Document:

Exhibit 10.5

  

 

 

AMENDED AND RESTATED INTERCREDITOR
AGREEMENT

 

dated as of August 1, 2017 between

 

Citibank, N.A.,

as Priority Lien Agent,

 

and

 

Delaware Trust Company,

as Second Lien Collateral Trustee

 

And acknowledged and agreed to by

the Parent Company, Vanguard and

the Grantors on the signature pages hereto

 

 

 

THIS IS THE AMENDED
AND RESTATED INTERCREDITOR AGREEMENT REFERRED TO IN (A) THE AMENDED AND RESTATED INDENTURE DATED AS OF AUGUST 1, 2017 AS AMENDED,
RESTATED, AMENDED AND RESTATED, SUPPLEMENTED, RESTATED OR OTHERWISE MODIFIED FROM TIME TO TIME IN ACCORDANCE WITH THE TERMS HEREOF,
AMONG VANGUARD NATURAL RESOURCES, INC. (FORMERLY KNOWN AS VNR FINANCE CORP.), CERTAIN OF ITS SUBSIDIARIES FROM TIME TO TIME PARTY
THERETO AND DELAWARE TRUST COMPANY, AS TRUSTEE AND COLLATERAL TRUSTEE, (B) THE FOURTH AMENDED AND RESTATED CREDIT AGREEMENT DATED
AS OF AUGUST 1, 2017 AS AMENDED, RESTATED, AMENDED AND RESTATED, SUPPLEMENTED, RESTATED OR OTHERWISE MODIFIED FROM TIME TO
TIME, AMONG VANGUARD NATURAL GAS, LLC, VANGUARD NATURAL RESOURCES, INC. (FORMERLY KNOWN AS VNR FINANCE CORP.), THE LENDERS PARTY
THERETO FROM TIME TO TIME AND CITIBANK, N.A., AS ADMINISTRATIVE AGENT, (C) THE OTHER NOTE DOCUMENTS REFERRED TO IN SUCH INDENTURE
AND (D) THE OTHER LOAN DOCUMENTS REFERRED TO IN SUCH FOURTH AMENDED AND RESTATED CREDIT AGREEMENT.

 

 

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS	1
	 	 	 
	Section 1.01	Construction; Certain Defined Terms	1
	 	 	 
	ARTICLE II	LIEN PRIORITIES	13
	 	 	 
	Section 2.01	Relative Priorities	13
	Section 2.02	Prohibition on Contesting Liens	14
	Section 2.03	No New Liens	15
	Section 2.04	Similar Collateral and Agreements	15
	Section 2.05	No Duties of Priority Lien Agent	16
	Section 2.06	No Duties of Second Lien Collateral Trustee	16
	 	 	 
	ARTICLE III	ENFORCEMENT RIGHTS; PURCHASE OPTION	17
	 	 	 
	Section 3.01	Limitation on Enforcement Action	17
	Section 3.02	Standstill Periods; Permitted Enforcement Action	17
	Section 3.03	Insurance	18
	Section 3.04	Notification of Release of Collateral	19
	Section 3.05	No Interference; Payment Over	19
	Section 3.06	Purchase Option	20
	 	 	 
	ARTICLE IV	OTHER AGREEMENTS	23
	 	 	 
	Section 4.01	Release of Liens; Automatic Release of Second Liens	23
	Section 4.02	Certain Agreements With Respect to Insolvency or Liquidation Proceedings	24
	Section 4.03	Reinstatement	28
	Section 4.04	Replacement of Priority Lien Obligations	29
	Section 4.05	Amendments to Second Lien Documents	29
	Section 4.06	Legends	30
	Section 4.07	Second Lien Secured Parties Rights as Unsecured Creditors; Judgment Lien Creditor	30
	Section 4.08	Postponement of Subrogation	30
	Section 4.09	Acknowledgment by the Secured Debt Representatives	30
	 	 	 
	ARTICLE V	GRATUITOUS BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS	31
	 	 	 
	Section 5.01	General	31
	Section 5.02	Deposit Accounts	31

 

    	 	i 	 

     

    

 

	ARTICLE VI	APPLICATION OF PROCEEDS; DETERMINATION OF AMOUNTS	32
	 	 	 
	Section 6.01	Application of Proceeds	32
	Section 6.02	Determination of Amounts	32
	 	 	 
	ARTICLE VII	NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE; CONSENT OF GRANTORS; ETC.	32
	 	 	 
	Section 7.01	No Reliance; Information	32
	Section 7.02	No Warranties or Liability	33
	Section 7.03	Obligations Absolute	34
	Section 7.04	Grantors Consent	34
	 	 	 
	ARTICLE VIII	REPRESENTATIONS AND WARRANTIES	34
	 	 	 
	Section 8.01	Representations and Warranties of Each Party	34
	Section 8.02	Representations and Warranties of Each Representative	35
	 	 	 
	ARTICLE IX	MISCELLANEOUS	35
	 	 	 
	Section 9.01	Notices	35
	Section 9.02	Waivers; Amendment	36
	Section 9.03	Actions Upon Breach; Specific Performance	36
	Section 9.04	Parties in Interest	37
	Section 9.05	Survival of Agreement	37
	Section 9.06	Counterparts	37
	Section 9.07	Severability	37
	Section 9.08	Governing Law; Jurisdiction; Consent to Service of Process	37
	Section 9.09	WAIVER OF JURY TRIAL	38
	Section 9.10	Headings	38
	Section 9.11	Conflicts	38
	Section 9.12	Provisions Solely to Define Relative Rights	39
	Section 9.13	Certain Terms Concerning the Second Lien Collateral Trustee	39
	Section 9.14	Certain Terms Concerning the Priority Lien Agent and the Second Lien Collateral Trustee	39
	Section 9.15	Authorization of Secured Agents	40
	Section 9.16	Further Assurances	40
	Section 9.17	Relationship of Secured Parties	40

 

Annex and Exhibits

 

Annex I

 

	Exhibit A	Form of Priority Confirmation Joinder
	Exhibit B	Security Documents

 

    	 	ii 	 

     

    

 

AMENDED AND RESTATED
INTERCREDITOR AGREEMENT, dated as of August 1, 2017 (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time in accordance with the terms hereof, this “Agreement”), between Citibank, N.A. (“Citibank”),
as administrative agent and collateral agent for the Priority Lien Secured Parties (defined below) (in such capacity, and together
with its successors and assigns in such capacity, the “Original Priority Lien Agent”) and Delaware Trust Company,
in its capacity as collateral trustee for the Second Lien Secured Parties (defined below) (in such capacity, and together with
its successors in such capacity, the “Second Lien Collateral Trustee”), and acknowledged and agreed to by Vanguard
Natural Resources, Inc. (the “Parent Company”), Vanguard Natural Gas, LLC (“Vanguard”) and
the other Grantors (defined below) on the signature pages hereto.

 

In consideration of
the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Priority Lien Agent (for itself and on behalf of the Priority Lien Secured Parties), the Second Lien Collateral
Trustee (for itself and on behalf of the Second Lien Secured Parties) and the Grantors agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section 1.01         Construction;
Certain Defined Terms. (a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.”
Unless the context requires otherwise, (i) any reference herein to any agreement, instrument, other document, statute or regulation
shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended,
restated, amended and restated, supplemented or otherwise modified in accordance with the terms of each applicable Secured Debt
Document (including, for the avoidance of doubt, this Agreement), (ii) any reference herein to any Person shall be construed
to include such Person’s successors and permitted assigns, but shall not be deemed to include the subsidiaries of such Person
unless express reference is made to such subsidiaries, (iii) the words “herein,” “hereof and “hereunder,”
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and
Annexes of this Agreement, (v) unless otherwise expressly qualified herein, the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights and (vi) the term “or” is not exclusive.

 

(b)          All
terms used in this Agreement that are defined in Article 1, 8 or 9 of the New York UCC (whether capitalized herein or not) and
not otherwise defined herein have the meanings assigned to them in Article 1, 8 or 9 of the New York UCC. If a term is defined
in Article 9 of the New York UCC and another Article of the New York UCC, such term shall have the meaning assigned to it in Article
9 of the New York UCC.

 

    	 	 	 

     

    

 

(c)          Unless
otherwise set forth herein, all references herein to the Second Lien Collateral Trustee shall be deemed to refer to the Second
Lien Collateral Trustee in its capacity as collateral trustee under the Second Lien Collateral Trust Agreement.

 

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

 

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

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial
ownership of 10% or more of the Capital Stock having ordinary voting power for the election of the directors or other governing
body of a Person (other than as a limited partner of such Person) will be deemed “control,” as used in this definition.
For purposes of this definition, the terms “controlling,” “controlled by” and “under common control
with” have correlative meanings.

 

“Bank Product”
means each and any of the following bank services and products provided to any Grantor by any lender party to the Priority Credit
Agreement and/or any Affiliate of any such lender: (1) commercial credit cards, (2) stored value cards and (3) Treasury Management
Arrangements (including controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate
depository network services).

 

“Bank Product
Obligations” means any and all obligations of any Grantor, whether absolute or contingent and howsoever and whenever
created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor)
in connection with any Bank Product.

 

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

 

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

 

“Board of
Directors” means: (a) with respect to a corporation, the board of directors of the corporation or any committee thereof
duly authorized to act on behalf of such board; (b) with respect to a partnership, the Board of Directors of the general partner
of the partnership; (c) with respect to a limited liability company, the manager or managers, or if there are no managers of such
limited liability company, the managing member or members or any controlling committee of managers or managing members thereof,
as the case may be; and (d) with respect to any other Person, the board or committee of such Person serving a similar function.

 

“Business
Day” means any day excluding Saturday, Sunday and any other day on which banking institutions in Houston, Texas or in
New York City or place of payment are authorized or required by law or other governmental actions to close.

 

    	2	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

“Capital Stock”
means:

 

(a)          in
the case of a corporation, corporate stock or shares in the capital of such corporation;

 

(b)          in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(c)          in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

(d)          any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person; provided that any instrument evidencing indebtedness convertible or exchangeable into
Capital Stock, whether or not such debt securities include any right of participation with Capital Stock, shall not be deemed to
be Capital Stock unless and until such instrument is so converted or exchanged.

 

“Cash Management
Services” means (a) commercial credit cards, merchant card services, purchase or debit cards, including non-card e-payables
services, (b) treasury management services (including controlled disbursement, overdraft, automated clearing house fund transfer
services, return items and interstate depository network services) and (c) any other demand deposit or operating account relationships
or other cash management services, including pursuant to any agreement in respect of Cash Management Services.

 

“Collateral”
means, collectively, all of the assets and property of any Grantor, whether real, personal or mixed, constituting the Priority
Lien Collateral and/or the Second Lien Collateral.

 

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

 

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

 

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

 

    	3	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

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

 

(a)          termination
or expiration of all commitments to extend credit under any Priority Lien Document which, if extended, would constitute Priority
Lien Debt;

 

(b)          payment
in full in cash of the principal of, and interest and premium (if any) on, all Priority Lien Debt (other than any undrawn letters
of credit);

 

(c)          discharge
or cash collateralization (at the lower of (i) 105% of the aggregate undrawn amount and (ii) the percentage of the aggregate
undrawn amount required for release of Liens under the terms of the applicable Priority Lien Document) of all outstanding letters
of credit constituting Priority Lien Debt;

 

(d)          payment
in full in cash of Hedging Obligations owing, or to be owing, by any Grantor to any counterparty that is a party to any Hedging
Agreement entered into by any Grantor and which Hedging Obligations are secured by Priority Liens (and, with respect to any particular
Hedge Agreement, termination of such agreement and payment in full in cash of all obligations thereunder or such other arrangements
as have been made by the counterparty thereto (and communicated to the Priority Lien Agent) pursuant to the terms of the Priority
Credit Agreement); and

 

(e)          payment
in full in cash of all other Priority Lien Obligations, including without limitation, then-outstanding Priority Lien Obligations
arising under Secured Treasury Management Agreements (other than any Priority Lien Obligations in the form of taxes, costs, indemnifications,
reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at or prior to such
time);

 

provided that, if, at any time after
the Discharge of Priority Lien Obligations has occurred, any Grantor enters into any Priority Lien Document evidencing a Priority
Lien Obligation and the incurrence of such Priority Lien Obligation is not prohibited by the applicable Second Lien Documents,
then such Discharge of Priority Lien Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement
with respect to such new Priority Lien Obligations (other than with respect to any actions taken as a result of the occurrence
of such first Discharge of Priority Lien Obligations), and, from and after the date on which the Parent Company designates any
such indebtedness as Priority Lien Debt in accordance with this Agreement, the obligations under such Priority Lien Document shall
automatically and without any further action be treated as Priority Lien Obligations for all purposes of this Agreement, including
for purposes of the Lien priorities and rights in respect of Collateral set forth in this Agreement, and any Second Lien Obligations
shall be deemed to have been at all times Second Lien Obligations and at no time Priority Lien Obligations. For the avoidance of
doubt, a Replacement as contemplated by Section 4.04(a) shall not be deemed to cause a Discharge of Priority Lien Obligations.

 

“Disposition”
means any sale, lease, exchange, assignment, license, contribution, transfer or other disposition. “Dispose” shall
have a correlative meaning.

 

    	4	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock; provided that any instrument evidencing
indebtedness convertible or exchangeable into Capital Stock, whether or not such debt securities include any right of participation
with Capital Stock, shall not be deemed to be an Equity Interest unless and until such instrument is so converted or exchanged,
except, solely for purposes of a pledge of Equity Interests in connection with the Secured Debt Documents, to the extent such instrument
could be treated as “stock” of a “controlled foreign corporation” within the meaning of Section 957 of
the Internal Revenue Code of 1986, as amended from time to time, for purposes of Treasury Regulation Section 1.956-2(c)(2).

 

“Financial
Officer” of any Person means the Chief Financial Officer, Chief Accounting Officer, principal accounting officer, controller,
treasurer or assistant treasurer of such Person.

 

“Governmental
Authority” means the government of the United States or any other nation, or any political subdivision thereof, whether
state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other Person exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

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

 

“Hedge Agreement”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, future contracts, equity or equity index swaps or options, bond or bond
price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options,
forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, total return swap, credit spread transaction, repurchase transaction, reverse repurchase
transaction, securities lending transaction, weather index transaction, spot contracts, fixed-price physical delivery contracts,
whether or not exchange traded, or any other similar transactions or any combination of any of the foregoing (including any options
to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement and
(b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed
by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement or any other master agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement. Notwithstanding the foregoing,
agreements or obligations to physically sell any commodity at any index-based price shall not be considered a Hedge Agreement.

 

“Hedging Obligations”
means, with respect to any Grantor, the obligations of such Grantor under any Hedge Agreement.

 

“Hydrocarbon
Interests” means all rights, titles, interests and estates now or hereafter acquired in and to oil and gas leases, oil,
gas and mineral leases, or other liquid or gaseous Hydrocarbon leases, mineral fee interests, overriding royalty and royalty interests,
net profit interests and production payment interests, including any reserved or residual interests of whatever nature.

 

    	5	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

“Hydrocarbons”
means oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons
and all constituents, elements or compounds thereof and products refined or processed therefrom.

 

“Insolvency
or Liquidation Proceeding” means:

 

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

 

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

 

(c)          any
other proceeding of any type or nature in which substantially all claims of creditors of the Parent Company, Vanguard or any other
Grantor are determined and any payment or distribution is or may be made on account of such claims.

 

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

 

“Master Agreement”
has the meaning given such term in the definition of “Hedge Agreement”.

 

“New York
UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York.

 

“Obligations”
means any principal (including reimbursement obligations and obligations to provide cash collateral with respect to letters of
credit whether or not drawn), interest (including, to the extent legally permitted, all accrued and unpaid interest at the default
rate and any interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including
any applicable post-default rate, specified in the Priority Lien Documents or Second Lien Documents, even if such interest is not
enforceable, allowable or allowed as a claim in such proceeding), make-whole amounts, premium (if any), fees, indemnifications,
reimbursements, expenses and other liabilities payable under the documentation governing any indebtedness.

 

    	6	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

“Officers’
Certificate” means a certificate signed by two officers of Vanguard or the Parent Company, one of whom must be either
the principal executive officer or a Financial Officer, as applicable.

 

“Oil and Gas
Business” means:

 

(a)          the
business of acquiring, exploring, exploiting, developing, producing, operating and disposing of interests in oil, natural gas,
natural gas liquids, liquefied natural gas and other Hydrocarbons and mineral properties or products produced in association with
any of the foregoing;

 

(b)          the
business of gathering, marketing, distributing, treating, processing, storing, refining, selling and transporting any production
from such interests or properties and products produced in association therewith and the marketing of oil, natural gas, other Hydrocarbons
and minerals obtained from unrelated Persons;

 

(c)          any
other related energy business, including power generation and electrical transmission business, directly or indirectly, from oil,
natural gas and other Hydrocarbons and minerals produced substantially from properties in which the Grantors, directly or indirectly,
participate;

 

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

 

(e)          any
business or activity relating to, arising from or necessary, appropriate, incidental or ancillary to the activities described in
the foregoing clauses (a) through (d) of this definition.

 

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

 

    	7	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

“Opinion of
Counsel” means an opinion from legal counsel who is reasonably acceptable to the Second Lien Collateral Trustee.

 

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

 

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

 

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

 

“Priority
Credit Agreement” means the Fourth Amended and Restated Credit Agreement, dated as of August 1, 2017, among Vanguard,
the Parent Company, the Original Priority Lien Agent, the lenders party thereto from time to time and the other agents named therein,
as amended, restated, adjusted, waived, renewed, extended, supplemented, replaced, refinanced or otherwise modified from time to
time with the same and/or different lenders and/or agents and any credit agreement, loan agreement, note agreement, promissory
note, indenture or any other agreement or instrument evidencing or governing the terms of any Priority Substitute Credit Facility.

 

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

 

“Priority
Lien Agent” means the Original Priority Lien Agent, and, from and after the date of execution and delivery of a Priority
Substitute Credit Facility, the agent, collateral agent, trustee or other representative of the lenders or holders of the indebtedness
and other Obligations (or substantially equivalent term) evidenced thereunder or governed thereby, in each case, together with
its successors in such capacity.

 

“Priority
Lien Collateral” shall mean all “Collateral” (or substantially equivalent term), as defined in the Priority
Credit Agreement or any other Priority Lien Document, and any other assets of any Grantor now or at any time hereafter subject
to Liens which secure, but only to the extent securing, Priority Lien Obligations.

 

    	8	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

“Priority
Lien Credit Obligations” means all Priority Lien Obligations other than those Hedging Obligations and Bank Product Obligations
secured by Priority Liens.

 

“Priority
Lien Debt” means all Priority Lien Obligations other than Bank Product Obligations.

 

“Priority
Lien Documents” means the Priority Credit Agreement, the Priority Lien Security Documents, the other “Loan Documents”
(as defined in the Priority Credit Agreement) and all other loan documents, notes, guarantees, instruments and agreements governing
or evidencing, or executed or delivered in connection with, any Priority Substitute Credit Facility.

 

“Priority
Lien Obligations” shall mean (a) all obligations (including guaranty obligations) of every nature of each Grantor, from
time to time owed to the Priority Lien Secured Parties or any of them, under any Priority Lien Document (including any Priority
Lien Document in respect of a Replacement of any Priority Lien Obligations), including all “Secured Obligations” or
similar term as defined in the Priority Lien Credit Agreement and whether for principal, premium, interest (including interest
and fees which, but for the filing of a petition in bankruptcy with respect to such Person would have accrued on any Priority Lien
Obligation (including any Replacement of any Priority Lien Obligations) at the rate provided in the respective documentation, whether
or not a claim is allowed against the Parent Company or any of its Subsidiaries for such interest in the related bankruptcy proceeding),
reimbursement of amounts drawn under (and obligations to cash collateralize) letters of credit, fees, expenses, indemnification
or otherwise and (b) Bank Product Obligations and Hedging Obligations, in each case, that are secured (or purported to be secured
by) Priority Liens.

 

“Priority
Lien Protective Advance” means any advance made by one or more Priority Lien Secured Parties for the purpose of (a) maintaining,
protecting or preserving the Collateral and/or the Priority Lien Secured Parties’ rights under the Priority Lien Documents
or which is otherwise made for the benefit of the Priority Lien Secured Parties, (b) enhancing the likelihood of, or maximizing
the amount of, repayment of any Priority Lien Obligation and/or (c) paying any other amount chargeable to, or required to
be paid by, any Grantor hereunder or under any other Priority Lien Document as a result of the actions described under clauses
(a) or (b) above; provided that in no event shall the aggregate amount of any such advances exceed an amount
equal to 3% of the aggregate principal amount of outstanding indebtedness (including the aggregate stated amount of any outstanding
letters of credit) under any borrowing base asset-based revolving credit facility constituting Priority Lien Obligations.

 

“Priority
Lien Release Notice” has the meaning assigned to such term in Section 4.01(a).

 

“Priority
Lien Secured Parties” means, at any time, (a) the Priority Lien Agent, each lender and issuing bank under the Priority
Credit Agreement, (b) each counterparty, holder, provider or obligee of any Hedging Obligations and Bank Product Obligations, in
each case, that is or was a lender (or an Affiliate of a Lender) under the Priority Credit Agreement (or an Affiliate thereof),
at the time of the incurrence of, or the entry into, the applicable Hedging Agreements or that is or was provider or obligee of
any Hedging Obligations arising under Hedge Agreements with any Grantor after the Petition Date (as defined in the Priority Lien
Credit Agreement) and prior to the date hereof, in each case, to the extent secured by Priority Liens at the time of the incurrence
of Bank Product Obligations secured by Priority Liens, (c) the beneficiaries of each indemnification obligation undertaken by any
Grantor under any Priority Lien Document, (d) each other Person that provides letters of credit, guarantees or other credit support
related thereto or is a holder or obligee of loans under any Priority Lien Document or under any Priority Substitute Credit Facility
or any holder or obligee of any Hedging Obligations or Bank Product Obligations as described in clause (b) above.

 

    	9	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

“Priority
Lien Security Documents” means the Priority Credit Agreement (insofar as the same grants a Lien on the Collateral), each
agreement listed in Part A of Exhibit B hereto, and any other security agreements, pledge agreements, collateral assignments,
mortgages, deeds of trust, control agreements, or grants or transfers for security, now existing or entered into after the date
hereof, executed and delivered by the Parent Company or any other Grantor creating (or purporting to create) a Lien upon Collateral
in favor of the Priority Lien Agent (including any such agreements, assignments, mortgages, deeds of trust and other documents
or instruments associated with any Priority Substitute Credit Facility).

 

“Priority
Liens” means the Liens granted pursuant to any Priority Lien Document to the Priority Lien Agent at any time and from
time to time upon any property or assets of any Grantor to secure any of the Priority Lien Obligations.

 

“Priority
Substitute Credit Facility” means (i) any Credit Facility satisfying the requirements contained in Section 4.04(a)
of this Agreement or (ii) any DIP Financing satisfying the requirements contained in Section 4.02(b) of this Agreement,
that, in each case, Replaces any outstanding Indebtedness arising under any Priority Lien Documents. For the avoidance of doubt,
no Priority Substitute Credit Facility shall be required to be a revolving or asset-based loan facility and may be a Credit Facility
evidenced or governed by a credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement
or instrument; provided that any Priority Lien securing such Priority Substitute Credit Facility shall be subject to the
terms of this Agreement for all purposes (including the lien priorities as set forth herein as of the date hereof).

 

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

 

“Second Lien”
means a Lien granted by a Second Lien Document to the Second Lien Collateral Trustee, at any time, upon any property or assets
of any Grantor to secure Second Lien Obligations.

 

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

 

    	10	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

“Second Lien
Collateral Trust Agreement” means the Amended and Restated Collateral Trust Agreement, dated as of August 1, 2017,
by and among Vanguard Natural Resources, Inc. (f/k/a VNR Finance Corp.), the Grantors and Guarantors from time to time party thereto,
Delaware Trust Company, as Trustee thereunder and as defined therein and Collateral Trustee thereunder and as defined therein from
time to time party thereto, as amended, restated, adjusted, waived, renewed, extended, supplemented or otherwise modified from
time to time, in accordance with each applicable Second Lien Document.

 

“Second Lien
Collateral Trustee” has the meaning assigned to such term in the preamble hereto.

