Document:

Exhibit 4.1

 

Execution Version

 

 

 

NGL ENERGY OPERATING LLC,

 

NGL ENERGY FINANCE CORP.

 

AND EACH OF THE GUARANTORS PARTY HERETO

 

7.500% SENIOR SECURED NOTES DUE 2026

 

 

 

INDENTURE

 

Dated as of February 4, 2021

 

 

 

U.S. BANK NATIONAL ASSOCIATION

 

Trustee and Collateral Agent

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	33
	Section 1.03	Rules of Construction	34
	 	 	 
	ARTICLE II
 THE NOTES
	 	 	 
	Section 2.01	Form and Dating	34
	Section 2.02	Execution and Authentication	35
	Section 2.03	Registrar and Paying Agent	35
	Section 2.04	Paying Agent to Hold Money in Trust	36
	Section 2.05	Holder Lists	36
	Section 2.06	Transfer and Exchange	36
	Section 2.07	Replacement Notes	45
	Section 2.08	Outstanding Notes	46
	Section 2.09	Treasury Notes	46
	Section 2.10	Temporary Notes	46
	Section 2.11	Cancellation	46
	Section 2.12	Defaulted Interest	46
	Section 2.13	CUSIP and ISIN Numbers	47
	 	 	 
	ARTICLE III
 REDEMPTION
	 	 	 
	Section 3.01	Notices to Trustee	47
	Section 3.02	Selection of Notes to Be Redeemed	47
	Section 3.03	Notice of Redemption	47
	Section 3.04	Effect of Notice of Redemption	48
	Section 3.05	Deposit of Redemption Price	49
	Section 3.06	Notes Redeemed in Part	49
	Section 3.07	Optional Redemption	49
	 	 	 
	ARTICLE IV
 COVENANTS
	 	 	 
	Section 4.01	Payment of Notes	50
	Section 4.02	Maintenance of Office or Agency	50
	Section 4.03	Reports	51
	Section 4.04	Compliance Certificate	52
	Section 4.05	Taxes	52
	Section 4.06	Stay, Extension and Usury Laws	52
	Section 4.07	Restricted Payments	53
	Section 4.08	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	56
	Section 4.09	Incurrence of Indebtedness and Issuance of Preferred Stock	58
	Section 4.10	Asset Sales	61
	Section 4.11	Transactions with Affiliates	66
	Section 4.12	Liens	68
	Section 4.13	Business Activities of Finance Corp.	68

 

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	Section 4.14	Offer to Repurchase Upon Change of Control	69
	Section 4.15	Additional Note Guarantees	70
	Section 4.16	Designation of Restricted and Unrestricted Subsidiaries	71
	Section 4.17	Covenant Suspension	71
	Section 4.18	Layering	72
	Section 4.19	Limitation on activities of the Company	73
	Section 4.20	Limited Condition Transactions	73
	 	 	 
	ARTICLE V
 SUCCESSORS
	 	 	 
	Section 5.01	Merger, Consolidation, or Sale of Assets	74
	Section 5.02	Successor Entity Substituted	77
	 	 	 
	ARTICLE VI
 DEFAULTS AND REMEDIES
	 	 	 
	Section 6.01	Events of Default	77
	Section 6.02	Acceleration	80
	Section 6.03	Other Remedies	80
	Section 6.04	Waiver of Past Defaults	80
	Section 6.05	Control by Majority	80
	Section 6.06	Limitation on Suits	81
	Section 6.07	Rights of Holders of Notes to Receive Payment	81
	Section 6.08	Collection Suit by Trustee	81
	Section 6.09	Trustee May File Proofs of Claim	81
	Section 6.10	Priorities	82
	Section 6.11	Undertaking for Costs	82
	 	 	 
	ARTICLE VII
 TRUSTEE
	 	 	 
	Section 7.01	Duties of Trustee	82
	Section 7.02	Rights of Trustee	83
	Section 7.03	Individual Rights of Trustee	84
	Section 7.04	Trustee’s Disclaimer	84
	Section 7.05	Notice of Defaults	84
	Section 7.06	[Reserved]	85
	Section 7.07	Compensation and Indemnity	85
	Section 7.08	Replacement of Trustee	85
	Section 7.09	Successor Trustee by Merger, etc.	86
	Section 7.10	Eligibility; Disqualification	86
	 	 	 
	ARTICLE VIII
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	 	 
	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance	86
	Section 8.02	Legal Defeasance and Discharge	87
	Section 8.03	Covenant Defeasance	87
	Section 8.04	Conditions to Legal or Covenant Defeasance	88
	Section 8.05	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	89
	Section 8.06	Repayment to Company	89
	Section 8.07	Reinstatement	89

 

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ARTICLE IX

AMENDMENT, SUPPLEMENT AND WAIVER

 

	Section 9.01	Without Consent of Holders of Notes	90
	Section 9.02	With Consent of Holders of Notes	92
	Section 9.03	[Reserved]	93
	Section 9.04	Revocation and Effect of Consents	93
	Section 9.05	Notation on or Exchange of Notes	93
	Section 9.06	Trustee to Sign Amendments, etc.	93
	 	 	 
	ARTICLE X
 NOTE GUARANTEES
	 	 	 
	Section 10.01	Guarantee	94
	Section 10.02	Limitation on Guarantor Liability	95
	Section 10.03	Execution and Delivery of Note Guarantee Notation	95
	Section 10.04	Guarantors May Consolidate, etc., on Certain Terms	95
	Section 10.05	Releases	96
	 	 	 
	ARTICLE XI
 SATISFACTION AND DISCHARGE
	 	 	 
	Section 11.01	Satisfaction and Discharge	97
	Section 11.02	Application of Trust Money	98
	 	 	 
	ARTICLE XII
 MISCELLANEOUS
	 	 	 
	Section 12.01	Concerning the Trust Indenture Act	98
	Section 12.02	Notices	98
	Section 12.03	[Reserved]	99
	Section 12.04	Certificate and Opinion as to Conditions Precedent	99
	Section 12.05	Statements Required in Certificate or Opinion	99
	Section 12.06	Rules by Trustee and Agents	100
	Section 12.07	No Personal Liability of Directors, Officers, Employees and Unitholders	100
	Section 12.08	Governing Law	100
	Section 12.09	No Adverse Interpretation of Other Agreements	100
	Section 12.10	Successors	100
	Section 12.11	Severability	100
	Section 12.12	Counterpart Originals	100
	Section 12.13	Table of Contents, Headings, etc.	101
	 	 	 
	ARTICLE XIII
 COLLATERAL
	 	 	 
	Section 13.01	The Collateral	101
	Section 13.02	Maintenance of Collateral; Further Assurances	102
	Section 13.03	After-Acquired Property	102
	Section 13.04	Impairment of Security Interest	103
	Section 13.05	Real Estate Mortgages and Filings	103
	Section 13.06	Release of Liens on the Collateral	106
	Section 13.07	Authorization of Actions to be Taken by the Trustee or the Collateral Agent Under the Security Documents	107
	Section 13.08	Information Regarding Collateral	108
	Section 13.09	Negative Pledge	108

 

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	Section 13.10	Regarding the Collateral Agent	108
	Section 13.11	Conflicts	110

 

	EXHIBITS
	 	 
	Exhibit A	FORM OF
    NOTE	A-1
	Exhibit B	FORM OF CERTIFICATE
    OF TRANSFER	B-1
	Exhibit C	FORM OF CERTIFICATE OF EXCHANGE	C-1
	Exhibit D	FORM OF CERTIFICATE
    OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR	D-1
	Exhibit E	FORM OF NOTATION
    OF NOTE GUARANTEE	E-1
	Exhibit F	FORM OF SUPPLEMENTAL
    INDENTURE	F-1

 

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INDENTURE dated as of February 4, 2021
among NGL Energy Operating LLC, a Delaware limited liability company (the “Operating LLC”), NGL Energy Finance
Corp., a Delaware corporation (“Finance Corp.” and, together with Operating LLC, the “Issuers”),
each a wholly owned subsidiary of NGL Energy Partners LP, a Delaware limited partnership (the “Company”), the
Guarantors (as defined) and U.S. Bank National Association, as trustee (in such capacity, the “Trustee”) and
as notes collateral agent (in such capacity, the “Collateral Agent”).

 

The
Issuers, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit
of the Holders (as defined) of the 7.500% Senior Secured Notes due 2026 (the “Notes”):

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01     Definitions.

 

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

 

“ABL
Collateral Agent” means JPMorgan Chase Bank, N.A. in its capacity as the collateral agent under the ABL Credit Agreement,
or any successor representative acting in such capacity.

 

“ABL Credit Agreement”
means that certain Credit Agreement, to be dated on or about the Issue Date, by and among Operating LLC, as borrower, JPMorgan
Chase Bank, N.A., as administrative agent and collateral agent, and the several lenders and other agents party thereto, including
any notes, guarantees, collateral and security documents, instruments and agreements executed in connection therewith, and in each
case as such agreement or facility may be amended (including any amendment or restatement thereof), supplemented or otherwise modified
from time to time, including any agreement exchanging, extending the maturity of, refinancing, renewing, replacing, substituting
or otherwise restructuring (including increasing the amount of available borrowings thereunder, changing the maturity or adding
or removing Subsidiaries as borrowers or guarantors thereunder and whether or not with the same agents, lenders, investors or holders)
all or any portion of the Indebtedness under such agreement or facility or any successor or replacement agreement or facility;
provided that, after giving effect to any such amendment, supplement or modification, the so amended, supplemented or modified
ABL Credit Agreement shall constitute an asset based revolving facility in which the majority of the commitments thereunder are
held by commercial banks and other financial institutions that are regulated by, or under the supervision of, the Office of the
Comptroller of the Currency.

 

“ABL
Documents” means the ABL Credit Agreement, any additional credit agreement, note purchase agreement, indenture or other
agreement related thereto and all other loan or note documents, collateral or security documents, notes, guarantees, instruments
and agreements governing or evidencing, or executed or delivered in connection with, the ABL Credit Agreement or any Pari
Passu ABL Lien Indebtedness, as such agreements or instruments may be amended, supplemented, modified, restated, replaced, renewed,
refunded, restructured, increased or refinanced from time to time.

 

“ABL
Facility” means the asset-based revolving credit facility established under the ABL Credit Agreement.

 

“ABL
Intercreditor Agreement” means the intercreditor agreement dated as of the date hereof among the Issuers, the Guarantors,
the Collateral Agent and the ABL Collateral Agent.

 

“ABL
Obligations” means all Indebtedness, liabilities and obligations (of every kind or nature) incurred or arising under
or relating to the ABL Documents that is secured by a Permitted Lien described under clause (1) of the definition thereof
(including any Hedging Obligations and Obligations in respect of Treasury Management Arrangements secured pursuant to the
ABL Documents), and all other obligations of the Issuers or any Guarantor in respect thereof.

 

     

     

    

 

“ABL Priority Collateral”
has the meaning given to it in the ABL Intercreditor Agreement.

 

“Acquired
Debt” means, with respect to any specified Person:

 

(1)            Indebtedness
of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person,
regardless of whether such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with
or into, or becoming a Restricted Subsidiary of, such specified Person, but excluding Indebtedness which is extinguished, retired
or repaid in connection with such Person merging with or into or becoming a Subsidiary of such specified Person; and

 

(2)            Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.

 

“Additional Assets” means:

 

(1)            any
property or assets (other than Indebtedness and Capital Stock) to be used by the Company or a Restricted Subsidiary in a Permitted
Business;

 

(2)            the
Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the Company
or another Restricted Subsidiary; or

 

(3)            outstanding
Capital Stock of any Restricted Subsidiary held by Persons other than Affiliates; provided that all the Capital Stock of such Restricted
Subsidiary held by the Company or any other Restricted Subsidiaries shall entitle the Company or such other Restricted Subsidiary
to not less than a pro rata portion of all dividends or other distributions made by such Restricted Subsidiary upon any of such
Capital Stock;

 

provided,
however, that, in the case of clauses (2) and (3), such Restricted Subsidiary is primarily engaged in a Permitted Business.

 

“Additional
Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Section 2.02
and Section 4.09 hereof, as part of the same series as the Initial Notes.

 

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

 

“Agent”
means any Registrar, co-registrar, Paying Agent or additional paying agent.

 

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

 

“Asset
Sale” means:

 

(1)            the
sale, lease, conveyance or other disposition of any assets or rights by the Company or any of the Company’s Restricted Subsidiaries;
provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company and its
Restricted Subsidiaries taken as a whole or of all of the Equity Interests of the Issuers will be governed by Section 4.14
and/or Section 5.01 hereof and not by Section 4.10 hereof; and

 

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(2)            the
issuance of Equity Interests by any of the Company’s Restricted Subsidiaries or the sale by the Company or any of the Company’s
Restricted Subsidiaries of Equity Interests in any of the Company’s Restricted Subsidiaries (other than, in each case, directors’
qualifying shares or Equity Interests required by applicable law to be held by a Person other than the Company or any of the Company’s
Restricted Subsidiaries).

 

Notwithstanding the preceding, none of the
following items will be deemed to be an Asset Sale:

 

(1)            any
single transaction or series of related transactions that involves assets having a Fair Market Value of less than $20.0 million;

 

(2)            a
transfer of assets between or among the Company and its Restricted Subsidiaries;

 

(3)            an
issuance or sale of Equity Interests by a Restricted Subsidiary to the Company or to a Restricted Subsidiary;

 

(4)            the
sale, lease or other disposition of equipment, inventory, products, services, accounts receivable, working capital assets or other
assets in the ordinary course of business (including in connection with any compromise, settlement or collection of accounts receivable),
and any sale or other disposition of damaged, worn-out or obsolete assets or assets that are no longer useful in the conduct of
the business of the Company and its Restricted Subsidiaries (including the abandonment or other disposition of intellectual property
that is, in the reasonable judgment of the Company, no longer economically practicable to maintain or useful in the conduct of
the business of the Company and its Restricted Subsidiaries taken as whole);

 

(5)            licenses
and sublicenses by the Company or any of its Restricted Subsidiaries of software or intellectual property in the ordinary course
of business;

 

(6)            any
surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other claims of any
kind;

 

(7)            the
creation or perfection of a Lien not prohibited by Section 4.12 hereof, including a Permitted Lien and the exercise by any
Person in whose favor a Permitted Lien is granted of any of its rights in respect of that Permitted Lien;

 

(8)            the
sale or other disposition of cash or Cash Equivalents;

 

(9)            the
sale or other disposition of Hedging Obligations or other financial instruments in the ordinary course of business;

 

(10)          (a) a
Restricted Payment that does not violate Section 4.07 hereof, including, without limitation, the issuance or sale of Equity
Interests or the sale, lease or other disposition of products, services, equipment, inventory, accounts receivable or other assets
pursuant to any such Restricted Payment, or (b) the consummation of a Permitted Investment, including, without limitation,
unwinding any Hedging Obligations, and including the issuance or sale of Equity Interests or the sale, lease or other disposition
of products, services, equipment, inventory, accounts receivable or other assets pursuant to any such Permitted Investment;

 

(11)          the
issuance, sale or other disposition of Equity Interests of an Unrestricted Subsidiary; and

 

(12)          any
trade or exchange by the Company or any of its Restricted Subsidiaries of assets for properties or assets owned or held by another
Person used or useful in a Permitted Business (including Capital Stock of a Person engaged primarily in a Permitted Business that
is or becomes a Restricted Subsidiary); provided that (a) the assets or properties exchanged or received by the Company or
any of its Restricted Subsidiaries may not include cash or Cash Equivalents except for relatively minor amounts necessary in order
to achieve an exchange of equivalent value and (b) the Fair Market Value of the assets traded or exchanged by the Company
or such Restricted Subsidiary (together with any cash or Cash Equivalents to be delivered by the Company or such Restricted Subsidiary)
is reasonably equivalent to the Fair Market Value of the assets (together with any cash or Cash Equivalents) to be received by
the Company or such Restricted Subsidiary; and provided, further, that any cash received must be applied in accordance with the
provisions of Section 4.10 hereof.

 

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“Available
Cash” has the meaning assigned to such term in the Partnership Agreement, as in effect on the Issue Date.

 

“Bankruptcy
Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors, the Bankruptcy and
Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada) or any other Canadian federal or provincial law
(including the debtor relief provisions of corporate statutes) or the law of any other jurisdiction relating to bankruptcy, insolvency,
winding up, liquidation, arrangement, reorganization or relief of debtors.

 

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except
that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of
the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person”
has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable
only after the passage of time.  The terms “Beneficially Owns” and “Beneficially Owned” have corresponding
meanings.  For purposes of this definition, a Person shall be deemed not to Beneficially Own securities that are the subject
of a stock purchase agreement, merger agreement, amalgamation agreement, arrangement agreement or similar agreement until consummation
of the transactions or, as applicable, series of related transactions contemplated thereby.

 

“Board of Directors”
means:

 

(1)            with
respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of
such board;

 

(2)            with
respect to a partnership, the board of directors of the general partner of the partnership;

 

(3)            with
respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof;
and

 

(4)            with
respect to any other Person, the board or committee of such Person serving a similar function.

 

So long as the Company is organized as a
limited partnership, references to its Board of Directors are to the Board of Directors of the General Partner.

 

“Borrowing Base” means
the “borrowing base” under (i) the ABL Facility as in effect from time to time or (ii) any replacement thereof
in the form of an asset based revolving facility; provided that a majority of the commitments thereunder shall be held by
commercial banks and other financial institutions that are regulated by, or under the supervision of, the Office of the Comptroller
of the Currency, and such term shall be defined in accordance with customary practices and standards for U.S. asset based revolving
facilities.

 

“Business
Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New
York or another place of payment are authorized or required by law to remain closed.

 

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“Capital
Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect
of a capital lease or finance lease that would at that time be required to be capitalized on a balance sheet prepared in accordance
with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease
prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. Notwithstanding the foregoing,
all obligations of the Company and its Restricted Subsidiaries that are or would be characterized as an operating lease as determined
in accordance with GAAP prior to January 1, 2019 (whether or not such operating lease was in effect on such date) shall continue
to be accounted for as an operating lease (and not as a Capital Lease Obligation) for purposes of this Indenture regardless of
any change in GAAP on or after January 1, 2019 (or any change in the implementation in GAAP for future periods that are contemplated
as of such date) that would otherwise require such obligation to be recharacterized as a Capital Lease Obligation.

 

“Capital
Stock” means:

 

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

 

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

 

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

 

(4)            any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, regardless
of whether such debt securities include any right of participation with Capital Stock.

 

“Cash Equivalents” means:

 

(1)            United
States dollars;

 

(2)            Government
Securities having maturities of not more than one year from the date of acquisition;

 

(3)            certificates
of deposit, demand deposit accounts and eurodollar time deposits with maturities of one year or less from the date of acquisition,
bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any lender party
to the ABL Credit Agreement or with any commercial bank with commercial paper rated, on the day of such purchase, at least A-1
or the equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s;

 

(4)            marketable
general obligations issued by any state of the United States of America or any political subdivision of any such state or any public
instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition thereof,
having a credit rating of “A” or better from either S&P or Moody’s;

 

(5)            repurchase
obligations with a term of not more than 30 days for underlying securities of the types described in clauses (2), (3) or
(4) above entered into with any financial institution meeting the qualifications specified in clause (3) above;

 

(6)            commercial
paper issued by any lender party to the ABL Credit Agreement, the parent corporation of any lender party to the ABL Credit Agreement
or any Subsidiary of such lender’s parent corporation, and commercial paper rated at least A-2 or the equivalent thereof
by S&P or at least P-2 or the equivalent thereof by Moody’s and in each case maturing within one year after the date
of acquisition thereof;

 

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(7)            money
market funds that (A) comply with the criteria set forth in Rule 2a-7 promulgated under the Investment Company Act of
1940, as amended, (B) are rated AA by S&P and Aa by Moody’s and (C) have portfolio assets of at least $5,000,000,000;
and

 

(8)            deposits
in any currency available for withdrawal on demand with any commercial bank that is organized under the laws of any country in
which the Company or any Restricted Subsidiary maintains its chief executive office or is engaged in a Permitted Business; provided
that all such deposits are made in such accounts in the ordinary course of business.

 

“Change
of Control” means the occurrence of any of the following:

 

(1)            the
sale, lease, transfer, conveyance or other disposition (other than by way of merger, amalgamation or consolidation), in one or
a series of related transactions, of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken
as a whole to any “person” (as such term is used in Sections 13(d) of the Exchange Act), other than a Permitted
Holder, which occurrence is followed within 60 days thereafter by a Rating Decline;

 

(2)            the
adoption of a plan for the liquidation or dissolution of the Company;

 

(3)            the
consummation of any transaction (including, without limitation, any merger, amalgamation or consolidation) the result of which
is that any “person” or “group” (as those terms are used in Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act, or any successor provision), other than a Permitted Holder, becomes the Beneficial Owner, directly or indirectly,
of more than 50% of the Voting Stock of the General Partner (or, following a conversion of the Company from a limited partnership
to a corporation (and so long as the Company is not subsequently converted to a limited partnership), the Company), measured by
voting power rather than number of shares, units or the like, which occurrence is followed within 60 days thereafter by a Rating
Decline;

 

(4)            the
removal of the General Partner by the limited partners of the Company in accordance with the terms of the Partnership Agreement;
or

 

(5)            the
Company ceases to own, directly or indirectly, all of the Equity Interests of each of the Issuers.

 

Notwithstanding the preceding, a conversion
of the Company or any of its Restricted Subsidiaries from a limited partnership, corporation, limited liability company or other
form of entity to a limited liability company, corporation, limited partnership or other form of entity or an exchange of all of
the outstanding Equity Interests in one form of entity for Equity Interests in another form of entity shall not constitute a Change
of Control, so long as following such conversion or exchange the “persons” (as that term is used in Section 13(d)(3) of
the Exchange Act) who Beneficially Owned the Capital Stock of the Company immediately prior to such transactions continue to Beneficially
Own in the aggregate more than 50% of the Voting Stock of such entity, or continue to Beneficially Own sufficient Equity Interests
in such entity or its general partner, as applicable, to elect a majority of its directors, managers, trustees or other persons
serving in a similar capacity for such entity or its general partner, as applicable, and, in either case, no “person,”
other than a Permitted Holder, Beneficially Owns more than 50% of the Voting Stock of such entity or its general partner, as applicable.

 

“Clearstream”
means Clearstream Banking, S.A.

 

“Collateral”
means the ABL Priority Collateral and the Notes Priority Collateral.

 

“Collateral
Agent” has the meaning assigned to such term in the preamble of this Indenture.

 

“Company” has the meaning
assigned to such term in the preamble of this Indenture.

 

    6

     

    

 

“Comparable Treasury Issue”
means, with respect to Notes to be redeemed, the U.S. Treasury security selected by an Independent Investment Banker as having
a maturity most nearly equal to the period from the redemption date to February 1, 2023, that would be utilized at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a
comparable maturity; provided that if such period is less than one year, then the U.S. Treasury security having a maturity
of one year shall be used.

 

“Comparable
Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if
the Company obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer
Quotations.

 

“Consolidated
Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person
for such period plus, without duplication:

 

(1)            an
amount equal to any extraordinary loss plus any net loss realized by such Person or any of its Restricted Subsidiaries in
connection with an Asset Sale (together with any related provision for taxes and any related non-recurring charges relating to
any premium or penalty paid, write-off of deferred financing costs or other financial recapitalization charges in connection with
redeeming or retiring any Indebtedness prior to its Stated Maturity), to the extent that such losses were deducted in computing
such Consolidated Net Income; plus

 

(2)            provision
for taxes based on income or profits (including state franchise taxes accounted for as income taxes in accordance with GAAP) of
such Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing
such Consolidated Net Income; plus

 

(3)            the
Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges were deducted
in computing such Consolidated Net Income; plus

 

(4)            depreciation,
depletion, amortization, (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid
in a prior period), abandonment, impairment and other non-cash charges and expenses (excluding any such non-cash charge or expense
to the extent that it represents an accrual of or reserve for cash charges or expenses in any future period or amortization of
a prepaid cash charge or expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period
to the extent that such depreciation, depletion, amortization, impairment and other non-cash charges or expenses were deducted
in computing such Consolidated Net Income; plus

 

(5)            all
extraordinary, unusual or non-recurring expenses, including expenses related to the Fair Market Value of contingent consideration,
to the extent that such extraordinary, unusual or non-recurring expenses were deducted in computing such Consolidated Net Income;
minus

 

(6)            non-cash
items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business,

 

in each case, on a consolidated basis and
determined in accordance with GAAP.

 

“Consolidated
Net Income” means, with respect to any specified Person for any period, the aggregate of the net income (loss)
of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP and
without any reduction in respect of preferred stock dividends; provided that:

 

(1)            any
gain (loss) realized upon the sale or other disposition of any property, plant or equipment of such Person or its consolidated
Restricted Subsidiaries (including pursuant to any sale or leaseback transaction) which is not sold or otherwise disposed of in
the ordinary course of business and any gain (loss) realized upon the sale or other disposition of any Capital Stock of any Person
will be excluded;

 

    7

     

    

 

(2)            the
net income (but not loss) of any Person that is not a Restricted Subsidiary of such specified Person or that is accounted for
by the equity method of accounting will be included only to the extent of the amount of dividends or similar distributions paid
in cash to the specified Person or a Restricted Subsidiary of such specified Person;

 

(3)            the
net income (but not loss) of any Restricted Subsidiary of such specified Person that is not a Guarantor will be excluded to the
extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that net income is
not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or
indirectly, by operation of the terms of its charter or any instrument, judgment, decree, order, statute, rule or governmental
regulation applicable to that Restricted Subsidiary or its stockholders, partners or members; provided, however, that the operation
of this clause (3) shall be suspended with respect to any Restricted Subsidiary that is acquired by the Company or any of
its Restricted Subsidiaries (regardless of whether such acquisition is effected pursuant to a merger or otherwise), but such suspension
shall cease immediately after the first six months following such acquisition;

 

(4)            the
cumulative effect of a change in accounting principles will be excluded;

 

(5)            any
unrealized losses and gains for such period under derivative instruments included in the determination of Consolidated Net Income,
including, without limitation, those resulting from the application of FASB ASC 815, will be excluded;

 

(6)            all
non-cash equity-based compensation expense, including all non-cash charges related to restricted Equity Interests and redeemable
Equity Interests granted to officers, directors and employees, will be excluded;

 

(7)            any
charges associated with any write-down, amortization or impairment of goodwill or other tangible or intangible assets will be excluded;
and

 

(8)            any
non-cash or other charges relating to any premium or penalty paid, write-off of deferred financing costs or other financial recapitalization
charges in connection with redeeming or retiring any Indebtedness prior to its Stated Maturity (including, without limitation,
premiums or penalties paid to counterparties in connection with the breakage, termination or unwinding of Hedging Obligations)
will be excluded.

 

“continuing” means, with
respect to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.

 

“Corporate
Trust Office of the Trustee” means the office of the Trustee at its address specified in Section 12.02 hereof
or such other address as to which the Trustee may give notice to the Company.

 

“Credit
Facilities” means one or more debt facilities (including, without limitation, the ABL Facility), commercial paper
facilities or secured or unsecured capital markets financings, in each case, with banks or other institutional lenders or institutional
investors providing for revolving credit loans, term loans, capital market financings, private placements, receivables financing
(including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against
such receivables) or letters of credit, in each case (subject to the proviso in the definition of ABL Credit Agreement), as amended,
restated, modified, renewed, refunded, replaced in any manner (whether upon or after termination or otherwise) or refinanced (including
refinancing with any capital markets transaction or otherwise by means of sales of debt securities to institutional investors)
in whole or in part from time to time.

 

“Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.

 

    8

     

    

 

“Customary
Recourse Exceptions” means, with respect to any Non-Recourse Debt of an Unrestricted Subsidiary or Joint Venture,
(i) Liens on and pledges of the Equity Interests of any Unrestricted Subsidiary or any Joint Venture owned by the Company
or any Restricted Subsidiary to the extent securing otherwise Non-Recourse Debt of such Unrestricted Subsidiary or Joint Venture
and (ii) exclusions from the exculpation provisions with respect to such Non-Recourse Debt for the voluntary bankruptcy of
such Unrestricted Subsidiary or Joint Venture, fraud, misapplication of cash, environmental claims, waste, willful destruction
and other circumstances customarily excluded by lenders from exculpation provisions or included in separate indemnification agreements
in non-recourse financings.

 

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

 

“Delaware Assets” shall
mean the fee-owned Material Real Property Assets that are part of the Delaware Pipeline.

 

“Delaware
Pipeline” shall mean pipeline systems of the Issuers and Guarantors located in Lea County, New Mexico; Eddy County,
New Mexico; Loving County, Texas and Reeves County, Texas.

 

“Designated
Value” means, with respect to any Real Property Asset, the book value of such Real Property Asset, together with
the book value of all fixtures appurtenant thereto and all improvements thereon.

 

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

 

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

 

“Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible,
or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event,
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder
of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. 
Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of
the Capital Stock have the right to require the Company to repurchase or redeem such Capital Stock upon the occurrence of a change
of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company
may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with
Section 4.07 hereof.  The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture
will be the maximum amount that the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or
pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends.

 

“Domestic Subsidiary”
means any Restricted Subsidiary that was formed under the laws of the United States or any state of the United States or the District
of Columbia or that guarantees or otherwise provides direct credit support for any Indebtedness of the Company or any Restricted
Subsidiary (other than a Foreign Subsidiary).

 

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

 

“Equity Offering” means
a sale of Equity Interests of the Company (other than Disqualified Stock and other than to a Subsidiary of the Company) made for
cash on a primary basis by the Company after the Issue Date.

 

    9

     

    

 

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

 

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

 

“Excluded
Deposit Account” means accounts that are (a) solely used for the purposes of making payments in respect of
payroll, taxes and employees’ wages and benefits, (b) disbursement accounts where solely proceeds of indebtedness, including
the proceeds of the loans under the ABL Credit Agreement, are deposited, (c) zero balance accounts from which balances are
swept daily to a Controlled Account (as defined in the ABL Credit Agreement), (d) third party trust accounts and (e) other
accounts with funds on deposit with a daily average balance of less than $2.0 million individually and $10.0 million in the aggregate.

 

“Existing Credit Agreement”
means that certain Amended and Restated Credit Agreement, dated February 14, 2017 (as amended), by and among Operating LLC,
as borrower, Deutsche Bank Trust Company Americas, as administrative agent and collateral agent, and the several lenders and other
agents party thereto, including any notes, guarantees, collateral and security documents, instruments and agreements executed in
connection therewith.

 

“Existing
Indebtedness” means all Indebtedness of the Company and its Subsidiaries (other than Indebtedness under the ABL
Credit Agreement, the Notes or the Note Guarantees) in existence on the Issue Date, until such amounts are repaid.

 

“Existing
Leasehold Mortgaged Property” means the Leasehold Property of the Issuers and the Guarantors that are described
in that certain Leasehold Deed of Trust, Security Agreement, Collateral Assignment of Leases and Rents and Fixture Filing Statement
dated as of November 23, 2020, and recorded as of December 8, 2020, as Document No. 2020-2986 in the Official Records
of Loving County, Texas.

 

“Existing Senior Notes”
means, collectively, the Company’s and Finance Corp.’s (i) 7.50% senior notes due 2023, (ii) 6.125% senior
notes due 2025 and (iii) 7.50% senior notes due 2026.

 

“Fair Market Value” means
the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity
of either party, determined in good faith by the Board of Directors of the Company in the case of amounts of $40.0 million or more
and otherwise by an officer of the General Partner (unless otherwise provided herein); provided, that, for purposes of Section 4.10(a)(2)(C) and
clause (12) of the second paragraph of the definition of “Asset Sale” if the value of such Additional Assets or assets
contemplated to be traded or exchanged exceeds $150.0 million, the Company shall deliver to the Trustee a copy of a written opinion
as to the fairness from a financial point of view of such trade or exchange issued by a nationally recognized investment bank,
appraisal firm or firm of independent public accountants.

 

“FASB
ASC 815” means Financial Accounting Standards Board Accounting Standards Codification 815.

 

“FERC
Subsidiary” means a Restricted Subsidiary that is subject to the regulatory jurisdiction of the Federal Energy
Regulatory Commission (or any successor thereof).

 

“First
Lien Leverage Ratio” means, at any time of determination, the ratio of (i) the outstanding principal amount
of (x) the Notes and (y) any other Secured Indebtedness that has Pari Passu Lien Priority relative to Notes and the Note
Guarantees with respect to the Collateral (net of up to $25.0 million cash and/or Cash Equivalents of the Company and the Restricted
Subsidiaries) as of the end of the Trailing Four Quarters most recently ended prior to such time of determination, to (ii) the
Consolidated Cash Flow of the Company and its Restricted Subsidiaries for such Trailing Four Quarters; provided that such
First Lien Leverage Ratio shall be determined on a pro forma basis in a manner consistent with the definition of Fixed Charge Coverage
Ratio.

 

“Finance
Corp.” has the meaning assigned to such term in the preamble of this Indenture.

 

“Fitch”
means Fitch Ratings, Inc. or any successor to the ratings business thereof.

 

    10

     

    

 

“Fixed
Charge Coverage Ratio” means with respect to any specified Person for any four-quarter reference period, the
ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. 
In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, Guarantees, repays, repurchases,
redeems, defeases or otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases
or redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated
and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation
Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption,
Guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption
of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter
reference period. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest
expense on such Indebtedness will be calculated as if the average rate in effect from the beginning of such period to the Calculation
Date had been the applicable rate for the entire period (taking into account any interest Hedging Obligation applicable to such
Indebtedness, but if the remaining term of such interest Hedging Obligation is less than twelve months, then such interest Hedging
Obligation shall only be taken into account for that portion of the period equal to the remaining term thereof).  If any
Indebtedness that is being given pro forma effect bears an interest rate at the option of such Person, the interest rate
shall be calculated by applying such option rate chosen by such Person.  Interest on Indebtedness that may optionally be
determined at an interest rate based upon a factor of a prime or similar rate, a Eurocurrency interbank offered rate, or other
rate, shall be deemed to have been based upon the rate actually chosen, or if none, then based upon such optional rate chosen
as such Person may designate.

 

Notwithstanding anything to the contrary
herein with respect to any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this Indenture
under a restrictive covenant that does not require compliance with a financial ratio or test (including, without limitation, any
First Lien Leverage Ratio test, any Fixed Charge Coverage Ratio test and any Total Leverage Ratio test) (any such amounts, the
 “Fixed Amounts”) substantially concurrently with any amounts incurred or transactions entered into (or consummated)
in reliance on a provision of this Indenture that requires compliance with any such financial ratio or test (any such amounts,
the “Incurrence Based Amounts”), it is understood and agreed that the Fixed Amounts (and any cash proceeds thereof)
shall be disregarded in the calculation of the financial ratio or test applicable to the Incurrence Based Amounts in connection
with such substantially concurrent incurrence. Each amount incurred or transaction entered into (or consummated) will be deemed
to have been incurred or entered into (or consummated) first, to the extent available, as an Incurrence Based Amount pursuant to
the applicable financial ratio or test.

 

In
addition, for purposes of calculating the Fixed Charge Coverage Ratio:

 

(1)            acquisitions
that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers, amalgamations, consolidations
or otherwise (including acquisitions of assets used or useful in a Permitted Business), or any Person or any of its Restricted
Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including all related financing transactions
and including increases in ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent to such
reference period and on or prior to the Calculation Date, will be given pro forma effect as if they had occurred on the
first day of the four-quarter reference period;

 

(2)            the
Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses
(and ownership interests therein) disposed of prior to the Calculation Date, will be excluded;

 

(3)            the
Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and
ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations
giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following
the Calculation Date;

 

(4)            any
Person that is a Restricted Subsidiary of the specified Person on the Calculation Date will be deemed to have been a Restricted
Subsidiary at all times during such four-quarter period;

 

    11

     

    

 

(5)            any
Person that is not a Restricted Subsidiary of the specified Person on the Calculation Date will be deemed not to have been a Restricted
Subsidiary at any time during such four-quarter period; and

 

(6)            interest
income reasonably anticipated by such Person to be received during the applicable four-quarter period from cash or Cash Equivalents
held by such Person or any Restricted Subsidiary of such Person, which cash or Cash Equivalents exist on the Calculation Date or
will exist as a result of the transaction giving rise to the need to calculate the Fixed Charge Coverage Ratio, will be included.

 

For purposes of this definition, whenever
pro forma effect is to be given to any calculation under this definition, the pro forma calculations will be determined
in good faith by a responsible financial or accounting officer of such Person, which determination shall be conclusive for all
purposes under this Indenture; provided that such officer may in such officer’s discretion include any reasonably identifiable
and factually supportable pro forma changes to Consolidated Cash Flow or Fixed Charges, including any pro forma expense
and cost reductions or synergies that have occurred or are reasonably expected to occur within the 12 months immediately following
the Calculation Date and are either (i) prepared and calculated in accordance with Regulation S-X under the Securities Act
or (ii) set forth in an Officers’ Certificate signed by the chief financial officer of such Person that states (a) the
amount of each such adjustment and (b) that such adjustments are based on the reasonable good faith belief of the chief financial
officer executing such Officers’ Certificate at the time of such execution and the factual basis on which such good faith
belief is based.

 

“Fixed
Charges” means, with respect to any specified Person for any period, the sum, without duplication, of:

 

(1)            the
consolidated interest expense (less interest income) of such Person and its Restricted Subsidiaries for such period, whether paid
or accrued (excluding write-off of deferred financing costs and accretion of interest charges on future retirement benefits and
other obligations that do not constitute Indebtedness, but including, without limitation, amortization of debt issuance costs and
original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component
of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect
of letter of credit or bankers’ acceptance financings), and net of the effect of all payments made or received pursuant to
Hedging Obligations in respect of interest rates; plus

 

(2)            the
consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus

 

(3)            any
interest on Indebtedness of another Person that is guaranteed by the specified Person or one or more of its Restricted Subsidiaries
or secured by a Lien on assets of such specified Person or one or more of its Restricted Subsidiaries, regardless of whether such
Guarantee or Lien is called upon; plus

 

(4)            all
dividends or distributions, whether paid or accrued and regardless of whether in cash, on any series of preferred stock of such
Person or any of its Restricted Subsidiaries, other than dividends or distributions on Equity Interests payable solely in Equity
Interests of such Person (other than Disqualified Stock) or to such Person or a Restricted Subsidiary of such Person, in each case,
determined on a consolidated basis in accordance with GAAP.

 

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

 

“GAAP”
means generally accepted accounting principles in the United States, that are in effect from time to time.  All ratios
and computations based on GAAP contained in this Indenture will be computed in conformity with GAAP.  At any time after the
Issue Date, the Company may elect to apply International Financial Reporting Standards (“IFRS”) accounting principles
in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise
provided in this Indenture); provided that any such election, once made, shall be irrevocable; provided, further, that any calculation
or determination in this Indenture that requires the application of GAAP for periods that include fiscal quarters ended prior to
the Company’s election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP.  The
Company shall give notice of any such election made in accordance with this definition to the Trustee and the Holders of Notes.

 

    12

     

    

 

“General
Partner” means NGL Energy Holdings LLC, a Delaware limited liability company, and its successors and permitted
assigns as the general partner of the Company; provided that, following a conversion of the Company from a limited partnership
to a corporation (and so long as the Company is not subsequently converted to a limited partnership), all references to “General
Partner” herein shall be to the Company.

 

“Global
Note Legend” means the legend set forth in Section 2.06(f)(2) hereof, which is required to be placed
on all Global Notes issued under this Indenture.

 

“Global
Notes” means, individually and collectively, each of the Notes deposited with or on behalf of and registered in
the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend
and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with
Section 2.01, Section 2.06(b)(3), Section 2.06(b)(4), Section 2.06(d)(2), Section 2.06(d)(3) or Section 2.06(f) hereof.

 

“Government
Securities” means direct obligations of, or obligations Guaranteed by, the United States of America, or any agency
or instrumentality thereof, in each case for which the full faith and credit of the United States is pledged or the timely payment
of which is unconditionally guaranteed as a full faith and credit obligation of the United States.

 

“Grand Mesa Assets” shall
mean the fee-owned Material Real Property Assets that are part of the Grand Mesa Pipeline.

 

“Grand
Mesa Pipeline” shall mean the 550-mile pipeline that transports crude oil from its origin in Weld County, Colorado
to the terminal of the Issuers and Guarantors in Cushing, Oklahoma.

 

“Grantors”
means, collectively, the Issuers and the Guarantors.

 

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

 

“Guarantors”
means any of: (1) the Company, (2) the Restricted Subsidiaries of the Company executing this Indenture as initial
Subsidiary Guarantors; and (3) the Restricted Subsidiaries of the Company that become Subsidiary Guarantors in accordance
with the provisions of this Indenture, and their respective successors and assigns, in each case, until the Note Guarantee of such
Person (other than the Company) has been released in accordance with the provisions of this Indenture.

 

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

 

(1)            interest
rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements, interest rate collar
agreements or other agreements or arrangements designed to manage interest rates or interest rate risk;

 

(2)            any
commodity futures contract, commodity option or other similar agreement or arrangement designed to protect such Person against
fluctuations in the price of Hydrocarbons used, produced, processed or sold; and

 

    13

     

    

 

(3)            foreign
exchange contracts, currency protection agreements or other agreements or arrangements designed to protect such Person against
fluctuations in currency exchange rates.

 

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

 

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

 

“IAI Global Note” means
a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend
and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination
equal to the outstanding principal amount of the Notes sold to Institutional Accredited Investors.

 

“Indebtedness” means,
with respect to any specified Person, without duplication, any indebtedness of such Person, regardless of whether contingent:

 

(1)            in
respect of borrowed money;

 

(2)            evidenced
by or issued in exchange for bonds, notes, credit agreements, debentures or similar instruments or letters of credit (or reimbursement
agreements in respect thereof) (but excluding obligations with respect to letters of credit securing obligations (other than obligations
with respect to borrowed money) entered into in the ordinary course of business of such Person to the extent such letters of credit
are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than 30 days following receipt by such
Person of a demand for reimbursement following payment on the letter of credit);

 

(3)            in
respect of bankers’ acceptances;

 

(4)            representing
Capital Lease Obligations;

 

(5)            representing
the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property
is acquired or such services are completed; or

 

(6)            representing
any Hedging Obligations,

 

if and to the extent any of the preceding items (other than
letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in
accordance with GAAP.  In addition, the term “Indebtedness” includes (a) all Indebtedness of others secured
by a Lien on any asset of the specified Person (regardless of whether such Indebtedness is assumed by the specified Person); provided,
that the amount of such Indebtedness will be the lesser of (i) the Fair Market Value of such asset at such date of determination
and (ii) the amount of such Indebtedness of such other Person, and (b) to the extent not otherwise included, the Guarantee
by the specified Person of any Indebtedness of any other Person. Indebtedness shall be calculated without giving effect to the
effects of FASB ASC 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of
Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives created by the terms of
such Indebtedness.

 

The amount of any Indebtedness outstanding
as of any date will be:

 

(1)            the
accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(2)            in
the case of any Hedging Obligation, the termination value of the agreement or arrangement giving rise to such Hedging Obligation
that would be payable by such Person at such date;

 

    14

     

    

 

(3)            in
the case of any letter of credit, the face amount thereof;

 

(4)            the
principal amount of the Indebtedness, together with any interest thereon that is more than 30 days past due, in the case of any
other Indebtedness; and

 

(5)            in
respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

(A)            the
Fair Market Value of such assets at the date of determination; and

 

(B)            the
amount of the Indebtedness of the other Person.

 

Notwithstanding the foregoing, the following
shall not constitute “Indebtedness:”

 

(i)            accrued
expenses and trade accounts payable arising in the ordinary course of business;

 

(ii)           any
indebtedness that has been defeased in accordance with GAAP or defeased pursuant to the deposit of cash or Government Securities
(in an amount sufficient to satisfy all such indebtedness obligations at maturity or redemption, as applicable, and all payments
of interest and premium, if any) in a trust or account created or pledged for the sole benefit of the holders of such indebtedness,
and subject to no other Liens, and the other applicable terms of the instrument governing such indebtedness;

 

(iii)          Hydrocarbon
balancing liabilities incurred in the ordinary course of business;

 

(iv)          any
unrealized losses or charges in respect of Hedging Obligations (including those resulting from the application of the FASB ASC
815);

 

(v)           any
obligations in respect of (a) bid, performance, completion, surety, appeal and similar bonds, (b) bankers’ acceptances,
(c) workers’ compensation claims, health or other types of social security benefits, unemployment or other insurance
or self-insurance obligations, reclamation and statutory obligations and (d) any Guarantees or standby letters of credit functioning
as or supporting any of the foregoing bonds or obligations, to the extent not drawn; provided, however, that such bonds or obligations
mentioned in subclause (a), (b), (c) or (d) of this clause (v) are incurred in the ordinary course of the business
of the Company and its Restricted Subsidiaries and do not relate to obligations for borrowed money;

 

(vi)          any
obligation arising from any agreement providing for indemnities, guarantees, purchase price adjustments, holdbacks, earnouts, contingency
payment obligations based on the performance of the acquired or disposed assets or similar obligations (other than Guarantees of
Indebtedness) incurred by any Person in connection with the acquisition or disposition of any business, assets or Capital Stock;

 

(vii)         any
obligation arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds in the ordinary course of business; provided that such obligation is extinguished within five Business Days
of its incurrence;

 

(viii)        any
Treasury Management Arrangement;

 

    15

     

    

 

(ix)          any
obligation arising out of advances on trade receivables, factoring of receivables, customer prepayments and similar transactions
in the ordinary course of business and consistent with past practice; and

 

(x)           all
contracts and other obligations, agreements, instruments or arrangements described in clauses (16), (26), and (27) of the definition
of “Permitted Liens.”

