Document:

EX-10.11

 Exhibit 10.11 

EXECUTION VERSION 

AMENDED AND RESTATED 

COLLATERAL TRUST AGREEMENT 

dated as of October 26, 2015 

and amended and restated as of March 15, 2017 

among 
 EXCO RESOURCES, INC.,

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

as Administrative Agent under the Senior Third Lien Credit Agreement, 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Administrative Agent under the Junior Third Lien Credit Agreement, 

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

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Senior Third Lien Collateral Trustee, 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Junior Third Lien Collateral Trustee, 

and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 as Collateral Trustee, 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1	 
	
	DEFINITIONS; PRINCIPLES OF CONSTRUCTION	
			
	 Section 1.1
	 	 Defined Terms
	  	 	3	 
	 Section 1.2
	 	 Rules of Interpretation
	  	 	14	 
	
	ARTICLE 2	 
	
	THE TRUST ESTATE	
			
	 Section 2.1
	 	 Declaration of Trust
	  	 	15	 
	 Section 2.2
	 	 Collateral Shared Equally and Ratably
	  	 	16	 
	 Section 2.3
	 	 Similar Collateral and Agreements
	  	 	16	 
	 Section 2.4
	 	 Effectiveness in Insolvency or Liquidation Proceedings, Separate Classification
	  	 	17	 
	 Section 2.5
	 	 Certain Bankruptcy Matters
	  	 	17	 
	
	ARTICLE 3	 
	
	OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE	
			
	 Section 3.1
	 	 Appointment and Undertaking of the Collateral Trustee
	  	 	18	 
	 Section 3.2
	 	 Release or Subordination of Liens
	  	 	20	 
	 Section 3.3
	 	 Enforcement of Liens
	  	 	20	 
	 Section 3.4
	 	 Application of Proceeds
	  	 	22	 
	 Section 3.5
	 	 Powers of the Collateral Trustee
	  	 	24	 
	 Section 3.6
	 	 Documents and Communications
	  	 	24	 
	 Section 3.7
	 	 For Sole and Exclusive Benefit of Holders of Parity Lien Obligations
	  	 	24	 
	 Section 3.8
	 	 Additional Parity Lien Debt
	  	 	25	 
	 Section 3.9
	 	 Post-Petition Interest
	  	 	27	 
	 Section 3.10
	 	 Reinstatement
	  	 	27	 
	
	ARTICLE 4	 
	
	OBLIGATIONS ENFORCEABLE BY THE COMPANY AND THE OTHER GRANTORS	
			
	 Section 4.1
	 	 Release of Liens on Collateral
	  	 	28	 
	 Section 4.2
	 	 Delivery of Copies to Parity Lien Representatives
	  	 	30	 
	 Section 4.3
	 	 Collateral Trustee not Required to Serve, File or Record
	  	 	30	 
	 Section 4.4
	 	 Release of Liens
	  	 	30	 

							
	ARTICLE 5	 
	
	IMMUNITIES OF THE COLLATERAL TRUSTEE	
			
	 Section 5.1
	 	 No Implied Duty
	  	 	30	 
	 Section 5.2
	 	 Appointment of Agents and Advisors
	  	 	31	 
	 Section 5.3
	 	 Other Agreements
	  	 	31	 
	 Section 5.4
	 	 Solicitation of Instructions
	  	 	31	 
	 Section 5.5
	 	 Limitation of Liability
	  	 	32	 
	 Section 5.6
	 	 Documents in Satisfactory Form
	  	 	32	 
	 Section 5.7
	 	 Entitled to Rely
	  	 	32	 
	 Section 5.8
	 	 Parity Lien Debt Default
	  	 	32	 
	 Section 5.9
	 	 Actions by Collateral Trustee
	  	 	32	 
	 Section 5.10
	 	 Security or Indemnity in favor of the Collateral Trustee
	  	 	33	 
	 Section 5.11
	 	 Rights of the Collateral Trustee
	  	 	33	 
	 Section 5.12
	 	 Limitations on Duty of Collateral Trustee in Respect of Collateral
	  	 	33	 
	 Section 5.13
	 	 Assumption of Rights, Not Assumption of Duties
	  	 	34	 
	 Section 5.14
	 	 No Liability for Clean Up of Hazardous Materials
	  	 	34	 
	 Section 5.15
	 	 Other Relationships with the Company, Grantors or Guarantors
	  	 	35	 
	
	ARTICLE 6	 
	
	RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE	
			
	 Section 6.1
	 	 Resignation or Removal of Collateral Trustee
	  	 	35	 
	 Section 6.2
	 	 Appointment of Successor Collateral Trustee
	  	 	36	 
	 Section 6.3
	 	 Succession
	  	 	36	 
	 Section 6.4
	 	 Merger, Conversion or Consolidation of Collateral Trustee
	  	 	36	 
	 Section 6.5
	 	 Concerning the Collateral Trustee and the Parity Lien Representatives
	  	 	37	 
	
	ARTICLE 7	 
	
	MISCELLANEOUS PROVISIONS	
			
	 Section 7.1
	 	 Amendment
	  	 	38	 
	 Section 7.2
	 	 Voting
	  	 	40	 
	 Section 7.3
	 	 Further Assurances
	  	 	40	 
	 Section 7.4
	 	 Successors and Assigns
	  	 	41	 
	 Section 7.5
	 	 Delay and Waiver
	  	 	41	 
	 Section 7.6
	 	 Notices
	  	 	41	 
	 Section 7.7
	 	 Entire Agreement
	  	 	43	 
	 Section 7.8
	 	 Compensation; Expenses
	  	 	43	 
	 Section 7.9
	 	 Indemnity
	  	 	44	 
	 Section 7.10
	 	 Severability
	  	 	45	 
	 Section 7.11
	 	 Headings
	  	 	45	 
	 Section 7.12
	 	 Obligations Secured
	  	 	45	 
	 Section 7.13
	 	 Governing Law
	  	 	45	 

  
 ii 

							
	 Section 7.14
	 	 Consent to Jurisdiction
	  	 	45	 
	 Section 7.15
	 	 Waiver of Jury Trial
	  	 	46	 
	 Section 7.16
	 	 Counterparts, Electronic Signatures
	  	 	46	 
	 Section 7.17
	 	 Effectiveness
	  	 	46	 
	 Section 7.18
	 	 Grantors and Additional Grantors
	  	 	46	 
	 Section 7.19
	 	 Insolvency
	  	 	47	 
	 Section 7.20
	 	 Rights and Immunities of Parity Lien Representatives
	  	 	47	 
	 Section 7.21
	 	 Intercreditor Agreement
	  	 	47	 
	 Section 7.22
	 	 Force Majeure
	  	 	48	 
	 Section 7.23
	 	 U.S.A. Patriot Act
	  	 	48	 

  

			
	 Exhibit A
	  	 [Form of] Additional Parity Lien Debt Certificate

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

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

  
 iii 

 This Collateral Trust Agreement (as amended, supplemented, amended and restated or otherwise
modified form time to time in accordance with Section 7.1 hereof, this “Agreement”) is dated as of October 26, 2015, and amended and restated as of March 15, 2017 (the
“Restatement Effective Date”), and is by and among EXCO Resources, Inc., a Texas corporation (the “Company”), the Grantors and Guarantors from time to time party hereto, Wilmington Trust, National
Association, as Senior Third Lien Administrative Agent (as defined below), Wilmington Trust, National Association, as Senior Third Lien Collateral Trustee, Wilmington Trust, National Association, as Junior Third Lien Administrative Agent, Wilmington
Trust, National Association, as Junior Third Lien Collateral Trustee, and Wilmington Trust, National Association, as collateral trustee hereunder (in such capacity and together with its successors in such capacity, the “Collateral
Trustee”). 
 RECITALS 

WHEREAS, the Company intends to incur (on an exchange basis) term loans (the “Senior Third Lien Term Loans”) pursuant
to a 1.75 Lien Term Loan Credit Agreement dated as of March 15, 2017 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Senior Third Lien Credit Agreement”) among
the Company, the guarantors party thereto from time to time, the lenders party thereto from time to time, Wilmington Trust, National Association, as Administrative Agent (as defined therein) (in such capacity and together with its successors in such
capacity, the “Senior Third Lien Administrative Agent”) and Wilmington Trust, National Association, as Collateral Trustee (as defined therein) (in such capacity and together with its successors in such capacity, the
“Senior Third Lien Collateral Trustee”). 
 WHEREAS, the Company incurred term loans (the “Junior Third
Lien Term Loans” and, together with the Senior Third Lien Term Loans, “Term Loans”) pursuant to an existing Term Loan Credit Agreement, dated as of October 19, 2015 (as amended, supplemented, amended and
restated or otherwise modified and in effect from time to time, the “Junior Third Lien Credit Agreement”) among the Company, the guarantors party thereto from time to time, the lenders party thereto from time to time,
Wilmington Trust, National Association, as Administrative Agent (as defined therein) (in such capacity and together with its successors in such capacity, the “Junior Third Lien Administrative Agent”) and Wilmington Trust,
National Association, as Collateral Trustee (as defined therein) (in such capacity and together with its successors in such capacity, the “Junior Third Lien Collateral Trustee”). For the avoidance of doubt, prior to the
amendment and restatement of this Agreement effectuated on the Restatement Effective Date, the “Junior Third Lien Credit Agreement” was referred to hereunder as the “Exchange Term Loan Agreement.” 

WHEREAS, on October 26, 2015, (x) the Junior Third Lien Term Loans were designated as Parity Lien Debt hereunder pursuant to an
Additional Parity Lien Debt Certificate and (y) the Junior Third Lien Administrative Agent was designated as a Parity Lien Representative hereunder pursuant to a Collateral Trust Joinder. 

WHEREAS, (i) prior to, and following, the Restatement Effective Date, the Company, the Grantors and the Guarantors secured, and shall
continue to secure, their Obligations under the Junior Third Lien Credit Agreement and any future Parity Lien Debt and 

 
any other Parity Lien Obligations with Liens on all present and future Collateral to the extent that such Liens have been provided for in the applicable Parity Lien Security Documents and
(ii) on and following the Restatement Effective Date, the grant of Liens of the Grantors and Guarantors hereunder and pursuant to the Junior Third Lien Credit Agreement Security Documents and Senior Third Lien Credit Agreement Security
Documents secures the Obligations of the Grantors and Guarantors under the Senior Third Lien Credit Agreement. 
 WHEREAS, this Agreement
sets forth the terms on which each Parity Lien Secured Party (other than the Collateral Trustee) has appointed the Collateral Trustee to act as the collateral trustee for the present and future holders of the Parity Lien Obligations to receive,
hold, maintain, administer and distribute the Collateral at any time delivered to the Collateral Trustee or the subject of the Parity Lien Security Documents, and to enforce the Parity Lien Security Documents and all interests, rights, powers and
remedies of the Collateral Trustee with respect thereto or thereunder and the proceeds thereof. 
 WHEREAS, on the Restatement Effective
Date, (x) in connection with the incurrence (on an exchange basis) of the Senior Third Lien Term Loans, the term loans under that certain Term Loan Credit Agreement dated as of October 19, 2015, among the Company, the guarantors party
thereto from time to time, the lenders party thereto from time to time and, Hamblin Watsa Investment Counsel Ltd., as Administrative Agent, shall have been repaid in full (and, for the avoidance of doubt, with it being understood that prior to the
amendment and restatement of this Agreement effectuated on the Restatement Effective Date, such Term Loan Credit Agreement was referred to hereunder as the “Second Lien Credit Agreement”), (y) the Senior Third Lien Administrative Agent, to
reflect its designation as Parity Lien Representative hereunder in respect of the Senior Third Lien Credit Agreement, will execute and deliver to the Collateral Trustee a Collateral Trust Joinder in accordance with
Section 3.8 and (z) in accordance with Section 3.8 the Company will execute and deliver to the Collateral Trustee an Additional Parity Lien Debt
Certificate to designate the Indebtedness and other Obligations (as defined in the Senior Third Lien Credit Agreement) under the Senior Third Lien Credit Agreement Documents as Parity Lien Debt hereunder. 

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. 

  
 2 

 “Additional Parity Lien Debt” has the meaning set forth in
Section 3.8(b). 
 “Additional Parity Lien Debt Certificate” means a
notice in substantially the form of Exhibit A. 
 “Additional Secured Debt Designation” means the
written agreement of the Parity Lien Representative of holders of any Series of Parity Lien Debt (in accordance with the terms of the indenture, credit agreement or other agreement governing such Series of Parity Lien Debt), for the benefit of all
holders of existing and future Priority Lien Debt, the Priority Lien Collateral Agent, each existing and future holder of Priority Liens, all holders of each existing and future Series of Parity Lien Debt, the Collateral Trustee and each existing
and future holder of Parity Liens: 
 (1)    subject to Section 3.4 of this Agreement, that all
Parity Lien Obligations will be and are secured equally and ratably by all Parity Liens at any time granted by the Company, any Grantor or any Guarantor to secure any Obligations in respect of such Series of Parity Lien Debt, whether or not upon
property otherwise constituting Collateral for such Series of Parity Lien Debt, and that, subject to Section 3.4 of this Agreement, all such Parity Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Parity
Lien Obligations equally and ratably; 
 (2)    that such Parity Lien Representative and the holders of
Obligations in respect of such Series of Parity Lien Debt are bound by the provisions of the Intercreditor Agreement and this Agreement, including the provisions relating to the ranking of Priority Liens, Parity Liens and Junior Liens and the order
of application of proceeds from the enforcement of Priority Liens, Parity Liens and Junior Liens; and 

(3)    appointing the Collateral Trustee and consenting to the terms of the Intercreditor Agreement and the
performance by the Collateral Trustee of, and directing the Collateral Trustee to perform, its obligations under this Agreement, the Parity Lien Security Documents and the Intercreditor Agreement, together with all such powers as are reasonably
incidental thereto. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by or under direct or indirect common control with such Person. For purposes of this definition, a Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or
cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, “controlling” and “controlled” shall have
meanings correlative thereto. 
 “Agreement” has the meaning set forth in the preamble. 

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

  
 3 

 “Bankruptcy Law” means the Bankruptcy Code and any similar federal, state
or foreign law for the relief of debtors. 
 “Board of Directors” means: (1) with respect to a corporation, the
board of directors of the corporation; (2) with respect to a partnership, the Board of Directors of the general partner of the partnership; and (3) with respect to any other Person, the board or committee of such Person serving a similar
function. 
 “Business Day” means any day excluding Saturday, Sunday and any other day on which banking institutions
in New York City or any other place of payment are authorized or required by law or other governmental actions to close. 