 

“Second Lien
Credit Bid Rights” shall mean, in respect of any order relating to a sale of assets constituting Collateral in any Insolvency
or Liquidation Proceeding, that (i) such order grants the Second Lien Collateral Trustee and the Second Lien Secured Parties (individually
and in any combination, subject to the terms of the Second Lien Documents) the right to bid at the sale of such assets and the
right to offset their claims secured by Second Liens upon such assets against the purchase price of such assets if (A) the bid
of the Second Lien Collateral Trustee or such Second Lien Secured Parties is the highest bid or otherwise determined by a court
to be the best offer at a sale, (B) the Second Lien Collateral Trustee or such Second Lien Secured Parties provide evidence of
financing adequate to close the sale and (C) the bid of the Second Lien Collateral Trustee or such Second Lien Secured Parties
includes a cash purchase price component payable at the closing of the sale in an amount that would be sufficient on the date of
the closing of the sale, if such amount were applied to such payment on such date, to pay or satisfy in full in cash all unpaid
Priority Lien Obligations (including the discharge, cash collateralization or back- stopping of all outstanding letters of credit
constituting Priority Lien Obligations) and to satisfy all Liens entitled to priority over the Priority Liens that attach to the
Proceeds of the sale, and such order requires such amount to be so applied and (ii) such order allows the claims of the Second
Lien Collateral Trustee and the Second Lien Secured Parties in such Insolvency or Liquidation Proceeding to the extent required
for the grant of such rights.

 

“Second Lien
Debt” means the indebtedness under the Second Lien Indenture Notes issued on the date hereof and guarantees thereof.

 

“Second Lien
Debt Cap” means $80,722,487.00 (i) plus any accrued and unpaid interest and premium on the indebtedness arising
under the Second Lien Documents, (ii) plus reasonable fees and expenses incurred by the Grantors in connection with, and payable
pursuant to, the Second Lien Documents and (iii) minus the aggregate amount of all mandatory prepayment of the principal of
the Second Lien Obligations.

 

“Second Lien
Documents” means the Second Lien Indenture, the Second Lien Indenture Notes, the Second Lien Security Documents and all
other loan documents, notes, guarantees, instruments and agreements governing or evidencing the Second Lien Obligations.

 

“Second Lien
Indenture” means the Amended and Restated Indenture, dated as of August 1, 2017, among Vanguard Natural Resources,
Inc. (formerly known as VNR Finance Corp.), the Guarantors thereunder and as defined therein party thereto from time to time, the
Second Lien Collateral Trustee and the Second Lien Trustee, as amended, restated, supplemented or otherwise modified from time
to time in accordance with the terms hereof unless restricted by the terms of this Agreement.

 

    	11	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

“Second Lien
Indenture Notes” means the 9.0% Senior Secured Second Lien Notes due 2024 issued on the date hereof under the Second
Lien Indenture on the date hereof.

 

“Second Lien
Obligations” means all Obligations (including guaranty obligations) of every nature of each Grantor, from time to time
owed to the Second Lien Secured Parties or any of them, under any Second Lien Document, including all “Secured Obligations”
or similar term as defined in the Second Lien Indenture and whether for principal, premium, interest (including interest which,
but for the filing of a petition in bankruptcy with respect to such Person, would have accrued on any Second Lien Obligation at
the rate provided in the respective documentation, whether or not a claim is allowed against the Parent Company or any of its subsidiaries
for such interest in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise.

 

“Second Lien
Purchasers” has the meaning assigned to such term in Section 3.06.

 

“Second Lien
Representative” means in the case of the Second Lien Indenture Notes, the Second Lien Trustee.

 

“Second Lien
Secured Parties” means, at any time, the Second Lien Trustee, the Second Lien Collateral Trustee, the trustees, agents
and other representatives of the holders of the Second Lien Indenture Notes who maintains the transfer register for such Second
Lien Indenture Notes, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Second Lien Document,
and each other holder of, or obligee in respect of, any Second Lien Indenture Notes or any other Second Lien Document outstanding
at such time.

 

“Second Lien
Security Documents” means the Second Lien Indenture (insofar as the same grants a Lien on the Collateral), the Second
Lien Collateral Trust Agreement, each agreement listed in Part B of Exhibit B hereto and any other security agreements,
pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements, or grants
or transfers for security, now existing or entered into after the date hereof, executed and delivered by the Parent Company or
any other Grantor creating (or purporting to create) a Second Lien.

 

“Second Lien
Trustee” means Delaware Trust Company, in its capacity as trustee under the Second Lien Indenture, and together with
its successors in such capacity.

 

“Section 363
Event” has the meaning assigned to such term in Section 4.02(d).

 

“Section 363
Notice” has the meaning assigned to such term in Section 4.02(d).

 

“Section 363
Objections” has the meaning assigned to such term in Section 4.02(d).

 

“Secured Debt
Documents” means the Priority Lien Documents and the Second Lien Documents.

 

    	12	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

“Secured Debt
Representative” means the Priority Lien Agent and the Second Lien Collateral Trustee.

 

“Secured Obligations”
means the Priority Lien Obligations and the Second Lien Obligations.

 

“Secured Parties”
means the Priority Lien Secured Parties and the Second Lien Secured Parties.

 

“Security
Documents” means the Priority Lien Security Documents and the Second Lien Security Documents.

 

“subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other
business entity of which more than 50.0% of the total voting power of shares of stock or other ownership interests entitled (without
regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees
or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies
thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries of
such Person or a combination thereof; provided, that in determining the percentage of ownership interests of any Person
controlled by another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall
be deemed to be outstanding.

 

“Standstill
Period” has the meaning assigned to such term in Section 3.02.

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as in effect on the date hereof.

 

“Treasury
Management Arrangement” means any agreement or other arrangement governing the provision of treasury or Cash Management
Services, including deposit accounts, overdraft, credit or debit card, funds transfer, automated clearinghouse, zero balance accounts,
returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services
and other cash management services.

 

ARTICLE
II

LIEN PRIORITIES

 

Section 2.01         Relative
Priorities. (a) The grant of the Priority Liens pursuant to the Priority Lien Documents and the grant of the Second Liens
pursuant to the Second Lien Documents create two separate and distinct Liens on the Collateral.

 

    	13	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

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

 

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

 

Section 2.02         Prohibition
on Contesting Liens. Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured
Party, and the Priority Lien Agent, for itself and on behalf of each Priority Lien Secured Party, agrees that it shall not (and
hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation
Proceeding), (a) the validity or enforceability of any Secured Debt Document or any Obligation thereunder, (b) the validity, perfection,
priority or enforceability of the Liens, mortgages, assignments and security interests granted pursuant to the Security Documents
with respect to the Priority Lien Obligations or the Second Lien Obligations or (c) the relative rights and duties of the Priority
Lien Secured Parties and the Second Lien Secured Parties granted and/or established in this Agreement or any other Security Document
with respect to such Liens, mortgages, assignments, and security interests; provided that nothing in this Agreement shall
be construed to prevent or impair the rights of the Priority Lien Agent or any other Priority Lien Secured Party, or the Second
Lien Collateral Trustee or any other Second Lien Secured Party, to enforce this Agreement, including the Priority Lien Agent’s
or Second Lien Collateral Trustee’s right to enforce the priority of the Liens securing the Priority Lien Obligations as
provided in Section 2.01 hereof.

 

    	14	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

Section 2.03         No
New Liens. The parties hereto agree that, so long as the Discharge of Priority Lien Obligations has not occurred, none of the
Grantors shall, nor shall any Grantor permit any of its subsidiaries to, (a) grant or permit any additional Liens on any asset
of a Grantor or any of its subsidiaries to secure any Second Lien Obligation, or take any action to perfect any additional Liens,
unless it has granted, or substantially concurrently therewith grants, a Lien on such asset of such Grantor to secure the Priority
Lien Obligations and has taken all actions required to perfect such Liens or (b) grant or permit any additional Liens on any asset
of a Grantor or any of its subsidiaries to secure any Priority Lien Obligations, or take any action to perfect any additional Liens,
unless it has granted, or substantially concurrently therewith grants, a Lien on such asset of such Grantor or any of its subsidiaries
to secure the Second Lien Obligations and has taken all actions required to perfect such Liens, with each such Lien to be subject
to the provisions of this Agreement. To the extent that the provisions of the immediately preceding sentence are not complied with
for any reason, without limiting any other right or remedy available to the Priority Lien Agent or the other Priority Lien Secured
Parties, the Second Lien Collateral Trustee agrees, for itself and on behalf of the other Second Lien Secured Parties, that any
amounts received by or distributed to any Second Lien Secured Party, pursuant to or as a result of any Lien granted in contravention
of this Section 2.03 shall be subject to Section 3.05(b).

 

Section 2.04         Similar
Collateral and Agreements. The parties hereto acknowledge and agree that it is their intention that the Priority Lien Collateral
and the Second Lien Collateral be identical. In furtherance of the foregoing, the parties hereto agree (a) to cooperate in good
faith in order to determine, upon any reasonable request by the Priority Lien Agent or the Second Lien Collateral Trustee, the
specific assets included in the Priority Lien Collateral and the Second Lien Collateral, the steps taken to perfect the Priority
Liens and the Second Liens thereon and the identity of the respective parties obligated under the Priority Lien Documents and the
Second Lien Documents in respect of the Priority Lien Obligations and the Second Lien Obligations, respectively, (b) that the Second
Lien Security Documents creating Liens on the Collateral shall be in all material respects the same forms of documents as the respective
Priority Lien Security Documents creating Liens on the Collateral other than (i) with respect to the priority nature of the Liens
created thereunder in such Collateral, (ii) such other modifications to such Second Lien Security Documents which are less restrictive
than the corresponding Priority Lien Security Documents and (iii) provisions in the Second Lien Security Documents which are solely
applicable to the rights and duties of the Second Lien Collateral Trustee and/or the Second Lien Trustee and (c) that at no time
shall there be any Grantor that is an obligor in respect of the Second Lien Obligations that is not also an obligor in respect
of the Priority Lien Obligations.

 

    	15	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

Section 2.05         No
Duties of Priority Lien Agent. The Second Lien Collateral Trustee, for itself and on behalf of each Second Lien Secured Party,
acknowledges and agrees that neither the Priority Lien Agent nor any other Priority Lien Secured Party shall have any duties or
other obligations to any such Second Lien Secured Party with respect to any Collateral, other than to transfer to the Second Lien
Collateral Trustee any remaining Collateral and any proceeds of the sale or other Disposition of any such Collateral remaining
in its possession following the associated Discharge of Priority Lien Obligations, in each case without representation or warranty
on the part of the Priority Lien Agent or any Priority Lien Secured Party. In furtherance of the foregoing, each Second Lien Secured
Party acknowledges and agrees that until the Discharge of Priority Lien Obligations (subject to the terms of Section 3.02,
including the rights of the Second Lien Secured Parties following the expiration of any applicable Standstill Period), the Priority
Lien Agent shall be entitled, for the benefit of the Priority Lien Secured Parties, to sell, transfer or otherwise Dispose of or
deal with such Collateral, as provided herein and in the Priority Lien Documents, without regard to any Second Lien or any rights
to which the Second Lien Collateral Trustee or any Second Lien Secured Party would otherwise be entitled as a result of such Second
Lien. Without limiting the foregoing, each Second Lien Secured Party, agrees that neither the Priority Lien Agent nor any other
Priority Lien Secured Party shall have any duty or obligation first to marshal or realize upon any type of Collateral, or to sell,
Dispose of or otherwise liquidate all or any portion of such Collateral, in any manner that would maximize the return to the Second
Lien Secured Parties, notwithstanding that the order and timing of any such realization, sale, Disposition or liquidation may affect
the amount of proceeds actually received by the Second Lien Secured Parties from such realization, sale, Disposition or liquidation.
Each of the Second Lien Secured Parties waives any claim such Second Lien Secured Party may now or hereafter have against the Priority
Lien Agent or any other Priority Lien Secured Party arising out of any actions which the Priority Lien Agent or any other Priority
Lien Secured Parties take or omit to take (including actions with respect to the creation, perfection or continuation of Liens
on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon,
any of the Collateral, and actions with respect to the collection of any claim for all or any part of the Priority Lien Obligations
from any account debtor, guarantor or any other party) in accordance with this Agreement and the Priority Lien Documents or the
valuation, use, protection or release of any security for the Priority Lien Obligations.

 

Section 2.06         No
Duties of Second Lien Collateral Trustee. The Priority Lien Agent, for itself and on behalf of each Priority Lien Secured Party,
acknowledges and agrees that neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party shall have any
duties or other obligations to such Priority Lien Secured Party with respect to any Collateral, except as expressly set forth in
this Agreement.

 

    	16	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

ARTICLE
III

ENFORCEMENT RIGHTS; PURCHASE OPTION

 

Section 3.01         Limitation
on Enforcement Action. Prior to the Discharge of Priority Lien Obligations, the Second Lien Collateral Trustee, for itself
and on behalf of each other Second Lien Secured Party, hereby agrees that, subject to Section 3.02, Section 3.05(b)
and Section 4.07, neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party shall commence any
judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official
appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise
take any action to enforce its interest in or realize upon, or take any other action available to it in respect of, any Collateral
securing any Second Lien Obligations, applicable law or otherwise (including but not limited to any right of setoff), it being
agreed that the Priority Lien Agent, acting in accordance with the applicable Priority Lien Documents, shall have the exclusive
right (and whether or not any Insolvency or Liquidation Proceeding has been commenced), to take any such actions or exercise any
such remedies, in each case, without any consultation with or the consent of the Second Lien Collateral Trustee or any other Second
Lien Secured Party. In exercising rights and remedies with respect to the Collateral, the Priority Lien Agent and the other Priority
Lien Secured Parties may enforce the provisions of the Priority Lien Documents and exercise remedies thereunder, all in such order
and in such manner as they may determine in their sole discretion and regardless of whether such exercise and enforcement is adverse
to the interest of any Second Lien Secured Party. Such exercise and enforcement shall include the rights of an agent appointed
by them to Dispose of Collateral upon foreclosure, to incur expenses in connection with any such Disposition and to exercise all
the rights and remedies of a secured creditor under the Uniform Commercial Code, the Bankruptcy Code or any other Bankruptcy Law.
Without limiting the generality of the foregoing, the Priority Lien Agent will have the exclusive right to deal with that portion
of the Collateral consisting of deposit accounts, securities accounts and commodities accounts (collectively “Accounts”),
including exercising rights under control agreements with respect to such Accounts. The Second Lien Collateral Trustee, for itself
and on behalf of the other Second Lien Secured Parties, hereby acknowledges and agrees that no covenant, agreement or restriction
contained in any Second Lien Security Document or any other Second Lien Document shall be deemed to restrict in any way the rights
and remedies of the Priority Lien Agent or the other Priority Lien Secured Parties with respect to the Collateral as set forth
in this Agreement. Notwithstanding the foregoing, subject to Section 3.05, the Second Lien Collateral Trustee, on behalf
of the Second Lien Secured Parties, may, but will have no obligation to, take all such actions (not adverse to the Priority Liens
or the rights of the Priority Lien Agent and the Priority Lien Secured Parties) it deems necessary to perfect or continue the perfection
of the Second Liens in the Collateral or to create, preserve or protect (but not enforce) the Second Liens in the Collateral. Nothing
herein shall limit the right or ability of the Second Lien Secured Parties (i) with respect to any Second Lien Credit Bid Rights
or (ii) to file a proof of claim with respect to any Second Lien Obligations.

 

Section 3.02         Standstill
Periods; Permitted Enforcement Action. Prior to the Discharge of Priority Lien Obligations and notwithstanding the foregoing
Section 3.01, both before and during an Insolvency or Liquidation Proceeding: after a period of 180 days has elapsed (which
period will be tolled during any period in which the Priority Lien Agent is not entitled, on behalf of the Priority Lien Secured
Parties, to enforce or exercise any rights or remedies with respect to any Collateral as a result of (i) any injunction issued
by a court of competent jurisdiction or (ii) the automatic stay or any other stay or other prohibition in any Insolvency or Liquidation
Proceeding) since the date on which the Second Lien Collateral Trustee has delivered to the Priority Lien Agent written notice
of the acceleration of all outstanding Second Lien Debt (and requesting enforcement action in respect of the Collateral) (the “Standstill
Period”), so long as such acceleration is not rescinded, the Second Lien Collateral Trustee and the other Second Lien
Secured Parties may enforce or exercise any rights or remedies with respect to any Collateral; provided, however
that notwithstanding the expiration of the Standstill Period or anything in the Second Lien Documents to the contrary, in no event
may the Second Lien Collateral Trustee or any other Second Lien Secured Party enforce or exercise any rights or remedies with respect
to any Collateral, or commence, join with any Person at any time in commencing, or petition for or vote in favor of any resolution
for, any such action or proceeding, if the Priority Lien Agent on behalf of any or all of the Priority Lien Secured Parties or
any other Priority Lien Secured Party shall have commenced, and shall be diligently pursuing (or shall have sought or requested
relief from, or modification of, the automatic stay or any other stay in any Insolvency or Liquidation Proceeding to enable the
commencement and pursuit thereof), the enforcement or exercise of any rights or remedies with respect to all or any material portion
of the Collateral or any such action or proceeding (prompt written notice thereof to be given to the Second Lien Trustee and the
Second Lien Collateral Trustee by the Priority Lien Agent); provided, further, that, at any time after the expiration
of the Standstill Period, if neither the Priority Lien Agent nor any other Priority Lien Secured Party shall have commenced and
be diligently pursuing (or shall have sought or requested relief from, or modification of, the automatic stay or any other stay
or other prohibition in any Insolvency or Liquidation Proceeding to enable the commencement and pursuit thereof) the enforcement
or exercise of any rights or remedies with respect to any material portion of the Collateral or any such action or proceeding,
and the Second Lien Collateral Trustee shall have commenced the enforcement or exercise of any rights or remedies with respect
to any material portion of the Collateral or any such action or proceeding, then for so long as the Second Lien Collateral Trustee
is diligently pursuing such rights or remedies, neither any Priority Lien Secured Party nor the Priority Lien Agent shall take
any action of a similar nature (other than a joinder in connection with such action or proceeding as may reasonably be considered
necessary to preserve the rights of the Priority Lien Secured Parties therein) with respect to such Collateral, or commence, join
with any Person at any time in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding.

 

    	17	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

Section 3.03         Insurance.
Unless and until the Discharge of Priority Lien Obligations has occurred (subject to the terms of Section 3.02, including
the rights of the Second Lien Secured Parties following expiration of any applicable Standstill Period), the Priority Lien Agent
shall have the sole and exclusive right, subject to the rights of the Grantors under the Priority Lien Documents, to adjust and
settle claims in respect of Collateral under any insurance policy in the event of any loss thereunder and to approve any award
granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral. Unless and until
the Discharge of Priority Lien Obligations has occurred, and subject to the rights of the Grantors under the Priority Lien Documents,
all proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) in respect
of the Collateral shall be paid to the Priority Lien Agent pursuant to the terms of the Priority Lien Documents (including for
purposes of cash collateralization of commitments, letters of credit and Hedging Obligations that are secured by Priority Liens).
If the Second Lien Collateral Trustee or any Second Lien Secured Party shall, at any time, receive any proceeds of any such insurance
policy or any such award or payment in contravention of the foregoing, it shall pay such proceeds over to the Priority Lien Agent.
In addition, if by virtue of being named as an additional insured or loss payee of any insurance policy of any Grantor covering
any of the Collateral, the Second Lien Collateral Trustee or any other Second Lien Secured Party, shall have the right to adjust
or settle any claim under any such insurance policy, then unless and until the Discharge of Priority Lien Obligations has occurred,
the Second Lien Collateral Trustee and any such Second Lien Secured Party shall follow the instructions of the Priority Lien Agent,
or of the Grantors under the Priority Lien Documents to the extent the Priority Lien Documents grant such Grantors the right to
adjust or settle such claims, with respect to such adjustment or settlement (subject to the terms of Section 3.02, including
the rights of the Second Lien Secured Parties following expiration of any applicable Standstill Period).

 

    	18	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

Section 3.04         Notification
of Release of Collateral. Each of the Priority Lien Agent and the Second Lien Collateral Trustee shall give the other prompt
written notice of the Disposition by it, and release by it of the Lien on, any Collateral. Such notice shall describe in reasonable
detail the subject Collateral, the parties involved in such Disposition or release, the place, time manner and method thereof,
and the consideration, if any, received therefor; provided, however, that the failure to give any such notice shall
not in and of itself in any way impair the effectiveness of any such Disposition or release; provided, further, in
the event of any such release, no such notice shall be required to the extent any such release occurs automatically and without
any further action by the Priority Lien Agent or Second Lien Collateral Trustee.

 

Section 3.05         No
Interference; Payment Over.

 

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

 

    	19	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

(b)          Payment
Over. The Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, hereby agrees that
if any Second Lien Secured Party shall obtain possession of any Collateral or shall realize any proceeds or payment in respect
of any Collateral, pursuant to any Second Lien Security Document, or by the exercise of any rights available to it under applicable
law or in any Insolvency or Liquidation Proceeding or through any other exercise of remedies at any time prior to the Discharge
of Priority Lien Obligations then such Second Lien Secured Party shall hold such Collateral, proceeds or payment in trust for the
Priority Lien Agent and the other Priority Lien Secured Parties and transfer such Collateral, proceeds or payment, as the case
may be, to the Priority Lien Agent as promptly as practicable. Furthermore, the Second Lien Collateral Trustee shall, at the Grantors’
expense, promptly send written notice to the Priority Lien Agent upon receipt of such Collateral, proceeds or payment by the Second
Lien Collateral Trustee and if directed by the Priority Lien Agent within five (5) days after receipt by the Priority Lien Agent
of such written notice, shall deliver such Collateral, proceeds or payment to the Priority Lien Agent in the same form as received,
with any necessary endorsements, or as court of competent jurisdiction may otherwise direct. The Priority Lien Agent is hereby
authorized to make any such endorsements as agent for the Second Lien Collateral Trustee or any other Second Lien Secured Party.
The Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, agrees that if, at any time,
it obtains written notice that all or part of any payment with respect to any Priority Lien Obligations previously made shall be
rescinded for any reason whatsoever, it will promptly pay over to the Priority Lien Agent any payment received by it and then in
its possession or under its direct control in respect of any such Priority Lien Collateral and shall promptly turn any such Collateral
then held by it over to the Priority Lien Agent, and the provisions set forth in this Agreement will be reinstated as if such payment
had not been made, until the Discharge of Priority Lien Obligations. All Second Liens will remain attached to and enforceable against
all proceeds so held or remitted, subject to the priorities set forth in this Agreement. Anything contained herein to the contrary
notwithstanding, this Section 3.05(b) shall not apply to any proceeds of Collateral realized in a transaction not prohibited
by the Priority Lien Documents and as to which the possession or receipt thereof by the Second Lien Collateral Trustee or any other
Second Lien Secured Party is otherwise permitted by the Priority Lien Documents.

 

Section 3.06         Purchase
Option.

 

(a)          After
the expiration of any Standstill Period, but subject to the timing requirements in this Section 3.06, acceleration of the
Priority Lien Obligations, each of the holders of the Second Lien Debt and each of their respective designated Affiliates (such
Second Lien Secured Parties exercising the purchase option set forth in this Section 3.06, the “Second Lien
Purchasers”) will have the several right, at their respective sole option and election (but will not be obligated), at
any time upon prior written notice to the Priority Lien Agent, to purchase from the Priority Lien Secured Parties (A) all (but
not less than all) Priority Lien Obligations (including obligations in respect of unfunded commitments) and (B) if applicable,
all outstanding loans and all obligations in respect of unfunded commitments (and related obligations, including interest, fees
and expenses) provided by any of the Priority Lien Secured Parties in connection with a DIP Financing, in each case, that are outstanding
on the date of such purchase. Promptly following the receipt of such notice, the Priority Lien Agent will deliver to the Second
Lien Trustee a statement of the amount of the Priority Lien Obligations and DIP Financing (including interest, fees, expenses and
other obligations in respect of such DIP Financing) provided by any of the Priority Lien Secured Parties, if any, then outstanding
and the amount of the cash collateral requested by the Priority Lien Agent to be delivered pursuant to Section 3.06(b)(ii)
below. The right to purchase provided for in this Section 3.06 will expire unless, within 10 Business Days after the receipt
by the Second Lien Trustee of such written notice from the Priority Lien Agent, the Second Lien Purchasers deliver to the Priority
Lien Agent an irrevocable commitment of the Second Lien Purchasers to purchase (A) all (but not less than all) of the Priority
Lien Obligations (including obligations in respect of unfunded commitments) and (B) if applicable, all loans (and related obligations,
including interest, fees and expenses) provided by any of the Priority Lien Secured Parties in connection with a DIP Financing
and to otherwise complete such purchase on the terms set forth under this Section 3.06.