 

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

 

“Independent
Investment Banker” means J.P. Morgan Securities LLC, RBC Capital Markets, LLC, Barclays Capital Inc., TD Securities
(USA) LLC and Wells Fargo Securities, LLC or one of their respective successors, or, if such firms or their respective successors,
if any, as the case may be, are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Company.

 

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

 

“Initial
Notes” means the Notes issued under this Indenture on the Issue Date.

 

“Insolvency or Liquidation Proceeding”
means:

 

(1)            any
voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Issuer or any Guarantor;

 

(2)            any
other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization
or other similar case or proceeding with respect to any Issuer or any Guarantor or with respect to a material portion of their
respective assets;

 

(3)            any
liquidation, dissolution, reorganization or winding up of any Issuer or any Guarantor whether voluntary or involuntary and whether
or not involving insolvency or bankruptcy; or

 

(4)            any
assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Issuer or any Guarantor.

 

“Institutional
Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act, who are not also QIBs.

 

“Internal
Revenue Code” means the Internal Revenue Code of 1986, as amended, and any successor statute.

 

“Investment
Grade Rating” means a rating equal to or higher than:

 

(1)            Baa3
(or the equivalent) by Moody’s;

 

(2)            BBB-
(or the equivalent) by S&P; or

 

(3)            BBB-
(or the equivalent) by Fitch,

 

or, if any such Rating Agency ceases to rate the Notes for reasons
outside of the control of the Company, the equivalent investment grade credit rating from any other Rating Agency.

 

“Investment
Grade Rating Event” means the first day on which (a) the Notes have an Investment Grade Rating from at least
two Rating Agencies, (b) no Default or Event of Default with respect to the Notes has occurred and is then continuing under
this Indenture and (c) the Company has delivered to the Trustee an Officers’ Certificate certifying as to the satisfaction
of the conditions set forth in clauses (a) and (b) of this definition.

 

    16

     

    

 

“Investments”
means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in
the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding (1) endorsements
of negotiable instruments and documents in the ordinary course of business, and commission, travel and similar advances to officers,
employees and consultants made in the ordinary course of business and (2) advances to customers in the ordinary course of
business that are recorded as accounts receivable on the balance sheet of the Person making the advance), purchases or other acquisitions
for consideration of Indebtedness, Equity Interests or other securities (excluding any interest in an oil or natural gas leasehold
to the extent constituting a security under applicable law), together with all items that are or would be classified as investments
on a balance sheet prepared in accordance with GAAP.  If the Company or any Restricted Subsidiary sells or otherwise disposes
of any Equity Interests of any Restricted Subsidiary such that, after giving effect to any such sale or disposition, such Person
is no longer a Restricted Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of any such
sale or disposition in an amount equal to the Fair Market Value of the Company’s Investments in such Subsidiary that were
not sold or disposed of in an amount determined as provided in Section 4.07(c) hereof.  The acquisition by the Company
or any Restricted Subsidiary of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company
or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired
Person in such third Person in an amount determined as provided in Section 4.07(c) hereof. Except as otherwise provided
in this Indenture, the amount of an Investment will be determined at the time the Investment is made and without giving effect
to subsequent changes in value or write-ups, write-downs or write-offs with respect to such Investment.

 

“Issue
Date” means February 4, 2021.

 

“Issuers”
has the meaning assigned to such term in the preamble of this Indenture, together with their successors and assigns.

 

“Joint
Venture” means any Person that is not a direct or indirect Subsidiary of the Company in which the Company or any
of its Restricted Subsidiaries makes any Investment.

 

“Junior Lien” means a
Lien, junior to the Liens on the Collateral securing both any ABL Obligations and Secured Obligations pursuant to the Junior Lien
Intercreditor Agreement, granted by the Issuer or any Guarantor to secure Junior Lien Obligations.

 

“Junior Lien Documents”
means, collectively, any indenture, note, security document and each of the other agreements, documents and instruments providing
for or evidencing any Junior Lien Obligations, and any other document or instrument executed or delivered at any time in connection
with any Junior Lien Obligations, to the extent such are effective at the relevant time, in each case as each may be amended, restated,
supplemented, modified, renewed, extended or refinanced in whole or in part from time to time, and any other credit agreement,
indenture or other agreement, document or instrument evidencing, governing, relating to or securing any Junior Lien Indebtedness.

 

“Junior
Lien Indebtedness” means any Indebtedness (other than intercompany Indebtedness owing to an Issuer or its Affiliates)
of any Issuer or any Guarantor (including any Permitted Refinancing Indebtedness in respect thereof) that is secured by a Junior
Lien pursuant to a Permitted Lien described under clause (1) of the definition thereof; provided that, in the case
of any Indebtedness referred to in this definition:

 

(1)            such
Indebtedness does not mature and does not have any mandatory or scheduled payments or sinking fund obligations prior to the maturity
date of the Notes (except as a result of a customary change of control or asset sale repurchase offer provisions);

 

(2)            on
or before the date on which the first such Indebtedness is incurred by any Issuer or any Guarantor, the Company shall deliver
to each Secured Representative complete copies of each applicable Junior Lien Document (which shall provide that each secured
party with respect to such Indebtedness shall be subject to and bound by the Junior Lien Intercreditor Agreement), along with
an Officers’ Certificate certifying as to such Junior Lien Documents and identifying the obligations constituting Junior
Lien Obligations;

 

    17

     

    

 

(3)            on
or before the date on which any such Indebtedness is incurred by any Issuer or any Guarantor, such Indebtedness is designated by
the Company, in an Officers’ Certificate delivered to the Junior Lien Representative and each Secured Representative, as
 “Junior Lien Indebtedness” hereunder;

 

(4)            a
Junior Lien Representative is designated with respect to such Indebtedness and executes and delivers the Junior Lien Intercreditor
Agreement (including, as applicable, a joinder thereto) on behalf of itself and all holders of such Indebtedness; and

 

(5)            all
other requirements set forth in the Junior Lien Intercreditor Agreement as to the confirmation, grant or perfection of the Liens
of the holders of Junior Lien Indebtedness to secure such Indebtedness or Obligations in respect thereof are satisfied.

 

“Junior
Lien Intercreditor Agreement” means an intercreditor agreement which subordinates the Lien on the Collateral of
the holders of the Junior Lien Indebtedness to the Lien on the Collateral of each of the holders of ABL Obligations and Pari Passu
ABL Lien Indebtedness and the holders of the Secured Obligations and the terms of which are consistent with market terms (in the
view of the ABL Collateral Agent or, if the ABL Collateral Agent has been replaced, any other agent for the holders of ABL Obligations)
governing security arrangements for the subordination and sharing of liens or arrangements relating to the distribution of payments,
as applicable, at the time the intercreditor agreement is proposed to be established in light of the type of Indebtedness subject
thereto.

 

“Junior Lien Obligations”
means Junior Lien Indebtedness and all other Obligations in respect thereof.

 

“Junior Lien Representative”
means in the case of any series of Junior Lien Indebtedness, the trustee, agent or representative of the holders of such series
of Junior Lien Indebtedness who is appointed as a representative of the Junior Lien Indebtedness (for purposes related to the administration
of security interests) pursuant to the applicable Junior Lien Document governing such series of Junior Lien Indebtedness, together
with its successors and assigns in such capacity.

 

“Leasehold Property”
means any leasehold interest of any Issuer or any Guarantor as lessee under any lease of a Real Property Asset.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest or encumbrance of any kind
in respect of such asset, regardless of whether filed, recorded or otherwise perfected under applicable law, including any conditional
sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security
interest in and any filing of or agreement to give any financing statement under the UCC or PPSA (or equivalent statutes) of any
jurisdiction other than a precautionary financing statement respecting a lease not intended as a security agreement.

 

“Limited Condition Transaction”
means any (i) Investment or acquisition (whether by merger, amalgamation, consolidation or otherwise), whose consummation
is not conditioned on the availability or, or on obtaining, third party financing and (ii) any redemption, repurchase, defeasance,
satisfaction and discharge or repayment of indebtedness requiring irrevocable notice in advance of such redemption, repurchase,
defeasance, satisfaction and discharge or repayment.

 

    18

     

    

 

“Material Real Property Asset”
means any Real Property Asset of any Issuer or any Guarantor that is located in the United States, excluding (i) any Leasehold
Property, easements or rights of way if under the terms of the lease with respect to such Leasehold Property or conveyance document
with respect to such easement or right-of-way, or applicable law, the grant of a Lien therein is prohibited and such prohibition
has not been waived or any necessary third party consents have not been obtained after the use of commercially reasonable efforts
to do so (which, for the avoidance of doubt shall not require cash payments or other consideration aside from payment or reimbursement
of reasonable fees and expenses in connection with the preparation and recording of the documentations related to such consents
and mortgages) and (ii) any Real Property Asset having a Designated Value of less than $5.0 million as of the Issue Date
or as of the date of acquisition thereof, as applicable; provided that (A) the aggregate Designated Value of the fee
owned Real Property Assets excluded pursuant to clause (ii) may not exceed the greater of $100.0 million and 1.5% of the
Total Assets of the Company and (B) the aggregate Designated Value of the Leasehold Property, easements and rights-of-way
excluded pursuant to clauses (i) and (ii) shall not exceed the greater of $150.0 million and 2.25% of the Total Assets
of the Company; provided, further, that any rights of the Issuers and Guarantors in any Real Property Asset (x) which
are Grand Mesa Assets or (y) which are Delaware Assets, in each case, with a book value in excess of $1.0 million shall be
deemed to constitute Material Real Property Assets.

 

“Make-Whole
Price” with respect to any Notes to be redeemed, means an amount equal to the greater of:

 

(1)            100%
of the principal amount of such Notes; and

 

(2)            the
sum of the present values of (a) the redemption price of such Notes at February 1, 2023 (as set forth in Section 3.07(e))
and (b) the remaining scheduled payments of interest from the redemption date to February 1, 2023 (not including
any portion of such payments of interest accrued as of the redemption date) discounted back to the redemption date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 50 basis points;

 

plus, in the case of both clauses (1) and (2), accrued
and unpaid interest on such Notes, if any, to the redemption date.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor to the ratings business thereof.

 

“Net
Proceeds” means the aggregate amount of cash proceeds and Cash Equivalents received by the Company or any of its
Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash or Cash Equivalents received upon
the sale or other disposition of any non-cash consideration received in any Asset Sale, but excluding any non-cash consideration
deemed to be cash for purposes of Section 4.10 hereof), net of:

 

(1)            the
direct costs relating to such Asset Sale, including, without limitation, all legal, accounting, investment banking, title and recording
tax expenses, commissions and other fees and expense incurred, and all federal, state, provincial, foreign and local taxes required
to be paid or accrued as a liability under GAAP (after taking into account any available tax credits or deductions and any tax
sharing agreements), as a consequence of such Asset Sale;

 

(2)            all
payments made on any Indebtedness that is secured by any assets subject to such Asset Sale, in accordance with the terms of such
Indebtedness, or that must by its terms, or in order to obtain a necessary consent to such Asset Sale, or by applicable law be
repaid out of the proceeds from such Asset Sale;

 

(3)            all
distributions and other payments required to be made to holders of minority interests in Subsidiaries or Joint Ventures as a result
of such Asset Sale; and

 

(4)            the
deduction of appropriate amounts to be provided by the seller as a reserve, in accordance with GAAP, or held in escrow, in either
case for as long as required to be held as reserve or in escrow for adjustment in respect of the sale price or for indemnification
or any liabilities associated with the assets disposed of in such Asset Sale and retained by the Company or any Restricted Subsidiary
after such Asset Sale.

 

    19

     

    

 

“Non-Recourse Debt” means
Indebtedness:

 

(1)            as
to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any
undertaking, Guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly
liable as a guarantor or otherwise, in each case of clause (a) and (b) above, except for Customary Recourse Exceptions;
and

 

(2)            as
to which the lenders have been notified in writing that they will not have any recourse to the Capital Stock or assets of the Company
or any of its Restricted Subsidiaries (other than the Equity Interests of any Unrestricted Subsidiary or Joint Venture), except
for Customary Recourse Exceptions.

 

“Non-U.S.
Person” means a Person who is not a U.S. Person.

 

“Note
Guarantee” means any Guarantee of the Issuers’ obligations under this Indenture and the Notes by any Guarantor
in accordance with the provisions of this Indenture.

 

“Notes”
has the meaning assigned to it in the preamble of this Indenture, and includes the Additional Notes and the Initial Notes, together
as a single class.

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the
documentation governing any Indebtedness.

 

“Offering Memorandum” means
the offering memorandum dated January 25, 2021, related to the issue and sale of the Notes.

 

“Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary
or any Vice-President of such Person (or, with respect to the Company, so long as it remains a partnership, the General Partner).

 

“Officers’
Certificate” means a certificate signed on behalf of the Company by two Officers of the Company or two Officers
of the General Partner, one of whom must be the principal executive officer, the principal financial officer or the principal accounting
officer of such Person, that meets the requirements of this Indenture pertaining to such certificates.

 

“Operating
Surplus” has the meaning assigned to such term in the Partnership Agreement, as in effect on the Issue Date.

 

“Opinion
of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements
of Section 12.05 hereof.  The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company
or the Trustee.

 

“Notes Priority Collateral”
has the meaning given to it in the ABL Intercreditor Agreement.

 

“Pari Passu ABL Lien Indebtedness”
means any Indebtedness that is permitted to have Pari Passu Lien Priority relative to the ABL Obligations with respect to the Collateral
and is not secured by any other assets; provided that, in each case, an authorized representative of the holders of such
Indebtedness shall have executed a joinder to the ABL Intercreditor Agreement in the form provided therein.

 

“Pari Passu Indebtedness”
means any Indebtedness of the Issuer or any Guarantor that is not Subordinated Debt.

 

“Pari Passu Lien Priority”
means relative to specified Indebtedness and other obligations having equal Lien priority to (i) the Notes and the Note Guarantees
on the Collateral or (ii) the ABL Credit Agreement on the Collateral.

 

    20

     

    

 

 

 

“Pari Passu Notes Lien Indebtedness”
means any Additional Notes and any other Indebtedness that has a Stated Maturity date that is equal to or longer than the Stated
Maturity date of the Notes and that is permitted to have Pari Passu Lien Priority relative to the Notes and the Note Guarantees
with respect to the Collateral and is not secured by any other assets; provided that, in each case, an authorized representative
of the holders of such Indebtedness (other than any Additional Notes) shall have executed a joinder to the ABL Intercreditor Agreement
in the form provided therein.

 

“Pari Passu Second Lien”
means a Lien having equal priority to (i) the Lien securing the Secured Obligations on the ABL Priority Collateral and (ii) the
Lien securing the ABL Obligations on the Notes Priority Collateral pursuant to the Pari Passu Second Lien Intercreditor Agreement,
granted by the Issuers or any Guarantor to secure Pari Passu Second Lien Obligations.

 

“Pari Passu Second Lien Documents”
means, collectively, any indenture, note, security document and each of the other agreements, documents and instruments providing
for or evidencing any Pari Passu Second Lien Obligations, and any other document or instrument executed or delivered at any time
in connection with any Pari Passu Second Lien Obligations, to the extent such are effective at the relevant time, in each case
as each may be amended, restated, supplemented, modified, renewed, extended or refinanced in whole or in part from time to time,
and any other credit agreement, indenture or other agreement, document or instrument evidencing, governing, relating to or securing
any Pari Passu Second Lien Indebtedness.

 

“Pari
Passu Second Lien Indebtedness” means any Indebtedness (other than intercompany Indebtedness owing to an Issuer or its
affiliates) of any Issuer or any Guarantor (including any Permitted Refinancing Indebtedness in respect thereof) that is secured
by a Pari Passu Second Lien pursuant to a Permitted Lien described under clause (1) of the definition thereof; provided
that, in the case of any Indebtedness referred to in this definition:

 

(1)            such
Indebtedness does not mature and does not have any mandatory or scheduled payments or sinking fund obligations prior to the maturity
date of the Notes (except as a result of a customary change of control or asset sale repurchase offer provisions);

 

(2)            on
or before the date on which the first such Indebtedness is incurred by any Issuer or any Guarantor, the Company shall deliver to
each Secured Representative complete copies of each applicable Pari Passu Second Lien Document (which shall provide that each secured
party with respect to such Indebtedness shall be subject to and bound by the Pari Passu Second Lien Intercreditor Agreement), along
with an Officers’ Certificate certifying as to such Pari Passu Second Lien Documents and identifying the obligations constituting
Pari Passu Second Lien Obligations;

 

(3)            on
or before the date on which any such Indebtedness is incurred by any Issuer or any Guarantor, such Indebtedness is designated by
the Company, in an Officers’ Certificate delivered to the Pari Passu Second Lien Representative and each Secured Representative,
as “Pari Passu Second Lien” hereunder;

 

(4)            a
Pari Passu Second Lien Representative is designated with respect to such Indebtedness and executes and delivers the Pari Passu
Second Lien Intercreditor Agreement (including, as applicable, a joinder thereto) on behalf of itself and all holders of such Indebtedness;
and

 

(5)            all
other requirements set forth in the Pari Passu Second Lien Intercreditor Agreement as to the confirmation, grant or perfection
of the Liens of the holders of Pari Passu Second Lien Indebtedness to secure such Indebtedness or Obligations in respect thereof
are satisfied.

 

“Pari
Passu Second Lien Intercreditor Agreement” means an intercreditor agreement which subordinates the Lien on the Collateral
of the holders of the Pari Passu Second Lien Indebtedness to (i) the Lien on the ABL Priority Collateral of each of the holders
of ABL Obligations and Pari Passu ABL Lien Indebtedness and (ii) the Lien on the Notes Priority Collateral of the holders
of the Secured Obligations and the terms of which are consistent with market terms (in the view of the ABL Collateral Agent or,
if the ABL Collateral Agent has been replaced, any other agent for the holders of ABL Obligations) governing security arrangements
for the subordination and sharing of liens or arrangements relating to the distribution of payments, as applicable, at the time
the intercreditor agreement is proposed to be established in light of the type of Indebtedness subject thereto.

 

    21

     

    

 

“Pari Passu Second Lien Obligations”
means Pari Passu Second Lien Indebtedness and all other Obligations in respect thereof.

 

“Pari Passu Second Lien Representative”
means in the case of any series of Pari Passu Second Lien Indebtedness, the trustee, agent or representative of the holders of
such series of Pari Passu Second Lien Indebtedness who is appointed as a representative of the Pari Passu Second Lien Indebtedness
(for purposes related to the administration of security interests) pursuant to the applicable Pari Passu Second Lien Document governing
such series of Pari Passu Second Lien Indebtedness, together with its successors and assigns in such capacity.

 

“Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Partnership
Agreement” means the Seventh Amended and Restated Agreement of Limited Partnership of the Company dated as of
October 31, 2019, as such may be further amended, modified or supplemented from time to time.

 

“Permitted
Acquisition Indebtedness” means Indebtedness or Disqualified Stock of the Company or any of its Restricted Subsidiaries
to the extent such Indebtedness or Disqualified Stock was Indebtedness or Disqualified Stock of:

 

(1)            a
Subsidiary prior to the date on which such Subsidiary became a Restricted Subsidiary; or

 

(2)            a
Person that was merged, amalgamated or consolidated into the Company or a Restricted Subsidiary;

 

provided
that on the date such Subsidiary became a Restricted Subsidiary or the date such Person was merged, amalgamated and consolidated
into the Company or a Restricted Subsidiary, as applicable, after giving pro forma effect thereto and to any related financing
transaction as if the same had occurred at the beginning of the applicable four-quarter period:

 

(A)            the
Restricted Subsidiary or the Company, as applicable, would be permitted to incur at least $1.00 of additional Indebtedness pursuant
to the Fixed Charge Coverage Ratio test set forth in Section 4.09 hereof; or

 

(B)             the
Fixed Charge Coverage Ratio for the Restricted Subsidiary or the Company, as applicable, would be greater than the Fixed Charge
Coverage Ratio for such Restricted Subsidiary or the Company immediately prior to such transaction.

 

“Permitted
Business” means either (a) gathering, transporting, compressing, treating, processing, marketing, distributing,
storing or otherwise handling Hydrocarbons, or activities or services reasonably related or ancillary thereto, including water
treatment, disposal and transportation, and entering into Hedging Obligations relating to any of the foregoing activities, or (b) any
other business that generates gross income at least 90% of which constitutes “qualifying income” under Section 7704(d) of
the Internal Revenue Code.

 

“Permitted
Business Investments” means Investments by the Company or any of its Restricted Subsidiaries in any Unrestricted
Subsidiary or in any Joint Venture; provided that:

 

    22

     

    

 

(1)            if
such Unrestricted Subsidiary or Joint Venture has outstanding Indebtedness at the time of such Investment, either (a) all
such Indebtedness is Non-Recourse Debt or (b) any such Indebtedness of such Unrestricted Subsidiary or Joint Venture that
is recourse to the Company or any of its Restricted Subsidiaries (which shall include, without limitation, all Indebtedness of
such Unrestricted Subsidiary or Joint Venture for which the Company or any of its Restricted Subsidiaries may be directly or indirectly,
contingently or otherwise, obligated to pay, whether pursuant to the terms of such Indebtedness, by law or pursuant to any guarantee,
including, without limitation, any “claw-back,” “make-well” or “keep-well” arrangement) could,
at the time such Investment is made, be incurred at that time by the Company and its Restricted Subsidiaries under the Fixed Charge
Coverage Ratio test set forth in Section 4.09(a) hereof; and

 

(2)            such
Unrestricted Subsidiary’s or Joint Venture’s activities are not outside the scope of the Permitted Business.

 

“Permitted
Holder” means: (i) any of Coady Enterprises, LLC, Shawn W. Coady, Thorndike, LLC, Todd M. Coady, KrimGP2010,
LLC, H. Michael Krimbill, Krimbill Capital Group, LLC, NGL Energy GP LLC and EMG II NGL GP Holdings, LLC; (ii) any spouse,
lineal descendant, legal guardian or other legal representative or estate of any of the Persons described in the preceding clause
(i); (iii) any trust of which at least one of the trustees is any of the Persons described in the preceding clauses (i) or
(ii); and (iv) any other Person that is controlled directly or indirectly by any one or more of the Persons described in the
preceding clauses (i) through (iii).

 

“Permitted Investments”
means:

 

(1)            any
Investment in the Company or in a Restricted Subsidiary;

 

(2)            any
Investment in Cash Equivalents;

 

(3)            any
Investment by the Company or any Restricted Subsidiary in a Person, if as a result of such Investment:

 

(A)            such
Person becomes a Restricted Subsidiary; or

 

(B)             such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated
into, the Company or a Restricted Subsidiary;

 

(4)            any
Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance
with Section 4.10 hereof;

 

(5)            any
Investment in a Person to the extent in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company;

 

(6)            any
Investment received in compromise or resolution of (a) obligations of trade creditors or customers that were incurred in the
ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization
or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer, or as a result of a foreclosure by,
or other transfer of title to, the Company or any of its Restricted Subsidiaries with respect to any secured investment in default;
or (b) litigation, arbitration or other disputes;

 

(7)            Investments
represented by Hedging Obligations;

 

(8)            Investments
in any Person to the extent such Investments consist of prepaid expenses, negotiable instruments held for collection and lease,
utility and workers’ compensation, performance and other deposits made in the ordinary course of business by the Company
or any of its Restricted Subsidiaries;

 

(9)            advances
to or reimbursements of employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures in the
ordinary course of business;

 

    23

     

    

 

(10)          loans
or advances to officers, directors or employees made in the ordinary course of business of the General Partner, the Company or
any Restricted Subsidiary in an aggregate principal amount not to exceed $5.0 million at any one time outstanding;

 

(11)          repurchases
of the Notes;

 

(12)          advances
and prepayments for asset purchases in the ordinary course of business in a Permitted Business of the Company or any of its Restricted
Subsidiaries;

 

(13)          receivables
owing to the Company or any Restricted Subsidiary created or acquired in the ordinary course of business and payable or dischargeable
in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade
terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances;

 

(14)          any
Guarantee of Indebtedness permitted to be incurred by Section 4.09 hereof other than a guarantee of Indebtedness of an Affiliate
of the Company that is not a Restricted Subsidiary;

 

(15)          any
Investment existing on, or made pursuant to binding commitments existing on, the Issue Date and any Investment consisting of an
extension, modification or renewal of any Investment existing on, or made pursuant to a binding commitment existing on, the Issue
Date; provided that the amount of any such Investment may be increased (a) as required by the terms of such Investment
as in existence on the Issue Date or (b) as otherwise permitted under this Indenture;

 

(16)          surety
and performance bonds and workers’ compensation, utility, lease, tax, performance and similar deposits and prepaid expenses
in the ordinary course of business;

 

(17)          guarantees
by the Company or any of its Restricted Subsidiaries of operating leases (other than Capital Lease Obligations) or of other obligations
that do not constitute Indebtedness, in each case entered into by the Company or any such Restricted Subsidiary in the ordinary
course of business;

 

(18)          Permitted
Business Investments having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving
effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (18) that are
at the time outstanding, that do not exceed $50.0 million;

 

(19)          Investments
received as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment
in default;

 

(20)          Investments
acquired after the Issue Date as a result of the acquisition by the Company or any Restricted Subsidiary of another Person, including
by way of a merger, amalgamation or consolidation with or into the Company or any of its Restricted Subsidiaries, or all or substantially
all of the assets of another Person, in each case, in a transaction that is not prohibited by Section 5.01(a) hereof
after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation
or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; and

 

(21)          other
Investments in any Person (other than Investments in any Unrestricted Subsidiary or Joint Venture) having an aggregate Fair Market
Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken
together with all other Investments made pursuant to this clause (21) that are at the time outstanding, that do not exceed the
greater of (a) $75.0 million and (b) 1.25% of the Total Assets of the Company; provided, however, that if any Investment
pursuant to this clause (21) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment
and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant
to clause (1) above and shall cease to have been made pursuant to this clause (21) for so long as such Person continues to
be a Restricted Subsidiary.

 

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“Permitted
Liens” means, with respect to any Person:

 

(1)            Liens
securing Indebtedness incurred under Credit Facilities (including the ABL Facility and the Notes (other than any Additional Notes),
the Note Guarantees (other than in respect of any Additional Notes) and other obligations under this Indenture (other than in respect
of any Additional Notes)) that is permitted to be incurred pursuant to clause (1) of the definition of Permitted Debt in Section 4.09;
provided that any such Indebtedness secured by Liens pursuant to clause (1)(II) of such definition may be Pari Passu
Notes Lien Indebtedness, Pari Passu Second Lien Indebtedness or Junior Lien Indebtedness; provided further that Liens securing
Pari Passu Notes Lien Indebtedness at any one time outstanding under clause (1)(II) of such definition shall not exceed $2.1
billion;

 

(2)            Liens
securing Indebtedness of Foreign Subsidiaries that is permitted to be incurred pursuant to clause (13) of the definition of Permitted
Debt in Section 4.09(b) hereof;

 

(3)            Liens
to secure Hedging Obligations and/or Obligations with respect to Treasury Management Arrangements incurred in the ordinary course
of business;

 

(4)            Liens
on property of a Person existing at the time such Person becomes a Restricted Subsidiary or is merged with or into or amalgamated
with or consolidated with the Company or any Restricted Subsidiary; provided that such Liens were in existence prior to
the contemplation of such Person becoming a Restricted Subsidiary or such merger, amalgamation or consolidation and do not extend
to any assets (other than improvements thereon, accessions thereto and proceeds thereof) other than those of the Person that becomes
a Restricted Subsidiary or is merged with or into or amalgamated with or consolidated with the Company or any Restricted Subsidiary;

 

(5)            Liens
on property (including Capital Stock) existing at the time of acquisition of the property by the Company or any Subsidiary of the
Company, including any acquisition by means of a merger, amalgamation or consolidation with or into the Company or a Restricted
Subsidiary; provided that such Liens were in existence prior to such acquisition and not incurred in contemplation of, such
acquisition;

 

(6)            Liens,
pledges or deposits by such Person under workers’ compensation laws, unemployment insurance laws or similar legislation,
or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which
such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits or cash or United States
government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes
or import or customs duties or for the payment of rent, in each case incurred in the ordinary course of business;

 

(7)            carriers’,
warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other like Liens arising in
the ordinary course of business in respect of obligations which do not, individually or in the aggregate, materially impair the
use of any of the assets or properties of the Company or any Restricted Subsidiary or which are not overdue by more than 30 days
or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained
on the books of the Company or such Restricted Subsidiary, as the case may be, in accordance with GAAP;

 

(8)            Liens
to secure Indebtedness (including Capital Lease Obligations) permitted by clause (3) of the definition of Permitted Debt in
Section 4.09(b) hereof covering only the assets acquired with or financed by such Indebtedness;

 

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(9)            Liens
to secure Indebtedness of Restricted Subsidiaries that are not Guarantors permitted under Section 4.09 hereof; provided
that such Liens may not extend to any property or assets of the Company or any Guarantor other than the Capital Stock of any non-Guarantor
Restricted Subsidiaries;

 

(10)          (i) Liens
on and pledges of the Equity Interests of any Unrestricted Subsidiary or any Joint Venture owned by the Company or any Restricted
Subsidiary to the extent securing Non-Recourse Debt or other Indebtedness of such Unrestricted Subsidiary or Joint Venture and
(ii) any restriction or encumbrance (including customary rights of first refusal and tag, drag and similar rights) with respect
to the pledge or transfer of Equity Interests of (x) any Unrestricted Subsidiary, (y) any Subsidiary that is not a wholly-owned
Subsidiary or (z) the Equity Interests in any Person that is not a Subsidiary;

 

(11)          Liens
on any asset or property acquired, constructed or improved by the Company or any of its Restricted Subsidiaries; provided
that (a) such Liens are in favor of the seller of such asset or property, in favor of the Person or Persons developing, constructing,
repairing or improving such asset or property, or in favor of the Person or Persons that provided the funding for the acquisition,
development, construction, repair or improvement cost, as the case may be, of such asset or property, (b) such Liens are created
within 360 days after the acquisition, development, construction, repair or improvement, (c) the aggregate principal amount
of the Indebtedness secured by such Liens is otherwise permitted to be incurred under this Indenture and does not exceed the greater
of (i) the cost of the asset or property so acquired, constructed or improved plus related financing costs and (ii) the
Fair Market Value of the asset or property so acquired, constructed or improved, measured at the date of such acquisition, or the
date of completion of such construction or improvement, and (d) such Liens are limited to the asset or property so acquired,
constructed or improved (including the proceeds thereof, accessions thereto, upgrades thereof and improvements thereto);

 

(12)          Liens
existing on the Issue Date (for the avoidance of doubt, excluding Liens securing Indebtedness incurred under the ABL Facility,
the Notes and the Note Guarantees on the Issue Date);

 

(13)          Liens
for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith
by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision
as is required in conformity with GAAP has been made therefor;

 

(14)          Liens
imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’ Liens, in each case, incurred
in the ordinary course of business;

 

(15)          survey
exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, leases and subleases of real property, or zoning or other restrictions as to the use
of real property that were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect
the value of said properties or materially impair their use in the operation of the business of the Company and its Restricted
Subsidiaries, considered as a single enterprise;

 

(16)          Liens
on pipelines or pipeline facilities that arise by operation of law;

 

(17)          Liens
to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture and which Refinances Secured Indebtedness;
provided, however, that the new Lien is limited to all or part of the same property and assets that secured or, under the
written agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions
to, such property or proceeds or distributions thereof);

 

(18)          Liens
on insurance policies and proceeds thereof, or other deposits, to secure insurance premium financings;

 

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(19)          filing
of UCC or PPSA financing statements as a precautionary measure in connection with operating leases;

 

(20)          bankers’
Liens, rights of setoff, Liens arising out of judgments, attachments or awards not constituting an Event of Default and notices
of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and
for which adequate reserves have been made;

 

(21)          Liens
on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness;

 

(22)          Liens
on specific items of inventory or other goods (and the proceeds thereof) of any Person securing such Person’s obligations
in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to
facilitate the purchase, shipment or storage of such inventory or other goods;

 

(23)          grants
of software and other technology licenses in the ordinary course of business;

 

(24)          Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the
ordinary course of business;

 

(25)          Liens
in favor of the Issuers or any of the Guarantors;

 

(26)          Liens
arising under operating agreements, joint venture agreements, partnership agreements, construction agreements, oil and gas leases,
farmout agreements, division orders, agreements for the purchase, gathering, processing, treatment, sale, transportation or exchange
of Hydrocarbons, unitization and pooling designations, declarations, orders and agreements, development agreements, participating
agreements, area of mutual interest agreements, gas balancing agreements, injection, repressuring and recycling agreements, salt
water or other disposal agreements, and other agreements arising in the ordinary course of the Company’s or any of its Restricted
Subsidiaries’ business that are customary in the Permitted Business;

 

(27)          Liens
on, or related to, properties or assets to secure all or part of the costs incurred in the ordinary course of a Permitted Business
for gathering, transporting, compressing, treating, processing, marketing, distributing, storing or otherwise handling Hydrocarbons,
or activities or services reasonably related or ancillary thereto, including entering into Hedging Obligations to support these
businesses and the development, manufacture or sale of equipment or technology related to these activities;

 

(28)          Liens
arising solely by virtue of any statutory or common law provisions relating to bankers’ Liens, rights of set-off or similar
rights and remedies as to deposit accounts or other funds maintained or deposited with a depositary institution; provided that:

 

(A)            such
deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Company in
excess of those set forth by regulations promulgated by the Federal Reserve Board; and

 

(B)            such
deposit account is not intended by the Company or any Restricted Subsidiary to provide collateral to the depository institution;

 

(29)          Liens
arising from UCC or PPSA financing statement filings regarding operating leases entered into by the Company and its Restricted
Subsidiaries in the ordinary course of business;

 

(30)          Liens
arising under this Indenture in favor of the Trustee under this Indenture for its own benefit and similar Liens in favor of other
trustees, agents and representatives arising under instruments governing Indebtedness permitted to be incurred under this Indenture;
provided that such Liens are solely for the benefit of the trustees, agents or representatives in their capacities as such and
not for the benefit of the holders of the Indebtedness;

 

    27

     

    

 

(31)          any
leases or non-exclusive licenses of any intellectual property or intangible assets or entering into any franchise agreement, in
each case, in the ordinary course of business;

 

(32)          ground
leases in respect of real property on which facilities owned or leased by the Company or any of its Restricted Subsidiaries are
located and other Liens affecting the interest of any landlord (and any underlying landlord) of any real property leased by the
Company or any Restricted Subsidiary; and

 

(33)          Liens
incurred in the ordinary course of business of the Company or any Restricted Subsidiary with respect to obligations at any one
time outstanding not to exceed the greater of (a) $75.0 million and (b) 1.25% of the Total Assets of the Company; provided
that such Liens shall not secure, and shall be junior to, Pari Passu Notes Lien Indebtedness.

 

“Permitted
Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries, any Disqualified
Stock of the Company or any preferred stock of any Restricted Subsidiary (a) issued in exchange for, or the net proceeds of
which are used to extend, renew, refund, refinance, replace, defease, discharge or otherwise retire for value, in whole or in part,
or (b) constituting an amendment, modification or supplement to or a deferral or renewal of (clauses (a) and (b), collectively,
a “Refinancing,” and the term “Refinanced” has a correlative meaning) any other Indebtedness
of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness), any Disqualified Stock of the Company
or any preferred stock of a Restricted Subsidiary in a principal amount or, in the case of Disqualified Stock of the Company or
preferred stock of a Restricted Subsidiary, liquidation preference, not to exceed (after deduction of reasonable and customary
fees and expenses incurred in connection with the Refinancing) the lesser of:

 

(1)            the
principal amount or, in the case of Disqualified Stock or preferred stock, liquidation preference, of the Indebtedness, Disqualified
Stock or preferred stock so Refinanced (plus, in the case of Indebtedness, the amount of premium, if any paid in connection
therewith); and

 

(2)            if
the Indebtedness being Refinanced was issued with any original issue discount, the accreted value of such Indebtedness (as determined
in accordance with GAAP) at the time of such Refinancing.

 

Notwithstanding the preceding, no Indebtedness, Disqualified
Stock or preferred stock will be deemed to be Permitted Refinancing Indebtedness, unless:

 

(A)            such
Indebtedness, Disqualified Stock or preferred stock has a final maturity date or redemption date, as applicable, no earlier than
the final maturity date or redemption date, as applicable, of, and has a Weighted Average Life to Maturity equal to or greater
than the Weighted Average Life to Maturity of, the Indebtedness, Disqualified Stock or preferred stock being Refinanced;

 

(B)            if
the Indebtedness, Disqualified Stock or preferred stock being Refinanced is contractually subordinated or otherwise junior in right
of payment to the Notes, such Indebtedness (and any related Guarantee), Disqualified Stock or preferred stock is contractually
subordinated or otherwise junior in right of payment to, the Notes, on terms at least as favorable to the Holders of Notes as those
contained in the documentation governing the Indebtedness, Disqualified Stock or preferred stock being Refinanced at the time of
the Refinancing; and

 

(C)            such
Indebtedness or Disqualified Stock is incurred or issued by the Company or such Indebtedness, Disqualified Stock or preferred stock
is incurred or issued by the Restricted Subsidiary who is the obligor on the Indebtedness being Refinanced or the issuer of the
Disqualified Stock or preferred stock being Refinanced; provided that a Restricted Subsidiary that is also a Guarantor may guarantee
Permitted Refinancing Indebtedness incurred by the Company, regardless of whether such Restricted Subsidiary was an obligor or
guarantor of the Indebtedness being Refinanced.

 

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Notwithstanding the foregoing, any Indebtedness incurred under
Credit Facilities shall be subject to the refinancing provision of the definition of Credit Facilities and not pursuant to the
requirements set forth in this definition of Permitted Refinancing Indebtedness.

 

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

 

“PPSA”
means the Personal Property Security Act (Alberta), including the regulations thereto, as amended from time to time,
and any other similar legislation of any Canadian province or territory; provided that, if perfection or the effect of perfection
or non-perfection or the priority of any security interest or other Lien is governed by the personal property security legislation
or other applicable legislation with respect to personal property security in effect in a jurisdiction in Canada other than the
Province of Alberta (including the Civil Code of Québec), “PPSA” shall refer instead to such other applicable
federal, provincial or territorial legislation pertaining to the granting, perfecting, opposability, priority, ranking or enforcement
of Liens on personal or movable property, and any successor statutes, together with any regulations thereunder, in each case as
in effect from time to time. provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

 

“Primary
Treasury Dealer” means a U.S. government securities dealer in the City of New York.

 

“Private
Placement Legend” means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes
issued under this Indenture except where otherwise permitted by the provisions of this Indenture.

 

“QIB”
means a “qualified institutional buyer” as defined in Rule 144A.

 

“Rating
Agency” means each of S&P, Moody’s and Fitch, or if (and only if) any of S&P, Moody’s or Fitch
shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the
case may be, selected by the Company, which shall be substituted for S&P, Moody’s or Fitch, as the case may be.

 

“Rating
Decline” means a decrease in the rating of the Notes by at least two Rating Agencies by one or more gradations
(including gradations within rating categories as well as between rating categories). In determining whether the rating of the
Notes has decreased by one or more gradations, gradations within rating categories, such as + or - for S&P, and 1, 2, and 3
for Moody’s, will be taken into account; for example, in the case of S&P, a rating decline either from BB+ to BB or BB-
to B+ will constitute a decrease of one gradation.

 

“Real Property Asset”
means, at any time of determination, any fee ownership or leasehold interest of any Issuer or any Guarantor in or to any real property,
together with any easements or rights-of-way of any Issuer or any Guarantor.

 

“Reference
Treasury Dealer” means J.P. Morgan Securities LLC, RBC Capital Markets, LLC, Barclays Capital Inc., TD Securities
(USA) LLC and Wells Fargo Securities, LLC (or their respective affiliates that are Primary Treasury Dealers) and two additional
Primary Treasury Dealers selected by the Company, and their respective successors; provided, however, that if any
such firm or any such successor, as the case may be, shall cease to be a Primary Treasury Dealer, the Company shall substitute
therefor another Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m., New York
City time, no later than the fourth Business Day preceding such redemption date.

 

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“Regulation
S” means Regulation S promulgated under the Securities Act.

 

“Regulation
S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note
Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its
nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Regulation
S.

 

“Reporting Default” means
a Default described in Section 6.01(5)(b).

 

“Responsible
Officer” when used with respect to the Trustee, means any officer within the Corporate Trust Administration of
the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar
to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject.

 

“Restricted Definitive Note”
means a Definitive Note bearing the Private Placement Legend.

 

“Restricted Global Note”
means a Global Note bearing the Private Placement Legend.

 

“Restricted
Investment” means an Investment other than a Permitted Investment.

 

“Restricted Note” means
a Restricted Definitive Note or a Restricted Global Note.

 

“Restricted
Period” means the 40-day distribution compliance period as defined in Regulation S.

 

“Restricted
Subsidiary” means any Subsidiary of the Company, other than an Unrestricted Subsidiary.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

“Rule 144A”
means Rule 144A promulgated under the Securities Act.

 

“Rule 903”
means Rule 903 promulgated under the Securities Act.

 

“Rule 904”
means Rule 904 promulgated under the Securities Act.

 

“S&P”
means S&P Global Inc., or any successor to the rating business thereof.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Secured Indebtedness”
means all Indebtedness (other than obligations in respect of Hedging Obligations) that is secured by a Lien.

 

“Secured Obligations”
means, subject to the terms and conditions in the ABL Intercreditor Agreement, (i) all obligations under this Indenture and
the Notes and (ii) all Pari Passu Notes Lien Indebtedness.

 

“Secured Representative”
means:

 

(1)            in
the case of this Indenture and the Notes, the Trustee; or

 

(2)            in
the case of any series of Pari Passu Notes Lien Indebtedness, any trustee, agent or representative thereof designated as such in
the respective agreement or instrument governing such series of Pari Passu Notes Lien Indebtedness.

 

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

 

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“Security Documents”
means the security agreements, pledge agreements, agency agreements, mortgages, deeds of hypothec, deeds of trust, deeds to secured
debt, collateral assignments, collateral agency agreements, debentures and other instruments and documents executed and delivered
by either Issuer or any Guarantor pursuant to this Indenture or any of the foregoing (including, without limitation, the financing
statements under the UCC or the PPSA of the relevant state, province or territory), as the same may be amended, supplemented or
otherwise modified from time to time and pursuant to which Collateral is pledged, assigned or granted to or on behalf of the Collateral
Agent for the ratable benefit of the Holders, the Collateral Agent and the trustee, perfected and notice of such pledge, assignment
or grant is given.

 

“Significant
Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as defined in
Article I, Rule 1-02 of Regulation S-X promulgated pursuant to the Securities Act, as such Regulation is in effect on
the Issue Date.

 

“Stated
Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date
on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the
first date it was incurred in compliance with the terms of this Indenture, and will not include any contingent obligations to repay,
redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof; provided that,
in the case of debt securities that are by their terms convertible into Capital Stock (or cash or a combination of cash and Capital
Stock based on the value of the Capital Stock) of the Company, any obligation to offer to repurchase such debt securities on a
date(s) specified in the original terms of such securities, which obligation is not subject to any condition or contingency,
will be treated as a Stated Maturity date of such convertible debt securities.

 

“Subordinated
Debt” means Indebtedness of the Company or a Guarantor that is contractually subordinated in right of payment
(by its terms or the terms of any document or instrument relating thereto) to the Notes or the Note Guarantee of such Guarantor,
as applicable.

 

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

 

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

 

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

 

“Subsidiary Guarantor”
means any Domestic Subsidiary of the Company that is a Guarantor.

 

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

 

“Total
Assets” of any Person means, as of any date, the amount that, in accordance with GAAP, would be set forth under
the caption “Total Assets” (or any like caption) on a consolidated balance sheet of such Person and its Restricted
Subsidiaries, as of the end of the most recently ended fiscal quarter for which internal financial statements are available; provided,
however that such amount shall be adjusted to give pro forma effect to any subsequent Investment, acquisition or disposition
of any assets or Person (regardless of whether effected as a merger, purchase or sale of Equity Interests, asset acquisition or
disposition or other form of acquisition or disposition) by such Person or any of its Restricted Subsidiaries, including any such
Investment, acquisition or disposition that is pending and giving rise to the need to determine the amount of Total Assets, as
if such transaction had occurred immediately prior to the end of such most recently ended fiscal quarter.

 

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“Total Leverage Ratio”
means, at any time of determination, the ratio of (i) the outstanding principal amount of Indebtedness (other than obligations
in respect of Hedging Obligations) of the Company and its Restricted Subsidiaries (net of up to $25.0 million of cash and/or Cash
Equivalents of the Company and its Restricted Subsidiaries) as of the end of the Trailing Four Quarters most recently ended prior
to such time of determination, to (ii) the Consolidated Cash Flow of the Company and its Restricted Subsidiaries for such
Trailing Four Quarters; provided that such Total Leverage Ratio shall be determined on a pro forma basis in a manner consistent
with the definition of Fixed Charge Coverage Ratio.

 

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

 

“Treasury
Rate” means, with respect to any redemption date, (1) the yield, representing the average of the daily rates
for the immediately preceding week, appearing in the most recently published statistical release designated ‘‘H.15’’
or any successor publication or data that is published or made available weekly by the Board of Governors of the Federal Reserve
System and that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption
 ‘‘Treasury Constant Maturities,’’ for the maturity corresponding to the Comparable Treasury Issue (if no
maturity is within three months before or after the stated maturity, yields for the two published maturities most closely corresponding
to the Comparable Treasury Issue shall be determined, and the Treasury Rate shall be interpolated or extrapolated from such yields
on a straight-line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published
during the week preceding the calculation date or does not contain such rates, the rate per annum equal to the semi-annual equivalent
yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be
calculated by the Company no later than the fourth Business Day preceding the redemption date.

