this Plan as the Committee may approve for the particular sale
transaction.

     4.2 Purchase Price. The price per share of Common Stock to be purchased by a Participant
under this Plan shall be determined in the sole discretion of the Committee, and may be less
than, but shall not greater than the FMV Per Share at the time of purchase.

     4.3 Payment of Purchase Price. Payment of the purchase price of Purchased Stock under this
Plan shall be made in full in cash.

ARTICLE V

BONUS STOCK

     The Committee may, from time to time and subject to the provisions of the Plan, grant shares
of Bonus Stock to Employees, Consultants and Non-Employee Directors. Such grants of Bonus Stock
shall be in consideration of performance of services by the Participant without additional
consideration except as may be required by the Committee or pursuant to Section 10.1. Bonus Stock
shall be shares of Common Stock that are not subject to a Restricted Period under Article VII.

ARTICLE VI

STOCK APPRECIATION RIGHTS AND PHANTOM STOCK

     6.1 Stock Appreciation Rights. The Committee is authorized to grant Stock Appreciation
Rights to Employees, Consultants and Non-Employee Directors on the following terms and conditions.

     (a) Right to Payment. A Stock Appreciation Right shall confer on the Participant to whom it
is granted a right to receive, upon exercise thereof, the excess of (A) the FMV Per Share on the
date of exercise over (B) the exercise price of the Stock Appreciation Right as determined by the
Committee (the “Spread”). Notwithstanding the foregoing, the Committee may provide, in its sole
discretion, that the Spread covered by a Stock Appreciation Right may not exceed a specified
amount.

     (b) Rights Related to Options. A Stock Appreciation Right granted in connection with an
Option shall entitle a Participant, upon exercise thereof, to surrender that Option or any portion
thereof, to the extent unexercised, and to receive payment of the amount of the Spread as computed
pursuant to Subsection 6.1(a) hereof. That Option shall then cease to be exercisable to the extent
surrendered. Such grant may be made at the time of the grant of the Option or at any time
thereafter, but prior to expiration of the underlying Option. A Stock Appreciation Right granted
in connection with an Option shall provide for an exercise price that is not less than one hundred
percent (100%) of the FMV Per Share of Common Stock on the date the Stock Appreciation Right is
granted and shall be exercisable only at such time or times and only to the extent that the related
Option is exercisable and shall not be transferable (other than by will or the laws of descent and
distribution) except to the extent that the related Option is transferable.

     (c) Right Without Option. A Stock Appreciation Right granted independent of an Option shall
provide for an exercise price per share of Common Stock that is not less than one hundred percent
(100%) of the FMV Per Share of Common Stock on the date of grant of the Stock Appreciation Right
and shall be exercisable as determined by the Committee and set forth in the Award agreement
governing the Stock Appreciation Right and shall not be transferable (other than by will or the
laws of descent and distribution).

10

 

     (d) Terms. The Committee shall determine at the date of grant the time or times at which and
the circumstances under which a Stock Appreciation Right may be exercised in whole or in part
(including based on achievement of performance goals and/or future service requirements), the
method of exercise, whether or not a Stock Appreciation Right shall be in tandem or in combination
with any other Award, and any other terms and conditions of any Stock Appreciation Right.

     6.2 Phantom Stock Awards. Subject to Section 10.5 of the Plan, the Committee is authorized
to grant Phantom Stock Awards to Employees, Consultants and Non-Employee Directors, which are
rights to receive cash equal to the Fair Market Value of specified number of shares of Common Stock
at the end of a specified deferral period, subject to the following terms and conditions:

     (a) Award and Restrictions. Satisfaction of a Phantom Stock Award shall occur upon expiration
of the deferral period specified for such Phantom Stock Award by the Committee or, if permitted by
the Committee, as elected by the Participant. In addition, Phantom Stock Awards shall be subject
to such restrictions (which may include a risk of forfeiture), if any, as the Committee may impose
in its sole discretion, which restrictions may lapse at the expiration of the deferral period or at
earlier specified times (including times based on achievement of performance goals and/or future
service requirements), separately or in combination, as the Committee may determine in its sole
discretion to be appropriate or advisable for any Award. Provided, however, Phantom Stock Awards
shall not be transferable (other than by will or the laws of descent and distribution).

     (b) Forfeiture. Except as otherwise determined by the Committee or as may be set forth in
any Award, employment or other agreement pertaining to a Phantom Stock Award, upon termination of
employment or services during the applicable deferral period or portion thereof to which forfeiture
conditions apply, all Phantom Stock Awards that are at that time subject to deferral (other than a
deferral at the election of the Participant) shall be forfeited; provided that the Committee may
provide, by rule or regulation or in any Award agreement, or may determine in any individual case,
that restrictions or forfeiture conditions relating to Phantom Stock Awards shall be waived in
whole or in part in the event of terminations resulting from specified causes, and the Committee
may in other cases which it determines appropriate or advisable waive in whole or in part the
forfeiture of Phantom Stock Awards.