 

    	20	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

(b)          On
the date specified by the Second Lien Purchasers in such irrevocable commitment (which shall not be less than five Business Days
nor more than 20 Business Days, after the receipt by the Priority Lien Agent of such irrevocable commitment), the Priority Lien
Secured Parties shall sell to the Second Lien Purchasers (i) all (but not less than all) Priority Lien Obligations (including unfunded
commitments) and (ii) if applicable, all loans (and related obligations, including interest, fees and expenses) provided by any
of the Priority Lien Secured Parties in connection with a DIP Financing that are outstanding on the date of such sale, subject
to any required approval of any Governmental Authority then in effect, if any, and only if on the date of such sale, the Priority
Lien Agent receives the following:

 

(i)          payment,
as the purchase price for all Priority Lien Obligations sold in such sale, of an amount equal to the full amount of (i) all Priority
Lien Obligations (other than outstanding letters of credit as referred to in clause (ii) below) and (ii) if applicable,
all loans (and related obligations, including interest, fees and expenses) provided by any of the Priority Lien Secured Parties
in connection with any DIP Financing then outstanding (including principal, interest, fees, reasonable attorneys’ fees and
legal expenses, but excluding contingent indemnification obligations for which no claim or demand for payment has been made at
or prior to such time); provided that in the case of Hedging Obligations that are secured by Priority Liens, the Second
Lien Purchasers shall cause the applicable Hedge Agreement to be assigned, purchased and novated or, if such Hedge Agreement has
been terminated, such purchase price shall include an amount equal to the sum of any unpaid amounts then due in respect of such
Hedge Agreement, calculated using the market quotation method and after giving effect to any netting arrangements;

 

(ii)         a
cash collateral deposit in such amount as the Priority Lien Agent determines is reasonably necessary to secure the payment of any
outstanding letters of credit constituting Priority Lien Obligations that may become due and payable after such sale (but not in
any event in an amount greater than one hundred five percent (105%) of the amount then reasonably estimated by the Priority Lien
Agent to be the aggregate outstanding amount of such letters of credit at such time), which cash collateral shall be (A) held by
the Priority Lien Agent as security solely to reimburse the issuers of such letters of credit that become due and payable after
such sale and any fees and expenses incurred in connection with such letters of credit and (B) returned to the Second Lien Trustee
(except as may otherwise be required by applicable law or any order of any court or other Governmental Authority) promptly after
the expiration or termination from time to time of all payment contingencies affecting such letters of credit;

 

(iii)        all
agreements and documentation required by the Priority Lien Agent evidencing its resignation, effective as of the date of such purchase,
as agent under the Priority Lien Documents; and

 

    	21	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

(iv)        any
agreements, documents or instruments which the Priority Lien Agent may reasonably request pursuant to which the Second Lien Purchasers
in such sale expressly assume and adopt all of the obligations of the Priority Lien Agent and the Priority Lien Secured Parties
under the Priority Lien Documents and in connection with loans (and related obligations, including interest, fees and expenses)
provided by any of the Priority Lien Secured Parties in connection with a DIP Financing on and after the date of the purchase and
sale and the Second Lien Trustee (or any other representative appointed by Second Lien Purchasers holding a majority in aggregate
principal amount of the all Second Lien Obligations then outstanding) becomes a successor agent thereunder.

 

(c)          Such
purchase of the Priority Lien Obligations (including unfunded commitments) and any loans provided by any of the Priority Lien Secured
Parties in connection with a DIP Financing shall be made on a pro rata basis among the Second Lien Purchasers according
to each such Second Lien Purchaser’s portion of the Second Lien Obligations outstanding on the date of purchase or such portion
as such Second Lien Purchasers may otherwise agree among themselves. Such purchase price and cash collateral shall be remitted
by wire transfer in federal funds to such bank account of the Priority Lien Agent as the Priority Lien Agent may designate in writing
to the Second Lien Purchasers for such purpose. Interest shall be calculated to but excluding the Business Day on which such sale
occurs if the amounts so paid by the Second Lien Purchasers to the bank account designated by the Priority Lien Agent are received
in such bank account prior to 12:00 noon, New York City time, and interest shall be calculated to and including such Business Day
if the amounts so paid by the Second Lien Purchasers to the bank account designated by the Priority Lien Agent are received in
such bank account later than 12:00 noon, New York City time.

 

(d)          Such
sale shall be expressly made without representation or warranty of any kind by the Priority Lien Secured Parties as to the Priority
Lien Obligations, the Collateral or otherwise and without recourse to any Priority Lien Secured Party, except that the Priority
Lien Secured Parties shall represent and warrant severally as to the Priority Lien Obligations (including unfunded commitments)
and any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing then owing to it: (i) that
such applicable Priority Lien Secured Party owns or holds (directly or indirectly) such Priority Lien Obligations (including unfunded
commitments) and any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing; and (ii) that
such applicable Priority Lien Secured Party has the necessary corporate or other governing authority to assign such interests.

 

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

 

    	22	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

(f)          Each
Grantor irrevocably consents to any assignment made to one or more Second Lien Purchasers effected pursuant to this Section
3.06 (so long as they meet all eligibility standards contained in all relevant Priority Lien Documents, other than obtaining
the consent of any Grantor to an assignment to the extent required by such Priority Lien Documents) for purposes of all Priority
Lien Documents and hereby agrees that no further consent from such Grantor shall be required.

 

ARTICLE
IV

OTHER AGREEMENTS

 

Section 4.01         Release
of Liens; Automatic Release of Second Liens. (a) Prior to the Discharge of Priority Lien Obligations, the Second Lien Collateral
Trustee, for itself and on behalf of each other Second Lien Secured Party, agrees that, in the event the Priority Lien Agent or
the requisite Priority Lien Secured Parties under the Priority Lien Documents release any Lien on any Collateral, the Second Lien
on such Collateral shall terminate and be released automatically and without further action if (i) such release is permitted under
the Second Lien Documents, (ii) such release is effected in connection with the Priority Lien Agent’s foreclosure upon, or
other exercise of rights or remedies with respect to, such Collateral, or (iii) such release is effected in connection with a sale
or other Disposition of any Collateral (or any portion thereof) under Section 363 of the Bankruptcy Code or any other provision
of the Bankruptcy Code; provided that, in the case of each of clauses (i), (ii) and (iii), the Second
Liens on such Collateral shall attach to (and shall remain subject and subordinate to all Priority Liens securing Priority Lien
Obligations) any proceeds of a sale, transfer or other Disposition of Collateral not paid to the Priority Lien Secured Parties
or that remain after the Discharge of Priority Lien Obligations. The Priority Lien Agent agrees to give the Second Lien Collateral
Trustee no less than 10 Business Days advance written notice of any proposed release pursuant to clause (ii) (other than
pursuant to Section 363 of the Bankruptcy Code) of this Section 4.01(b) (provided that such notice shall not be required
to the extent extraordinary exigent circumstances shall arise that would irrevocably impair the rights of the Priority Lien Secured
Parties if such release were to be delayed by such 10 Business Day period) (each such notice, a “Priority Lien Release
Notice”). Notwithstanding the foregoing in this Section 4.01(a), if any holders of Second Lien Obligations have
exercised their purchase option (or have committed to exercise their purchase option) pursuant to Section 3.06, no release
pursuant to clauses (ii) and (iii) of this Section 4.01(a) shall be permitted under this Section 4.01(a) to
the extent (and only to the extent) that the Second Lien Purchasers shall not have defaulted on their obligations to consummate
the purchase of the Priority Lien Obligations and other obligations contemplated by Section 3.06.

 

(b)          Upon
receipt of an Officers’ Certificate and an Opinion of Counsel from the Parent Company as required pursuant to Section 4.1(b)
of the Second Lien Collateral Trust Agreement, the Second Lien Collateral Trustee agrees to execute and deliver (at the sole cost
and expense of the Grantors) all such releases and other instruments as shall reasonably be requested by the Priority Lien Agent
to evidence and confirm any release of Collateral provided for in this Section 4.01.

 

    	23	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

Section 4.02         Certain
Agreements With Respect to Insolvency or Liquidation Proceedings. (a) The parties hereto acknowledge that this Agreement
is a “subordination agreement” under Section 510(a) of the Bankruptcy Code and shall continue in full force and effect,
notwithstanding the commencement of any Insolvency or Liquidation Proceeding by or against the Parent Company or any of its subsidiaries
or any action taken in such Insolvency or Liquidation Proceeding, including any attempted rejection under Section 365 of the Bankruptcy
Code. All references in this Agreement to the Parent Company or any of its subsidiaries or any other Grantor will include such
Person or Persons as a debtor-in-possession and any receiver or trustee for such Person or Persons in an Insolvency or Liquidation
Proceeding. For the purposes of this Section 4.02, unless otherwise provided herein, clauses (b) through and including
(o) shall be in full force and effect prior to the Discharge of Priority Lien Obligations.

 

(b)          If
the Parent Company or any of its subsidiaries shall become subject to any Insolvency or Liquidation Proceeding and shall, as debtor(s)-in-possession,
or if any receiver or trustee for such Person or Persons shall, move for approval of financing (“DIP Financing”)
to be provided by one or more lenders under Section 364 of the Bankruptcy Code and/or the use of cash collateral under Section
363 of the Bankruptcy Code, the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party,
agrees that neither it nor any other Second Lien Secured Party will raise any objection to, contest or oppose, and each Second
Lien Secured Party will waive any claim such Person may now or hereafter have related to or in connection with, any such financing
or to the Liens on the Collateral securing the same (“DIP Financing Liens”), or any use, sale or lease of cash
collateral that constitutes Collateral or to any grant of administrative expense priority under Section 364 of the Bankruptcy Code,
unless (A) the Priority Lien Agent or the Priority Lien Secured Parties oppose or object to such DIP Financing or such DIP Financing
Liens or such use of cash collateral, (B) such DIP Financing Liens are neither senior to, nor rank pari passu with, the
Priority Liens upon any property of the estate in such Insolvency or Liquidation Proceeding or (C) the maximum principal amount
of indebtedness permitted under such DIP Financing exceeds the sum of (I) the amount of Priority Lien Obligations refinanced
with the proceeds thereof and (II) fifteen percent (15%) of the amount of then outstanding Priority Lien Debt, or (D) the
terms of such DIP Financing provide for the sale of a substantial part of the Collateral (other than a sale or disposition pursuant
to Section 363 of the Bankruptcy Code and with respect to which the Second Lien Secured Parties are deemed to have consented pursuant
to Section 4.02(d)) or require the confirmation of a plan of reorganization containing specific terms or provisions (other
than repayment in cash of such DIP Financing on the effective date thereof). To the extent such DIP Financing Liens are senior
to, or rank pari passu with, the Priority Liens, the Second Lien Collateral Trustee will, for itself and on behalf
of the other Second Lien Secured Parties, subordinate the Second Liens on the Collateral to the Priority Liens and to such DIP
Financing Liens, so long as the Second Lien Collateral Trustee, on behalf of the Second Lien Secured Parties, retains Liens on
all the Collateral, including proceeds thereof arising after the commencement of any Insolvency or Liquidation Proceeding, with
the same priority as existed prior to the commencement of the case under the Bankruptcy Code.

 

(c)          Prior
to the Discharge of Priority Lien Obligations, without the written consent of the Priority Lien Agent which consent is in its sole
discretion, the Second Lien Collateral Trustee, for itself and on behalf of each Second Lien Secured Party, agrees not to propose,
support or enter into any DIP Financing.

 

    	24	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

(d)          The
Second Lien Collateral Trustee, for itself and on behalf of each Second Lien Secured Party, agrees that it shall be deemed to have
consented to, and shall not object to, oppose or contest (or join with or support any other party objecting to, opposing or contesting)
a sale or other Disposition, a motion to sell or Dispose or the bidding procedure for such sale or Disposition of any Collateral
(or any portion thereof) under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code (any such sale
or motion, a “Section 363 Event” and any notice or ruling issued by a court of competent jurisdiction in respect
of such Section 363 Event, a “Section 363 Notice”) if the requisite Priority Lien Secured Parties under the
Priority Lien Documents shall have consented to such sale or Disposition, such motion to sell or Dispose or such bidding procedure
for such sale or Disposition of such Collateral and all Priority Liens and Second Liens will attach to the proceeds of the sale
in the same respective priorities as set forth in this Agreement. Notwithstanding the foregoing in this Section 4.02(d),
if any holders of the Second Lien Obligations have exercised their purchase option (or have committed to exercise their purchase
option) pursuant to Section 3.06(a), Section 363 Objections shall be permitted to be made by the Second Lien Collateral
Trustee or any Second Lien Secured Party, but only so long as the Second Lien Purchasers shall not have defaulted on their obligations
to consummate the purchase of the Priority Lien Obligations and other obligations contemplated by Section 3.06.

 

(e)          The
Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, waives any claim that it may
now or hereafter have against the Priority Lien Agent or any other Priority Lien Secured Party arising out of any DIP Financing
Liens (that is granted in a manner that is consistent with this Agreement) or administrative expense priority under Section 364
of the Bankruptcy Code.

 

(f)          The
Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, agrees that neither the Second
Lien Collateral Trustee nor any other Second Lien Secured Party will object to, oppose or contest (or join with or support any
other party objecting to, opposing or contesting) in any Insolvency or Liquidation Proceeding (i) any request by the Priority Lien
Agent or any other Priority Lien Secured Party for adequate protection or (ii) any objection by the Priority Lien Agent or
any other Priority Lien Secured Party to any motion, relief, action or proceeding based on the Priority Lien Agent or Priority
Lien Secured Parties claiming a lack of adequate protection, except that the Second Lien Secured Parties may:

 

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

 

(B)         freely
seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition or restriction
whatsoever, at any time after the Discharge of Priority Lien Obligations; and

 

    	25	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

(C)         in
the event that the Priority Lien Secured Parties are granted adequate protection in any Insolvency or Liquidation Proceeding in
the form of a superpriority or other administrative expense claim in connection with any DIP Financing or use of cash collateral
that constitutes Collateral, then the Priority Lien Agent agrees that the Second Lien Collateral Trustee, on behalf of itself or
any of the Second Lien Secured Parties, shall also be entitled to seek, subject to any objection filed by the Priority Lien Agent,
adequate protection in the form of a superpriority or other administrative expense claim (as applicable), which superpriority or
other administrative expense claim, if obtained, shall be treated as proceeds of Collateral for all purposes under this Agreement
and shall be subordinate to the superpriority or other administrative expense claim of the Priority Lien Secured Parties.

 

(g)          Notwithstanding
the foregoing provisions in this Section 4.02, in any Insolvency or Liquidation Proceeding, in the event that the Priority
Lien Agent, on behalf of itself or any of the Priority Lien Secured Parties, is granted adequate protection with respect to the
Collateral in the form of (i) additional collateral (even if such collateral is not of a type which would otherwise have constituted
Collateral), then the Priority Lien Agent, on behalf of itself and the Priority Lien Secured Parties, agrees that the Second Lien
Collateral Trustee, on behalf of itself or any of the Second Lien Secured Parties, may seek or request (and the Priority Lien Secured
Parties will not oppose such request) adequate protection with respect to its interests in such Collateral in the form of a Lien
on the same additional collateral, which Lien will be subordinated to the Liens securing the Priority Lien Obligations on the same
basis as the other Liens of the Second Lien Collateral Trustee on the Collateral, or (ii) cash payments of interest and reasonable
fees and expenses of the Priority Lien Secured Parties in connection with their interest in the Collateral, then the Second Lien
Collateral Trustee, on its own behalf and on behalf of the other Second Lien Secured Parties, may, subject to any objection filed
by the Priority Lien Agent, seek or request cash payments of interest and reasonable fees and expenses of the Second Lien Secured
Parties in connection with their interest in the Collateral.

 

(h)          The
Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, waives any claim the Second Lien
Collateral Trustee or any such other Second Lien Secured Party may now or hereafter have against the Priority Lien Agent or any
other Priority Lien Secured Party (or their representatives) arising out of any election by the Priority Lien Agent or any Priority
Lien Secured Parties, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy
Code.

 

(i)          The
Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, agrees that in any Insolvency
or Liquidation Proceeding, neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party shall support or
vote to accept any plan of reorganization or disclosure statement of the Parent Company or any other Grantor unless (i) such plan
is accepted by the class of Priority Lien Secured Parties in accordance with Section 1126(c) of the Bankruptcy Code or otherwise
provides for the payment in full in cash of all Priority Lien Obligations (including all post-petition interest, fees and expenses
and cash collateralization of all letters of credit) on the effective date of such plan of reorganization, or (ii) such plan provides
on account of the Priority Lien Secured Parties for the retention by the Priority Lien Agent, for the benefit of the Priority Lien
Secured Parties, of the Liens on the Collateral securing the Priority Lien Obligations, and on all proceeds thereof whenever received,
and such plan also provides that any Liens retained by, or granted to, the Second Lien Collateral Trustee are only on property
securing the Priority Lien Obligations and shall have the same relative priority with respect to the Collateral or other property,
respectively, as provided in this Agreement with respect to the Collateral. Except as provided herein, the Second Lien Secured
Parties shall remain entitled to vote their claims in any such Insolvency or Liquidation Proceeding.

 

    	26	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

(j)          The
Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, agrees that, subject to the provisions
of Section 3.02, neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party, shall seek relief,
pursuant to Section 362(d) of the Bankruptcy Code or otherwise, from the automatic stay of Section 362(a) of the Bankruptcy Code
or from any other stay in any Insolvency or Liquidation Proceeding in respect of the Collateral without the prior written consent
of the Priority Lien Agent, which consent is in the Priority Lien Agent’s sole discretion.

 

(k)          The
Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, agrees that neither Second Lien
Collateral Trustee nor any other Second Lien Secured Party shall oppose or seek to challenge any claim by the Priority Lien Agent
or any other Priority Lien Secured Party for allowance or payment in any Insolvency or Liquidation Proceeding of Priority Lien
Obligations consisting of post-petition interest, fees, premiums (or similar) or expenses to the extent of the value of the Priority
Liens (it being understood that such value will be determined without regard to the existence of the Second Liens on the Collateral).
Neither Priority Lien Agent nor any other Priority Lien Secured Party shall oppose or seek to challenge any claim by the Second
Lien Collateral Trustee or any other Second Lien Secured Party for allowance or payment in any Insolvency or Liquidation Proceeding
of Second Lien Obligations consisting of post-petition interest, fees or expenses to the extent of the value of the Second Liens
on the Collateral; provided that if the Priority Lien Agent or any other Priority Lien Secured Party shall have made any
such claim, such claim (i) shall have been approved or (ii) will be approved contemporaneously with the approval of any such claim
by the Second Lien Collateral Trustee or any Second Lien Secured Party.

 

(l)          Without
the express written consent of the Priority Lien Agent, which consent is in the Priority Lien Agent’s sole discretion, neither
the Second Lien Collateral Trustee nor any other Second Lien Secured Party shall (or shall join with or support any other party
in opposing, objecting to or contesting, as the case may be), in any Insolvency or Liquidation Proceeding involving any Grantor,
(i) oppose, object to or contest the determination of the extent of or validity of any Liens held by any of Priority Lien Secured
Party or the value of any claims of any such holder under Section 506(a) of the Bankruptcy Code or otherwise or (ii) oppose, object
to or contest the payment to the Priority Lien Secured Party of interest, fees, premiums (or similar) or expenses, or to the cash
collateralization of letters of credit under Section 506(b) of the Bankruptcy Code.

 

    	27	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

(m)          Notwithstanding
anything to the contrary contained herein, if in any Insolvency or Liquidation Proceeding a determination is made that any Lien
encumbering any Collateral is not enforceable for any reason, then the Second Lien Collateral Trustee, for itself and on behalf
of each other Second Lien Secured Party, agrees that, any distribution or recovery they may receive with respect to, or allocable
to, the value of the assets constituting Collateral subject to an enforceable Lien in favor of the Second Lien Secured Parties
or any proceeds thereof shall be segregated and held in trust and forthwith paid over, subject to the requirements of Section
6.01(a), to the Priority Lien Agent for the benefit of the Priority Lien Secured Parties in the same form as received without
recourse, representation or warranty (other than a representation of the Second Lien Collateral Trustee that it has not otherwise
sold, assigned, transferred or pledged any right, title or interest in and to such distribution or recovery) but with any necessary
endorsements or as a court of competent jurisdiction may otherwise direct. The Second Lien Collateral Trustee, for itself and on
behalf of each other Second Lien Secured Party, hereby appoints the Priority Lien Agent, and any officer or agent of the Priority
Lien Agent, with full power of substitution, the attorney-in-fact of each Second Lien Secured Party for the limited purpose of
carrying out the provisions of this Section 4.02(l) and taking any action and executing any instrument that the Priority
Lien Agent may deem necessary or advisable to accomplish the purposes of this Section 4.02(l), which appointment is irrevocable
and coupled with an interest.

 

(n)          The
Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, hereby agrees that the Priority
Lien Agent shall have the exclusive right to credit bid the Priority Lien Obligations and further that neither the Second Lien
Collateral Trustee nor any other Second Lien Secured Party shall (or shall join with or support any other party in opposing, objecting
to or contesting, as the case may be) oppose, object to or contest such credit bid by the Priority Lien Agent.

 

(o)          Without
the consent of the Priority Lien Agent which is in its sole discretion, the Second Lien Collateral Trustee, for itself and on behalf
of each other Second Lien Secured Party, agrees it will not file or join an involuntary bankruptcy petition or seek the appointment
of an examiner or a trustee for any Grantor or any of their respective subsidiaries.

 

(p)          The
Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, waives any right to assert or
enforce any claim under Section 506(c) or 552 of the Bankruptcy Code as against any Priority Lien Secured Party or any of
the Collateral.

 

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

 

    	28	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

Section 4.04         Replacement
of Priority Lien Obligations.

 

(a)          The
Priority Lien Obligations may be Replaced, by any Priority Substitute Credit Facility without notice to, or the consent of any
Secured Party, all without affecting the Lien priorities provided for herein or the other provisions hereof; provided, that
(i) the Priority Lien Agent and the Second Lien Collateral Trustee shall receive on or prior to incurrence of a Priority Substitute
Credit Facility (A) an Officers’ Certificate and an Opinion of Counsel from the Parent Company stating that (I) the incurrence
thereof is permitted by each Secured Debt Document and (II) the requirements of Section 4.06 have been satisfied, and
(B) a Priority Confirmation Joinder from the holders or lenders of any indebtedness that Replaces the Priority Lien Obligations
or the Second Lien Obligations (or an authorized agent, trustee or other representative on their behalf), and (ii) on or before
the date of such incurrence, such Priority Substitute Credit Facility is designated by the Parent Company, in an Officers’
Certificate delivered to the Priority Lien Agent and the Second Lien Collateral Trustee, as “Priority Lien Obligations”
for the purposes of the Secured Debt Documents and this Agreement.

 

(b)          [Reserved.]

 

Notwithstanding the foregoing, nothing
in this Agreement will be construed to allow any Grantor to incur additional indebtedness unless otherwise permitted by the terms
of each applicable Secured Debt Document.

 

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

 

Section 4.05         Amendments
to Second Lien Documents. Prior to the Discharge of Priority Lien Obligations, without the prior written consent of the Priority
Lien Agent, no Second Lien Document may be amended, supplemented, restated or otherwise modified and/or Replaced, refinanced or
entered into to the extent such amendment, supplement, restatement or modification and/or refinancing, or the terms of any new
Second Lien Document, would (i) adversely affect the lien priority rights of the Priority Lien Secured Parties or the rights
of the Priority Lien Secured Parties to receive payments owing pursuant to the Priority Lien Documents, (ii) except as otherwise
provided for in this Agreement, add any Liens securing the Collateral granted under the Second Lien Security Documents, (iii) confer
any additional rights on the Second Lien Collateral Trustee or any other Second Lien Secured Party in a manner adverse to the Priority
Lien Secured Parties, (iv) cause the total Second Lien Obligations to exceed the Second Lien Debt Cap or (v) contravene the provisions
of this Agreement or the Priority Lien Documents.

 

    	29	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

Section 4.06         Legends.
The Second Lien Collateral Trustee acknowledges with respect to the Second Lien Indenture and the other Second Lien Security Documents,
and the Additional Second Lien Security Documents that the Second Lien Indenture, the Second Lien Documents (other than control
agreements to which both the Priority Lien Agent and the Second Lien Collateral Trustee are parties) and each associated Security
Document (other than control agreements to which both the Priority Lien Agent and the Second Lien Collateral Trustee are parties)
granting any security interest in the Collateral will contain the appropriate legend set forth on Annex I.

 

Section 4.07         Second
Lien Secured Parties Rights as Unsecured Creditors; Judgment Lien Creditor. Both before and during an Insolvency or Liquidation
Proceeding, any of the Second Lien Secured Parties may take any actions and exercise any and all rights that would be available
to a holder of unsecured claims; provided, however, that the Second Lien Secured Parties may not take any of the
actions prohibited by Section 3.05(a) or Section 4.02 or any other provisions in this Agreement; provided,
further, that in the event that any of the Second Lien Secured Parties becomes a judgment lien creditor in respect of any
Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Second Lien Obligations, such
judgment lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Priority Lien Obligations)
as the Second Liens are subject to this Agreement.