 

“Trustee”
means the party named as such in the preamble of this Indenture until a successor replaces it in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving hereunder.

 

“UCC” means the Uniform
Commercial Code as in effect from time to time in any applicable jurisdiction.

 

“Unrestricted
Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement
Legend.

 

“Unrestricted
Global Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted
Note” means an Unrestricted Definitive Note or an Unrestricted Global Note.

 

“Unrestricted
Subsidiary” means (i) each of the following Persons so long as it constitutes a Subsidiary of the Company,
unless and until designated by the Board of Directors of the Company as a Restricted Subsidiary in compliance with Section 4.16:
Sawtooth Caverns, LLC and NGL Supply Terminal Solution Mining, LLC and (ii) any Subsidiary of the Company (excluding
any Issuer) that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary pursuant to a resolution
of the Board of Directors, but only to the extent that such Subsidiary:

 

(1)            except
to the extent permitted by subclause (2)(b) of the definition of “Permitted Business Investments,” has no
Indebtedness other than Non-Recourse Debt owing to any Person other than the Company or any of its Restricted Subsidiaries;

 

(2)            is
a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation
(a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition
or to cause such Person to achieve any specified levels of operating results; and

 

    32

     

    

 

(3)            has
not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted
Subsidiaries, except to the extent such Guarantee or credit support would be released upon such designation.

 

All Subsidiaries of an Unrestricted Subsidiary
shall also be Unrestricted Subsidiaries.

 

“U.S.
Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act.

 

“Voting
Stock” of any specified Person as of any date means the Capital Stock of such Person entitling the holders thereof
(whether at all times or only so long as no senior class of Capital Stock has voting power by reason of any contingency) to vote
in the election of members of the Board of Directors of such Person; provided that, with respect to a limited partnership or other
entity which does not have a Board of Directors, Voting Stock means the Capital Stock of the general partner of such limited partnership
or other business entity with the ultimate authority to manage the business and operations of such Person.

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing:

 

(1)            the
sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number
of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

 

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

 

Section 1.02          Other
Definitions.

 

	Term	 	Defined in
 Section	 
	“Affiliate Transaction”	 	 	4.11	 
	“Alternate Offer”	 	 	4.14	 
	“Authentication Order”	 	 	2.02	 
	“CERCLA”	 	 	13.10	 
	“Change of Control Offer”	 	 	4.14	 
	“Change of Control Payment”	 	 	4.14	 
	“Change of Control Purchase Date”	 	 	4.14	 
	“Collateral Disposition Offer”	 	 	4.10	 
	“Covenant Defeasance”	 	 	8.03	 
	“DTC”	 	 	2.03	 
	“Equity Distributions”	 	 	4.07	 
	“Event of Default”	 	 	6.01	 
	“Excess Collateral Proceeds”	 	 	4.10	 
	“Excess Proceeds”	 	 	4.10	 
	“Incremental Funds”	 	 	4.07	 
	“incur”	 	 	4.09	 
	“LCT Election”	 	 	4.20	 
	“LCT Test Date”	 	 	4.20	 
	“Legal Defeasance”	 	 	8.02	 
	“Note Amount”	 	 	4.10	 
	“Net Proceeds Offer”	 	 	4.10	 
	“Net Proceeds Purchase Date”	 	 	4.10	 
	“Offer Amount”	 	 	4.10	 
	“Offer Period”	 	 	4.10	 
	“Paying Agent”	 	 	2.03	 
	“Other Specified Collateral Deliverables”	 	 	13.05	 
	“Other Specified Collateral Requirements”	 	 	13.05	 
	“Other Specified Property”	 	 	13.05	 
	“Pari Passu Offer”	 	 	4.10	 
	“Paying Agent”	 	 	2.03	 
	“Payment Default”	 	 	6.01	 
	“Permitted Debt”	 	 	4.09	 
	“Redemption Price Premium”	 	 	6.01	 
	“Registrar”	 	 	2.03	 
	“Reinstatement Date”	 	 	4.17	 
	“Restricted Payments”	 	 	4.07	 
	“Suspended Covenants”	 	 	4.17	 
	“Suspension Date”	 	 	4.17	 
	“Suspension Period”	 	 	4.17	 
	“Trailing Four Quarters”	 	 	4.07	 

 

    33

     

    

 

Section 1.03          Rules of
Construction.

 

Unless the context otherwise requires:

 

(1)            a
term has the meaning assigned to it;

 

(2)            an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)            “or”
is not exclusive;

 

(4)            “including”
is not limiting;

 

(5)            words
in the singular include the plural, and in the plural include the singular;

 

(6)            “will”
shall be interpreted to express a command;

 

(7)            provisions
apply to successive events and transactions; and

 

(8)            references
to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections
or rules adopted by the SEC from time to time.

 

ARTICLE II

THE NOTES

 

Section 2.01          Form and
Dating.

 

(a)           General. 
The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. 
The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage.  Each Note will
be dated the date of its authentication.  The Notes shall be in denominations of $2,000 and integral multiples of $1,000
in excess thereof.

 

The terms and provisions contained in the
Notes will constitute, and are hereby expressly made, a part of this Indenture and the Issuers, the Guarantors and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 
However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this
Indenture shall govern and be controlling.

 

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(b)          Global
Notes.  Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global
Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto).  Notes
issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon
and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto).  Each Global Note
will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate
principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding
Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. 
Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding
Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions
given by the Holder thereof as required by Section 2.06 hereof.

 

(c)           Additional
Notes.  Subject to compliance with the provisions of this Indenture, the Issuers may issue Additional Notes under this
Indenture after the Issue Date in an unlimited aggregate principal amount.

 

Section 2.02          Execution
and Authentication.

 

At least one Officer must sign the Notes
for each Issuer by manual or facsimile signature.

 

If an Officer whose signature is on a Note
no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 

A Note will not be valid until authenticated
by the manual signature of the Trustee.  The signature will be conclusive evidence that the Note has been authenticated under
this Indenture.

 

The Trustee will authenticate: (i) for
original issue on the Issue Date, Initial Notes in the aggregate principal amount of $2,050,000,000, and (ii) any amount
of Additional Notes specified by the Issuers, in each case, upon receipt of a written order of the Issuers signed by two Officers
(an “Authentication Order”).  Such order shall specify (a) the amount of the Notes to be authenticated
and the date of original issue thereof and (b) whether the Notes are Restricted Notes or Unrestricted Notes.  The aggregate
principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance
by the Issuers pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof.

 

The Trustee may appoint an authenticating
agent acceptable to the Issuers to authenticate Notes.  An authenticating agent may authenticate Notes whenever the Trustee
may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. 
An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company.

 

The Initial Notes and the Additional Notes
shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references
to the Notes shall include the Initial Notes and any Additional Notes.  Nothing in this paragraph shall be deemed to modify,
replace or otherwise affect the restrictions on transfer applicable to Restricted Notes set forth in Section 2.06 hereof.

 

Section 2.03          Registrar
and Paying Agent.

 

The Issuers will maintain an office or
agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office
or agency in the Borough of Manhattan, The City of New York, where Notes may be presented for payment (“Paying Agent”). 
Unless otherwise designated by the Issuers by written notice to the Trustee, each such office or agency shall be the Trustee’s
office in the Borough of Manhattan, The City of New York.

 

The Registrar will keep a register of the
Notes and of their transfer and exchange.  The Issuers may appoint one or more co-registrars and one or more additional paying
agents.  The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent.  The Issuers may change any Paying Agent or Registrar without notice to any Holder.  The Issuers
will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture.  If the Issuers fail
to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such.  Either Issuer or any
of its Subsidiaries may act as Paying Agent or Registrar.

 

    35

     

    

 

The Issuers initially appoint The Depository
Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 

The Issuers initially appoint the Trustee
to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

 

Section 2.04          Paying
Agent to Hold Money in Trust.

 

The Issuers will require each Paying Agent
other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee
all money held by the Paying Agent for the payment of principal of, or premium, if any, or interest, if any, on, the Notes, and
will notify the Trustee of any default by the Issuers in making any such payment.  While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to the Trustee.  The Issuers at any time may require a Paying
Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying Agent (if other than an Issuer
or one of its Subsidiaries) will have no further liability for the money.  If an Issuer or a Subsidiary acts as Paying Agent,
it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. 
Upon any bankruptcy or reorganization proceedings relating to the Issuers, the Trustee will serve as Paying Agent for the Notes.

 

Section 2.05          Holder
Lists.

 

The Trustee, for so long as it is acting
as Registrar, shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names
and addresses of all Holders. If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee at least two Business
Days before each interest payment date, and at such other times as the Trustee may request in writing, a list in such form and
as of such date as the Trustee may reasonably require of the names and addresses of the Holders. Every Holder, by receiving and
holding the same, agrees with the Issuers, the Guarantors, the Trustee and the Collateral Agent that none of the Issuer, the Guarantors,
the Trustee or the Collateral Agent or any agent of any of them shall be held accountable by reason of the disclosure of any information
as to the names and addresses of the Holders, regardless of the source from which such information was derived.

 

Section 2.06          Transfer
and Exchange.

 

(a)          Transfer
and Exchange of Global Notes.  A Global Note may not be transferred except as a whole by the Depositary to a nominee
of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary
or any such nominee to a successor Depositary or a nominee of such successor Depositary.  All Global Notes will be exchanged
by the Issuers for Definitive Notes if:

 

(1)            the
Issuers deliver to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that
it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed
by the Issuers within 120 days after the date of such notice from the Depositary;

 

(2)            the
Issuers in their sole discretion determine that the Global Notes (in whole but not in part) should be exchanged for Definitive
Notes and deliver a written notice to such effect to the Trustee; or

 

(3)            there
has occurred and is continuing an Event of Default with respect to the Notes and the Depositary notifies the Trustee of its decision
to exchange the Global Notes for Definitive Notes.

 

Upon the occurrence of either of the preceding
events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. 
Global Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.07 and Section 2.10 hereof. 
Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this
Section 2.06, Section 2.07 or Section 2.10 hereof, shall be authenticated and delivered in the form of, and shall
be, a Global Note.  A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a),
however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or
(e) hereof.

 

    36

     

    

 

(b)          Transfer
and Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial interests in the Global
Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. 
Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth
herein to the extent required by the Securities Act.  Transfers of beneficial interests in the Global Notes also will require
compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs,
as applicable:

 

(1)            Transfer
of Beneficial Interests in the Same Global Note.  Beneficial interests in any Restricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with
the transfer restrictions set forth in the Private Placement Legend. Beneficial interests in any Unrestricted Global Note may
be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. 
No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this
Section 2.06(b)(1).

 

(2)            All
Other Transfers and Exchanges of Beneficial Interests in Global Notes.  In connection with all transfers and exchanges
of beneficial interests that are not subject to Section 2.06(b)(1) hereof, the transferor of such beneficial interest
must deliver to the Registrar either:

 

(A)          both:

 

(i)            a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to
the beneficial interest to be transferred or exchanged; and

 

(ii)            instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with
such increase; or

 

(B)          both:

 

(i)            a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged; and

 

(ii)            instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall
be registered to effect the transfer or exchange referred to in (i) above.  Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable
under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g) hereof.

 

(3)            Transfer
of Beneficial Interests to Another Restricted Global Note.  A beneficial interest in any Restricted Global Note may be
transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the
transfer complies with the requirements of Section 2.06(b)(2) hereof and the Registrar receives the following:

 

    37

     

    

 

(A)            if
the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

(B)            if
the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and

 

(C)            if
the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required
by item (3) thereof, if applicable.

 

(4)            Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. 
A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) hereof and the Registrar receives
the following:

 

(i)            if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications
in item (1)(a) thereof; or

 

(ii)            if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder
in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this subparagraph
(4), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable
to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

 

If any such transfer is effected pursuant
to this subparagraph (4) at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and,
upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred
pursuant to this subparagraph (4).

 

Beneficial interests in an Unrestricted
Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest
in a Restricted Global Note.

 

(c)           Transfer
or Exchange of Beneficial Interests for Definitive Notes.

 

(1)            Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes.  If any holder of a beneficial interest in a Restricted
Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the
following documentation:

 

    38

     

    

 

(A)            if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof;

 

(B)             if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)             if
such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)             if
such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act
in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (3)(a) thereof;

 

(E)             if
such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to
the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item
(3) thereof, if applicable;

 

(F)             if
such beneficial interest is being transferred to one or both Issuers or any of their Subsidiaries, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(G)             if
such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee shall cause the aggregate principal amount
of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuers shall execute
and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate
principal amount.  Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant
to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations
as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant
or Indirect Participant.  The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so
registered.  Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained
therein.

 

(2)            Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes.  A holder of a beneficial interest in a Restricted
Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest
to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if the Registrar receives the following:

 

(i)            if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted
Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof;
or

 

(ii)            if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B
hereto, including the certifications in item (4) thereof;

 

    39

     

    

 

and, in each such case set forth in this subparagraph
(2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable
to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

 

(3)            Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes.  If any holder of a beneficial interest in an
Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in
Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Unrestricted Global
Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Company will execute and the Trustee will
authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. 
Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) will be registered
in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests
through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant.  The Trustee
will deliver such Definitive Notes to the Persons in whose names such Notes are so registered.  Any Definitive Note issued
in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) will not bear the Private Placement Legend.

 

(d)          Transfer
and Exchange of Definitive Notes for Beneficial Interests.

 

(1)            Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes.  If any Holder of a Restricted Definitive Note proposes
to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to
a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the
Registrar of the following documentation:

 

(A)            if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global
Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;

 

(B)            if
such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)            if
such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)            if
such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (3)(a) thereof;

 

(E)            if
such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above,
a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable;

 

(F)            if
such Restricted Definitive Note is being transferred to one or both Issuers or any of their Subsidiaries, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

    40

     

    

 

 

(G)           if
such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee will cancel the Restricted Definitive
Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation
S Global Note, and in all other cases, the IAI Global Note.

 

(2)            Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of a Restricted Definitive Note may exchange
such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following:

 

(i)            if
the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof;
or

 

(ii)            if
the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of
a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including
the certifications in item (4) thereof;

 

and, in each such case set forth in this subparagraph
(2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable
to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

 

Upon satisfaction of the conditions
of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause
to be increased the aggregate principal amount of the Unrestricted Global Note.

 

(3)           Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of an Unrestricted Definitive Note may
exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.  Upon receipt of
a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or
cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.

 

If any such exchange or transfer
from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2) or (3) above at a time when
an Unrestricted Global Note has not yet been issued, the Issuers will issue and, upon receipt of an Authentication Order in accordance
with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount
equal to the principal amount of Definitive Notes so transferred.

 

(e)            Transfer
and Exchange of Definitive Notes for Definitive Notes.  Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive
Notes.  Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar
the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly
executed by such Holder or by its attorney, duly authorized in writing.  In addition, the requesting Holder must provide any
additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).

 

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(1)           Restricted
Definitive Notes to Restricted Definitive Notes.  Any Restricted Definitive Note may be transferred to and registered
in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:

 

(A)          if
the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1) thereof;

 

(B)           if
the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications in item (2) thereof; and

 

(C)            if
the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable.

 

(2)           Restricted
Definitive Notes to Unrestricted Definitive Notes.  Any Restricted Definitive Note may be exchanged by the Holder thereof
for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted
Definitive Note if the Registrar receives the following:

 

(i)            if
the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

 

(ii)           if
the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in
the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

 

and, in each such case set forth in this subparagraph
(2), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such
exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

(3)           Unrestricted
Definitive Notes to Unrestricted Definitive Notes.  A Holder of Unrestricted Definitive Notes may transfer such Notes
to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note.  Upon receipt of a request to register
such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.

 

(f)            Legends. 
The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically
stated otherwise in the applicable provisions of this Indenture.

 

(1)           Private
Placement Legend.

 

(A)          Except
as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor
or substitution thereof) shall bear the legend in substantially the following form:

 

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“THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE
OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR
NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF
OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE
DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: SIX MONTHS AFTER THE LATER
OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE
ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION
S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES
AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS
(AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO THE PARTNERSHIP OR ANY SUBSIDIARY THEREOF,
(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS
THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION
S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT TO THE PARTNERSHIP’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES
(D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO
EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE
CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING
FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER
THE SECURITIES ACT.]

 

BY ITS ACQUISITION OF THIS SECURITY,
THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH
HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S.
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT
OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS
OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE
A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER
ANY APPLICABLE SIMILAR LAWS.”

 

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(B)           Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(3), (c)(4), (d)(2), (d)(3), (e)(2),
(e)(3) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not
bear the Private Placement Legend.

 

(2)           Global
Note Legend.  Each Global Note will bear a legend in substantially the following form:

 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS
DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS
NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT
NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE
TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF NGL ENERGY OPERATING LLC OR NGL ENERGY FINANCE CORP. (COLLECTIVELY, THE
 ‘‘ISSUER’’).

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY
AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

(g)           Cancellation
and/or Adjustment of Global Notes.  At such time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof.  At
any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who
will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal
amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note
by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest
is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee
or by the Depositary at the direction of the Trustee to reflect such increase.

 

(h)           General
Provisions Relating to Transfers and Exchanges.

 

(1)           To
permit registrations of transfers and exchanges, the Issuers will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request.

 

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(2)           No
service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable
upon exchange or transfer pursuant to Section 2.10, Section 3.06, Section 4.10, Section 4.14 and Section 9.05
hereof).

 

(3)           The
Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part.

 

(4)           All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will
be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture, as
the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(5)           Neither
the Registrar nor the Issuers will be required:

 

(A)          to
issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before
the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day
of selection;

 

(B)           to
register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of
any Note being redeemed in part; or

 

(C)           to
register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.

 

(6)           Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuers shall be affected by
notice to the contrary.

 

(7)           The
Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.

 

(8)            All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06
to effect a registration of transfer or exchange may be submitted by electronic transmission.

 

Section 2.07       Replacement
Notes.

 

If any mutilated Note is surrendered to
the Trustee or the Issuers and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note,
the Issuers will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s
requirements are met.  If required by the Trustee or the Issuers, an indemnity bond must be supplied by the Holder that is
sufficient in the judgment of the Trustee and the Issuers to protect the Issuers, the Trustee, any Agent and any authenticating
agent from any loss that any of them may suffer if a Note is replaced.  The Issuers may charge for their expenses in replacing
a Note.

 

Every replacement Note is an additional
obligation of the Issuers and will be entitled to all of the benefits of this Indenture equally and proportionately with all other
Notes duly issued hereunder.

 

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Section 2.08       Outstanding
Notes.

 

The Notes outstanding at any time are all
the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions
in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this
Section 2.08 as not outstanding.  Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding
because the Issuers or an Affiliate of either Issuer holds the Note; provided, however that Notes held by either
of the Issuers or a Subsidiary of either Issuer shall be deemed to be not outstanding for purposes of Section 3.07(a) hereof.

 

If a Note is replaced pursuant to Section 2.07
hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected
purchaser.

 

If the principal amount of any Note is considered
paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent (other than an Issuer,
a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable
on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest.

 

Section 2.09      Treasury
Notes.

 

In determining whether the Holders of the
required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by any Issuer or Guarantor,
or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with any Issuer
or Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will
be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually
knows are so owned will be so disregarded.

 

Section 2.10      Temporary
Notes.

 

Until certificates representing Notes are
ready for delivery, the Issuers may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary
Notes.  Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Issuers consider
appropriate for temporary Notes and as may be reasonably acceptable to the Trustee.  Without unreasonable delay, the Issuers
will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. Holders of temporary Notes will
be entitled to all of the benefits of this Indenture.

 

Section 2.11       Cancellation.

 

The Issuers at any time may deliver Notes
to the Trustee for cancellation.  The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them
for registration of transfer, exchange or payment.  The Trustee and no one else will cancel all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes (subject to the record retention requirements
of the Exchange Act).  Certification of the destruction of all canceled Notes will be delivered to the Issuers upon written
request.  The Issuers may not issue new Notes to replace Notes that they have paid or that have been delivered to the Trustee
for cancellation.

 

Section 2.12       Defaulted
Interest.

 

If the Issuers default in a payment of interest
on the Notes, they will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on
the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in
the Notes and in Section 4.01 hereof.  The Issuers will notify the Trustee in writing of the amount of defaulted interest
proposed to be paid on each Note and the date of the proposed payment.  The Issuers will fix or cause to be fixed each such
special record date and payment date, provided that no such special record date may be less than 10 days prior to the related
payment date for such defaulted interest.  At least 15 days before the special record date, the Issuers (or, upon the written
request of the Issuers, the Trustee in the name and at the expense of the Issuers) will send or cause to be sent to Holders a notice
that states the special record date, the related payment date and the amount of such interest to be paid.

 

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Section 2.13       CUSIP
and ISIN Numbers.

 

The Issuers in issuing the Notes may use
 “CUSIP” and “ISIN” numbers, and, if they do so, the Trustee shall use the CUSIP and/or ISIN number in notices
of redemption, repurchase or exchange as a convenience to Holders; provided that any such notice may state that no representation
is made as to the correctness or accuracy of such numbers printed in the notice or on the Notes and that reliance may be placed
only on the other identification numbers printed on the Notes, and any such redemption or exchange shall not be affected by any
defect in or omission of such numbers. The Issuers shall promptly notify the Trustee in writing of any change in the CUSIP number
and ISIN number.

 

ARTICLE III

REDEMPTION

 

Section 3.01       Notices
to Trustee.

 

If Operating LLC elects to redeem Notes
pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at least 15 days but
not more than 60 days before a redemption date, an Officers’ Certificate setting forth:

 

(1)            the
clause of this Indenture pursuant to which the redemption shall occur;

 

(2)            the
redemption date;

 

(3)            the
principal amount of Notes to be redeemed; and

 

(4)            the
redemption price or the method by which it is to be determined.

 

Section 3.02       Selection
of Notes to Be Redeemed.

 

If less than all of the Notes are to be
redeemed at any time, the Trustee will select Notes for redemption on a pro rata basis (or, in the case of Notes issued in global
form pursuant to Article II hereof, based on the method of the Depositary that most nearly approximates a pro rata selection),
unless otherwise required by law or applicable stock exchange or depository requirements.

 

In the event of partial redemption, the
particular Notes to be redeemed will be selected, unless otherwise provided herein, not less than 15 nor more than 60 days prior
to the redemption date by the Trustee from the outstanding Notes not previously called for redemption.

 

The Trustee will promptly notify the Issuers
in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount
thereof to be redeemed.  Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in
excess thereof; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by
such Holder, even if not a multiple of $1,000, shall be redeemed.  Except as provided in the preceding sentence, provisions
of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.

 

Section 3.03       Notice
of Redemption.

 

At least 15 days but not more than 60 days
before a redemption date, Operating LLC will mail or cause to be mailed, by first class mail (or, in the case of Notes in global
form, pursuant to the Applicable Procedures of the Depositary), a notice of redemption to each Holder whose Notes are to be redeemed
at its registered address, except that redemption notices may be sent more than 60 days prior to a redemption date if the notice
is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article VIII
or Article XI hereof.

 

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The notice will identify the Notes to be
redeemed and will state:

 

(1)            the
redemption date;

 

(2)            the
redemption price;

 

(3)            if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption
date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation
of the original Note;

 

(4)            the
name and address of the Paying Agent;

 

(5)            that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(6)            that,
unless the Company defaults in making such redemption payment, or a condition precedent with respect to such redemption has not
be satisfied, interest on Notes called for redemption ceases to accrue on and after the redemption date;

 

(7)            the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed;

 

(8)            that
no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the
Notes and

 

(9)            if
such redemption or notice is subject to satisfaction of one or more conditions precedent, (i) a description of such condition
or conditions precedent and (ii) that, in the Issuers’ discretion, the redemption date may be delayed until such time
as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event
that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed.

 

At the Issuers’ request, the Trustee
will give the notice of redemption in the Issuers’ names and at their expense; provided, however, that the
Issuers have delivered to the Trustee, at least 45 days prior to the redemption date (unless a shorter time is acceptable to the
Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated
in such notice as provided in the preceding paragraph.

 

Notwithstanding any provision hereof to
the contrary, the notice of redemption with respect to a redemption pursuant to Section 3.07(b) need not set forth the
Make-Whole Price but only the manner of calculation thereof. The Company will notify the Trustee in writing of the Make-Whole Price
with respect to any redemption promptly after the calculation together with a calculation thereof and the Treasury Rate in reasonable
detail, and the Trustee shall not be responsible for such calculation.

 

Section 3.04       Effect
of Notice of Redemption.

 

Once notice of redemption is sent in accordance
with Section 3.03 hereof, Notes called for redemption become due and payable on the date fixed for redemption, unless the
redemption is subject to a condition precedent that is not satisfied or waived.  Any redemption or notice of redemption may,
at the Issuers’ discretion, be subject to one or more conditions precedent and, in the case of a redemption pursuant to Section 3.07(a) hereof,
be given prior to and conditioned on the completion of the related Equity Offering.

 

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Section 3.05       Deposit
of Redemption Price.

 

At least one Business Day prior to the redemption
date, the Issuers will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of, accrued
interest, if any, on all Notes to be redeemed on that date.  The Trustee or the Paying Agent will promptly return to the Issuers
any money deposited with the Trustee or the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption
price of, accrued interest, if any, on all Notes to be redeemed.

 

If the Issuers comply with the provisions
of the preceding paragraph, on and after the redemption date, interest will cease to accrue on the Notes or the portions of Notes
called for redemption.  If a Note is redeemed on or after an interest record date but on or prior to the related interest
payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close
of business on such record date.  If any Note called for redemption is not so paid upon surrender for redemption because of
the failure of the Issuers to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption
date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at
the rate provided in the Notes and in Section 4.01 hereof.

 

Section 3.06       Notes
Redeemed in Part.

 

Upon surrender of a Note that is redeemed
in part, the Issuers will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the
expense of the Issuers a new Note equal in principal amount to the unredeemed portion of the Note surrendered.

 

Section 3.07      Optional
Redemption.

 

(a)            Prior
to February 1, 2023, Operating LLC may on any one or more occasions redeem up to 40% of the aggregate principal amount
of the Notes outstanding under this Indenture (which may include Additional Notes) with an amount of cash not greater than the
amount of the net cash proceeds from one or more Equity Offerings at a redemption price equal to 107.5% of the principal amount
thereof, plus accrued and unpaid interest, if any, on the Notes to be redeemed to (but not including) the redemption date
(subject to the right of Holders of record on the relevant record date to receive interest, if any, due on the relevant interest
payment date); provided that

 

(1)            at
least 50% of the aggregate principal amount of the Notes issued on the Issue Date (excluding Notes held by the Company and its
Subsidiaries), remains outstanding after each such redemption; and

 

(2)            the
redemption occurs within 180 days after the closing of such Equity Offering.

 

(b)           At
any time or from time to time prior to February 1, 2023, Operating LLC may redeem all or a part of the Notes, at a redemption
price equal to the Make-Whole Price, subject to the rights of Holders of Notes on the relevant record date to receive interest,
if any, due on the relevant interest payment date.

 

(c)            In
the event that Holders of not less than 90% in aggregate principal amount of the outstanding Notes accept a Change of Control Offer
or Alternate Offer and the Company (or any third party making such Change of Control Offer in lieu of the Company as described
in Section 4.14(c) hereof) purchases all of the Notes held by such Holders, the Company will have the right, upon not
less than 15 nor more than 60 days’ prior notice, given not more than 30 days following the purchase pursuant to the Change
of Control Offer or Alternate Offer described in Section 4.14 hereof, to redeem all of the Notes that remain outstanding following
such purchase at a redemption price equal to the Change of Control Payment plus, to the extent not included in the Change
of Control Payment, accrued and unpaid interest, if any, on the Notes that remain outstanding, to the date of redemption (subject
to the right of Holders of record on the relevant record date to receive interest, if any, due on an interest payment date that
is on or prior to the redemption date).

 

(d)           Except
as provided in the preceding paragraphs (a), (b) and (c), the Notes will not be redeemable at Operating LLC’s or the
Company’s option prior to February 1, 2023.

 

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(e)            On
and after February 1, 2023, Operating LLC may redeem all or a part of the Notes, from time to time, upon not less than
15 nor more than 60 days’ notice, at the following redemption prices (expressed as a percentage of principal amount) plus
accrued and unpaid interest, if any, on the Notes to be redeemed to the applicable redemption date (subject to the right of Holders
of record on the relevant record date to receive interest, if any, due on the relevant interest payment date), if redeemed during
the twelve-month period beginning on February 1 of the years indicated below:

 

	Year	 	Percentage	 
	2023	 	103.750	%
	2024	 	101.875	%
	2025 and thereafter	 	100.000	%

 

(f)            Unless
the Issuers default in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called
for redemption on the applicable redemption date.

 

(g)           Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01 through Section 3.06
hereof.

 

ARTICLE IV

COVENANTS

 

Section 4.01       Payment
of Notes.

 

The Issuers will pay or cause to be paid
the principal of, premium on, if any, interest, if any, on, the Notes on the dates and in the manner provided in the Notes. 
Principal, premium, if any, interest, if any, will be considered paid on the date due if the Paying Agent, if other than the Issuers
or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Issuers in immediately
available funds and designated for and sufficient to pay all principal, premium, if any, and interest, if any, then due.

 

The Issuers will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest rate on
the Notes to the extent lawful. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue installments of interest, if any (without regard to any applicable grace period) at the same rate to the extent
lawful.

 

Section 4.02      Maintenance
of Office or Agency.

 

The Issuers will maintain in the Borough
of Manhattan, The City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee,
Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands
to or upon the Company in respect of the Notes and this Indenture may be served.  The Issuers will give prompt written notice
to the Trustee of any change in the location of such office or agency.  If at any time the Issuers fail to maintain any such
required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee.

 

The Issuers may also from time to time designate
one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from
time to time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve
the Issuers of their obligation to maintain an office or agency in the Borough of Manhattan, The City of New York for such purposes. 
The Issuers will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location
of any such other office or agency.

 

The Issuers hereby designate the Corporate
Trust Office of the Trustee as one such office or agency of the Issuers in accordance with Section 2.03 hereof.

 

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Section 4.03       Reports.

 

(a)            Regardless
of whether required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company will file with
the SEC (unless the SEC will not accept such a filing) within the time periods specified in the SEC’s rules and regulations,
and upon request, the Company will furnish (without exhibits) to the Trustee for delivery to the Holders of Notes:

 

(1)            all
quarterly and annual reports that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company
were required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition and Results
of Operations” and, with respect to the annual information only, a report thereon by the Company’s certified independent
accountants; and

 

(2)            all
current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.

 

(b)           The
Company will be deemed to have furnished such reports and information described above in Section 4.03(a) to the Holders
of Notes (and the Trustee shall be deemed to have delivered such reports and information to the Holders of Notes) if the Company
has filed such reports or information, respectively, with the SEC using the EDGAR filing system (or any successor filing system
of the SEC) or, if the SEC will not accept such reports or information, if the Company has posted such reports or information,
respectively, on its website, and such reports or information, respectively, are available to Holders of Notes through internet
access.

 

(c)            For
the avoidance of doubt, (i) such information will not be required to contain the separate financial information for Guarantors
as contemplated by Rule 3-10 of Regulation S-X or any financial statements of unconsolidated subsidiaries or 50% or less
owned Persons as contemplated by Rule 3-09 of Regulation S-X or any schedules required by Regulation S-X, or in each
case any successor provisions, and (ii) such information shall not be required to comply with Regulation G under the Exchange
Act or Item 10(e) of Regulation S-K with respect to any non-GAAP financial measures contained therein.

 

(d)            Except
as provided above, all such reports will be prepared in all material respects in accordance with all of the rules and regulations
applicable to such reports.

 

(e)            If
the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then, to the extent material, the quarterly and
annual financial information required by Section 4.03(a) above will include a reasonably detailed presentation, either
on the face of the financial statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial
Condition and Results of Operations, of the financial condition and results of operations of the Company and its Restricted Subsidiaries
separate from the financial condition and results of operations of its Unrestricted Subsidiaries.

 

(f)            Any
and all Defaults or Events of Default arising from a failure to furnish in a timely manner any financial information required by
this Section 4.03 shall be deemed cured (and the Company shall be deemed to be in compliance with this Section 4.03)
upon furnishing such financial information as contemplated by this Section 4.03 (but without regard to the date on which such
financial statement or report is so furnished); provided that such cure shall not otherwise affect the rights of the Holders under
the provisions of Article VI hereof if the principal of, premium, if any, on, and interest, if any, on, the Notes have been
accelerated in accordance with the terms of this Indenture and such acceleration has not been rescinded or cancelled prior to such
cure.

 

(g)           In
addition, the Company will hold and participate in annual conference calls with the Holders of Notes, Beneficial Owners of Notes,
bona fide prospective investors, securities analysts and market makers to discuss the financial information required to
be furnished pursuant to clause (1) of Section 4.03(a) hereof no later than ten Business Days after the distribution
of such financial information. The Company shall be permitted to combine this conference call with any other conference call for
other debt or equity holders or lenders.

 

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(h)           The
Company and the Guarantors agree that, for so long as any Notes remain outstanding, if at any time they are not required to file
with the SEC the reports required by Section 4.03(a), the Company and the Guarantors will furnish to the Holders of Notes
and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to
Rule 144A(d)(4) under the Securities Act.

 

(i)             Delivery
of reports, information and documents to the Trustee pursuant to this Section 4.03 is for informational purposes only, and
the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on an Officers’ Certificate).

 

It is understood that the Trustee shall have no obligation to
determine whether or not the reports and information described above have been filed with the SEC or are available on the Company’s
website and are available to Holders through internet access. The delivery of such reports and information to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Issuers’ compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

Section 4.04       Compliance
Certificate.

 

(a)            The
Issuers and each Guarantor shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate
stating that a review of the activities of each Issuer and its Subsidiaries during the preceding fiscal year has been made under
the supervision of the signing Officers with a view to determining whether the Issuers have kept, observed, performed and fulfilled
their obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best
of his or her knowledge the Issuers have kept, observed, performed and fulfilled each and every covenant contained in this Indenture
and are not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if
a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge
and what action the Issuers are taking or propose to take with respect thereto) and that to the best of his or her knowledge no
event has occurred and remains in existence by reason of which payments on account of the principal of, or premium, if any, or
interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Issuers
are taking or propose to take with respect thereto.

 

(b)           So
long as any of the Notes are outstanding, the Issuers will deliver to the Trustee and the Collateral Agent, within five Business
Days of any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or
Event of Default and what action the Issuers are taking or propose to take with respect thereto.

 

Section 4.05       Taxes.

 

The Company will pay, and will cause each
of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested
in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect
to the Holders of Notes.

 

Section 4.06       Stay,
Extension and Usury Laws.

 

Each of the Issuers and each of the Guarantors
covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force
that may affect the covenants or the performance of this Indenture; and each of the Issuers and each of the Guarantors (to the
extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will
not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law has been enacted.

 

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Section 4.07       Restricted
Payments.

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(1)            declare
or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted Subsidiaries’
Equity Interests (including, without limitation, any payment in connection with any merger, amalgamation or consolidation involving
the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted
Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests
(other than Disqualified Stock) of the Company and other than dividends or distributions payable to the Company or a Restricted
Subsidiary);

 

(2)            purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger, amalgamation or
consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company;

 

(3)            make
any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value, any (x) Subordinated
Debt (other than intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries), except a payment
of interest or principal within one year of the Stated Maturity thereof or (y) any other Indebtedness in respect borrowed
money (other than intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries) that is not Pari
Passu Notes Lien Indebtedness or Pari Passu ABL Lien Indebtedness, except for payments of scheduled interest, payments of principal
within one year of the Stated Maturity thereof and pursuant to any mandatory redemptions or mandatory repurchase offers and payment
of fees, expenses and indemnification obligations as and when due in respect of Indebtedness that is not in violation of any subordination
agreement applicable to such Indebtedness; or

 

(4)            make
any Restricted Investment (all such payments and other actions set forth in clauses (1) through (4) of this
Section 4.07(a) being collectively referred to as “Restricted Payments”), unless:

 

(1)            at
the time of and after giving effect to such Restricted Payment, no Default (except a Reporting Default) or Event of Default has
occurred and is continuing or would occur as a consequence of such Restricted Payment;

 

(2)            Total
Leverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are
available at the time of such Restricted Payment (the “Trailing Four Quarters”) is not greater than 4.75 to
1.00, and

 

(3)            such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted
Subsidiaries during the fiscal quarter in which such Restricted Payment is made (excluding Restricted Payments permitted by clauses
(2), (3), (4), (5), (6), (7), (8), (9), (10) and (11) of Section 4.07(b)), is less than the sum, without duplication,
of:

 

(A)          Available
Cash from Operating Surplus with respect to the Company’s preceding fiscal quarter (minus the amount of any Equity
Distributions made during such fiscal quarter pursuant to item (b) below; provided that the amount of Available Cash
from Operating Surplus pursuant to this item (A) shall not be less than $0 for any fiscal quarter as a result of any such
deduction); plus

 

(B)           $200.0
million, less the amount of all prior Equity Distributions made by the Company and its Restricted Subsidiaries pursuant to this
item (b) since the Issue Date; provided that the only Restricted Payments permitted to be made pursuant to this item (b) are
distributions on the Company’s preferred, common and subordinated units plus the related distributions on the General Partner’s
general partner interest and any distributions with respect to incentive distribution rights (such distributions being referred
to as “Equity Distributions”);

 

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(C)           100%
of the aggregate net cash proceeds, and the Fair Market Value of any Capital Stock of Persons engaged primarily in a Permitted
Business or other long-term assets that are used or useful in a Permitted Business, in each case received by the Company since
the Issue Date from (x) a contribution to the common equity capital of the Company from any Person (other than a Restricted
Subsidiary) or (y) the issuance and sale (other than to a Restricted Subsidiary) of Equity Interests (other than Disqualified
Stock) of the Company or from the issuance or sale (other than to a Restricted Subsidiary) of convertible or exchangeable Disqualified
Stock or convertible or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity
Interests (other than Disqualified Stock); plus

 

(D)           to
the extent that any Restricted Investment that was made after the Issue Date is sold for cash or Cash Equivalents or otherwise
liquidated or repaid for cash or Cash Equivalents, the cash return of capital with respect to such Restricted Investment (less
the cost of disposition, if any); plus

 

(E)           the
amount equal to the net reduction in Restricted Investments since the Issue Date resulting from (i) dividends, repayments
of loans or advances, or other transfers of assets, in each case, to the Company or any of its Restricted Subsidiaries from any
Person (including, without limitation, any Unrestricted Subsidiary) or (ii) the redesignation of Unrestricted Subsidiaries
as Restricted Subsidiaries, in each case, to the extent such amounts have not been included in Available Cash for any period commencing
on or after the Issue Date (items (C), (D) above and this item (E) being referred to as “Incremental Funds”);
minus

 

(F)            the
aggregate amount of Incremental Funds previously expended pursuant to this clause (3).

 

(b)           The
provisions of Section 4.07(a) hereof will not prohibit:

 

(1)            the
payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration
of the dividend or distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice,
the dividend, distribution or redemption payment would have complied with the provisions of this Indenture;

 

(2)            the
making of any Restricted Payment in exchange for, or out of the net cash proceeds of the substantially concurrent (a) contribution
(other than from a Restricted Subsidiary) to the equity capital of the Company or (b) sale (other than to a Restricted Subsidiary)
of Equity Interests of the Company (other than Disqualified Stock), with a sale being deemed substantially concurrent if such purchase,
redemption, defeasance or other acquisition or retirement for value occurs not more than 120 days after such sale; provided,
however, that the amount of any such net cash proceeds that are utilized for any such purchase, redemption, defeasance or
other acquisition or retirement for value will be excluded (or deducted, if included) from the calculation of Available Cash and
Incremental Funds;

 

(3)            the
purchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness with the net cash proceeds from an
incurrence of, or in exchange for, Permitted Refinancing Indebtedness;

 

(4)            the
payment of any dividend or distribution by a Restricted Subsidiary to the holders of its Equity Interests on a pro rata
basis;

 

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(5)            as
long as no Default has occurred and is continuing or would be caused thereby, the purchase, redemption or other acquisition or
retirement for value of any Equity Interests of the Company or any Restricted Subsidiary held by any of current or former directors
or employees of the General Partner, the Company or of any Restricted Subsidiary; provided, however, that the aggregate price paid
for all such purchased, redeemed, acquired or retired Equity Interests may not exceed $7.5 million in any fiscal year (with any
portion of such $7.5 million amount that is unused in any fiscal year to be carried forward to successive fiscal years and added
to such amount) plus, to the extent not previously applied or included, (a) the cash proceeds received by the Company
or any of its Restricted Subsidiaries from sales of Equity Interests of the Company to employees or directors of the General Partner,
the Company or its Affiliates that occur after the Issue Date (to the extent the cash proceeds from the sale of such Equity Interests
have not otherwise been applied to the payment of Restricted Payments by virtue of Section 4.07(a) hereof) and (b) the
cash proceeds of key man life insurance policies received by the Company or any of its Restricted Subsidiaries after the Issue
Date;

 

(6)            the
purchase, redemption or other acquisition or retirement for value of Equity Interests deemed to occur upon the exercise of unit
options, warrants, incentives, rights to acquire Equity Interests or other convertible securities if such Equity Interests represent
a portion of the exercise or exchange price thereof, and any purchase, redemption  or other acquisition or retirement for
value of Equity Interests made in lieu of withholding taxes in connection with any exercise or exchange of unit options, warrants,
incentives or rights to acquire Equity Interests;

 

(7)            payments
of cash, dividends, distributions, advances or other Restricted Payments, in each case, made in lieu of the issuance of fractional
shares or units in connection with the exercise of warrants, options or other securities convertible or exchangeable for Equity
Interests or in connection with the payment of a dividend or distribution to the holders of Equity Interests of the Company in
the form of Equity Interests (other than Disqualified Stock) of the Company;

 

(8)           the
purchase, redemption or other acquisition or retirement for value of Equity Interests of the Company or any Restricted Subsidiary
representing fractional units of such Equity Interests in connection with a merger, amalgamation or consolidation involving the
Company or such Restricted Subsidiary or any other transaction permitted by this Indenture;

 

(9)            payments
to the General Partner constituting reimbursements for expenses in accordance with the Partnership Agreement as in effect on the
Issue Date and as it may be amended or replaced thereafter, provided that any such amendment or replacement is not materially less
favorable to the Company in any material respect than the agreement prior to such amendment or replacement;

 

(10)          the
payment of dividends to holders of preferred securities of the Company, which dividends were declared prior to the date of the
Offering Memorandum and do not exceed $20.0 million in the aggregate;

 

(11)          in
connection with an acquisition by the Company or any of its Restricted Subsidiaries, the return to the Company or any of its Restricted
Subsidiaries of Equity Interests of the Company or its Restricted Subsidiaries constituting a portion of the purchase consideration
in settlement of indemnification claims or purchase price adjustments;

 

(12)          the
purchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Debt (a) at a purchase
price not greater than 101% of the principal amount of such Subordinated Debt plus accrued interest in accordance with
provisions similar to Section 4.14 hereof or (b) at a purchase price not greater than 100% of the principal amount thereof
plus accrued interest in accordance with provisions similar to Section 4.10 hereof; provided that, prior to
or simultaneously with such purchase, redemption, defeasance or other acquisition or retirement for value, the Company shall have
complied with the provisions of Section 4.14 or Section 4.10 hereof, as the case may be, and repurchased all Notes validly
tendered for payment in connection with the Change of Control Offer, Collateral Disposition Offer or Alternate Offer, as the case
may be;

 

(13)          the
purchase, redemption, defeasance or other acquisition or retirement for value of (a) the Existing Senior Notes due 2023 or
(b) any other Existing Senior Notes in an aggregate principal amount pursuant to this clause (b) not exceeding $200.0
million in the aggregate plus amounts permitted to be repaid, redeemed or repurchased in accordance with Section 4.10; and

 

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(14)          the
purchase, defeasance, redemption, repurchase, repayment or other acquisition or retirement of any Indebtedness made by exchange
for Equity Interests of the Parent (other than Disqualified Stock).

 

(c)           The
amount of all Restricted Payments (other than cash) will be the Fair Market Value, determined as of the date of the Restricted
Payment, of the Restricted Investment proposed to be made or the asset(s) or securities proposed to be transferred or issued
by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment, except that the Fair Market
Value of any non-cash dividend or distribution paid within 60 days after the date of its declaration shall be determined as of
such date of declaration.  The Fair Market Value of any Restricted Investment, assets or securities that are required to
be valued by this Section 4.07 will be determined in accordance with the definition of the term “Fair Market Value.” 
For purposes of determining compliance with this Section 4.07, (x) in the event that a Restricted Payment meets the
criteria of more than one of the categories of Restricted Payments described in clauses (1) through (14) of Section 4.07(b) hereof,
or is permitted pursuant to Section 4.07(a) hereof, the Company will be permitted to classify (or later classify or
reclassify in whole or in part in its sole discretion) such Restricted Payment (or portion thereof) on the date made or later
reclassify such Restricted Payment (or portion thereof) in any manner that complies with this Section 4.07; and (y) in
the event a Restricted Payment is made pursuant to Section 4.07(a) hereof, the Company will be permitted to classify
whether all or any portion thereof is being (and in the absence of such classification shall be deemed to have classified the
minimum amount possible as having been) made with Incremental Funds.

 

Section 4.08       Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist
or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(1)            pay
dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or pay any
Indebtedness owed to the Company or any of its Restricted Subsidiaries; provided that the priority that any series of preferred
stock of a Restricted Subsidiary has in receiving dividends or liquidating distributions before dividends or liquidating distributions
are paid in respect of common stock of such Restricted Subsidiary shall not constitute a restriction on the ability to make dividends
or distributions on Capital Stock for purposes of this Section 4.08(a);

 

(2)            make
loans or advances to the Company or any of its Restricted Subsidiaries (it being understood that the subordination of loans or
advances made to the Company or any such Restricted Subsidiary to other Indebtedness incurred by the Company or any such Restricted
Subsidiary shall not be deemed a restriction on the ability to make loans or advances); or

 

(3)            sell,
lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.