     (c) Performance Goals. To the extent the Committee determines that any Award granted pursuant
to this Article VI shall constitute performance-based compensation for purposes of Section 162(m)
of the Code, the grant or settlement of the Award shall, in the Committee’s discretion, be subject
to the achievement of performance goals determined and applied in a manner consistent with Section
8.2.

ARTICLE VII

RESTRICTED STOCK

     7.1 Eligibility. All Employees, Consultants and Non-Employee Directors shall be eligible
for grants of Restricted Stock.

     7.2 Restrictions, Restricted Period and Vesting.

     (a) The Restricted Stock shall be subject to such forfeiture restrictions (including, without
limitation, limitations that qualify as a “substantial risk of forfeiture” within the meaning
given to that term under Section 83 of the Code) and restrictions on transfer by the Participant
and repurchase by the Company as the Committee, in its sale discretion, shall determine. Prior to
the lapse of such restrictions the Participant shall not be permitted to transfer such shares.
The Company shall have the right to. repurchase or recover such shares for the amount of cash
paid therefor, if any, if (i) the Participant shall

11

 

terminate Employment from or services to the Company prior to the lapse of such restrictions or
(ii) the Restricted Stock is forfeited by the Participant pursuant to the terms of the Award.

     (b) Vesting. See Section 10.11 of the Plan for provisions on vesting in connection
with termination of Employment or service. Also, see Section 10.12 of the Plan relating to
vesting in connection with a Change of Control.

     (c) Immediate Transfer Without Immediate Delivery of Restricted Stock. Each certificate
representing Restricted Stock awarded under the Plan shall be registered in the name of the
Participant and, during the Restricted Period, shall be left on deposit with the Company, or in
trust or escrow pursuant to an agreement satisfactory to the Committee, along with a stock power
endorsed in blank until such time as the restrictions on transfer have lapsed. The grantee of
Restricted Stock shall have all the rights of a stockholder with respect to such shares including
the right to vote and the right to receive dividends or other distributions paid or made with
respect to such shares; provided, however, the Committee may in the Award restrict the
Participant’s right to dividends until the restrictions on the Restricted Stock lapse. Any
certificate or certificates representing shares of Restricted Stock shall bear a legend similar to
the following:

The shares represented by this certificate have been issued pursuant to the terms of
the MetroPCS Communications, Inc. 2004 Equity Incentive Compensation Plan (as amended
and restated) and may not be sold, pledged, transferred, assigned or otherwise
encumbered in any manner except as is set forth in the terms of such award dated ,
200 .

     7.3 Forfeiture of Restricted Stock. If, for any reason, the restrictions imposed by the
Committee upon Restricted Stock are not satisfied at the end of the Restricted Period, any
Restricted Stock remaining subject to such restrictions shall thereupon be forfeited by the
Participant and reacquired by the Company.

     7.4 Delivery of Shares of Common Stock. Pursuant to Section 10.5 of the Plan and subject to
withholding requirements of Article XI of the Plan, at the expiration of the Restricted Period, a
stock certificate evidencing the Restricted Stock (to the nearest full share) with respect to which
the Restricted Period has expired shall be delivered without charge to the Participant, or his
personal representative. free of all restrictions under the Plan.

ARTICLE VIII

PERFORMANCE AWARDS

     8.1 Performance Awards. The Committee may grant Performance Awards based on performance
criteria measured over a period of not less than six months and not more than ten years. The
Committee may use such business criteria and other measures of performance as it may deem
appropriate in establishing any performance conditions, and may exercise its discretion to increase
the amounts payable under any Award subject to performance conditions except as limited under
Section 8.2 in the case of a Performance Award granted to a Covered Employee.

     8.2 Performance Goals. The grant and/or settlement of a Performance Award shall be
contingent upon terms set forth in this Section 8.2.

     (a) General. The performance goals for Performance Awards shall consist of one or more
business criteria and a targeted level or levels of performance with respect to each of such
criteria, as specified by the Committee. In the case of any Award granted to a Covered Employee,
performance goals shall be designed to be objective and shall otherwise meet the requirements of
Section l62(m) of the

12

 

Code and regulations thereunder (including Treasury Regulations sec. 1.162-27 and successor
regulations thereto), including the requirement that the level or levels of performance targeted by
the Committee are such that the achievement of performance goals is “substantially uncertain” at
the time of grant. The Committee may determine that such Performance Awards shall be granted
and/or settled upon achievement of anyone performance goal or that two or more of the performance
goals must be achieved as a condition to the grant and/or settlement of such Performance Awards.
Performance goals may differ among Performance Awards granted to anyone Participant or for
Performance Awards granted to different Participants.