“Capital Stock” means: 

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

(2)    in the case of an association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock; 
 (3)    in the case of a
partnership or limited liability company, partnership or membership interests (whether general or limited); and 

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

“Collateral” means all assets and property of the Company or a Grantor, whether real, personal or mixed, wherever
located and whether now owned or at any time acquired after the earlier of the date of the Senior Third Lien Credit Agreement or the date of the Junior Third Lien Credit Agreement by the Company or a Grantor as to which a Lien has been granted under
any of the Parity Lien Security Documents to secure any of the Parity Lien Obligations. 
 “Collateral Trustee” has
the meaning set forth in the preamble. 
 “Collateral Trust Joinder” means (1) with respect to the provisions
of this Agreement relating to any Additional Parity Lien Debt, an agreement substantially in the form of Exhibit B and (2) with respect to the provisions of this Agreement relating to the addition of additional Grantors, an
agreement substantially in the form of Exhibit C. 
 “Company” has the meaning set forth in the
preamble. 
 “Credit Agreement” means the “Priority Credit Agreement” as defined in the Intercreditor
Agreement. 

  
 4 

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

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

“Financial Officer” of any Person means the Chief Financial Officer, Chief Accounting Officer, principal accounting
officer, Controller, Treasurer or Assistant Treasurer of such Person. 
 “First-Out
Obligations” means all Parity Lien Obligations in respect of the Senior Third Lien Term Loans or that otherwise comprise clause (1) of the definition of Parity Lien Debt. 

“First-Out Secured Parties” means each holder of a First-Out Obligation, including the Senior Third Lien Administrative Agent and the Senior Third Lien Collateral Trustee. 

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

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

“Guarantor” means any Person who has Guaranteed payment of any Parity Lien Obligations, and their respective
successors and assigns. 
 “Indebtedness” has the meaning assigned to such term in the Senior Third Lien Credit
Agreement or to such term or other similar term in any applicable Parity Lien Document. 

  
 5 

 “Indemnified Liabilities” means any and all liabilities (including all
environmental liabilities), obligations, losses, damages, penalties, actions, judgments, suits, costs, taxes, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, performance, administration or
enforcement of this Agreement or any of the other Parity Lien Security Documents, including any of the foregoing relating to the use of proceeds of any Parity Lien Debt or the violation of, noncompliance with or liability under, any law (including
environmental laws) applicable to or enforceable against the Company, any Subsidiary of the Company or any Grantor or Guarantor or any of the Collateral and all 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). 

“Insolvency or Liquidation Proceeding” means: 

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

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

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

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

  
 6 

 “Junior Third Lien Credit Agreement” has the meaning set forth in the
recitals. 
 “Junior Third Lien Credit Agreement Documents” means the Junior Third Lien Credit Agreement, the
Intercreditor Agreement, the Junior Third Lien Credit Agreement Security Documents and all other loan documents (including the Loan Documents (as defined in the Junior Third Lien Credit Agreement)), notes, guarantees, instruments and agreements
governing or evidencing the Term Loans (as defined in the Junior Third Lien Credit Agreement) and other obligations under the Junior Third Lien Credit Agreement. 

“Junior Third Lien Credit Agreement Guarantees” means any guarantee of the obligations of the Company under the Junior
Third Lien Credit Agreement Documents and the Term Loans (as defined in the Junior Third Lien Credit Agreement) by any Restricted Subsidiary (as defined in the Junior Third Lien Credit Agreement) in accordance with the provisions of the Junior Third
Lien Credit Agreement Documents. 
 “Junior Third Lien Credit Agreement Security Agreement” means the Security
Agreement, dated as of October 26, 2015, among the Company, the Grantors and Guarantors party thereto and the Collateral Trustee, on behalf of itself and the Parity Lien Secured Parties, as the same may be amended, supplemented or otherwise
modified or replaced from time to time. For the avoidance of doubt, as of the Restatement Effective Date the Junior Third Lien Credit Agreement Security Agreement is (and is intended to be) documented pursuant to the same Security Agreement as the
Senior Third Lien Credit Agreement Security Agreement. 
 “Junior Third Lien Credit Agreement Security Documents”
means this Agreement, each Collateral Trust Joinder, the Junior Third Lien Credit Agreement Security Agreement and all other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements,
control agreements or other grants or transfers for security executed and delivered by the Company, any Grantor or any Guarantor creating (or purporting to create) a Lien upon Collateral in favor of the Junior Third Lien Collateral Trustee (or the
Collateral Trustee, as the case may be), for the benefit of the Secured Parties (as defined in the Junior Third Lien Credit Agreement) (or the Parity Lien Secured Parites, as the case may be), in each case, as amended, modified, renewed, restated or
replaced, in whole or in part, from time to time, in accordance with its terms and Section 7.1. For the avoidance of doubt, as of the Restatement Effective Date the Junior Third Lien Credit Agreement
Security Documents are (and are intended to be) documented pursuant to the same documentation as the Senior Third Lien Credit Agreement Security Documents. 

“Junior Third Lien Debt” means the Junior Third Lien Term Loans, the “Obligations” (as such term is defined
in the Junior Third Lien Credit Agreement) and Junior Third Lien Credit Agreement Guarantees thereof (including replacements of such Parity Lien Debt with other Parity Lien Debt that is secured equally and ratably with the Junior Third Lien Term
Loans by a Parity Lien to the extent contemplated and permitted by the Intercreditor Agreement) and all other Obligations in respect of the foregoing. 

“Junior Third Lien Term Loans” has the meaning set forth in the recitals. 

  
 7 

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

“Non-Conforming Plan of Reorganization” means any Plan of
Reorganization that (A) does not provide for the Discharge of First-Out Obligations in full, in cash on the effective date of such plan or (B) that has not been approved by either (x) the
Required Lenders (as defined in the Senior Third Lien Credit Agreement) or (y) the Second Lien Majority Holders. 

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

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

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

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

  
 8 

 “Parity Lien Debt” means: 

(1)    the Senior Third Lien Debt; 

(2)    the Junior Third Lien Debt; and 

(3)    any other Indebtedness (other than intercompany Indebtedness owing to the Company or its Subsidiaries) of the
Company, any Grantor or any Guarantor (including replacements of Parity Lien Debt with other Parity Lien Debt to the extent contemplated and permitted by the Intercreditor Agreement) that is permitted to be incurred under
Section 6.01(b)(3)(y) or Section 6.01(b)(3)(z) of the Senior Third Lien Credit Agreement that is secured equally and ratably with the Junior Third Lien Term Loans by a Parity Lien that was
permitted to be incurred under clause (c)(y) of the definition of “Permitted Liens” (as defined in the Senior Third Lien Credit Agreement) and also permitted to be incurred and so secured under each applicable Secured Debt Document;
provided that in the case of any Indebtedness referred to in clause (3) of this definition, that: 

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

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

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

  
 9 

 “Parity Lien Obligations” means Parity Lien Debt and all other
Obligations in respect thereof, including any “Obligations” (as defined in the Senior Third Lien Credit Agreement) and any “Obligations” (as defined in the Junior Third Lien Credit Agreement). 

“Parity Lien Representative” means: 

(1)    in the case of the Senior Third Lien Term Loans, the Senior Third Lien Administrative Agent; 

(2)    in the case of the Junior Third Lien Term Loans, the Junior Third Lien Administrative Agent; or 

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

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

“Plan of Reorganization” means any plan of reorganization, plan of liquidation, agreement for composition, or
other type of plan of arrangement proposed in or in connection with any Insolvency or Liquidation Proceeding. 
 “Priority
Lien” has the meaning assigned to such term in the Intercreditor Agreement. 

  
 10 

 “Priority Lien Collateral Agent” means JPMorgan Chase Bank, N.A., as
agent under the Credit Agreement and any successor thereof in such capacity under the Credit Agreement, and, from and after the date of execution and delivery of a Priority Substitute Facility (as defined in the Intercreditor Agreement), the agent,
collateral agent, trustee or other representative of the lenders or holders of the indebtedness and other Obligations evidenced thereunder or governed thereby, in each case, together with its successors in such capacity. 

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

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

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

“Priority Lien Representative” has the meaning assigned to the term “Senior Priority Lien Representative”
term in the Second Lien Indenture. 
 “Production Payments and Reserve Sales” means the grant or transfer by the
Company or a Restricted Subsidiary of the Company to any Person of a royalty, overriding royalty, net profits interest, production payment (whether volumetric or dollar denominated), partnership or other interest in oil and gas properties, reserves
or the right to receive all or a portion of the production or the proceeds from the sale of production attributable to such properties, including any such grants or transfers pursuant to incentive compensation programs on terms that are reasonably
customary in the oil and gas business for geologists, geophysicists and other providers of technical services to the Company or a Subsidiary of the Company. 

“Reaffirmation Agreement” means an agreement reaffirming the security interests granted to the Collateral Trustee in
substantially the form attached as Exhibit 1 to Exhibit A of this Agreement. 
 “Required Parity Lien
Debtholders” means (x) until the Discharge of the First-Out Obligations, the holders of 66 2/3% in aggregate principal amount of all Parity Lien Debt (other than Party Lien Debt
constituting Last-Out Obligations) then outstanding, calculated in accordance with the provisions of Section 7.2 and (y) thereafter, the holders of 66 2/3%
in aggregate principal amount of all Parity Lien Debt then outstanding, calculated in accordance with the provisions of Section 7.2. For purposes of this definition, Parity Lien Debt registered in the
name of, or beneficially owned by, the Company or any Affiliate of the Company will be deemed not to be outstanding; provided, that for purposes of such restriction Fairfax Financial Holdings Limited, Energy Strategic Advisory Services LLC,
Oaktree Capital Management and LS Power Group and their respective Affiliates and subsidiaries (other than the Company and its Subsidiaries) shall not be deemed to be Affiliates of the Company. 

“Restatement Effective Date” has the meaning set forth in the preamble. 

“Restricted Subsidiary” has the meaning assigned to such term in the Senior Third Lien Credit Agreement. 

  
 11 

 “Second Lien” has the meaning assigned to the term “Second
Lien” in the Intercreditor Agreement. 
 “Second Lien Collateral Trustee” has the meaning assigned to the term
“Second Lien Collateral Trustee” in the Intercreditor Agreement. 
 “Second Lien Indenture” means that
certain Indenture dated as of March 15, 2017 among the Company, as the Issuer (as defined therein), certain subsidiaries of the Company, as guarantors, the Trustee (as defined therein) and the Second Lien Collateral Trustee, as the same may be
amended, supplemented, modified, restated, refinanced or replaced on or prior to the Restatement Effective Date and as may be amended, supplemented, modified, restated, refinanced or replaced from time to time after the Restatement Effective Date in
accordance with the Intercreditor Agreement and with the same and/or different noteholders and/or trustees in accordance with the Intercreditor Agreement. 

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

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

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

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

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

 “Senior Third Lien Administrative Agent” has the meaning set forth in the recitals. 

“Senior Third Lien Collateral Trustee” has the meaning set forth in the recitals. 

“Senior Third Lien Credit Agreement” has the meaning set forth in the recitals. 

  
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 “Senior Third Lien Credit Agreement Documents” means the Senior Third
Lien Credit Agreement, the Intercreditor Agreement, the Senior Third Lien Credit Agreement Security Documents and all other loan documents (including the Loan Documents (as defined in the Senior Third Lien Credit Agreement)), notes, guarantees,
instruments and agreements governing or evidencing the Term Loans (as defined in the Senior Third Lien Credit Agreement) and other obligations under the Senior Third Lien Credit Agreement. 

“Senior Third Lien Credit Agreement Guarantees” means any guarantee of the obligations of the Company under the Senior
Third Lien Credit Agreement Documents and the Term Loans (as defined in the Senior Third Lien Credit Agreement) by any Restricted Subsidiary in accordance with the provisions of the Senior Third Lien Credit Agreement Documents. 

“Senior Third Lien Credit Agreement Security Agreement” means the Security Agreement, dated as of October 26,
2015, among the Company, the Grantors and Guarantors party thereto and the Collateral Trustee, on behalf of itself and the Parity Lien Secured Parties, as the same may be amended, supplemented or otherwise modified or replaced from time to time. For
the avoidance of doubt, as of the Restatement Effective Date the Senior Third Lien Credit Agreement Security Agreement is (and is intended to be) documented pursuant to the same Security Agreement as the Junior Third Lien Credit Agreement Security
Agreement. 
 “Senior Third Lien Credit Agreement Security Documents” means this Agreement, each Collateral Trust
Joinder, the Senior Third Lien Credit Agreement Security Agreement and all other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers
for security executed and delivered by the Company, any Grantor or any Guarantor creating (or purporting to create) a Lien upon Collateral in favor of the Senior Third Lien Collateral Trustee (or the Collateral Trustee, as the case may be), for the
benefit of the Secured Parties (as defined in the Senior Third Lien Credit Agreement) (or the Parity Lien Secured Parties, as the case may be), in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to
time, in accordance with its terms and Section 7.1. For the avoidance of doubt, as of the Restatement Effective Date the Senior Third Lien Credit Agreement Security Documents are (and are intended to
be) documented pursuant to the same documentation as the Junior Third Lien Credit Agreement Security Documents. 
 “Senior Third
Lien Debt” means the Senior Third Lien Term Loans, the “Obligations” (as such term is defined in the Senior Third Lien Credit Agreement) and Senior Third Lien Credit Agreement Guarantees thereof (including replacements of such
Parity Lien Debt with other Parity Lien Debt that is secured equally and ratably with the Senior Third Lien Term Loans by a Parity Lien to the extent contemplated and permitted by the Intercreditor Agreement) and all other Obligations in respect of
the foregoing. 
 “Senior Third Lien Term Loans” has the meaning set forth in the recitals. 

“Series of Parity Lien Debt” means, severally, the Senior Third Lien Term Loans, the Junior Third Lien Term Loans and
each other issue or series of Parity Lien Debt for which a single transfer register is maintained. 

  
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 “Subsidiary” means, with respect to any specified Person: (1) any
corporation, association, limited liability company or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than fifty percent (50.0%) of the total voting power of Voting Stock is
at the time owned or controlled, directly or through another subsidiary, by that Person or one or more of the other subsidiaries of that Person (or a combination thereof); and (2) any partnership, joint venture, limited liability company or
similar entity of which (a) more than fifty percent (50.0%) of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are owned or controlled, directly or
indirectly, by such Person or one or more of the other subsidiaries of that Person (or a combination thereof) whether in the form of membership, general, special or limited partnership or otherwise, and (b) such Person or any Restricted
Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 
 “Term Loans” has
the meaning set forth in the recitals. 
 “Trust Estate” has the meaning set forth in
Section 2.1. 
 “UCC” means the Uniform Commercial Code as in effect
from time to time in the State of New York or any other applicable jurisdiction. 
 “Voting Stock” of any Person as
of any date means the Capital Stock of such Person that is at the time entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors of such Person. 