 

(b)           The
restrictions in Section 4.08(a) hereof will not apply to encumbrances or restrictions existing under or by reason of:

 

(1)            agreements
governing any Credit Facility (including the ABL Credit Agreement), any Existing Indebtedness (including the Existing Senior Notes)
or any other agreements or instruments, in each case as in effect on the Issue Date and any amendments, restatements, modifications,
renewals, extensions, increases, supplements, refundings, replacements or refinancings of those agreements or the Indebtedness
to which they relate; provided that the encumbrances or restrictions contained in the amendments, restatements, modifications,
renewals, extensions, increases, supplements, refundings, replacements or refinancings are, in the reasonable good faith judgment
of the Chief Financial Officer of the General Partner, not materially more restrictive, taken as a whole, with respect to such
dividend and other payment restrictions than those contained in those agreements on the Issue Date;

 

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(2)            this
Indenture, the Notes and the Note Guarantees;

 

(3)            agreements
governing other Indebtedness permitted to be incurred under Section 4.09 hereof and any amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the encumbrances or restrictions
therein are, in the reasonable good faith judgment of the Chief Financial Officer of the General Partner, not materially more restrictive,
taken as a whole, than the provisions contained in the ABL Credit Agreement and in this Indenture as in effect on the Issue Date;

 

(4)            the
issuance of preferred stock by a Restricted Subsidiary or the payment of dividends thereon in accordance with the terms thereof;
provided that issuance of such preferred stock is permitted pursuant to Section 4.09 hereof and the terms of such preferred
stock do not expressly restrict the ability of a Restricted Subsidiary to pay dividends or make any other distributions on its
Capital Stock (other than requirements to pay dividends or liquidation preferences on such preferred stock prior to paying any
dividends or making any other distributions on such other Capital Stock);

 

(5)            applicable
law, rule, regulation, order, approval, license, permit or similar restriction;

 

(6)            any
instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as
in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with
or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or
assets of any Person, other than the Person, or the property or assets of the Person, so acquired and any amendments, restatements,
modifications, renewals, extensions, increases, supplements, refundings, replacements or refinancings thereof; provided that, the
encumbrances or restrictions contained in any such amendments, restatements, modifications, renewals, extensions, increases, supplements,
refundings, replacements or refinancings are, in the reasonable good faith judgment of the Chief Financial Officer of the General
Partner, not materially more restrictive, taken as a whole, than those in effect on the date of the acquisition; provided, further,
that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;

 

(7)            customary
non-assignment provisions in contracts or licenses, easements or leases, in each case, entered into in the ordinary course of business;

 

(8)            purchase
money obligations, security agreements or mortgage financings for property acquired in the ordinary course of business and Capital
Lease Obligations that impose restrictions on the property purchased or leased of the nature described in clause (3) of Section 4.08(a) hereof;

 

(9)            any
agreement for the sale or other disposition of the Equity Interests in, or all or substantially all of the properties or assets
of, a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending the sale or other disposition;

 

(10)          Permitted
Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness
are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being
refinanced;

 

(11)          Liens
permitted to be incurred under the provisions of Section 4.12 hereof that limit the right of the debtor to dispose of the
assets subject to such Liens;

 

(12)          provisions
limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback
agreements, stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted
Investment) entered into with the approval of the Company’s Board of Directors, which limitation is applicable only to the
assets that are the subject of such agreements;

 

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(13)          any
instrument governing Indebtedness of a FERC Subsidiary; provided that such Indebtedness was otherwise permitted by the terms of
this Indenture to be incurred;

 

(14)          encumbrances
or restrictions on cash, Cash Equivalents or other deposits or net worth imposed by customers under contracts entered into in the
ordinary course of business;

 

(15)          any
agreement or instrument relating to any property or assets acquired after the Issue Date, so long as such encumbrance or restriction
relates only to the property or assets so acquired and is not and was not created in anticipation of such acquisition;

 

(16)          Hedging
Obligations permitted from time to time under this Indenture; and

 

(17)          Indebtedness
incurred or Capital Stock issued by any Restricted Subsidiary; provided that the restrictions contained in the agreements or instruments
governing such Indebtedness or Capital Stock (a) apply only in the event of a payment default or a default with respect to
a financial covenant in such agreement or instrument or (b) will not materially affect the Company’s ability to make
principal, interest and premium, if any, on the Notes, as determined in the reasonable good faith judgment of the Chief Executive
Officer and the Chief Financial Officer of the General Partner.

 

Section 4.09       Incurrence
of Indebtedness and Issuance of Preferred Stock.

 

(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
Guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”;
with “incurrence” having a correlative meaning) any Indebtedness (including Acquired Debt), and the Company
will not issue any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares of preferred
stock; provided, however, that the Company may incur Indebtedness (including Acquired Debt) and issue Disqualified
Stock, and its Restricted Subsidiaries may incur Indebtedness (including Acquired Debt) and issue preferred stock, if the Fixed
Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements
are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or such
preferred stock is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including
a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified
Stock or the preferred stock had been issued, as the case may be, at the beginning of such four-quarter period; provided further
that the aggregate principal amount of Indebtedness of Subsidiaries that are not Guarantors outstanding pursuant to this Section 4.09(a) shall
not exceed $50.0 million.

 

(b)           The
provisions of Section 4.09(a) hereof will not prohibit the incurrence of any of the following items of Indebtedness
or issuances of Disqualified Stock or preferred stock, as applicable (collectively, “Permitted Debt”):

 

(1)            the
incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness and letters of credit under Credit Facilities
(including the ABL Facility and the Notes and the related Note Guarantees issued on the Issue Date) in an aggregate principal amount
at any one time outstanding under this clause (1) (with letters of credit being deemed to have a principal amount equal to
the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) not to exceed (I) ABL Obligations
and Pari Passu ABL Lien Indebtedness in an aggregate principal amount not to exceed the greater of (x) $425.0 million and
(y) the amount of the Borrowing Base determined at the time of incurrence, plus (II) other Indebtedness in an aggregate
principal amount not to exceed the greater of (x) $2.45 billion and (y) 40% of the Total Assets of the Company;

 

(2)            the
incurrence by the Company or its Restricted Subsidiaries of Existing Indebtedness;

 

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(3)            the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage
financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price
or cost of design, construction, installation or improvement of property, plant or equipment used in the business of the Company
or any of its Restricted Subsidiaries, in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred
to extend, renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (3) at
any time; provided that, immediately after giving effect to any such incurrence, the principal amount of all Indebtedness incurred
pursuant to this clause (3) and then outstanding does not exceed the greater of (a) $75.0 million and (b) 1.25%
of the Total Assets of the Company;

 

(4)            the
incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net
proceeds of which are used to extend, renew, refund, refinance, replace, defease, discharge or otherwise retire for value, any
Indebtedness (other than intercompany Indebtedness) or Disqualified Stock of the Company, or Indebtedness (other than intercompany
Indebtedness) or preferred stock of any Restricted Subsidiary, in each case that was permitted by this Indenture to be incurred
under Section 4.09(a) hereof or clause (2), (3), (12) or (13) of this Section 4.09(b) or this clause (4);

 

(5)            the
incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any
of its Restricted Subsidiaries; provided, however, that:

 

(A)          if
the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness
must be unsecured and expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the
Notes, in the case of the Company, or the Note Guarantee, in the case of a Guarantor; and

 

(B)           (i) any
subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than
the Company or a Restricted Subsidiary and (ii) any sale or other transfer of any such Indebtedness to a Person that is
neither the Company nor a Restricted Subsidiary,

 

will be deemed, in each case, to constitute an incurrence of such
Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (5);

 

(6)            the
issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares
of preferred stock; provided, however, that:

 

(A)          any
subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than
the Company or a Restricted Subsidiary; and

 

(B)           any
sale or other transfer of any such preferred stock to a Person that is neither the Company nor a Restricted Subsidiary,

 

will be
deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by
this clause (6);

 

(7)            the
incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations in the ordinary course of business and not
for speculative purposes;

 

(8)            the
Guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or a Restricted Subsidiary to the
extent that the guaranteed Indebtedness was permitted to be incurred by another provision of this Section 4.09; provided
that if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the Guarantee must be subordinated
or pari passu, as applicable, to the same extent as the Indebtedness Guaranteed;

 

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(9)            the
incurrence by the Company or any Restricted Subsidiary of Indebtedness consisting of the financing of insurance premiums in customary
amounts consistent with the operations and business of the Company and its Restricted Subsidiaries;

 

(10)          the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness constituting reimbursement obligations with respect
to letters of credit; provided that, upon the drawing of such letters of credit, such obligations are reimbursed within 30 days
following such drawing;

 

(11)          the
incurrence by the Company or any of its Restricted Subsidiaries of liability in respect of the Indebtedness of any Unrestricted
Subsidiary or any Joint Venture but only to the extent that such liability is the result of the Company’s or any such Restricted
Subsidiary’s being a general partner or member of, or owner of an Equity Interest in, such Unrestricted Subsidiary or Joint
Venture and not as guarantor of such Indebtedness; provided that, immediately after giving effect to any such incurrence, the principal
amount of all Indebtedness incurred pursuant to this clause (11) and then outstanding does not exceed $25.0 million;

 

(12)          the
incurrence by the Company or any of its Restricted Subsidiaries of Permitted Acquisition Indebtedness; and

 

(13)          the
incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness and the issuance by the Company of any
Disqualified Stock, provided that, immediately after giving effect to any such incurrence or issuance, the amount of all such Indebtedness
and Disqualified Stock incurred or issued pursuant to this clause (13) and then outstanding (including all Indebtedness and Disqualified
Stock incurred or issued to Refinance any Indebtedness or Disqualified Stock incurred or issued pursuant to this clause (13)) does
not exceed the greater of (a) $75.0 million and (b) 1.25% of the Total Assets of the Company determined on the date of
such incurrence.

 

(c)           The
Company will not incur, and will not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually
subordinated in right of payment to any other Indebtedness of the Company or such Guarantor unless such Indebtedness is also contractually
subordinated in right of payment to the Notes or the applicable Note Guarantee on substantially identical terms; provided,
however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness
of the Company or any Guarantor solely by virtue of being unsecured or by virtue of being secured on a junior priority basis.

 

(d)           For
purposes of determining compliance with this Section 4.09, in the event that an item of Indebtedness (including Acquired
Debt) meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (13) of Section 4.09(b) hereof,
or is entitled to be incurred pursuant to Section 4.09(a) hereof, the Company will be permitted in its sole discretion
to divide, redivide, classify or reclassify such item of Indebtedness on the date of its incurrence, and later divide, redivide,
classify or reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 4.09. 
Indebtedness under Credit Facilities (including the ABL Facility) outstanding on the Issue Date and the Initial Notes and the
related Note Guarantees issued on the Issue Date will initially be deemed to have been incurred on such date in reliance on the
exception provided by clause (1) of the definition of Permitted Debt. Indebtedness under the Existing Senior Notes outstanding
on the date on which Notes are first issued and authenticated under this Indenture will initially be deemed to have been incurred
on such date in reliance on the exception provided by clause (2) of the definition of Permitted Debt.  The accrual of
interest or preferred stock dividends, the accretion or amortization of original issue discount, the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of any obligation of the Company
or any Restricted Subsidiary as Indebtedness due to a change in accounting principles, and the payment of dividends on preferred
stock or Disqualified Stock in the form of additional shares of the same class of preferred stock or Disqualified Stock will not
be deemed to be an incurrence of Indebtedness or an issuance of preferred stock or Disqualified Stock for purposes of this Section 4.09;
provided that, in each such case, the amount thereof is included in Fixed Charges of the Company as accrued to the extent
required by the definition of such term.

 

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(e)            For
purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be utilized, calculated based on the relevant currency
exchange rate in effect on the date such Indebtedness was incurred, in the case of term Indebtedness, or first committed, in the
case of revolving credit Indebtedness; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated
in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated
at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall
be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal
amount of such Indebtedness being refinanced.  Notwithstanding any other provision of this Section 4.09, the maximum
amount of Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to this Section 4.09 shall not be
deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values.  The principal amount of any
Permitted Refinancing Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness
being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Permitted
Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.

 

Section 4.10     Asset
Sales.

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, make any Asset Sale of Collateral unless:

 

(1)            The
Company or such Restricted Subsidiary receives consideration (including by way of relief from, or by way of any other Person assuming
responsibility for, any liabilities, contingent or otherwise) at the time of the Asset Sale at least equal to the Fair Market
Value (measured as of date of the definitive agreement with respect to such Asset Sale) of the Collateral subject to such Asset
Sale;

 

(2)            at
least 75% of the consideration from such Asset Sale received by the Company or such Restricted Subsidiary, as the case may be,
is in the form of (A) cash, (B) Cash Equivalents, (C) Additional Assets of a type which would constitute (x) Notes
Priority Collateral, in the case of an Asset Sale of Notes Priority Collateral, or (y) ABL Priority Collateral, in the case
of an Asset Sale of ABL Priority Collateral (which in both cases are thereupon with their acquisition added to the Collateral
securing the Notes), or (D) any combination of the foregoing; and

 

(3)            to
the extent that any consideration from such Asset Sales received by the Company or such Restricted Subsidiary, as the case may
be, constitutes securities or other assets that are of a type or class that constitute Collateral, such securities or other assets,
including the assets of any Person that becomes a Guarantor as a result of such transaction, are concurrently with their acquisition
added to the Collateral securing the Notes (as Notes Priority Collateral or ABL Priority Collateral, as applicable) in the manner
provided for herein or in any of the Security Documents.

 

In the case of any Asset Sale of Collateral
pursuant to a condemnation, seizure, appropriation or similar taking, including by deed in lieu of condemnation, or any actual
or constructive total loss or an agreed or compromised total loss, such Asset Sale shall not be required to satisfy the requirements
of clause (1) or (2) above.

 

If at any time any non-cash consideration
received by the Company or any Restricted Subsidiary, as the case may be, in connection with any Asset Sale of Collateral is repaid
or converted into or sold or otherwise disposed of for cash (other than interest received with respect to any such non-cash consideration),
then the date of such repayment, conversion or disposition shall be deemed to constitute the date of an Asset Sale hereunder and
the Net Proceeds thereof shall be applied in accordance with this covenant.

 

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Subject to the terms of the ABL Intercreditor
Agreement, within 365 days of the date of such Asset Sale of Collateral, the Company or any Restricted Subsidiary, as the case
may be, may (1) use any Net Proceeds received from Asset Sales of ABL Priority Collateral to repay, redeem, retire, defease,
replace, refinance or repurchase any ABL Obligations, (2) use any Net Proceeds received from Asset Sales of Notes Priority
Collateral to repay, redeem, retire, defease, replace, refinance or repurchase Secured Obligations; provided that if the Company
or a Restricted Subsidiary repays, redeems or repurchases any Secured Obligations other than the Notes, the Company or such Restricted
Subsidiary must equally and ratably redeem or repurchase (or offer to repurchase) the Notes, at the Company’s option, as
provided for under Section 3.07 through open market purchases (to the extent such purchases are at a purchase price at or
above 100% of the principal amount thereof plus accrued and unpaid interest, if any) or by making an offer to all Holders to purchase
their Notes at 100% of the principal amount thereof, plus accrued and unpaid interest (and such offer shall be deemed for purposes
of this covenant to be a use of proceeds from an Asset Sale equal to the aggregate amount of Net Proceeds offered to the Holders,
whether or not the offer is accepted by any or all Holders), or (3) invest any Net Proceeds received from Asset Sales of
Collateral in Additional Assets that would constitute (x) Notes Priority Collateral, in the case of an Asset Sale of Notes
Priority Collateral, and (y) ABL Priority Collateral or Notes Priority Collateral, in the case of an Asset Sale of ABL Priority
Collateral, which Additional Assets are thereupon with their acquisition added to the Collateral securing the Notes; provided
that the Additional Assets shall not include the Equity Interests of Foreign Subsidiaries for purposes of the requirement unless
the relevant Asset Sale consisted of the sale of Equity Interests of a Foreign Subsidiary.

 

Any Net Proceeds from Asset Sales of Collateral
that are not applied or invested as provided in this subsection (A) will be deemed to constitute “Excess Collateral
Proceeds.” Within 10 Business Days after the aggregate amount of Excess Collateral Proceeds exceeds $30.0 million, the
Issuers will be required to make an offer (a “Collateral Disposition Offer”) to all Holders to purchase the
maximum principal amount of the Notes (on a pro rata basis) and, if required by the terms of any other Pari Passu Notes Lien Indebtedness,
to the holders of such Pari Passu Notes Lien Indebtedness (on a pro rata basis), to which the Collateral Disposition Offer applies
that may be purchased out of the Excess Collateral Proceeds, at an offer price in cash in an amount equal to 100% of the principal
amount of the Notes and such other Pari Passu Notes Lien Indebtedness, plus accrued and unpaid interest, if any, to, but excluding,
the date of purchase, in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof with respect to the
Notes. To the extent that the aggregate amount of Notes so validly tendered and not properly withdrawn pursuant to a Collateral
Disposition Offer (together with, if required by the terms of any other Pari Passu Notes Lien Indebtedness, the amount of Pari
Passu Notes Lien Indebtedness tendered pursuant to any similar requirement), is less than the Excess Collateral Proceeds, the
Issuers may use any remaining Excess Collateral Proceeds for general corporate purposes, subject to the other covenants contained
herein. If the aggregate principal amount of Notes surrendered by Holders and, if required by the holders of Pari Passu Notes
Lien Indebtedness, holders of any Pari Passu Notes Lien Indebtedness exceeds the amount of Excess Collateral Proceeds, the Notes
and Pari Passu Notes Lien Indebtedness to be purchased shall be selected on a pro rata basis on the basis of the aggregate principal
amount of tendered Notes and Pari Passu Notes Lien Indebtedness. Upon completion of such Collateral Disposition Offer, the amount
of Excess Collateral Proceeds shall be reset at zero. The Issuers may make a Collateral Disposition Offer if Excess Collateral
Proceeds are less than $30 million and prior to 365 days after an Asset Sale of Collateral. Notwithstanding the foregoing, to
the extent that any Net Proceeds or Excess Collateral Proceeds are required to be applied to prepay Indebtedness under the ABL
Credit Agreement or other Pari Passu ABL Lien Indebtedness, the Issuers may make a prepayment with respect to such Indebtedness
out of such Net Proceeds or Excess Collateral Proceeds, at a price in cash in an amount equal to 100% of the principal amount
of such Indebtedness, plus accrued and unpaid interest, if any, to, but excluding, the date of prepayment.

 

Pending the final application of any such
Net Proceeds in accordance with the fourth and fifth paragraphs of this Section 4.10(a), the Company and its Restricted Subsidiaries
may temporarily reduce Indebtedness or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture.

 

(b)            The
Company will not, and will not permit any Restricted Subsidiary to, make any Asset Sale (other than Asset Sales of Collateral,
which shall be treated in the manner set forth in Section 4.10(a) above) unless:

 

(1)            The
Company or such Restricted Subsidiary receives consideration (including by way of relief from, or by way of any other Person assuming
responsibility for, any liabilities, contingent or otherwise) at the time of the Asset Sale at least equal to the Fair Market
Value (measured as of date of the definitive agreement with respect to such Asset Sale) of the assets subject to such Asset Sale;

 

(2)            at
least 75% of the consideration from such Asset Sale received by the Company or such Restricted Subsidiary, as the case may be,
is in the form of cash or Cash Equivalents or a combination thereof;

 

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(A)            in
the case of any Asset Sale pursuant to a condemnation, seizure, appropriation or similar taking, including by deed in lieu of
condemnation, or any actual or constructive total loss or an agreed or compromised total loss, such Asset Sale shall not be required
to satisfy the requirements of clause (1) or (2) above;

 

(B)            if
at any time any non-cash consideration received by the Company or any Restricted Subsidiary, as the case may be, in connection
with any Asset Sale is repaid or converted into or sold or otherwise disposed of for cash (other than interest received with respect
to any such non-cash consideration), then the date of such repayment, conversion or disposition shall be deemed to constitute
the date of an Asset Sale hereunder and the Net Proceeds thereof shall be applied in accordance with this covenant; and

 

(3)            within
365 days following such Asset Sale, an amount equal to 100% of the Net Proceeds from such Asset Sale is applied by the Company
or such Restricted Subsidiary, as the case may be, as follows (it being understood that actions under clause (B), (C) or
(D) may occur prior to actions under clause (A) during such 365-day period):

 

(A)            to
the extent the Company or such Restricted Subsidiary elects (or is required by the terms of any Indebtedness), to prepay, repay
or purchase Indebtedness (other than Disqualified Stock, Pari Passu Second Lien Indebtedness, Junior Lien Indebtedness or Subordinated
Debt) (in each case other than Indebtedness owed to the Company or an Affiliate of the Company, unless such Affiliate only sells
its pro rata portion of any Notes acquired by the Issuers in any open market purchases or pursuant to any offer to purchase Notes)
within 365 days after the date of such Asset Sale;

 

(B)            to
the extent the Company or such Restricted Subsidiary elects, to acquire Additional Assets within 365 days from the date of such
Asset Sale (provided that any assets (other than Excluded Assets) so acquired will become part of the Collateral to the extent
required by this Indenture, the Security Documents and the ABL Intercreditor Agreement as (x) Notes Priority Collateral to
the extent such assets are of the type that would constitute Notes Priority Collateral or (y) ABL Priority Collateral to
the extent such assets are of the type that would constitute ABL Priority Collateral securing the Notes);

 

(C)            to
the extent the Company or such Restricted Subsidiary elects to make an investment in a capital expenditure used or useful in a
Permitted Business within 365 days after the date of such Asset Sale; provided that to the extent such investment is an asset
(other than an Excluded Asset) which would constitute Collateral, such investment is thereupon added to the Collateral to the
extent required by this Indenture, the Security Documents and the ABL Intercreditor Agreement as (x) Notes Priority Collateral
to the extent such investments is of the type that would constitute Notes Priority Collateral or (y) ABL Priority Collateral
to the extent such investment is of the type that would constitute ABL Priority Collateral securing the Notes;

 

(D)            to
make an offer to purchase the Notes and any Pari Passu Indebtedness with similar asset sale provisions, pro rata at 100% of the
tendered principal amount thereof (or 100% of the accreted value of such other Pari Passu Indebtedness so tendered, if such Pari
Passu Indebtedness was offered at a discount) plus accrued and unpaid interest, if any, to, but excluding, the purchase date;
and

 

(E)            to
the extent of the balance of such Net Proceeds after application in accordance with clauses (A), (B), (C) and (D) above,
to fund any corporate purpose; provided, however, that in connection with any prepayment, repayment or purchase of Indebtedness
pursuant to clause (A) or (D) above, the Company or such Restricted Subsidiary will retire such Indebtedness; provided,
further, that pending the final application of any such Net Proceeds in accordance with this clause (3), the Company and its Restricted
Subsidiaries may temporarily reduce Indebtedness or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture.

 

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Notwithstanding the provisions of the fourth
paragraph of the preceding subsection (a) and clause (3) of this subsection (b), within 365 days of the date of any
Asset Sale, the Company or any Restricted Subsidiary, as the case may be, may use any Net Proceeds received from such Asset Sale,
instead of applying such proceeds pursuant to the fourth paragraph of the preceding subsection (a) and/or clause (3) of
this subsection (b), to repay, redeem, retire, defease, replace, refinance or repurchase any Existing Senior Notes in an aggregate
principal amount not to exceed (a) $300.0 million, so long as, immediately after giving pro forma effect to such repayment,
redemption, retirement, defeasance, replacement, refinancing or repurchase and the incurrence of any Indebtedness the net proceeds
of which are used to make such repayment, redemption, retirement, defeasance, replacement, refinancing or repurchase, the First
Lien Leverage Ratio shall be no greater than 3.50 to 1.00, plus (b) $200.0 million, so long as, immediately after
giving pro forma effect to such repayment, redemption, retirement, defeasance, replacement, refinancing or repurchase and the
incurrence of any Indebtedness the net proceeds of which are used to make such repayment, redemption or repurchase, the First
Lien Leverage Ratio shall be no greater than 3.00 to 1.00.

 

In the case of the fourth paragraph of
Section 4.10(a) or clause (3)(B) of this Section 4.10(b), if, during the 365-day period following the date
of the Asset Sale, the Company or such Restricted Subsidiary enters into a written agreement committing it to apply such Net Proceeds
in accordance with the requirements of the fourth paragraph of Section 4.10(a) or clause (3)(B) of this Section 4.10(b) after
such 365-day period, then such 365-day period will be extended with respect to the amount of Net Proceeds so committed for a period
not to exceed 180 days, until such Net Proceeds are required to be applied in accordance with such agreement (or, if earlier,
until termination of such agreement) or has been applied, as the case may be.

 

In the event of an Asset Sale that requires
the purchase of Notes or in which the Issuers elect to purchase Notes pursuant to clause (3)(D) of this Section 4.10(b),
the Issuers will be required to apply such Excess Proceeds (as defined below) to the repayment of the Notes and any other Pari
Passu Indebtedness outstanding with similar provisions requiring the Issuers to make an offer to purchase such Indebtedness with
the proceeds from any Asset Sale as follows:

 

(1)            the
Issuers will make an offer to purchase (a “Net Proceeds Offer”) within ten Business Days of such time from
all Holders in the maximum principal amount of Notes that may be purchased out of an amount (the “Note Amount”)
equal to the product of such Excess Proceeds multiplied by a fraction, the numerator of which is the outstanding principal amount
of the Notes and the denominator of which is the sum of the outstanding principal amount of the Notes and such Pari Passu Indebtedness;
and

 

(2)            to
the extent required by such Pari Passu Indebtedness to permanently reduce the principal amount of such Pari Passu Indebtedness,
the Issuers will make an offer to purchase or otherwise repurchase or redeem such Pari Passu Indebtedness (a “Pari Passu
Offer”) in an amount equal to the excess of the Excess Proceeds over the Note Amount at a purchase price of 100% of
their principal amount (or 100% of the accreted value of such Pari Passu Indebtedness, if such Pari Passu Indebtedness was offered
at a discount) plus accrued and unpaid interest, if any, to, but excluding, to the purchase date with respect to the Net Proceeds
Offer and in the documentation governing such Pari Passu Indebtedness with respect to the Pari Passu Offer. If the aggregate purchase
price of the Notes and Pari Passu Indebtedness tendered pursuant to the Net Proceeds Offer and Pari Passu Offer is less than the
Excess Proceeds, the remaining Excess Proceeds will be available to the Issuers for use in accordance with clause (3)(E) of
this Section 4.10(b). The Issuers shall only be required to make an Net Proceeds Offer for Notes pursuant to this covenant
if the Net Proceeds available therefor (after application of the proceeds as provided in clauses (3)(A), (3)(B) and (3)(C) of
this Section 4.10(b)) (the “Excess Proceeds”) exceeds $30.0 million (and any lesser amounts shall be carried
forward for purposes of determining whether an Net Proceeds Offer is required with respect to the Net Proceeds from any subsequent
Asset Sale). Upon completion of any such Net Proceeds Offer, the amount of Excess Proceeds shall be reset at zero. The Issuers
may make a Net Proceeds Offer if Excess Proceeds are less than $30 million and prior to 365 days after an Asset Sale.

 

The Collateral Disposition Offer or Net
Proceeds Offer will remain open for a period of 20 Business Days following its commencement, except to the extent that a longer
period is required by applicable law (the “Net Proceeds Offer Period”). No later than five Business Days after
the termination of the Net Proceeds Offer Period (the “Net Proceeds Purchase Date”), the Issuers will purchase
the principal amount of Notes, Pari Passu Notes Lien Indebtedness and Pari Passu Indebtedness, as applicable, required to be purchased
pursuant to this covenant (the “Net Proceeds Offer Amount”) or, if less than the Net Proceeds Offer Amount has been
so validly tendered and not properly withdrawn, all Notes, Pari Passu Notes Lien Indebtedness and Pari Passu Indebtedness, if
applicable, validly tendered in response to the Collateral Disposition Offer or Net Proceeds Offer, as applicable.

 

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If the Net Proceeds Purchase Date is on
or after an interest record date and on or before the related interest payment date, then with respect to Holders who have tendered
their Notes for purchase pursuant to a Collateral Disposition Offer or Net Proceeds Offer, any accrued and unpaid interest will
be paid on such Net Proceeds Purchase Date to the Person in whose name a Note is registered at the close of business on such record
date, and no additional interest will be payable to Holders who tender Notes pursuant to the Collateral Disposition Offer or Net
Proceeds Offer.

 

On or before the Net Proceeds Purchase
Date, the Issuers will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Net Proceeds
Offer Amount of Notes, Pari Passu Notes Lien Indebtedness and Pari Passu Indebtedness, as applicable, or portions of Notes, Pari
Passu Notes Lien Indebtedness and Pari Passu Indebtedness, as applicable, so validly tendered and not properly withdrawn pursuant
to the Collateral Disposition Offer or Net Proceeds Offer, or if less than the Net Proceeds Offer Amount has been validly tendered
and not properly withdrawn, all Notes, Pari Passu Notes Lien Indebtedness and Pari Passu Indebtedness, as applicable, so validly
tendered and not properly withdrawn, in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof in the
case of the Notes. The Issuers or the applicable tender agent, as the case may be, will promptly (but in any case not later than
five Business Days after termination of the Net Proceeds Offer Period) mail or deliver to each tendering Holder or holder or lender
of Pari Passu Notes Lien Indebtedness or Pari Passu Indebtedness, as the case may be, an amount equal to the purchase price of
the Notes, Pari Passu Notes Lien Indebtedness or Pari Passu Indebtedness so validly tendered and not properly withdrawn by such
holder or lender, as the case may be, and accepted by the Issuers for purchase, and, in the case of Notes in non-global form,
the Issuers will promptly issue a new Note, and the Trustee, upon delivery of an authentication order from the Issuers, will authenticate
and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered;
provided that each such new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.
Any Note not so accepted will be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuers will publicly announce
the results of the Collateral Disposition Offer or Net Proceeds Offer, as the case may be, on the Net Proceeds Purchase Date.

 

(c)            For
purposes of Sections 4.10(a)(2) and 4.10(b)(2) above and for no other purpose, the following shall be deemed to be cash:

 

(1)            the
amount (without duplication) of any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent
balance sheet) (other than Subordinated Indebtedness, intercompany Indebtedness or Indebtedness for borrowed money (other than
Indebtedness secured primarily by the assets subject to such Asset Sale)) of the Company or such Restricted Subsidiary that is
expressly assumed by the transferee of any such assets pursuant to a written agreement that releases the Company or such Restricted
Subsidiary from further liability therefor;

 

(2)            the
amount of any securities, notes or other obligations received from such transferee that are within 90 days after such Asset Sale
converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash actually so received); and

 

(3)            any
assets or Equity Interests of the kind referred to in Sections 4.10(b)(3)(B) and 4.10(b)(3)(C).

 

Notwithstanding the foregoing, the sale,
conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries, taken
as a whole, will be governed by Section 4.14 and/or Section 5.01 and not by this Section 4.10.

 

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The Issuers shall reasonably determine
in their sole discretion in good faith whether, and to what extent, the Net Proceeds of an Asset Sale is attributable to Notes
Priority Collateral or ABL Priority Collateral or is invested in Notes Priority Collateral or ABL Priority Collateral, taking
into account all relevant factors. In the event that ABL Priority Collateral and Notes Priority Collateral (and/or other assets
not constituting Collateral) is disposed of in a single transaction or series of related transactions in which the aggregate sales
price or purchase price is not allocated between the ABL Priority Collateral and Notes Priority Collateral (and/or other assets
not constituting Collateral), including in connection with the sale of a Guarantor which owns assets constituting both ABL Priority
Collateral and Notes Priority Collateral (and/or other assets not constituting Collateral), then, solely for purposes of this
Indenture, the portion of the aggregate sales price deemed to be Net Proceeds from the ABL Priority Collateral, on the one hand,
and Notes Priority Collateral, on the other hand (and/or proceeds of other assets not constituting Collateral), or the portion
of the purchase price deemed to be invested in ABL Priority Collateral or Notes Priority Collateral, as the case may be (and/or
other assets not constituting Collateral), shall be reasonably allocated by the Issuers in their sole discretion in good faith,
taking into account all relevant factors.

 

The Issuers will comply with all applicable
securities laws and regulations in the United States, including, without limitation, the requirements of Rule 14e-1 under
the Exchange Act and any other applicable laws and regulations in connection with the purchase of Notes pursuant to a Collateral
Disposition Offer or a Net Proceeds Offer. To the extent that the provisions of any applicable securities laws or regulations
conflict with this Section 4.10, the Issuers shall comply with the applicable securities laws and regulations and will not
be deemed to have breached its obligations under this Section 4.10 by virtue of such compliance.

 

Section 4.11     Transactions
with Affiliates.

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each,
an “Affiliate Transaction”), unless:

 

(1)            the
Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that
would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person or,
if in the good faith judgment of the Board of Directors of the Company, no comparable transaction is available with which to compare
such Affiliate Transaction, such Affiliate Transaction is otherwise fair to the Company or the relevant Restricted Subsidiary
from a financial point of view; and

 

(2)            the
Company delivers to the Trustee:

 

(A)            with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$20.0 million but less than or equal to $40.0 million, an Officers’ Certificate certifying that such Affiliate Transaction
or series of related Affiliate Transactions complies with this Section 4.11; and

 

(B)            with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$40.0 million, a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying that
such Affiliate Transaction or series of related Affiliate Transactions complies with this Section 4.11 and that such Affiliate
Transaction or series of related Affiliate Transactions has been approved by either the Conflicts Committee of the Board of Directors
of the Company (so long as the members of the Conflicts Committee approving the Affiliate Transaction or series of related Affiliate
Transactions are disinterested) or a majority of the disinterested members of the Board of Directors of the Company, if any.

 

(b)            The
following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section 4.11(a) hereof:

 

(1)            any
employment, consulting or similar agreement or arrangement, employee benefit plan, equity award, equity option, equity appreciation,
officer or director indemnification agreement, restricted unit agreement, severance agreement or other compensation plan or arrangement
entered into by the General Partner, the Company or any of its Restricted Subsidiaries in the ordinary course of business and
payments, awards, grants or issuances of securities made pursuant thereto;

 

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(2)            transactions
between or among the Company and/or its Restricted Subsidiaries;

 

(3)            transactions
with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of the Company solely because the Company owns, directly
or through a Subsidiary, an Equity Interest in, or controls, such Person;

 

(4)            payment
of reasonable fees and reimbursements of expenses (pursuant to indemnity arrangements or otherwise) of, and compensation paid
to, and indemnity or insurance provided on behalf of, officers, directors, employees or consultants of the General Partner, the
Company or any of its Restricted Subsidiaries, including, but not limited to, reimbursement or advancement of out-of-pocket expenses
and provisions of officers’ and directors’ liability insurance;

 

(5)            any
issuance of Equity Interests (other than Disqualified Stock) to, or receipt of capital contributions from, Affiliates of the Company;

 

(6)            Restricted
Payments that do not violate the provisions of Section 4.07 hereof or any Permitted Investments;

 

(7)            payments
to the General Partner with respect to reimbursement for expenses in accordance with the Partnership Agreement as in effect on
the Issue Date and as it may be amended, provided that any such amendment is not less favorable to the Company in any material
respect than the agreement prior to such amendment;

 

(8)            transactions
between the Company or any of its Restricted Subsidiaries and any other Person, a director of which is also on the Board of Directors
of the Company, and such common director is the sole cause for such other Person to be deemed an Affiliate of the Company or any
of its Restricted Subsidiaries; provided, however, that such director abstains from voting as a member of the Board of Directors
of the Company on any transaction with such other Person;

 

(9)            (a) guarantees
by the Company or any of its Restricted Subsidiaries of performance of obligations of Unrestricted Subsidiaries in the ordinary
course of business, except for guarantees of Indebtedness in respect of borrowed money, and (b) pledges by the Company or
any of its Restricted Subsidiaries of Equity Interests in Unrestricted Subsidiaries for the benefit of lenders or other creditors
of Unrestricted Subsidiaries;

 

(10)            payments
to an Affiliate in respect of the Notes or the Note Guarantees or any other Indebtedness of the Company or any Restricted Subsidiary
on the same basis as concurrent payments made or offered to be made in respect thereof to non-Affiliates;

 

(11)            payment
of loans or advances to employees not to exceed $5.0 million in the aggregate at any one time outstanding;

 

(12)            any
Affiliate Transaction with a Person in its capacity as a holder of Indebtedness or Capital Stock of the Company or any Restricted
Subsidiary if such Person is treated no more favorably than the other holders of Indebtedness or Capital Stock of the Company
or such Restricted Subsidiary;

 

(13)            transactions
with Unrestricted Subsidiaries, customers, clients, suppliers or purchasers or sellers of goods or services, or lessors or lessees
of property, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture which
are, in the aggregate (taking into account all the costs and benefits associated with such transactions), not materially less
favorable to the Company and its Restricted Subsidiaries than those that would have been obtained in a comparable transaction
by the Company or such Restricted Subsidiary with an unrelated person, in the good faith determination of the Company’s
Board of Directors or any Officer of the Company involved in or otherwise familiar with such transaction, or are on terms at least
as favorable as might reasonably have been obtained at such time from an unaffiliated party;

 

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(14)            any
transaction in which the Company or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from
an accounting, appraisal, advisory or investment banking firm of national standing stating that such transaction is fair to the
Company or such Restricted Subsidiary from a financial point of view or that such transaction meets the requirements of clause
(1) of Section 4.11(a) hereof; and

 

(15)            in
the case of contracts for gathering, transporting, treating, processing, marketing, distributing, storing or otherwise handling
Hydrocarbons, or activities or services reasonably related or ancillary thereto, or other operational contracts, any such contracts
that are entered into in the ordinary course of business on terms substantially similar to those contained in similar contracts
entered into by the Company or any of its Restricted Subsidiaries and third parties, or if neither the Company nor any of its
Restricted Subsidiaries has entered into a similar contract with a third party, then the terms of which are no less favorable
than those available from third parties on an arm’s-length basis.

 

Section 4.12     Liens.

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer
to exist or become effective any Lien of any kind (other than Permitted Liens) securing Indebtedness upon any of their property
or assets, now owned or hereafter acquired.

 

(b)            If
any Issuer or any Guarantor, directly or indirectly, shall create, incur, assume or permit or suffer to exist any Lien of any
kind upon any of their property or assets (including Equity Interests of any Subsidiary), whether owned at the Issue Date or thereafter
acquired, (x) in the case of Liens securing any of the ABL Obligations, Pari Passu ABL Lien Indebtedness or Pari Passu Notes
Lien Indebtedness, such Issuer or such Guarantor, as the case may be, shall, contemporaneously with the incurrence of such Lien,
grant at least a first- or second-priority Lien consistent with the relative Lien priority set forth in the ABL Intercreditor
Agreement, subject to Permitted Liens, upon such property or asset as security for the Notes and the Guarantees pursuant to the
ABL Intercreditor Agreement and any other applicable intercreditor agreement, (y) in the case of Liens securing Pari Passu
Second Lien Obligations, such Issuer or such Guarantor, as the case may be, shall, contemporaneously with the incurrence of such
Lien, grant at least a first- or second-priority Lien consistent with the relative Lien priority set forth in the Pari Passu Second
Lien Intercreditor Agreement, subject to Permitted Liens, upon such property or asset as security for the Notes and the Guarantees
pursuant to the Pari Passu Second Lien Intercreditor Agreement and any other applicable intercreditor agreement and (z) in
the case of Liens securing Junior Lien Obligations, such Issuer or such Guarantor, as the case may be, shall, contemporaneously
with the incurrence of such Lien, grant a priority Lien relative to such Junior Lien Obligations, subject to Permitted Liens,
upon such property or asset as security for the Notes and the Guarantees pursuant to the Junior Lien Intercreditor Agreement or
other applicable intercreditor agreement.

 

(c)            Any
such Lien granted to secure the Notes pursuant to clause (b) above on property or assets (which property or assets would
not otherwise constitute Collateral other than as required by clause (b) above) shall be automatically and unconditionally
released and discharged in all respects upon (i) the release and discharge of the other Lien to which it relates (except
a release and discharge upon payment of the obligation secured by such Lien during the pendency of any Default or Event of Default,
in which case such Liens shall only be discharged and released upon payment of the Notes or cessation of such Default or Event
of Default) or (ii) in the case of any such Lien in favor of any Guarantee, upon the termination and discharge of such Guarantee
in accordance with this Indenture.

 

Section 4.13     Business
Activities of Finance Corp.

 

Finance Corp. will not hold any material
assets, become liable for any material obligations, engage in any trade or business, or conduct any business activity, other than
the issuance of capital stock to the Company, the incurrence of Indebtedness as a co-issuer, co-obligor or guarantor of Indebtedness
incurred by the Company (including, without limitation, the Notes) that is permitted to be incurred by the Company under Section 4.09
hereof, and activities incidental thereto.

 

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Section 4.14     Offer
to Repurchase Upon Change of Control.

 

(a)            If
a Change of Control occurs, each Holder of Notes will have the right, except as provided below, to require the Company to repurchase
all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to
an offer (“Change of Control Offer”) on the terms set forth in this Indenture.  In the Change of Control
Offer, the Company will offer to make a cash payment (a “Change of Control Payment”) equal to 101% of the aggregate
principal amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased to the date of
purchase (the “Change of Control Purchase Date”), subject to the rights of Holders of Notes on the relevant
record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of Control, the
Company will send a notice to each Holder describing the transaction or transactions that constitute the Change of Control and
stating:

 

(1)            that
the Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes tendered will be accepted for
payment;

 

(2)            the
purchase price and the Change of Control Purchase Date, which shall be no earlier than 30 days and no later than 60 days from
the date such notice is sent;

 

(3)            that
any Note not tendered will continue to accrue interest;

 

(4)            that,
unless the Issuers default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change
of Control Offer will cease to accrue interest after the Change of Control Purchase Date;

 

(5)            that
Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with
the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry
transfer, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day
preceding the Change of Control Purchase Date;

 

(6)            that
Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the
second Business Day preceding the Change of Control Purchase Date, a letter or electronic transmission setting forth the name
of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election
to have the Notes purchased; and

 

(7)            that
Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000
in excess thereof.

 

The Company will comply with the requirements
of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control.  To the extent
that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.14, or compliance
with the provisions of this Section 4.14 would constitute a violation of any such laws or regulations, the Company will comply
with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.14
by virtue of such compliance.

 

(b)            Promptly
following the expiration of the Change of Control Offer, the Company will, to the extent lawful, accept for payment all Notes
or portions of Notes properly tendered pursuant to the Change of Control Offer. Promptly after such acceptance, the Company will,
on the Change of Control Purchase Date:

 

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(1)            deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered;
and

 

(2)            deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Company.

 

The Paying Agent will promptly mail or
wire transfer to each Holder of Notes properly tendered the Change of Control Payment for such Notes (or, if all the Notes are
then in global form, make such payment through the facilities of the Depositary), and the Trustee will promptly authenticate and
mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion
of the Notes surrendered, if any; provided that each such new Note will be in a principal amount of $2,000 or an integral
multiple of $1,000 in excess of $2,000.  Any Note so accepted for payment will cease to accrue interest on and after the
Change of Control Purchase Date, unless the Company defaults in making the Change of Control Payment.  The Company will publicly
announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Purchase Date.

 

(c)            Notwithstanding
any provision to the contrary, the Company will not be required to make a Change of Control Offer upon a Change of Control, if
(1) a third party makes the Change of Control Offer in the manner, at the time and otherwise in compliance with the requirements
set forth in Section 4.14(a) hereof applicable to a Change of Control Offer made by the Company and purchases all Notes
properly tendered and not withdrawn under the Change of Control Offer, (2) notice of redemption of all outstanding Notes
has been given pursuant to Section 3.07 hereof unless and until there is a default in payment of the applicable redemption
price or (3) in connection with or in contemplation of any Change of Control, the Company has made an offer to purchase (an
 “Alternate Offer”) any and all Notes validly tendered at a cash price equal to or higher than the Change of
Control Payment and has purchased all Notes properly tendered in accordance with the terms of the Alternate Offer.  Notwithstanding
anything to the contrary contained herein, a Change of Control Offer or Alternate Offer may be made in advance of a Change of
Control, conditioned upon the consummation of such Change of Control, if a definitive agreement is in place for the Change of
Control at the time the Change of Control Offer or Alternate Offer is made.

 

(d)            In
the event that Holders of not less than 90% in aggregate principal amount of the outstanding Notes accept a Change of Control
Offer or Alternate Offer and the Company (or any third party making such Change of Control Offer in lieu of the Company as described
in Section 4.14(c) hereof) purchases all of the Notes held by such Holders, the Company will have the right set forth
in Section 3.07(c) to redeem all of the Notes that remain outstanding.

 

Section 4.15     Additional
Note Guarantees.