 

Section 4.08         Postponement
of Subrogation. The Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, hereby
agrees that no payment or distribution to any Priority Lien Secured Party pursuant to the provisions of this Agreement shall entitle
any Second Lien Secured Party to exercise any rights of subrogation in respect thereof until, in the case of the Second Lien Secured
Parties, the Discharge of Priority Lien Obligations shall have occurred. Following the Discharge of Priority Lien Obligations,
but subject to the reinstatement as provided in Section 4.03, each Priority Lien Secured Party will execute such documents,
agreements, and instruments as any Second Lien Secured Party may reasonably request to evidence the transfer by subrogation to
any such Person of an interest in the Priority Lien Obligations resulting from payments or distributions to such Priority Lien
Secured Party by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred
in connection therewith by such Priority Lien Secured Party are paid by such Person or the Grantors upon request for payment thereof.

 

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

 

    	30	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

ARTICLE
V

GRATUITOUS BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS

 

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

 

Section 5.02         Deposit
Accounts. Prior to the Discharge of Priority Lien Obligations, to the extent that any Account is at any time under the control
of the Priority Lien Agent (within the meaning of the term “control” as relates to Accounts under Articles 8 and 9
of the New York UCC), the Priority Lien Agent will act as sub-collateral agent and gratuitous bailee for the Second Lien Collateral
Trustee for the purpose of perfecting the Liens of the Second Lien Secured Parties in such Accounts and the cash and other assets
therein as provided in Section 3.01 (but will have no duty, responsibility or obligation to the Second Lien Secured
Parties (including, without limitation, any duty, responsibility or obligation as to the maintenance of such control, the effect
of such arrangement or the establishment of such perfection) except as set forth in the last sentence of this Section 5.02(a)).
Unless the Second Liens on such Collateral shall have been or concurrently are released, after the occurrence of Discharge of Priority
Lien Obligations, the Priority Lien Agent shall, at the request of the Second Lien Collateral Trustee, cooperate with the Grantors
and the Second Lien Collateral Trustee (at the expense of the Grantors) in permitting control of any other Accounts to be transferred
to the Second Lien Collateral Trustee (or for other arrangements with respect to each such Accounts satisfactory to the Second
Lien Collateral Trustee to be made).

 

    	31	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

ARTICLE
VI

APPLICATION OF PROCEEDS; DETERMINATION OF AMOUNTS

 

Section 6.01         Application
of Proceeds. All payments received by the Priority Lien Agent or other Priority Lien Secured Parties may be applied, reversed
and reapplied, in whole or in part, to such part of the Priority Lien Obligations as the Priority Lien Secured Parties, in their
sole discretion, deem appropriate, subject to the terms of the Priority Lien Documents. Further, prior to the Discharge of Priority
Lien Obligations, and regardless of whether an Insolvency or Liquidation Proceeding has been commenced, Collateral or proceeds
received in connection with the enforcement or exercise of any rights or remedies with respect to any portion of the Collateral
will be applied to the payment in full in cash of all Priority Lien Obligations that are not Excess Priority Lien Obligations.

 

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

 

ARTICLE
VII

NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE;

CONSENT OF GRANTORS; ETC.

 

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

 

    	32	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

Section 7.02         No
Warranties or Liability.

 

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

 

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

 

(c)          The
Priority Lien Agent and the other Priority Lien Secured Parties shall have no express or implied duty to the Second Lien Collateral
Trustee or any other Second Lien Secured Party, and the Second Lien Collateral Trustee and the other Second Lien Secured Parties
shall have no express or implied duty to the Priority Lien Agent or any other Priority Lien Secured Party, to act or refrain from
acting in a manner which allows, or results in, the occurrence or continuance of a default or an event of default under any Priority
Lien Document and any Second Lien Document (other than, in each case, this Agreement), regardless of any knowledge thereof which
they may have or be charged with.

 

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

 

    	33	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

Section 7.03         Obligations
Absolute. The Lien priorities provided for herein and the respective rights, interests, agreements and obligations hereunder
of the Priority Lien Agent and the other Priority Lien Secured Parties, the Second Lien Collateral Trustee and the other Second
Lien Secured Parties shall remain in full force and effect irrespective of:

 

(a)          any
lack of validity or enforceability of any Secured Debt Document;

 

(b)          any
change in the time, place or manner of payment of, or in any other term of (including the Replacing of), all or any portion of
the Priority Lien Obligations, it being specifically acknowledged that a portion of the Priority Lien Obligations consists or may
consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to
time may be increased or reduced and subsequently reborrowed;

 

(c)          any
amendment, waiver or other modification, whether by course of conduct or otherwise, of any Secured Debt Document;

 

(d)          the
securing of any Priority Lien Obligations or Second Lien Obligations with any additional collateral or guarantees, or any exchange,
release, voiding, avoidance or non-perfection of any security interest in any Collateral or any other collateral or any release
of any guarantee securing any Priority Lien Obligations or Second Lien Obligations;

 

(e)          the
commencement of any Insolvency or Liquidation Proceeding in respect of the Parent Company or any other Grantor; or

 

(f)          any
other circumstances that otherwise might constitute a defense available to, or a discharge of, the Parent Company or any other
Grantor in respect of the Priority Lien Obligations or this Agreement or any of the Second Lien Secured Parties in respect of this
Agreement.

 

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

 

ARTICLE
VIII

REPRESENTATIONS AND WARRANTIES

 

Section 8.01         Representations
and Warranties of Each Party. Each party hereto represents and warrants to the other parties hereto as follows:

 

(a)          Such
party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all
requisite power and authority to enter into and perform its obligations under this Agreement.

 

(b)          This
Agreement has been duly executed and delivered by such party.

 

    	34	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

(c)          The
execution, delivery and performance by such party of this Agreement (i) do not require any consent or approval of, registration
or filing with or any other action by any Governmental Authority of which the failure to obtain could reasonably be expected to
have a Material Adverse Effect (as defined in the Priority Credit Agreement), (ii) will not violate any applicable law or regulation
or any order of any Governmental Authority or any indenture, agreement or other instrument binding upon such party which could
reasonably be expected to have a Material Adverse Effect and (iii) will not violate the charter, by-laws or other organizational
documents of such party.

 

Section 8.02         Representations
and Warranties of Each Representative. Each of the Priority Lien Agent and the Second Lien Collateral Trustee represents and
warrants to the other parties hereto that it is authorized under the Priority Credit Agreement, the Second Lien Indenture and the
Second Lien Collateral Trust Agreement, as the case may be, to enter into this Agreement.

 

ARTICLE
IX

MISCELLANEOUS

 

Section 9.01         Notices.
All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopy, as follows:

 

	(a)	if to the Priority Lien Agent, to it at:
	 	 
	 	Citibank, N.A.
	 	811 Main Street, Suite 4000
	 	Houston, TX 77002
	 	Attention: Mr. Phil Ballard
	 	Facsimile No:  281-271-8970
	 	Telephone:  713-821-4789
	 	 
	(b)	if to the Second Lien Trustee, to it at:
	 	 
	 	Delaware Trust Company
	 	251 Little Falls Drive
	 	Wilmington, DE 19808
	 	Facsimile No.:  (302) 636-8666
	 	Attention:  Corporate Trust Administration
	 	 
	 	With a copy to (which shall not constitute notice):
	 	 
	 	Ropes & Gray LLP
	 	1211 Avenue of the Americas
	 	New York, NY 10036-8704
	 	Facsimile No.:  646-728-1663
	 	Attention:  Mark Somerstein

 

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

 

    	35	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

(d)          if
to the Parent Company, to it at:

 

[●]; and

 

(e)          if
to any other Grantor, to it in care of the Parent Company as provided in clause (d) above.

 

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

 

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

 

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

 

Section 9.03         Actions
Upon Breach; Specific Performance. (a) Prior to the Discharge of Priority Lien Obligations, if any Second Lien Secured Party,
contrary to this Agreement, commences or participates in any action or proceeding against any Grantor or the Collateral, such Grantor,
with the prior written consent of the Priority Lien Agent, may interpose as a defense or dilatory plea the making of this Agreement,
and any Priority Lien Secured Party may intervene and interpose such defense or plea in its or their name or in the name of such
Grantor.

 

    	36	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

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

 

Section 9.04         Parties
in Interest. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns, as well as the other Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries
of, this Agreement. No other Person will be entitled to rely on, have the benefit of or enforce this Agreement.

 

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

 

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

 

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

 

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

 

    	37	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

(b)          Each
party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the
Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District
of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement,
or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees
that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the
extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating
to this Agreement in the courts of any jurisdiction.

 

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

 

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

 

Section 9.09         WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section 9.10         Headings.
Article, Section and Annex headings used herein are for convenience of reference only, are not part of this Agreement and are not
to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

Section 9.11         Conflicts.
In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of any Secured Debt Documents,
the provisions of this Agreement shall control.

 

    	38	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

Section 9.12         Provisions
Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining
the distinct and separate relative rights of the Priority Lien Secured Parties and the Second Lien Secured Parties. None of the
Parent Company, Vanguard, any other Grantor or any other creditor thereof shall have any rights or obligations hereunder, except
as expressly provided in this Agreement (provided that nothing in this Agreement is intended to or will amend, waive or
otherwise modify the provisions of the Priority Credit Agreement, or the Second Lien Indenture, as applicable), and except as expressly
provided in this Agreement neither the Parent Company nor any other Grantor may rely on the terms hereof. Nothing in this Agreement
is intended to or shall impair the obligations of the Parent Company or any other Grantor, which are absolute and unconditional,
to pay the Obligations under the Secured Debt Documents as and when the same shall become due and payable in accordance with their
terms. Notwithstanding anything to the contrary herein or in any Secured Debt Document, the Grantors shall not be required to act
or refrain from acting pursuant to this Agreement, any Priority Lien Document or any Second Lien Document with respect to any Collateral
in any manner that would cause a default under any Priority Lien Document.

 

Section 9.13         Certain
Terms Concerning the Second Lien Collateral Trustee. The Second Lien Collateral Trustee is executing and delivering this Agreement
solely in its capacity as such and pursuant to direction set forth in the Second Lien Indenture and Second Lien Collateral Trust
Agreement; and in so doing, the Second Lien Collateral Trustee shall not be responsible for the terms or sufficiency of this Agreement
for any purpose. The Second Lien Collateral Trustee shall have no duties or obligations under or pursuant to this Agreement other
than such duties and obligations as may be expressly set forth in this Agreement as duties and obligations on its part to be performed
or observed. In entering into this Agreement, or in taking (or forbearing from) any action under or pursuant to the Agreement,
the Second Lien Collateral Trustee shall have and be protected by all of the rights, immunities, indemnities and other protections
granted to it under the Second Lien Indenture and the other Second Lien Documents (including, without limitation, Article 7
of the Second Lien Indenture and Article 5, Section 7.8, and Section 7.9 of the Second Lien Collateral
Trust Agreement).

 

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

 

    	39	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

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

 

Section 9.16         Further
Assurances. Each of the Priority Lien Agent, for itself and on behalf of the other Priority Lien Secured Party, the Second
Lien Collateral Trustee, for itself and on behalf of the other Second Lien Secured Parties, and each Grantor party hereto, for
itself and on behalf of its subsidiaries, agrees that it will execute, or will cause to be executed, any and all further documents,
agreements and instruments, and take all such further actions, as may be required under any applicable law, or which the Priority
Lien Agent or the Second Lien Collateral Trustee may reasonably request, to effectuate the terms of this Agreement, including the
relative Lien priorities provided for herein.

 

Section 9.17         Relationship
of Secured Parties. Nothing set forth herein shall create or evidence a joint venture, partnership or an agency or fiduciary
relationship among the Secured Parties. None of the Secured Parties nor any of their respective directors, officers, agents or
employees shall be responsible to any other Secured Party or to any other Person for any Grantor’s solvency, financial condition
or ability to repay the Priority Lien Obligations or the Second Lien Obligations, or for statements of any Grantor, oral or written,
or for the validity, sufficiency or enforceability of the Priority Lien Documents or the Second Lien Documents, or any security
interests granted by any Grantor to any Secured Party in connection therewith. Each Secured Party has entered into its respective
financing agreements with the Grantors based upon its own independent investigation, and none of the Priority Lien Agent or the
Second Lien Collateral Trustee makes any warranty or representation to the other Secured Debt Representatives or the Secured Parties
for which it acts as agent nor does it rely upon any representation of the other agents or the Secured Parties for which it acts
as agent with respect to matters identified or referred to in this Agreement.

 

[SIGNATURES BEGIN NEXT PAGE]

 

    	40	[VANGUARD AMENDED AND RESTATED INTERCREDITOR AGREEMENT]

     

    

 

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.

 

	 	CITIBANK, N.A., as Priority Lien Agent
	 	 	 
	 	By:	/s/ Jeff Ard
	 	Name:	Jeff Ard
	 	Title:	Vice President

 

Signature Page

Amended and Restated Intercreditor Agreement

 

    	 	 	 

     

    

 

	 	DELAWARE TRUST COMPANY,
	 	as Second Lien Collateral Trustee 
	 	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name:	Alan R. Halpern
	 	Title:	Vice President

 

Signature Page

Amended and Restated Intercreditor Agreement

 

    	 	 	 

     

    

 

	 	ACKNOWLEDGED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:
	 	 
	 	VANGUARD NATURAL GAS, LLC
	 	 	 
	 	By:	/s/ Richard Robert
	 	 	Name: Richard Robert
	 	 	Title: Executive Vice President and Chief Financial Officer
	 	 	 
	 	VANGUARD NATURAL RESOURCES, INC.
	 	 	 
	 	By:	/s/ Richard Robert
	 	 	Name: Richard Robert
	 	 	Title: Executive Vice President and Chief Financial Officer

 

Signature Page

Amended and Restated Intercreditor Agreement

 

     

     

    

 

 

	 	VANGUARD
      OPERATING, LLC	 
	 	 	 
	 	By: 	VANGUARD NATURAL
      GAS, LLC, its sole member	 
	 	 	 	 	 
	 	 	By:	/s/
      Richard Robert	 
	 	 	 	Richard Robert, Executive Vice
      President	 
	 	 	 	 and Chief Financial
      Officer	 
	 	 	 	 	 
	 	ENCORE CLEAR FORK
      PIPELINE, LLC	 
	 	 	 	 	 
	 	 	By:	/s/
      Richard Robert	 
	 	 	 	Richard Robert, Executive Vice
      President	 
	 	 	 	 and Chief Financial
      Officer	 
	 	 	 	 	 
	 	EAGLE ROCK
      ACQUISITION PARTNERSHIP, L.P.	 
	 	 	 	 	 
	 	 	By:	Eagle Rock Upstream
      Development Company,	 
	 	 	 	Inc., its
      general partner	 
	 	 	 	 	 
	 	 	By:	/s/
      Richard Robert	 
	 	 	 	Richard Robert, Executive Vice
      President	 
	 	 	 	and Chief Financial Officer	 
	 	 	 	 	 
	 	EAGLE ROCK
      ACQUISITION PARTNERSHIP	 
	 	II, L.P.	 
	 	 	 	 	 
	 	By: 	Eagle Rock
      Upstream Development Company II, Inc., 
its general partner	 
	 	 	 	 	 
	 	 	By:	/s/
      Richard Robert	 
	 	 	 	Richard Robert, Executive Vice
      President	 
	 	 	 	 and Chief Financial
      Officer	 
	 	 	 	 	 
	 	EAGLE ROCK ENERGY
      ACQUISITION CO., INC.	 
	 	 	 	 	 
	 	 	By: 	/s/
      Richard Robert	 
	 	 	 	Richard Robert, Executive Vice
      President	 
	 	 	 	 and Chief Financial
      Officer	 

 

 

 

 

	 	 	 	 	 
	 	EAGLE ROCK ENERGY
      ACQUISITION CO. II, INC.	 
	 	 	 	 	 
	 	 	By: 	/s/
      Richard Robert	 
	 	 	 	Richard Robert, Executive Vice
      President  
 and Chief Financial Officer	 
	 	 	 	 	 
	 	EAGLE ROCK
      UPSTREAM DEVELOPMENT	 
	 	
      COMPANY, INC.	 
	 	 	 	 	 
	 	 	By: 	/s/
      Richard Robert	 
	 	 	 	Richard Robert, Executive Vice
      President	 
	 	 	 	 and Chief Financial
      Officer	 
	 	 	 	 	 
	 	EAGLE ROCK
      UPSTREAM DEVELOPMENT	 
	 	
      COMPANY II, INC.	 
	 	 	 	 	 
	 	 	By: 	/s/
      Richard Robert	 
	 	 	 	Richard Robert, Executive Vice
      President	 
	 	 	 	 and Chief Financial
      Officer	 

 

 

 

 

	 	 	 	 	 
	 	ESCAMBIA OPERATING
      CO. LLC	 
	 	 	 	 	 
	 	 	By: 	/s/
      Richard Robert	 
	 	 	 	Richard Robert, Executive Vice
      President	 
	 	 	 	 and Chief Financial
      Officer	 
	 	 	 	 	 
	 	ESCAMBIA ASSET CO.
      LLC	 
	 	 	 	 	 
	 	 	By:	/s/
      Richard Robert	 
	 	 	 	Richard Robert, Executive Vice
      President	 
	 	 	 	 and Chief Financial
      Officer	 
	 	 	 	 	 
	 	VNR HOLDINGS,
    LLC	 
	 	 	 	 	 
	 	 	By:	/s/
      Richard Robert	 
	 	 	 	Richard Robert, Executive Vice
      President	 
	 	 	 	 and Chief Financial
      Officer	 

 

 

    	 	 	 

     

    

 

ANNEX I

 

Provision for the Second Lien Indenture and the Second Lien Documents

 

Reference is made to the Amended and
Restated Intercreditor Agreement, dated as of August 1, 2017, between CITIBANK, N.A., as Priority Lien Agent (as defined therein),
and DELAWARE TRUST COMPANY, as Second Lien Collateral Trustee (as defined therein) (the “Intercreditor Agreement”).
Each holder of any Second Lien Obligations, by its acceptance of such Second Lien Obligations (i) consents to the subordination
of Liens provided for in the Intercreditor Agreement, (ii) agrees that it will be bound by, and will take no actions contrary to,
the provisions of the Intercreditor Agreement and (iii) authorizes and instructs the Second Lien Collateral Trustee on behalf of
each Second Lien Secured Party (as defined therein) to enter into the Intercreditor Agreement as Second Lien Collateral Trustee
on behalf of such Second Lien Secured Parties. The foregoing provisions are intended as an inducement to the lenders under the
Priority Credit Agreement to extend credit to Vanguard and such lenders are intended third party beneficiaries of such provisions
and the provisions of the Intercreditor Agreement.

 

Provision for all Priority Lien Security Documents and Second Lien Security Documents

 

Reference is made to the Amended and
Restated Intercreditor Agreement, dated as of August 1, 2017, between CITIBANK, N.A., as Priority Lien Agent (as defined therein),
and DELAWARE TRUST COMPANY, as Second Lien Collateral Trustee (as defined therein) (the “Intercreditor Agreement”).
Each Person that is secured hereunder, by accepting the benefits of the security provided hereby, [(i) consents (or is deemed to
consent), to the subordination of Liens provided for in the Intercreditor Agreement,]1
[(i)][(ii)] agrees (or is deemed to agree) that it will be bound by, and will take no actions contrary to, the provisions of the
Intercreditor Agreement, [(ii)][(iii)] authorizes (or is deemed to authorize) the [Priority Lien Agent] [Second Lien Collateral
Trustee] on behalf of such Person to enter into, and perform under, the Intercreditor Agreement and [(iii)][(iv)] acknowledges
(or is deemed to acknowledge) that a copy of the Intercreditor Agreement was delivered, or made available, to such Person.

 

Notwithstanding any other provision
contained herein, this Agreement, the Liens created hereby and the rights, remedies, duties and obligations provided for herein
are subject in all respects to the provisions of the Intercreditor Agreement and, to the extent provided therein, the applicable
Security Documents (as defined in the Intercreditor Agreement). In the event of any conflict or inconsistency between the provisions
of this Agreement and the Intercreditor Agreement, the provisions of the Intercreditor Agreement shall control.

 

 

1
This bracketed language would not apply to the Priority Lien Security Documents.

 

    	Annex I- 1	[VANGUARD INTERCREDITOR AGREEMENT]

     

    

 

EXHIBIT A

to Intercreditor Agreement

 

[FORM OF]

PRIORITY CONFIRMATION JOINDER

 

Reference is made to
the Amended and Restated Intercreditor Agreement, dated as of August 1, 2017 (as amended, supplemented, amended and restated
or otherwise modified and in effect from time to time, the “Intercreditor Agreement”) between CITIBANK, N.A.,
as Priority Lien Agent for the Priority Lien Secured Parties (as defined therein), and DELAWARE TRUST COMPANY, as Second
Lien Collateral Trustee for the Second Lien Secured Parties (as defined therein).

 

Capitalized terms used
but not otherwise defined herein shall have the meaning set forth in the Intercreditor Agreement. This Priority Confirmation Joinder
is being executed and delivered pursuant to Section 4.04 (a) of the Intercreditor Agreement.

 

1.          Joinder.
The undersigned, [_______________], a [__________________], (the “New Representative”) as [trustee] [collateral
agent] [administrative agent] [collateral agent] under that certain [describe applicable indenture, credit agreement or other
document governing the applicable Obligations] hereby:

 

(a)          represents
that the New Representative has been authorized to become a party to the Intercreditor Agreement on behalf of the [Priority Lien
Secured Parties under a Priority Substitute Credit Facility] as [a Priority Lien Agent under a Priority Substitute Credit Facility]
under the Intercreditor Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the
Intercreditor Agreement as fully as if the undersigned had executed and delivered the Intercreditor Agreement as of the date thereof;
and

 

(b)          agrees
that its address for receiving notices pursuant to the Intercreditor Agreement shall be as follows:

 

[Address];

 

2.          Priority
Confirmation.

 

The undersigned New
Representative, on behalf of itself and each Priority Lien Secured Party for which the undersigned is acting as administrative
agent hereby agrees, for the benefit of all Secured Parties and each future Secured Debt Representative, and as a condition to
being treated as Priority Lien Obligations under the Intercreditor Agreement, that the New Representative is bound by the provisions
of the Intercreditor Agreement, including the provisions relating to the ranking of Priority Liens.

 

3.          Full
Force and Effect of Intercreditor Agreement. Except as expressly supplemented hereby, the Intercreditor Agreement shall remain
in full force and effect.

 

    	Exhibit A - 2	[VANGUARD  INTERCREDITOR AGREEMENT]

     

    

 

4.          Governing
Law and Miscellaneous Provisions. The provisions of Article IX of the Intercreditor Agreement will apply with like effect
to this Priority Confirmation Joinder.

 

5.          Expenses.
The Parent Company and Vanguard each agree to reimburse each Secured Debt Representative for its reasonable out of pocket expenses
in connection with this Priority Confirmation Joinder, including the reasonable fees, other charges and disbursements of counsel.

 

    	Exhibit A - 3	[VANGUARD INTERCREDITOR AGREEMENT]

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Priority Confirmation Joinder to be executed by their respective officers or representatives
as of [______________, 20____].

 

	 	[insert name of New Representative]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

The Priority Lien Agent hereby acknowledges
receipt of this Priority Confirmation Joinder [and agrees to act as Priority Lien Agent for the New Representative and the holders
of the Obligations represented thereby]:

 

	 	 
	 	as Priority Lien Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

The Second Lien Collateral
Trustee hereby acknowledges receipt of this Priority Confirmation Joinder:

 

	 	 
	 	as Second Lien Collateral Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Exhibit A - 4	[VANGUARD INTERCREDITOR AGREEMENT]

     

    

 

	 	Acknowledged and Agreed to by:
	 	 
	 	VANGUARD NATURAL GAS, LLC, as Borrower
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	VANGUARD NATURAL RESOURCES, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Exhibit A - 4	[VANGUARD INTERCREDITOR AGREEMENT]

     

    

 

EXHIBIT B

to Intercreditor Agreement

 

SECURITY DOCUMENTS

 

PART A.

 

List of Priority Lien Security Documents

 

		1.	Amended and Restated Security Agreement dated as of August 1,
2017 among Vanguard Natural Gas, LLC, each of the other Grantors party thereto, and the Priority Lien Agent as Administrative
Agent for the Priority Lien Secured Parties.