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 Senior Third Lien Credit Agreement. 
 (b)    Unless otherwise indicated, any reference to any agreement or
instrument will be deemed to include a reference to that agreement or instrument as assigned, amended, supplemented, amended and restated, or otherwise modified and in effect from time to time or replaced in accordance with the terms of this
Agreement. 
 (c)    The use in this Agreement or any of the other Parity Lien Security Documents, the word
“include” or “including,” when following any general statement, term or matter, will not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to
similar items or matters, whether or not non-limiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but will be
deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. The word “will” shall be construed to have the same meaning and effect as the word “shall.”

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

  
 14 

 (e)    Notwithstanding anything to the contrary in this Agreement, any
references contained herein to any section, clause, paragraph, definition or other provision of the Senior Third Lien Credit Agreement (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 Senior
Third Lien Credit Agreement (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 Senior Third Lien Credit Agreement. 

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

THE TRUST ESTATE 

Section 2.1 Declaration of Trust. 

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

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

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

(i)    all Liens securing the Parity Lien Obligations have been released as provided in
Section 4.1; 
 (ii)    the Collateral Trustee holds no
other property in trust as part of the Trust Estate; 

  
 15 

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

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

then the Trust Estate arising hereunder will terminate, except that all provisions set forth in Sections 7.8 and
7.9 that are enforceable by the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative capacity) will remain enforceable in accordance with their
terms. 
 The parties further declare and covenant that the Trust Estate will be held and distributed by the Collateral Trustee subject to
the further agreements herein. 
 Section 2.2 Collateral Shared Equally and Ratably. The parties to this Agreement agree that
the payment and satisfaction of all of the Parity Lien Obligations will be secured, subject to Section 3.4 of this Agreement, equally and ratably by the Parity Lien established in favor of the Collateral Trustee for the benefit of the Parity
Lien Secured Parties (but, for the avoidance of doubt, subject to the application of proceeds set forth in Section 3.4), 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, subject
to the application of proceeds set forth in Section 3.4, 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 subject to the application of proceeds set forth in Section 3.4 that all such Parity
Liens will be enforceable by the Collateral Trustee for the benefit of all Parity Lien Secured Parties equally and ratably. 

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

  
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 Section 2.4 Effectiveness in Insolvency or Liquidation Proceedings, Separate
Classification. This Agreement, which the parties hereto expressly acknowledge is a “subordination agreement” under Section 510(a) of the Bankruptcy Code, shall be effective before, during and after the commencement of an Insolvency or
Liquidation Proceeding notwithstanding Section 1129(b)(1) of the Bankruptcy Code, and is intended to be and shall be interpreted to be enforceable against the parties hereto including each Grantor. All references in this Agreement to the Company,
any Guarantor and any Grantor shall include such Person as a debtor-in-possession and any receiver or trustee for such Person in any Insolvency or Liquidation
Proceeding. 
 Section 2.5 Certain Bankruptcy Matters. 

(a)    If any Grantor shall become subject to a case (a “Bankruptcy Case”) under the Bankruptcy
Code and shall, as debtor(s)-in-possession, move for approval of financing, which, for the avoidance of doubt, may include a
roll-up of the First-Out Obligations (“DIP Financing”) to be provided by one or more lenders, which, for the avoidance of doubt, may include the
holders of First-Out Obligations (the “DIP Lenders”), under Section 364 of the Bankruptcy Code or the use of cash collateral or the sale of property that constitutes Collateral
under Section 363 of the Bankruptcy Code, that is not objected to by the Senior Third Lien Administrative Agent or otherwise in accordance with an Act of the Parity Lien Debtholders, each Parity Lien Secured Party (other than the Senior Third
Lien Administrative Agent or Collateral Trustee upon an Act of Parity Lien Debtholders) agrees that it will not raise any objection to, or support any Person objecting to, and shall be deemed to have consented to, any such financing or to the Liens
on the Collateral securing the same (“DIP Financing Liens”) or to any use of cash collateral or sale that constitutes Collateral (including any, bid or sale procedure in respect thereof), unless the Senior Third Lien
Administrative Agent or the Collateral Trustee upon an Act of Parity Lien Debtholders, shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral or sale of Collateral (and (i) to the extent that
such DIP Financing Liens are senior to the Liens on any such Collateral for the benefit of the holders of First-Out Obligations, each other holder of any Parity Lien Obligations will consent to the
subordination of its Liens with respect to such Collateral on the same terms as the Liens of the holders of First-Out Obligations (other than any Liens of any holders of
First-Out Obligations constituting DIP Financing Liens) are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu with the Liens on any such
Collateral granted to secure the Parity Lien Obligations, each other holder of Parity Lien Obligations will confirm the priorities with respect to such Collateral as set forth herein), in each case so long as (A) the Parity Lien Secured Parties
retain the benefit of their Liens on all such Collateral pledged to the DIP Lenders, including proceeds thereof arising after the commencement of such proceeding, with the same priority
vis-à-vis all the other Parity Lien Secured Parties (other than any Liens of the holders of First-Out Obligations
constituting DIP Financing Liens) as existed prior to the commencement of the Bankruptcy Case, (B) the Parity Lien Secured Parties of each Series of Parity Lien Debt are granted Liens on any additional collateral pledged to any Parity Lien
Secured Parties as adequate protection or otherwise in connection with such DIP Financing or use of cash collateral, with the same priority vis-à-vis the Parity
Lien Secured Parties as set forth in this Agreement, (C) if any amount of such DIP Financing or cash collateral is applied to repay any of the Parity Lien Obligations, such amount is applied pursuant to Section 3.4 of this Agreement and
(D) if any Parity Lien Secured Parties are granted adequate protection, including in the form of periodic payments, in connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection are applied pursuant
to Section 3.4 of this 

  
 17 

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

(b)    The parties hereto acknowledge and agree that the First-Out
Obligations (and the Collateral securing such Obligations) constitute a separate and distinct class and separate and distinct claims from the other Parity Lien Obligations (and the security therefor). To further effectuate the intent of the parties
as provided in the immediately preceding sentence, if it is held that the claims of the First-Out Secured Parties and the Last-Out Secured Parties in respect of the
Collateral constitute only one secured claim (rather than separate classes of secured claims), then each of the parties hereto hereby acknowledges and agrees that all distributions shall be made as if there were separate classes of secured claims
against the Grantors in respect of the Collateral (for this purpose ignoring all claims in respect of any Last-Out Obligations) and the First-Out Secured Parties shall
be entitled to receive, in addition to amounts distributed to them from, or in respect of, the Collateral, payment in full, in cash, of all First-Out Obligations, irrespective of whether a claim for such
amounts is allowed or allowable in such Insolvency or Liquidation Proceeding, before any distribution from, or in respect of, any Collateral is made in respect of the claims held by the Last-Out Secured
Parties who are not First-Out Secured Parties, with the Junior Third Lien Collateral Trustee (on behalf of the Last-Out Secured Parties who are not First-Out Secured Parties) and the Last-Out Secured Parties who are not First-Out Secured Parties acknowledging and agreeing to turn
over to the First-Out Secured Parties amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the
claim or recovery of the Last-Out Secured Parties who are not First-Out Secured Parties. 

ARTICLE 3 
 OBLIGATIONS
AND POWERS OF COLLATERAL TRUSTEE 
 Section 3.1 Appointment and Undertaking of the Collateral Trustee. 

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

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

  
 18 

 (ii)    unless it has received a contrary Act of Parity Lien
Debtholders, be entitled (but not obligated) to, take all lawful and commercially reasonable actions permitted under the Parity Lien Security Documents necessary or advisable to protect or preserve its interest in the Collateral subject thereto and
such interests, rights, powers and remedies; 
 (iii)    deliver and receive notices pursuant to this
Agreement and the Parity Lien Security Documents; 
 (iv)     sell, assign, collect, assemble, foreclose
on, institute legal proceedings with respect to, or otherwise exercise or enforce the rights and remedies of a secured party (including a mortgagee, trust deed beneficiary and insurance beneficiary or loss payee) with respect to the Collateral under
the Parity Lien Security Documents and its other interests, rights, powers and remedies; 
 (v)    remit
as provided in Section 3.4 all cash proceeds received by the Collateral Trustee from the collection, foreclosure or enforcement of its interest in the Collateral under the Parity Lien Security Documents
or any of its other interests, rights, powers or remedies; 
 (vi)    execute and deliver
(i) amendments and supplements to the Parity Lien Security Documents as from time to time authorized pursuant to Section 7.1 accompanied by an Officers’ Certificate and Opinion of Counsel to
the effect that the amendment was permitted under Section 7.1 and (ii) acknowledgements of Collateral Trust Joinders delivered pursuant to Section 3.8
or 7.18 hereof 
 (vii)    release or subordinate any Lien granted to it by any Parity Lien
Security Document upon any Collateral if and as required by Section 3.2; and 

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

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

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

  
 19 

 
purposes of determining such eligibility standards Fairfax Financial Holdings Limited and its Affiliates and subsidiaries (other than the Company and its Subsidiaries) shall not be deemed to be
Affiliates of the Company. 
 (e)    Each of the Parity Lien Secured Parties, by its acceptance hereof, agrees that it
will not propose, sponsor, support, vote in favor of or agree to any Non-Conforming Plan of Reorganization. 

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

(a)    as directed by an Act of Parity Lien Debtholders accompanied by an Officers’ Certificate to the
effect that the release or subordination was permitted by (x) prior to the Discharge of First-Out Obligations, the Parity Lien Documents evidencing the First-Out
Obligations and (y) thereafter, each applicable Parity Lien Document, and otherwise setting forth the requirements of Sections 4.1(b)(i) and 4.1(b)(ii); 

(b)    as required by Article 4; 

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

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

(a)    If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any
event has occurred that constitutes a default or event of default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral
Trustee will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, the Collateral Trustee may await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act,
or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or
applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. Unless it has
been directed to the contrary by an Act of Parity Lien Debtholders, the Collateral Trustee in any event may (but will not be obligated to), subject to the terms of the Intercreditor Agreement, take or refrain from taking such action with respect to
any default or event of default under any Parity Lien Document as it may deem advisable and in the interest of the holders of Parity Lien Obligations; provided, however, nothing in this

  
 20 

 
Section 3.3(a) shall require Collateral Trustee to take any action, or refrain to take any action which, in its judgment or the judgment of its counsel, may expose Collateral
Trustee to liability or that is contrary to any Parity Lien Documents or applicable Governmental Requirement. No Parity Lien Secured Party will contest, protest or object to the exercise of any enforcement right relating to the Collateral brought by
the Collateral Trustee or any other exercise by the Collateral Trustee of any rights and remedies relating to the Collateral, in each case, in accordance with the terms of this Agreement. 

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

  
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 Section 3.4 Application of Proceeds. 

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

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

FOURTH, as otherwise required by the Intercreditor Agreement; and 

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

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

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

(b)    This Section 3.4 is intended for the benefit of, and will be
enforceable as a third party beneficiary by, each present and future holder of Parity Lien Obligations, each present and future Parity Lien Representative and the Collateral Trustee as holder of Parity Liens. The Parity Lien Representative of each
future Series of Parity Lien Debt will be required to deliver a Collateral Trust Joinder including an Additional Secured Debt Designation as provided in Section 3.8 at the time of incurrence of such
Series of Parity Lien Debt. 
 (c)    In connection with the application of proceeds pursuant to
Section 3.4(a), except as otherwise directed by an Act of Parity Lien Debtholders, the Collateral Trustee may sell any non-cash proceeds for cash prior to the
application of the proceeds thereof. 
 (d)    In making the determinations and allocations in accordance with
Section 3.4(a), the Collateral Trustee may conclusively rely upon information supplied by the relevant Parity Lien Representative as to the amounts of unpaid principal and interest and other amounts
outstanding with respect to its respective Parity Lien Debt and any other Parity Lien Obligations and if such Parity Lien Representative does not provide such information to the Collateral Trustee, then the Collateral Trustee may conclusively rely
upon such information provided by the Company. 
 (e)    Each Parity Lien Secured Party (a “Receiving
Party”) agrees that, so long as the Discharge of First-Out Obligations has not occurred, any and all Collateral (or assets and property purported to be Collateral) or proceeds thereof or any
distributions in any Insolvency or Liquidation Proceeding received by any Parity Lien Secured Party (in the form of cash or otherwise) pursuant to any Parity Lien Security Document or by the exercise of any rights available to it under applicable
law or in any Insolvency or Liquidation Proceeding or in connection with any disposition of, collection on, or in connection with any insurance policy claim or any condemnation award (or deed in lieu of condemnation) with respect to, such Collateral
(each a “Shared Payment”), is to be paid to the Collateral Trustee, which shall distribute such proceeds among the Parity Lien Secured Parties in accordance with Section 3.4(a) of this Agreement. Without limiting the
foregoing and for the avoidance of doubt, a Shared Payment includes any payment or distribution of any kind or character, whether in cash, property, stock, debt securities or obligations (and the proceeds thereof), which may be payable or
deliverable in respect of the Collateral and/or as distributions in an Insolvency or Liquidation Proceeding. 

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

  
 23 

 
necessary to effectuate the intent of this Section 3.4. If any Parity Lien Secured Party collects or receives any proceeds of any exercise of any
right or remedy with respect to any Collateral or proceeds thereof, proceeds of any title or other insurance or any other Shared Payment, and any proceeds subject to Liens that have been avoided or otherwise invalidated that should have been applied
to the payment of the First-Out Obligations in accordance with Section 3.4(a) above, whether prior to or after the commencement of an Insolvency or Liquidation Proceeding or otherwise, such
Parity Lien Secured Party will forthwith deliver the same to the Collateral Trustee, for the account of the applicable Parity Lien Secured Parties, to be applied in accordance with Section 3.4(a). Until so delivered, such proceeds
shall be segregated and will be held in trust by that Parity Lien Secured Party for the benefit of the applicable Parity Lien Secured Parties. 

(g)    To the extent any Parity Lien Secured Party or Parity Lien Representative receives a Shared Payment or other cash,
property or assets in respect of any Parity Lien Obligation from any Insolvency or Liquidation Proceeding, such cash, property or other assets will be delivered to the Collateral Trustee for application in accordance with Section
3.4(a). 
 Section 3.5 Powers of the Collateral Trustee. 