 

If, on any date after the Issue Date, (i) any
Restricted Subsidiary that is not already a Subsidiary Guarantor, Guarantees (or otherwise becomes liable for) any Obligations
under any Credit Facility (including the ABL Facility), or (ii) any Domestic Subsidiary that is not already a Subsidiary
Guarantor, Guarantees (or otherwise becomes liable for) any other Indebtedness for borrowed money (including the Existing Senior
Notes) in a principal amount in excess of the greater of $10.0 million and 0.15% of the Total Assets of the Company, then, within
20 Business Days after such date, such Subsidiary will unconditionally Guarantee the Notes and concurrently become a Subsidiary
Guarantor by executing a supplemental indenture in substantially the form specified in Exhibit F hereto.  Each Note
Guarantee and the Liens on the Collateral securing a Note Guarantee of a Subsidiary Guarantor will be released automatically at
such time as such Subsidiary Guarantor is discharged or otherwise released from all its Obligations in respect of its Guarantee
of (or other liability for) any Obligations under any Credit Facility (including the ABL Facility) or any other Indebtedness for
borrowed money (including the Existing Senior Notes) in a principal amount in excess of the greater of $10.0 million and 0.15%
of the Total Assets of the Company; provided that such discharge or other release did not result directly from payment
by such Subsidiary Guarantor in satisfaction of (a) its liability as a guarantor pursuant to such Guarantee, or (b) its
primary liability for such Obligations (after demand or default under such Credit Facility or the Existing Senior Notes). 
Furthermore, each Note Guarantee of a Subsidiary Guarantor shall be subject to release as provided in Section 10.05 hereof.

 

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Each Domestic Subsidiary that becomes a
Subsidiary Guarantor on or after the Issue Date shall, at the time it becomes a Subsidiary Guarantor in accordance with the provisions
of the immediately preceding paragraph, become a party to the applicable Security Documents, the ABL Intercreditor Agreement and,
to the extent required by this Indenture and the Security Documents, shall as promptly as practicable (or within the time periods
set forth in Article XIII hereof, as applicable), execute and deliver such security instruments, financing statements, certificates,
Officers’ Certificates and Opinions of Counsel (to the extent, and substantially in the form, delivered on the Issue Date)
as may be necessary to vest in the Collateral Agent a perfected first- or second-priority security interest, as the case may be
(subject to Permitted Liens), in properties and assets that constitute Collateral as security for the Notes or the Note Guarantees
and as may be necessary to have such property or asset added to the applicable Collateral as required under the Security Documents
and this Indenture, subject to the terms of the ABL Intercreditor Agreement, and thereupon all provisions of this Indenture relating
to the Collateral shall be deemed to relate to such properties and assets to the same extent and with the same force and effect.

 

Section 4.16     Designation
of Restricted and Unrestricted Subsidiaries.

 

The Board of Directors of the Company may
designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Default.  If a
Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments
owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed
to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under
Section 4.07 hereof or under one or more clauses of the definition of Permitted Investments, as determined by the Company. 
That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise
meets the definition of an Unrestricted Subsidiary.  The Board of Directors of the Company may redesignate any Unrestricted
Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default.

 

Any designation of a Subsidiary of the
Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of a resolution
of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that
such designation complied with the preceding conditions and was permitted by Section 4.07 hereof.  If, at any time,
any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease
to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred
by a Restricted Subsidiary as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09
hereof, the Company will be in default of Section 4.09 hereof.

 

The Board of Directors of the Company may
at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will be deemed
to be an incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary,
and such designation will only be permitted if: (1) such Indebtedness is permitted under Section 4.09 hereof, calculated
on a pro forma basis as if such designation had occurred at the beginning of the applicable reference period; and (2) no
Default or Event of Default would be in existence following such designation.

 

Section 4.17     Covenant
Suspension.

 

Following the first day (such date, a “Suspension
Date”) on which:

 

(a)            an
Investment Grade Rating Event occurs; and

 

(b)            no
Default or Event of Default has occurred and is continuing, the Company and its Restricted Subsidiaries will not be subject to
the following provisions of this Indenture (collectively, the “Suspended Covenants”):

 

(i)            Section 5.01(a)(4);

 

(ii)            Section 4.10(b);

 

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(iii)            Section 4.07;

 

(iv)            Section 4.08;

 

(v)            Section 4.09;

 

(vi)            Section 4.11;

 

(vii)            Section 4.15
(but only with respect to any Domestic Subsidiary that is required to become a Subsidiary Guarantor after the date of the commencement
of the applicable Suspension Date); and

 

(viii)            Section 4.16.

 

If at any time after a Suspension Date,
a credit rating assigned to the Notes is downgraded from an Investment Grade Rating by any Rating Agency or if a Default or Event
of Default occurs and is continuing, then the Suspended Covenants will thereafter be reinstated as if such covenants had never
been suspended (the “Reinstatement Date”) and be applicable under this Indenture (including in connection with
performing any calculation or assessment to determine compliance with the terms of this Indenture), unless and until the Notes
subsequently attain an Investment Grade Rating from both Rating Agencies and no Default or Event of Default is in existence (in
which event the Suspended Covenants shall no longer be in effect for such time that the Notes maintain an Investment Grade Rating
from both Rating Agencies and no Default or Event of Default is in existence); provided, however, that no Default,
Event of Default or breach of any kind shall be deemed to exist under this Indenture, the Notes or the Note Guarantees with respect
to the Suspended Covenants based on, and none of the Company or any of its Subsidiaries shall bear any liability for, any actions
taken or events occurring during the Suspension Period (as defined below), regardless of whether such actions or events would
have been permitted if the applicable Suspended Covenants remained in effect during such period. The period of time between the
Suspension Date and the Reinstatement Date is referred to as the “Suspension Period.”

 

On the Reinstatement Date, (i) all
Indebtedness incurred during the Suspension Period will be deemed to have been outstanding on the Issue Date, so that it is classified
under clause (2) of the definition of Permitted Debt and (ii) any Investment made after the Suspension Date will be
deemed to have been made on the Issue Date, so that it is classified under clause (15) of the definition of Permitted Investment.
Calculations made after the Reinstatement Date of the amount available to be made as Restricted Payments under Section 4.07
will be made as though Section 4.07 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly,
Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under
Section 4.07(a).

 

During any period when the Suspended Covenants
are suspended, the Board of Directors of the Company may not designate any of the Company’s Subsidiaries as Unrestricted
Subsidiaries.

 

Promptly following the occurrence of any
Suspension Date or Reinstatement Date, the Company will provide an Officers’ Certificate to the Trustee regarding such occurrence.
The Trustee shall have no obligation to monitor or independently determine or verify if a Suspension Date or Reinstatement Date
has occurred or notify the Holders of any Suspension Date or Reinstatement Date. The Trustee may provide a copy of such Officers’
Certificate to any Holder upon request.

 

Section 4.18     Layering.

 

None of the Company, the Issuers or the
Subsidiary Guarantors will, directly or indirectly, incur:

 

(1)            any
Secured Indebtedness (other than Capital Lease Obligations) if such Secured Indebtedness is or purports to be by its terms (or
by the terms of any agreement governing such Secured Indebtedness) (i) secured by Liens that, with respect to any ABL Priority
Collateral, are junior in priority to any Liens securing ABL Obligations and/or any Pari Passu ABL Lien Indebtedness and senior
in priority to the Notes and the Note Guarantees and/or any Pari Passu Notes Lien Indebtedness or (ii) secured by Liens that,
with respect to any Notes Priority Collateral, are junior in priority to any Liens securing the Notes and the Note Guarantee and/or
any Pari Passu Notes Lien Indebtedness and senior in priority to ABL Obligations and/or any Pari Passu ABL Lien Indebtedness;
or

 

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(2)            any
Indebtedness in an aggregate principal amount in excess of $25.0 million that is subordinate in right of payment (including via
any “first-out” collateral proceeds waterfall or similar structure) to (i) the ABL Obligations and/or any Pari
Passu ABL Lien Indebtedness unless such Indebtedness is also subordinated in right of payment to the obligations under the Notes
and the Note Guarantees and/or any Pari Passu Notes Lien Indebtedness or (ii) the Notes and the Note Guarantees and/or any
Pari Passu Notes Lien Indebtedness unless such Indebtedness is also subordinated in right of payment to the ABL Obligations and/or
any Pari Passu ABL Lien Indebtedness.

 

Section 4.19     Limitation
on activities of the Company.

 

The Company will not conduct, transfer
or otherwise engage in any business or operations other than (1) its direct or indirect ownership of all of the Equity Interests
in, and its management of, the Issuers and its other Restricted Subsidiaries, (2) action required to maintain its existence
and the performance of obligations under and compliance with its organizational documents and any requirements of any law, regulation,
rule, order, judgment, decree or permit (including rules and regulations applicable to companies with equity or debt securities
held by the public), (3) performance of its obligations under the ABL Credit Agreement, the Existing Senior Notes and this
Indenture and other agreements contemplated hereby, (4) any public offering of its Equity Interests, including the payment
of any costs, fees and expenses related thereto, (5) activities incidental to guaranteeing payment and performance obligations
of its Subsidiaries in the ordinary course of business, (6) incurring fees, costs and expenses relating to overhead and general
operating including professional fees and paying taxes, (7) providing indemnification for its and the General Partner’s
current and former officers, directors, members of management, managers, employees and advisors and consultants, (8) other
activities to the extent not prohibited by, and in compliance with, the ABL Credit Agreement, the Existing Senior Notes and this
Indenture and (9) activities incidental to its maintenance and continuance and to any of the foregoing activities.

 

Section 4.20     Limited
Condition Transactions.

 

In
connection with determining whether any Limited Condition Transaction and any actions or transactions related thereto (including
the incurrence, issuance or assumption of Indebtedness and the use of proceeds thereof, the incurrence or creation of Liens and
the making of Restricted Payments and Investments) is permitted hereunder, for which determination requires the calculation of
any financial ratio, test or basket, each calculated on a pro forma basis, at the option of Operating LLC (Operating LLC’s
election to exercise such option in connection with any Limited Condition Transaction, an “LCT Election”),
the date of determination shall be deemed to be the date the definitive agreement for such Limited Condition Transaction is entered
into (the “LCT Test Date”), and if, after giving pro forma effect to the Limited Condition Transaction,
such Limited Condition Transaction would have been permitted on the relevant LCT Test Date in compliance with such provision.
For the avoidance of doubt, if Operating LLC has made an LCT Election, (1) if any of the ratios, tests or baskets for which
compliance was determined or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise
failed to have been complied with as a result of fluctuations in any such ratio, test or basket, including due to fluctuations
in Consolidated Cash Flow of the Company, such baskets, tests or ratios will not be deemed to have been exceeded or failed to
have been complied with as a result of such fluctuations (and no Default or Event of Default shall be deemed to have occurred
due to such failure to comply), and (2) in calculating the availability under any ratio, test or basket in connection with
any action or transaction unrelated to such Limited Conditional Transaction following the relevant LCT Test Date and prior to
the earlier of the date on which such Limited Condition Transaction is consummated and the date that the definitive agreement
or date for redemption, purchase or repayment specified in an irrevocable notice for such Limited Condition Transaction is terminated,
expires or passes, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test or basket shall
be determined or tested giving pro forma effect to such Limited Condition Transaction.

 

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ARTICLE V

SUCCESSORS

 

Section 5.01     Merger,
Consolidation, or Sale of Assets.

 

(a)            The
Company shall not (x) consolidate, amalgamate or merge with or into another Person (regardless of whether the Company is
the surviving entity), or (y) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of its
properties or assets, in one or more related transactions, to another Person, unless:

 

(1)            either:

 

(A)            the
Company is the surviving entity; or

 

(B)            the
Person formed by or surviving any such consolidation, amalgamation or merger (if other than such Issuer) or to which such sale,
assignment, transfer, conveyance or other disposition has been made is a Person organized or existing under the laws of the United
States, any state of the United States or the District of Columbia;

 

(2)            the
Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Company) or the Person to which
such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Company under
its Note Guarantee, this Indenture, the ABL Intercreditor Agreement and the Security Documents pursuant to a supplemental indenture;

 

(3)            immediately
after such transaction, no Default or Event of Default exists;

 

(4)            immediately
after giving effect to such transaction and any related financing transaction on a pro forma basis as if the same had occurred
at the beginning of the applicable four-quarter period, either (a) the Company or the Person formed by or surviving any such
consolidation, amalgamation or merger (if other than the Company), or to which such sale, assignment, transfer, conveyance, lease
or other disposition has been made, would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed
Charge Coverage Ratio test set forth in Section 4.09(a) hereof or (b) the Fixed Charge Coverage Ratio of the Company
or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Company), or to which such
sale, assignment, transfer, conveyance, lease or other disposition has been made, is equal to or greater than the Fixed Charge
Coverage Ratio of the Company immediately prior to such transaction; and

 

(5)            the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
amalgamation, merger or disposition and, such supplemental indenture, comply with this Indenture; and

 

(6)            to
the extent any assets of the Person which is merged, amalgamated or consolidated with or into the Company are assets of the type
which would constitute Collateral under the Security Documents, the Company or the Person formed by or surviving any such consolidation,
amalgamation or merger (if other than the Company) or the Person to which such sale, assignment, transfer, conveyance or other
disposition has been made, as applicable, will take such action, if any, as may be reasonably necessary to cause such property
and assets to be made subject to the Lien of the applicable Security Documents in the manner and to the extent required pursuant
to Section 4.15, the ABL Intercreditor Agreement and the applicable Security Documents and shall take all reasonably necessary
action so that such Lien is perfected to the extent required by this Indenture, the ABL Intercreditor Agreement and the applicable
Security Documents.

 

(b)            Notwithstanding
the restrictions set forth in clause (4) of Section 5.01(a) hereof, any Restricted Subsidiary (other than the Issuers)
may consolidate with, amalgamate with or merge into or dispose of all or part of its properties or assets to the Company without
complying with such clause (4) in connection with any such consolidation, amalgamation, merger or disposition.

 

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(c)            Notwithstanding
Section 5.01(a) hereof, the Company is permitted to reorganize as any other form of entity, provided that:

 

(1)            the
reorganization involves the conversion (by merger, sale, contribution or exchange of assets or otherwise) of the Company into
a form of entity other than a limited partnership formed under Delaware law;

 

(2)            the
entity so formed by or resulting from such reorganization is an entity organized or existing under the laws of the United States,
any state thereof or the District of Columbia;

 

(3)            the
entity so formed by or resulting from such reorganization assumes all the obligations of the Company under the Notes, this Indenture,
the ABL Intercreditor Agreement and the Security Documents;

 

(4)            immediately
after such reorganization no Default or Event of Default exists;

 

(5)            to
the extent any assets of the Person which is merged, amalgamated or consolidated with or into the Company are assets of the type
which would constitute Collateral under the Security Documents, the Company or the Person formed by or surviving any such consolidation,
amalgamation or merger (if other than such Issuer) or the Person to which such sale, assignment, transfer, conveyance or other
disposition has been made, as applicable, will take such action, if any, as may be reasonably necessary to cause such property
and assets to be made subject to the Lien of the applicable Security Documents in the manner and to the extent required in this
Indenture, the ABL Intercreditor Agreement and the applicable Security Documents and shall take all reasonably necessary action
so that such Lien is perfected to the extent required by this Indenture, the ABL Intercreditor Agreement and the applicable Security
Documents;

 

(6)            such
reorganization is not materially adverse to the Holders or Beneficial Owners of the Notes (for purposes of this clause (5), a
reorganization will not be considered materially adverse to the Holders or Beneficial Owners of the Notes solely because the successor
or survivor of such reorganization (a) is subject to federal or state income taxation as an entity or (b) is considered
to be an “includible corporation” of an affiliated group of corporations within the meaning of Section 1504(b) of
the Internal Revenue Code or any similar state or local law); and

 

(7)            the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such reorganization,
and, if a supplemental indenture or other agreement is required, such supplemental indenture or other agreement, comply with this
Indenture.

 

(d)            For
purposes of this Section 5.01, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of
transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries, which properties
or assets, if held by the Company instead of such Restricted Subsidiaries, would constitute all or substantially all of the properties
or assets of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties
or assets of the Company.

 

(e)            Neither
of the Issuers will (1) consolidate, amalgamate or merge with or into another Person (regardless of whether such Issuer is
the surviving entity), or (2) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of its
properties or assets, in one or more related transactions, to another Person, unless:

 

(1)            either:
(a) such Issuer is the surviving entity; or (b) the Person formed by or surviving any such consolidation, amalgamation
or merger (if other than such Issuer) or to which such sale, assignment, transfer, conveyance or other disposition has been made
is a Person organized or existing under the laws of the United States, any state of the United States or the District of Columbia;
provided, however, that Finance Corp. may not consolidate, amalgamate or merge with or into any Person other than
a corporation satisfying such requirement so long as Operating LLC is not a corporation;

 

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(2)            the
Person formed by or surviving any such consolidation, amalgamation or merger (if other than such Issuer) or the Person to which
such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of such Issuer under
the Notes, this Indenture, the ABL Intercreditor Agreement and the Security Documents pursuant to a supplemental indenture;

 

(3)            immediately
after such transaction, no Default or Event of Default exists;

 

(4)            the
Company has delivered to the Trustee an Officers’ Certificate and an opinion of counsel, each stating that such consolidation,
amalgamation, merger or disposition and such supplemental indenture comply with this Indenture; and

 

(5)            to
the extent any assets of the Person which is merged, amalgamated or consolidated with or into such Issuer are assets of the type
which would constitute Collateral under the Security Documents, such Issuer or the Person formed by or surviving any such consolidation,
amalgamation or merger (if other than such Issuer) or the Person to which such sale, assignment, transfer, conveyance or other
disposition has been made, as applicable, will take such action, if any, as may be reasonably necessary to cause such property
and assets to be made subject to the Lien of the applicable Security Documents in the manner and to the extent required by Section 4.15,
the ABL Intercreditor Agreement and the applicable Security Documents and shall take all reasonably necessary action so that such
Lien is perfected to the extent required by this Indenture, the ABL Intercreditor Agreement and the applicable Security Documents.

 

(f)            Notwithstanding
anything herein to the contrary, in the event that Operating LLC becomes corporation or Operating LLC or the Person formed by
or surviving any consolidation, amalgamation or merger permitted hereunder is a corporation, Finance Corp. may be merged into
Operating LLC or it may be dissolved and cease to be an Issuer.

 

(g)            A
Subsidiary Guarantor will not sell or otherwise dispose of, in one or more related transactions, all or substantially all of its
properties or assets to, or consolidate with or amalgamate with or merge with or into (regardless of whether such Subsidiary Guarantor
is the surviving Person), another Person, other than the Company, an Issuer or another Subsidiary Guarantor, unless either:

 

(1)            (a) immediately
after giving effect to such transaction or series of related transactions, no Default or Event of Default exists and (b) either
(i) such Subsidiary Guarantor is the surviving Person of such consolidation, amalgamation or merger or (ii) the Person
acquiring the properties or assets in any such sale or other disposition or the Person formed by or surviving any such consolidation,
amalgamation or merger (if other than such Subsidiary Guarantor) unconditionally assumes all the obligations of such Subsidiary
Guarantor under its Note Guarantee, this Indenture, the ABL Intercreditor Agreement and the Security Documents pursuant to a supplemental
indenture and, to the extent any assets of the Person which is merged, amalgamated or consolidated with or into such Subsidiary
Guarantor are assets of the type which would constitute Collateral under the Security Documents, such Subsidiary Guarantor or
the Person formed by or surviving any such consolidation, amalgamation or merger (if other than such Subsidiary Guarantor) or
the Person to which such sale, assignment, transfer, conveyance or other disposition has been made, as applicable, will take such
action, if any, as may be reasonably necessary to cause such property and assets to be made subject to the Lien of the applicable
Security Documents in the manner and to the extent required by this Indenture, the ABL Intercreditor Agreement and the applicable
Security Documents and shall take all reasonably necessary action so that such Lien is perfected to the extent required by this
Indenture, the ABL Intercreditor Agreement and the applicable Security Documents; or

 

(2)            such
transaction or series of transactions does not violate Section 4.10 hereof.

 

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Section 5.02     Successor
Entity Substituted.

 

Upon any consolidation, amalgamation or
merger or any sale, assignment, transfer, conveyance, lease or other disposition of all or substantially all of the properties
or assets of an Issuer in accordance with Section 5.01 hereof in which such Issuer is not the surviving entity, the surviving
Person formed by such consolidation, amalgamation or merger into or with which such Issuer is merged or to which such sale, assignment,
transfer, conveyance, lease or other disposition is made shall succeed to, and be substituted for, and may exercise every right
and power of, such Issuer under this Indenture with the same effect as if such surviving Person had been named as such Issuer
in this Indenture, and thereafter (except in the case of a lease of all or substantially all of such Issuer’s properties
or assets), such Issuer will be relieved of all obligations and covenants under this Indenture and the Notes.

 

ARTICLE VI

DEFAULTS AND REMEDIES

 

Section 6.01     Events
of Default.

 

Each of the following is an “Event
of Default” with respect to the Notes:

 

(1)            default
for 30 days in the payment when due of interest, if any, on the Notes;

 

(2)            default
in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes;

 

(3)            failure
by the Company to comply with its obligations under Section 5.01 hereof or to consummate a purchase of Notes when required
pursuant to Section 4.10 or Section 4.14 hereof;

 

(4)            failure
by the Company or any of its Restricted Subsidiaries for 30 days after written notice from the Trustee or the Holders of at least
25% in aggregate principal amount of the then outstanding Notes to comply with the provisions of Section 4.07 or Section 4.09
hereof or to comply with the provisions of Section 4.10 or Section 4.14 hereof to the extent not described in clause
(3) of this Section 6.01;

 

(5)            (a) except
as addressed in subclause (b) of this clause (5), failure by the Company or any of its Restricted Subsidiaries for 60 days
after written notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes
to comply with any of the other agreements in this Indenture or the Notes (other than the Other Specified Collateral Requirements)
or (b) failure by the Company for 180 days after notice from the Trustee or the Holders of at least 25% in aggregate principal
amount of the then outstanding Notes to comply with Section 4.03 hereof;

 

(6)            default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by
the Company or any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the
Issue Date, if that default:

 

(A)            is
caused by a failure to pay principal of, premium on, if any, or interest, if any, on such Indebtedness prior to the expiration
of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or

 

(B)            results
in the acceleration of such Indebtedness prior to its Stated Maturity, and, in each case, the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default
or the maturity of which has been so accelerated, aggregates $30.0 million or more; provided that if, prior to any
acceleration of the Notes, (i) any such default is cured or waived, (ii) any such acceleration of such Indebtedness
is rescinded, or (iii) such Indebtedness is repaid, within a period of 10 Business Days from the continuation of such
default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, any Default or Event
of Default (but not any acceleration of the Notes) shall be automatically rescinded, so long as such rescission does not
conflict with any judgment or decree;

 

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(7)            failure
by the Company or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited
consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary
to pay final, non-appealable judgments (entered by a court or courts of competent jurisdiction) aggregating in excess of $30.0
million (net of any amounts that a reputable and creditworthy insurance company has acknowledged liability for in writing), which
judgments are not paid, discharged or stayed for a period of 60 days;

 

(8)            except
as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases
for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms
its obligations under its Note Guarantee, except, in each case, by reason of the release of such Note Guarantee in accordance
with this Indenture;

 

(9)            an
Issuer or any of the Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law:

 

(A)            commences
a voluntary case or proceeding;

 

(B)            consents
to the entry of an order for relief against it in an involuntary case or proceeding;

 

(C)            consents
to the appointment of a custodian, receiver or monitor of it or for all or substantially all of its property;

 

(D)            makes
a general assignment for the benefit of its creditors; or

 

(E)            generally
is not paying its debts as they become due; or

 

(10)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)            is
for relief against any Issuer or any of the Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary in an involuntary case or proceeding;

 

(B)            appoints
a custodian, receiver or monitor of any Issuer or any of the Restricted Subsidiaries that is a Significant Subsidiary or any group
of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary or for all or substantially all of
the property of an Issuer or any of the Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary; or

 

(C)            orders
the liquidation of an Issuer or any of the Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary;

 

and the order or decree remains unstayed and in effect
for 60 consecutive days.

 

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(11)            (i) the
Liens created by any Security Document shall at any time not constitute a valid and perfected Lien on any Collateral intended
to be covered thereby with a Fair Market Value, individually or in the aggregate, in excess of $25.0 million other than (A) in
accordance with the terms of the relevant Security Documents and this Indenture, (B) the satisfaction in full of all Obligations
under this Indenture or (C) any loss of perfection that results from the failure of the Collateral Agent to maintain possession
of certificates delivered to it representing securities pledged under the Security Documents, and which default continues for
30 days; (ii) the repudiation by any Issuer or any Guarantor in any pleading in any court of competent jurisdiction of any
of its material obligations under the Security Documents or to file UCC continuation statements or PPSA financing change statements;
or

 

(12)            any
Issuer or any Guarantor shall assert, in any pleading in any court of competent jurisdiction, that any security interest in any
Security Document is invalid or unenforceable other than by reason of the termination of this Indenture or the release of any
such Collateral in accordance with this Indenture.

 

Notwithstanding the foregoing, the failure
of the Company or its Restricted Subsidiaries to satisfy the Other Specified Collateral Requirements shall not be an “Event
of Default” under this Indenture; provided, that, upon the failure of the Company and its Restricted Subsidiaries
to deliver all Other Specified Collateral Deliverables for all Other Specified Properties within the time periods and to the extent
required by this Indenture (whether or not the Company and its Restricted Subsidiaries shall have used their commercially reasonable
efforts (to the extent required in the Other Specified Collateral Requirements) to deliver such Other Specified Collateral Deliverables
for such Other Specified Properties within such time periods, provided further that if the aggregate Designated Value of
all Other Specified Properties with respect to which the applicable Other Specified Collateral Deliverables have not been satisfied
exceeds the threshold set forth in the first proviso of the definition of “Material Real Property Asset” by less than
10%, such applicable time period shall be extended by 90 days) interest on the Notes shall accrue at a rate equal to 2.00% plus
the interest rate otherwise applicable to the Notes until such time as such Other Specified Collateral Deliverables are satisfied.
For the avoidance of doubt, for purposes of the proviso in the foregoing sentence, compliance with this paragraph shall be determined
with respect to those Material Real Property Assets calculated without giving any effect to the penultimate paragraph under Section 13.05.
In the event the 90 day time extension described in the second proviso of the second proceeding sentence applies, and such collateral
deficiency is not cured by the end of such 90 day period, the additional interest shall accrue as if such 90 day extension period
had not applied.

 

Without limiting the generality of the
foregoing, it is understood and agreed that if the Notes are accelerated or otherwise become due prior to their stated maturity,
in each case, as a result of an Event of Default (including an Event of Default specified in clause (9) or (10) above
(including the acceleration of any portion of the Indebtedness evidenced by the Notes by operation of law)), the amount by which
the Make-Whole Price or the applicable redemption price exceeds the principal amount of the Notes (the “Redemption Price
Premium”), as applicable, with respect to an optional redemption of the Notes shall also be due and payable as though
the Notes had been optionally redeemed on the date of such acceleration and shall constitute part of the Obligations with respect
to the Notes in view of the impracticability and difficulty of ascertaining actual damages and by mutual agreement of the parties
as to a reasonable calculation of each Holder’s lost profits as a result thereof. If the Redemption Price Premium becomes
due and payable, it shall be deemed to be principal of the Notes and interest shall accrue on the full principal amount of the
Notes (including the Redemption Price Premium) from and after the applicable triggering event, including in connection with an
Event of Default specified in clause (9) or (10) above. Any premium payable pursuant to this paragraph shall be presumed
to be liquidated damages sustained by each Note Holder as the result of the acceleration of the Notes and the Issuers agree that
it is reasonable under the circumstances currently existing. The premium shall also be payable in the event the Notes or this
Indenture are satisfied, released or discharged through foreclosure, whether by judicial proceeding, deed in lieu of foreclosure
or by any other means. EACH ISSUER AND EACH GUARANTOR EXPRESSLY WAIVES (TO THE FULLEST EXTENT THEY MAY LAWFULLY DO SO) THE
PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING PREMIUM
IN CONNECTION WITH ANY SUCH ACCELERATION. The Issuers expressly agree (to the fullest extent they may lawfully do so) that: (A) the
premium is reasonable and is the product of an arm’s length transaction between sophisticated business entities ably represented
by counsel; (B) the premium shall be payable notwithstanding the then prevailing market rates at the time acceleration occurs;
(C) there has been a course of conduct between the Note Holders and the Issuers giving specific consideration in this transaction
for such agreement to pay the premium; and (D) the Issuers shall be estopped hereafter from claiming differently than as
agreed to in this paragraph. The Issuers expressly acknowledge that their agreement to pay the premium to the Holders as herein
described is a material inducement to the Holders to purchase the Notes.

 

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Section 6.02     Acceleration.

 

In the case of an Event of Default specified
in clause (9) or (10) of Section 6.01 hereof, with respect to either Issuer or any of the Restricted Subsidiaries
that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, all principal of, and accrued but unpaid interest on, all outstanding Notes will become due and payable immediately
without further action or notice (subject to applicable law).  If any other Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all principal of,
and accrued but unpaid interest on, all the outstanding Notes to be due and payable immediately, by notice in writing to the Company
and, in the case of a notice by such Holders, also to the Trustee specifying the respective Event of Default and that it is a
notice of acceleration.

 

Upon any such declaration, the Notes shall
become due and payable immediately.

 

The Holders of a majority in aggregate
principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the Holders of all of the Notes,
rescind an acceleration and its consequences if the rescission would not violate any judgment or decree and if all existing Events
of Default (except nonpayment of principal, interest or premium, if any, that has become due solely because of the acceleration)
have been cured or waived.

 

Section 6.03     Other
Remedies.

 

If an Event of Default occurs and is continuing,
the Trustee may pursue any available remedy to collect the payment of principal of, premium, if any, on, or interest, if any,
on, the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Notes or does not produce any of them in the proceeding.  A delay or omission by the Trustee
or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default.  All remedies are cumulative to the extent permitted by
law.

 

Section 6.04     Waiver
of Past Defaults.

 

Holders of a majority in aggregate principal
amount of the then outstanding Notes by written notice to the Trustee and the Collateral Agent may, on behalf of the Holders of
all of the Notes, waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or
Event of Default in the payment of the principal of, premium, if any, on, or interest, if any, on, the Notes; provided, however,
that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its
consequences, including any related payment default that resulted from such acceleration.  Upon any such waiver, such Default
shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

Section 6.05     Control
by Majority.

 

Holders of a majority in aggregate principal
amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy
available to the Trustee or the Collateral Agent or exercising any trust or power conferred on it.  However, the Trustee
or the Collateral Agent may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines
may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee or the Collateral Agent in personal
liability.

 

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Section 6.06         Limitation
on Suits.

 

Subject to the provisions of Section 7.01
hereof, in case an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights
or powers under this Indenture at the request or direction of any Holders unless such Holders have offered to the Trustee indemnity
or security reasonably satisfactory to it against any loss, liability or expense. Except to enforce the right to receive payment
of principal, premium, if any, or interest, if any, when due, no Holder may pursue any remedy with respect to this Indenture or
the Notes unless:

 

(1)          such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(2)          Holders
of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the
remedy;

 

(3)          such
Holder or Holders offer and provide to the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss,
liability or expense;

 

(4)          the
Trustee does not comply with such request within 60 days after receipt of the request and the offer of security or indemnity; and

 

(5)          during
such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a
direction inconsistent with such request.

 

A Holder of a Note may not use this Indenture
to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note.

 

Section 6.07         Rights
of Holders of Notes to Receive Payment.

 

Notwithstanding any other provision of this
Indenture, the right of any Holder of a Note to receive payment of principal of, and premium, if any, and interest, if any, on,
the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to
bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without
the consent of such Holder.

 

Section 6.08         Collection
Suit by Trustee.

 

If an Event of Default specified in clause (1) or (2) of
Section 6.01 hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee
of an express trust against the Issuers for the whole amount of the principal, premium, if any, or interest, if any, remaining
unpaid on the Notes and interest on overdue principal and premium, if any, and to the extent lawful, interest, if any, and such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, the Collateral Agent, its agents and counsel.

 

Section 6.09         Trustee
May File Proofs of Claim.

 

The Trustee is authorized to file such proofs
of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Collateral
Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, the Collateral
Agent, its agents and counsel) and the Holders of Notes allowed in any judicial proceedings relative to the Issuers (or any other
obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any
money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, the Collateral Agent, its agents and counsel, and any other amounts due the Trustee or the Collateral
Agent under Section 7.07 hereof.  To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, the Collateral Agent, its agents and counsel, and any other amounts due the Trustee or the Collateral
Agent under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same
shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties
that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement
or otherwise.  Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt
on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of
any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

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Section 6.10         Priorities.

 

If the Trustee collects any money pursuant
to this Article VI, it shall pay out the money in the following order:

 

First:
to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation,
expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

Second:
to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, if any, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest,
if any, respectively; and

 

Third:
to the Issuers or to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix a record date and payment
date for any payment to Holders of Notes pursuant to this Section 6.10.

 

Section 6.11         Undertaking
for Costs.

 

In any suit for the enforcement of any right
or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in
its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party
litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. 
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof,
or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.

 

ARTICLE VII

TRUSTEE

 

Section 7.01         Duties
of Trustee.

 

(a)          If
an Event of Default has occurred and is continuing, the Trustee will be required, in the exercise of its power vested in it by
this Indenture, to use the degree of care of a prudent man in the conduct of his own affairs.

 

(b)          Except
during the continuance of an Event of Default:

 

(1)          the
duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only those
duties that are specifically set forth (or incorporated by reference) in this Indenture and no others, and no implied covenants
or obligations shall be read into this Indenture against the Trustee; and

 

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(2)          in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture.  However, the Trustee will examine the certificates and opinions to determine whether they conform to the
requirements of this Indenture, but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein.

 

(c)          The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(1)          this
paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

(2)          the
Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts; and

 

(3)          the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05 hereof.

 

(d)          Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b) and (c) of this Section 7.01.

 

(e)          The
Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. 
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(f)           The
Trustee shall have no obligation to (i) independently determine or verify whether the conditions for the termination of covenants
as provided in Section 4.17 have been satisfied or (ii) notify the Holders of the occurrence of such termination of covenants.

 

Section 7.02         Rights
of Trustee.

 

(a)          The
Trustee may conclusively rely upon any document believed by it in good faith to be genuine and to have been signed or presented
by the proper Person.  The Trustee need not investigate any fact or matter stated in the document.

 

(b)          Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. 
The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate
or Opinion of Counsel.  The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel
will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon.

 

(c)          The
Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed
with due care.

 

(d)          The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the
rights or powers conferred upon it by this Indenture.

 

(e)          Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuers will be sufficient
if signed by an Officer of each of the Company and Finance Corp.

 

(f)           No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability.  The Trustee
will be under no obligation to exercise any of its rights or powers under this Indenture at the request of any Holders, unless
such Holder has offered to the Trustee indemnity or security reasonably satisfactory to it against any loss, liability or expense
that might be incurred by it in connection with its compliance with such request.

 

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(g)          The
Trustee shall not be bound to ascertain or inquire as to the performance or observance of any covenants, conditions, or agreements
on the part of the Company, except as otherwise set forth herein.

 

(h)          The
permissive right of Trustee to do things enumerated in this Indenture shall not be construed as a duty.

 

(i)           In
no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

 

(j)           The
Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction of the Holders
of not less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for
any remedy available to the Trustee or the exercising of any power conferred by this Indenture.

 

(k)          The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(l)           Any
action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or
consent of any Person who, at the time of making such request or giving such authority or consent, is a Holder of the Notes shall
be conclusive and binding upon all future Holders of such Notes and upon Notes executed and delivered in exchange therefor or in
place thereof.

 

Section 7.03         Individual
Rights of Trustee.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers or any Affiliate of the Issuers with
the same rights it would have if it were not Trustee.  However, in the event that the Trustee acquires any conflicting interest,
it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if this Indenture has been
qualified under the TIA) or resign.  Any Agent may do the same with like rights and duties.  The Trustee is also subject
to Section 7.10 and Section 7.11 hereof.

 

Section 7.04         Trustee’s
Disclaimer.

 

The Trustee will not be responsible for
and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the
Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any
provision of this Indenture, it will not be responsible for the use or application of any money received by any Paying Agent other
than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other
document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.

 

Section 7.05         Notice
of Defaults.

 

If a Default or Event of Default occurs
and is continuing and if it is known to the Trustee, the Trustee will send to the Holders of Notes a notice of the Default or Event
of Default within 90 days after it occurs.  Except in the case of a Default or Event of Default in payment of principal of,
premium, if any, or interest, if any, on, any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible
Officers in good faith determines that withholding the notice is in the interests of the Holders of Notes.

 

The Trustee will not be deemed to have notice
of any Default or Event of Default, except Events of Default under clause (1) or (2) of Section 6.01 hereof,
unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event that is in fact
such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and
this Indenture.

 

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Section 7.06         [Reserved].

 

Section 7.07         Compensation
and Indemnity.

 

(a)          The
Issuers will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services provided
hereunder.  The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. 
The Issuers will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or
made by it in addition to the compensation for its services.  Such expenses will include the reasonable compensation, disbursements
and expenses of the Trustee’s agents and counsel.

 

(b)          The
Issuers and the Guarantors will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising
out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses
of enforcing this Indenture against the Issuers and the Guarantors (including this Section 7.07) and defending itself against
any claim (whether asserted by the Issuers, the Guarantors, any Holder or any other Person) or liability in connection with the
exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense is found
by a court of competent jurisdiction to have been caused by its own negligence, bad faith or willful misconduct.  The Trustee
will notify the Issuers and the Guarantors promptly of any claim for which it may seek indemnity.  Failure by the Trustee
to so notify the Issuers and the Guarantors will not relieve the Issuers or any of the Guarantors of their obligations hereunder
unless the failure to notify the Issuers or the Guarantors impairs any Issuer’s or Guarantor’s respective ability to
defend such claim.  Such Issuer or such Guarantor will defend the claim and the Trustee will cooperate in the defense. 
The Trustee may have separate counsel and the Issuers will pay the reasonable fees and expenses of such counsel.  Neither
Issuer nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld.

 

(c)          The
obligations of the Issuers and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this
Indenture, and the resignation or removal of the Trustee.

 

(d)          To
secure the Issuers’ and the Guarantors’ payment obligations in this Section 7.07, the Trustee will have a Lien
prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of and
interest, if any, on, particular Notes.  Such Lien will survive the satisfaction and discharge of this Indenture.

 

(e)          When
the Trustee incurs expenses or renders services after an Event of Default specified in clause (9) or (10) of Section 6.01
hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are
intended to constitute expenses of administration under any Bankruptcy Law.

 

Section 7.08         Replacement
of Trustee.

 

(a)          A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08.

 

(b)          The
Trustee may resign in writing at any time and be discharged from the trust hereby created only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08.  The Holders of a majority in aggregate principal amount
of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing.  The Issuers
may remove the Trustee if:

 

(1)          the
Trustee fails to comply with Section 7.10 hereof;

 

(2)          the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

 

(3)          a
custodian or public officer takes charge of the Trustee or its property; or

 

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(4)          the
Trustee becomes incapable of acting.

 

(c)          If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers will promptly appoint
a successor Trustee.  Within one year after such successor Trustee takes office, the Holders of a majority in aggregate principal
amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuers.

 

(d)          If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee
(at the expense of the Issuers), the Issuers, or the Holders of at least 10% in aggregate principal amount of the then outstanding
Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

(e)          If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

(f)          A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers.  Thereupon,
the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers
and duties of the Trustee under this Indenture.  The successor Trustee will send a notice of its succession to Holders. 
The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums
owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof.  Notwithstanding
replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.07 hereof will
continue for the benefit of the retiring Trustee.

 

Section 7.09         Successor
Trustee by Merger, etc.

 

If the Trustee consolidates, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another Person, the successor Person without any
further act will be the successor Trustee.

 

Section 7.10         Eligibility;
Disqualification.

 

There will at all times be a Trustee hereunder
that is a corporation or banking association organized and doing business under the laws of the United States of America or of
any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least $50.0 million as set forth in its most
recent published annual report of condition.

 

This Indenture shall always have a Trustee
who satisfies the requirements of TIA §§ 310(a)(1), (2) and (5). If this Indenture becomes qualified under the TIA,
the Trustee shall be subject to TIA § 310(b) including the provision in Section § 310(b)(1); provided that
there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities,
or certificates of interest or participation in other securities, of the Issuer or the Guarantors are outstanding if the requirements
for exclusion set forth in TIA § 310(b)(1) are met.

 

ARTICLE VIII

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01         Option
to Effect Legal Defeasance or Covenant Defeasance.

 

The Issuers may at any time, at the option
of their respective Boards of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect to have either
Section 8.02 or Section 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth
below in this Article VIII.

 

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Section 8.02         Legal
Defeasance and Discharge.

 

Upon the Issuers’ exercise under Section 8.01
hereof of the option applicable to this Section 8.02, each Issuer and each of the Guarantors will, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect
to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied (hereinafter,
 “Legal Defeasance”).  For this purpose, Legal Defeasance means that the Issuers and the Guarantors will
be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees),
which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other
Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations
under such Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuers, shall
execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated
or discharged hereunder:

 

(1)          the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, or premium, if any, or interest, if
any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof;

 

(2)          the
Issuers’ obligations with respect to the Notes under Section 2.04, Section 2.06, Section 2.07, Section 2.10
and Section 4.02 hereof;

 

(3)          the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuers’ and the Guarantors’ obligations
in connection therewith; and

 

(4)          the
Legal Defeasance provisions of this Article VIII.

 

Subject to compliance with this Article VIII,
the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03
hereof.

 

Section 8.03         Covenant
Defeasance.

 

Upon the Issuers’ exercise under Section 8.01
hereof of the option applicable to this Section 8.03, the Issuers and each of the Guarantors will, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under Section 4.03, Section 4.07,
Section 4.08, Section 4.09, Section 4.10, Section 4.11, Section 4.12, Section 4.13, Section 4.14,
Section 4.15, Section 4.16, Section 4.18 and Section 4.19 and Section 5.01(a)(4) hereof with respect
to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (such release
and termination hereinafter referred to as “Covenant Defeasance”), and the Notes will thereafter be deemed not
 “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences
of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes
hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes).  For this purpose,
Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Issuers and the Guarantors may omit
to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an
Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes
and Note Guarantees will be unaffected thereby.  In addition, upon the Issuers’ exercise under Section 8.01 hereof
of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, clauses (3) through (8) and clauses (11) and (12) of Section 6.01 hereof and, only with respect
to Subsidiaries of the Company (other than any Issuer), clauses (9) and (10) of Section 6.01 hereof will
not constitute Events of Default.

 

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Section 8.04         Conditions
to Legal or Covenant Defeasance.

 

In order to exercise either Legal Defeasance
under Section 8.02 hereof or Covenant Defeasance under Section 8.03 hereof:

 

(1)          the
Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of Notes, cash in U.S. dollars, non-callable
Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient,
in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the
principal of, or premium, if any, or interest, if any, on, the outstanding Notes on the stated date for payment thereof or on the
applicable redemption date, as the case may be, and the Issuers must specify whether the Notes are being defeased to such stated
date for payment or to a particular redemption date;

 

(2)          in
the case of an election under Section 8.02 hereof, the Issuers must deliver to the Trustee an Opinion of Counsel confirming
that:

 

(A)          the
Issuers have received from, or there has been published by, the Internal Revenue Service a ruling; or

 

(B)          since
the Issue Date, there has been a change in the applicable federal income tax law,

 

in either case to the effect that, and based thereon
such Opinion of Counsel will confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal
income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(3)          in
the case of an election under Section 8.03 hereof, the Issuers must deliver to the Trustee an Opinion of Counsel confirming
that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of
such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Covenant Defeasance had not occurred;

 

(4)          no
Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness),
and the granting of Liens to secure such borrowings);

 

(5)          such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged
or replaced) to which the Issuers or any of the Guarantors is a party or by which the Issuers or any of the Guarantors is bound;

 

(6)          the
Issuers must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuers with the
intent of preferring the Holders of Notes over the other creditors of the Issuers with the intent of defeating, hindering, delaying
or defrauding any other creditors of the Issuers or others;

 

(7)          the
Company must deliver to the Trustee an Officers’ Certificate, stating that all conditions precedent set forth in clauses (1) through (6) of
this Section 8.04 have been complied with; and

 

(8)          the
Company must deliver to the Trustee an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions, qualifications
and exclusions), stating that all conditions precedent set forth in clauses (2), (3) and (5) of this Section 8.04
have been complied with; provided that the Opinion of Counsel with respect to clause (5) of this Section 8.04
may be to the knowledge of such counsel.

 

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Section 8.05         Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section 8.06 hereof, all
money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 8.04
hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions
of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including an Issuer acting as Paying
Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal,
premium, if any, and interest, if any, but such money need not be segregated from other funds except to the extent required by
law.

 

The Issuers will pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant
to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of the outstanding Notes.

 

Notwithstanding anything in this Article VIII
to the contrary, the Trustee will deliver or pay to the Issuers from time to time, upon the request of the Issuers any money or
non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the
opinion delivered under clause (1) of Section 8.04 hereof), are in excess of the amount thereof that would then
be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.06         Repayment
to Company.

 

Any money deposited with the Trustee or
any Paying Agent, or then held by the Issuers, in trust for the payment of the principal of, premium, if any, or interest, if any,
on, any Note and remaining unclaimed for two years after such principal, premium, if any, or interest, if any, has become due and
payable shall be paid to the Company on its request or (if then held by the Issuers) will be discharged from such trust; and the
Holder of such Note will thereafter be permitted to look only to the Issuers for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of each such Issuer as trustee thereof, will thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, shall,
at the written request and at the expense of the Issuers, cause to be published once, in the New York Times and The Wall Street
Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be
less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be
repaid to the Company.

 

Section 8.07         Reinstatement.

 

If the Trustee or Paying Agent is unable
to apply any United States dollars or non-callable Government Securities in accordance with Section 8.02 or Section 8.03
hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the Issuers’ and the Guarantors’ obligations under this Indenture and
the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02
or Section 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with
Section 8.02 or Section 8.03 hereof, as the case may be; provided, however, that, if the Issuers make any payment
of principal of, premium, if any, or interest, if any, on, any Note following the reinstatement of its obligations, the Issuers
will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying
Agent.