 

		2.	Each mortgage and deed of trust entered into as of on or
before August 1, 2017 and thereafter, executed and delivered by Vanguard Natural Gas, LLC or any other Grantor creating (or
purporting to create) a Lien upon Collateral in favor of the Priority Lien Agent, to secure the Priority Lien Obligations, except
to the extent released by the Priority Lien Agent after the date hereof in accordance with this Agreement and the Priority Lien
Security Documents.

 

		3.	Each UCC Financing Statement filed in connection with the
documents listed in items 1 and 2 of this Part A.

 

PART B.

 

List of Second Lien Security Documents

 

		1.	Amended and Restated Second Lien Pledge and Security Agreement,
dated as of August 1, 2017, entered into by Vanguard Natural Resources, Inc. (formerly known as VNR Finance Corp.), in favor
of Delaware Trust Company, as Collateral Agent, for the ratable benefit of itself, the Trustee and the Secured Parties (as defined
therein).

 

		2.	Amended and Restated Second Lien Pledge and Security Agreement,
dated as of August 1, 2017, entered into by each of the Subsidiaries and Affiliates of Vanguard Natural Resources, Inc. (f/k/a
VNR Finance Corp.), from time to time party thereto, in favor of Delaware Trust Company, as Collateral Agent, for the ratable
benefit of itself, the Trustee and the Secured Parties (as defined therein).

 

		3.	Each mortgage and deed of trust entered into on or before
August 1, 2017 and thereafter, executed and delivered by Vanguard Natural Gas, LLC or any other Grantor creating (or purporting
to create) a Lien upon Collateral in favor of the Second Lien Collateral Trustee, to secure the Second Lien Obligations, except
to the extent released by the Second Lien Collateral Trustee after the date hereof in accordance with this Agreement and the Second
Lien Security Documents.

 

		4.	Each UCC Financing Statement filed in connection with the
documents listed in items 1 and 2 of this Part B.

 

    	Exhibit B - 1	[VANGUARD INTERCREDITOR AGREEMENT]Exhibit 10.6

 

Execution Version

 

AMENDED AND RESTATED COLLATERAL TRUST AGREEMENT

 

dated as of
August 1, 2017

 

among

 

VANGUARD NATURAL RESOURCES, INC.

as the Company,

 

the Grantors
and Guarantors from time to time party hereto,

 

DELAWARE TRUST COMPANY,

as Trustee
under the Indenture,

 

the other
Parity Lien Representatives from time to time party hereto

 

and

 

DELAWARE TRUST COMPANY,

as Collateral
Trustee

 

     

     

    

 

TABLE OF CONTENTS

 

	Article 1
	DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	 	 	 
	Section 1.1	Defined Terms	2
	Section 1.2	Rules of Interpretation	11
	 	 	 
	Article 2
	THE TRUST ESTATE
	 	 	 
	Section 2.1	Declaration of Trust	13
	Section 2.2	Collateral Shared Equally and Ratably	14
	Section 2.3	Similar Collateral and Agreements	14
	 	 	 
	Article 3
	OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE
	 	 	 
	Section 3.1	Appointment and Undertaking of the Collateral Trustee	14
	Section 3.2	Release or Subordination of Liens	16
	Section 3.3	Enforcement of Liens	16
	Section 3.4	Application of Proceeds	16
	Section 3.5	Powers of the Collateral Trustee	18
	Section 3.6	Documents and Communications	19
	Section 3.7	For Sole and Exclusive Benefit of Holders of Parity Lien Obligations	19
	Section 3.8	Additional Parity Lien Debt	19
	Section 3.9	Second Lien Collateral Agent	22
	 	 	 
	Article 4
	OBLIGATIONS ENFORCEABLE BY THE COMPANY AND 

THE OTHER GRANTORS
	 	 	 
	Section 4.1	Release of Liens on Collateral	22
	Section 4.2	Delivery of Copies to Parity Lien Representatives	24
	Section 4.3	Collateral Trustee not Required to Serve, File or Record	24
	Section 4.4	Release of Liens in Respect of Notes	24
	Section 4.5	Release of Liens in Respect of any Series of Parity Lien Debt other than Notes	24
	 	 	 
	Article 5
	IMMUNITIES OF THE COLLATERAL TRUSTEE
	 	 	 
	Section 5.1	No Implied Duty	25
	Section 5.2	Appointment of Agents and Advisors	25
	Section 5.3	Other Agreements	25
	Section 5.4	Solicitation of Instructions	26
	Section 5.5	Limitation of Liability	26
	Section 5.6	Documents in Satisfactory Form	26
	Section 5.7	Entitled to Rely	27
	Section 5.8	Parity Lien Debt Default	27
	Section 5.9	Actions by Collateral Trustee	27

 

    i

     

    

 

	Section 5.10	Security or Indemnity in favor of the Collateral Trustee	27
	Section 5.11	Rights of the Collateral Trustee	27
	Section 5.12	Limitations on Duty of Collateral Trustee in Respect of Collateral	28
	Section 5.13	Assumption of Rights, Not Assumption of Duties	28
	Section 5.14	No Liability for Clean Up of Hazardous Materials	29
	Section 5.15	Other Relationships with the Company, Grantors or Guarantors	29
	 	 	 
	Article 6
	RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE
	 		
	Section 6.1	Resignation or Removal of Collateral Trustee	30
	Section 6.2	Appointment of Successor Collateral Trustee	30
	Section 6.3	Succession	30
	Section 6.4	Merger, Conversion or Consolidation of Collateral Trustee	31
	Section 6.5	Concerning the Collateral Trustee and the Parity Lien Representatives	31
	 	 	 
	Article 7
	MISCELLANEOUS PROVISIONS
	 	 	 
	Section 7.1	Amendment	32
	Section 7.2	Voting	35
	Section 7.3	Further Assurances	35
	Section 7.4	Successors and Assigns	36
	Section 7.5	Delay and Waiver	36
	Section 7.6	Notices	36
	Section 7.7	Entire Agreement	37
	Section 7.8	Compensation; Expenses	37
	Section 7.9	Indemnity	39
	Section 7.10	Severability	39
	Section 7.11	Headings	39
	Section 7.12	Obligations Secured	40
	Section 7.13	Governing Law	40
	Section 7.14	Consent to Jurisdiction	40
	Section 7.15	Waiver of Jury Trial	40
	Section 7.16	Counterparts, Electronic Signatures	41
	Section 7.17	Effectiveness	41
	Section 7.18	Grantors and Additional Grantors	41
	Section 7.19	Continuing Nature of this Agreement	41
	Section 7.20	Insolvency	41
	Section 7.21	Rights and Immunities of Parity Lien Representatives	42
	Section 7.22	Intercreditor Agreement	42
	Section 7.23	Force Majeure	42
	Section 7.24	U.S.A. Patriot Act	42
	Section 7.25	Representations and Warranties	43

 

	Exhibit A	[Form of] Additional Secured Debt Designation
	Exhibit B	[Form of] Collateral Trust Joinder – Additional Debt
	Exhibit C	[Form of] Collateral Trust Joinder – Additional Grantor

 

    ii

     

    

 

This Amended and Restated
Collateral Trust Agreement (as amended, supplemented, amended and restated or otherwise modified from time to time in accordance
with Section 7.1 hereof, this “Agreement”) is dated as of August 1, 2017 and is by and
among Vanguard Natural Resources, Inc. (f/k/a VNR Finance Corp.) (the “Company”), the Grantors and Guarantors
from time to time party hereto, Delaware Trust Company, as Trustee (as defined below), Delaware Trust Company, as Collateral Trustee
(in such capacity and together with its successors in such capacity, the “Collateral Trustee”) and any
Parity Lien Representative of a Series of Parity Lien Debt that executes and delivers a Collateral Trust Joinder.

 

RECITALS

 

The Company (f/k/a VNR
Finance Corp.) and Vanguard Natural Resources, LLC (“Vanguard”) co-issued 7.0% Senior Secured Second
Lien Notes due 2023 (the “Original Second Lien Notes”) in an aggregate principal amount of $75,634,000
pursuant to an Indenture dated as of February 10, 2016 (as amended, supplemented, amended and restated or otherwise modified and
in effect from time to time prior to the date hereof, the “Original Second Lien Indenture”) among the
Company, Vanguard, the guarantors party thereto, the Trustee, and the Collateral Trustee, which Original Second Lien Notes were
Parity Lien Debt for purposes of this Agreement.

 

The Company, the Grantors
and the Guarantors had secured (or intended to secure) their Obligations under the Original Indenture, any future Parity Lien Debt
and any other Parity Lien Obligations, with Liens on all present and future Collateral to the extent that such Liens have been
provided for in the applicable Security Documents.

 

The Collateral Trust Agreement,
dated as of February 10, 2016 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to
time prior to the date hereof, the “Original Collateral Trust Agreement”), among the Company,
Vanguard, the Trustee, and the Collateral Trustee, set forth the terms on which each Parity Lien Secured Party (other than the
Collateral Trustee) had appointed the Collateral Trustee to act as the collateral trustee for the present and future holders of
the Parity Lien Obligations to receive, hold, maintain, administer and distribute the Collateral at any time delivered to the Collateral
Trustee or the subject of the Security Documents, and to enforce the Security Documents and all interests, rights, powers and remedies
of the Collateral Trustee with respect thereto or thereunder and the proceeds thereof.

 

On February 1, 2017, the
Company, Vanguard, Vanguard Natural Gas, LLC, a Delaware limited liability company (“Vanguard Natural Gas”),
and certain affiliates (such affiliates, collectively with the Company, Vanguard, and Vanguard Natural Gas, the “Debtors”)
filed voluntary petitions with the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy
Court”) for relief under Chapter 11 of Title 11 of the United States Code and commenced their chapter 11 proceedings.

 

The Debtors shall emerge
from bankruptcy on the date hereof upon the effectiveness of the Debtors’ Modified Second Amended Joint Plan of Reorganization
Under Chapter 11 of the Bankruptcy Code (as amended, restated, amended and restated, supplemented or otherwise modified from time
to time prior to the date hereof, the “Plan of Reorganization”), which Plan of Reorganization was confirmed
by the Bankruptcy Court on July 18, 2017 (the “Confirmation Order”).

 

    	 	1	 

     

    

 

Pursuant to the terms of
the Plan of Reorganization and Confirmation Order, the Original Indenture has been amended and restated on the terms and conditions
set forth in the Amended and Restated Indenture, dated as of August 1, 2017, by and among the Company, as issuer, the Guarantors
party thereto, and the Trustee and the Collateral Trustee (as may be further amended, supplemented, amended and restated or otherwise
modified and in effect from time to time, the “Second Lien Indenture”). The Second Lien Indenture governs
the Company’s 9.0% Senior Secured Second Lien Notes due 2024(the “Initial Second Lien Notes”).

 

It is the intent of the
parties hereto that this Amended and Restated Collateral Trust Agreement not constitute a novation of the obligations and liabilities
of the parties under the Original Collateral Trust Agreement and that this Amended and Restated Collateral Trust Agreement amend
and restate in its entirety the Original Collateral Trust Agreement and re-evidence the obligations under the Original Collateral
Trust Agreement as contemplated hereby.

 

It is the intent of the
Company to confirm that all Obligations of the Company under the Original Collateral Trust Agreement, as such Obligations are amended
and restated hereby, shall continue in full force and effect and that, from and after the date hereof, all references to a “Collateral
Trust Agreement” contained in the Note Documents shall be deemed to include, without limitation, this Amended and Restated
Collateral Trust Agreement.

 

Capitalized terms used
in this Agreement have the meanings assigned to them above or in Article 1 below.

 

AGREEMENT

 

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

 

Article
1

DEFINITIONS; PRINCIPLES OF CONSTRUCTION

 

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

 

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

 

“Additional
Notes” has the meaning given to the term “Additional Notes” in the Second Lien Indenture as in effect
on the date hereof.

 

“Additional
Parity Lien Debt” has the meaning set forth in Section 3.8(b).

 

“Additional
Secured Debt Designation” means a notice in substantially the form of Exhibit A.

 

    	 	2	 

     

    

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition,
the terms “controlling,” “controlled by” and “under common control with” have correlative meanings.

 

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

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect,
or any successor statute.

 

“Bankruptcy
Laws” means the Bankruptcy Code or any other supranational, national federal, provincial or state law for the relief
of debtors.

 

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

 

“Business Day”
means any day excluding Saturday, Sunday and any other day on which banking institutions in Houston, Texas or New York City or
place of payment are authorized or required by law or other governmental actions to close.

 

“Capital Stock”
means:

 

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

 

(2)         in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3)         in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests;
and

 

(4)         any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether
or not such debt securities include any right of participation with Capital Stock.

 

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

 

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

 

    	 	3	 

     

    

 

“Collateral
Trustee” has the meaning set forth in the preamble.

 

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

 

“Credit Agreement”
means that certain Fourth Amended and Restated Credit Agreement, dated as the date hereof, by and among Vanguard, as borrower,
Citibank N.A., as administrative agent, and certain financial institutions, as lenders, providing for up to $850 million of revolving
credit borrowings, including any related notes, Guarantees, collateral documents, instruments and agreements executed in connection
therewith, and, in each case, as amended, restated, modified, renewed, refunded, replaced in any manner (whether upon or after
termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or
in part from time to time.

 

“Credit Agreement
Agent” means, at any time, the Person serving at such time as the “Agent” or “Administrative Agent”
under the Credit Agreement or any other representative then most recently designated in accordance with the applicable provisions
of the Credit Agreement, together with its successors in such capacity.

 

“DIP Financing”
means, in the event the Company or any of its subsidiaries becomes subject to any Insolvency or Liquidation Proceeding, any financing
to be provided by one or more lenders under Section 364 of the Bankruptcy Code or the use of cash collateral under Section 363
of the Bankruptcy Code.

 

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

 

(a)          payment
in full in cash of the principal of and interest and premium (if any) on all Parity Lien Debt; and

 

(b)          payment
in full in cash of all other Parity Lien Obligations that are outstanding and unpaid at the time the Parity Lien Debt is paid in
full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect
of which no claim or demand for payment has been made at or prior to such time).

 

For the avoidance of doubt, a replacement of
Parity Lien Obligations with other Parity Lien Obligations to the extent contemplated and permitted hereunder shall not be deemed
to cause a Discharge of Parity Lien Obligations.

 

    	 	4	 

     

    

 

“Enforcement
Action” means, with respect to any Series of Parity Lien Debt, (a) the taking of any action to enforce any Lien in
respect of the Collateral, including the institution of any foreclosure proceedings, the noticing of any public or private sale
or other disposition under the Bankruptcy Code or any attempt to vacate or obtain relief from a stay or other injunction restricting
any other action described in this definition, (b) the exercise of any right or remedy provided to a secured creditor on account
of a Lien under the Parity Lien Documents (including, in either case, any delivery of any notice to seek to obtain payment directly
from any account debtor of the Company or any Guarantor or the taking of any action or the exercise of any right or remedy in respect
of the setoff or recoupment against, collection or foreclosure on or marshalling of the Collateral or proceeds of Collateral),
under applicable law, at equity, in an Insolvency or Liquidation Proceeding or otherwise, including the acceptance of Collateral
in full or partial satisfaction of a Lien, (c) the sale, assignment, transfer, lease, license, or other disposition as a secured
creditor on account of a Lien of all or any portion of the Collateral, by private or public sale (judicial or non-judicial) or
any other means, (d) the solicitation of bids from third parties to conduct the liquidation of all or a portion of Collateral as
a secured creditor on account of a Lien, (e) the exercise of any other enforcement right relating to the Collateral (including
the exercise of any voting rights relating to any capital stock composing a portion of the Collateral) whether under the Parity
Lien Documents, under applicable law of any jurisdiction, in equity, in an Insolvency or Liquidation Proceeding, or otherwise,
or (f) the appointment of a receiver, manager or interim receiver of all or any portion of the Collateral or the commencement of,
or the joinder with any creditor in commencing, any Insolvency or Liquidation Proceeding against the Company or any Guarantor or
any assets of the Company or any Guarantor.

 

“Equity Interests”
of any Person means (1) any and all Capital Stock of such Person and (2) all rights to purchase, warrants or options (whether or
not currently exercisable), participations or other equivalents of or interests in (however designated) such Capital Stock of such
Person, but excluding from all of the foregoing any debt securities convertible into Equity Interests, regardless of whether such
debt securities include any right of participation with Equity Interests.

 

“Financial
Officer” of any Person means the Chief Financial Officer, Chief Accounting Officer, principal accounting officer,
Controller, Treasurer or Assistant Treasurer of such Person.

 

“Grantor”
means each of and “Grantors” means, collectively, the Company and the Guarantors and any other Person
(if any) that at any time provides collateral security for any Parity Lien Obligations.

 

“Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct
or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or
by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise). When used as a verb, “Guarantee” has a correlative meaning.

 

“Guarantor”
means any Subsidiary of the Company that Guarantees the Notes in accordance with the provisions of the Second Lien Indenture, and
their respective successors and assigns, in each case, until the Note Guarantee of such Person has been released in accordance
with the provisions of the indenture.

 

“Hydrocarbon
Interests” means all rights, titles, interests and estates now or hereafter acquired in and to oil and gas leases,
oil, gas and mineral leases, or other liquid or gaseous Hydrocarbon leases, mineral fee interests, overriding royalty and royalty
interests, net profit interests and production payment interests, including any reserved or residual interests of whatever nature.

 

    	 	5	 

     

    

 

“Hydrocarbons”
means oil, natural gas, casing head gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous
hydrocarbons and all constituents, elements or compounds thereof and products refined or processed therefrom.

 

“Indebtedness”
has the meaning assigned to such term in the Second Lien Indenture or to such term or other similar term in any applicable Parity
Lien Document.

 

“Indemnified
Liabilities” means any and all liabilities (including all environmental liabilities), obligations, losses, damages,
penalties, actions, judgments, suits, costs, taxes, expenses or disbursements of any kind or nature whatsoever with respect to
the execution, delivery, performance, administration or enforcement of the Second Lien Indenture, this Agreement or any of the
other Security Documents, including any of the foregoing relating to the use of proceeds of any Parity Lien Debt or the violation
of, noncompliance with or liability under, any law (including environmental laws) applicable to or enforceable against the Company,
any Subsidiary of the Company or any Grantor or Guarantor or any of the Collateral and all reasonable costs and expenses (including
reasonable fees and expenses of legal counsel selected by the Indemnitee) incurred by any Indemnitee in connection with any claim,
action, investigation or proceeding in any respect relating to any of the foregoing, whether or not suit is brought.

 

“Indemnitee”
has the meaning set forth in Section 7.9(a).

 

“Initial Second
Lien Notes” has the meaning set forth in the recitals.

 

“Insolvency
or Liquidation Proceeding” means:

 

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

 

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

 

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

 

“Intercreditor
Agreement” means that certain Amended and Restated Intercreditor Agreement, dated as of the date hereof, among the
Collateral Trustee, on behalf of itself and the holders of the Notes and any other Parity Lien Obligations, the Priority Lien Collateral
Agent, and the other parties from time to time party thereto, as it may be amended, restated, supplemented or otherwise modified
or replaced from time to time in accordance with the Second Lien Indenture.

 

    	 	6	 

     

    

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction or Production Payments and Reserve Sales and the like payable out of Oil and Gas Properties other than a precautionary
financing statement respecting a lease not intended as a security agreement.

 

“Note Documents”
means the Second Lien Indenture, the Notes, the Note Guarantees, the Intercreditor Agreement, this Agreement and the Security Documents.

 

“Note Guarantees”
means the Guarantee by each Guarantor of the Company’s obligations under the Second Lien Indenture and the Notes, as provided
in the Second Lien Indenture.

 

“Notes”
means, collectively, the Initial Second Lien Notes and the Additional Notes for which the requirements set forth in Section
3.8 of this Agreement have been satisfied.

 

“Obligations”
means any principal (including reimbursement obligations and obligations to provide cash collateral with respect to letters of
credit whether or not drawn), interest (including, to the extent legally permitted, all interest accrued thereof after the commencement
of any Insolvency or Liquidation Proceeding at the rate, including any applicable post-default rate even if such interest is not
enforceable, allowable or allowed as a claim in such proceeding), premium (if any), penalties, fees, charges, expenses, indemnifications,
reimbursements, damages, guarantees, and other liabilities or amounts payable under the documentation governing any Indebtedness
or in respect thereto.

 

“Officers’
Certificate” means a certificate signed by two officers of the Company or a Parent Entity, one of whom must be either
the principal executive officer or a Financial Officer, as applicable, of the Company, including:

 

(a)          a
statement that the Person making such certificate has read such covenant or condition;

 

(b)          a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate are based;

 

(c)          a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him
or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

 

(d)          a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 

    	 	7	 

     

    

 

“Oil and Gas
Properties” means (a) Hydrocarbon Interests, (b) the properties now or hereafter pooled or unitized with Hydrocarbon
Interests, (c) all presently existing or future unitization, pooling agreements and declarations of pooled units and the units
created thereby (including all units created under orders, regulations and rules of any governmental authority) which may affect
all or any portion of the Hydrocarbon Interests, (d) all operating agreements, contracts and other agreements, including production
sharing contracts and agreements, which relate to any of the Hydrocarbon Interests or the production, sale, purchase, exchange
or processing of Hydrocarbons from or attributable to such Hydrocarbon Interests, (e) all Hydrocarbons in and under and which may
be produced and saved or attributable to the Hydrocarbon Interests, including all oil in tanks, and all rents, issues, profits,
proceeds, products, revenues and other incomes from or attributable to the Hydrocarbon Interests, (f) all tenements, hereditaments,
appurtenances and properties in any manner appertaining, belonging, affixed or incidental to the Hydrocarbon Interests and (g)
all properties, rights, titles, interests and estates described or referred to above, including any and all property, real or personal,
now owned or hereafter acquired and situated upon, used, held for use or useful in connection with the operating, working or development
of any of such Hydrocarbon Interests or property (excluding drilling rigs, automotive equipment, rental equipment or other personal
property which may be on such premises for the purpose of drilling a well or for other similar temporary uses) and including any
and all oil wells, gas wells, injection wells or other wells, structures, fuel separators, liquid extraction plants, plant compressors,
pumps, pumping units, field gathering systems, gas processing plants and pipeline systems and any related infrastructure to any
thereof, tanks and tank batteries, fixtures, valves, fittings, machinery and parts, engines, boilers, meters, apparatus, equipment,
appliances, tools, implements, cables, wires, towers, casing, tubing and rods, surface leases, rights-of-way, easements and servitudes
together with all additions, substitutions, replacements, accessions and attachments to any and all of the foregoing.

 

“Parent Entity”
means any Person that is a direct or indirect parent company (which may be organized as a partnership) of Vanguard.

 

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

 

“Parity Lien
Debt” means:

 

(a)          the
Initial Second Lien Notes and the related Note Guarantees thereof; and

 

(b)         any other Indebtedness
(other than intercompany Indebtedness owing to the Company or its Subsidiaries) of the Company, any Grantor or any Guarantor (including
Additional Notes and Note Guarantees thereof and replacements of Parity Lien Debt with other Parity Lien Debt to the extent contemplated
and permitted by the Intercreditor Agreement) that is secured equally and ratably with the Notes by a Parity Lien that was permitted
to be incurred and so secured under each applicable Parity Lien Document; provided, in the case of any additional Indebtedness
referred to in this clause (b) (except that clauses (i)-(iv) below do not apply with respect to Additional Notes issued under the
Second Lien Indenture), that:

 

    	 	8	 

     

    

 

(i)          on or before the
date on which such Indebtedness is incurred by the Company, any Grantor or any Guarantor, such Indebtedness is designated by the
Company, in an Additional Secured Debt Designation delivered in accordance with Section 3.8(b), as “Parity
Lien Debt”;

 

(ii)          a Parity Lien
Representative is designated with respect to such Indebtedness and executes and delivers to the Collateral Trustee (A) a Collateral
Trust Joinder on behalf of itself and all holders of such Indebtedness and does not have any senior or junior rights with respect
to the application of proceeds from Collateral other than as provided herein and (B) other than in the case of any Additional Notes
issued under the Second Lien Indenture, the Parity Lien Representative of such Parity Lien Debt shall have executed a joinder to
the Intercreditor Agreement in the form provided therein;

 

(iii)          all relevant
filings and recordations necessary to ensure that such Indebtedness is secured by the Collateral in accordance with the applicable
Security Documents are authorized, executed (if applicable) and recorded in each appropriate jurisdiction (provided that this clause
(iii) may be satisfied on a post-closing basis if permitted by the new Parity Lien Representative); and

 

(iv)        all
requirements set forth in this Agreement and the other Parity Lien Documents to the confirmation, grant or perfection of the Collateral
Trustee’s Lien to secure such additional Indebtedness or Obligations in respect thereof are satisfied (and the satisfaction
of such requirements and the other provisions of this clause (iv) will be conclusively established, absent manifest error, if the
Company delivers to the Collateral Trustee an Officers’ Certificate stating that such requirements and other provisions have
been satisfied and that such Indebtedness is permitted to be incurred by each Parity Lien Document and secured with a Lien equally
and ratably with all previously existing and future “Parity Lien Debt”).