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

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

Section 3.6 Documents and Communications. The Collateral Trustee will permit each Parity Lien Representative and each holder of
Parity Lien Obligations upon reasonable written notice and at reasonable times from time to time to inspect and copy, at the cost and expense of the party requesting such copies, any and all Parity Lien Security Documents and other documents,
notices, certificates, instructions or communications received by the Collateral Trustee in its capacity as such. 
 Section 3.7 For
Sole and Exclusive Benefit of Holders of Parity Lien Obligations. The Collateral Trustee will accept, hold, administer and enforce all Liens on the Collateral at any time transferred or delivered to it and all other interests, rights, powers and
remedies at any time granted to or enforceable by the Collateral Trustee and all other property of the Trust Estate solely and exclusively for the benefit of the present and future holders of present and future Parity Lien Obligations, and will
distribute all proceeds received by it in realization thereon or from enforcement thereof solely and exclusively pursuant to the provisions of Section 3.4. 

  
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 Section 3.8 Additional Parity Lien Debt. 

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

(i)    such Parity Lien Obligations are identified as Parity Lien Debt in accordance with the procedures
set forth in Section 3.8(b); and 
 (ii)    unless such
debt is issued under an existing Parity Lien Document for any Series of Parity Lien Debt whose Parity Lien Representative is already party to this Agreement, the designated Parity Lien Representative identified pursuant to
Section 3.8(b) signs a Collateral Trust Joinder and delivers the same to the Collateral Trustee. 

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

(i)    states that the Company or applicable Grantor intends to incur additional Parity Lien Debt
(“Additional Parity Lien Debt”) that is permitted by each applicable Parity Lien Document to be secured with a Parity Lien equally and ratably (but subject to Section 3.4 of this Agreement) with all previously existing
and future Parity Lien Debt; 
 (ii)    specifies the name, address and contact information of the Parity
Lien Representative for such series of Additional Parity Lien Debt for purposes of Section 7.6; 

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

(iv)    states that the Company has caused a copy of the Additional Parity Lien Debt Certificate and the
related Collateral Trust Joinder to be delivered to each then existing Parity Lien Representative. 
 Although the Company shall be required to deliver a
copy of each Additional Parity Lien Debt Certificate and each Collateral Trust Joinder to each then existing Parity Lien Representative, the failure to so deliver a copy of the Additional Parity Lien Debt Certificate and/or Collateral Trust Joinder
to any then existing Parity Lien Representative shall not affect the status of such debt as Additional Parity Lien Debt if the other requirements of this Section 3.8 are complied with. Each of the
Collateral Trustee and the other then existing Parity Lien Representatives shall receive a legal opinion or opinions of counsel (subject to customary assumptions and 

  
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qualifications) from the Company as to the Additional Parity Lien Debt being permitted by the terms of the Parity Lien Documents and secured by a valid and perfected security interest in the
Collateral; provided that (i) such legal opinion or opinions need not address any Collateral of a type not previously covered by any legal opinion delivered by or on behalf of the Company and (ii) nothing shall preclude such legal
opinion or opinions from being delivered on a post-closing basis after the incurrence of such Additional Parity Lien Debt if permitted by the Parity Lien Representative for such Additional Parity Lien Debt. Notwithstanding the foregoing, nothing in
this Agreement will be construed to allow the Company, any Grantor or any Guarantor to incur additional Indebtedness unless otherwise permitted by the terms of all applicable Parity Lien Documents. Liens upon the Collateral to secure Additional
Parity Lien Debt shall be created pursuant to the Parity Lien Security Documents that create Liens upon the Collateral to secure the other Parity Lien Obligations; provided that, to the extent required by applicable law, such Liens upon the
Collateral to secure Additional Parity Lien Debt may be created pursuant to separate Parity Lien Security Documents, which shall be in substantially the same form as the applicable Parity Lien Security Documents creating the Liens upon the
Collateral to secure the other Parity Lien Obligations. Additional Parity Lien Debt shall not be secured by Liens upon any Collateral unless the other Parity Lien Obligations are also secured by Liens on such Collateral. Additional Parity Lien Debt
shall be guaranteed by all of the applicable Guarantors and shall not be guaranteed by any Person that is not a Guarantor. 

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

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

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

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

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

  
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 ARTICLE 4 

OBLIGATIONS ENFORCEABLE BY THE COMPANY AND THE OTHER GRANTORS 

Section 4.1 Release of Liens on Collateral. 

(a)    The Collateral Trustee’s Liens upon the Collateral will be automatically released: 

(i)    in whole, upon (A) payment in full in cash and Discharge of Parity Lien Obligations that are
outstanding, due and payable at the time all of the Parity Lien Debt is paid in full in cash and discharged, (B) termination or expiration of all commitments to extend credit under all Parity Lien Documents and (C) the cancellation or
termination or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount of outstanding letters of credit and (2) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the
applicable Parity Lien Documents) of all outstanding letters of credit issued pursuant to any Parity Lien Documents; 

(ii)    as to any Collateral of a Grantor or Guarantor that is (A) released as a Grantor or Guarantor,
as applicable, under each Parity Lien Document and (B) is not obligated (as primary obligor or guarantor) with respect to any other Parity Lien Obligations and so long as the respective release does not violate the terms of any Parity Lien
Document which then remains in effect; 
 (iii)    as to any Collateral of the Company, any Grantor or
any Guarantor that is sold, transferred or otherwise disposed of by the Company, any Grantor or any Guarantor to a Person that is not (either before or after such sale, transfer or disposition) the Company or a Restricted Subsidiary of the Company
in a transaction or other circumstance that complies with Section 6.04 of the Senior Third Lien Credit Agreement (other than any sale, disposition or other transaction solely between or among any
Grantors or any Guarantors and other than the obligation to apply proceeds of such Asset Sale as provided in such Section); 

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

(vi)    as to a release of all or substantially all of the Collateral, if (A) consent to the release
of that Collateral has been given by the requisite percentage or number of holders of each Series of Parity Lien Debt at the time outstanding as provided 

  
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for in the applicable Parity Lien Documents and satisfaction of any other conditions precedent provided for in the applicable Parity Lien Documents and (B) the Company has delivered an
Officers’ Certificate to the Collateral Trustee certifying that all such necessary consents have been obtained and any conditions precedent in the applicable Parity Lien Documents have been satisfied; 

(vii)    as to a release of Collateral effected in connection with the enforcement or exercise of rights or
remedies by the Collateral Trustee with respect to its Liens in such Collateral, if direction of such enforcement or exercise has been given by an Act of Parity Lien Debtholders; or 

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

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

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

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

  
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Company or other applicable Grantor, the Collateral Trustee will either (A) be present at and deliver the release at the closing of such transaction or (B) deliver the release under
customary escrow arrangements that permit such contemporaneous payment and delivery of the release; and 

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

Section 4.3 Collateral Trustee not Required to Serve, File or Record. Subject to
Section 3.2, the Collateral Trustee is not required to serve, file, register or record any instrument releasing or subordinating its Liens on any Collateral; provided that if the Company or any
other Grantor shall make a written demand for a termination statement under Section 9-513(c) of the UCC, the Collateral Trustee shall comply with the written request of the Company or Grantor to comply
with the requirements of such UCC provision as determined and prepared by the Company or Grantor. 
 Section 4.4 Release of
Liens. In addition to any release pursuant to Section 4.1 hereof, as to any Series of Parity Lien Debt (including the Term Loans), the Collateral Trustee’s Parity Lien will no longer secure
such Series of Parity Lien Debt if such Parity Lien Debt has been paid in full, all commitments to extend credit in respect of such Series of Parity Lien Debt have been terminated and all other Parity Lien Obligations related thereto that are
outstanding and unpaid at the time such Series of Parity Lien Debt is paid are also paid in full, or if otherwise required by the terms of such Parity Lien Debt or the Intercreditor Agreement. 

ARTICLE 5 
 IMMUNITIES
OF THE COLLATERAL TRUSTEE 
 Section 5.1 No Implied Duty. The Collateral Trustee will not have any duties nor will it have
responsibilities or obligations other than those expressly assumed by it in this Agreement, the other Parity Lien Security Documents and the Intercreditor Agreement. No implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Agreement, the other Parity Lien Documents or the Intercreditor Agreement, or otherwise exist against the Collateral Trustee. The permissive right of the Collateral Trustee to take or refrain from taking action
hereunder shall not be construed as a duty. Without limiting the generality of the foregoing sentences, the use of the term “trustee” in this Agreement with reference to the Collateral Trustee is not intended to connote any fiduciary or
other implied (or express) obligation, whether before or after an event of default, arising under agency doctrine of 

  
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any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting
parties. The Collateral Trustee will not be required to take any action that is contrary to applicable law or any provision of this Agreement, the other Parity Lien Security Documents or the Intercreditor Agreement. 

Section 5.2 Appointment of Agents and Advisors. The Collateral Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors selected by it in good faith as it may reasonably require and will not be responsible for any misconduct or
negligence on the part of any of them. 
 Section 5.3 Other Agreements. The Collateral Trustee has accepted its appointment as
collateral trustee hereunder and is bound by the Parity Lien Security Documents executed by the Collateral Trustee as of the date of this Agreement, and the Collateral Trustee shall at the written request of the Company or the applicable Parity Lien
Representative execute additional Parity Lien Security Documents delivered to it after the date of this Agreement (including to secure Obligations arising under Additional Parity Lien Debt to the extent such Obligations are permitted to be incurred
and secured under the Parity Lien Documents); provided that such additional Parity Lien Security Documents do not adversely affect the rights, privileges, benefits and immunities of the Collateral Trustee or conflict with the terms of the
Intercreditor Agreement. The Collateral Trustee will not otherwise be bound by, or be held obligated by, the provisions of any credit agreement, indenture or other agreement governing Parity Lien Debt (other than this Agreement and the other Parity
Lien Security Documents to which it is a party). 
 Section 5.4 Solicitation of Instructions. 

(a)    The Collateral Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Parity
Lien Debtholders, an Officers’ Certificate or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations under this
Agreement or the other Parity Lien Security Documents, and Collateral Trustee shall be absolutely entitled to refrain from taking any action or to withhold any approval and shall not be under any liability whatsoever to any Person for refraining
from any action or withholding any approval under any of the Parity Lien Documents until it shall have received such instructions in the form of an Act of Parity Lien Debtholders as to any action that it may be requested or required to take. 

(b)    No written direction given to the Collateral Trustee by an Act of Parity Lien Debtholders that in the sole judgment
of the Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability not set forth in or arising under this Agreement and the other Parity Lien Security Documents or
that in Collateral Trustee’s judgment or the judgment of its counsel, may expose Collateral Trustee to liability or that is contrary to any applicable Governmental Authority will be binding upon the Collateral Trustee. 

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

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

Section 5.7 Entitled to Rely. The Collateral Trustee may seek and conclusively rely upon, and shall be fully protected in
conclusively relying upon, any judicial order or judgment, upon any advice, opinion or statement of legal counsel, independent consultants and other experts selected by it in good faith and upon any certification, instruction, notice or other
writing delivered to it by the Company, any Grantor or any Guarantor in compliance with the provisions of this Agreement or delivered to it by any Parity Lien Representative as to the holders of Parity Lien Obligations for whom it acts, without
being required to determine the authenticity thereof or the correctness of any fact stated therein or the propriety or validity of service thereof. The Collateral Trustee may act in reliance upon any instrument comporting with the provisions of this
Agreement or any signature believed by it in good faith to be genuine and may assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document in connection with the provisions hereof or the other
Parity Lien Security Documents has been duly authorized to do so. To the extent an Officers’ Certificate or Opinion of Counsel is required or permitted under this Agreement to be delivered to the Collateral Trustee in respect of any matter, the
Collateral Trustee may rely conclusively on an Officers’ Certificate or Opinion of Counsel as to such matter and such Officers’ Certificate or Opinion of Counsel shall be full warranty and protection to the Collateral Trustee for any
action taken, suffered or omitted by it under the provisions of this Agreement and the other Parity Lien Security Documents. 

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

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

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

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

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

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

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

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

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

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

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

Section 5.16 No Liability for Interest. The Collateral Trustee shall not be liable for interest or investment income on any money
or securities received by it, except as the Collateral Trustee may agree in writing with the Company. 
 Section 5.17 Non-Reliance on Collateral Trustee. The Collateral Trustee shall not be required to keep itself informed as to the performance or observance by the Company or a Grantor of any of its obligations under this
Agreement, any Parity Lien Document or any other document referred to or provided for herein or therein. Except for notices, reports and other documents and information expressly required to be furnished to any Parity Lien Secured Party by the
Collateral Trustee hereunder, the Collateral Trustee shall have no duty or responsibility to provide any Parity Lien Secured Party with any credit or other information concerning the affairs, financial condition or business of the Company or any
Grantor that may come into the possession of the Collateral Trustee or any of its Affiliates. 
 ARTICLE 6 

RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE 

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

(a)    the Collateral Trustee may resign at any time by giving not less than 30 days’ notice of
resignation to each Parity Lien Representative and the Company; and 
 (b)    the Collateral Trustee may
be removed at any time, with or without cause, by an Act of Parity Lien Debtholders. 

  
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 Section 6.2 Appointment of Successor Collateral Trustee. Upon any such resignation or
removal, a successor Collateral Trustee may be appointed by an Act of Parity Lien Debtholders. If no successor Collateral Trustee has been so appointed and accepted such appointment within 30 days after the predecessor Collateral Trustee gave notice
of resignation or was removed, the retiring Collateral Trustee may (at the expense of the Company), at its option, appoint a successor Collateral Trustee, or petition a court of competent jurisdiction for appointment of a successor Collateral
Trustee, which must be a bank or trust company: 
 (a)    authorized to exercise corporate trust powers;
and 
 (b)    having a combined capital and surplus of at least $250,000,000. 

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

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

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

(b)    the predecessor Collateral Trustee will (at the expense of the Company) promptly transfer all Liens
and collateral security and other property of the Trust Estate within its possession or control to the possession or control of the successor Collateral Trustee and will execute instruments and assignments as may be necessary or desirable or
reasonably requested by the successor Collateral Trustee to transfer to the successor Collateral Trustee all Liens, interests, rights, powers and remedies of the predecessor Collateral Trustee in respect of the Parity Lien Security Documents or the
Trust Estate. 
 Thereafter the predecessor Collateral Trustee will remain entitled to enforce the immunities granted to it in
Article 5 and the provisions of Sections 7.8 and 7.9, and said provisions will survive termination of this Agreement for the benefit of the
predecessor of the Collateral Trustee. 
 Section 6.4 Merger, Conversion or Consolidation of Collateral Trustee. Any Person into
which the Collateral Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral Trustee shall be a party, or any Person succeeding to the
business of the Collateral Trustee shall be the successor of the Collateral Trustee pursuant to Section 6.3, provided that (i) without the execution or filing of any paper with any party hereto or
any further act on the part of any of the parties hereto, except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding, such Person

  
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satisfies the eligibility requirements specified in clauses (a) and (b) of Section 6.2 and (ii) prior to
any such merger, conversion or consolidation, the Collateral Trustee shall have notified the Company and each Parity Lien Representative thereof in writing. 