 

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ARTICLE IX

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01        Without
Consent of Holders of Notes.

 

Notwithstanding Section 9.02 hereof,
the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes, the Note Guarantees, the ABL Intercreditor
Agreement or the Security Documents (subject to compliance with the ABL Intercreditor Agreement) without the consent of any Holder
of Notes:

 

(1)          to
cure any ambiguity, defect or inconsistency;

 

(2)          to
provide for uncertificated Notes in addition to or in place of certificated Notes;

 

(3)          to
provide for the assumption of an Issuer’s or a Guarantor’s obligations to Holders of Notes and Note Guarantees and
under the Security Documents in the case of a merger, amalgamation or consolidation or sale of all or substantially all of such
Issuer’s or Guarantor’s properties or assets, as applicable;

 

(4)          to
make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect
the legal rights under this Indenture of any such Holder;

 

(5)          at
the Issuers election, to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture
under the TIA, if such qualification is required;

 

(6)          to
conform the text of this Indenture, the Notes or the Security Documents (as evidenced by an Officers’ Certificate) to any
provision of the “Description of notes” section of the Offering Memorandum to the extent that such provision in that
 “Description of notes” was intended to be a verbatim recitation of a provision of this Indenture, the Notes, the Security
Documents or the Note Guarantees, which intent shall be established pursuant to an Officers’ Certificate to that effect;

 

(7)          to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the Issue Date;

 

(8)          make,
complete or confirm any grant of Collateral permitted or required by this Indenture or the Security Documents or any release, termination
or discharge of Collateral that becomes effective as set forth in this Indenture or any of the Security Documents;

 

(9)          to
add any Note Guarantees or to effect the release of any Guarantor from its Note Guarantee and the termination of such Note Guarantee,
all in accordance with the provisions of this Indenture governing such release and termination;

 

(10)        to
evidence or provide for the acceptance of appointment under this Indenture of a successor Trustee or a successor Collateral Agent;

 

(11)        grant
any Lien for the benefit of the holders of any future Pari Passu Notes Lien Indebtedness, Pari Passu ABL Lien Indebtedness, Pari
Passu Second Lien Indebtedness or Junior Lien Indebtedness in accordance with and as permitted by the terms of this Indenture and
the ABL Intercreditor Agreement (and, with respect to Pari Passu Second Lien Indebtedness or Junior Lien Indebtedness, any Pari
Passu Second Lien Intercreditor Agreement or Junior Lien Intercreditor Agreement, as applicable);

 

(12)        add
additional secured parties to the ABL Intercreditor Agreement to the extent Liens securing obligations held by such parties are
permitted under this Indenture;

 

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(13)        mortgage,
pledge, hypothecate or grant a security interest in favor of the Collateral Agent for the benefit of the Trustee and the Holders
of the Notes as additional security for the payment and performance of the Issuers’ and any Guarantor’s obligations
under this Indenture, in any property, or assets, including any of which are required to be mortgaged, pledged or hypothecated,
or in which a security interest is required to be granted to the Trustee or the Collateral Agent in accordance with the terms of
this Indenture or otherwise; or

 

(14)        provide
for the succession of any parties to the Security Documents (and other amendments that are administrative or ministerial in nature)
and the ABL Intercreditor Agreement in connection with an amendment, renewal, extension, substitution, refinancing, restructuring,
replacement, supplementing or other modification from time to time of any agreement in accordance with the terms of this Indenture,
the ABL Intercreditor Agreement and the relevant Security Documents.

 

In addition, the Holders will be deemed to have consented for
purposes of the Security Documents and the ABL Intercreditor Agreement to any of the following amendments, waivers and other modifications
to the Security Documents and the ABL Intercreditor Agreement:

 

(1)          (A) to
add other parties (or any authorized agent thereof or trustee therefor) holding Pari Passu Notes Lien Indebtedness that are incurred
in compliance with the ABL Credit Agreement and the Notes Documents and (B) to establish that the Liens on any Collateral
securing such Pari Passu Notes Lien Indebtedness shall rank equally with the Liens on such Collateral securing the obligations
under this Indenture, the Notes and the Note Guarantees;

 

(2)          (A) to
add other parties (or any authorized agent thereof or trustee therefor) holding Pari Passu ABL Lien Indebtedness that is incurred
in compliance with the ABL Credit Agreement and the Notes Documents, (B) to establish that the Liens on any Collateral securing
such Pari Passu ABL Lien Indebtedness shall rank equally with the Liens on such Collateral securing the ABL Obligations and senior
to the Liens on such ABL Priority Collateral securing any obligations under this Indenture, the Notes and the Guarantees, all on
the terms provided for in the ABL Intercreditor Agreement in effect immediately prior to such amendment, (C) to establish
that the Liens on any Notes Priority Collateral securing such Pari Passu ABL Lien Indebtedness shall be junior and subordinated
to the Liens on such Notes Priority Collateral securing any obligations under this Indenture, the Notes and the Guarantees, all
on the terms provided for in the ABL Intercreditor Agreement in effect immediately prior to such amendment;

 

(3)          to
establish that the Liens on any ABL Priority Collateral securing any Indebtedness replacing the ABL Credit Agreement permitted
to be incurred under clause (1) of the definition of Permitted Debt shall be senior to the Liens on such ABL Priority Collateral
securing any obligations under this Indenture, the Notes and the Guarantees, and that any obligations under this Indenture, the
Notes and the Guarantees shall continue to be secured on a first-priority basis by the Notes Priority Collateral and on a second-priority
basis on the ABL Priority Collateral; and

 

(4)          upon
any cancellation or termination of the ABL Credit Agreement without a replacement thereof, to establish that the ABL Priority Collateral
shall become Notes Priority Collateral.

 

Any such additional party, the ABL Collateral
Agent, the Trustee and the Collateral Agent shall be entitled to rely upon an Officers’ Certificate certifying that such
Pari Passu Notes Lien Indebtedness or Pari Passu ABL Lien Indebtedness, as the case may be, was issued or borrowed in compliance
with the ABL Credit Agreement and the Notes Documents, and no Opinion of Counsel shall be required in connection therewith.

 

The Holders also will be deemed to have
consented for purposes of this Indenture, the Security Documents and the ABL Intercreditor Agreement to the execution and delivery
by the Trustee and Collateral Agent of a Pari Passu Second Lien Intercreditor Agreement or a Junior Lien Intercreditor Agreement
to the extent it is approved by the ABL Collateral Agent or, if the ABL Credit Agreement has been replaced, any other agent for
the holders of ABL Obligations.

 

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Upon the request of the Issuers accompanied
by resolutions of their respective Boards of Directors authorizing the execution of any such amended or supplemental indenture,
and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Issuers
and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture
and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated
to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or
otherwise.

 

Section 9.02         With
Consent of Holders of Notes.

 

Except as provided below in this Section 9.02,
the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture (including, without limitation, Section 4.10
and Section 4.14 hereof), the Notes, the Note Guarantees or the Security Documents (subject to compliance with the ABL Intercreditor
Agreement) with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including,
without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, the Notes), and, subject to Section 6.04 and Section 6.07
hereof, any existing Default or Event of Default or compliance with any provision of this Indenture, the Notes or the Note Guarantees
may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes voting
as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, the Notes).

 

Upon the request of the Issuers accompanied
by resolutions of their respective Boards of Directors authorizing the execution of any such amended or supplemental indenture,
and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid,
and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Issuers
and the Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but will not be obligated to, enter into such amended or supplemental indenture.

 

It is not necessary for the consent of the
Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it is sufficient
if such consent approves the substance of the proposed amendment or waiver.

 

After an amendment, supplement or waiver
under this Section 9.02 becomes effective, the Company will send to the Holders of Notes affected thereby a notice briefly
describing the amendment, supplement or waiver.  Any failure of the Company to send such notice, or any defect therein, will
not, however, in any way impair or affect the validity of any such amendment, supplement or waiver.  Subject to Section 6.04
and Section 6.07 hereof, the Holders of a majority in aggregate principal amount of the then outstanding Notes voting as a
single class may waive compliance in a particular instance by the Company with any provision of this Indenture, the Notes or the
Note Guarantees.  However, without the consent of each Holder affected, an amendment or waiver under this Section 9.02
may not (with respect to any Notes held by a non-consenting Holder):

 

(1)          reduce
the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

 

(2)          reduce
the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption
of the Notes; provided, however, that any purchase or repurchase of Notes, including pursuant to Section 4.10
and Section 4.14 hereof, shall not be deemed a redemption of the Notes;

 

(3)          reduce
the rate of or change the time for payment of interest, including default interest, on any Note;

 

(4)          waive
a Default or Event of Default in the payment of principal of, premium, if any, or interest, if any, on, the Notes (except a rescission
of acceleration of the Notes by the Holders of a majority in aggregate principal amount of the then outstanding Notes and a waiver
of the payment default that resulted from such acceleration);

 

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(5)          make
any Note payable in money other than that stated in the Notes;

 

(6)          make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, premium, if any, or interest, if any, on, the Notes;

 

(7)          waive
a redemption payment with respect to any Note; provided, however, that any purchase or repurchase of Notes, including pursuant
to Section 4.10 and Section 4.14 hereof, shall not be deemed a redemption of the Notes;

 

(8)          release
any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this
Indenture; or

 

(9)          make
any change in the preceding amendment, supplement and waiver provisions.

 

In addition, without the consent of the
Holders of at least 66 2⁄3% of the principal amount of the Notes then outstanding (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), no amendment, supplement or waiver
may amend any of the Security Documents or this Indenture if such amendment, supplement or waiver has the effect of releasing all
or substantially all of the Collateral from the Liens created under any Security Document.

 

Section 9.03         [Reserved].

 

Section 9.04         Revocation
and Effect of Consents.

 

Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder
of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent
is not made on any Note.  However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its
Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. 
An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

 

The Issuers may fix a record date for determining
which Holders must consent to such amendment, supplement or waiver.  If the Issuers fix a record date, the record date shall
be fixed at (i) the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of
Holders furnished to the Trustee prior to such solicitation pursuant to Section 2.05 hereof, or (ii) such other date
as the Issuers shall designate.

 

Section 9.05         Notation
on or Exchange of Notes.

 

The Trustee may place an appropriate notation
about an amendment, supplement or waiver on any Note thereafter authenticated.  The Issuers in exchange for all Notes may
issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement
or waiver.

 

Failure to make the appropriate notation
or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 

Section 9.06         Trustee
to Sign Amendments, etc.

 

The Trustee will sign any amended or supplemental
indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties,
liabilities or immunities of the Trustee.  No Issuer may sign an amended or supplemental indenture until its Board of Directors
approves it.  In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to
Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 12.04
hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture
is authorized or permitted by this Indenture.

 

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ARTICLE X

NOTE GUARANTEES

 

Section 10.01       Guarantee.

 

(a)          Subject
to this Article X, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes or the obligations of the Issuers hereunder or thereunder, that:

 

(1)          the
principal of, premium, if any, and interest on, the Notes will be promptly paid in full when due, whether at maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest on, the Notes, if lawful (subject
in all cases to any applicable grace period provided herein), and all other obligations of the Issuers to the Holders or the Trustee
hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and

 

(2)          in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise.

 

Failing payment when due of any amount so
guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay
the same immediately.  Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)          The
Guarantors hereby agree that, to the maximum extent permitted under applicable law, their obligations hereunder are unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce
the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any
judgment against any Issuer, any action to enforce the same or any other circumstance that might otherwise constitute a legal or
equitable discharge or defense of a Guarantor.  To the extent permitted by applicable law, each Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right
to require a proceeding first against an Issuer, protest, notice and all demands whatsoever and covenant that the Note Guarantee
will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture.

 

(c)          If
any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors or any custodian, trustee,
liquidator, monitor or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid by either
to the Trustee or such Holder, the Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

 

(d)          Each
Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby.  Each Guarantor further agrees that, to the
extent permitted by applicable law, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,
(1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI hereof for the purposes
of the Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in
Article VI hereof, such obligations (regardless of whether due and payable) will forthwith become due and payable by the Guarantors
for the purpose of the Note Guarantee.  The Guarantors will have the right to seek contribution from any non-paying Guarantor
so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee.

 

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Section 10.02       Limitation
on Guarantor Liability.

 

Each Guarantor, and by its acceptance of
Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not
constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal, state, provincial or territorial law to the extent applicable to any Note Guarantee. 
To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations
of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent
and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights
to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under this Article X, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent
transfer or conveyance.

 

Section 10.03       Execution
and Delivery of Note Guarantee Notation.

 

To evidence its Note Guarantee set forth
in Section 10.01 hereof, each Guarantor hereby agrees that a notation of such Note Guarantee substantially in the form attached
as Exhibit E hereto will be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee
and that this Indenture will be executed on behalf of such Guarantor by one of its Officers.

 

Each Guarantor hereby agrees that its Note
Guarantee set forth in Section 10.01 hereof will remain in full force and effect notwithstanding any failure to endorse on
each Note a notation of such Note Guarantee.

 

If an Officer whose signature is on this
Indenture or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee
is endorsed, the Note Guarantee will be valid nevertheless.

 

The delivery of any Note by the Trustee,
after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set forth in this Indenture on behalf
of the Guarantors.

 

In the event that either Issuer or any of
its Restricted Subsidiaries creates or acquires any Domestic Restricted Subsidiary after the Issue Date, if required by Section 4.15
hereof, the Company will cause such Domestic Restricted Subsidiary to comply with the provisions of Section 4.15 hereof and
this Article X, to the extent applicable.

 

Section 10.04       Guarantors
May Consolidate, etc., on Certain Terms.

 

Except as otherwise provided in Section 10.05
hereof, no Guarantor may sell or otherwise dispose of, in one or more related transactions, all or substantially all of its properties
or assets to, or consolidate with or amalgamate with or merge with or into (regardless of whether such Guarantor is the surviving
Person), another Person, other than the Company or another Guarantor, unless:

 

(1)          immediately
after giving effect to such transaction or series of related transactions, no Default or Event of Default exists; and

 

(2)          either:

 

(A)          (i) such
Guarantor is the surviving Person of such consolidation, amalgamation or merger or (ii) the Person acquiring the properties
or assets in any such sale or other disposition or the Person formed by or surviving any such consolidation, amalgamation or merger
(if other than such Guarantor) unconditionally assumes all the obligations of such Guarantor under this Indenture (including its
Note Guarantee) pursuant to a supplemental indenture satisfactory to the Trustee; or

 

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(B)          such
transaction or series of transactions does not violate the provisions of Section 4.10 hereof.

 

In case of any such consolidation, amalgamation,
merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to
the Trustee and satisfactory in form to the Trustee, of the Note Guarantee and the due and punctual performance of all of the covenants
and conditions of this Indenture to be performed by the Guarantor, such successor Person will succeed to and be substituted for
the Guarantor with the same effect as if it had been named herein as a Guarantor.

 

Except as set forth in Article IV and
Article V hereof, and notwithstanding clauses (A) and (B) immediately above, nothing contained in this
Indenture or in any of the Notes will prevent any consolidation, amalgamation or merger of a Guarantor with or into the Company
or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as
an entirety to the Company or another Guarantor.

 

Section 10.05       Releases.

 

The Note Guarantee of a Guarantor will be
released automatically:

 

(1)          in
connection with any sale or other disposition of all or substantially all of the properties or assets of such Guarantor, by way
of merger, consolidation, amalgamation or otherwise, to a Person that is not (either before or after giving effect to such transaction)
the Company or a Restricted Subsidiary; provided that the sale or other disposition does not violate Section 4.10 hereof;

 

(2)          in
connection with any sale or other disposition of the Capital Stock of such Guarantor (by way of merger, consolidation, amalgamation
or otherwise) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary;
provided that the sale or other disposition does not violate Section 4.10 hereof and the Guarantor ceases to be a Restricted
Subsidiary as a result of the sale or other disposition;

 

(3)          if
the Company designates such Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture;

 

(4)          upon
Legal Defeasance or Covenant Defeasance in accordance with Article VIII hereof or satisfaction and discharge of this Indenture
in accordance with Article XI hereof;

 

(5)          upon
the liquidation or dissolution of such Guarantor, provided that no Default or Event of Default occurs as a result thereof
or has occurred or is continuing;

 

(6)          upon
such Guarantor consolidating with, amalgamating with, merging into or transferring all of its properties or assets to the Company
or another Guarantor, and as a result of, or in connection with, such transaction such Guarantor dissolves or otherwise ceases
to exist; or

 

(7)          at
such time as such Guarantor is no longer required to be a Guarantor pursuant to the provisions of Section 4.15 hereof.

 

Any Guarantor not released from its obligations
under its Note Guarantee as provided in this Section 10.05 will remain liable for the full amount of principal of, premium,
if any, and interest on, the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article X.

 

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ARTICLE XI

SATISFACTION AND DISCHARGE

 

Section 11.01       Satisfaction
and Discharge.

 

This Indenture will be discharged and will
cease to be of further effect as to all Notes issued hereunder (except as to surviving rights of registration of transfer or exchange
of the Notes and as otherwise specified in this Indenture), when:

 

(1)          either:

 

(A)          all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has been deposited in trust and thereafter repaid to the Issuers, have been delivered to the Trustee for cancellation;
or

 

(B)          all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the sending of a notice
of redemption or otherwise or will become due and payable within one year and either an Issuer or any Guarantor has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S.
dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in
amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness
on the Notes not delivered to the Trustee for cancellation for principal of, premium, if any, and interest, if any, on, the Notes
to the date of maturity or redemption;

 

(2)          in
respect of clause (B) of Section 11.01(1), no Default or Event of Default has occurred and is continuing on the date
of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and
any similar deposit relating to other Indebtedness and, in each case, the granting of Liens to secure such borrowings) and the
deposit will not result in a breach or violation of, or constitute a default under, any other material instrument to which either
Issuer or any Guarantor is a party or by which either Issuer or any Guarantor is bound (other than with respect to the borrowing
of funds to be applied concurrently to make the deposit required to effect such satisfaction and discharge and any similar concurrent
deposit relating to other Indebtedness, and, in each case, the granting of Liens to secure such borrowings);

 

(3)          the
Issuers have, or any Guarantor has, paid or caused to be paid all sums payable by them under this Indenture; and

 

(4)          the
Issuers have delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity or the redemption date, as the case may be.

 

In addition, the Issuers must deliver to the Trustee (a) an
Officers’ Certificate, stating that all conditions precedent set forth in clauses (1) through (4) of this Section 11.01
have been satisfied and (b) an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and qualifications),
stating that the condition precedent set forth in clause (4) of this Section 11.01 has been satisfied.

 

Notwithstanding the satisfaction and discharge
of this Indenture, if money has been deposited with the Trustee pursuant to clause (B) of Section 11.01(1) hereof,
the provisions of Section 11.02 and Section 8.06 hereof will survive.  In addition, nothing in this Section 11.01
will be deemed to discharge those provisions of Section 7.07 hereof that, by their terms, survive the satisfaction and discharge
of this Indenture.

 

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Section 11.02       Application
of Trust Money.

 

Subject to the provisions of Section 8.06
hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held in trust and applied by the Trustee,
in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent
(including an Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal
(and premium, if any) and interest, if any, for whose payment such money has been deposited with the Trustee; but such money need
not be segregated from other funds except to the extent required by law.

 

If the Trustee or Paying Agent is unable
to apply any money or Government Securities in accordance with Section 11.01 hereof by reason of any legal proceeding or by
reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Issuers’ and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as
though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Issuers have made any payment
of principal of, premium, if any, or interest, if any, on, any Notes because of the reinstatement of its obligations, the Issuers
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities
held by the Trustee or Paying Agent.

 

ARTICLE XII

MISCELLANEOUS

 

Section 12.01       Concerning
the Trust Indenture Act.

 

The TIA shall not be applicable to, and
shall not govern, this Indenture, the Notes or the Note Guarantees.

 

Section 12.02       Notices.

 

Any notice or communication by the Issuers,
any Guarantor, the Trustee or the Collateral Agent to the others is duly given if in writing and delivered in Person or mailed
by first class mail (registered or certified, return receipt requested), facsimile or electronic transmission or overnight air
courier guaranteeing next day delivery, to the others’ address:

 

If to the Issuers and/or any Guarantor

 

NGL Energy Partners LP

6120 South Yale Avenue, Suite 805

Tulsa, Oklahoma 74136

Facsimile No.:  (918) 481-5896

Attention: Chief Financial Officer

 

With a copy, which shall not constitute notice, to:

 

Paul Hastings LLP

600 Travis Street, Floor 58

Houston, Texas 77002

Facsimile No.: (713) 860-7300

Attention: Will Burns

 

If to the Trustee or the Collateral Agent:

 

U.S. Bank National Association

13737 Noel Road, Suite 800

Dallas, TX 75240

Facsimile No.: (972) 581-1660

Attention:  Global Corporate Trust Services

 

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The Issuers, any Guarantor or the Trustee,
by notice to the others, may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications (other than
those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if electronically transmitted; when receipt
acknowledged, if transmitted by facsimile; or the next Business Day after timely delivery to a courier, if sent by overnight air
courier guaranteeing next day delivery.

 

Any notice or communication to a Holder,
when the Notes are in the form of Definitive Notes, will be mailed by first class mail, certified or registered, return receipt
requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. 
Any notice or communication to a Holder, when the Notes are in the form of Global Notes, will be sent pursuant to Applicable Procedures.
Failure to send a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other
Holders.

 

If a notice or communication is mailed or
otherwise sent in the manner provided above within the time prescribed, it is duly given, regardless of whether the addressee receives
it (other than with respect to notices or communications by facsimile or electronic transmission, which will be deemed to be duly
given when receipt is acknowledged or when answered back, respectively).

 

Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver will be the equivalent of such notice. Waivers of notice by Holders will be filed with the Trustee, but such filing
will not be a condition precedent to the validity of any action taken in reliance on such waiver.

 

If the Issuers send a notice or communication
to Holders, they will send a copy to the Trustee and each Agent at the same time.

 

Section 12.03       [Reserved].

 

Section 12.04       Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application by the Issuers
to the Trustee to take any action under this Indenture, the Issuers shall furnish to the Trustee:

 

(1)          an
Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any,
provided for in this Indenture relating to the proposed action have been satisfied; provided that no such Officers’
Certificate shall be delivered on the Issue Date in connection with the original issuance of the initial Global Notes; and

 

(2)          an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in
Section 12.05 hereof) stating that, in the opinion of such counsel (who may rely upon an Officers’ Certificate as to
matters of fact), all such conditions precedent and covenants have been satisfied; provided that no such Opinion of Counsel
shall be delivered on the Issue Date in connection with the original issuance of the initial Global Notes.

 

Section 12.05       Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture must include:

 

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

 

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

 

(3)          a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him
or her to express an informed opinion as to whether such covenant or condition has been satisfied; and

 

(4)          a
statement as to whether, in the opinion of such Person, such condition or covenant has been satisfied.

 

Section 12.06       Rules by
Trustee and Agents.

 

The Trustee may make reasonable rules for
action taken by, or meetings or consent of, Holders.  The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions.

 

Section 12.07       No
Personal Liability of Directors, Officers, Employees and Unitholders.

 

None of the General Partner or any director,
officer, partner, employee, incorporator, manager, unitholder or other owner of Capital Stock of the General Partner, the Issuers
or any Guarantor, as such, will have any liability for any obligations of the Issuers or the Guarantors under the Notes, this Indenture,
the Note Guarantees, or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each
Holder of Notes by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration
for issuance of the Notes and the Note Guarantees.

 

Section 12.08       Governing
Law.

 

THE LAWS OF THE STATE OF NEW YORK WILL GOVERN
AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES.

 

Section 12.09       No
Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret
any other indenture, loan or debt agreement of either Issuer or its Subsidiaries or of any other Person.  Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.

 

Section 12.10       Successors.

 

All agreements of each Issuer in this Indenture
and the Notes will bind its successors.  All agreements of the Trustee in this Indenture will bind its successors.  All
agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05 hereof.

 

Section 12.11       Severability.

 

In case any provision in this Indenture
or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will
not in any way be affected or impaired thereby.

 

Section 12.12       Counterpart
Originals; Electronic Signatures.

 

The parties may sign any number of copies
of this Indenture.  Each signed copy will be an original, but all of them together represent the same agreement.  The
exchange of signed copies of this Indenture by facsimile transmission or emailed portable document format (pdf) shall constitute
effective execution and delivery of this Indenture as to the parties hereto and such copies may be used in lieu of the original
Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile or portable document format (pdf) shall
be deemed to be their original signatures for all purposes other than authentication of Notes by the Trustee. Except with respect
to authentication of the Notes by the Trustee or an authenticating agent, the words “execution,” “signed,”
 “signature,” “delivery,” and words of like import in or relating to this Indenture or any document to be
signed in connection with this Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent
to conduct the transactions contemplated hereunder by electronic means.

 

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Section 12.13         Table
of Contents, Headings, etc.

 

The Table of Contents, Cross-Reference
Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not
to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.

 

Section 12.14          Judgment Currency

 

If for the purpose of obtaining judgment
in any court it is necessary to convert an amount due hereunder in the currency in which it is due (the “Original Currency”)
into another currency (the “Second Currency”), the rate of exchange applied shall be that at which, in accordance
with normal banking procedures, the Collateral Agent or the Trustee could purchase in the New York foreign exchange market, the
Original Currency with the Second Currency on the date two (2) Business Days preceding that on which judgment is given. Each
Issuer and Guarantor agrees that its obligation in respect of any Original Currency due from it hereunder shall, notwithstanding
any judgment or payment in such other currency, be discharged only to the extent that, on the Business Day following the date
the Collateral Agent or Trustee receives payment of any sum so adjudged to be due hereunder in the Second Currency, the Collateral
Agent may, in accordance with normal banking procedures, purchase, in the New York foreign exchange market, the Original Currency
with the amount of the Second Currency so paid; and if the amount of the Original Currency so purchased or could have been so
purchased is less than the amount originally due in the Original Currency, the Issuer and the Guarantors as a separate obligation
and notwithstanding any such payment or judgment to indemnify the Collateral Agent or Trustee against such loss.

 

ARTICLE XIII

COLLATERAL

 

Section 13.01         The
Collateral.

 

(a)            Each
Holder, by its acceptance of any Notes and the Guarantees thereof, irrevocably consents and agrees to the appointment of U.S.
Bank National Association to act as Collateral Agent. The Collateral Agent shall have the privileges, powers and immunities as
set forth in this Indenture and the Security Documents. Notwithstanding any provision to the contrary contained elsewhere in this
Indenture or the Security Documents, the duties of the Collateral Agent shall be ministerial and administrative in nature, and
the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the Security
Documents to which the Collateral Agent is a party, nor shall the Collateral Agent have or be deemed to have any trust or other
fiduciary relationship with the Trustee, any Holder, the Issuers or any Guarantor, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into this Indenture or the Security Documents or otherwise exist against the
Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Indenture
with reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to
create or reflect only an administrative relationship between independent contracting parties. The due and punctual payment of
the principal of, premium, if any, and interest on the Notes and the Guarantees thereof when and as the same shall be due and
payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, interest on the
overdue principal of and interest (to the extent permitted by law), if any, on the Notes and the Guarantees thereof and performance
of all other obligations under this Indenture shall be secured by Liens and security interests on the Collateral to the extent
provided by the Security Documents and subject to the ABL Intercreditor Agreement, any Pari Passu Second Lien Intercreditor Agreement
and any Junior Lien Intercreditor Agreement. The Issuers and the Guarantors hereby agree that the Collateral Agent shall hold
the Collateral on behalf of and for the benefit of all of the Holders, the Trustee and the Collateral Agent, in each case pursuant
to the terms of the Security Documents, and the Collateral Agent and the Trustee are hereby directed and authorized by the Holders
to execute and deliver the Security Documents.

 

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(b)            Each
Holder, by its acceptance of any Notes and the Guarantees thereof, irrevocably consents and agrees to the terms of the Security
Documents (including, without limitation, the provisions providing for foreclosure and release of Collateral) as the same may
be in effect or may be amended from time to time in accordance with their terms, agrees to the appointment of the Collateral Agent
and authorizes and directs the Collateral Agent (i) to enter into the Security Documents (including, without limitation,
the ABL Intercreditor Agreement), and perform its obligations and exercise its rights, powers and discretions under the Security
Documents in accordance therewith, (ii) make the representations of the Holders set forth in the Security Documents (including,
without limitation, the ABL Intercreditor Agreement), and (iii) bind the Holders on the terms as set forth in the Security
Documents (including, without limitation, the ABL Intercreditor Agreement).

 

(c)            The
Trustee, the Collateral Agent and each Holder, by accepting the Notes and the Guarantees thereof acknowledges that, as more fully
set forth in the Security Documents, the Collateral as now or hereafter constituted shall be held for the benefit of all the Holders,
the Collateral Agent and the Trustee, and that the Lien of this Indenture and the Security Documents in respect of the Trustee,
the Collateral Agent and the Holders is subject to and qualified and limited in all respects by the Security Documents and actions
that may be taken thereunder.

 

Section 13.02          Maintenance
of Collateral; Further Assurances.

 

(a)            The
Issuers and the Guarantors shall maintain the Collateral that is material to the conduct of their respective businesses in good,
safe and insurable operating order, condition and repair. The Issuers and the Guarantors shall pay all real estate and other taxes
(except such as are contested in good faith and by appropriate negotiations or proceedings) owed by them, and maintain in full
force and effect all their material permits and insurance in amounts that insures against such losses and risks as are reasonable
for the type and size of the business of the Issuers and the Guarantors, except, in each case, where the failure to effect such
payment or maintain such permits or insurance coverages is not adverse in any material respect to the Holders.

 

(b)            To
the extent required under this Indenture or any of the Security Documents, the Issuers and the Guarantors shall, at their sole
expense, execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such
actions which may be necessary, including those the Collateral Agent may from time to time reasonably request, to create, better
assure, preserve, protect, defend and perfect the security interest and the rights and remedies created under the Security Documents
for the benefit of the Trustee, the Collateral Agent and the Holders (subject to Permitted Liens). The Issuers agree to provide
evidence to the Trustee as to the perfection (to the extent required by this Indenture and the Security Documents) and priority
status of each such security interest and Lien.

 

Section 13.03          After-Acquired
Property.

 

From and after the Issue Date, if either
Issuer or any Guarantor acquires any property or asset constituting Collateral (other than Material Real Property Assets), it
must within 60 days after the acquisition thereof or such later date as may be agreed to by the ABL Collateral Agent execute and
deliver such mortgages, deeds of trust, deeds to secured debt, deed of hypothec, surveys, opinions, title insurance policies,
certificates, security instruments, financing statements and other documents as are required under this Indenture, the ABL Intercreditor
Agreement and the Security Documents to vest in the Collateral Agent a perfected security interest with the priority set forth
in the ABL Intercreditor Agreement and this Indenture upon such property or asset as security for the Notes and the Guarantees
and as may be necessary to have such property or asset added to the Collateral and thereupon all provisions of this Indenture
relating to the Collateral shall be deemed to relate to such after-acquired Collateral to the same extent and with the same force
and effect.

 

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Section 13.04          Impairment
of Security Interest.

 

The Issuers shall not, and the Issuers
shall not permit any Restricted Subsidiaries to, (i) take or omit to take any action which would materially adversely affect
or impair the Liens in favor of the Collateral Agent and the Holders with respect to the Collateral or (ii) grant any Person,
or permit any Person to retain (other than the ABL Collateral Agent and the Collateral Agent), any Liens on the Collateral (other
than Liens not prohibited by this Indenture, the Notes, the Guarantees, the Security Documents and the ABL Intercreditor Agreement).
The Issuers and each Guarantor will, at its sole cost and expense, execute and deliver all such agreements and instruments as
are necessary, or as the Trustee or the Collateral Agent reasonably requests, to more fully or accurately describe the assets
and property intended to be Collateral or the obligations intended to be secured by the Security Documents.

 

Section 13.05          Real
Estate Mortgages and Filings.

 

(a)            With
respect to (i) any Material Real Property Assets (other than Leasehold Property, easements and rights-of-way), (ii) any
Existing Leasehold Mortgaged Property and (iii) any part of the Grand Mesa Pipeline or the Delaware Pipeline that is a Material
Real Property Asset of the type described in the preceding clauses (i) and (ii) (a) owned, or in the case of the
Existing Leasehold Mortgaged Property, leased by any Issuer or a Guarantor on the Issue Date, such Issuer or Guarantor, as the
case may be, with respect thereto shall, within 120 days of the date of the Issue Date or such later date as may be agreed to
by the ABL Collateral Agent (and in any event within 360 days of the Issue Date (or, in the case of Real Property Assets constituting
part of the Grand Mesa Pipeline or the Delaware Pipeline, 180 days after the Issue Date)) or (b) acquired by any Issuer or
a Guarantor after the Issue Date, such Issuer or such Guarantor, as the case may be, shall, within 120 days of the acquisition
thereof or such later date as may be agreed to by the ABL Collateral Agent (and in any event within 180 days of the acquisition
thereof), deliver to the Collateral Agent for the ratable benefit of Collateral Agent, the Holders and the Trustee the following:

 

(1)            a
fully executed counterpart of a first-priority mortgage, deed of hypothec, leasehold mortgage, deed of trust, leasehold deed of
trust, deed to secure debt or leasehold deed to secure debt in favor of the Collateral Agent covering such Material Real Property
Asset, in accordance with the requirements of this Indenture, duly executed by such Issuer or such Guarantor, together with satisfactory
evidence of the completion (or satisfactory arrangements for the completion) of all recordings and filings of such mortgage, leasehold
mortgage, deed of hypothec, deed of trust, leasehold deed of trust, deed to secure debt or leasehold deed to secure debt (and
payment of any taxes or fees in connection therewith), together with any necessary fixture filings, as may be necessary to create
a valid, perfected first-priority lien, subject to Permitted Liens, against the properties purported to be covered thereby;

 

(2)            if
such Material Real Property Asset has a Designated Value of $7.5 million or more, a policy or policies or marked-up unconditional
binder of title insurance, as applicable, in favor of the Collateral Agent and its successors and/or assigns, in an amount not
less than the fair market value of such Material Real Property Asset and in the form necessary, paid for by the such Issuer or
such Guarantor, issued by a nationally recognized title insurance company insuring fee simple title or leasehold title, as applicable,
to each such Material Real Property Asset and insuring the Lien of such mortgage, deed of trust, deed of hypothec or deed to secure
debt as a valid first priority Lien (subject to Permitted Liens) on the applicable real property described therein, together with
such endorsements, title policy modifications, coinsurance and reinsurance as shall be reasonably required;

 

(3)            if
such Material Real Property Asset has a Designated Value of $7.5 million or more, such surveys (or any updates or affidavits that
the title insurance company may reasonably require in connection with the issuance of the title insurance policies), which are
sufficient for the title insurance company to remove the standard survey exception and issue customary survey-related endorsements
and title policy modifications;

 

(4)            local
counsel opinions (i) as to the due authorization, execution and delivery by such Issuer or such Guarantor of such
mortgage, leasehold mortgage, deed of trust, leasehold deed of trust, deed of hypothec, deed to secure debt or leasehold deed
to secure debt and such other customary matters that are incidental thereto and (ii) in jurisdictions where such Material
Real Property Asset is located covering the enforceability of each mortgage, leasehold mortgage, deed of trust, leasehold deed
of trust, deed of hypothec, deed to secure debt or leasehold deed to secure debt and such other customary matters as are incidental
thereto;

 

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(5)            if
such Material Real Property Asset has a Designated Value of $7.5 million or more, with respect to such Material Real Property
Asset, evidence such Material Real Property Asset, and the uses of such Material Real Property Asset, are in compliance in all
material respects with all applicable zoning laws (the evidence submitted as to which should include the zoning designation made
for such Material Real Property Asset, the permitted uses of each such Material Real Property Asset under such zoning designation
and, if available, zoning requirements as to parking, lot size, ingress, egress and building setbacks); and

 

(6)            such
affidavits, certificates, instruments of indemnification and other items as shall be reasonably required and evidence of payment
by the Issuer or Guarantor, as applicable, of all search and examination charges, mortgage recording taxes, fees, charges, costs
and expenses required for the recording of the mortgages, leasehold mortgages, deeds of trust, leasehold deeds of trust, and deeds
to secure debt, leasehold deeds to secure debt and the issuance of the title insurance policies, in each case to the extent required
pursuant to the foregoing.

 

The Issuers and each Guarantor will not, and each Issuer will
not permit any of its Restricted Subsidiaries to, grant any Lien on any Material Real Property Assets to which the foregoing paragraph
is applicable with respect to which such Issuer or such Restricted Subsidiary has not satisfied the applicable requirements of
paragraph (1) of the preceding paragraph, as security or otherwise, subject to customary exceptions for statutory or other
similar liens.

 

(b)            With
respect to any Material Real Property Asset consisting of Leasehold Property, easements or rights of-way, including Material Real
Property Assets that are Leasehold Property, easements or rights-of-way constituting part of the Grand Mesa Pipeline or the Delaware
Pipeline (in each case other than the Existing Leasehold Mortgaged Properties and any fee owned Material Real Property Asset),
(a) held by any Issuer or a Guarantor on the Issue Date or (b) acquired by any Issuer or a Guarantor after the Issue
Date, such Issuer or such Guarantor, as the case may be, shall use commercially reasonable efforts (which, for the avoidance of
doubt shall not require cash payments or other consideration aside from the payment or reimbursement of reasonable fees and expenses
in connection with the preparation and recording of the documentation related to such Other Specified Collateral Deliverables)
to deliver, within 180 days of the Issue Date or the date of acquisition thereof or, with respect to any such Material Real Property
Asset (such Material Real Property Assets, “Other Specified Property”), or with respect to any such Other Specified
Property other than Real Property Assets constituting a part of the Grand Mesa Pipeline or the Delaware Pipeline, or such later
date as may be agreed to by the ABL Collateral Agent (provided that the ABL Collateral Agent may not extend such deadline to a
date later than 360 days after the Issue Date or 180 days after the date of acquisition thereof, as applicable), to the Collateral
Agent for the ratable benefit of Collateral Agent, the Holders and the Trustee, the following:

 

(1)            a
fully executed counterpart of a first-priority leasehold mortgage, leasehold deed of trust or leasehold deed to secure debt, duly
executed by the Issuer or Guarantor that is the lessee, owner or holder of such Material Real Property Asset, satisfactory evidence
of the completion (or satisfactory arrangements for the completion) of all recordings and necessary filings of such leasehold
mortgage, leasehold deed of trust or leasehold deed to secure debt (and payment of any taxes or fees in connection therewith),
together with any necessary consents, memoranda of lease and fixture filings, as may be necessary to create a valid, perfected
first-priority lien, subject to Permitted Liens, against the properties purported to be covered thereby;

 

(2)            if
such Material Real Property Asset has a Designated Value of $15.0 million or more (or $7.5 million or more if there are improvements
(other than pipelines) to such Material Real Property Asset), policy or policies or marked-up unconditional binder of title insurance,
as applicable, in favor of the Collateral Agent and its successors and/or assigns, in an amount not less than the fair market
value of such Material Real Property Asset and in the form necessary, paid for by the such Issuer or such Guarantor, issued by
a nationally recognized title insurance company insuring fee simple title or leasehold title to such Material Real Property Asset
and insuring the Lien of such leasehold mortgage, leasehold deed of trust or leasehold deed to secure debt as a valid first priority
Lien (subject to Permitted Liens) on the applicable real property described therein, together with such endorsements, title policy
modification, coinsurance and reinsurance as shall be reasonably required;

 

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(3)            if
such Material Real Property Asset has a Designated Value of $15.0 million or more (or $7.5 million or more if there are improvements
(other than pipelines) to such Material Real Property Asset), such surveys (or any updates or affidavits that the title insurance
company may reasonably require in connection with the issuance of the title insurance policies), which are sufficient for the
title insurance company to remove or modify the standard survey exception and issue customary survey-related endorsements or title
policy modifications;

 

(4)            local
counsel opinions (i) as to the due authorization, execution and delivery by such Issuer or such Guarantor of such mortgage,
deed of trust or deed to secure debt and such other customary matters that are incidental thereto and (ii) in jurisdictions
where such Material Real Property Asset is located covering the enforceability of each mortgage, deed of trust or deed to secure
debt and such other customary matters as are incidental thereto;

 

(5)            if
such Material Real Property Asset has a Designated Value of $15.0 million or more (or $7.5 million or more if there are improvements
(other than pipelines) to such Material Real Property Asset), with respect to such Material Real Property Asset, evidence such
Material Real Property Asset, and the uses of such Material Real Property Asset, are in compliance in all material respects with
all applicable zoning laws (the evidence submitted as to which should include the zoning designation made for such Material Real
Property Asset, the permitted uses of each such Material Real Property Asset under such zoning designation and, if available,
zoning requirements as to parking, lot size, ingress, egress and building setbacks); and

 

(6)            such
affidavits, certificates, instruments of indemnification and other items as shall be reasonably required and evidence of payment
by the Issuer or Guarantor, as applicable, of all search and examination charges, mortgage recording taxes, fees, charges, costs
and expenses required for the recording of the mortgages, leasehold mortgages, deeds of trust, leasehold deeds of trust, and deeds
to secure debt, leasehold deeds to secure debt and the issuance of the title insurance policies, in each case to the extent required
pursuant to the foregoing;

 

provided
that, notwithstanding the foregoing, the requirements of paragraphs (2), (3), (5) and (6) of this paragraph
will not be required with respect to (i) any such Other Specified Property, to the extent the cost of providing such items
would exceed 1% of the Designated Value of such Other Specified Property or (ii) any such Other Specified Property that is
comprised solely of easements or rights-of way. Notwithstanding anything herein to the contrary, for purposes of the determination
of Designated Value pursuant to the preceding proviso, the penultimate paragraph of this covenant shall not apply.

 

The requirements of the foregoing paragraph
with respect to the Other Specified Property shall be referred to as the “Other Specified Collateral Requirements”,
and the items described in items (1) through (6) of the foregoing paragraph shall be referred to as the “Other
Specified Collateral Deliverables”.

 

Solely for purposes of determining the
Designated Value of any Real Property Assets with respect to which an Issuer or Guarantor must use commercially reasonable efforts
to provide the Other Specified Collateral Requirements, if any Real Property Asset constitutes, with one or more Real Property
Assets, any pipeline, facility, terminal, injection well or disposal well of the Issuers and their Restricted Subsidiaries, the
Designated Value of such Real Property Asset shall be deemed to be the sum of the Designated Values of all such Real Property
Assets forming such pipeline, facility, terminal, injection well or disposal well. For the avoidance of doubt, the foregoing sentence
shall have no effect with respect to the assessment of additional interest pursuant to Section 6.01.

 

The Issuers and each Guarantor will not,
and each Issuer will not permit any of its Restricted Subsidiaries to, grant any Lien on any Other Specified Property with respect
to which such Issuer or such Restricted Subsidiary has not satisfied the applicable requirements of paragraph (1) of this
Section 13.05(b), as security or otherwise, subject to customary exceptions for statutory or other similar liens.

 

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Section 13.06          Release
of Liens on the Collateral.

 

(a)            The
Liens on the Collateral securing the Notes will automatically and without the need for any further action by any Person be released:

 

(1)            in
whole, upon payment in full of the principal of, accrued and unpaid interest and premium, if any, on the Notes;

 

(2)            in
whole upon:

 

(A)            a
Legal Defeasance or Covenant Defeasance as set forth in Article VIII hereof; or

 

(B)            the
satisfaction and discharge of this Indenture as set forth in Section 11.01; or

 

(C)            upon
the occurrence of a Suspension Date (provided that the applicable Investment Grade Ratings give effect to the proposed release
of the Collateral).

 

(3)            in
part, as to any property constituting Collateral that (a) is sold, transferred or otherwise disposed of by any Issuer or
any Guarantor (other than to any Issuer or another Guarantor) in a transaction not prohibited by this Indenture or the Security
Documents at the time of such sale, transfer or disposition or (b) is owned or at any time acquired by a Guarantor that has
been released from its Guarantee in accordance with this Indenture, concurrently with the release of such Guarantee (including
in connection with the designation of a Guarantor as an Unrestricted Subsidiary);

 

(4)            in
whole or in part, as applicable, in accordance with the provisions in Article IX;

 

(5)            in
part, in accordance with the applicable provisions of the Security Documents and the ABL Intercreditor Agreement; or

 

(6)            in
whole or in part, as applicable, as to all or any part of the Collateral that has been taken by eminent domain, condemnation or
other similar circumstances,

 

provided
that, in the case of any release in whole pursuant to clauses (1), (2) and (4) above, all amounts owing to
the Trustee and the Collateral Agent under this Indenture, the Notes, the Guarantees, the Security Documents and the ABL Intercreditor
Agreement have been paid in full.

 

Notwithstanding clause (2)(C) above,
upon the occurrence of a Reinstatement Date, the Issuers and the Guarantors shall use commercially reasonable efforts to take
all actions reasonably necessary to provide to the Collateral Agent for its benefit and the benefit of the Holders and the Trustee
valid, perfected, security interests (subject to Permitted Liens) in the Collateral (which in accordance with the ABL Intercreditor
Agreement shall be first-priority Liens, in the case of any Notes Priority Collateral, and second-priority Liens, in the case
of any ABL Priority Collateral) within 60 days after such Reinstatement Date or, with respect to any Material Real Property Asset,
with 120 days after such Reinstatement Date.

 

(b)            To
the extent a proposed release of Collateral is not automatic and requires action by the Trustee or the Collateral Agent, the Issuers
and each Guarantor will furnish to the Trustee and the Collateral Agent, prior to each proposed release of such Collateral pursuant
to the Security Documents and this Indenture, an Officer’s Certificate and an Opinion of Counsel that all conditions precedent
provided for in this Indenture and the Security Documents relating to such release have been complied with.