 

“Parity Lien
Debt Default” means any “Event of Default” as defined under any Parity Lien Document or any similar event
or condition (with or without the giving of notice and whether or not notice has been given) which, under the terms of any Parity
Lien Document governing any Series of Parity Lien Debt, in each case after giving effect to any applicable grace periods, causes
(or permits holders of Parity Lien Debt outstanding thereunder to cause) the Parity Lien Debt outstanding thereunder to become
immediately due and payable.

 

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

 

“Parity Lien
Obligations” means the Parity Lien Debt and all other “Obligations” (or other equivalent term, in each
case, as defined under the applicable Parity Lien Document) in respect thereof.

 

“Parity Lien
Representative” means:

 

(a)          in the case of the Notes, the Trustee;
or

 

    	 	9	 

     

    

 

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

 

“Parity Lien
Secured Parties” means each holder of a Parity Lien Obligation, including each Parity Lien Representative, the Trustee
and the Collateral Trustee.

 

“Permitted
Collateral Liens” means Liens described in clauses (3), (4), (5), (10) and (15) of the definition of “Permitted
Liens” set forth in the Second Lien Indenture (as in effect on the date hereof) that, by operation of law, have priority
over the Parity Liens.

 

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

 

“Priority Lien
Collateral Agent” means the Credit Agreement Agent (or other Person designated by the Credit Agreement Agent), or
if the Credit Agreement ceases to exist, the collateral trustee or other representative of lenders or holders of Priority Lien
Obligations designated pursuant to the terms of the Priority Lien Documents and the Intercreditor Agreement.

 

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

 

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

 

“Priority Security
Amendments” has the meaning set forth in Section 7.1(b)(2).

 

“Production
Payments and Reserve Sales” has the meaning assigned to such term in the Second Lien Indenture.

 

“Proved Reserves”
has the meaning assigned to such term under Rule 4-10(22) of Regulation S-X.

 

“Reaffirmation
Agreement” means an agreement reaffirming the security interests granted to the Collateral Trustee in substantially
the form attached as Exhibit 1 to Exhibit A of this Agreement.

 

“Required Parity
Lien Debtholders” means, at any time, the holders of a majority in aggregate principal amount of all Parity Lien
Debt then outstanding, calculated in accordance with the provisions of Section 7.2. For purposes of this definition,
Parity Lien Debt registered in the name of, or beneficially owned by, the Company or any Affiliate of the Company will be deemed
not to be outstanding.

 

“Second Lien
Indenture” has the meaning set forth in the recitals.

 

    	 	10	 

     

    

 

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

 

“Series of
Parity Lien Debt” means, severally, the Notes and each other issue or series of Parity Lien Debt.

 

“Subsidiary”
means, with respect to any specified Person:

 

(a)          any
corporation, association or other business entity (other than a partnership or limited liability company) of which more than 50%
of the total voting power of its Voting Stock is at the time owned or controlled, directly or indirectly, by that Person or one
or more of the other Subsidiaries of that Person (or a combination thereof); and

 

(b)          any
partnership or limited liability company of which (i) more than 50% of the capital accounts, distribution rights, total equity
and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly,
by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership,
general, special or limited partnership interests or otherwise, and (ii) such Person or any Subsidiary of such Person is a controlling
general partner or otherwise controls such entity.

 

“Trust Estate”
has the meaning set forth in Section 2.1.

 

“Trustee”
has the meaning set forth in the recitals.

 

“UCC”
means the Uniform Commercial Code of the State of New York or of any other state the laws of which are required to be applied in
connection with the perfection of security interests in any collateral.

 

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

 

“Voting Stock”
of any specified Person as of any date means the Capital Stock of such Person entitling the holders thereof (whether at all times
or only so long as no senior class of Capital Stock has voting power by reason of any contingency) to vote in the election of members
of the Board of Directors of such Person.

 

Section 1.2           Rules
of Interpretation.

 

(a)          All
capitalized terms used in this Agreement and not otherwise defined herein have the meanings assigned to them in the Second Lien
Indenture.

 

    	 	11	 

     

    

 

(b)          Unless
otherwise indicated, (i) any reference to any agreement or instrument will be deemed to include a reference to that agreement or
instrument as assigned, amended, supplemented, amended and restated, or otherwise modified and in effect from time to time or replaced
in accordance with the terms of this Agreement and (ii) any reference to any enactment will be deemed to include a reference to
that enactment as re-enacted, amended or extended from time to time and to any successor enactment.

 

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

 

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

 

(e)          Notwithstanding
anything to the contrary in this Agreement, any references contained herein to any section, clause, paragraph, definition or other
provision of the Second Lien Indenture or other Parity Lien Documents (including any definition contained therein) shall be deemed
to be a reference to such section, clause, paragraph, definition or other provision as in effect on the date of this Agreement;
provided that any reference to any such section, clause, paragraph or other provision shall refer to such section, clause,
paragraph or other provision of the Second Lien Indenture or other Parity Lien Documents (including any definition contained therein)
as amended or modified from time to time if such amendment or modification has been made in accordance with the Second Lien Indenture
or other Parity Lien Documents, as applicable. Unless otherwise set forth herein, references to principal amount shall include,
without duplication, any reimbursement obligations with respect to a letter of credit and the face amount of any outstanding letter
of credit (whether or not such amount is, at the time of determination, drawn or available to be drawn).

 

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

 

    	 	12	 

     

    

 

Article
2

THE TRUST ESTATE

 

Section 2.1           Declaration
of Trust.

 

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

 

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

 

Notwithstanding the foregoing,
if at any time:

 

(1)         all
Liens securing the Parity Lien Obligations have been released as provided in Section 4.1;

 

(2)         the
Collateral Trustee holds no other property in trust as part of the Trust Estate;

 

(3)         the
Discharge of Parity Lien Obligations has occurred;

 

(4)         no
monetary obligation (other than indemnification and other contingent obligations not then due and payable and letters of credit
that have been cash collateralized at the lower of (A) 105% of the aggregate undrawn amount and (B) the percentage of
the aggregate undrawn amount required for release of Liens under the terms of the applicable Parity Lien Documents) is outstanding
and payable under this Agreement to the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative
capacity); and

 

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

 

then the Trust Estate arising
hereunder will terminate (subject to any reinstatement pursuant to Section 7.19), except that all provisions set
forth in Sections 7.8 and 7.9 that are enforceable by the Collateral Trustee or
any of its co-trustees or agents (whether in an individual or representative capacity) will remain enforceable in accordance with
their terms.

 

    	 	13	 

     

    

 

The parties further declare
and covenant that the Trust Estate will be held and distributed by the Collateral Trustee subject to the further agreements herein.

 

Section 2.2           Collateral
Shared Equally and Ratably. The parties to this Agreement agree that the payment and satisfaction of all of the Parity Lien
Obligations will be secured equally and ratably by the Parity Lien established in favor of the Collateral Trustee for the benefit
of the Parity Lien Secured Parties, notwithstanding the time of incurrence of any Parity Lien Obligations or time or method of
creation or perfection of any Parity Liens securing such Parity Lien Obligations, and notwithstanding any provision of the UCC
or any other applicable law or any defect or deficiencies in, or failure to perfect or lapse in perfection of, or avoidance as
a fraudulent conveyance or otherwise of, the Liens securing the Parity Lien Obligations or any other circumstance whatsoever, whether
or not any Insolvency or Liquidation Proceeding has been commenced against the Company or any other Grantor, it is the intent of
the parties that all Parity Lien Obligations will be and are secured equally and ratably by all Parity Liens at any time granted
by the Company or any other Grantor to secure any Parity Lien Obligations, whether or not upon property otherwise constituting
collateral for such Parity Lien Obligations, and that all such Parity Liens will be enforceable by the Collateral Trustee for the
benefit of all Parity Lien Secured Parties equally and ratably.

 

Section 2.3           Similar
Collateral and Agreements. The parties to this Agreement agree that it is their intention that the Parity Liens be identical.
In furtherance of the foregoing, the parties hereto agree that the Security Documents shall be in all material respects the same
forms of documents as the respective Security Documents creating Liens on the Collateral in respect of the Initial Second Lien
Notes.

 

Article
3

OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE

 

Section 3.1           Appointment
and Undertaking of the Collateral Trustee.

 

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

 

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

 

    	 	14	 

     

    

 

(2)         take
all lawful and commercially reasonable actions permitted under the Security Documents that it may deem necessary or advisable to
protect or preserve its interest in the Collateral subject thereto and such interests, rights, powers and remedies;

 

(3)         deliver
and receive notices pursuant to this Agreement and the Security Documents;

 

(4)         sell,
assign, collect, assemble, foreclose on, institute legal proceedings with respect to, take any Enforcement Action, or otherwise
exercise or enforce the rights and remedies of a secured party (including a mortgagee, trust deed beneficiary and insurance beneficiary
or loss payee) with respect to the Collateral under the Security Documents and its other interests, rights, powers and remedies;

 

(5)         remit
as provided in Section 3.4 all cash proceeds received by the Collateral Trustee from an Enforcement Action under
the Security Documents or any of its other interests, rights, powers or remedies;

 

(6)         execute
and deliver (i) amendments and supplements to the Security Documents as from time to time authorized pursuant to Section
7.1 accompanied by an Officers’ Certificate and opinion of counsel of the Company (which counsel may be an employee
or counsel of the Company) to the effect that the amendment or supplement was permitted under Section 7.1, and (ii)
acknowledgements of Collateral Trust Joinders delivered pursuant to Section 3.8 or 7.18 hereof;

 

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

 

(8)         enter
into and perform its obligations and protect, exercise and enforce its interest, rights, powers and remedies under the Intercreditor
Agreement.

 

(b)          Each
party to this Agreement acknowledges and consents to the undertaking of the Collateral Trustee set forth in Section 3.1(a)
and agrees to each of the other provisions of this Agreement applicable to the Collateral Trustee.

 

(c)          Notwithstanding
anything to the contrary contained in this Agreement, the Collateral Trustee will not commence any Enforcement Action or otherwise
take any action or proceeding against any of the Collateral (other than actions as necessary to prove, protect or preserve the
Liens securing the Parity Lien Obligations to the extent permitted pursuant to the Intercreditor Agreement) unless and until it
shall have been directed by written notice of an Act of Parity Lien Debtholders and then only in accordance with the provisions
of this Agreement and the Intercreditor Agreement.

 

(d)          Notwithstanding
anything to the contrary contained in this Agreement, neither the Company nor any of its Affiliates may serve as Collateral Trustee.

 

    	 	15	 

     

    

 

Section 3.2           Release
or Subordination of Liens. The Collateral Trustee will not release or subordinate any Parity Lien of the Collateral Trustee
or consent to the release or subordination of any Parity Lien of the Collateral Trustee, except:

 

(a)          as
directed in writing by an Act of Parity Lien Debtholders accompanied by an Officers’ Certificate and an Opinion of Counsel
to the effect that the release or subordination was permitted by each applicable Parity Lien Document and otherwise setting forth
the requirements of Section 4.1(b)(1) and 4.1(c)(2);

 

(b)          as
required by Article 4;

 

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

 

(d)          as
ordered pursuant to applicable law under a final and nonappealable order or judgment of a court of competent jurisdiction; or

 

(e)          for
the subordination of the Trust Estate and the Parity Liens to the extent required by the Intercreditor Agreement; provided that
the Collateral Trustee receives an Officers’ Certificate confirming the foregoing.

 

Section 3.3           Enforcement
of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any
event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon,
collect or otherwise enforce its Liens under the Security Documents, the Collateral Trustee will promptly deliver written notice
thereof to each other Parity Lien Representative. Thereafter, the Collateral Trustee may await direction by an Act of Parity Lien
Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed in writing by an
Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and
remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise
of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed
in writing by an Act of Parity Lien Debtholders. Unless it has been directed in writing to the contrary by an Act of Parity Lien
Debtholders, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with
respect to any default under any Parity Lien Document as it may deem advisable and in the interest of the holders of Parity Lien
Obligations.

 

Section 3.4           Application
of Proceeds.

 

(a)          Subject
to the terms of the Intercreditor Agreement, the Collateral Trustee will apply the proceeds of any collection, sale, foreclosure
or other realization upon, or any other Enforcement Action with respect to, any Collateral and the proceeds thereof, the proceeds
of any insurance policy required under any Parity Lien Document or otherwise covering the Collateral, any condemnation proceeds
with respect to the Collateral, and any other amounts required to be delivered to the Collateral Trustee by any Parity Lien Secured
Party or Parity Lien Representative pursuant to any other provision of this Agreement and for application in accordance with this
Section 3.4(a), in the following order of application:

 

    	 	16	 

     

    

 

FIRST, to the
payment of all amounts payable under this Agreement on account of the Collateral Trustee’s and the Trustee's fees and expenses
and any reasonable and documented out-of-pocket legal fees, costs and expenses or other liabilities of any kind actually incurred
by the Collateral Trustee and/or the Trustee or any co-trustee or agent of the Collateral Trustee and/or the Trustee in connection
with any Parity Lien Document, including but not limited to amounts necessary to provide for the expenses of the Collateral Trustee
in maintaining and disposing of the Collateral (including, but not limited to, indemnification obligations and reimbursements);

 

SECOND, to the
repayment of Indebtedness (as defined under the applicable documents) and other obligations in respect thereof, other than Parity
Lien Obligations, secured by a Permitted Collateral Lien on the Collateral sold or realized upon to the extent that such other
Indebtedness or Obligation is to be discharged (in whole or in part) in connection with such sale;

 

THIRD, equally
and ratably to the Parity Lien Representatives for application to the payment of all outstanding Parity Lien Debt and any other
Parity Lien Obligations (which will include the Notes and certain obligations in respect thereto) that are then due and payable
in such order as may be provided in the applicable Parity Lien Documents in an amount sufficient to pay in full in cash all such
outstanding Parity Lien Debt and all other Parity Lien Obligations that are then due and payable (including, to the extent legally
permitted, all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including
any applicable post-default rate, specified in the applicable Parity Lien Documents, even if such interest is not enforceable,
allowable or allowed as a claim in such proceeding but excluding contingent indemnity obligations for which no claim has been made,
and including the discharge or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount and (2) the percentage
of the aggregate undrawn amount required for release of Liens under the terms of the applicable Parity Lien Document) of all other
outstanding letters of credit and bankers’ acceptances or the backstop thereof pursuant to arrangements reasonably satisfactory
to the relevant issuing bank); and

 

FOURTH, subject
to the Intercreditor Agreement, any surplus remaining after the Discharge of Parity Lien Obligations will be paid to the Company
or the applicable Guarantor, as the case may be, its successors or assigns, or to such other Persons as may be entitled to such
amounts under applicable law or as a court of competent jurisdiction may direct.

 

Notwithstanding
the foregoing, if any Series of Parity Lien Debt has released its Lien on any Collateral as described below in Section 4.4,
then such Series of Parity Lien Debt and any related Parity Lien Obligations of that Series of Parity Lien Debt thereafter shall
not be entitled to share in the proceeds of any Collateral so released by that Series of Parity Lien Debt.

 

    	 	17	 

     

    

 

For the avoidance
of doubt, the Collateral Trustee shall only apply proceeds in accordance with this Section 3.4 to the extent that such proceeds
are actually so received by the Collateral Trustee.

 

(b)          If
any portion of the proceeds of the Collateral is in the form of cash, then such cash shall be applied pursuant to the priorities
set forth in this Section 3.4 before any non-cash proceeds are applied pursuant to the priorities set forth in this Section
3.4; provided that, irrespective of the terms of any plan of reorganization (including the confirmation of such plan of reorganization
pursuant to section 1129(b) of the Bankruptcy Code or the equivalent provision of any other Bankruptcy Laws), each of the Parity
Lien Debt Representatives hereby acknowledges and agrees to turn over to the Collateral Trustee amounts otherwise received or receivable
by them under such plan of reorganization to the extent necessary to effectuate the intent of this Section 3.4.

 

(c)          To
the extent any Parity Lien Secured Party or Parity Lien Representative receives cash, property or other assets from any Insolvency
or Liquidation Proceeding, such cash, property or other assets will be delivered to the Collateral Trustee for application in accordance
with Section 3.4(a) (including all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding
at the rate, including any applicable post-default rate, specified in the applicable Parity Lien Documents or other documentation
in respect of Parity Lien Obligations, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding)
until the Discharge of Parity Lien Obligations.

 

(d)          This
Section 3.4 is intended for the benefit of, and will be enforceable as a third party beneficiary by, each present
and future holder of Parity Lien Obligations, each present and future Parity Lien Representative, the Trustee and the Collateral
Trustee as holder of Parity Liens. The Parity Lien Representative of each future issuance of Additional Notes and each future Series
of Parity Lien Debt will be required to deliver a Collateral Trust Joinder as provided in Section 3.8 at the time
of incurrence of such Series of Parity Lien Debt.

 

(e)          In
connection with the application of proceeds pursuant to Section 3.4(a), except as otherwise directed in writing by
an Act of Parity Lien Debtholders, the Collateral Trustee may sell any non-cash proceeds for cash prior to the application of the
proceeds thereof.

 

(f)          In
making the determinations and allocations in accordance with Section 3.4(a), the Collateral Trustee may conclusively
rely upon information supplied in writing by the relevant Parity Lien Representative as to the amounts of unpaid principal and
interest and other amounts outstanding with respect to its respective Parity Lien Debt and any other Parity Lien Obligations.

 

Section 3.5           Powers
of the Collateral Trustee.

 

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

 

    	 	18	 

     

    

 

(b)          No
Parity Lien Representative or holder of Parity Lien Obligations (other than the Collateral Trustee) will have any liability whatsoever
for any act or omission of the Collateral Trustee, and the Collateral Trustee will have no liability whatsoever for any act or
omission of any Parity Lien Representative or any holder of Parity Lien Obligations.

 

Section 3.6           Documents
and Communications. The Collateral Trustee will permit each Parity Lien Representative upon reasonable written notice and at
reasonable times from time to time to inspect and copy, at the cost and expense of the party requesting such copies, any and all
Security Documents and other documents, notices, certificates, instructions or communications received by the Collateral Trustee
in its capacity as such.

 

Section 3.7           For
Sole and Exclusive Benefit of Holders of Parity Lien Obligations. The Collateral Trustee will accept, hold, administer and
enforce all Liens on the Collateral at any time transferred or delivered to it and all other interests, rights, powers and remedies
at any time granted to or enforceable by the Collateral Trustee and all other property of the Trust Estate solely and exclusively
for the benefit of the present and future holders of present and future Parity Lien Obligations, and will distribute all proceeds
received by it from an Enforcement Action solely and exclusively pursuant to the provisions of Section 3.4.

 

Section 3.8           Additional
Parity Lien Debt.

 

(a)          The
Collateral Trustee will, as collateral trustee hereunder, perform its undertakings set forth in Section 3.1(a) with
respect to any Parity Lien Obligations constituting Additional Notes or a Series of Parity Lien Debt that is issued or incurred
after the date hereof provided that:

 

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

 

(2)         unless
such debt is issued under an existing Parity Lien Document for any Series of Parity Lien Debt whose Parity Lien Representative
is already party to this Agreement, the designated Parity Lien Representative identified pursuant to Section 3.8(b)
signs a Collateral Trust Joinder and a joinder to the Intercreditor Agreement in the form provided therein and promptly delivers
the same to the Collateral Trustee.

 

(b)          The
Company will be permitted to designate as an additional holder of Parity Lien Debt hereunder each Person who is, or who becomes,
the registered holder of Parity Lien Debt incurred by the Company, any Grantor or any Guarantor after the date of this Agreement
in accordance with the terms of all applicable Parity Lien Documents. The Company may only effect such designation by delivering
to the Collateral Trustee an Additional Secured Debt Designation that:

 

    	 	19	 

     

    

 

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

 

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

 

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

 

(4)         states
that the Company has caused a copy of the Additional Secured Debt Designation and the related Collateral Trust Joinder to be delivered
to each then existing Parity Lien Representative.

 

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

 

    	 	20	 

     

    

 

(c)          With
respect to any Parity Lien Obligations constituting Additional Notes or other Additional Parity Lien Debt that is issued or incurred
after the date hereof, the Company and each of the Grantors and Guarantors agrees to take such actions (if any) as necessary and
as may from time to time reasonably be requested by the Collateral Trustee, any Parity Lien Representative or any Act of Parity
Lien Debtholders, and enter into such technical amendments, modifications and/or supplements to the then existing Guarantees and
Security Documents (or execute and deliver such additional Security Documents) as necessary and as may from time to time be reasonably
requested by such Persons (including as contemplated by clause (d) below), to ensure that the Additional Notes
or the Additional Parity Lien Debt, as applicable, is secured by, and entitled to the benefits of, the Security Documents, and
each Parity Lien Secured Party (by its acceptance of the benefits hereof) hereby agrees to, and authorizes the Collateral Trustee
to enter into, any such technical amendments, modifications and/or supplements (and additional Security Documents). The Company
and each Grantor and Guarantor hereby further agrees that, if there are any recording, filing or other similar fees payable in
connection with any of the actions to be taken pursuant to this Section 3.8(c) or Section 3.8(d), all
such amounts shall be paid by, and shall be for the account of, the Company and the respective Grantors and Guarantors, on a joint
and several basis.

 

(d)          Without
limitation of the foregoing, upon reasonable request of the Collateral Trustee, any Parity Lien Representative or any Act of Parity
Lien Debtholders, each Grantor agrees to take the following actions with respect to any real property Collateral (including Oil
and Gas Properties) with respect to all Additional Parity Lien Debt (it being understood that any such actions may be taken following
the incurrence of any such Additional Parity Lien Debt on a post-closing basis if permitted by the Parity Lien Representative for
such Additional Parity Lien Debt):

 

(1)         each
applicable Grantor shall enter into, and deliver to the Collateral Trustee a mortgage modification or new mortgage or deed of trust
with regard to each real property subject to a mortgage or deed of trust (each such mortgage or deed of trust a “Mortgage”
and each such property a “Mortgaged Property”), in proper form for recording in all applicable jurisdictions;

 

(2)         each
applicable Grantor will cause to be delivered to the Collateral Trustee a local counsel opinion (subject to customary assumptions
and qualifications) to the effect that the Collateral Trustee has a valid and perfected Lien with respect to each such Mortgaged
Property; and

 

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

 

    	 	21	 

     

    

 

The Company will deliver
an Officers’ Certificate to the Collateral Trustee confirming that the foregoing conditions have been satisfied.

 

Section 3.9           Second
Lien Collateral Agent.

 

(a)          Notwithstanding
anything to the contrary in this Agreement, the Intercreditor Agreement or the Parity Lien Documents, the parties hereto agree
as follows:

 

(1)         any
reference to "Second Lien Collateral Agent" in the Intercreditor Agreement shall refer to the Collateral Trustee;

 

(2)         the
Collateral Trustee, as "Second Lien Collateral Agent", will not be required to take any action under the Intercreditor
Agreement unless and until an Act of Parity Lien Debtholders directs the Collateral Trustee in writing, as "Second Lien Collateral
Agent", to take such action; and

 

(3)         in
no event shall the Collateral Trustee, as "Second Lien Collateral Agent", be required to take any action in connection
with the purchase or sale of Parity Lien Obligations under Section 3.06 of the Intercreditor Agreement.

 

(b)          The
parties hereto agree that this Section shall not be deemed to be in conflict or inconsistent with the Intercreditor Agreement pursuant
to Section 9.11 of the Intercreditor Agreement.

 

Article
4

OBLIGATIONS ENFORCEABLE BY THE COMPANY AND

THE OTHER GRANTORS

 

Section 4.1           Release
of Liens on Collateral.