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

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

(c)    Notwithstanding anything contained herein to the contrary, it is expressly understood and agreed by the parties
hereto that this Agreement has been signed by Wilmington Trust, National Association not in its individual capacity or personally but solely in its capacity as Senior Third Lien Administrative Agent, and in no event shall Wilmington Trust, National
Association 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
(x) the Senior Third Lien Credit Agreement relating to the rights, exculpations or conduct of, affecting the liability of or otherwise affording protection to the “Collateral Trustee” thereunder and (y) the Junior Third Lien
Credit Agreement 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

  
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refraining from acting) solely upon the instructions of the Required Parity Lien Debtholders; provided that neither the Collateral Trustee nor any Parity Lien Representative shall be required to
take any action that (i) it in good faith believes exposes it to liability unless it receives an indemnification satisfactory to it from the applicable holders of the Parity Lien Obligations with respect to such action or (ii) is contrary
to this Agreement, the Intercreditor Agreement or applicable law. 
 ARTICLE 7 

MISCELLANEOUS PROVISIONS 

Section 7.1 Amendment. 

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

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

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

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

(ii)    no amendment or supplement that reduces, impairs or adversely affects the right of any holder of
Parity Lien Obligations: 
 (A)    to vote its outstanding Parity Lien Debt as to any matter described as
subject to an Act of Parity Lien Debtholders or direction by the Required Parity Lien Debtholders (or amends the provisions of this clause (ii) or the definition of “Act of Parity Lien
Debtholders” or “Required Parity Lien Debtholders”); 
 (B)    to share in the
order of application described in Section 3.4 in the proceeds of enforcement of or realization on any Collateral; or 

  
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 (C)    to require that Liens securing Parity Lien Obligations
be released only as set forth in the provisions described in Sections 4.1 or 4.5, 

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

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

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

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

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

  
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 Section 7.2 Voting. In connection with any matter under this Agreement requiring a
vote of holders of Parity Lien Debt, each Series of Parity Lien Debt will cast its votes in accordance with the Parity Lien Documents governing such Series of Parity Lien Debt. The amount of Parity Lien Debt to be voted by a Series of Parity Lien
Debt will equal (1) the aggregate principal amount of Parity Lien Debt held by such Series of Parity Lien Debt (including outstanding letters of credit whether or not then available or drawn), plus (2) other than in connection with an
exercise of remedies, the aggregate unfunded commitments to extend credit which, when funded, would constitute Indebtedness of such Series of Parity Lien Debt (to the extent such unfunded commitments have not been terminated by the holders of such
Series of Parity Lien Debt). Following and in accordance with the outcome of the applicable vote under its Parity Lien Documents, the Parity Lien Representative of each Series of Parity Lien Debt will vote the total amount of Parity Lien Debt under
that Series of Parity Lien Debt as a block in respect of any vote under this Agreement. 
 Upon request of the Collateral Trustee, each Parity Lien
Representative shall provide written notice to the Collateral Trustee of the aggregate principal amount of outstanding Parity Lien Debt for which it is the Parity Lien Representative and the information described in clause (2) of the
immediately preceding paragraph. 
 Section 7.3 Further Assurances. 

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

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

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

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

Section 7.4 Successors and Assigns. 

(a)    Except as provided in Section 5.2, the Collateral Trustee may not, in
its capacity as such, delegate any of its duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Collateral Trustee hereunder will inure to
the sole and exclusive benefit of, and be enforceable by, each Parity Lien Representative and each present and future holder of Parity Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and
all of their respective successors and assigns. 
 (b)    Neither the Company nor any Grantor or Guarantor may delegate
any of its duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Company, the Grantors and the Guarantors hereunder will inure to the sole
and exclusive benefit of, and be enforceable by, the Collateral Trustee, each Parity Lien Representative and each present and future holder of Parity Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party
beneficiary hereof, and all of their respective successors and assigns. 
 Section 7.5 Delay and Waiver. No failure to exercise,
no course of dealing with respect to the exercise of, and no delay in exercising, any right, power or remedy arising under this Agreement or any of the other Parity Lien Security Documents will impair any such right, power or remedy or operate as a
waiver thereof. No single or partial exercise of any such right, power or remedy will preclude any other or future exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any
remedies provided by law. 

  
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 Section 7.6 Notices. (a) Any communications, including notices and instructions,
between the parties hereto or notices provided herein to be given may be given to the following addresses 
 If to the Collateral Trustee,

 the Senior Third Lien Collateral Trustee 

the Senior Third Lien Administrative Agent 

the Junior Third Lien Collateral Trustee 

the Junior Third Lien Administrative Agent: 

Wilmington Trust, National Association 

50 South Sixth Street, Suite 1290 

Minneapolis, MN 55402 

Facsimile: (612) 217-5651 

Attention: Meghan McCauley 

with a copy to: 

Lindquist & Vennum LLP 

4200 IDS Center 80 South Eighth Street 

Minneapolis, MN 55402 

15414642_5 33 
 Attention: Mark
C. Dietzen, Esq. Telephone: 
 Telephone: (612) 371-2452 

Facsimile: (612) 371-3207 

Email: MDietzen@Lindquist.com 

If to the Company or any other Grantor:     EXCO Resources, Inc. 

                        
                                         
    12377 Merit Drive, Suite 1700 

                        
                                         
    Dallas, TX 75251 

                        
                                         
    Attention: Treasurer 

                        
                                         
    Facsimile: (214) 706-3409 
 with a copy to: 

                       
                                         
     EXCO Resources, Inc. 

                        
                                         
    12377 Merit Drive, Suite 1700 

                        
                                         
    Dallas, TX 75251 

                        
                                         
    Attention: General Counsel 

                        
                                         
    Facsimile: (214) 706-3409 
 and if to any other Parity Lien Representative, to such address
as it may specify by written notice to the parties named above. 
 (b)     All notices and communications will be mailed
by first class mail, certified or registered, return receipt requested, by overnight air courier guaranteeing next day delivery, or delivered by facsimile to the relevant address or number set forth above or, as to holders of Parity Lien Debt, its
address shown on the register kept by the office or agency where the relevant Parity Lien Debt may be presented for registration of transfer or for exchange. Failure to mail or delivery by facsimile a notice or communication to a holder of Parity
Lien Debt or any defect in it will not affect its sufficiency with respect to other holders of Parity Lien Debt. 

  
 42 

 (c)    If a notice or communication is mailed or delivered by facsimile in
the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
 Section 7.7
Entire Agreement. This Agreement states the complete agreement of the parties relating to the undertaking of the Collateral Trustee set forth herein and supersedes all oral negotiations and prior writings in respect of such undertaking. 

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

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

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

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

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

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

  
 43 

 (vi)    after the occurrence of any Parity Lien Debt Default,
all costs and expenses incurred by the Collateral Trustee, its agents and any Parity Lien Representative in connection with the preservation, collection, foreclosure or enforcement of the Collateral subject to the Parity Lien Security Documents or
any interest, right, power or remedy of the Collateral Trustee or in connection with the collection or enforcement of any of the Parity Lien Obligations or the proof, protection, administration or resolution of any claim based upon the Parity Lien
Obligations in any Insolvency or Liquidation Proceeding, including all fees and disbursements of attorneys, accountants, auditors, consultants, appraisers and other professionals engaged by the Collateral Trustee, its agents or the Parity Lien
Representatives. 
 The agreements in this Section 7.8 will survive repayment of all other
Parity Lien Obligations and the removal or resignation of the Collateral Trustee and termination of this Agreement. 
 Section 7.9
Indemnity. 
 (a)    The Grantors jointly and severally agree to defend, indemnify, pay and hold harmless the
Collateral Trustee, each Parity Lien Representative, each holder of Parity Lien Obligations and each of their respective Affiliates and each and all of the directors, officers, partners, trustees, employees, attorneys and agents, and (in each case)
their respective heirs, representatives, successors and assigns (each of the foregoing, an “Indemnitee”) from and against any and all Indemnified Liabilities; provided that no Indemnitee will be entitled to indemnification
hereunder with respect to any Indemnified Liability to the extent such Indemnified Liability is found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such
Indemnitee. THIS INDEMNITY COVERS ORDINARY NEGLIGENCE OF ANY OF THE FOREGOING PARTIES. 
 (b)    All amounts due under
this Section 7.9 will be payable within 10 days upon written demand. 

(c)    Each Person that is secured hereunder, by accepting the benefits of the security provided hereby, agrees on a pro
rata basis, to indemnify Collateral Trustee (to the extent not reimbursed by Grantors within ten (10) days) upon demand to the extent required by Section 10.03(c) of the Senior Third Lien Credit Agreement (or any similar provision
of any other Parity Lien Document). 
 (d)    To the extent that the undertakings to defend, indemnify, pay and hold
harmless set forth in Section 7.9(a) may be unenforceable in whole or in part because they violate any law or public policy, each of the Grantors will contribute the maximum portion that it is permitted
to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them. 

(e)    No Grantor will ever assert any claim against any Indemnitee, on any theory of liability, for any lost profits or
special, indirect or consequential damages or (to the fullest extent a claim for punitive damages may lawfully be waived) any punitive damages 

  
 44 

 
arising out of, in connection with, or as a result of, this Agreement or any other Parity Lien Document or any agreement or instrument or transaction contemplated hereby or relating in any
respect to any Indemnified Liability, and each of the Grantors hereby forever waives, releases and agrees not to sue upon any claim for any such lost profits or special, indirect, consequential or (to the fullest extent lawful) punitive damages,
whether or not accrued and whether or not known or suspected to exist in its favor. 
 (f)    The agreements in this
Section 7.9 will survive repayment of all other Parity Lien Obligations and the removal or resignation of the Collateral Trustee and termination of this Agreement. 

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

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

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

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

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

(ii)    waives any defense of forum non conveniens; 

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

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

  
 45 

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

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

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

Section 7.18 Grantors and Additional Grantors. Each Grantor represents and warrants that it has duly executed and delivered this
Agreement. The Company will cause each 

  
 46 

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

Section 7.21 Intercreditor Agreement. Each Person that is secured hereunder, by accepting the benefits of the security provided
hereby, (i) consents (or is deemed to consent), to the subordination of Liens in favor of the Collateral Trustee as provided for in the Intercreditor Agreement, (ii) agrees (or is deemed to agree) that it will be bound by, and will take no
actions contrary to, the provisions of the Intercreditor Agreement, and (iii) authorizes (or is deemed to 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 “Senior Third Lien Collateral Agent” (as defined in the Intercreditor Agreement) as “Junior Third Lien Collateral Agent” (as defined in the Intercreditor Agreement). The Collateral Trustee agrees to
enter into any amendments or joinders to the Intercreditor Agreement, without the consent of any Holder (as defined in the Second Lien Indenture), the Senior Third Lien Administrative Agent or the Junior Third Lien Administrative Agent, to add
additional Indebtedness as Priority Lien Debt, Second Lien Debt or Parity Lien Debt (to the extent permitted to be incurred and secured by the applicable Secured Debt Documents and subject to the provisions of Article 5 of this
Agreement) and add other parties (or any authorized agent or trustee therefor) holding such Indebtedness thereto and to establish that the Lien on any Collateral securing such Indebtedness ranks equally with the Liens on such Collateral securing the
other Priority Lien Debt, Second Lien Debt or Parity Lien Debt, as applicable, then outstanding. The foregoing provisions are 

  
 47 

 
intended as an inducement to the lenders under the Parity Lien Documents to extend credit to the Company, as the borrower under the Parity Lien Debt, and such lenders are intended third party
beneficiaries of this provision and the provisions of the Intercreditor Agreement. Notwithstanding anything to the contrary contained herein, (x) to the extent that any Lien on any Collateral is perfected by the possession or control of such
Collateral or of any account in which such Collateral is held, and if such Collateral or any such account is in fact in the possession or under the control of the Priority Lien Representative, or of agents or bailees of the Priority Lien
Representative, the perfection actions and related deliverables described in this Agreement or the other Parity Lien Security Documents shall not be required and (y) 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 Second Lien Representative, or of agents or bailees of the Second
Lien Representative, the perfection actions and related deliverables described in this Agreement or the other Second Lien Security Documents shall not be required. 

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

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

  
 48 

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

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

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

  
 Signature Page to
Collateral Trust Agreement (Second Lien) 

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

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

		
	By:	 	 /s/ Tyler Farquharson

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

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

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

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

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

 
					
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Collateral Trustee

		
	By:	 	 /s/ Renee Kuhl

		 	Name:	 	Renee Kuhl
		 	Title:	 	Vice President
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Senior Third Lien Administrative Agent

		
	By:	 	 /s/ Renee Kuhl

		 	Name:	 	Renee Kuhl
		 	Title:	 	Vice President
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Senior Third Lien Collateral Trustee

		
	By:	 	 /s/ Renee Kuhl

		 	Name:	 	Renee Kuhl
		 	Title:	 	Vice President
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Junior Third Lien Collateral Trustee

		
	By:	 	 /s/ Renee Kuhl

		 	Name:	 	Renee Kuhl
		 	Title:	 	Vice President
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Junior Third Lien Administrative Agent

		
	By:	 	 /s/ Renee Kuhl

		 	Name:	 	Renee Kuhl
		 	Title:	 	Vice PresidentEX-10.12

 Exhibit 10.12 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 
 EXCO
RESOURCES, INC. 
 AND 

THE INVESTORS SPECIFIED ON THE SIGNATURE PAGES HERETO 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of March 15, 2017, by and among EXCO
Resources, Inc., a Texas corporation (the “Company”), and each of the investors specified on the signature pages hereto (each, an “Investor,” and collectively, the “Investors”). 