     (b) Business Criteria. One or more of the following business criteria for the Company, on a
consolidated basis, and/or for specified subsidiaries, divisions or business or geographical units
of the Company (except with respect to the total stockholder return and earnings per share
criteria), shall be used by the Committee in establishing performance goals for Performance Awards
granted to a Participant: (A) earnings per share; (B) increase in price per share. (C) increase in
revenues; (D) increase in cash flow; (E) return on net assets; (F) return on assets; (G) return on
investment; (H) return on equity; (I) economic value added; (J) gross margin; (K) net income; (L)
pretax earnings; (M) pretax earnings before interest, depreciation and amortization; (N) pretax
operating earnings alter interest expense and before incentives. service fees, and extraordinary
or special items; (O) operating income; (P) total stockholder return; (Q) debt reduction; (R) other
Company or industry specific measurements used in the management and internal or external reporting
of the Company, including but not limited to, average revenue per user (ARPU), cost per gross add
(CPGA), cash cost per user (CCPU), adjusted earnings before interest, taxes, depreciation and
amortization (Adjusted EBITDA). Capital expenditure per customer, etc.; and (S) any of the above
goals determined on the absolute or relative basis or as compared to the performance of a published
or special index deemed applicable by the Committee including, but not limited to, the Standard &
Poor’s 500 Stock Index or components thereof or a group of comparable companies.

     (c) Performance Period; Timing for Establishing Performance Goals. Achievement of
performance goals in respect of Performance Awards shall be measured over a performance period of
not less than six months and not more than ten years, as specified by the Committee. Performance
goals in the case of any Award granted to a Participant shall be established not later than 90 days
after the beginning of any performance period applicable to such Performance Awards, or at such
other date as may be required or permitted for “performance-based compensation” under Section
162(m) of the Code.

     (d) Settlement of Performance Awards; Other Terms. After the end of each performance period,
the Committee shall determine the amount, if any, of Performance Awards payable to each Participant
based upon achievement of business criteria over a performance period. The Committee may not
exercise discretion to increase any such amount payable in respect of a Performance Award which is
intended to comply with Section 162(m) of the Code. The Committee shall specify the circumstances
in which such Performance Awards shall be paid or forfeited in the event of termination of
employment by the Participant prior to the end of a performance period or settlement of Performance
Awards.

     (e) Written Determinations. All determinations by the Committee as to the establishment of
performance goals, the amount of any Performance Award, and the achievement of performance goals
relating to Performance Awards shall be made in a written agreement or other document covering the
Performance Award. The Committee may not delegate any responsibility relating to such Performance
Awards.

     (f) Status of Performance Awards under Section 162(m) of the Code. It is the intent of the
Company that Performance Awards granted to persons who are designated by the Committee as likely to
be Covered Employees within the meaning of Section 162(m) of the Code and regulations thereunder

13

 

(including Treasury Regulations sec. 1.162-27 and successor regulations thereto) shall constitute
“performance-based compensation” within the meaning of Section 162(m) of the Code and regulations
thereunder. Accordingly, the terms of this Section 8.2 shall be interpreted in a manner consistent
with Section 162(m) of the Code and regulations thereunder. The foregoing notwithstanding,
because the Committee cannot determine with certainty whether a given Participant will be a Covered
Employee with respect to a fiscal year that has not yet been completed, the term Covered Employee
as used herein shall mean only a person designated by the Committee, at the time of grant of a
Performance Award, who is likely to be a Covered Employee with respect to that fiscal year. If any
provision of the Plan as in effect on the date of adoption or any agreements relating to
Performance Awards that are intended to comply with Section 162(m) of the Code docs not comply or
is inconsistent with the requirements of Section 162(m) of the Code or regulations thereunder, such
provision shall be construed or deemed amended to the extent necessary to conform to such
requirements.

ARTICLE IX

OTHER STOCK OR PERFORMANCE-BASED AWARDS

     The Committee is hereby authorized to grant to Employees, Non-Employee Directors and
Consultants of the Company or its Affiliates, Other Stock or Performance-Based Awards, which shall
consist of a right which (i) is not an Award described in any other Article and (ii) is denominated
or payable in, valued in whole or in part by reference to, or otherwise based on or related to,
shares of Common Stock (including, without limitation, units or securities convertible into shares
of Common Stock) or cash as are deemed by the Committee to be consistent with the purposes of the
Plan. Subject to the terms of the Plan, the Committee shall determine the terms and conditions of
any such Other Stock or Performance-Based Awards which shall be contained in a written agreement or
other document covering such Awards.

ARTICLE X

CERTAIN PROVISIONS APPLICABLE TO ALL AWARDS

     10.1 General. Awards shall be evidenced by a written agreement or other document and may be
granted on the terms and conditions set forth herein. In addition, the Committee may impose on any
Award or the exercise thereof, such additional terms and conditions, not inconsis tent with the
provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of
Awards in the event of termination of employment by the Participant and terms permitting a
Participant to make elections relating to his or her Award. The terms, conditions and/or
restrictions contained in an Award may differ from the terms, conditions and restrictions contained
in any other Award. The Committee may amend an Award; provided, however, subject to Section 10.12,
no amendment of an Award may, without the consent of the holder of the Award, adversely affect such
person’s rights with respect to such Award in any material respect. The Committee shall retain
full power and discretion to accelerate or waive, at any time, any term or condition of an Award
that is not mandatory under the Plan; provided, however, that, subject to Section 10.12, the
Committee shall not have a discretion to accelerate or waive any term or condition of an Award that
is intended to qualify as “performance-based compensation” for purposes of Section 162(m) of the
Code if such discretion would cause the Award not to so qualify. Except in cases in which the
Committee is authorized to require other forms of consideration under the Plan, or to the extent
other forms of consideration must be paid to satisfy the requirements of the Delaware Corporation
Law, no consideration other than services may be required for the grant of any Award.