 

(a)          The
Parity Liens upon the Collateral will be automatically released in each of the following circumstances:

 

(1)         in
whole (other than with respect to indemnification and other contingent obligations not then due and payable or for which no claim
has been made), upon Discharge of Parity Lien Obligations;

 

    	 	22	 

     

    

 

(2)         as
to any Collateral that is sold, transferred or otherwise disposed of by any Grantor or any Guarantor to a Person that is not (either
before or after such sale, transfer or disposition) a Grantor or a Guarantor in a transaction or other circumstance that complies
with the “Asset Sale” provisions of the Second Lien Indenture and is permitted by the other Parity Lien Documents at
the time of such sale, transfer or other disposition or to the extent of the interest sold, transferred or otherwise disposed of;
provided that the Parity Liens upon the Collateral will not be released if the sale or disposition is subject to the “Merger,
Consolidation or Sale of Assets” provisions of the Second Lien Indenture or any similar provision in any other Parity Lien
Documents;

 

(3)         as
to any Collateral of a Guarantor to the extent that such Guarantor is released from its guarantee of any Parity Lien Debt in accordance
with the provisions of the Second Lien Indenture and all other applicable Parity Lien Documents,

 

(4)         as
to a release of less than all or substantially all of the Collateral, if consent to the release of all Parity Liens on such Collateral
has been given by, or the Collateral Trustee otherwise receives written direction to release such Collateral in, an Act of Parity
Lien Debtholders;

 

(5)         in
whole, if the Liens on such Collateral have been released in accordance with the terms of each Series of Parity Lien Debt;

 

(6)         as
to any other release of all or substantially all of the Collateral, if (A) consent to the release of that Collateral has
been given by the requisite percentage or number of holders of each Series of Parity Lien Debt at the time outstanding as provided
for in the applicable Parity Lien Documents, and (B) the Company has delivered an Officers’ Certificate to the Collateral
Trustee certifying that all such necessary consents have been obtained;

 

(7)         if
and to the extent any Collateral becomes an Excluded Asset (as defined in the Second Lien Indenture);

 

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

 

(9)         as
ordered pursuant to applicable law under a final and nonappealable order or judgment of a court of competent jurisdiction.

 

(b)          The
Collateral Trustee agrees for the benefit of the Company and the other Grantors that, if the Collateral Trustee at any time receives:

 

(1)         an
Officers’ Certificate and an Opinion of Counsel each stating that (A) the signing Officer (in the case of the Company)
or Person (in the case of an Opinion of Counsel) has read Article 4 of this Agreement and understands the provisions and the definitions
relating hereto, (B) such Officer or Person, as applicable, has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not the conditions precedent in this Agreement, the Intercreditor
Agreement and all other Parity Lien Documents, if any, relating to the release of the Collateral have been complied with and (C) in
the opinion of such Officer or such Person, as applicable, such conditions precedent, if any, have been complied with; and

 

    	 	23	 

     

    

 

(2)         the
proposed instrument or instruments releasing such Lien as to such property in recordable form, if applicable;

 

then, promptly following
receipt by the Collateral Trustee of the items required by this Section 4.1(b), upon written request of the Company,
the Collateral Trustee will execute (with such acknowledgements and/or notarizations as are required) and deliver evidence of such
release to the Company or other applicable Grantor; provided that, in the case of a release of Liens under Section
4.1(a)(8), the Collateral Trustee shall execute and deliver such proposed instruments releasing its Liens contemporaneously
with the execution and delivery of such similar instruments by the Priority Lien Collateral Agent in accordance with the terms
of the Intercreditor Agreement.

 

(c)          The
Collateral Trustee hereby agrees that in the case of any release pursuant to Section 4.1(a)(2), if the terms of any
such sale, transfer or other disposition require the payment of the purchase price to be contemporaneous with the delivery of the
applicable release, then, subject to the Intercreditor Agreement and at the written request of and at the expense of the Company
or other applicable Grantor, the Collateral Trustee will either (A) be present at and deliver the release at the closing of
such transaction or (B) deliver the release under customary escrow arrangements that permit such contemporaneous payment and
delivery of the release.

 

Section 4.2           Delivery
of Copies to Parity Lien Representatives. The Company will deliver to each Parity Lien Representative a copy of each Officers’
Certificate delivered to the Collateral Trustee pursuant to Section 4.1(b), together with copies of all documents
delivered to the Collateral Trustee with such Officers’ Certificate. The Parity Lien Representatives will not be obligated
to take notice thereof or to act thereon.

 

Section 4.3           Collateral
Trustee not Required to Serve, File or Record. Subject to Section 3.2, the Collateral Trustee is not required
to serve, file, register or record any instrument releasing or subordinating its Liens on any Collateral; provided that if the
Company or any other Grantor shall make a written demand in the form of an Officers’ Certificate for a termination statement
under Section 9-513(c) of the UCC, the Collateral Trustee shall comply with the written request of the Company or Grantor to comply
with the requirements of such UCC provision as determined by the Company or Grantor.

 

Section 4.4           Release
of Liens in Respect of Notes. In addition to any release pursuant to Section 4.1 hereof, the Collateral Trustee’s
Parity Liens will no longer secure the Notes outstanding under the Second Lien Indenture or any other Obligations under the Note
Documents, and the right of the holders of the Notes to the benefits and proceeds of the Parity Liens on the Collateral will terminate
and be discharged as provided for in Section 13.06(a), (b) or (c) of the Indenture.

 

    	 	24	 

     

    

 

Section 4.5           Release
of Liens in Respect of any Series of Parity Lien Debt other than Notes. In addition to any release pursuant to Section
4.1 hereof, as to any Series of Parity Lien Debt other than the Notes, the Collateral Trustee’s Parity Liens will
no longer secure such Series of Parity Lien Debt if such Parity Lien Debt has been paid in full, all commitments to extend credit
in respect of such Series of Parity Lien Debt have been terminated and all other Parity Lien Obligations related thereto that are
outstanding and unpaid at the time such Series of Parity Lien Debt is paid are also paid in full, or if otherwise released by the
terms of such Parity Lien Debt or the Intercreditor Agreement.

 

Article
5

IMMUNITIES OF THE COLLATERAL TRUSTEE

 

Section 5.1           No
Implied Duty. The Collateral Trustee will not have any duties nor will it have responsibilities or obligations other than those
expressly assumed by it in this Agreement, the other Security Documents and the Intercreditor Agreement. No implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement, the other Parity Lien Documents
or the Intercreditor Agreement, or otherwise exist against the Collateral Trustee. Without limiting the generality of the foregoing
sentences, the use of the term “trustee” in this Agreement with reference to the Collateral Trustee is not intended
to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead,
such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship
between independent contracting parties. The Collateral Trustee will not be required to take any action that is contrary to applicable
law or any provision of this Agreement, the other Security Documents or the Intercreditor Agreement.

 

Section 5.2           Appointment
of Agents and Advisors. The Collateral Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors selected by it in good
faith as it may reasonably require and will not be responsible for any misconduct or negligence on the part of any of them.

 

Section 5.3           Other
Agreements. The Collateral Trustee has accepted its appointment as collateral trustee hereunder and is bound by the Security
Documents executed by the Collateral Trustee as of the date of this Agreement, and, as directed in writing by the Company or an
Act of Parity Lien Debtholders, the Collateral Trustee shall execute additional Security Documents delivered to it after the date
of this Agreement (including to secure Obligations arising under Additional Parity Lien Debt to the extent such Obligations are
permitted to be incurred and secured under the Parity Lien Documents); provided that such additional Security Documents do not
adversely affect the rights, privileges, benefits and immunities of the Collateral Trustee or conflict with the terms of the Intercreditor
Agreement. The Collateral Trustee will not otherwise be bound by, or be held obligated by, the provisions of any credit agreement,
indenture or other agreement governing Parity Lien Debt (other than this Agreement and the other Security Documents to which it
is a party).

 

    	 	25	 

     

    

 

Section 5.4           Solicitation
of Instructions.

 

(a)          The
Collateral Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Parity Lien Debtholders,
an Officers’ Certificate, a legal opinion from counsel to the Company or an order of a court of competent jurisdiction, as
to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations
under this Agreement or the other Security Documents, and the Collateral Trustee will not be liable for any action it takes or
omits to take in good faith in reliance on any such certificate, opinion or order. In the absence of bad faith on its part, the
Collateral Trustee may rely, and will be protected in acting or refraining from acting, upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Collateral
Trustee need not investigate any fact or matter stated in the document, but, in the case of any document which is specifically
required to be furnished to the Collateral Trustee pursuant to any provision hereof, the Collateral Trustee shall examine the document
to determine whether it conforms to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein.

 

(b)          No
written direction given to the Collateral Trustee by an Act of Parity Lien Debtholders that in the sole judgment of the Collateral
Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability
not set forth in or arising under this Agreement and the other Security Documents will be binding upon the Collateral Trustee unless
the Collateral Trustee elects, at its sole option, to accept such direction.

 

(c)          The
Collateral Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement at the request,
order or direction of the Required Parity Lien Debtholders pursuant to the provisions of this Agreement, unless such holders shall
have furnished to the Collateral Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities
including attorneys’ fees and expenses which may be incurred therein or thereby.

 

Section 5.5           Limitation
of Liability. The Collateral Trustee will not be responsible or liable for any action taken or omitted to be taken by it hereunder
or under any other Security Document, except for its own gross negligence, bad faith or willful misconduct as determined by a court
of competent jurisdiction in a final, non-appealable judgment.

 

Section 5.6           Documents
in Satisfactory Form. The Collateral Trustee will be entitled, but not obligated, to require that all agreements, certificates,
opinions, instruments and other documents at any time submitted to it, including those expressly provided for in this Agreement,
be delivered to it in a form reasonably satisfactory to it. The Collateral Trustee (i) makes no representation as to the validity
or adequacy of any Parity Lien Document and (ii) is not responsible for any statement in any Parity Lien Document other than its
certificate of authentication and any representations and warranties made by it.

 

    	 	26	 

     

    

 

Section 5.7           Entitled
to Rely. The Collateral Trustee may seek and conclusively rely upon, and shall be fully protected in conclusively relying upon,
any judicial order or judgment, upon any advice, opinion or statement of legal counsel, independent consultants and other experts
selected by it in good faith and upon any certification, instruction, notice or other writing delivered to it by the Company, any
Grantor or any Guarantor in compliance with the provisions of this Agreement or delivered to it by any Parity Lien Representative
as to the holders of Parity Lien Obligations for whom it acts, without being required to determine the authenticity thereof or
the correctness of any fact stated therein or the propriety or validity of service thereof. The Collateral Trustee may act in reliance
upon any instrument comporting with the provisions of this Agreement or any signature believed by it in good faith to be genuine
and may assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document in
connection with the provisions hereof or the other Security Documents has been duly authorized to do so. To the extent an Officers’
Certificate or opinion of counsel is required or permitted under this Agreement to be delivered to the Collateral Trustee in respect
of any matter, the Collateral Trustee may rely conclusively on an Officers’ Certificate or opinion of counsel as to such
matter and such Officers’ Certificate or opinion of counsel shall be full warranty and protection to the Collateral Trustee
for any action taken, suffered or omitted by it under the provisions of this Agreement and the other Security Documents. The Collateral
Trustee (a) shall not be responsible to any Parity Lien Secured Party for any recitals, statements, information, representations
or warranties of any other Person contained herein, in the Parity Lien Documents or in any document, certificate or other writing
delivered in connection herewith or therewith or for the execution, effectiveness, genuineness, validity, enforceability, collectability,
priority of sufficiency of this Agreement, the Parity Lien Documents or the financial condition of the Company, the Guarantors
or any of them and (b) shall not be required to ascertain or inquire as to the performance or observation of any of the terms,
covenants or conditions of this Agreement or any Parity Lien Document.

 

Section 5.8           Parity
Lien Debt Default. The Collateral Trustee will not be required to inquire as to the occurrence or absence of any Parity Lien
Debt Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Parity Lien
Debt Default unless and until it is directed in writing by an Act of Parity Lien Debtholders.

 

Section 5.9           Actions
by Collateral Trustee. As to any matter not expressly provided for by this Agreement or the other Security Documents, the Collateral
Trustee will act or refrain from acting as directed in writing by an Act of Parity Lien Debtholders and will be fully protected
if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding on the holders of Parity
Lien Obligations.

 

Section 5.10         Security
or Indemnity in favor of the Collateral Trustee. The Collateral Trustee will not be required to advance or expend any funds
or otherwise incur any financial liability in the performance of its duties or the exercise of its powers or rights hereunder unless
it has been provided with security or indemnity reasonably satisfactory to it against any and all liability or expense which may
be incurred by it by reason of taking or continuing to take such action.

 

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

 

    	 	27	 

     

    

 

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

 

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

 

(b)          Except
as provided in paragraph 5.12(a), the Collateral Trustee will not be responsible for the existence, genuineness or value
of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, for
the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of
any Grantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the
Collateral or otherwise as to the maintenance of the Collateral. The Collateral Trustee hereby disclaims any representation or
warranty to the current and future holders of the Parity Lien Obligations concerning the perfection of the security interests granted
to it or in the value of any Collateral. The Collateral Trustee shall not be under any obligation to any Parity Lien Representative
or any holder of Parity Lien Debt to ascertain or to inquire as to the observance or performance of any of the agreements contained
in, or conditions of, this or any other Security Document or the Intercreditor Agreement or to inspect the properties, books or
records of the Company, any Grantor or any Guarantor.

 

Section 5.13         Assumption
of Rights, Not Assumption of Duties. Notwithstanding anything to the contrary contained herein:

 

    	 	28	 

     

    

 

(1)         each
of the parties thereto will remain liable under each of the Security Documents (other than this Agreement) to the extent set forth
therein to perform all of their respective duties and obligations thereunder to the same extent as if this Agreement had not be
executed;

 

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

 

(3)         the
Collateral Trustee will not be obligated to perform any of the obligations or duties of the Company or any Grantor.

 

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

 

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

 

    	 	29	 

     

    

 

Article
6

RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE

 

Section 6.1           Resignation
or Removal of Collateral Trustee. Subject to the appointment of a successor Collateral Trustee as provided in Section
6.2 and the acceptance of such appointment by the successor Collateral Trustee:

 

(a)          the
Collateral Trustee may resign at any time by giving not less than 30 days’ prior written notice of resignation to each Parity
Lien Representative and the Company; and

 

(b)          the
Collateral Trustee may be removed at any time, with or without cause, by an Act of Parity Lien Debtholders by giving not less than
10 Business Days’ notice to the Collateral Trustee.

 

Section 6.2           Appointment
of Successor Collateral Trustee. Upon any such resignation or removal, a successor Collateral Trustee may be appointed by an
Act of Parity Lien Debtholders. If no successor Collateral Trustee has been so appointed and accepted such appointment within 30
days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at
the expense of the Company), at its option, appoint a successor Collateral Trustee, or petition a court of competent jurisdiction
for appointment of a successor Collateral Trustee, which must be a bank or trust company:

 

(1)         authorized
to exercise corporate trust powers;

 

(2)         having
a combined capital and surplus of at least $100,000,000; and

 

(3)         that
is not the Company or any of its Affiliates.

 

For the avoidance of doubt,
if at the time of any such resignation or removal, the Notes are the only Parity Lien Debt outstanding at such time, the applicable
provisions of the Second Lien Indenture governing the appointment of a successor Collateral Trustee shall control and not this
Section 6.2. The Collateral Trustee will fulfill its obligations hereunder until a successor Collateral Trustee meeting
the requirements of this Section 6.2 has accepted its appointment as Collateral Trustee and the provisions of Section
6.3 have been satisfied.

 

Section 6.3           Succession.
When the Person so appointed as successor Collateral Trustee accepts such appointment:

 

(1)         such
Person will succeed to and become vested with all the rights, powers, privileges and duties of the predecessor Collateral Trustee,
and the predecessor Collateral Trustee will be discharged from its duties and obligations hereunder; and

 

    	 	30	 

     

    

 

(2)         the
predecessor Collateral Trustee will (at the expense of the Company) promptly transfer all Liens and collateral security and other
property of the Trust Estate within its possession or control to the possession or control of the successor Collateral Trustee
and will execute instruments and assignments as may be necessary or desirable or reasonably requested by the successor Collateral
Trustee to transfer to the successor Collateral Trustee all Liens, interests, rights, powers and remedies of the predecessor Collateral
Trustee in respect of the Security Documents or the Trust Estate.

 

Thereafter the predecessor Collateral Trustee
will remain entitled to enforce the immunities granted to it in Article 5 and the provisions of Sections 7.8
and 7.9, and said provisions will survive termination of this Agreement for the benefit of the predecessor of the
Collateral Trustee. The predecessor Collateral Trustee shall have no liability whatsoever for the actions or inactions of the successor
Collateral Trustee. The successor Collateral Trustee shall have no liability whatsoever for the actions or inactions of the predecessor
Collateral Trustee.

 

Section 6.4           Merger,
Conversion or Consolidation of Collateral Trustee. Any Person into which the Collateral Trustee may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral
Trustee shall be a party, or any Person succeeding to the business of the Collateral Trustee shall be the successor of the Collateral
Trustee pursuant to Section 6.3, without the execution or filing of any paper with any party hereto or any further
act on the part of any of the parties hereto, except where an instrument of transfer or assignment is required by law to effect
such succession, provided that (i) anything herein to the contrary notwithstanding, such Person satisfies the eligibility
requirements specified in clauses (1) through (4) of Section 6.2 and (ii) prior to any such merger, conversion
or consolidation, the Collateral Trustee shall have notified the Company and each Parity Lien Representative thereof in writing.

 

Section 6.5           Concerning
the Collateral Trustee and the Parity Lien Representatives.

 

(a)          Notwithstanding
anything contained herein to the contrary, it is expressly understood and agreed by the parties hereto that this Agreement has
been signed by each Parity Lien Representative not in its individual capacity or personally but solely in its capacity as trustee,
representative or agent for the benefit of the related holders of the applicable Series of Parity Lien Debt in the exercise of
the powers and authority conferred and vested in it under the related Parity Lien Documents, and in no event shall such Parity
Lien Representative, in its individual capacity, have any liability for the representations, warranties, covenants, agreements
or other obligations of any other party under this Agreement, any Parity Lien Document or in any of the certificates, reports,
documents, data notices or agreements delivered by such other party pursuant hereto or thereto.

 

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

 

    	 	31	 

     

    

 

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

 

(d)          In
entering into this Agreement, the Collateral Trustee shall be entitled to the benefit of every provision of the Parity Lien Documents
relating to the rights, exculpations or conduct of, affecting the liability of or otherwise affording protection to the “Collateral
Trustee” thereunder. In no event will the Collateral Trustee be liable for any act or omission on the part of the Grantors
or any Parity Lien Representative.

 

(e)          Except
as otherwise set forth herein, neither the Collateral Trustee nor any Parity Lien Representative shall be required to exercise
any discretion or take any action, but shall be required to act or refrain from acting (and shall be fully protected in so acting
or refraining from acting) solely upon the written instructions of the applicable Required Parity Lien Debtholders as provided
herein or in any other Parity Lien Document; provided that neither the Collateral Trustee nor any Parity Lien Representative shall
be required to take any action that (i) it in good faith believes exposes it to personal liability unless it receives an indemnification
satisfactory to it from the applicable holders of the Parity Lien Obligations with respect to such action or (ii) is contrary
to this Agreement, the Intercreditor Agreement or applicable law.

 

Article
7

MISCELLANEOUS PROVISIONS

 

Section 7.1           Amendment.

 

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

 

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

 

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

 

(B)         curing
any ambiguity, omission, mistake, defect or inconsistency;

 

(C)         providing
for the assumption of the Grantors’ or Guarantor’s obligations under any Parity Lien Document in the case of a merger
or consolidation or sale of all or substantially all of the properties or assets of the Company or any Guarantor to the extent
permitted by the terms of the indenture and the other Parity Lien Documents, as applicable;

 

    	 	32	 

     

    

 

(D)         making
any change that would provide any additional rights or benefits to the holders of Parity Lien Debt or the Collateral Trustee or
that does not adversely affect the rights under the Second Lien Indenture or any other Parity Lien Document of any holder of Parity
Lien Obligations, the Collateral Trustee or the Trustee; or

 

(E)         effecting
any release of Collateral otherwise permitted under the Parity Lien Documents,

 

will become effective
when executed and delivered by the Company or any other applicable Grantor party thereto and, if required for effectiveness pursuant
to its terms, the Collateral Trustee;

 

(2)         no
amendment or supplement that amends the provisions of this clause (2) or reduces, impairs or adversely affects the right
of any holder of Parity Lien Obligations:

 

(A)         to
vote its outstanding Parity Lien Debt as to any matter described as subject to an Act of Parity Lien Debtholders or direction of
the Required Parity Lien Debtholders or amends the provisions of this clause (2) or the definition of “Act of Parity Lien
Debtholders,” “Discharge of Parity Lien Obligations,” “Parity Lien Debt,” “Parity Lien Obligations”
or “Required Parity Lien Debtholders” or any other definition containing the words “Parity Lien” therein
or any other defined terms to the extent referenced or implicated therein;

 

(B)         to
share in the order of application described in Section 3.4 in the proceeds of an Enforcement Action; or

 

(C)         to
require that Liens securing Parity Lien Obligations be released only as set forth in the provisions described in Sections
4.1 or 4.4,

 

will, in each case,
become effective without the consent of the Required Parity Lien Debtholders;

 

(3)         no
amendment or supplement that imposes any obligation upon the Collateral Trustee or any Parity Lien Representative or adversely
affects the rights of the Collateral Trustee or any Parity Lien Representative, respectively, in its capacity as such will become
effective without the consent of the Collateral Trustee or such Parity Lien Representative, respectively; and

 

(4)         (A)
any amendment or supplement to the provisions of the Security Documents that releases Collateral will be effective only in accordance
with the requirements set forth in the applicable Parity Lien Document referenced in Section 4.1; (B) any amendment or supplement
that results in the Collateral Trustee’s Liens upon the Collateral no longer securing the Parity Lien Obligations and the
other Obligations under the Parity Lien Documents may only be effected in accordance with the provisions hereof and (C) any amendment
or supplement that results in the Collateral Trustee’s Liens upon the Collateral no longer securing the Notes and the other
Obligations under the Second Lien Indenture may only be effected in accordance with Section 4.1.

 

    	 	33	 

     

    

 

(b)          Notwithstanding
Section 7.1(a) but subject to Sections 7.1(a)(2) and 7.1(a)(3):

 

(1)         any
mortgage or other Security Document may be amended or supplemented with the approval of the Collateral Trustee (acting at the written
direction of the Required Parity Lien Debtholders), unless such amendment or supplement would not be permitted under the terms
of this Agreement, the Intercreditor Agreement or any Parity Lien Document;

 

(2)         any
Security Document may be amended automatically without the consent of Holders of Notes, the Trustee or the Collateral Trustee to
conform to any amendments to corresponding security documents creating Priority Liens (“Priority Security Amendments”);
provided, that such Priority Security Amendments do not affect the Trustee’s or the Collateral Trustee’s own
rights, duties or immunities under such Security Documents; and

 

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

 

Promptly upon the effectiveness of a Priority
Security Amendment, the Company shall deliver, and the Collateral Trustee shall be entitled to rely upon, an Officers’ Certificate
and an Opinion of Counsel certifying (i) as to the effectiveness of such Priority Security Amendments and (ii) that, pursuant to
this Section 7.1(b)(2), the Security Documents have been automatically amended to conform to such Priority Security
Amendments. The Collateral Trustee shall not be deemed to have notice or knowledge of any Priority Security Amendments until it
has received such Officers’ Certificate and Opinion of Counsel as provided herein.

 

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

 

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Section 7.2           Voting.
In connection with any matter under this Agreement requiring a vote of holders of Parity Lien Obligations, each Parity Lien Representative,
at the request of the applicable holders of the Series of Parity Lien Debt, will cast its votes in accordance with the Parity Lien
Documents governing such Series of Parity Lien Debt. The amount of Parity Lien Debt to be voted by a Series of Parity Lien Debt
will equal (1) the aggregate principal amount of Parity Lien Debt held by such Series of Parity Lien Debt (including outstanding
letters of credit whether or not then available or drawn), plus (2) other than in connection with an exercise of remedies, the
aggregate unfunded commitments to extend credit which, when funded, would constitute Indebtedness of such Series of Parity Lien
Debt (to the extent such unfunded commitments have not been terminated by the holders of such Series of Parity Lien Debt). Following
and in accordance with the outcome of the applicable vote under its Parity Lien Documents, the Parity Lien Representative of each
Series of Parity Lien Debt will cast all of its votes under that Series of Parity Lien Debt as a block in respect of any vote under
this Agreement. In connection with this Section 7.2, the Collateral Trustee may conclusively rely upon information supplied by
the relevant Parity Lien Representative as to the amounts of Parity Lien Debt held by each Series of Parity Lien Debt.

 

Section 7.3           Further
Assurances.

 

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

 

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

 

    	 	35	 

     

    

 

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

 

Section 7.4           Successors
and Assigns.

 

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

 

(b)          Neither
the Company nor any Grantor or Guarantor may delegate any of its duties or assign any of its rights hereunder, and any attempted
delegation or assignment of any such duties or rights will be null and void. All obligations of the Company, the Grantors and the
Guarantors hereunder will inure to the sole and exclusive benefit of, and be enforceable by, the Collateral Trustee, each Parity
Lien Representative and each Parity Lien Secured Party, each of whom will be entitled to enforce this Agreement as a third-party
beneficiary hereof, and all of their respective successors and assigns.