WHEREAS, the Company has entered into a Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”), pursuant
to which it has issued and sold $300,000,000 aggregate principal amount of its 8.0% / 11.0% 1.5 Lien Senior Secured PIK Toggle Notes due 2022 (the “1.5 Lien Notes”) which will be issued pursuant to an indenture, dated as of the date
hereof (the “Indenture”) among the Company, the guarantors party thereto, the trustee and the collateral trustee; 

WHEREAS, in connection with the offering of the 1.5 Lien Notes, the Company completed an exchange of $682.8 million in aggregate
principal amount of the Company’s Senior Secured Second Lien Term Loans due October 26, 2020 (the “Second Lien Term Loans”) for $682.8 million in aggregate principal amount of the Company’s new 1.75 Lien Term
Loans due October 26, 2020 (the “1.75 Lien Term Loans”); 
 WHEREAS, subject to the satisfaction of certain conditions
and certain limitations, the Indenture and the credit agreement governing the 1.75 Lien Term Loans allow the Company to elect, at its option through December 31, 2018 and subject to the satisfaction of certain criteria thereafter, to pay
interest on the 1.5 Lien Notes and the 1.75 Lien Term Loans by issuing shares of the Company’s common stock, par value $0.001 per share (the “Common Shares,” and the Common Shares issued upon such elections, the “PIK
Shares”); 
 WHEREAS, as part of the offering of the 1.5 Lien Notes and the exchange of Second Lien Term Loans for 1.75 Lien Term
Loans, the Company issued warrants exercisable for Common Shares in three separate tranches to (i) the holders of the 1.5 Lien Notes (the “Financing Warrants”), (ii) the Commitment Parties (as defined below) (the
“Commitment Fee Warrants”) and (iii) the exchanging holders of the Second Lien Term Loans (the “Amendment Fee Warrants,” and collectively with the Financing Warrants and the Commitment Fee Warrants, the
“Warrants”); 
 WHEREAS, the Investors are the holders of the 1.5 Lien Notes, 1.75 Lien Term Loans and/or the Warrants;

 WHEREAS, the Company has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the
Investors; and 
 WHEREAS, it is an obligation under the Purchase Agreement that this Agreement be executed and delivered. 

 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.01    Definitions. The terms set forth below are used herein as so defined: 

“1.5 Lien Notes” has the meaning specified therefor in the recitals of this Agreement. 

“1.75 Lien Term Loans” has the meaning specified therefor in the recitals of this Agreement. 

“Affiliate” of any Person means any other Person, directly or indirectly, Controlling, Controlled by or under common Control
with such particular Person.
 “Agreement” has the meaning specified therefor in recitals of this Agreement. 

“Amendment Fee Warrants” has the meaning specified therefor in the recitals of this Agreement. 

“Board” means the Board of Directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking institutions in
the State of New York or State of Texas are authorized or required by law or other governmental action to close. 
 “Closing
Date” has the meaning set forth in the Purchase Agreement. 
 “Commitment Fee Warrants” has the meaning specified
therefor in the recitals of this Agreement. 
 “Commitment Parties” means Fairfax, ESAS, LS Power and Oaktree. 

“Common Shares” has the meaning specified therefor in the recitals of this Agreement. 

“Common Share Price” means the volume weighted average closing price of Common Shares (as reported by The New York Stock
Exchange or, if The New York Stock Exchange is not the Company’s primary securities exchange or market, such primary securities exchange or market or the over the counter market if the Common Shares are not then listed on an exchange or market)
for the ten (10) trading days immediately preceding the date on which the determination is made (or, if such price is not available, as determined in good faith by the Board). 

“Company Underwritten Offering” has the meaning specified therefor in Section 2.04 of this
Agreement. 
 “Control” means the possession, directly or indirectly, of the power to direct, or cause the direction of,
the management and policies of a Person whether though the ownership of voting securities, by contract or otherwise. The terms “Controlled” and “Controlling” shall have correlative meanings. 

“Controlling Person” has the meaning specified therefor in Section 2.05(i) of this Agreement. 

  
 2 

 “Company” has the meaning specified therefor in the recitals of this Agreement.

 “Effective Date” means, with respect to a particular Shelf Registration Statement, the date that the SEC has declared
such Shelf Registration Statement effective. 
 “Effectiveness Period” means the period beginning on the Effective Date for
the Registration Statement and ending at the time all Registrable Securities covered by such Registration Statement have ceased to be Registrable Securities. 

“Electing Holders” has the meaning specified therefor in Section 2.03 of this Agreement. 

“ESAS” means Energy Strategic Advisory Services LLC, collectively with its subsidiaries and Affiliates. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Fairfax” means Hamblin Watsa Investment Counsel Ltd. and Fairfax Financial Holdings Limited,
collectively with their subsidiaries and Affiliates. 
 “Financing Warrants” has the meaning specified therefor in the
recitals of this Agreement. 
 “Freely Tradable” means, with respect to any security, that such security is (i) no
longer subject to the restrictions on trading under the provisions of Rule 144 under the Securities Act (or any successor rule or regulation to Rule 144 then in force), including volume and manner of sale restrictions, and the current
public information requirement of Rule 144(c) (or any successor rule or regulation to Rule 144 then in force) no longer applies and (ii) held by a Holder who owns less than $5 million of Registrable Securities
calculated in accordance with the Registrable Securities Amount. 
 “Governmental Authority” means any federal, state,
local or foreign government, or other governmental, regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body. 

“Holder” means the record holder of any Registrable Securities. 

“Indenture” has the meaning specified therefor in the recitals of this Agreement. 

“Inspectors” has the meaning specified therefor in Section 2.05(k) of this Agreement. 

“Investor” has the meaning specified therefor in the recitals of this Agreement. 

“Law” means any statute, law, ordinance, regulation, rule, order, code, governmental restriction, decree, injunction or other
requirement of law, or any judicial or administrative interpretation thereof, of any Governmental Authority. 
 “Losses”
has the meaning specified therefor in Section 2.08(a) of this Agreement. 
 “LS Power” means
LS Power, collectively with its subsidiaries and Affiliates. 
 “Managing Underwriter” means, with respect to any
Underwritten Offering, the book- running lead manager of such Underwritten Offering. 

  
 3 

 “NYSE” means The New York Stock Exchange, Inc. 

“Oaktree” means Oaktree Capital Management, LP, collectively with its subsidiaries and Affiliates. 

“Person” means an individual or a corporation, limited liability company, corporation, joint venture, trust, unincorporated
organization, association, government agency or political subdivision thereof or other entity. 
 “Piggyback Notice” has
the meaning specified therefor in Section 2.04 of this Agreement. 
 “PIK Shares” has the meaning
specified therefor in the recitals of this Agreement. 
 “Purchase Agreement” has the meaning specified therefor in the
recitals of this Agreement. 
 “Registrable Securities” means the PIK Shares and the Common Shares issued or issuable upon
the exercise of the Warrants. Notwithstanding anything to the contrary herein, in order for any Common Shares issuable upon the exercise of the Warrants to be included in any Registration Statement, the exercise of such Warrants must be effected no
later than immediately prior to the closing of any sales under the Registration Statement pursuant to which such Common Shares are to be sold. 

“Registrable Securities Amount” means the calculation based on the product of the Common Share Price times the number of
applicable Registrable Securities. 
 “Registration Expenses” means all expenses incident to the Company’s performance
under or compliance with this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to Section 2.01 or an Underwritten Offering covered under this Agreement, and the disposition
of such Registrable Securities, including, without limitation, all registration, filing, securities exchange listing and NYSE fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws,
fees of the Financial Industry Regulatory Authority, Inc., fees of transfer agents and registrars, all word processing, duplicating and printing expenses, any transfer taxes, and the fees and disbursements of counsel and independent public
accountants for the Company, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance.

“Registration Statement” has the meaning specified therefor in Section 2.01 of this Agreement. 

“Required Holders” means Holders of greater than 50% of the Registrable Securities on a fully diluted basis after giving
effect to the issuance of any Common Shares underlying Warrants but not giving effect to any issuance of PIK shares that has not yet occurred other than any issuance of PIK Shares for which the Company has made an election to issue at the next
interest payment date in accordance with the terms of the Indenture. 
 “Requisite Shareholder Approvals” means the
approval by the Company’s shareholders of (i) the issuance of the PIK Shares and the Common Shares underlying the Warrants for purposes of Section 312.03 of the NYSE Listed Company Manual and (ii) an amendment to the
Company’s Amended and Restated Certificate of Formation, as amended, that would effectively increase the total number of Common Shares the Company is authorized to issue to an amount sufficient to allow the issuance of the Registrable
Securities. 

  
 4 

 “SEC” means the U.S. Securities and Exchange Commission. 

“Second Lien Term Loans” has the meaning specified therefor in the recitals of this Agreement. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Selling Expenses” means all underwriting discounts and selling commissions or similar fees or arrangements
allocable to the sale of the Registrable Securities, and fees and disbursements of counsel to the Selling Holders, except for the reasonable fees and disbursements of counsel for the Selling Holders required to be paid by the Company pursuant to
Sections 2.08 and 2.09. 
 “Selling Holder” means a Holder who is selling Registrable Securities under a
Registration Statement pursuant to the terms of this Agreement. 
 “Selling Holder Indemnified Persons” has the meaning
specified therefor in Section 2.08(a) of this Agreement. 
 “Shelf Registration Statement” means a registration
statement under the Securities Act to permit the public resale of the Registrable Securities from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect). 

“Underwritten Offering” means an offering (including an offering pursuant to a Shelf Registration Statement) in which
Registrable Securities are sold to one or more underwriters on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 

“Underwritten Offering Notice” has the meaning specified therefor in Section 2.03 of this
Agreement. 
 “Warrants” has the meaning specified therefor in the recitals of this Agreement. 

Section 1.02     Registrable Securities.

Any Registrable Security shall cease to be a Registrable Security at the earliest of the following: (a) when a registration statement
covering such Registrable Security becomes or has been declared effective by the SEC and such Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b) when such Registrable Security has been sold
or disposed of pursuant to Rule 144 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect) under circumstances in which all of the applicable conditions of Rule 144 (as then in effect) are met;
(c) when such Registrable Security is held by the Company; or (d) when such Registrable Security has been sold or disposed of in a private transaction in which the transferor’s rights under this Agreement are not assigned to the
transferee of such securities pursuant to Section 2.10 hereof. In addition, any Registrable Security will cease to be a Registrable Security upon the date that such security is Freely Tradable. 

  
 5 

 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.01    Shelf Registration. 

Shelf Registration. Within one hundred eighty (180) days of the Closing Date (or, if the Requisite Shareholder Approvals have
not been obtained by such date, within thirty (30) days of the date the Requisite Shareholder Approvals have been obtained), the Company shall use its reasonable best efforts to prepare and file a Shelf Registration Statement with the SEC to
permit the public resale of (i) such number of PIK Shares as are reasonably estimated by the Company to be issued in respect of PIK payments under each of the 1.5 Lien Notes and the 1.75 Lien Term Loans and (ii) 100% of the Common Shares
underlying the Warrants, on the terms, conditions and limitations specified in this Section 2.01 (a “Registration Statement”). The Company agrees that it shall use its reasonable best efforts to file
such additional Registration Statements as are necessary to register the remainder of the Registrable Securities as soon as practicable thereafter. 

The Registration Statement filed with the SEC pursuant to this Section 2.01 shall be on Form S-3 or, if Form S-3 is not then available to the Company, on Form S-1 or such other form of registration statement
as is then available to effect a registration for resale of the Registrable Securities, covering the Registrable Securities, and shall contain a prospectus in such form as to permit any Selling Holder covered by such Registration Statement to sell
such Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect) at any time beginning on the Effective Date for such Registration Statement. The Company
shall use its reasonable best efforts to cause a Registration Statement filed pursuant to this Section 2.01 to be declared effective as promptly as practicable after filing, but in no event later than two hundred ten
(210) days after the Closing Date. A Registration Statement shall provide for the resale pursuant to any method or combination of methods legally available to, and requested by, the Selling Holders, including by way of an Underwritten
Offering, if such an election has been made pursuant to Section 2.03 of this Agreement. During the Effectiveness Period, the Company shall use its reasonable best efforts to cause a Registration Statement filed
pursuant to this Section 2.01 to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if not available, that another registration statement
is available for the resale of the Registrable Securities until all Registrable Securities have ceased to be Registrable Securities.
 The
Company shall prepare and file a supplemental listing application with the NYSE (or such other national securities exchange on which the Registrable Securities are then listed and traded) to list the Registrable Securities covered by a Registration
Statement and shall use its reasonable best efforts to have such Registrable Securities approved for listing on the NYSE (or such other national securities exchange on which the Registrable Securities are then listed and traded) by the Effective
Date of such Registration Statement, subject only to official notice of issuance; provided, however, that the Company shall not be obligated to maintain any listing of the Common Shares on any securities exchange.

As soon as practicable following the Effective Date of a Registration Statement, but in any event within three Business Days of such date, the
Company shall notify the Holders of the effectiveness of such Registration Statement. When effective, a Registration Statement (including any documents incorporated therein by reference) will comply as to form in all material respects with all
applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading
(in the case of any prospectus contained in such Registration Statement, in the light of the circumstances under which a statement is made).

If at any time the SEC deems the registration of any Registrable Securities to be a primary offering by the Company, and the SEC prohibits the
use of Rule 415 under the Securities Act (or any similar provision then in force) to sell such Registrable Securities on a delayed or continuous basis, then the parties agree that the Company’s failure to have a Registration Statement declared
effective shall not be a breach of this Agreement. In such event, the Company shall be permitted to exclude from such 

  
 6 

 
Registration Statement such number of Registrable Securities so as to allow such Registration Statement to be eligible for Rule 415. In the event that any Registrable Securities are excluded from
the Registration Statement for purposes of maintaining eligibility to use Rule 415, the Company agrees that it shall use its reasonable best efforts to file another Registration Statement (or, if permitted, a post-effective amendment) registering
such excluded Registrable Securities as soon as reasonably practicable. In such event, the number of Registrable Securities to be registered for each Holder in the Registration Statement shall be reduced pro rata among all then applicable Holders.

 Section 2.02    Delay Rights. 

Notwithstanding anything to the contrary contained herein, the Company may, upon written notice to (i) all Holders, delay the filing of a
Registration Statement required under Section 2.01, or (ii) any Selling Holder whose Registrable Securities are included in a Registration Statement or other registration statement contemplated by this Agreement,
suspend such Selling Holder’s use of any prospectus that is a part of such Registration Statement or other registration statement (in which event the Selling Holder shall discontinue sales of the Registrable Securities pursuant to such
Registration Statement or other registration statement contemplated by this Agreement but may settle any previously made sales of Registrable Securities) if the Company (x) is pursuing an acquisition, merger, tender offer, reorganization,
restructuring, disposition or other similar transaction and the Board determines in good faith that (A) the Company’s ability to pursue or consummate such a transaction would be materially adversely affected by any required disclosure of
such transaction in such Registration Statement or other registration statement or (B) such transaction renders the Company unable to comply with SEC requirements, in each case under circumstances that would make it impractical or inadvisable
to cause the Registration Statement (or such filings) to become effective or to promptly amend or supplement the Registration Statement on a post effective basis, as applicable, or (y) has experienced some other material non-public event the disclosure of which at such time, in the good faith judgment of the Board, would materially adversely affect the Company; provided, however, in no event shall (A) such
filing of such Registration Statement be delayed under clauses (x) or (y) of this Section 2.02 for a period that exceeds sixty (60) calendar days or (B) such Selling Holders be suspended under clauses
(x) or (y) of this Section 2.02 from selling Registrable Securities pursuant to such Registration Statement or other registration statement for a period that exceeds an aggregate of sixty (60) calendar days in any
twelve (12) month period, in each case, exclusive of days covered by any lock-up agreement executed by a Selling Holder in connection with any Underwritten Offering. Upon disclosure of such
information or the termination of the condition described above, the Company shall provide prompt notice, but in any event within one Business Day of such disclosure or termination, to the Selling Holders whose Registrable Securities are included in
such Registration Statement and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit registered sales of Registrable Securities as contemplated in this Agreement. 