     10.2 Stand-Alone, Additional, Tandem,
 and Substitute Awards. Subject to Section 2.4 of the
Plan, Awards granted under the Plan may, in the discretion of the Committee, be granted either
alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or
any award granted under another plan of the Company, any Affiliate, or any business entity to be
acquired by the Company

14

 

or an Affiliate, or any other right of a Participant to receive payment from the Company or any
Affiliate. Such additional, tandem and substitute or exchange Awards may be granted at any time.
If an Award is granted in substitution or exchange for another Award, the Committee shall require
the surrender of such other Award for cancellation in consideration for the grant of the new Award.
In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts
payable under other plans of the Company or any Affiliate. Any such action contemplated under this
Section 10.2 shall be effective only to the extent that such action will not cause (i) the holder
of the Award to lose the protection of Section 16(b) of the Exchange Act and rules and regulations
promulgated thereunder, or (ii) any Award that is designed to qualify payments thereunder as
performance-based compensation as defined in Section 162(m) of the Code to fail to qualify as such
performance-based compensation.

     10.3 Term of Awards. The term or Restricted Period of each Award that is an Option, Stock
Appreciation Right, Phantom Stock or Restricted Stock shall be for such period as may be determined
by the Committee; provided that in no event shall the term of any such Award exceed a period often
years (or such shorter terms as may be required in respect of an Incentive Stock Option under
Section 422 of the Code).

     10.4 Form and Timing of Payment under Awards; Deferrals . Subject to the terms of the Plan
and any applicable Award agreement, payments to be made by the Company of a Subsidiary upon the
exercise of an Option or other Award or settlement of an Award may be made in a single payment or
transfer, in installments, or on a deferred basis. The settlement of any Award may, subject to any
limitations set forth in the Award agreement, be accelerated and cash paid in lieu of shares in
connection with such settlement, in the discretion of the Committee or upon occurrence of one or
more specified events. In the discretion of the Committee, Awards granted pursuant to Article VI
or VIII of the Plan may be payable in shares to the extent permitted by the terms of the applicable
Award agreement. Installment or deferred payments may be required by the Committee (subject to
Section 1.8 of the Plan, including the consent provisions thereof in the case of any deferral of an
outstanding Award not provided for in the original Award agreement) or permitted at the election
of the Participant on terms and conditions established by the Committee. Payments may include,
without limitation, provisions for the payment or crediting of reasonable interest on installment
or deferred payments or the grant or crediting of amounts in respect of installment or deferred
payments denominated in shares. Any deferral shall only be allowed as is provided in a separate
deferred compensation plan adopted by the Company. The Plan shall not constitute any “employee
benefit plan” for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974,
as amended.

     10.5 Vested and Unvested Awards. After the satisfaction of all of the terms and conditions
set by the Committee with respect to an Award of (i) Restricted Stock, a certificate, without the
legend set forth in Section 7.2(c), for the number of shares that are no longer subject to such
restrictions, terms and conditions shall be delivered to the Employee, (ii) Phantom Stock, to the
extent not paid in cash, a certificate for the number of shares equal to the number of shares of
Phantom Stock earned, and (iii) Stock Appreciation Rights or Performance Awards, cash and/or a
certificate for the number of shares equal in value to the number of Stock Appreciation Rights or
amount of Performance Awards vested shall be delivered to the person. The number of shares of
Common Stock which shall be issuable upon exercise of a Stock Appreciation Right or earning of a
Performance Award shall be determined by dividing (1) by (2) where (1) is the number of shares of
Common Stock as to which the Stock Appreciation Right is exercised multiplied by the Spread or the
amount of Performance Award that is earned and payable, as applicable, and (2) is the FMV Per Share
of Common Stock on the date of exercise of the Stock Appreciation Right or the date the Performance
Award is earned and payable, as applicable. Upon termination, resignation or removal of a
Participant under circumstances that do not cause such Participant to become fully vested, any
remaining unvested Options, shares of Restricted Stock, Phantom Stock, Stock Appreciation Rights or
Performance Awards, as the case may be, shall either be forfeited

15

 

back to
the Company or, if appropriate under the terms of the Award, shall conti nue to be subject
to the restrictions, terms and conditions set by the Committee with respect to such Award.