 

Section 7.5           Delay
and Waiver. No failure to exercise, no course of dealing with respect to the exercise of, and no delay in exercising, any right,
power or remedy arising under this Agreement or any of the other Security Documents will impair any such right, power or remedy
or operate as a waiver thereof. No single or partial exercise of any such right, power or remedy will preclude any other or future
exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive
of any remedies provided by law.

 

Section 7.6           Notices.
Any communications, including notices and instructions, between the parties hereto or notices provided herein to be given may be
given to the following addresses:

 

	If to the Collateral Trustee or	 
	the Trustee:	Delaware Trust Company
	 	251 Little Falls Drive
	 	Wilmington, DE 19808

 

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	 	Facsimile: (302) 636-8666
	 	Attention: Corporate Trust Administration
	 	 
	 	with a copy to:
	 	 
	 	Ropes & Gray LLP
	 	1211 Avenue of the Americas 
	 	New York, NY 10036-8704
	 	Facsimile: 646-728-1663
	 	Attention: Mark Somerstein
	 	 
	If to the Company or any other Grantor:	Vanguard Natural Resources, Inc.
	 	5847 San Felipe, Suite 3000
	 	Houston, TX 77057
	 	Facsimile No.:  (832) 327-2260
	 	Attention: Chief Financial Officer
	 	 
	 	with a copy to:
	 	 
	 	Paul Hastings LLP
	 	600 Travis Street, Fifty-Eighth Floor
	 	Houston, TX  77002
	 	Facsimile No.:  (713) 353-2574
	 	Attention:  Lindsay R. Sparks and Douglas V. Getten

 

and if to any other Parity Lien Representative,
to such address as it may specify by written notice to the parties named above.

 

All notices and communications
will be mailed by first class mail, certified or registered, return receipt requested, by overnight air courier guaranteeing next
day delivery, or delivered by facsimile to the relevant address or number set forth above or, as to holders of Parity Lien Debt,
its address shown on the register kept by the office or agency where the relevant Parity Lien Debt may be presented for registration
of transfer or for exchange. Failure to mail or delivery by facsimile a notice or communication to a holder of Parity Lien Debt
or any defect in it will not affect its sufficiency with respect to other holders of Parity Lien Debt.

 

If a notice or communication
is mailed or delivered by facsimile in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it.

 

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

 

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

 

    	 	37	 

     

    

 

(1)         such
compensation to the Collateral Trustee and its agents including attorneys as the Company and the Collateral Trustee may agree in
writing from time to time;

 

(2)         all
reasonable costs and expenses incurred by the Collateral Trustee and its agents including attorneys in the preparation, execution,
delivery, filing, recordation, administration or enforcement of this Agreement or any other Security Document or any consent, amendment,
waiver or other modification relating hereto or thereto;

 

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

 

(4)         all
reasonable costs and expenses incurred by the Collateral Trustee and its agents including attorneys in creating, perfecting, preserving,
releasing or enforcing the Collateral Trustee’s Liens on the Collateral, including filing and recording fees, expenses and
taxes, stamp or documentary taxes, search fees, and title insurance premiums;

 

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

 

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

 

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

 

    	 	38	 

     

    

 

Section 7.9           Indemnity.

 

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

 

(b)          All
amounts due under this Section 7.9 will be payable within 10 days upon written demand.

 

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

 

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

 

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

 

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

 

Section 7.11         Headings.
Section headings herein have been inserted for convenience of reference only, are not to be considered a part of this Agreement
and will in no way modify or restrict any of the terms or provisions hereof.

 

    	 	39	 

     

    

 

Section 7.12         Obligations
Secured. All obligations of the Grantors set forth in or arising under this Agreement will be Parity Lien Obligations and are
secured by all Liens granted by the Security Documents.

 

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

 

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

 

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

 

(2)         waives
any defense of forum non conveniens;

 

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

 

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

 

(5)         agrees
that each party hereto retains the right to serve process in any other manner permitted by law or to bring proceedings against
any party in the courts of any other jurisdiction.

 

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

 

    	 	40	 

     

    

 

Section 7.16         Counterparts,
Electronic Signatures. This Agreement may be executed in any number of counterparts (including by facsimile), each of which
when so executed and delivered will be deemed an original, but all such counterparts together will constitute but one and the same
instrument. The parties hereto may sign this Agreement and any Collateral Trust Joinder and transmit the executed copy by electronic
means, including facsimile or noneditable *.pdf files. The electronic copy of the executed Agreement and any Collateral Trust Joinder
is and shall be deemed an original signature.

 

Section 7.17         Effectiveness.
This Agreement will become effective upon the execution of a counterpart hereof by each of the parties hereto and receipt by each
party of written notification of such execution and written or telephonic authorization of delivery thereof.

 

Section 7.18         Grantors
and Additional Grantors. Each Grantor represents and warrants that it has duly executed and delivered this Agreement. The Company
will cause each Person that hereafter becomes a Grantor or is required by any Parity Lien Document to become a party to this Agreement
to become a party to this Agreement, for all purposes of this Agreement, by causing such Person to execute and deliver to the Collateral
Trustee a Collateral Trust Joinder, whereupon such Person will be bound by the terms hereof to the same extent as if it had executed
and delivered this Agreement as of the date hereof. The Company shall promptly provide each Parity Lien Representative with a copy
of each Collateral Trust Joinder executed and delivered pursuant to this Section 7.18; provided that the failure
to so deliver a copy of the Collateral Trust Joinder to any then existing Parity Lien Representative shall not affect the inclusion
of such Person as a Grantor if the other requirements of this Section 7.18 are complied with.

 

Section 7.19         Continuing
Nature of this Agreement. This Agreement will be reinstated following termination hereof if at any time any payment or distribution
in respect of any of the Parity Lien Obligations is rescinded or must otherwise be returned in an Insolvency or Liquidation Proceeding
or otherwise by any Parity Lien Secured Party, Parity Lien Representative or any representative of any such party (whether by demand,
settlement, litigation or otherwise).

 

Section 7.20         Insolvency.
This Agreement will be applicable both before and after the commencement of any Insolvency or Liquidation Proceeding by or against
any Grantor. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency
or Liquidation Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement.

 

    	 	41	 

     

    

 

Section 7.21         Rights
and Immunities of Parity Lien Representatives. The Trustee and the Collateral Trustee will be entitled, to the extent applicable
to such entity, to all of the rights, protections, immunities and indemnities set forth in the Second Lien Indenture and any future
Parity Lien Representative will be entitled to all of the rights, protections, immunities and indemnities set forth in the credit
agreement, indenture or other agreement governing the applicable Parity Lien Debt with respect to which such Person will act as
representative, in each case as if specifically set forth herein. In no event will any Parity Lien Representative be liable for
any act or omission on the part of the Grantors or the Collateral Trustee hereunder.

 

Section 7.22         Intercreditor
Agreement. Each Person that is secured hereunder, by accepting the benefits of the security provided hereby, (i) agrees
(or is deemed to agree) that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement,
and (ii) authorizes (or is deemed to authorize) and instructs (or is deemed to instruct) the Collateral Trustee on behalf
of such Person to enter into, and perform under, the Intercreditor Agreement as “Second Lien Collateral Agent” (as
defined in the Intercreditor Agreement). The Collateral Trustee agrees to enter into any amendments or joinders to the Intercreditor
Agreement, without the consent of any Parity Lien Secured Party, to add additional Indebtedness as Parity Lien Debt (to the extent
permitted to be incurred and secured by the applicable Parity Lien Documents) and add other parties (or any authorized agent or
trustee therefor) holding such Indebtedness thereto and to establish that the Lien on any Collateral securing such Indebtedness
ranks equally with the Liens on such Collateral securing the other Parity Lien Debt then outstanding. The foregoing provisions
are intended as an inducement to the lenders under the Credit Agreement to extend credit to Vanguard Natural Gas, as the borrower
under the Credit Agreement, and such lenders are intended third party beneficiaries of this provision and the provisions of the
Intercreditor Agreement. Notwithstanding anything to the contrary contained herein, to the extent that any Lien on any Collateral
is perfected by the possession or control of such Collateral or of any account in which such Collateral is held, and if such Collateral
or any such account is in fact in the possession or under the control of the Parity Lien Representative, or of agents or bailees
of the Parity Lien Representative, the perfection actions and related deliverables described in this Agreement or the other Security
Documents shall not be required.

 

Section 7.23         Force
Majeure. In no event shall the Collateral Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services;
it being understood that the Collateral Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances.

 

Section 7.24         U.S.A.
Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Collateral Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each Person or legal entity that establishes a relationship or opens an account
with the Collateral Trustee. The parties to this Agreement agree that they will provide the Collateral Trustee with such information
as it may request in order for the Collateral Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

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Section 7.25         Representations
and Warranties. The Collateral Trustee, the Trustee, the Company, each Guarantor and each Parity Lien Representative represents
and warrants to the others as of the date hereof (or, in the case of any Parity Lien Representative that becomes a party hereto
after the date hereof, on the date that it becomes party hereto), that: (a) neither the execution and delivery of this Agreement
nor its performance of or compliance with the terms and provisions hereof will conflict with, or result in a breach of the terms,
conditions, or provisions of, or constitute a default under, any other agreement to which it is now subject; (b) it has all requisite
authority to execute, delivery and perform its obligations under this Agreement; and (c) this Agreement constitutes its legal,
valid and binding obligation, enforceable against it in accordance with its terms, subject only to applicable bankruptcy, insolvency
or similar laws and general principles of equity.

 

[Signature Pages Immediately
Follow]

 

    	 	43	 

     

    

 

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

 

	 	COMPANY:
	 	 
	 	VANGUARD NATURAL RESOURCES, INC.
	 	 	 
	 	By:	/s/ Scott W. Smith
	 	 	Name: Scott W. Smith
	 	 	Title: President and Chief Executive Officer

 

[Signature Page to Amended and Restated Collateral
Trust Agreement (Vanguard)]

 

     

     

    

 

	 	GRANTORS AND GUARANTORS:
	 	 
	 	VANGUARD NATURAL GAS, LLC
	 	 	 	 
	 	 	By:	VANGUARD NATURAL RESOURCES, INC., its sole manager
	 	 	 	 
	 	By:	/s/ Scott W. Smith
	 	 	Name: Scott W. Smith
	 	 	Title: President and Chief Executive Officer

 

	 	VANGUARD OPERATING, LLC
	 	 	 	 
	 	 	By:	VANGUARD NATURAL GAS, LLC, its sole member
	 	 	 	 
	 	 	By:	VANGUARD NATURAL RESOURCES, INC., its sole manager 
	 	 	 	 
	 	By:	/s/ Scott W. Smith
	 	 	Name: Scott W. Smith
	 	 	Title: President and Chief Executive Officer

 

	 	ENCORE CLEAR FORK PIPELINE, LLC
	 	 	 	 
	 	 	By:	VANGUARD OPERATING, LLC, its sole manager
	 	 	 	 
	 	 	By:	VANGUARD NATURAL GAS, LLC, its sole member
	 	 	 	 
	 	 	By:	VANGUARD NATURAL RESOURCES, INC., its sole manager
	 	 	 	 
	 	By:	/s/ Scott W. Smith
	 	 	Name: Scott W. Smith
	 	 	Title: President and Chief Executive Officer

 

[Signature Page to Amended and Restated Collateral
Trust Agreement (Vanguard)]

 

     

     

    

 

	 	VNR HOLDINGS, LLC
	 	 	 	 
	 	 	By:	VANGUARD NATURAL GAS, LLC, its sole member
	 	 	 	 
	 	 	By:	 VANGUARD NATURAL RESOURCES, INC., its sole manager
	 	 	 	 
	 	By:	/s/ Scott W. Smith
	 	 	Name: Scott W. Smith
	 	 	Title: President and Chief Executive Officer

 

	 	EAGLE ROCK ENERGY ACQUISITION CO., INC.
	 	 	 
	 	By:	/s/ Scott W. Smith
	 	 	Name: Scott W. Smith
	 	 	Title: President and Chief Executive Officer
	 	 	 
	 	EAGLE ROCK ENERGY ACQUISITION CO. II, INC.
	 	 	 
	 	By:	/s/ Scott W. Smith
	 	 	Name: Scott W. Smith
	 	 	Title: President and Chief Executive Officer
	 	 	 
	 	EAGLE ROCK UPSTREAM DEVELOPMENT COMPANY, INC.
	 	 	 
	 	By:	/s/ Scott W. Smith
	 	 	Name: Scott W. Smith
	 	 	Title: President and Chief Executive Officer

 

[Signature Page to Amended and Restated Collateral
Trust Agreement (Vanguard)]

 

     

     

    

 

	 	EAGLE ROCK UPSTREAM DEVELOPMENT COMPANY II, INC. 
	 	 	 
	 	By:	/s/ Scott W. Smith
	 	 	Name: Scott W. Smith
	 	 	Title: President and Chief Executive Officer

 

	 	EAGLE ROCK ACQUISITION PARTNERSHIP L.P.
	 	 	 	 
	 	 	By:	Eagle Rock Upstream Development Company, Inc., its general partner
	 	 	 	 
	 	By:	/s/ Scott W. Smith
	 	 	Name: Scott W. Smith
	 	 	Title: President and Chief Executive Officer

 

	 	EAGLE ROCK ACQUISITION PARTNERSHIP II, L.P.
	 	 	 	 
	 	 	By:	Eagle Rock Upstream Development Company II, Inc., its general partner
	 	 	 	 
	 	By:	/s/ Scott W. Smith
	 	 	Name: Scott W. Smith
	 	 	Title: President and Chief Executive Officer

 

	 	 	ESCAMBIA OPERATING CO. LLC 
	 	 	 
	 	By:	/s/ Scott W. Smith
	 	 	Name: Scott W. Smith
	 	 	Title: President and Chief Executive Officer

 

[Signature Page to Amended and Restated Collateral
Trust Agreement (Vanguard)]

 

     

     

    

 

	 	ESCAMBIA ASSET CO. LLC
	 	 	 
	 	By:	/s/ Scott W. Smith
	 	 	Name: Scott W. Smith
	 	 	Title: President and Chief Executive Office

 

[Signature Page to Amended and Restated Collateral
Trust Agreement (Vanguard)]

 

     

     

    

 

	 	DELAWARE TRUST COMPANY, as Trustee and as Collateral Trustee
	 	 	 
	 	By:	/s/ Alan R. Harpern
	 	 	Name: Alan R. Halpern
	 	 	Title: Vice President

 

[Signature Page to Amended and Restated Collateral
Trust Agreement (Vanguard)]

 

     

     

    

 

Exhibit
A

 

[Form
of]

Additional Secured Debt Designation

 

Reference is made to the
Amended and Restated Collateral Trust Agreement, dated as of August 1, 2017 (as amended, supplemented, amended and restated or
otherwise modified and in effect from time to time, the “Collateral Trust Agreement”), among Vanguard
Natural Resources, Inc. (f/k/a VNR Finance Corp.) (the “Company”), the Grantors and Guarantors from time
to time party thereto, Delaware Trust Company, as Trustee (as defined therein), and Delaware Trust Company, as Collateral Trustee.
Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Amended and Restated Collateral
Trust Agreement. This Additional Secured Debt Designation is being executed and delivered in order to designate additional secured
debt as Parity Lien Debt entitled to the benefit of the Amended and Restated Collateral Trust Agreement.

 

The undersigned, the duly
appointed [specify title] of the Company hereby certifies on behalf of [the Company or applicable Grantor] that:

 

(A)         [the
Company or applicable Grantor] intends to incur additional Parity Lien Debt (“Additional Parity Lien Debt”)
which will be permitted by each applicable Parity Lien Document to be secured by a Parity Lien equally and ratably with all previously
existing and future Parity Lien Debt;

 

(B)         the
name and address of the Parity Lien Debt Representative for the Additional Parity Lien Debt for purposes of Section 7.6
of the Amended and Restated Collateral Trust Agreement is:

 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Telephone: 	 	 

 

	 	Fax: 	 	 

 

(C)         Attached
as Exhibit 1 hereto is a Reaffirmation Agreement duly executed by the Company, each Grantor and each Guarantor,

 

(D)         the
Company has caused a copy of this Additional Secured Debt Designation and the related Collateral Trust Joinder to be delivered
to each existing Parity Lien Representative, and

 

(E)         such
Additional Parity Lien Debt shall constitute Parity Lien Debt for purposes of the Amended and Restated Collateral Trust Agreement.

 

    	 	A-1	 

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Additional Secured Debt Designation to be duly executed by the undersigned officer as of _____________,
20____.

 

	 	VANGUARD NATURAL RESOURCES, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

ACKNOWLEDGEMENT OF RECEIPT

 

The undersigned, the duly
appointed Collateral Trustee under the Amended and Restated Collateral Trust Agreement, hereby acknowledges receipt of an executed
copy of this Additional Secured Debt Designation.

 

	 	DELAWARE TRUST COMPANY, as Collateral Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	A-2	 

     

    

 

EXHIBIT 1 TO ADDITIONAL SECURED DEBT DESIGNATION

 

[FORM OF]

REAFFIRMATION AGREEMENT

 

Reference is made to the
Amended and Restated Collateral Trust Agreement, dated as of August 1, 2017 (as amended, supplemented, amended and restated or
otherwise modified and in effect from time to time, the “Collateral Trust Agreement”), among Vanguard
Natural Resources, Inc. (f/k/a VNR Finance Corp.) (the “Company”), the Grantors and Guarantors from time
to time party thereto, Delaware Trust Company, as Trustee (as defined therein), and Delaware Trust Company, as Collateral Trustee.
Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Amended and Restated Collateral
Trust Agreement. This Reaffirmation Agreement is being executed and delivered as of ______________, 20__ in connection with an
Additional Secured Debt Designation of even date herewith which Additional Secured Debt Designation has designated additional Parity
Lien Debt entitled to the benefit of the Amended and Restated Collateral Trust Agreement.

 

Each of the undersigned
hereby consents to the designation of additional secured debt as Parity Lien Debt as set forth in the Additional Secured Debt Designation
of even date herewith and hereby confirms its respective guarantees, pledges, grants of security interests and other obligations,
as applicable, under and subject to the terms of each of the Parity Lien Documents to which it is party, and agrees that, notwithstanding
the designation of such additional indebtedness or any of the transactions contemplated thereby, such guarantees, pledges, grants
of security interests and other obligations, and the terms of each Parity Lien Document to which it is a party, shall continue
to be in full force and effect and such additional secured debt shall be entitled to all of the benefits of such Parity Lien Documents.

 

Governing Law and Miscellaneous
Provisions. The provisions of Article 7 of the Amended and Restated Collateral Trust Agreement will apply with like effect
to this Reaffirmation Agreement.

 

IN WITNESS WHEREOF, each
of the undersigned has caused this Reaffirmation Agreement to be duly executed as of the date written above.

 

		[names	of the Company, Grantors and Guarantors]

 

	 	 	 
	 	Name:	 
	 	Title:	 

 

    	 	A-3	 

     

    

 

Exhibit
B

 

[Form of]

Collateral Trust Joinder – Additional Debt

 

Reference is made to the
Amended and Restated Collateral Trust Agreement, dated as of August 1, 2017 (as amended, supplemented, amended and restated or
otherwise modified and in effect from time to time, the “Collateral Trust Agreement”), among Vanguard
Natural Resources, Inc. (f/k/a VNR Finance Corp.) (the “Company”), the Grantors and Guarantors from time
to time party thereto, Delaware Trust Company, as Trustee (as defined therein), and Delaware Trust Company, as Collateral Trustee.
Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Amended and Restated Collateral
Trust Agreement. This Collateral Trust Joinder is being executed and delivered pursuant to Section 3.8 of the Amended
and Restated Collateral Trust Agreement as a condition precedent to the debt for which the undersigned is acting as agent being
entitled to the benefits of being additional Parity Lien Debt under the Amended and Restated Collateral Trust Agreement.

 

[1.           Joinder.
The undersigned, _____________________, a _________________, (the “New Representative”) as [trustee,
administrative agent] under that certain [described applicable indenture, credit agreement or other document governing the
additional secured debt] hereby agrees to become party as a Parity Lien Representative under the Amended and Restated Collateral
Trust Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Amended and Restated
Collateral Trust Agreement as fully as if the undersigned had executed and delivered the Amended and Restated Collateral Trust
Agreement as of the date thereof.]1

 

[1][2.]   Additional
Secured Debt Designation

 

The undersigned, on behalf
of itself and each holder of Obligations in respect of the [Additional Notes][Series of Parity Lien Debt] for which
the undersigned is acting as Parity Lien Representative hereby agrees, for the enforceable benefit of all Parity Lien Secured Parties
and each existing and future holder of Parity Liens and as a condition to being treated as Parity Lien Debt under the Amended and
Restated Collateral Trust Agreement that:

 

(a)          subject
to Section 3.4 of the Amended and Restated Collateral Trust Agreement, all Parity Lien Obligations will be and are secured
equally and ratably by all Parity Liens at any time granted by the Company or any other Grantor to secure any Obligations in respect
of any [Additional Notes][Series of Parity Lien Debt], whether or not upon property otherwise constituting collateral
for such Series of Parity Lien Debt, and that all such Parity Liens will be enforceable by the Collateral Trustee for the benefit
of all holders of Parity Lien Obligations equally and ratably;

 

(b)          the
undersigned, on behalf of itself and each holder of Obligations in respect of the [Additional Notes][Series of Parity
Lien Debt] for which the undersigned is acting as Parity Lien Representative, hereby consents to and agrees (i) to be bound
by the provisions of the Intercreditor Agreement, including the provisions relating to the ranking of Parity Liens and the order
of application of proceeds from the enforcement of Parity Liens and (ii) to be bound by the terms of the Amended and Restated Collateral
Trust Agreement as if it were an original party thereto; and

 

 

1
Delete if Additional Parity Lien Debt constitutes Additional Notes.

 

    	 	B-1	 

     

    

 

(c)          the
undersigned, on behalf of itself and each holder of Obligations in respect of the [Additional Notes][Series of Parity
Lien Debt] for which the undersigned is acting as Parity Lien Representative, hereby appoints the Collateral Trustee to serve
as collateral trustee under the Security Documents on the terms and conditions set forth therein and hereby consents to the performance
by the Collateral Trustee of, and directs the Collateral Trustee to perform its obligations under the Amended and Restated Collateral
Trust Agreement, the Security Documents and the Intercreditor Agreement, together with all such powers as are reasonably incidental
thereto.

 

3.          Governing
Law and Miscellaneous Provisions. The provisions of Article 7 of the Amended and Restated Collateral Trust Agreement will apply
with like effect to this Collateral Trust Joinder.

 

IN WITNESS WHEREOF, the
parties hereto have caused this Collateral Trust Joinder to be executed by their respective officers or representatives as of ___________________,
20____.

 

	 	[insert name of the new representative]
	 	 
	 	 	 
	 	Name:	 
	 	Title:	 

 

The Collateral Trustee
hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as Collateral Trustee for the [New Representative][Trustee]
and the holders of the Obligations represented thereby:

 

	 	DELAWARE TRUST COMPANY, as Collateral Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	B-2	 

     

    

 

Exhibit
C

 

[Form of]

Collateral Trust Joinder – Additional Grantor

 

Reference is made to the
Amended and Restated Collateral Trust Agreement, dated as of [August 1], 2017 (as amended, supplemented, amended and restated or
otherwise modified and in effect from time to time, the “Collateral Trust Agreement”), among Vanguard
Natural Resources, Inc. (f/k/a VNR Finance Corp.) (the “Company”), the Grantors and Guarantors from time
to time party thereto, Delaware Trust Company, as Trustee (as defined therein), and Delaware Trust Company, as Collateral Trustee.
Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Amended and Restated Collateral
Trust Agreement. This Collateral Trust Joinder is being executed and delivered pursuant to Section 7.18 of the Amended
and Restated Collateral Trust Agreement.

 

1.          Joinder.
The undersigned, ___________________, a ___________________, hereby agrees to become party as a Grantor under the Amended and Restated
Collateral Trust Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Amended
and Restated Collateral Trust Agreement as fully as if the undersigned had executed and delivered the Amended and Restated Collateral
Trust Agreement as of the date thereof.

 

2.          Governing
Law and Miscellaneous Provisions. The provisions of Article 7 of the Amended and Restated Collateral Trust Agreement will apply
with like effect to this Collateral Trust Joinder.

 

IN WITNESS WHEREOF, the
parties hereto have caused this Collateral Trust Joinder to be executed by their respective officers or representatives as of _________________,
20____.

 

	 	[___________________________________]
	 	 
	 	By:
	 	Name:
	 	Title:

 

The Collateral Trustee
hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as Collateral Trustee with respect to the Collateral
pledged by the new Grantor:

 

	 	DELAWARE TRUST COMPANY, as Collateral Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	C-1

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