Section 2.03    Underwritten Offerings.

Upon request by the Required Holders (such request, an “Underwritten Offering Notice” and such electing Required Holders, the
“Electing Holders”), the Company shall retain underwriters in order to permit the Electing Holders to effect an Underwritten Offering; provided, however, that the Required Holders shall have the option and right
to require the Company to effect not more than three Underwritten Offerings pursuant to and subject to the conditions of this Section 2.03, subject to a maximum of two Underwritten Offerings during any 12-month period.
 Upon delivery of such Underwritten Offering Notice to the Company, the Company shall as
soon as practicable (but in no event later than one Business Day following the date of delivery of the Underwritten Offering Notice to the Company) deliver notice of such Underwritten Offering Notice to all

  
 7 

 
other Holders, who shall then have two Business Days from the date that such notice is given to them to notify the Company in writing of the number of Registrable Securities held by such Holder
that they want to be included in such Underwritten Offering.
 In connection with any Underwritten Offering under this Agreement, the
Company shall be entitled to select the Managing Underwriter or Underwriters, but only with the consent of the Required Holders (not to be unreasonably conditioned, withheld or delayed). In connection with an Underwritten Offering contemplated
by this Agreement in which a Selling Holder participates, each Selling Holder and the Company shall be obligated to enter into an underwriting agreement that contains such representations, covenants, indemnities and other rights and obligations as
are customary in underwriting agreements for firm commitment offerings of securities. No Selling Holder may participate in such Underwritten Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such
underwriting agreement and completes and executes all questionnaires, powers of attorney, indemnities and other documents reasonably required under the terms of such underwriting agreement. Each Selling Holder may, at its option, require that
any or all of the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters also be made to and for such Selling Holder’s benefit and that any or all of the conditions
precedent to the obligations of such underwriters under such underwriting agreement also be conditions precedent to its obligations. No Selling Holder shall be required to make any representations or warranties to or agreements with the Company
or the underwriters other than representations, warranties or agreements regarding such Selling Holder, its authority to enter into such underwriting agreement and to sell, and its ownership of, the securities whose offer and resale will be
registered, on its behalf, its intended method of distribution and any other representation required by Law.
 If any Selling Holder
disapproves of the terms of an underwriting, such Selling Holder may elect to withdraw therefrom by notice to the Company, the Electing Holders and the Managing Underwriter; provided, however, that any such withdrawal must be
made no later than the time of pricing of such Underwritten Offering. If all Selling Holders withdraw from an Underwritten Offering prior to the pricing of such Underwritten Offering or if the registration statement relating to an Underwritten
Offering is suspended pursuant to Section 2.02, the events will not be considered an Underwritten Offering and will not decrease the number of available Underwritten Offerings the Required Holders have the right and option
to request under this Section 2.03. No such withdrawal or abandonment shall affect the Company’s obligation to pay Registration Expenses pursuant to Section 2.07. 

The Company shall not include in any Underwritten Offering any securities which are not Registrable Securities without the prior written
consent of the Required Holders. If the Managing Underwriter of a proposed Underwritten Offering advises the Company and the holders of Registrable Securities in writing that in its reasonable and good faith opinion the number of Common Shares
proposed to be included in the Underwritten Offering, including all Registrable Securities and all other Common Shares proposed to be included in such Underwritten Offering, exceeds the number of Common Shares which can be sold in such Underwritten
Offering and/or the number of Common Shares proposed to be included in such Underwritten Offering would adversely affect the price per share of the Common Shares proposed to be sold in such Underwritten Offering, the Company shall include in such
Underwritten Offering (i) first, the Common Shares the holders of Registrable Securities propose to sell, and (ii) second, the Common Shares proposed to be included therein by any other Persons (including Common Shares to be sold for the
account of the Company and/or other holders of Common Shares) allocated among such Persons in such manner as they may agree. If the Managing Underwriter determines that less than all of the Registrable Securities proposed to be sold can be included
in such offering, then the Registrable Securities that are included in such offering shall be allocated pro rata among the respective holders thereof on the basis of the number of Registrable Securities owned by each such holder. 

  
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 Section 2.04    Piggyback Offering. 

If the Company shall at any time propose to conduct an underwritten offering of Common Shares for cash (a “Company Underwritten
Offering”) for its own account or for the account of any other Persons (excluding, for the avoidance of doubt, (i) an offering pursuant to a Registration Statement on Form S-8 or other offering
relating solely to an employee benefit plan, (ii) an offering pursuant to a Registration Statement on Form S-4 or similar form that relates to a transaction subject to Rule 145 under the Securities Act or
any successor rule thereto or (iii) an offering in connection with any dividend or distribution reinvestment or similar plan), the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least
ten (10) Business Days before) the commencement of the offering, which notice will set forth the principal terms and conditions of the issuance, including the proposed offering price (or range of offering prices), if known, the anticipated
filing date of the registration statement (if applicable) and the number of Common Shares that are proposed to be offered (the “Piggyback Notice”); provided, however, notwithstanding any other provision of this
Agreement, if the managing underwriter(s) of a Company Underwritten Offering advise the Company that in their reasonable opinion the inclusion of any of a Holder’s Registrable Securities requested for inclusion in the subject Company
Underwritten Offering would likely have an adverse effect in any material respect on the price, timing or distribution of Common Shares proposed to be included in such Company Underwritten Offering, the Company shall have no obligation to provide a
Piggyback Notice to such Holder and such Holder shall have no right to include any Registrable Securities in such Company Underwritten Offering. The Piggyback Notice shall offer the Holders the opportunity to include in such Company Underwritten
Offering the number of Registrable Securities as they may request. The Company shall use its reasonable best efforts to include in each such Company Underwritten Offering such Registrable Securities for which the Company has received written
requests for inclusion therein within five (5) Business Days after sending the Piggyback Notice. 
 If the managing underwriter(s) of a
Company Underwritten Offering advise the Company and the Holders who have requested their Registrable Securities be included in such offering following a Piggyback Notice that in its or their opinion the inclusion of all of such Holders’
Registrable Securities requested for inclusion in the subject Company Underwritten Offering (and any other Common Shares proposed to be included in such offering) would likely have an adverse effect in any material respect on the price, timing or
distribution of Common Shares proposed to be included in such offering by the Company, the Company shall include in such Company Underwritten Offering only that number of Common Shares proposed to be included in such Company Underwritten Offering
that, in the opinion of the managing underwriter(s), will not have such adverse effect, with such number to be allocated as follows: (A) first, to the Company and (B) second, if there remains availability for additional Common Shares to be
included in such Company Underwritten Offering, on a pro-rata basis among all Holders desiring to include Registrable Securities based on the number of Registrable Securities held by such Holder. If any Holder
disapproves of the terms of any such Company Underwritten Offering, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter(s) delivered on or prior to the time of the commencement of such offering.

 The Company shall have the right to terminate or withdraw any Company Underwritten Offering initiated by it under this
Section 2.04 at any time in its sole discretion whether or not any Holder has elected to include Registrable Securities. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance
with Section 2.08 hereof. 

  
 9 

 Section 2.05    Sale Procedures. 

In connection with its obligations under this Article II, the Company shall, as expeditiously as possible: 

(a)    use its reasonable best efforts to prepare and file with the SEC such amendments and supplements to
a Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Securities covered by such Registration Statement; 

(b)    if a prospectus supplement will be used in connection with the marketing of an Underwritten Offering
from a Registration Statement and the Managing Underwriter at any time shall notify the Company in writing that, in the sole judgment of such Managing Underwriter, inclusion of detailed information to be used in such prospectus supplement is of
material importance to the success of the Underwritten Offering of such Registrable Securities, the Company shall use its reasonable best efforts to include such information in such prospectus supplement; 

(c)    furnish to each Selling Holder (i) as far in advance as reasonably practicable before filing a
Registration Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and
each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC other than annual or quarterly reports on Form 10-K or
10-Q, respectively, current reports on Form 8-K or proxy statements; provided, however, that such reports or proxy statements shall be provided at
least two Business Days prior to filing in connection with any Underwritten Offering), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that is contained
therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing a Registration Statement or such other registration statement or supplement or amendment thereto, and (ii) such number
of copies of such Registration Statement or such other registration statement and the prospectus included therein and any supplements and amendments thereto as such Selling Holder may reasonably request in order to facilitate the public sale or
other disposition of the Registrable Securities covered by such Registration Statement or other registration statement; 

(d)    if applicable, use its reasonable best efforts to register or qualify the Registrable Securities
covered by a Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing
Underwriter, shall reasonably request; provided, however, that the Company shall not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action
that would subject it to general service of process in any such jurisdiction where it is not then so subject; 

(e)    promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to
be delivered by any of them under the Securities Act, of (i) the filing of a Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement to be used in connection
therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective; and (ii) the receipt of any
written comments from the SEC with respect to any filing referred to in clause (i) and any written request by the SEC for amendments or supplements to such Registration Statement or any other registration statement or any prospectus or
prospectus supplement thereto; 

  
 10 

 (f)    promptly notify each Selling Holder, at any time when
a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in a Registration Statement or any other registration
statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of
any prospectus contained therein, in the light of the circumstances under which a statement is made); (ii) the issuance or express threat of issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or
any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Company of any notification with respect to the suspension of the qualification of any
Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Company agrees to as promptly as practicable amend or supplement the prospectus or prospectus
supplement or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing and use its reasonable best efforts to take such other action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 

(g)    upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder
copies of any and all transmittal letters or other correspondence with the SEC or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such
offering of Registrable Securities; 
 (h)    in the case of an Underwritten Offering, use its reasonable
best efforts to furnish to the underwriters upon request, (i) an opinion of counsel for the Company dated the date of the closing under the underwriting agreement and (ii) a “cold comfort” letter, dated the pricing date of such
Underwritten Offering and a letter of like kind dated the date of the closing under the underwriting agreement, in each case, signed by the independent public accountants who have certified the Company’s financial statements included or
incorporated by reference into the applicable registration statement, and each of the opinion and the “cold comfort” letter shall be in customary form and covering substantially the same matters with respect to such registration statement
(and the prospectus and any prospectus supplement included therein) as have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities by the
Company and such other matters as such underwriters and Selling Holders may reasonably request; 

(i)    if any Registration Statement refers to any Selling Holder by name or otherwise as the holder of any
securities of the Company and if in its sole and exclusive judgment such Selling Holder is or might be deemed to be an underwriter or “controlling person” (within the meaning of Section 15 of the Securities Act and Section 20 of
the Exchange Act) (a “Controlling Person”) of the Company, such Selling Holder shall have the right to require (i) the insertion therein of language, in form and substance satisfactory to such Selling Holder and presented to
the Company in writing, to the effect that the holding by such Selling Holder of such securities is not to be construed as a recommendation by such Selling Holder of the investment quality of the Company’s securities covered thereby and that
such holding does not imply that such Selling 

  
 11 

 
Holder shall assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to such Selling Holder by name or otherwise is not required by the
Securities Act or any similar federal statute then in force, the deletion of the reference to such Selling Holder; 

(j)    otherwise use its reasonable best efforts to comply with all applicable rules and regulations
of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement, covering a period of twelve months beginning within three months after the Effective Date of such Registration Statement, which
earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 

(k)    make available for inspection by any Selling Holder of Registrable Securities, any underwriter
participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by any such holder or underwriter (collectively, the “Inspectors”), all financial and other records,
pertinent corporate documents and properties of the Company (collectively, the “Records”), and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in connection
with such Registration Statement; provided, that the Company need not disclose any non-public information to any such person unless and until such person has entered into a confidentiality agreement
with the Company; 
 (l)    use its reasonable best efforts to cause all such Registrable Securities
registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized quotation system on which the Common Shares are then listed or quoted; 

(m)    use its reasonable best efforts to cause the Registrable Securities to be registered with or
approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Selling Holders to consummate the disposition of such Registrable Securities; 

(n)    provide a transfer agent and registrar for all Registrable Securities covered by such registration
statement not later than the Effective Date of such registration statement; 
 (o)    enter into
customary agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of such Registrable Securities (including making appropriate officers
of the Company available to participate in any “road show” presentations before analysts, and other customary marketing activities (including one-on-one
meetings with prospective purchasers of the Registrable Securities)); 
 (p)    if requested by a Selling
Holder, (i) as soon as practicable incorporate in a prospectus supplement or post-effective amendment such information as such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable
Securities, including information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering, and
(ii) as soon as practicable make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and 

  
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 (q)    otherwise use its reasonable best efforts to take all
other steps necessary to effect the registration of such Registrable Securities contemplated hereby. 
 Each Selling
Holder, upon receipt of notice from the Company of the happening of any event of the kind described in Section 2.05(f), shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or
prospectus supplement until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.05(f) or until it is advised in writing by the Company that the use of the prospectus
may be resumed and has received copies of any additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by the Company, such Selling Holder shall, or shall request the Managing Underwriter, if any, to
deliver to the Company (at the Company’s expense) all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the
time of receipt of such notice. 
 Section 2.06    Cooperation by Holders. 

The Company shall have no obligation to include Registrable Securities of a Holder in a Registration Statement who has failed to timely furnish
after receipt of a written request from the Company such information that the Company determines, after consultation with its counsel, is reasonably required in order for the registration statement or prospectus supplement, as applicable, to comply
with the Securities Act. 
 Section 2.07    Restrictions on Public Sale by Holders of Registrable Securities. 

To the extent requested by the Managing Underwriter, each Holder of Registrable Securities that participates in an Underwritten Offering will
enter into a customary letter agreement with underwriters providing such Holder will not effect any public sale or distribution of Registrable Securities during the ninety (90) calendar-day period
beginning on the date of a prospectus or prospectus supplement filed with the SEC with respect to the pricing of any Underwritten Offering, provided that (i) the duration of the foregoing restrictions shall be no longer than the
duration of the shortest restriction generally imposed by the underwriters on the Company or the officers, directors or any other Affiliate of the Company on whom a restriction is imposed, (ii) the restrictions set forth in this
Section 2.07 shall not apply to any Registrable Securities that are included in such Underwritten Offering by such Selling Holder. 