     10.6 Exemptions from Section 16(b) Liability. It is the intent of the Company that the grant
of any Awards to or other transaction by a Participant who is subject to Section 16 of the Exchange
Act shall be exempt from Section 16(b) of the Exchange Act pursuant to an applicable exemption
(except for transactions acknowledged by the Participant in writing to be non-exempt).
Accordingly, if any provision of this Plan or any Award agreement docs not comply with the
requirements of Rule 16b-3 as then applicable to any such transaction, such provision shall be
construed or deemed amended to the extent necessary to conform to the applicable requirements of
Rule 16b-3 so that such Participant shall avoid liability under Section 16(b) of the Exchange Act.

     10.7 Securities Requirements. No shares of Common Stock will be issued or transferred
pursuant to an Award unless and until all then applicable requirement imposed by federal and state
securities and other laws, rules and regulations and by any regulatory agencies having
jurisdiction and by any stock market or exchange upon which the Common Stock may be listed, have
been fully met as a condition precedent to the issuance of shares pursuant to the grant or exercise
of an Award, the Company may require the grantee to take any reasonable action to meet such
requirements. The Company shall not be obligated to take any affirmative action in order to cause
the issuance or transfer of shares pursuant to an Award to comply with any law or regulation
described in the second preceding sentence.

     10.8 Transferability.

     (a) Non-Transferable Awards and Options. Notwithstanding the provisions of Section 2.3(d) and
except as otherwise specifically provided in the Plan, no Award and no right under the Plan,
contingent or otherwise, other than Purchased Stock, Bonus Stock or Restricted Stock as to which
restrictions have lapsed, will be (i) assignable, saleable, or otherwise transferable by a
Participant except by will or the laws of descent and distribution, or pursuant to a qualified
domestic relations order, or as provided in Section 10.8(c) below, or (ii) subject to any
encumbrance, pledge or charge of any nature. No transfer by will or by the laws of descent and
distribution shall be effective to bind the Company unless the Committee shall have been furnished
with a copy of the deceased Participant’s will or such other evidence as the Committee may deem
necessary to establish the validity of the transfer. Any attempted transfer in violation of this
Section 10.8(a) shall be void and ineffective for all purposes.

     (b) Ability to Exercise Rights. Except as otherwise specifically provided under the Plan,
only the Participant or his guardian (if the Participant becomes Disabled), or in the event of his
death, his legal representative or beneficiary, may exercise Options, receive cash payments and
deliveries of shares, or otherwise exercise rights under the Plan. The executor or administrator
of the Participant’s estate, or the person or persons to whom the Participant’s rights under any
Award will pass by will or the laws of descent and distribution, shall be deemed to be the
Participant’s beneficiary or beneficiaries of the rights of the Participant hereunder and shall be
entitled to exercise such rights as are provided hereunder.

     (c) Limited Transferability of Awards to Non-Employee Directors. Awards held by a
Non-Employee Director may be transferred or assigned in whole or part to a third party but only if
the Board consents to such transfer or assignment, and only to the extent such transfer and/or the
subsequent issuance of Common Stock with respect to such Award may be made in reliance on an
exemption from the registration requirements of the Securities Act (or any similar or superseding
statute or statutes, any other applicable state or federal statute or regulation, or any rule of
any applicable securities exchange or securities association, as then in effect) as determined by
the Committee in its sole discretion. The terms applicable to the assigned Award (or portion
thereof) shall be the same as those in effect for the Award immediately prior to such assignment
and shall be set forth in such documents issued to the assignee as

16

 

the Committee may deem appropriate. The Committee may also impose on the transferred Award
additional terms and conditions deemed necessary or appropriate by the Committee, including, but
not limited to, such written representations, if any, upon the issuance or transfer of Common Stock
concerning the holder’s intentions with regard to the retention or disposition of the shares of
Common Stock being acquired pursuant to such exercise and such written covenants and agreements, if
any, as to the manner of disposal of such shares as, in the opinion of counsel to the Company, may
be necessary to ensure that any disposition by that holder (or in the event of the holder’s death,
his legal representatives, heirs, legatees, or distributees) will not involve a violation of the
Securities Act or any similar or superseding statute or statutes, any other applicable state or
federal statute or regulation, or any rule of any applicable securities exchange or securities
association, as then in effect. Such terms and conditions shall be set forth in such documents
issued to the transferee as the Committee may deem appropriate. The Plan Administrator may
establish procedures pursuant to which such assignments shall be accomplished.

     10.9 Rights as a Stockholder.

     (a) No Stockholder Rights. Except as otherwise provided in Section 10.9(b), a Participant who
has received a grant of an Award or a transferee of such Participant shall have no rights as a
stockholder with respect to any shares of Common Stock until such person becomes the holder of
record. Except as otherwise provided in Section 10.9 (b), no adjustment shall be made for
dividends (ordinary or extraordinary, whether in cash, securities, or other property) or
distributions or other rights for which the record date is prior to the date such stock certificate
is issued.

     (b) Holder of Restricted Stock. Unless otherwise approved by the Committee prior to the grant
of a Restricted Stock Award, a Participant who has received a grant of Restricted Stock or a
permitted transferee of such Participant shall not have any rights of a stockholder until such time
as a stock certificate has been issued with respect to all, or a portion of, such Restricted Stock
Award.