 

(c)            Upon
compliance by the Issuers or the Guarantors, as the case may be, with the conditions precedent set forth above, the Trustee or
the Collateral Agent shall promptly cause to be released and reconveyed (at the expense of the Issuers or the Guarantors) to the
Issuers or the Guarantors, as the case may be, the released Collateral.

 

    106

     

    

 

Section 13.07          Authorization
of Actions to be Taken by the Trustee or the Collateral Agent Under the Security Documents.

 

(a)            Subject
to the provisions of the Security Documents, each of the Trustee or the Collateral Agent may (but shall not be obligated to),
in its sole discretion and without the consent of the Holders, on behalf of the Holders, take all actions it deems necessary or
appropriate in order to (1) enforce any of its rights or any of the rights of the Holders under the Security Documents and
(2) collect and receive any and all amounts payable in respect of the Collateral in respect of the obligations of the Issuers
and the Guarantors hereunder and thereunder. Subject to the provisions of the Security Documents, the Trustee or the Collateral
Agent shall have the power to institute and to maintain such suits and proceedings as it may deem expedient to prevent any impairment
of the Collateral by any acts that may be unlawful or in violation of the Security Documents or this Indenture, and such suits
and proceedings as the Trustee or the Collateral Agent may deem expedient to preserve or protect its interest and the interests
of the Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of
or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise
invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder
or be prejudicial to the interests of the Holders or the Trustee).

 

(b)            Except
as otherwise expressly set forth in Section 3 of the Security Agreement, neither the Trustee nor the Collateral Agent shall
be responsible for, nor do they make any representation regarding, 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, whether impaired by operation
of law or by reason of any action or omission to act on its part hereunder, for the validity or sufficiency of the Collateral
or any agreement or assignment contained therein, for the validity of the title of the Issuers 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. Neither the Trustee nor the Collateral Agent shall have any responsibility for recording, filing, re-recording
or re-filing any financing statement, continuation statement, financing change statement, document, instrument or other notice
in any public office at any time or times or to otherwise take any action to perfect or maintain the perfection of any security
interest granted to it under the Security Documents or otherwise.

 

(c)            Where
any provision of this Indenture requires that additional property or assets be added to the Collateral and a security interest
with respect to such property or assets would not be created or perfected without preparation and execution of additional documentation,
the Issuers and each Guarantor shall deliver to the Trustee or the Collateral Agent the following:

 

(1)            a
request from the Issuers that such Collateral be added;

 

(2)            the
form of instrument adding such Collateral, which, based on the type and location of the property subject thereto, shall be in
substantially the form of the applicable Security Documents previously entered into, with such changes thereto as the Issuers
shall consider appropriate, or in such other form as the Issuers shall deem proper; provided that any such changes or such form
are administratively satisfactory to the Trustee and the Collateral Agent; and

 

(3)            such
financing statements, if any, as the Issuers shall deem necessary to perfect the Collateral Agent’s security interest in
such Collateral.

 

(d)            The
Trustee and the Collateral Agent, in giving any consent or approval under the Security Documents or in executing any Security
Documents, shall be entitled to receive, as a condition to such consent or approval or to executing such document in the case
of a request to execute a Security Document, a request of the Issuers and, in all cases, an Officer’s Certificate and an
Opinion of Counsel to the effect that all conditions precedent specified in this Indenture with respect to the action or omission
for which consent or approval is to be given have been satisfied or that such action or omission for which consent or approval
is not being given does not violate this Indenture, and the Trustee and the Collateral Agent shall be fully protected in giving
such consent or approval on the basis of such Officer’s Certificate and Opinion of Counsel.

 

    107

     

    

 

(e)            Notwithstanding
anything else to the contrary herein, whenever reference is made in this Indenture or any Security Document to any discretionary
action by, consent, designation, specification, requirement or approval of, notice, request or other communication from, or other
direction given or action to be undertaken or to be (or not to be) suffered or omitted by the Collateral Agent or to any election,
decision, opinion, acceptance, use of judgment, expression of satisfaction or other exercise of discretion, rights or remedies
to be made (or not to be made) by the Collateral Agent, it is understood that in all cases the Collateral Agent shall be fully
justified in failing or refusing to take any such action under this Indenture if it shall not have received such written instruction,
advice or concurrence of the Trustee (acting at the direction of the Holders and otherwise in accordance with this Indenture,
ABL Intercreditor Agreement and other Security Documents), and such indemnity from the Holders as it deems appropriate. This provision
is intended solely for the benefit of the Collateral Agent and its successors and permitted assigns and is not intended to and
will not entitle the other parties hereto to any defense, claim or counterclaim, or confer any rights or benefits on any party
hereto.

 

Section 13.08          Information
Regarding Collateral.

 

(a)            The
Issuers shall furnish to the Collateral Agent, with respect to either Issuer, or any Guarantor, promptly (and in any event within
60 days of such change) written notice of any change in such Person’s (i) corporate or organization name, (ii) jurisdiction
of organization or formation, (iii) identity or corporate structure or (iv) organizational identification number. The
Issuers and the Guarantors agree not to effect or permit any change referred to in the preceding sentence unless all filings have
been made, or will have been made within any applicable statutory period, under UCC, the PPSA and any other applicable laws that
are required in the Security Documents in order for the Collateral to be made subject to the Lien of the Collateral Agent under
such Security Documents in the manner and to the extent required by this Indenture or any of the Security Documents and will take
all necessary action so that the Lien in favor of the Collateral Agent pursuant to this Indenture and/or the Security Documents
is perfected with the same priority as immediately prior to such change to the extent required by this Indenture and/or the Security
Documents. The Issuers shall also promptly notify the Collateral Agent if any material portion of the Collateral is damaged, destroyed
or condemned. If at any time after the Issue Date, the Issuers deliver to an agent or representative of the holders of other Pari
Passu Notes Lien Indebtedness an update to the perfection certificate previously delivered to any such agent or representative,
then the Issuers shall promptly deliver such update to the Trustee and the Collateral Agent.

 

Section 13.09          Negative
Pledge.

 

The Issuers and each Guarantor shall not,
and the Issuers shall not permit any of its Restricted Subsidiaries to, further pledge the Collateral as security or otherwise,
subject to Permitted Liens.

 

Section 13.10          Regarding
the Collateral Agent.

 

(a)            The
Collateral Agent is authorized and empowered to appoint one or more subagents or co-collateral agents as it deems necessary or
appropriate.

 

(b)            Except
as otherwise expressly set forth in Section 3 of the Security Agreement, neither the Trustee nor the Collateral Agent shall
have any obligation whatsoever to the Trustee or any of the Holders to assure that the Collateral exists or is owned by any Grantor
or is cared for, protected, or insured or has been encumbered, or that the Collateral Agent’s Liens have been properly or
sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to any particular priority, or
to determine whether all of the Issuers’ or any Guarantor’s property constituting collateral intended to be subject
to the Lien and security interest of the Security Documents has been properly and completely listed or delivered, as the case
may be, or the genuineness, validity, marketability or sufficiency thereof or title thereto, or to exercise at all or in any particular
manner or under any duty of care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities, and powers
granted or available to the Collateral Agent pursuant to this Indenture or any Security Document other than pursuant to the instructions
of the Trustee or the Holders of a majority in aggregate principal amount of the Notes or as otherwise provided in the Security
Documents.

 

(c)            Notwithstanding
anything to the contrary contained in this Indenture or the Security Documents, in the event the Collateral Agent is entitled
or required to commence an action to foreclose or otherwise exercise its remedies to acquire control or possession of the Collateral,
the Collateral Agent shall not be required to commence any such action or exercise any remedy or to inspect or conduct any studies
of any property under the mortgages or take any such other action if the Collateral Agent has determined that the Collateral Agent
may incur personal liability as a result of the presence at, or release on or from, the Collateral or such property, of any hazardous
substances. The Collateral Agent shall at any time be entitled to cease taking any action described in this clause if it no longer
reasonably deems any indemnity, security or undertaking from the Issuers or the Holders to be sufficient.

 

    108

     

    

 

(d)            The
Collateral Agent shall not be liable for (i) any action taken or omitted to be taken by it in connection with this Indenture
and the Security Documents or instrument referred to herein or therein, except to the extent that any of the foregoing are found
by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from its own gross negligence or willful
misconduct, and (ii) interest on any money received by it except as the Collateral Agent may agree in writing with the Issuers
(and money held in trust by the Collateral Agent shall be segregated from other funds except to the extent required by law).

 

(e)            The
Collateral Agent shall exercise reasonable care in the custody of any Collateral in its possession or control or in the possession
or control of any agent or bailee or any income thereon. The Collateral Agent shall be deemed to have exercised reasonable care
in the custody of Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords
similar property held for its own benefit and shall not be liable or responsible for any loss or diminution in value of any of
the Collateral, including, without limitation, by reason of the act or omission of any carrier, forwarding agency or other agent
or bailee selected by the Collateral Agent in good faith.

 

(f)            The
parties hereto and the Holders hereby agree and acknowledge that neither the Collateral Agent nor the Trustee shall assume, be
responsible for or otherwise be obligated for any liabilities, claims, causes of action, suits, losses, allegations, requests,
demands, penalties, fines, settlements, damages (including foreseeable and unforeseeable), judgments, expenses and costs (including
but not limited to, any remediation, corrective action, response, removal or remedial action, or investigation, operations and
maintenance or monitoring costs, for personal injury or property damages, real or personal) of any kind whatsoever, pursuant to
any environmental law as a result of this Indenture, the Security Documents or any actions taken pursuant hereto or thereto. Further,
the parties hereto and the Holders hereby agree and acknowledge that in the exercise of its rights under this Indenture and the
Security Documents, the Collateral Agent or the Trustee may hold or obtain indicia of ownership primarily to protect the security
interest of the Collateral Agent or the Trustee in the Collateral and that any such actions taken by the Collateral Agent or the
Trustee shall not be construed as or otherwise constitute any participation in the management of such Collateral. In the event
that the Collateral Agent or the Trustee is required to acquire title to an asset for any reason, or take any managerial action
of any kind in regard thereto, which in the Collateral Agent’s or the Trustee’s sole discretion may cause the Collateral
Agent or the Trustee to be considered an “owner or operator” under the provisions of the Comprehensive Environmental
Response, Compensation and Liability Act (“CERCLA”), 42 U.S.C. §9601, et seq., or otherwise cause the
Collateral Agent or the Trustee to incur liability under CERCLA or any other federal, state or local law, the Collateral Agent
and the Trustee reserves the right, instead of taking such action, to either resign as the Collateral Agent or the Trustee or
arrange for the transfer of the title or control of the asset to a court-appointed receiver or monitor. Neither the Collateral
Agent nor the Trustee shall be liable to the Issuers, the Guarantors or any other Person for any environmental claims or contribution
actions under any federal, state or local law, rule or regulation by reason of the Collateral Agent’s or the Trustee’s
actions and conduct as authorized, empowered and directed hereunder or relating to the discharge, release or threatened release
of hazardous materials into the environment. If at any time it is necessary or advisable for property to be possessed, owned,
operated or managed by any Person (including the Collateral Agent or the Trustee) other than the Issuers or the Guarantors, subject
to the terms of the Security Documents, a majority in interest of Holders shall direct the Collateral Agent or the Trustee to
appoint an appropriately qualified Person (excluding the Collateral Agent or the Trustee) whom it shall designate to possess,
own, operate or manage, as the case may be, such property.

 

(g)            For
the avoidance of doubt, the rights, privileges, protections, immunities and benefits given to the Collateral Agent hereunder,
including, without limitation, its right to be indemnified prior to taking action, shall survive the satisfaction, discharge or
termination of this Indenture or earlier termination, resignation or removal of the Trustee, in such capacity, with respect to
the holders of the ABL Priority Collateral or the Other Pari Passu Lien Obligations, as applicable, to the extent the Security
Documents remain in force thereafter.

 

    109

     

    

 

Section 13.11          Conflicts.

 

The Issuers, the Guarantors, the Trustee
and the Collateral Agent acknowledge and agree to be bound by the provisions of the Security Documents and the ABL Intercreditor
Agreement, as applicable.

 

(Signatures on following pages)

 

    110

     

    

 

IN WITNESS WHEREOF, the parties hereto
have executed and delivered this Indenture as of the date first written above.

 

	 	ISSUERS:
	 	 
	 	NGL ENERGY OPERATING LLC
	 	 	 
	 	By:	/s/ Robert
    W. Karlovich III
	 	Name:	 Robert W. Karlovich III
	 	Title:	Chief Financial Officer
	 	 
	 	NGL ENERGY FINANCE CORP.
	 	 	 
	 	By:	/s/ Robert
    W. Karlovich III
	 	Name: 	Robert W. Karlovich III
	 	Title:	Chief Financial Officer

 

Signature Page to
the Indenture

 

    

     

    

 

	 	GUARANTORS :
	 	 
	 	NGL Energy Partners LP
	 	 
	 	By: NGL Energy Holdings LLC, its General Partner  

 

	 	By:	/s/ Robert W. Karlovich III
	 	Name:	Robert W. Karlovich III
	 	Title:	Chief Financial Officer

 

	 	Anticline Disposal, LLC
	 	AWR Disposal, LLC
	 	Centennial Energy, LLC
	 	Centennial Gas Liquids ULC
	 	Choya Operating, LLC
	 	Daco Permian 76, LLC
	 	Disposals Operating, LLC
	 	GGCOF HEP Blocker, LLC
	 	GGCOF HEP Blocker II, LLC
	 	Grand Mesa Pipeline, LLC
	 	GSR Northeast Terminals LLC
	 	HEP Intermediate Holdco, LLC
	 	HEP Intermediate Holdco Sub, LLC
	 	HEP Operations, LLC
	 	HEP Operations Holdings, LLC
	 	HEP Shalewater Solutions, LLC
	 	Hillstone DACO 76, LLC
	 	Hillstone DACO Permian, LLC
	 	Hillstone Environmental Partners, LLC
	 	Hillstone Permian Adams, LLC
	 	Hillstone Permian Arthur, LLC
	 	Hillstone Permian Cleveland, LLC
	 	Hillstone Permian Fortress, LLC
	 	Hillstone Permian Garfield, LLC
	 	Hillstone Permian Hamilton, LLC
	 	Hillstone Permian Harrison, LLC
	 	Hillstone Permian Hayes, LLC
	 	Hillstone Permian Knox, LLC
	 	Hillstone Permian Madison, LLC
	 	Hillstone Permian McKinley, LLC
	 	Hillstone Permian Monroe, LLC
	 	Hillstone Permian Pipeline, LLC
	 	Hillstone Permian Pipeline Loving BR, LLC
	 	Hillstone Permian Poker Lake, LLC
	 	Hillstone Permian Rattlesnake, LLC
	 	Hillstone Permian Reagan, LLC
	 	Hillstone Permian Roosevelt, LLC
	 	Hillstone Permian Shultz, LLC  

 

	 	By:	 /s/ Robert W. Karlovich III
	 	Name:	Robert W. Karlovich III
	 	Title:	Chief Financial Officer    

 

Signature Page to
the Indenture

 

    

     

    

 

	 	Hillstone Permian St. Lucia, LLC
	 	Hillstone Permian Taft, LLC
	 	Hillstone Permian Wilson, LLC
	 	Loving Fortress, LLC
	 	NGL Crude Cushing, LLC
	 	NGL Crude Logistics, LLC
	 	NGL Crude Terminals, LLC
	 	NGL Crude Transportation, LLC
	 	NGL Delaware Basin Holdings, LLC
	 	NGL Energy Equipment, LLC
	 	NGL Energy GP LLC
	 	NGL Energy Holdings II, LLC
	 	NGL Energy Logistics, LLC
	 	NGL Liquids, LLC
	 	NGL Marine, LLC
	 	NGL Milan Investments, LLC
	 	NGL Recycling Services, LLC
	 	NGL South Ranch, INC.
	 	NGL Supply Terminal Company, LLC
	 	NGL Supply Wholesale, LLC
	 	NGL TM LLC NGL Waste Service, LLC
	 	NGL Water Pipelines, LLC
	 	NGL Water Solutions, LLC
	 	NGL Water Solutions DJ, LLC
	 	NGL Water Solutions Eagle Ford, LLC
	 	NGL Water Solutions - ORLA SWD, LLC
	 	NGL Water Solutions Permian, LLC
	 	NGL Water Solutions Product Services, LLC
	 	Red Rock Midstream, LLC
	 	Sand Lake Midstream, LLC

 

	 	By:	 /s/ Robert W. Karlovich III
	 	Name:	 Robert W. Karlovich III
	 	Title:	 Chief Financial Officer

 

	 	TRUSTEE AND COLLATERAL AGENT:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
    as Trustee and Collateral Agent
	 	 	 
	 	By:	/s/
    Michael K. Herberger
	 	 	Name:	Michael K. Herberger
	 	 	Title:	Vice President

 

Signature Page to
the Indenture

 

    

     

    

 

EXHIBIT A

 

[Face of Note]

 

CUSIP/ISIN

 

7.500% Senior Secured Note due 2026

 

	No. ___________	$_____________

 

NGL ENERGY OPERATING LLC

NGL ENERGY FINANCE CORP.

 

jointly and severally promise to pay to                                                       
[if a Global Note, insert — CEDE & CO., as nominee for The Depository Trust Company] or its registered assigns,
the principal sum of                                                                                         
DOLLARS [if a Global Note, insert — , or such other principal amount as shall be set forth on the “Schedule
of Exchanges of Interests in the Global Note” attached hereto,] on February 1, 2026.

 

Interest Payment Dates:  February 1 and August 1

 

Record Dates:  January 15 and July 15

 

Dated:                       ,
202

 

    A-1

     

    

 

	 	NGL ENERGY OPERATING LLC

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	NGL ENERGY FINANCE CORP.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	This is one of the Notes referred to in the within-mentioned Indenture:	 
	 	 
	U.S. BANK NATIONAL ASSOCIATION, as Trustee	 

 

	By:	 	 
	 	Authorized Signatory  	 

 

    A-2

     

    

 

 

[Back of Note]

7.500% Senior Secured Note due 2026

 

[Insert the Global Note Legend, if applicable pursuant to
the provisions of the Indenture]

 

[Insert the Private Placement Legend, if applicable pursuant
to the provisions of the Indenture]

 

Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

		(1)	INTEREST.  NGL Energy Operating LLC, a Delaware limited liability company (the “Operating LLC”),
and NGL Energy Finance Corp., a Delaware corporation (together with Operating LLC, the “Issuers”),each a wholly
owned subsidiary of NGL Energy Partners LP, a Delaware limited partnership (the “Company”), jointly and severally
promise to pay interest on the principal amount of this Note at 7.500% per annum until maturity.  The Issuers will pay interest,
if any, semi-annually in arrears on February 1 and August 1 of each year, or if any such day is not a Business Day, on
the next succeeding Business Day (each, an “Interest Payment Date”); provided that the first Interest
Payment Date shall be           .  Interest on the Notes will accrue from
the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided
that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred
to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date.  The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at a rate equal to the then applicable interest rate on the Notes; they
will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest,
if any (without regard to any applicable grace periods), from time to time on demand at the same rate to the extent lawful. 
Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

		(2)	METHOD OF PAYMENT.  The Issuers will pay interest on the Notes (except defaulted interest), if any, to the Persons
who are registered Holders of Notes at the close of business on the January 15 or July 15 next preceding the Interest
Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided
in Section 2.12 of the Indenture with respect to defaulted interest.  The Notes will be payable as to principal, premium,
if any, and interest, if any, at the office or agency of the Issuers maintained for such purpose within or without the City and
State of New York, or, at the option of the Issuers, payment of interest, if any, may be made by check mailed to the Holders at
their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds
will be required with respect to principal of, premium, if any, and interest, if any, on, all Global Notes and all other Notes
the Holders of which will have provided to the Issuers or the Paying Agent wire transfer instructions to an account in the United
States of America.  Such payment will be in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts.

 

		(3)	PAYING AGENT AND REGISTRAR.  Initially, U.S. Bank National Association, the Trustee under the Indenture, will act
as Paying Agent and Registrar.  The Issuers may change any Paying Agent or Registrar without notice to any Holder; provided,
however, that the Issuers shall at all times maintain a Paying Agent in the Borough of Manhattan, The City of New York. 
Either Issuer or any Subsidiary may act in any such capacity.

 

    	 	A-3	 

     

    

 

		(4)	INDENTURE.  The Issuers issued the Notes under an Indenture dated as of February 4, 2021 (the “Indenture”)
among the Issuers, the Guarantors and the Trustee. The Notes are subject to all such terms, and Holders are referred to the Indenture
for a statement of such terms.  To the extent any provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling.  The Notes are secured obligations of the Issuers. The Indenture
does not limit the aggregate principal amount of Notes that may be issued thereunder.

 

		(5)	OPTIONAL REDEMPTION.

 

		(a)	At
                                         any time prior to February 1, 2023, Operating LLC may on any one or more occasions
                                         redeem up to 40% of the aggregate principal amount of the Notes outstanding under the
                                         Indenture (which may include Additional Notes) with an amount of cash not greater than
                                         the amount of the net cash proceeds from one or more Equity Offerings at a redemption
                                         price equal to 107.5% of the principal amount thereof, plus accrued and unpaid interest,
                                         if any, on the Notes to be redeemed to the redemption date (subject to the right of Holders
                                         of record on the relevant record date to receive interest, if any, due on the relevant
                                         Interest Payment Date); provided that (i) at least 50% of the aggregate principal
                                         amount of the Notes issued on the Issue Date (excluding Notes held by the Company and
                                         its Subsidiaries) remains outstanding after each such redemption and (ii) the redemption
                                         occurs within 180 days after the closing of such Equity Offering.

 

		(b)	At
                                         any time or from time to time prior to February 1, 2023, Operating LLC may
                                         redeem all or a part of the Notes, at a redemption price equal to the Make-Whole Price,
                                         subject to the rights of Holders of Notes on the relevant record date to receive interest,
                                         if any, due on the relevant Interest Payment Date.

 

		(c)	In
                                         the event that Holders of not less than 90% in aggregate principal amount of the outstanding
                                         Notes accept a Change of Control Offer or Alternate Offer and the Company (or any third
                                         party making such Change of Control Offer in lieu of the Company as described in Section 4.14(c) of
                                         the Indenture) purchases all of the Notes held by such Holders, the Company will have
                                         the right, upon not less than 15 nor more than 60 days’ prior notice, given not
                                         more than 30 days following the purchase pursuant to the Change of Control Offer or Alternate
                                         Offer described in Section 4.14 of the Indenture, to redeem all of the Notes that
                                         remain outstanding following such purchase at a redemption price equal to the Change
                                         of Control Payment plus, to the extent not included in the Change of Control Payment,
                                         accrued and unpaid interest, if any, on the Notes that remain outstanding, to the date
                                         of redemption (subject to the right of Holders of record on the relevant record date
                                         to receive interest, if any, due on an Interest Payment Date that is on or prior to the
                                         redemption date).

 

		(d)	Except
                                         as provided in the immediately preceding paragraphs (a), (b) and (c), the Notes
                                         will not be redeemable at Operating LLC’s or the Company’s option prior to
                                         February 1, 2023.

 

    	 	A-4	 

     

    

 

		(e)	On and after February 1, 2023, Operating LLC may redeem all or a part of the Notes, from time to time, upon not less
than 15 nor more than 60 days’ notice, at the following redemption prices (expressed as a percentage of principal amount)
plus accrued and unpaid interest, if any, on the Notes to be redeemed to the applicable redemption date (subject to the rights
of Holders on the relevant record date to receive interest, if any, due on the relevant Interest Payment Date), if redeemed during
the twelve-month period beginning on February 1 of the years indicated below:

 

	Year	 	Percentage	 
	2023	 	 	103.750	%
	2024	 	 	101.875	%
	2025 and thereafter	 	 	100.000	%

 

		(f)	Unless
                                         the Issuers default in the payment of the redemption price, interest will cease to accrue
                                         on the Notes or portions thereof called for redemption on the applicable redemption date.

 

		(6)	REPURCHASE AT THE OPTION OF HOLDER.

 

		(a)	If
                                         there is a Change of Control, each Holder will have the right, except as provided below
                                         and in the Indenture, to require the Company to make an offer (a “Change of
                                         Control Offer”) to repurchase all or any part (equal to $2,000 or an integral
                                         multiple of $1,000 in excess of $2,000) of each Holder’s Notes at a purchase price
                                         equal to 101% of the aggregate principal amount of Notes repurchased plus accrued
                                         and unpaid interest, if any, on the Notes repurchased to the date of purchase, subject
                                         to the rights of Holders on the relevant record date to receive interest, if any, due
                                         on the relevant Interest Payment Date (the “Change of Control Payment”). 
                                         Within 30 days following any Change of Control, the Company will send a notice to each
                                         Holder setting forth the procedures governing the Change of Control Offer as required
                                         by the Indenture.  The Company will not be required to make a Change of Control
                                         Offer upon a Change of Control, if (i) a third party makes the Change of Control
                                         Offer in the manner, at the time and otherwise in compliance with the requirements set
                                         forth in Section 4.14(a) of the Indenture applicable to a Change of Control
                                         Offer made by the Company and purchases all Notes properly tendered and not withdrawn
                                         under the Change of Control Offer, (ii) notice of redemption of all outstanding
                                         Notes has been given pursuant to the Indenture unless and until there is a default in
                                         payment of the applicable redemption price, or (iii) in connection with or in contemplation
                                         of any Change of Control, the Company has made an offer to purchase (an “Alternate
                                         Offer”) any and all Notes validly tendered at a cash price equal to or higher
                                         than the Change of Control Payment and has purchased all Notes properly tendered in accordance
                                         with the terms of the Alternate Offer.

 

		(b)	If
                                         the Company or a Restricted Subsidiary consummates any Asset Sales of Collateral, within
                                         10 Business Days after the aggregate amount of Excess Collateral Proceeds exceeds $30.0
                                         million, the Issuers will be required to make an offer (a “Collateral Disposition
                                         Offer”) to all Holders to purchase the maximum principal amount of the Notes
                                         (on a pro rata basis) and, if required by the terms of any other Pari Passu Notes Lien
                                         Indebtedness, to the holders of such Pari Passu Notes Lien Indebtedness (on a pro rata
                                         basis), to which the Collateral Disposition Offer applies that may be purchased out of
                                         the Excess Collateral Proceeds, at an offer price in cash in an amount equal to 100%
                                         of the principal amount of the Notes and such other Pari Passu Notes Lien Indebtedness,
                                         plus accrued and unpaid interest, if any, to, but excluding, the date of purchase, in
                                         accordance with the procedures set forth in the Indenture in a principal amount of $2,000
                                         or an integral multiple of $1,000 in excess thereof with respect to the Notes. To the
                                         extent that the aggregate amount of Notes so validly tendered and not properly withdrawn
                                         pursuant to a Collateral Disposition Offer (together with, if required by the terms of
                                         any other Pari Passu Notes Lien Indebtedness, the amount of Pari Passu Notes Lien Indebtedness
                                         tendered pursuant to any similar requirement), is less than the Excess Collateral Proceeds,
                                         the Issuers may use any remaining Excess Collateral Proceeds for general corporate purposes,
                                         subject to the other covenants contained in the Indenture. If the aggregate principal
                                         amount of Notes surrendered by Holders and, if required by the holders of Pari Passu
                                         Notes Lien Indebtedness, holders of any Pari Passu Notes Lien Indebtedness exceeds the
                                         amount of Excess Collateral Proceeds, the Notes and Pari Passu Notes Lien Indebtedness
                                         to be purchased shall be selected on a pro rata basis on the basis of the aggregate principal
                                         amount of tendered Notes and Pari Passu Notes Lien Indebtedness. Holders of Notes that
                                         are the subject of an offer to purchase will receive notice of a Collateral Disposition
                                         Offer from the Company prior to any related purchase, prepayment or redemption date and
                                         may elect to have such Notes purchased by completing the form entitled “Option
                                         of Holder to Elect Purchase” attached to the Notes.

 

    	 	A-5	 

     

    

 

		(7)	NOTICE OF OPTIONAL REDEMPTION.  Notices of optional redemption will be mailed by first-class mail (or in the case
of Notes in the form of Global Notes, pursuant to the applicable procedures of DTC) at least 15 days but not more than 60 days
before the redemption date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices
may be sent more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or
a satisfaction or discharge of the Indenture. The notice of redemption with respect to a redemption pursuant to Section 3.07(b) of
the Indenture and paragraph 5(b) herein need not set forth the Make-Whole Price but only the manner of calculation thereof.
Operating LLC will notify the Trustee of the Make-Whole Price with respect to any redemption promptly after the calculation, and
the Trustee shall not be responsible for such calculation. Notes in denominations larger than $2,000 may be redeemed in part but
only in whole multiples of $1,000 in excess thereof, unless all of the Notes held by a Holder are to be redeemed.

 

		(8)	DENOMINATIONS, TRANSFER, EXCHANGE.  The Notes are in registered form without coupons in denominations of $2,000
or an integral multiple of $1,000 in excess thereof.  The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture.  The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Issuers may require a Holder to pay any taxes and fees required by law or permitted
by the Indenture.  The Issuers need not exchange or register the transfer of any Note or portion of a Note selected for redemption,
except for the unredeemed portion of any Note being redeemed in part.  Also, the Issuers need not exchange or register the
transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record
date and the corresponding Interest Payment Date.

 

		(9)	PERSONS DEEMED OWNERS.  The registered Holder of a Note may be treated as its owner for all purposes.

 

    	 	A-6	 

     

    

 

		(10)	AMENDMENT, SUPPLEMENT AND WAIVER.  Subject to certain exceptions, the Indenture, the Notes, the Note Guarantees
or the Security Documents (subject to compliance with the ABL Intercreditor Agreement) may be amended or supplemented with the
consent of the Holders of a majority in principal amount of the then outstanding Notes and Additional Notes, if any, voting as
a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture, the Notes or the
Note Guarantees may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes and
Additional Notes, if any, voting as a single class.  Without the consent of any Holder of a Note, the Indenture, the Notes
or the Note Guarantees may be amended or supplemented to: (i) cure any ambiguity, defect or inconsistency; (ii) provide
for uncertificated Notes in addition to or in place of certificated Notes; (iii) provide for the assumption of an Issuer’s
or a Guarantor’s obligations to Holders of Notes and Note Guarantees and under the Security Documents in the case of a merger,
amalgamation or consolidation or sale of all or substantially all of such Issuer’s or Guarantor’s properties or assets,
as applicable; (iv) make any change that would provide any additional rights or benefits to the Holders of Notes or that does
not adversely affect the legal rights under the Indenture of any Holder; (v) at the Issuers election, comply with the requirements
of the SEC in order to effect or maintain the qualification of the Indenture under the TIA, if such qualification is required;
(vi) conform the text of the Indenture, the Notes or the Security Documents (as evidenced by an Officers’ Certificate)
to any provision of the “Description of notes” section of the Issuers’ Offering Memorandum dated January 25, 2021,
to the extent that such provision in that “Description of notes” was intended to be a verbatim recitation of a provision
of the Indenture, the Notes, the Security Documents or the Note Guarantees; (vii) provide for the issuance of Additional Notes
in accordance with the limitations set forth in the Indenture as of the Issue Date; (viii) make, complete or confirm any grant
of Collateral permitted or required by the Indenture or the Security Documents or any release, termination or discharge of Collateral
that becomes effective as set forth in the Indenture or any of the Security Documents; (ix) add any additional Guarantor or
to evidence the release of any Guarantor from its Note Guarantee, in each case as provided in the Indenture; (x) evidence
or provide for the acceptance of appointment under the Indenture of a successor Trustee or a successor Collateral Agent; (xi) grant
any Lien for the benefit of the holders of any future Pari Passu Notes Lien Indebtedness, Pari Passu ABL Lien Indebtedness, Pari
Passu Second Lien Indebtedness or Junior Lien Indebtedness in accordance with and as permitted by the terms of the Indenture and
the ABL Intercreditor Agreement (and, with respect to Pari Passu Second Lien Indebtedness or Junior Lien Indebtedness, any Pari
Passu Second Lien Intercreditor Agreement or Junior Lien Intercreditor Agreement, as applicable); (xii) add additional secured
parties to the ABL Intercreditor Agreement to the extent Liens securing obligations held by such parties are permitted under the
Indenture; (xiii) mortgage, pledge, hypothecate or grant a security interest in favor of the Collateral Agent for the benefit
of the Trustee and the Holders of the Notes as additional security for the payment and performance of the Issuers’ and any
Guarantor’s obligations under the Indenture, in any property, or assets, including any of which are required to be mortgaged,
pledged or hypothecated, or in which a security interest is required to be granted to the Trustee or the Collateral Agent in accordance
with the terms of the Indenture or otherwise; or (xiv) provide for the succession of any parties to the Security Documents
(and other amendments that are administrative or ministerial in nature) and the ABL Intercreditor Agreement in connection with
an amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplementing or other modification from
time to time of any agreement in accordance with the terms of the Indenture, the ABL Intercreditor Agreement and the relevant Security
Documents.

 

    	 	A-7	 

     

    

 

		(11)	DEFAULTS AND REMEDIES.  Events of Default include: (i) default for 30 days in the payment when due of interest,
if any, on the Notes; (ii) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of,
or premium, if any, on, the Notes; (iii) failure by the Company to comply with its obligations under Section 5.01 of
the Indenture or to consummate a purchase of Notes when required pursuant to Sections 4.10 or 4.14 of the Indenture; (iv) failure
by the Company or any of its Restricted Subsidiaries for 30 days after written notice from the Trustee or the Holders of at least
25% in aggregate principal amount of the then outstanding Notes to comply with the provisions of Section 4.07 or Section 4.09
of the Indenture or to comply with the provisions of Section 4.10 or Section 4.14 of the Indenture to the extent not
described in the immediately preceding clause (iii); (v) (a) except as addressed in subclause (b) of this clause
(v), failure by the Company or any of its Restricted Subsidiaries for 60 days after written notice from the Trustee or the Holders
of at least 25% in aggregate principal amount of the then outstanding Notes to comply with any of the other agreements in the Indenture
or this Note or (b) failure by the Company for 180 days after notice from the Trustee or the Holders of at least 25% in aggregate
principal amount of the then outstanding Notes to comply with Section 4.03 of the Indenture; (vi) default under any mortgage,
indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money
borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its
Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, if that default:
(a) is caused by a failure to pay principal of, premium on, if any, or interest, if any, on such Indebtedness prior to the
expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”);
or (b) results in the acceleration of such Indebtedness prior to its Stated Maturity, and, in each case, the principal amount
of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment
Default or the maturity of which has been so accelerated, aggregates $30.0 million or more; provided that if, prior to any
acceleration of the Notes, (1) any such default is cured or waived, (2) any such acceleration of such Indebtedness is
rescinded, or (3) such Indebtedness is repaid, within a period of 10 Business Days from the continuation of such default beyond
the applicable grace period or the occurrence of such acceleration, as the case may be, any Default or Event of Default (but not
any acceleration of the Notes) shall be automatically rescinded, so long as such rescission does not conflict with any judgment
or decree; (vii) failure by the Company or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together
(as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute
a Significant Subsidiary to pay final, non-appealable judgments (entered by a court or courts of competent jurisdiction) aggregating
in excess of $30.0 million (net of any amounts that a reputable and creditworthy insurance company has acknowledged liability for
in writing), which judgments are not paid, discharged or stayed for a period of 60 days; (viii) except as permitted by the
Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be
in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations
under its Note Guarantee, except, in each case, by reason of the release of such Note Guarantee in accordance with the Indenture; 
(ix) an Issuer or any of the Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law (a) commences
a voluntary case, (b) consents to the entry of an order for relief against it in an involuntary case, (c) consents to
the appointment of a custodian of it or for all or substantially all of its property, (d) makes a general assignment for the
benefit of its creditors, or (e) generally is not paying its debts as they become due; (x) a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that (a) is for relief against any Issuer or any of the Restricted Subsidiaries
that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary
in an involuntary case, (b) appoints a custodian of any Issuer or any of the Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary or for all or
substantially all of the property of an Issuer or any of the Restricted Subsidiaries that is a Significant Subsidiary or any group
of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or (c) orders the liquidation
of an Issuer or any of the Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that,
taken together, would constitute a Significant Subsidiary, and the order or decree remains unstayed and in effect for 60 consecutive
days. In the case of an Event of Default specified in the immediately preceding clause (ix) or clause (x), with respect to
either Issuer or any of the Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that,
taken together, would constitute a Significant Subsidiary, all then outstanding Notes will become due and payable immediately without
further action or notice (subject to applicable law); (xi)(i) the Liens created by any Security Document shall at any time
not constitute a valid and perfected Lien on any Collateral intended to be covered thereby with a Fair Market Value, individually
or in the aggregate, in excess of $25.0 million other than (A) in accordance with the terms of the relevant Security Documents
and the Indenture, (B) the satisfaction in full of all Obligations under the Indenture or (C) any loss of perfection
that results from the failure of the Collateral Agent to maintain possession of certificates delivered to it representing securities
pledged under the Security Documents, and which default continues for 30 days; (ii) the repudiation by any Issuer or any Guarantor
in any pleading in any court of competent jurisdiction of any of its material obligations under the Security Documents or to file
UCC continuation statements or PPSA financing change statements; or (xii) any Issuer or any Guarantor shall assert, in any
pleading in any court of competent jurisdiction, that any security interest in any Security Document is invalid or unenforceable
other than by reason of the termination of the Indenture or the release of any such Collateral in accordance with the Indenture.
If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount
of the then outstanding Notes may declare all the Notes to be due and payable immediately by notice in writing to the Company and,
in the case of a notice by Holders, also to the Trustee specifying the respective Event of Default and that it is a notice of acceleration. 
Holders may not enforce the Indenture or the Notes except as provided in the Indenture.  Subject to certain limitations, Holders
of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or
power. The Trustee may withhold from Holders of Notes notice of any continuing Default or Event of Default (except a Default or
Event of Default relating to the payment of principal of, premium, if any, or interest, if any, on, any Note) if it in good faith
determines that withholding notice is in their interest.  The Holders of a majority in aggregate principal amount of the then
outstanding Notes by written notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration and
its consequences if the rescission would not violate any judgment or decree and if all existing Events of Default (except nonpayment
of principal, interest or premium, if any, that has become due solely because of the acceleration) have been cured or waived. 
The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuers
are required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default
or Event of Default.

 

    	 	A-8	 

     

    

 

		(12)	TRUSTEE DEALINGS WITH THE ISSUERS.  The Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for any Issuer or its Affiliates, and may otherwise deal with any Issuer or its Affiliates,
as if it were not the Trustee.

 

		(13)	NO RECOURSE AGAINST OTHERS.  None of the General Partner or any director, officer, partner, employee, incorporator,
manager, unitholder or other owner of Capital Stock of the General Partner, the Issuers or any Guarantor, as such, will have any
liability for any obligations of the Issuers or such Guarantor under the Notes, the Note Guarantees or the Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder by accepting a Note waives
and releases all such liability.  The waiver and release are part of the consideration for the issuance of the Notes.

 

		(14)	AUTHENTICATION.  This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent.

 

		(15)	ABBREVIATIONS.  Customary abbreviations may be used in the name of a Holder or an assignee, such as:  TEN
COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

		(16)	CUSIP AND ISIN NUMBERS.  Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuers have caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP and ISIN numbers
in notices of redemption or repurchase as a convenience to Holders.  No representation is made as to the accuracy of such
numbers either as printed on the Notes or as contained in any notice of redemption or repurchase and reliance may be placed only
on the other identification numbers placed thereon.

 

    	 	A-9	 

     

    

 

		(17)	GOVERNING LAW.  THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND
THE NOTE GUARANTEES.

 

The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture.  Requests may be made to:

 

NGL Energy Partners LP

6120 South Yale Avenue, Suite 805

Tulsa, Oklahoma 74136

Telecopier No.:  (918) 481-5896

Attention: Chief Financial Officer

 

    	 	A-10	 

     

    

 

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
	 	(Insert assignee’s
legal name)

 

 

		(Insert assignee’s soc. sec. or tax I.D. no.)

 

		 

 

		 

 

 

		(Print or type assignee’s name, address and zip code)

 

and irrevocably appoint _________________________________________________________________________
to transfer this Note on the books of the Issuers.  The agent may substitute another to act for him.

 

	Date:	 	 
	 	 	 
	 	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Note)

 

 

	Signature Guarantee*:	 	 

 

		*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    A-11 

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, check the appropriate box below:

 

 ̈ Section 4.10           ̈ Section 4.14

 

If you want to elect to have only part of
the Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect
to have purchased:

 

$

 

	Date:	 	 
	 	 	 
	 	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Note)

 

	 	 	 
	 	 	Tax Identification No.:	 

 

 

	Signature Guarantee*:	 	 

 

		*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    A-12 

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE
GLOBAL NOTE*

 

The following exchanges of a part of this
Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive
Note for an interest in this Global Note, have been made:

 

	
        Date of Exchange
	
        Amount
        of 

decrease in 

Principal 

Amount of this 

Global Note
	
        Amount
        of 

increase in 

Principal 

Amount of this 

Global Note
	
        Principal
        

Amount of this 

Global Note 

following such 

decrease (or 

increase)
	
        Signature
        of

 authorized 

officer of 

Trustee or 

Custodian

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

		*	This schedule should be included only if the Note is issued in global form.

 

    A-13 

     

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

NGL Energy Partners LP

6120 South Yale Avenue, Suite 805

Tulsa, Oklahoma 74136

 

U.S. Bank National Association

13737 Noel Road, Suite 800

Dallas, TX 75240

Attention:  Global Corporate Trust Services

 

Re:  7.500% Senior Secured Notes due 2026

 

Reference is hereby made to the Indenture,
dated as of February 4, 2021 (the “Indenture”), among NGL Energy Operating LLC and NGL Energy Finance Corp.,
as issuers (the “Issuers”), the Guarantors party thereto and U.S. Bank National Association, as trustee and
collateral agent.  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

, (the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $           
in such Note[s] or interests (the “Transfer”), to                             
(the “Transferee”), as further specified in Annex A hereto.  In connection with the Transfer, the Transferor
hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.             ̈ 
Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant
to Rule 144A.  The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that
the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing
the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable
blue sky securities laws of any state of the United States.  Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture
and the Securities Act.

 

2.             ̈ 
Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive
Note pursuant to Regulation S.  The Transfer is being effected pursuant to and in accordance with Rule 903 or
Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is
not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside
the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was
outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities
market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer
in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or
Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade
the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration
of the Restricted Period, (x) the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person
and (y) the interest transferred will be held immediately thereafter through Euroclear or Clearstream.  Upon consummation
of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note
will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note
and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

 

    B-1

     

    

 

3.             ̈ 
Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive
Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S.  The Transfer is being
effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state
of the United States, and accordingly the Transferor hereby further certifies that (check one):

 

(a)             ̈  
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

or

 

(b)             ̈  
such Transfer is being effected to an Issuer or a subsidiary thereof;

 

or

 

(c)             ̈  
such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with
the prospectus delivery requirements of the Securities Act;

 

or

 

(d)             ̈  
such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements
of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further
certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and
the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted
Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed
by the Transferee in the form of Exhibit D to the Indenture and (2) if such Transfer is in respect of a principal amount
of Notes at the time of transfer of less than $250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a
copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities
Act.  Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed
on the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act.

 

4.             ̈
 Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive
Note.

 

(a)             ̈
  Check if Transfer is pursuant to Rule 144.  (i) The Transfer is being effected pursuant to and
in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. 
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

 

(b)             ̈  
Check if Transfer is Pursuant to Regulation S.  (i) The Transfer is being effected pursuant to and in accordance
with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities
Act.  Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

 

    B-2

     

    

 

(c)             ̈  
Check if Transfer is Pursuant to Other Exemption.  (i) The Transfer is being effected pursuant to and in compliance
with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904
and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act.  Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and
in the Indenture.

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Issuers.

 

 

 

	 	 	[Insert Name of Transferor]
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 
	Dated:	 	 

 

    B-3

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.            The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

(a)             ̈  
a beneficial interest in the:

 

		(i)	 ̈   144A Global Note (CUSIP [●]), or

 

		(ii)	 ̈   Regulation S Global Note (CUSIP [●]), or

 

(b)             ̈   
a Restricted Definitive Note.

 

2.            After
the Transfer the Transferee will hold:

 

[CHECK ONE]

 

(a)             ̈  
a beneficial interest in the:

 

		(i)	 ̈   144A Global Note (CUSIP [●]), or

 

		(ii)	 ̈   Regulation S Global Note (CUSIP [●]), or

 

		(iii)	 ̈   IAI Global Note (CUSIP [●]), or

 

		(iv)	 ̈   Unrestricted Global Note (CUSIP [●]), or

 

(b)             ̈  
a Restricted Definitive Note; or

 

(c)             ̈  
a Restricted Definitive Note,

 

in accordance with the terms of the Indenture.

 

    B-4

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

NGL Energy Partners LP

6120 South Yale Avenue, Suite 805

Tulsa, Oklahoma 74136

 

U.S. Bank National Association

13737 Noel Road, Suite 800

Dallas, TX 75240

Attention:  Global Corporate Trust Services

 

Re:  7.500% Senior Secured Notes
due 2026 (CUSIP             )

 

Reference is hereby made to the Indenture,
dated as of February 4, 2021 (the “Indenture”), among NGL Energy Operating LLC and NGL Energy Finance Corp.,
as issuers (the “Issuers”), the Guarantors party thereto and U.S. Bank National Association, as trustee and
collateral agent.  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

, (the “Owner”) owns
and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $            
in such Note[s] or interests (the “Exchange”).  In connection with the Exchange, the Owner hereby certifies
that:

 

1.            Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial
Interests in an Unrestricted Global Note

 

(a)             ̈         
Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. 
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest
in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the
 “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted
Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

(b)             ̈        
Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note.  In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the
Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

(c)             ̈        
Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note.  In connection
with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

    C-1 

     

    

 

(d)             ̈         
Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note.  In connection with the Owner’s
Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required
in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

 

2.            Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes

 

(a)             ̈         
Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note.  In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an
equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s
own account without transfer.  Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the
Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act.