Section 2.08    Expenses. 

The Company shall pay all reasonable Registration Expenses as determined in good faith by the Board, including, in the case of an Underwritten
Offering, the Registration Expenses of an Underwritten Offering, regardless of whether any sale is made pursuant to such Underwritten Offering. Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection with any sale
of its Registrable Securities hereunder. For the avoidance of doubt, each Selling Holder’s pro rata allocation of Selling Expenses shall be the percentage derived by dividing (i) the number of Registrable Securities sold by such
Selling Holder in connection with such sale by (ii) the aggregate number of Registrable Securities sold by all Selling Holders in connection with such sale. In addition, except as otherwise provided in Sections 2.08 and 2.09
hereof, the Company shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder. 

Section 2.09    Indemnification. 

(a)    By the Company. The Company shall indemnify and hold harmless each Investor, its
directors, officers, managers, employees, investment managers, agents and Affiliates 

  
 13 

 
and each Person, if any, who controls such Investor or its Affiliates within the meaning of the Securities Act and the Exchange Act, and its directors, officers, employees, investment managers or
agents (collectively, the “Selling Holder Indemnified Persons”), against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint
or several, to which such Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out
of or are based upon (i) any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus, in light of the circumstances under which such statement is made) contained in (which, for the avoidance of doubt,
includes documents incorporated by reference in) such Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any
amendment or supplement thereof, or any free writing prospectus relating thereto or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law, or any
rule or regulations promulgated under the Securities Act, the Exchange Act or any state securities law applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or
compliance, and shall reimburse each such Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating, defending or resolving any such Loss or actions or proceedings;
provided, however, that the Company shall not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so
made in conformity with information furnished by such Selling Holder Indemnified Person in writing specifically for use in such Registration Statement or such other registration statement, or prospectus supplement, as applicable. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder Indemnified Person, and shall survive the transfer of such securities by such Selling Holder. 

(b)    By Each Selling Holder. Each Selling Holder agrees severally and not jointly to
indemnify and hold harmless the Company, its directors, officers, employees and agents and each Person, if any, who controls the Company within the meaning of the Securities Act or of the Exchange Act, and its directors, officers, employees and
agents, to the same extent as the foregoing indemnity from the Company to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in
such Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing
prospectus relating thereto; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from
the sale of the Registrable Securities giving rise to such indemnification. 

(c)    Notice. Promptly after receipt by an indemnified party hereunder of notice of the
commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission to so notify the indemnifying party
shall not relieve it from any liability that it may have to any indemnified party other than under this Section 2.09. In any action brought against any indemnified party, it shall notify the indemnifying party of the
commencement 

  
 14 

 
thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such
indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this
Section 2.09 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected;
provided, however, that, (i) if the indemnifying party has failed to assume the defense or employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the
indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the
indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal
defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as
incurred. Notwithstanding any other provision of this Agreement, no indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified party is entitled to indemnification hereunder without
the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnified party. 

(d)    Contribution. If the indemnification provided for in this
Section 2.09 is held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party,
in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one
hand and of such indemnified party on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall such
Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The
relative fault of the indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The
parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to herein. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in
connection with investigating, defending or resolving any Loss that is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who is not guilty of such fraudulent misrepresentation. 
 (e)    Other
Indemnification. The provisions of this Section 2.09 shall be in addition to any other rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise.

  
 15 

 Section 2.10    Rule 144 Reporting. 

With a view to making available the benefits of certain rules and regulations of the SEC that may permit the sale of the Registrable
Securities to the public without registration, the Company agrees to use its reasonable best efforts to: 

(a)    make and keep public information regarding the Company available, as those terms are understood and
defined in Rule 144 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect), at all times from and after the date hereof; 

(b)    to file with the SEC in a timely manner all reports and other documents required of the Company
under the Securities Act and the Exchange Act at all times from and after the date hereof; and 

(c)    so long as a Holder owns any Registrable Securities, furnish, unless otherwise available
electronically at no additional charge via the SEC’s EDGAR system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents as such Holder may reasonably
request in availing itself of any rule or regulation of the SEC allowing such Holder to sell any such securities without registration. 

Section 2.11    Transfer or Assignment of Registration Rights. 

The rights to cause the Company to register Registrable Securities granted to the Investor by the Company under this Article II may be
transferred or assigned by the Investor to one or more transferees or assignees of Registrable Securities without the consent of the Company; provided, however, that (a) the Company is given written notice of said
transfer or assignment, stating the name and address of each of the transferee or assignee and identifying the Registrable Securities with respect to which such registration rights are being transferred or assigned, (b) each such transferee or
assignee assumes in writing responsibility for its portion of the obligations of the Investor under this Agreement and (c) if the Registrable Securities are Common Shares underlying a Warrant that has been transferred, the transfer of such
Warrant is in compliance with the applicable agreement governing such Warrant. 
 Notwithstanding any contrary provision herein, the Company
may consent to and permit, without any further action of the Holders, any Person who subsequently acquires PIK Shares or Warrants to become a “Holder” hereunder by executing a joinder agreement hereto. 

Section 2.12    Limitation on Subsequent Registration Rights. 

From and after the date hereof, the Company shall not, without the prior written consent of the Required Holders (a) grant any
registration rights to third parties which are more favorable than or inconsistent with the rights granted hereunder; or (b) enter into any agreement, take any action, or permit any change to occur, with respect to its securities that violates
or subordinates the rights expressly granted to the Holders of Registrable Securities in this Agreement. 

  
 16 

 ARTICLE III 

MISCELLANEOUS 

Section 3.01    Communications. 

All notices and other communications provided for or permitted hereunder shall be made in writing by electronic mail, courier service or personal delivery:

 (a)    if to the Investors, to their respective addresses set forth in the books and records of the
Company. 
 (b)    if to a transferee of an Investor, to such Holder at the address provided pursuant to
Section 2.10 above; and 
 (c)    if to the Company: 

EXCO Resources, Inc. 
 12377
Merit Drive 
 Suite 1700, LB 82 

Attention: Heather Lamparter 

Email: hlamparter@EXCOResources.com 

with copies to (which shall not constitute notice): 

Haynes and Boone, LLP 
 2323
Victory Avenue, Suite 700 
 Dallas, Texas 75219 

Email: scott.wallace@haynesboone.com 

Facsimile: (214) 200-0674 

Attention: Scott Wallace 
 and

 Kirkland & Ellis LLP 

600 Travis Street, Suite 3300 

Houston, Texas 77002 
 Email:
Justin.hoffman@kirkland.com 
 Facsimile: (713) 835-3601 

Attention: Justin F. Hoffman
 All
such notices and communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt acknowledged, if sent via electronic mail; and when actually received, if sent by courier service or any other
means. 
 Section 3.02    Successor and Assigns. 

This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including
subsequent Holders of Registrable Securities to the extent permitted herein. 
 Section 3.03    Assignment of Rights. 

All or any portion of the rights and obligations of the Investor under this Agreement may be transferred or assigned by such Investor only in
accordance with Section 2.11 hereof. 

  
 17 

 Section 3.04    Recapitalization, Exchanges, Etc. Affecting the Common Shares.

 The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all equity interests of the
Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately
adjusted for combinations, share splits, recapitalizations, pro rata distributions of shares and the like occurring after the date of this Agreement. 

Section 3.05    Counterparts. 

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, including facsimile or
..pdf counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 

Section 3.06     Headings. 

The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

Section 3.07    Governing Law; Jurisdiction. 

This Agreement, including all issues and questions concerning its application, construction, validity, interpretation and enforcement, shall be
construed in accordance with, and governed by, the laws of the State of New York. EACH OF THE PARTIES HERETO CONSENTS TO SUBMIT ITSELF TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE BOROUGH OF MANHATTAN AND ANY
UNITED STATES FEDERAL COURTS LOCATED IN THE SOUTHERN DISTRICT OF NEW YORK, WITH RESPECT TO ANY CLAIM OR CAUSE OF ACTION ARISING UNDER OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY, AND WAIVES PERSONAL SERVICE OF ANY AND ALL
PROCESS UPON IT, AND AGREES THAT ALL SERVICE OF PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO IT AT ITS ADDRESS AS SET FORTH IN SECTION 3.01, AND THAT SERVICE SO MADE SHALL BE TREATED AS COMPLETED WHEN
RECEIVED. EACH OF THE PARTIES HERETO WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND WAIVES ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED IN ANY SUCH COURT. THE COMPANY AND EACH OF THE INVESTORS HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL
BY JURY IN ANY ACTION, SUIT, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THE NEGOTIATION, ADMINISTRATION, PERFORMANCE, AND
ENFORCEMENT HEREOF. NOTHING IN THIS PARAGRAPH SHALL AFFECT THE RIGHT OF THE PARTIES HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. NOTWITHSTANDING THE FOREGOING, EACH OF THE PARTIES HERETO AGREES THAT EACH OF THE OTHER PARTIES
HERETO SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING FOR ENFORCEMENT OF A JUDGMENT ENTERED BY A COURT PERMITTED BY THIS SECTION 3.07 IN ANY OTHER COURT OR JURISDICTION. 

Section 3.08    Severability of Provisions. 

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other jurisdiction. 

  
 18 

 Section 3.09    Entire Agreement. 

This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the rights
granted by the Company set forth herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

Section 3.10     Amendment. 

This Agreement may be amended only by means of a written amendment signed by the Company and the Required Holders; provided,
however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the prior written consent of such Holder. 

Section 3.11    No Presumption. 

If any claim is made by a party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or
persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. 

Section 3.12     Obligations Limited to Parties to Agreement. 

Each of the Parties hereto covenants, agrees and acknowledges that no Person other than the Investor (and its permitted transferees and
assignees) and the Company shall have any obligation hereunder. No recourse under this Agreement or under any documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director,
officer, employee, investment manager, agent, general or limited partner, manager, member, investor or Affiliate of the Investor or any former, current or future director, officer, employee, investment manager, agent, general or limited partner,
manager, member, investor or Affiliate thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability
whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, investment manager, agent, general or limited partner, manager, member, investor or Affiliate of the Investor or any
former, current or future director, officer, employee, investment manager, agent, general or limited partner, manager, member, investor or Affiliate thereof, as such, for any obligations of the Investor under this Agreement or any documents or
instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except in each case for any transferee or assignee of an Investor hereunder. 

Section 3.13     Interpretation. 

Article and Section references are to this Agreement, unless otherwise specified. All references to instruments, documents,
contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The words “include,”
“includes” and “including” or words of similar import shall be deemed to be followed by the words “without limitation.” Whenever any determination, consent or approval is to be made or given by the Investor (and its
transferees or assignees) under this 

  
 19 

 
Agreement, such action shall be in the Investor’s (and its transferees or assignees) sole discretion unless otherwise specified. Unless expressly set forth or qualified otherwise
(e.g., by “Business” or “Trading”), all references herein to a “day” are deemed to be a reference to a calendar day. 

Section 3.14     Injunctive Relief. 

It is hereby agreed and acknowledged that it shall be impossible to measure in money the damages that would be suffered if the parties fail to comply with any
of the obligations herein imposed on them and that in the event of any such failure, an aggrieved Person shall be irreparably damaged and shall not have an adequate remedy at law. Any such Person shall, therefore, be entitled (in addition to any
other remedy to which it may be entitled in law or in equity) to injunctive relief, including, without limitation, specific performance, to enforce such obligations, and if any action should be brought in equity to enforce any of the provisions of
this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at law. 
 (Signature
pages follow) 

  
 20 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first written
above. 
  

			
	EXCO RESOURCES, INC.
	
	 /s/ Tyler Farquharson

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

  
 Signature Page to

 Registration Rights Agreement 

			
	ADVENT CAPITAL (NO 3) LTD
	BRIT INSURANCE (GIBRALTAR) PCC LIMITED
	BRIT SYNDICATES LIMITED
	FEDERATED INSURANCE COMPANY OF CANADA
	NORTHBRIDGE GENERAL INSURANCE CORPORATION
	CLEARWATER SELECT INSURANCE COMPANY
	NEWLINE CORPORATE NAME LIMITED (SYNDICATE)
	ODYSSEY REINSURANCE COMPANY
	TIG INSURANCE COMPANY
	WENTWORTH INSURANCE COMPANY LTD.
	ZENITH INSURANCE COMPANY
	FAIRFAX FINANCIAL HOLDINGS MASTER TRUST FUND
	
	By: Hamblin Watsa Investment Counsel Ltd., its Investment Manager
	
	 /s/ Paul Rivett

	Name:	 	Paul Rivett
	Title:	 	Chief Operating Officer
	
	Address: Hamblin Watsa Investment Counsel Ltd.
	95 Wellington Street West, Suite 802
	Toronto, Ontario, Canada M5J 2N7
	Facsimile: (416) 367-4946
	Attention: Derek Bulas

  
 Signature Page to

 Registration Rights Agreement 

			
	Energy Strategic Advisory Services LLC
	
	 /s/ Jonathan Siegler

	Name: Jonathan Siegler
	Title:   Chief Financial Officer
	
	Address: 200 Crescent Court, STE 1900, Dallas, Texas 75201
	
	Attention: Jonathan Siegler
	Email: jsiegler@bluescapepartners.com
	Facsimile: 682-626-1335

  
 Signature Page to

 Registration Rights Agreement 

			
	OCM EXCO Holdings, LLC
	
	By: Oaktree Capital Management, L.P.
	Its: Manager
	
	 /s/ Rajath Shourie

	Name:	 	Rajath Shourie
	Title:	 	Managing Director
	
	 /s/ Robert O’Leary

	Name:	 	Robert O’Leary
	Title:	 	Managing Director
	
	Address: 333 S. Grand Avenue, 28th Floor
	Los Angeles, CA 90071
	
	Attention: Robert LaRoche
	Facsimile: (213) 830-6499

  
 Signature Page to

 Registration Rights Agreement 

			
	GEN IV INVESTMENT OPPORTUNITIES, LLC
	
	 /s/ Paul Segal

	Name: Paul Segal
	Title:   President
	
	Address: 1700 Broadway, 35th Floor
	New York, NY 10019
	Attention: Gen IV Investment Opportunities, LLC
	Facsimile: DL_Geniv@lspower.com

  
 Signature Page to

 Registration Rights Agreement 

			
	VEGA ASSET PARTNERS, LP
	
	 /s/ Paul Segal

	Name:	 	Paul Segal
	Title:	 	Manager
	
	Address: 1700 Broadway, 35th Floor
	New York, NY 10019
	Attention: Gen IV Investment Opportunities, LLC
	Facsimile: DL_Geniv@lspower.com

  
 Signature Page to

 Registration Rights Agreement

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