     10.10 Listing and Registration of Shares of Common Stock. The Company, in its discretion,
may postpone the issuance and/or delivery of shares of Common Stock upon any exercise of an Award
until completion of such stock exchange listing, registration, or other qualification of such
shares under any state and/or federal law, rule or regulation as the Company may consider
appropriate, and may require any Participant to make such representations and furnish such
information as it may consider appropriate in connection with the issuance or delivery of the
shares in compliance with applicable laws, rules and regulations.

     10.11 Termination of Employment, Death, Disability and Retirement.

     (a) Termination of Employment. Unless otherwise provided in the Award, if Employment of an
Employee or service of a Non-Employee Director is terminated for any reason whatsoever other than
death, Disability or Retirement, or if service of a Consultant is terminated for any reason
whatsoever other than death, any nonvested Award granted pursuant to the Plan outstanding at the
time of such termination and all rights thereunder shall wholly and completely terminate and no
further vesting shall occur, and the Employee, Consultant or Non-Employee Director shall be
entitled to exercise his or her rights with respect to the portion of the Award vested as of the
date of termination for a period that shall end on the earlier of (i) the expiration date set forth
in the Award with respect to the vested portion of such Award or (ii) the date that occurs six (6)
months after such termination date (three (3) months after the date of termination in the case of
an Incentive Option).

     (b) Retirement. Unless otherwise provided in the Award, upon the Retirement of an Employee
or, if applicable, Non-Employee Director:

17

 

     (i) any non vested portion of any outstanding Award shall immediately terminate and no
further vesting shall occur; and

     (ii) any vested Award shall expire on the earlier of (A) the expiration date set forth
in the Award; or (B) the expiration of (x) twelve (12) months after the date of Retirement
in the case of any Award other than an Incentive Option or (y) three (3) months after the
date of Retirement in the ease of an Incentive Option.

     (c) Disability or Death. Unless otherwise provided in the Award, upon termination of
Employment or service from the Company or any Affiliate, which is a parent or subsidiary as a
result of Disability of an Employee or Non-Employee Director or death of an Employee, Non-Employee
Director or Consultant, or with respect to a Participant who is either a retired former Employee or
Non-Employee Director who dies during the period described in Section 10.11(b), hereinafter the
“Applicable Retirement Period,” or a disabled former Employee or Non-Employee Director who dies
during the period that expires on the earlier of the expiration date set forth in any applicable
outstanding Award or the first anniversary of the person’s termination of Employment or service due
to Disability, hereinafter the “Applicable Disability Period,”

     (i) any nonvested portion of any outstanding Award that has not already terminated
shall immediately terminate and no further vesting shall occur; and

     (ii) any vested Award shall expire upon the earlier of (A) the expiration date set
forth in the Award or (B) the later of (1) the first anniversary of such termination of
Employment as a result of Disability or death, or (2) the first anniversary of such
person’s death during the Applicable Retirement Period or the Applicable Disability Period.

     (d) Continuation. Notwithstanding any other provision of the Plan, the Committee, in its
discretion, may provide for the continuation of any Award for such period and upon such terms and
conditions as are determined by the Committee in the event that a Participant ceases to be an
Employee, Consultant or Non-Employee Director.

     10.12 Change in Control.

     (a) Change in Control. Unless otherwise provided in the Award , in the event of a Change in
Control described in clauses (ii), (iii) and (iv) of the definition of Change in Control under
Section 1.2 of the Plan:

     (i) All Options and Stock Appreciation Rights then outstanding shall become immediately
vested and fully exercisable, notwithstanding any provision therein for exercise in
installments;

     (ii) All restrictions and conditions of all Restricted Stock and Phantom Stock then
outstanding shall be deemed satisfied, and the Restriction Period or other limitations on
payment in full with respect thereto shall be deemed to have expired, as of the date of the
Change in Control; and

     (iii) All outstanding Performance Awards and any Other Stock or Performance-Based
Awards shall become fully vested, deemed earned in full and promptly paid to the
Participants as of the date of the Change of Control, without regard to payment schedules
and notwithstanding that the applicable performance cycle, retention cycle or other
restrictions and conditions shall not have been completed or satisfied.

18

 

     (b) Right of Cash-Out. If approved by the Board prior to or within thirty (30) days after
such time as a Change in Control shall be deemed to have occurred, the Board shall have the right
for a forty-five (45) day period immediately following the date that the Change in Control is
deemed to have occurred to require all, but not less than all, Participants to transfer and deliver
to the Company all Awards previously granted to the Participants in exchange for an amount equal to
the “cash value” (defined below) of the Awards. Such right shall be exercised by written notice to
all Participants. For purposes of this Section 10.12(b), the cash value of an Award shall equal
the sum of (i) all cash to which the Participant would be entitled upon settlement or exercise of
any Award which is not an Option and (ii) in the case of any Award that is an Option, the excess of
the “market value” (defined below) per share over the option price, if any, multiplied by the
number of shares subject to such Award. For purposes of the preceding sentence, “market value” per
share shall mean the higher of (i) the average of the Fair Market Value per share of Common Stock
on each of the five trading days immediately following the date a Change in Control is deemed to
have occurred or (ii) the highest price, if any, offered in connection with the Change in Control.
The amount payable to each Participant by the Company pursuant to this Section 10.12(b) shall be in
cash or by certified check and shall be reduced by any taxes required to be withheld.

ARTICLE XI

WITHHOLDING FOR TAXES

     Any issuance of Common Stock pursuant to the exercise of an Option or in payment of any other
Award under the Plan shall not be made until appropriate arrangements satisfactory to the Company
have been made for the payment of any tax amounts (federal, state, local or other) that may be
required to be withheld or paid by the Company with respect thereto. Such arrangements may, at the
discretion of the Committee, include allowing the person to tender to the Company shares of Common
Stock owned by the person, or to request the Company to withhold shares of Common Stock being
acquired pursuant to the Award, whether through the exercise of an Option or as a distribution
pursuant to the Award, which have an aggregate FMV Per Share as of the date of such withholding
that is not greater than the sum of all tax amounts to be withheld with respect thereto, together
with payment of any remaining portion of such tax amounts in cash or by check payable and
acceptable to the Company.

     Notwithstanding the foregoing, if on the date of an event giving rise to a tax withholding
obligation on the part of the Company the person is an officer or individual subject to Rule
16b-3, such person may direct that such tax withholding be effectuated by the Company withholding
the necessary number of shares of Common Stock (at the tax rate required by the Code) from such
Award payment or exercise.

ARTICLE XII

MISCELLANEOUS

     l2.1 No Rights to Awards or Uniformity Among Awards. No Participant or other person shall
have any claim to be granted any Award, there is no obligation for uniformity of treatment of
Participants, or holders or beneficiaries of Awards and the terms and conditions of Awards need not
be the same with respect to each recipient.

     12.2 Conflicts with Plan. In the event of any inconsistency or conflict between the terms of
the Plan and an Award, the terms of the Plan shall govern.

     12.3 No Right to Employment. The grant of an Award shall not be construed as giving a
Participant the right to be retained in the employ of the Company or any Affiliate. Further, the
Company or any Affiliate may at any time dismiss a Participant from employment, free from any
liability or any claim under the Plan, unless otherwise expressly provided in the Plan or in any
Award.

19

 

     12.4 Governing Law. The validity, construction, and effect of the Plan and any rules and
regulations relating to the Plan shall be determined in accordance with applicable federal law and
the laws of the State of Delaware, without regard to any principles of conflicts of law.

     12.5 Gender, Tense and Headings. Whenever the context re quires such, words of the masculine
gender used herein shall include the feminine and neuter, and words used in the singular shall
include the plural. Section headings as used herein are inserted solely for convenience and
reference and constitute no part of the Plan.

     12.6 Severability. If any provision of the Plan or any Award is or becomes or is deemed to
be invalid, illegal, or unenforceable in any jurisdiction or as to any Participant or Award, or
would disqualify the Plan or any Award under any law deemed applicable by the Committee, such
provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot
be construed or deemed amended without, in the determination of the Committee, materially altering
the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction,
Participant or Award and the remainder of the Plan and any such Award shall remain in full force
and effect.

     12.7 Other Laws. The Committee may refuse to issue or transfer any shares or other
consideration under an Award if, acting in its sole discretion, it determines that the issuance of
transfer or such shares or such other consideration might violate any applicable law.

     12.8 Shareholder Agreements. The Committee may condition the grant, exercise or payment of
any Award upon such person entering into a stockholders’ or repurchase agreement in such form as
approved from time to time by the Board.

     12.9 Funding. Except as provided under Article VII of the Plan, no provision of the Plan
shall require or permit the Company, for the purpose of satisfying any obligations under the Plan,
to purchase assets or place any assets in a trust or other entity to which contributions are made
or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books,
records or other evidence of the existence of a segregated or separately maintained or administered
fund for such purposes. Participants shall have no rights under the Plan other than as unsecured
general creditors of the Company except that insofar as they may have become entitled to payment of
additional compensation by performance of services, they shall have the same rights as other
Employees, Consultants or Non-Employee Directors under general law.

     12.10
No Guarantee of Tax Consequences. None of the Board, the Company nor the
Committee makes any commitment or guarantee that any federal, state or local tax treatment will
apply or be available to any person participating or eligible to participate hereunder.

ARTICLE XIII

LIMITATION ON CALIFORNIA AWARDS

     13.1 Scope of Limitation. This Article XIII will apply to an Award if such Award is made to
a Participant who resides in the State of California at the time such Award is granted or issued (a
“California Resident”) unless the Board provides otherwise at th e time of grant or issuance of
such Award.

20

 

     13.2 Eligibility for Awards. Notwithstanding anything contained in the Plan to the
contrary, California Residents shall only be eligible for Awards of Options, Purchased Stock,
Bonus Stock and Restricted Stock.

     13.3 10% Stockholder. A person who owns more than ten percent (10%) of the total combined
voting power of all classes of outstanding capital stock of the Company or any of its Subsidiaries,
and to whom this Article XIII applies, will not be eligible for an Award under the Plan unless (a)
if the Award is an Option, the exercise price of such Option is at least one hundred ten percent
(110%) of the Fair Market Value of a share of Common Stock on the date of grant and (b) if the
Award is Purchased Stock, Bonus Stock, or Restricted Stock, the purchase price of such Purchased
Stock, Bonus Stock or Restricted Stock is at least one hundred percent (100%) of the Fair Market
Value of a share of Common Stock on the date the Award is effective. For purposes of this Section
13.3, in determining stock ownership, the attribution rules of Section 424(d) of the Code shall be
applied.

     13.4 Minimum Price of Awards. The exercise price or purchase price of an Award
to which this Article XIII applies will not be less than eighty-five percent (85%) of the Fair
Market Value of a share of Common Stock on the date of grant or date an Award is effective, and a
higher percentage may be required by Sections 3.4 or 13.3 of the Plan or the applicable stock
purchase agreement or stock option agreement.

     13.5 Minimum Vesting of Awards; Repurchase Rights. In the case of a Participant to
which this Article XIII applies who is not an officer of the Company, a Non-Employee Director or a
Consultant, an Award (to the extent applicable) will become vested and exercisable at least as
rapidly as twenty percent (20%) per year over the five-year period commencing on the date of grant
or date an Award is effective. In addition, any right to repurchase a Participant’s Common Stock
under an Award at the original exercise price or purchase price (if any) upon termination of
Participant’s service will (a) lapse at least as rapidly as twenty percent (20%) per year over the
five-year period commencing on the date an Award is effective or the sale of the Common Stock, (b)
be exercised only for cash or for cancellation of indebtedness incurred in purchasing the Common
Stock and (c) be exercised only within ninety (90) days after the termination of the Participant’s
service with the Company.

     13.6 Termination of Employment, Death, Disability and Retirement. The provisions of Section
10.11 of the Plan shall apply except that an Award to a California Resident will provide that the
Participant shall at a minimum (a) in the event the Participant’s Employment or other service to
the Company terminates for any reason other than death or Disability (as hereinafter defined), be
entitled to exercise his or her rights with respect to the portion of the Award vested as of the
date of such termination for a period that shall end on the earlier of (i) the expiration date set
forth in the Award or (ii) the date that occurs thirty (30) days after such termination date and
(b) in the event that the Participant’s Employment or other service to the Company terminates due
to death or Disability, be entitled to exercise his or her rights with respect to the portion of
the Award vested as of the date of such termination for a period that shall end on the earlier of
(i) the expiration date set forth in the Award or (ii) the date that occurs six (6) months after
such termination date. For purposes of this Section 13.6, “Disability” shall mean that the
Participant is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment.

     13.7 Term of Options. The term of an Option to which this Article XIII applies will not
exceed ten (10) years from the date of grant, and a shorter term may be required in the case of
an Incentive Option.

     13.8 Transferability of Awards. Awards to which this Article XIII applies will be
transferable by the Participant only by (a) a beneficiary designation, (b) a will or (c) the laws
of descent

21

 

and distribution, except as provided in the next sentence. If the applicable stock option
agreement so provides, a Non-Qualified Option will also be transferable by the Participant by (i) a
gift or domestic relations order to a member of the Participant’s Immediate Family or (ii) a gift
to an inter vivos or testamentary trust in which members of the Participant’s Immediate Family have
a beneficial interest of more than fifty percent (50%) and which provides that such Non-Qualified
Option is to be transferred to the beneficiaries upon the Participant’s death. An Incentive Option
may be exercised during the lifetime of the Participant only by the Participant or by the
Participant’s guardian or legal representative. For purposes of this Section 13.8, “Immediate
Family” shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law
and will include adoptive relationships.

     13.9 Financial Reports. The Company each year will furnish to Participants who have
received Awards or purchased Common Stock subject to this Article XIII its balance sheet and
income statement, unless such Participants or stockholders are key Employees whose duties with
the Company assure them access to equivalent information. Such balance sheet and income
statement need not be audited.

     13.10 Effective Date. The Plan, as amended to include this Article XIII, shall be subject to
the approval of the Company’s Board of Directors and the Company’s stockholders. If the
stockholders fail to approve the Plan within 12 months before or after its adoption by the Board of
Directors, then any grants, exercises or sales that have already occurred under Article XIII shall
be rescinded and no additional grants, exercises or sales shall thereafter be made under Article
XIII.

     13.11 No Further Awards to California Residents. No further Awards shall be made under this
Article XIII ten (10) years after the date the Plan is approved by the Company’s Board of Directors
or its stockholders, whichever is earlier.

     13.12 Termination of This Article XIII. Upon the listing of the Common Stock on a securities
market that meets the criteria set forth in Section 25100(o) of the California Corporations Code,
the provisions of this Article XIII shall immediately terminate and be of no further effect.

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