 

(b)             ̈         Check
if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note.  In connection
with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈
144A Global Note,  ̈ Regulation S Global Note,   ̈
IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act,
and in compliance with any applicable blue sky securities laws of any state of the United States.  Upon consummation of
the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the
Indenture and the Securities Act.

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Issuers.

 

 

 

	 	 	[Insert Name of Transferor]
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 
	Dated:	 	 

 

    C-2 

     

    

 

EXHIBIT D

 

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

 

NGL Energy Partners LP

6120 South Yale Avenue, Suite 805

Tulsa, Oklahoma 74136

 

U.S. Bank National Association

13737 Noel Road, Suite 800

Dallas, TX  75240

Attention:  Global Corporate Trust Services

 

Re:  7.500% Senior Secured Notes due 2026

 

Reference is hereby made to the Indenture,
dated as of February 4, 2021 (the “Indenture”), among NGL Energy Operating LLC and NGL Energy Finance Corp.,
as issuers (the “Issuers”), the Guarantors party thereto and U.S. Bank National Association, as trustee and
collateral agent.  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

In connection with our proposed purchase
of $             aggregate principal amount of:

 

(a)             ̈          
a beneficial interest in a Global Note, or

 

(b)             ̈          
a Definitive Note,

 

we confirm that:

 

1.            We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions
set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes
or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended
(the “Securities Act”).

 

2.            We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence.  We agree, on our own behalf and on behalf
of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will
do so only (A) to an Issuer or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act
to a “qualified institutional buyer” (as defined therein), (C) to an institutional “accredited investor”
(as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and
to the Issuers a signed letter substantially in the form of this letter and, if such transfer is in respect of a principal amount
of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Issuers to
the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904
of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act
or (F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any Person
purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses
(A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein.

 

3.            We
understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and
the Issuers such certifications, legal opinions and other information as you and the Issuers may reasonably require to confirm
that the proposed sale complies with the foregoing restrictions.  We further understand that the Notes purchased by us will
bear a legend to the foregoing effect.

 

    D-1

     

    

 

4.            We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation
D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the
economic risk of our or its investment.

 

5.            We
are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of
which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion.

 

You and the Issuers are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative
or legal proceedings or official inquiry with respect to the matters covered hereby.

 

 

	 	 	[Insert
    Name of Accredited Investor]
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 
	Dated:	 	 

 

    D-2

     

    

 

EXHIBIT E

 

FORM OF NOTATION OF NOTE GUARANTEE

 

For value received, each Guarantor (which
term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set
forth in the Indenture and subject to the provisions in the Indenture dated as of February 4, 2021 (the “Indenture”)
among NGL Energy Operating LLC and NGL Energy Finance Corp., as issuers (together, the “Issuers”), the Guarantors
party thereto and U.S. Bank National Association, as trustee (the “Trustee”) and collateral agent (the “Collateral
Agent”), (a) the due and punctual payment of the principal of, premium, if any, and interest on, the Notes, whether
at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of, premium,
if any, and interest on, the Notes, if lawful, and the due and punctual performance of all other obligations of the Issuers to
the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment
or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.  The obligations
of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set
forth in Article X of the Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee. 
Each Holder of a Note, by accepting the same, agrees to and shall be bound by such provisions.

 

Capitalized terms used but not defined herein
have the meanings given to them in the Indenture.

 

	 	[GUARANTOR]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    E-1

     

    

 

EXHIBIT F

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of                 ,
20  , among                   
(the “Guaranteeing Subsidiary”), a subsidiary (or a permitted successor thereof) of NGL Energy Operating LLC
(“NGL LP”), a Delaware limited liability company, or NGL Energy Finance Corp. (“Finance Corp.,”
and, together with NGL LP, the “Issuers”), a Delaware corporation, the Issuers, the other Guarantors (as defined
in the Indenture referred to herein) and U.S. Bank National Association, as trustee and collateral agent under the Indenture referred
to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Issuers have heretofore executed
and delivered to the Trustee an indenture (the “Indenture”), dated as of February 4, 2021 providing for
the issuance of 7.500% Senior Secured Notes due 2026 (the “Notes”);

 

WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to
which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations under the Notes and the
Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

 

WHEREAS, pursuant to Section 9.01 of
the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of Notes as follows:

 

1.            CAPITALIZED
TERMS.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.            AGREEMENT
TO GUARANTEE.  The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to
the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article X thereof.

 

3.            EXECUTION
AND DELIVERY.  Each Guaranteeing Subsidiary agrees that the Note Guarantees shall remain in full force and effect notwithstanding
any failure to endorse on each Note a notation of such Note Guarantee.

 

4.            NO
RECOURSE AGAINST OTHERS.  No past, present or future director, officer, partner, employee, incorporator, organizer, manager,
unitholder or other owner of Capital Stock (as defined in the Indenture) of the Guaranteeing Subsidiary or agent thereof, as such,
shall have any liability for any obligations of the Issuers, the Guarantors, the Guaranteeing Subsidiary or any other Subsidiary
of an Issuer providing a Note Guarantee under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for
any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder of the Notes by accepting
a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes. 
Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such
a waiver is against public policy.

 

5.            NEW
YORK LAW TO GOVERN.  THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.

 

    F-1

     

    

 

6.            COUNTERPARTS. 
The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all
of them together represent the same agreement.

 

7.            EFFECT
OF HEADINGS.  The Section headings herein are for convenience only and shall not affect the construction hereof.

 

8.            THE
TRUSTEE.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the
Guaranteeing Subsidiary and the Issuers.

 

    F-2

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

 

	Dated:                , 20	 
	 	 
	 	[GUARANTEEING SUBSIDIARY]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	NGL ENERGY OPERATING LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	NGL ENERGY FINANCE CORP.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[EXISTING GUARANTORS]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee and Collateral Agent
	 	 
	 	 
	 	By:	 
	 	Authorized Signatory

 

    F-3Exhibit 10.1

 

Execution Version

 

Dated as of February 4, 2021

 

NGL ENERGY OPERATING LLC,

as the Company,

 

NGL ENERGY PARTNERS LP,

as Parent,

 

THE FINANCIAL INSTITUTIONS PARTY HERETO
AS LENDERS

 

and

 

JPMORGAN
CHASE BANK, N.A.,

as Administrative Agent and Collateral Agent and an Issuing Lender

 

 

JPMORGAN CHASE BANK, N.A.,

RBC
CAPITAL MARKETS1 and

BARCLAYS BANK PLC

as Joint Lead Arrangers

 

and

 

JPMORGAN
CHASE BANK, N.A.,

RBC
CAPITAL MARKETS and

BARCLAYS BANK PLC

as Joint Bookrunners

 

 

 

CREDIT
AGREEMENT

 

 

 

 

1 RBC Capital Markets is a brand name for the capital
markets business of Royal Bank of Canada and its affiliates.

     

     

    

 

Table of Contents

 

	 	 	Page
	1.	Definitions	1
	 	 	 	 
	 	1.1	UCC
    Definitions	1
	 	 	 	 
	 	1.2	Defined
    Terms	1
	 	 	 	 
	 	1.3	Other
    Definitional Provisions	59
	 	 	 	 
	 	1.4	Divisions	61
	 	 	 	 
	 	1.5	Interest
    Rates; LIBOR Notifications	61
	 	 	 	 
	 	1.6	Limited
    Condition Transactions	62
	 	 	 	 
	 	1.7	Performance	62
	 	 	 	 
	 	1.8	Additional
    Alternative Currencies	63
	 	 	 	 
	 	1.9	Exchange
    Rates; Currency Equivalents	63
	 	 	 	 
	2.	Amount and Terms of Revolving Credit Commitments	63
	 	 	 	 
	 	2.1	Revolving
    Credit Commitments	63
	 	 	 	 
	 	2.2	Proceeds
    of Revolving Credit Loans	64
	 	 	 	 
	 	2.3	Issuance of Letters
    of Credit	64
	 	 	 	 
	 	2.4	Participating
    Interests	66
	 	 	 	 
	 	2.5	Procedure
    for Opening Letters of Credit	66
	 	 	 	 
	 	2.6	Payments
    in Respect of Letters of Credit	67
	 	 	 	 
	 	2.7	Eligible
    Cash Account	68
	 	 	 	 
	 	2.8	Protective
    Advances	68
	 	 	 	 
	 	2.9	Swingline
    Loans	69
	 	 	 	 
	3.	Amount and Terms of Incremental Loans	70
	 	 	 	 
	 	3.1	Requests
    for Incremental Loans	70
	 	 	 	 
	 	3.2	Ranking
    and Other Provisions	70
	 	 	 	 
	 	3.3	Notices;
    Lender Elections	71
	 	 	 	 
	 	3.4	Incremental
    Facility Amendment	71
	 	 	 	 
	 	3.5	Effective
    Date and Allocations	72
	 	 	 	 
	 	3.6	Conditions
    to Effectiveness of Increase	72
	 	 	 	 
	 	3.7	Effect
    of Incremental Facility Amendment	72
	 	 	 	 
	 	3.8	Revolving
    Credit Commitment Increases	73
	 	 	 	 
	 	3.9	Conflicting
    Provisions	73
	 	 	 	 
	4.	[RESERVED]	

                                                                            73

  

     

     

    

	 	 	 
	5.	General
                                         Provisions Applicable to Loans and Letters of Credit	74
	 	 	 	 
	 	5.1	Procedure
    for Borrowing by the Company	74
	 	 	 	 
	 	5.2	Repayment
    of Loans; Evidence of Debt	74
	 	 	 	 
	 	5.3	Conversion
    and Continuation Options	76
	 	 	 	 
	 	5.4	Changes
    of Commitment Amounts	76
	 	 	 	 
	 	5.5	Optional
    Prepayments	77
	 	 	 	 
	 	5.6	Mandatory
    Prepayments	77
	 	 	 	 
	 	5.7	Interest
    Rates and Payment Dates	79
	 	 	 	 
	 	5.8	Computation
    of Interest and Fees	80
	 	 	 	 
	 	5.9	Commitment
    Fees	80
	 	 	 	 
	 	5.10	Certain
    Fees	80
	 	 	 	 
	 	5.11	Letter
    of Credit Fees	80
	 	 	 	 
	 	5.12	Letter
    of Credit Reserves	81
	 	 	 	 
	 	5.13	Further
    Assurances	82
	 	 	 	 
	 	5.14	Obligations
    Absolute	82
	 	 	 	 
	 	5.15	Assignments	83
	 	 	 	 
	 	5.16	Participations	83
	 	 	 	 
	 	5.17	Inability
    to Determine Interest Rate for Eurodollar Loans and Alternate Interest Rate	83
	 	 	 	 
	 	5.18	Pro
    Rata Treatment and Payments	86
	 	 	 	 
	 	5.19	Illegality	88
	 	 	 	 
	 	5.20	Requirements of
    Law	89
	 	 	 	 
	 	5.21	Break
    Funding Payments	91
	 	 	 	 
	 	5.22	Replacement of
    Lenders	91
	 	 	 	 
	 	5.23	Taxes	92
	 	 	 	 
	 	5.24	Defaulting
    Lenders	96
	 	 	 	 
	 	5.25	Accounts;
    Cash Dominion	98
	 	 	 	 
	6.	Representations
                                         and Warranties	99
	 	 	 	 
	 	6.1	Corporate
    Existence; Compliance with Law	100
	 	 	 	 
	 	6.2	Corporate
    Power; Authorization	100
	 	 	 	 
	 	6.3	Enforceable
    Obligations	100
	 	 	 	 
	 	6.4	No
    Conflict with Law or Contractual Obligations	100
	 	 	 	 
	 	6.5	No
    Material Litigation	101
	 	 	 	 
	 	6.6	Borrowing
    Base Certificate	101
	 	 	 	 
	 	6.7	Investment
    Company Act	101
	 	 	 	 

    ii

     

    

 

	 	6.8	Federal
    Reserve Regulations	101
	 	 	 	 
	 	6.9	No
    Default	101
	 	 	 	 
	 	6.10	Taxes	102
	 	 	 	 
	 	6.11	Subsidiaries	102
	 	 	 	 
	 	6.12	Ownership
    of Property; Liens	102
	 	 	 	 
	 	6.13	ERISA;
    Canadian Pension Plans	102
	 	 	 	 
	 	6.14	Environmental
    Matters	103
	 	 	 	 
	 	6.15	Accuracy
    and Completeness of Financial Statements	103
	 	 	 	 
	 	6.16	Absence
    of Undisclosed Liabilities	104
	 	 	 	 
	 	6.17	No
    Material Adverse Effect	104
	 	 	 	 
	 	6.18	Solvency	104
	 	 	 	 
	 	6.19	Intellectual
    Property	104
	 	 	 	 
	 	6.20	Creation
    and Perfection of Security Interests	105
	 	 	 	 
	 	6.21	Accuracy
    and Completeness of Disclosure	106
	 	 	 	 
	 	6.22	Insurance	107
	 	 	 	 
	 	6.23	Anti-Corruption
    Laws and Sanctions	107
	 	 	 	 
	 	6.24	Patriot
    Act and Proceeds of Crime Act	107
	 	 	 	 
	 	6.25	Burdensome
    Restrictions	108
	 	 	 	 
	 	6.26	Labor
    Matters	108
	 	 	 	 
	 	6.27	Qualified
    Eligible Contract Participant	108
	 	 	 	 
	 	6.28	EEA
    Financial Institutions	108
	 	 	 	 
	7.	Conditions
                                         Precedent	108
	 	 	 	 
	 	7.1	Conditions
    to Closing Date	108
	 	 	 	 
	 	7.2	Conditions
    to All Loans and Letters of Credit	113
	 	 	 	 
	8.	Affirmative
                                         Covenants	114
	 	 	 	 
	 	8.1	Financial
    Statements	114
	 	 	 	 
	 	8.2	Certificates;
    Other Information	115
	 	 	 	 
	 	8.3	Payment
    of Other Obligations	118
	 	 	 	 
	 	8.4	Continuation
    of Business and Maintenance of Existence and Material Rights and Privileges	119
	 	 	 	 
	 	8.5	Compliance
    with All Applicable Laws and Regulations and Material Contractual Obligations	119
	 	 	 	 
	 	8.6	Maintenance
    of Property; Insurance	119
	 	 	 	 
	 	8.7	Maintenance
    of Books and Records	120
	 	 	 	 
	 	8.8	Right
    of the Lenders to Inspect Property and Books and Records	120

 

    iii

     

    

 

	 	8.9	Notices	120
	 	 	 	 
	 	8.10	Subsidiary
    Guaranties and Collateral	121
	 	 	 	 
	 	8.11	Compliance
    with Environmental Laws	128
	 	 	 	 
	 	8.12	Field
    Examinations	128
	 	 	 	 
	 	8.13	Further
    Assurances	129
	 	 	 	 
	 	8.14	Depositary
    Banks	129
	 	 	 	 
	 	8.15	Anti-Corruption;
    Sanctions	129
	 	 	 	 
	 	8.16	Accuracy
    of Information	129
	 	 	 	 
	 	8.17	[Reserved]	130
	 	 	 	 
	 	8.18	Keepwell	130
	 	 	 	 
	 	8.19	Designation
    of Unrestricted Subsidiaries	130
	 	 	 	 
	 	8.20	Post-Closing
    Covenants	131
	 	 	 	 
	9.	Negative
                                         Covenants	131
	 	 	 	 
	 	9.1	Financial
    Covenant	131
	 	 	 	 
	 	9.2	Indebtedness	131
	 	 	 	 
	 	9.3	Limitation
    on Liens	134
	 	 	 	 
	 	9.4	Use
    of Proceeds	137
	 	 	 	 
	 	9.5	Prohibition
    on Fundamental Changes	138
	 	 	 	 
	 	9.6	Prohibition
    on Sale of Assets	138
	 	 	 	 
	 	9.7	Limitation
    on Investments, Loans and Advances	140
	 	 	 	 
	 	9.8	Amendments
    to Documents	142
	 	 	 	 
	 	9.9	Restricted
    Payments	142
	 	 	 	 
	 	9.10	Transaction
    with Affiliates	144
	 	 	 	 
	 	9.11	Swap
    Contracts	144
	 	 	 	 
	 	9.12	Restricted
    Indebtedness	144
	 	 	 	 
	 	9.13	Fiscal
    Year	145
	 	 	 	 
	 	9.14	Restrictive
    Agreements	145
	 	 	 	 
	 	9.15	Limitation
    on Guarantees	146
	 	 	 	 
	 	9.16	Sale
    and Leaseback Transactions	146
	 	 	 	 
	 	9.17	Unrestricted
    Subsidiaries	146
	 	 	 	 
	 	9.18	Activities
    of the Parent	146
	 	 	 	 
	 	9.19	Layering	147
	 	 	 	 
	 	9.20	Canadian
    Pension Plans	147
	 	 	 	 
	 	9.21	Independence
    of Covenants	147

 

    iv

     

    

 

	10.	Events
                                         of Default	147
	 	 	 	 
	 	10.1	Events
    of Default	147
	 	 	 	 
	11.	The
                                         Administrative Agent	152
	 	 	 	 
	 	11.1	Authorization
    and Action	152
	 	 	 	 
	 	11.2	Administrative
    Agent’s Reliance, Limitation of Liability, Etc.	155
	 	 	 	 
	 	11.3	Posting
    of Communications	156
	 	 	 	 
	 	11.4	The
    Administrative Agent Individually	158
	 	 	 	 
	 	11.5	Successor
    Administrative Agent	158
	 	 	 	 
	 	11.6	Acknowledgements
    of Lenders and Issuing Lenders	159
	 	 	 	 
	 	11.7	Collateral
    Matters	160
	 	 	 	 
	 	11.8	Credit
    Bidding	161
	 	 	 	 
	 	11.9	Certain
    ERISA Matters	162
	 	 	 	 
	12.	Miscellaneous	163
	 	 	 	 
	 	12.1	Amendments
    and Waivers	163
	 	 	 	 
	 	12.2	Notices	165
	 	 	 	 
	 	12.3	No
    Waiver; Cumulative Remedies	167
	 	 	 	 
	 	12.4	Survival	167
	 	 	 	 
	 	12.5	Expenses,
    Limitation of Liability, Indemnity, Etc.	168
	 	 	 	 
	 	12.6	Successors
    and Assigns; Participations	170
	 	 	 	 
	 	12.7	Right
    of Setoff	173
	 	 	 	 
	 	12.8	Counterparts	174
	 	 	 	 
	 	12.9	Integration	175
	 	 	 	 
	 	12.10	GOVERNING
    LAW; NO THIRD PARTY RIGHTS	175
	 	 	 	 
	 	12.11	SUBMISSION
    TO JURISDICTION; WAIVERS	175
	 	 	 	 
	 	12.12	Acknowledgements	177
	 	 	 	 
	 	12.13	Confidentiality	178
	 	 	 	 
	 	12.14	Patriot
    Act	179
	 	 	 	 
	 	12.15	[Reserved]	179
	 	 	 	 
	 	12.16	Severability	179
	 	 	 	 
	 	12.17	Acknowledgment
    and Consent to Bail-In of Affected Financial Institutions	179
	 	 	 	 
	 	12.18	Acknowledgement
    Regarding Any Supported QFCs	180
	 	 	 	 
	 	12.19	Canadian
    Anti-Money Laundering Legislation	181
	 	 	 	 
	 	12.20	Judgment
    Currency	181
	 	 	 	 
	 	12.21	Intercreditor
    Agreement	182

 

    v

     

    

 

SCHEDULES:

	Schedule 1A	—	Commitment Amounts
	Schedule 1B	—	Existing Money Market Funds
	Schedule 1C	—	Eligible Carriers
	Schedule 1D	—	Risk Management Policy
	Schedule 1E	—	Closing Date Collateral Vessels
	Schedule 6.11	—	Subsidiaries
	Schedule 6.12	—	Real Property
	Schedule 6.20	—	Filings
	Schedule 6.22	—	Insurance
	Schedule 9.2(h)	—	Indebtedness
	Schedule 9.2(k)	—	Contingent Obligations
	Schedule 9.3	—	Liens
	Schedule 9.7	—	Investments, Loans and Advances
	Schedule 9.10	—	Transaction with Affiliates
	Schedule 9.14	—	Restrictive Agreements
	 	 	 
	EXHIBITS:	 	 
	Exhibit A	—	Form of Assignment and Assumption
	Exhibit B	—	Form of Borrowing Base Certificate
	Exhibit C-1	—	Form of Canadian Pledge and Security Agreement
	Exhibit C-2	—	Form of Pledge and Security Agreement
	Exhibit D	—	Form of Credit Party Accession Agreement
	Exhibit E	—	Form of Guaranty
	Exhibit F	—	Form of U.S. Tax Compliance Certificates
	Exhibit G	—	Form of Responsible Officer’s Certificate
	Exhibit H	—	Form of Solvency Certificate
	Exhibit I	—	Form of Compliance Certificates

 

    vi

     

    

 

CREDIT
AGREEMENT, dated as of February 4, 2021 (as the same may be amended, restated, amended and restated, supplemented
or otherwise modified from time to time after the date hereof, this “Agreement”), among NGL ENERGY
OPERATING LLC, a Delaware limited liability company (the “Company”), NGL ENERGY PARTNERS LP,
a Delaware limited partnership (the “Parent”), the several Lenders from time to time parties hereto,
and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders and as Collateral Agent (as defined below).

 

WHEREAS,
the Company has requested that the Lenders provide asset-based loans and commitments to the Company in an initial aggregate amount
of $500,000,000;

 

NOW
THEREFORE, in consideration of these premises and for other good and valuable consideration, effective as of the Closing
Date (as defined below), the parties do hereby agree as follows:

 

		1.	Definitions

 

1.1          UCC
Definitions

 

The following terms which are defined in
the UCC and/or the PPSA (each as defined below) are used herein as so defined: Account, Chattel Paper, Commercial Tort Claim, Commodity
Account, Deposit Account, Document (which shall include Document of Title, as defined in the PPSA), Equipment, General Intangible
(which shall include Intangibles, as defined in the PPSA), Goods, Instrument, Inventory, Investment Property, Letter
of Credit, Letter-of-Credit Rights, Record, Securities Account and Supporting Obligations; provided that, if such terms
are defined both in the UCC and the PPSA, in respect of the Canadian Credit Parties, such terms shall have the meaning ascribed
to them in the PPSA. Other terms defined in the UCC or the PPSA which are not otherwise defined in this Agreement or in any other
Credit Document, as applicable, are used herein and/or therein as defined in the UCC or the PPSA, as the context requires.

 

1.2          Defined
Terms

 

As used in this Agreement, the following
terms have the following meanings:

 

“ABL
Priority Collateral” has the meaning set forth in the Intercreditor Agreement.

 

“ABR” means,
for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1.00%) equal to the greatest of (a) the
Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Eurodollar
Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day)
plus 1%; provided that, for the purpose of this definition, the Eurodollar Rate for any day shall be based on the
LIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately
11:00 A.M. London time on such day. Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or the Eurodollar
Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Eurodollar
Rate, respectively. If the ABR is being used as an alternate rate of interest pursuant to Section 5.17, then the ABR
shall be the greater of clause (a) and (b) above and shall be determined without reference to clause
(c) above. For the avoidance of doubt, if the ABR shall be less than 1.50%, such rate shall be deemed to be 1.50% for
purposes of this Agreement. If for any reason the Administrative Agent shall have determined (which determination shall be conclusive
absent manifest error) that it is unable to ascertain the NYFRB Rate, for any reason, including the inability or failure of the
Administrative Agent to obtain sufficient quotations in accordance with the terms hereof, the ABR shall be determined without regard
to clause (b) of the first sentence of this definition, as appropriate, until the circumstances giving rise to such
inability no longer exist.

 

     

     

    

 

“ABR Loans” means
Loans bearing interest based upon the ABR.

 

“Account Debtor”
means each Person obligated on an Account.

 

“Adjustment Date”
has the meaning specified in the definition of “Applicable Margin”.

 

“Administrative Agent”
means JPMorgan Chase Bank, N.A., in its capacity as administrative agent under any of the Credit Documents, or any permitted successor
administrative agent.

 

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

 

“Affected Financial Institution” means
(a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate” of
any Person means any Person (other than a Subsidiary) which, directly or indirectly, is in control of, is controlled by, or is
under common control with such Person,. For purposes of this definition, control of a Person shall mean the power,
direct or indirect, either (i) to vote 10% or more of the securities having ordinary voting power for the election of directors
of such Person or (ii) to direct or cause the direction of the management and policies of such Person whether by contract
or otherwise.

 

“Agent-Related Person” has the meaning
assigned to it in Section 12.5(d).

 

“Agents” means
a collective reference to the Administrative Agent and the Collateral Agent.

 

“Aggregate Revolving Credit
Extensions of Credit” means, at any particular time, the sum of (i) the aggregate then outstanding principal
amount of the Revolving Credit Loans, (ii) the aggregate amount then available to be drawn under all outstanding Letters of
Credit and (iii) the aggregate amount of all Revolving L/C Obligations.

 

“Agreement” has
the meaning specified in the preamble hereof.

 

“Ancillary Document”
has the meaning assigned to it in Section 12.8(b).

 

“Anti-Corruption
Laws” means all laws, rules, ordinances and regulations of any jurisdiction applicable to the Parent, the
Company or any of its Subsidiaries from time to time concerning or relating to bribery, money laundering or corruption.

 

“Applicable
Level” means each level under the column titled “Applicable Level” within the definition of “Applicable
Margin”.

 

    2

     

    

 

“Applicable Margin”
means the percentage determined in accordance with the following pricing grid, provided that for each day during the period
from the Closing Date to and including the date at the end of the first two full fiscal quarters following the Closing Date, the
rate per annum shall be the rate set forth in Applicable Level III, and thereafter, the rate per annum for the relevant
Type of such Loan shall be the rate set forth below opposite the Applicable Level as calculated on each Adjustment Date:

 

	Applicable
 Level	 	Fixed Charge
 Coverage Ratio	 	ABR (for ABR
 Loans)	 	 	Eurodollar Rate
 (for Eurodollar
 Loans)	 
	I	 	≥ 1.75 to 1.00	 	 	1.50	%	 	 	2.50	%
	II	 	> 1.50 to 1.00 but
    < 1.75 to 1.00	 	 	1.75	%	 	 	2.75	%
	III	 	< 1.50 to 1.00	 	 	2.00	%	 	 	3.00	%

 

The
Applicable Margin shall be determined in accordance with the foregoing grid as of the end of each fiscal quarter of the
Company based upon the Fixed Charge Coverage Ratio as calculated in the Compliance Certificate delivered with the most recent annual
or quarterly financial statements of the Company pursuant to Section 8.2(b), with any changes to the Applicable Margin
resulting from changes in the Fixed Charge Coverage Ratio to be effective on the first day after such fiscal quarter end (the “Adjustment
Date”); provided, however, that:

 

(i)            in
the event that the Compliance Certificate referred to in Section 8.2(b) is not delivered when due, then during
the period from the date upon which such Compliance Certificate was required to be delivered, until the date upon which the Compliance
Certificate is actually delivered, the Applicable Level shall be Applicable Level III;

 

(ii)           in
the event the financial statements or Compliance Certificate referred to in Section 8.2(b) are proven to have
been incorrect and the Applicable Level would have been higher than the Applicable Level actually applied, then the Applicable
Level for the relevant period shall be adjusted retroactively to reflect the level which would have applied for such period based
on the corrected financial statements or Compliance Certificate, and any additional interest owing as a result of such readjustment
shall be payable within one (1) Business Day after the Company receives notice that such additional interest is due; and

 

(iii)          at
all times during which a Default or an Event of Default shall have occurred and is continuing, the Applicable Level shall be Applicable
Level III.

 

“Applicable Parties”
has the meaning assigned to it in Section 11.3(c).

 

“Approved
Electronic Platform” has the meaning assigned to it in Section 11.3(a).

 

“Approved Fund”
means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar
extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) a
Lender Affiliate or (c) an entity or an affiliate of an entity that administers or manages a Lender.

 

    3

     

    

 

 

“Asset Sale”
means any sale, sale-leaseback, assignment, conveyance, transfer or other disposition by the Parent, the Company or any Restricted
Subsidiary of any of its property or assets, including the stock of any Restricted Subsidiary.

 

“Asset Sale Reserve Account”
shall have the meaning assigned to such term in the Pledge and Security Agreement.

 

“Asset Sale Reserve Period”
has the meaning assigned to it in Section 5.6(c).

 

“Assignment and Assumption”
means an Assignment and Assumption substantially in the form of Exhibit A hereto or any other form (including electronic
records generated by the use of an electronic platform) accepted by the Administrative Agent in its sole discretion.

 

“Attached RIN” means a RIN generated
in accordance with RFS that is associated with a specific gallon of biofuel.

 

“Auto-Extension Letter of Credit”
has the meaning assigned to it in Section 2.3(c).

 

“Availability”
means, at any time, an amount equal to (a) the Line Cap at such time, minus (b) the sum of the aggregate outstanding
amount of borrowings under the Revolving Credit Facility plus the undrawn amount of outstanding Letters of Credit under
the Revolving Credit Facility.

 

“Availability Trigger”
means Availability is less than the greater of (i) $50,000,000 and (ii) 12.5% of the Line Cap.

 

“Available Revolving Credit
Commitment” means, as to any Lender, at a particular time, an amount equal to the excess, if any, of (i) the
amount of such Lender’s Revolving Credit Commitment at such time less (ii) the sum of (A) the aggregate then outstanding
principal amount of all Revolving Credit Loans made by such Lender pursuant to Section 2.1, (B) such Lender's
L/C Participating Interest in the aggregate amount then available to be drawn under all outstanding Letters of Credit, (C) such
Lender’s Revolving Credit Commitment Percentage of the aggregate amount of all Revolving L/C Obligations, (D) such Lender’s
Revolving Credit Commitment Percentage of the aggregate then outstanding principal amount at such time of all Protective Advances
and (E) such Lender’s Revolving Credit Commitment Percentage of the aggregate Swingline Exposure; collectively, as to
all the Lenders, the “Available Revolving Credit Commitments.”

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any
tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or
may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including,
for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period”
pursuant to clause (f) of Section 5.17.

 

    4

     

    

 

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

 

“Bail-In Legislation”
means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country
from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I
of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in
the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or
their affiliates (other than through liquidation, administration or other insolvency proceedings).

 

“Bankruptcy Event”
means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
interim receiver, monitor, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person
charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative
Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding
or appointment; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition
of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest
results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement
of judgments or writs of attachment on its assets, or permits such Person (or such Governmental Authority or instrumentality) to
reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

 

“Benchmark”
means, initially, LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in
Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBOR or the then-current Benchmark,
then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced
such prior benchmark rate pursuant to clause (b) or clause (c) of Section 5.17.

 

“Benchmark
Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined
by the Administrative Agent for the applicable Benchmark Replacement Date:

 

(1)            the
sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

(2)            the
sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(3)            the
sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Company as the
replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any
selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant
Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a
replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time and (b) the
related Benchmark Replacement Adjustment; provided that,
in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service
that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided
further that, notwithstanding anything to the contrary in this Agreement or in any other Credit Document, upon the
occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice,  on the applicable Benchmark
Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term
SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition
(subject to the first proviso above).

 

    5

     

    

 

If the Benchmark Replacement
as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark
Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark
Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)            for
purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative
set forth in the order below that can be determined by the Administrative Agent:

 

(a)            the
spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value
or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended
by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for
the applicable Corresponding Tenor;

 

(b)            the
spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first
set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions
to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

(2)            for
purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method
for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been
selected by the Administrative Agent and the Company for the applicable Corresponding Tenor giving due consideration to
(i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant
Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention
for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of
such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities;

 

provided that,
in the case of clause (1) above, such adjustment is displayed on a screen or other information service that
publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable
discretion.

 

    6

     

    

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “ABR,” the definition of “Business Day,” the
definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing
of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage
provisions, and other technical, administrative or operational matters) that the Administrative Agent decides in its reasonable
discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration
thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as
the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other
Credit Documents).

 

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

 

(1)            in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the
administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases
to provide all Available Tenors of such Benchmark (or such component thereof);

 

(2)            in
the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement
or publication of information referenced therein;

 

(3)            in
the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to the
Lenders and the Company pursuant to Section 5.17(c); or

 

(4)            in
the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided
to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th)
Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such
Early Opt-in Election from Lenders comprising the Majority Lenders.

 

For the avoidance of
doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference
Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time
for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of
clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set
forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation
thereof).

 

    7

     

    

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1)            a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component
used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component
thereof);

 

(2)            a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Board, the NYFRB, an insolvency official with jurisdiction over the administrator
for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or
such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark
(or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide
all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time
of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such
Benchmark (or such component thereof); or

 

(3)            a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are
no longer representative.

 

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

 

“Benchmark
Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date
pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement
has replaced the then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with Section 5.17
and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder
and under any Credit Document in accordance with Section 5.17.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership or control as required by the
Beneficial Ownership Regulation.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230.

 

    8

     

    

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to
Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code
applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations or otherwise for purposes of
Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

 

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted
in accordance with, 12 U.S.C. 1841(k)) of such party.

 

“Board” means
the Board of Governors of the Federal Reserve System of the United States (or any successor).

 

“Borrowing Base”
means, at any time, an amount equal to the sum of the following:

 

(i)             100%
of each Credit Party’s Eligible Cash Collateral (subject to an aggregate cap of $25,000,000 at any time and excluding, for
the avoidance of doubt, any cash or Cash Equivalents contained in the Material Debt Reserve Account), plus

 

(ii)            90%
of each Credit Party’s Eligible IG Accounts, plus

 

(iii)           90%
of each Credit Party’s Net Liquidating Value in Eligible Futures Accounts (subject to an aggregate cap of $25,000,000 at
any time); plus

 

(iv)           85%
of each Credit Party’s Eligible Non-IG Accounts, plus

 

(v)            80%
of the Market Value of Eligible Inventory (other than Eligible Railcar Inventory) at such time, plus

 

(vi)           80%
of the Market Value of Eligible Railcar Inventory at such time (subject to an aggregate cap of $25,000,000 at any time), plus

 

(vii)          Subject
to an aggregate cap of $50,000,000, 80% of the difference between (A) the amount available to be drawn under all Product Inventory
Letters of Credit and (B) the aggregate outstanding amounts payable by the Credit Parties to the transporters or suppliers
of Product Inventory that could be drawn under all Product Inventory Letters of Credit, minus

 

(viii)         Reserves.

 

The Administrative Agent may, in its Permitted
Discretion, establish, modify or eliminate Reserves in accordance with the definition of Reserves, with any such changes to be
effective three (3) Business Days after delivery of notice thereof to the Company and the Lenders; provided that the
Company may not obtain any new Revolving Credit Loans or Letters of Credit to the extent that such Revolving Credit Loan or Letter
of Credit would cause the Aggregate Revolving Credit Extensions of Credit to exceed the Line Cap after giving effect to the establishment,
modification or elimination of such Reserve as set forth in such notice. The Borrowing Base at any time shall be determined by
reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to and in accordance with
Section 8.2(f).

 

    9

     

    

 

“Borrowing Base Certificate”
means a certificate by a Responsible Officer of the Company, substantially in the form of Exhibit B (or such other
form as may be agreed between the Company and the Administrative Agent) setting forth the calculation of the Borrowing Base, including
a calculation of each component thereof (including, to the extent the Company has received notice of any such Reserve from the
Administrative Agent, any of the Reserves required to be maintained for purposes of calculation of the Borrowing Base), all in
such detail as shall be satisfactory to the Administrative Agent in its Permitted Discretion. All calculations of the Borrowing
Base in connection with the preparation of any Borrowing Base Certificate shall be made by the Company and certified to the Administrative
Agent.

 

“Borrowing
Base Certification Date” means each date on which a Borrowing Base Certificate is delivered to the Administrative
Agent pursuant to Section 8.2(f).

 

“Borrowing Date”
means any Business Day specified in a notice pursuant to (i) Section 5.1 as a date on which the Company requests
the Lenders to make Revolving Credit Loans or Incremental Revolving Credit Loans hereunder or (ii) Section 2.5
as a date on which the Company requests the Issuing Lender to issue a Letter of Credit hereunder.

 

“Burdensome Restrictions”
means any consensual encumbrance or restriction of the type described in clause (a) or (b) of Section 9.14.

 

“Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required
by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day”
shall also exclude any day on which banks are not open for general business in London, England.

 

“Canadian Blocked Person”
means any Person that is a “designated person”, “politically exposed foreign person” or “terrorist
group” as described in any applicable Canadian laws, regulations or orders governing transactions in controlled goods or
technologies or dealings with countries, entities, organizations, or individuals subject to economic sanctions and similar measures,
including the Special Economic Measures Act (Canada), the United Nations Act (Canada), the Freezing Assets of
Corrupt Foreign Officials Act (Canada), Part II.1 of the Criminal Code (Canada) and the Export and Import Permits
Act (Canada), and any related regulations.

 

“Canadian Credit Party”
means any Subsidiary of the Company which is organized under the laws of Canada or any province or territory thereof that the Company
shall elect to add as a Guarantor in its discretion.

 

“Canadian Defined Benefit Plan”
means a Canadian Pension Plan, which contains a “defined benefit provision,” as defined in subsection 147.1(1) of
the Income Tax Act (Canada).

 

“Canadian Pension Event”
means (a) the filing of a notice of intent to terminate in whole or in part a Canadian Defined Benefit Plan or the treatment
of a Canadian Defined Benefit Plan amendment as a termination or partial termination, where the wind-up valuation of such Canadian
Defined Benefit Plan’s liabilities would, or could reasonably be expected to, exceed the wind-up valuation of such Canadian
Defined Benefit Plan’s assets; (c) the institution of proceedings by any Governmental Authority to terminate in whole
or in part a Canadian Defined Benefit Plan, where the wind-up valuation of such Canadian Defined Benefit Plan’s liabilities
would, or could reasonably be expected to, exceed the wind-up valuation of such Canadian Defined Benefit Plan’s assets; (d) the
institution of proceedings by any Governmental Authority to have a trustee appointed to administer a Canadian Defined Benefit Plan;
or (d) any other event or condition which might constitute grounds for the termination of, winding up or partial termination
of winding up or the appointment of trustee to administer, any Canadian Defined Benefit Plan, a Canadian Defined Benefit Plan amendment
as a termination or partial termination, where the wind-up valuation of such Canadian Defined Benefit Plan’s liabilities
would, or could reasonably be expected to, exceed the wind-up valuation of such Canadian Defined Benefit Plan’s assets.

 

    10

     

    

 

“Canadian Pension Plan”
means a pension plan that is covered by the applicable pension standards laws of any jurisdiction in Canada including the Employment
Pension Plans Act (Alberta), the Pension Benefits Act (Ontario) and the Income Tax Act (Canada) and that is maintained
or sponsored by a Credit Party for employees.

 

“Canadian Pledge and Security
Agreement” means the Pledge and Security Agreement dated as of the date hereof, among the Canadian Credit Parties
from time to time party thereto and the Collateral Agent for the ratable benefit of the Secured Parties, a copy of which is attached
as Exhibit C-1 hereto, as the same may be amended, modified or supplemented in accordance with its terms from time
to time.

 

“Canadian
Priority Payable Reserve” means reserves established by the Administrative Agent in its Permitted Discretion
in respect of (but without duplication of any other Reserve): (a) amounts past due and owing or in respect of which any Canadian
Credit Party has an obligation to remit to a Governmental Authority or other Person pursuant to any applicable law, rule or
regulation, with respect to (i) goods and services taxes, sales taxes, employee income taxes, municipal taxes and other taxes
payable or to be remitted or withheld; (ii) workers’ compensation or employment insurance; (iii) vacation or holiday
pay; and (iv) other like charges and demands, in each case, to the extent that any Governmental Authority or other Person
may claim a Lien, trust or other claim or Lien ranking or which would reasonably be expected to rank in priority to or pari
passu with one or more of the Liens granted in the other Credit Documents; and (b) the aggregate amount of any other liabilities
of any Canadian Loan Party (i) in respect of which a trust or deemed trust has been imposed or may reasonably be likely to
be imposed on any Collateral to provide for payment, (ii) in respect of rights or claims of suppliers under section 81.1 of
the Bankruptcy and Insolvency Act (Canada); (iii) in respect of pension fund obligations, including in respect of unpaid
or unremitted pension plan contributions, amounts representing any unfunded liability, solvency deficiency or wind-up deficiency
whether or not due with respect to a Canadian Pension Plan (including “normal cost”, “special payments”
and any other payments in respect of any funding deficiency or shortfall), (iv) which are secured by a Lien, right, right
or claim on any Collateral (including, without limitation, in respect of wages, salaries, commissions, vacation pay, or other compensation
or amounts (including severance pay) payable under the Wage Earner Protection Program Act (Canada), the Bankruptcy and
Insolvency Act (Canada) or the Companies’ Creditors Arrangement Act (Canada), in each case to the extent that,
pursuant to any Applicable Law, such Lien, trust, right or claim ranks or, in the Permitted Discretion of the Agent, could reasonably
be expected to rank in priority to or pari passu with one or more of the Liens granted in the Credit Documents.

 

“Capital Expenditures”
means, for any period, without duplication, all amounts or commitments to expend money for any purchase or acquisition of assets
that would, in accordance with GAAP, be classified as additions to property, plant and equipment and other capital expenditures
of the Credit Parties for such period.

 

    11

     

    

 

“Capital
Lease” means, of any Person, any lease of (or other
arrangement conveying the right to use) property (whether real, personal or mixed) by such Person as lessee which would, in accordance
with GAAP, be required to be accounted for as a financing lease on the balance sheet of such Person.

 

“Cash Collateral Account”
means a special cash collateral account pledged to the Administrative Agent containing cash deposited pursuant to the terms hereof
to be maintained with the Administrative Agent.

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Issuing Lender and the Lenders,
as collateral for the Revolving L/C Obligations, cash or deposit account balances pursuant to documentation in form and substance
satisfactory to the Administrative Agent and the Issuing Lender.

 

“Cash Dominion Event”
means any time that (a) an Availability Trigger shall have occurred or (b) an Event of Default has occurred and is continuing.
Once commenced, a Cash Dominion Event shall be deemed to be continuing until such time as (x) no Event of Default is continuing
and (y) if such Cash Dominion Event resulted from an event specified in the preceding clause (a), Availability equals
or exceeds for thirty (30) consecutive days the greater of (1) $50,000,000 and (2) 12.5% of the Line Cap then in effect.

 

“Cash Equivalents”
means (i) securities issued or directly and fully guaranteed or insured by the United States Government or any agency or instrumentality
thereof having maturities of no more than one year from the date of acquisition, (ii) certificates of deposit and eurodollar
time deposits with maturities of one year or less from the date of acquisition and overnight bank deposits of any Lender or of
any commercial bank with commercial paper rated, on the day of such purchase, at least A-1 or the equivalent thereof by S&P
or P-1 or the equivalent thereof by Moody’s, (iii) repurchase obligations with a term of not more than thirty (30) days
for underlying securities of the types described in clauses (i) and (ii) entered into with any financial
institution meeting the qualifications specified in clause (ii) above, (iv) commercial paper issued by any Lender,
the parent corporation of any Lender or any Subsidiary of such Lender’s parent corporation, and commercial paper rated at
least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s and in each case maturing
within one year after the date of acquisition thereof, (v) money market funds that (A) comply with the criteria set forth
in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, (B) are rated AA by S&P
and Aa by Moody’s and (C) have portfolio assets of at least $5,000,000,000 and (vi) money market funds existing
on the Closing Date that are listed on Schedule 1B and (vii) in the case of Canadian Foreign Subsidiaries, investments
that are substantially equivalent to the foregoing investments described in clauses (i) through (v) above that are available
in Canadian Dollars.

 

“Cash Management Agreement”
means any agreement to provide cash management services, including treasury, depository, overdraft, credit, purchasing or debit
card, electronic funds transfer and other cash management arrangements.

 

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“Cash
Management Bank” means (a) any Person that, at the time it enters into a Cash Management Agreement or on the
Closing Date, is a Lender or a Lead Arranger or an Affiliate of a Lender or a Lead Arranger, in its capacity as a party to such
Cash Management Agreement and (b) Bank of America, N.A. so long as Cash Management Obligations described under clause
(b) of the definition thereof are outstanding.

 

“Cash
Management Obligation” means, (a) as applied to any Person, any direct or indirect liability, contingent or
otherwise, of such Person owing to a Cash Management Bank under or in respect of a Cash Management Agreement and (b) as
applied to any Credit Party, any direct or indirect liability, contingent or otherwise, of such Person owing to Bank of America,
N.A. under that certain Authorization and Agreement for Treasury Services, dated as of March 8, 2016; provided, that
such liability referred to in this clause (b) shall cease to be a “Cash Management Obligation” hereunder on the
date that is the earlier of (i) the date that the corresponding liability is established with a Lender pursuant to Section 8.14
and (ii) the termination of such Authorization and Agreement for Treasury Services.

 

“CFC” means a
 “controlled foreign corporation” within the meaning of Section 957 of the Code.

 

“CFC Holdco”
means any direct or indirect Domestic Subsidiary (a) substantially all of the assets of which consist of the equity of one
or more CFCs or (b) that is treated as a disregarded entity for U.S. federal income tax purposes that has no material assets
other than equity of one or more CFCs

 

“Change in Law”
means, with respect to any Lender, the adoption of any law, treaty, rule, regulation, policy, guideline or directive (whether or
not having the force of law) or any change therein or in the interpretation or application thereof by any Governmental Authority,
including, without limitation, the issuance of any final rule, regulation or guideline by any regulatory agency having jurisdiction
over such Lender or, in the case of Section 5.12(b) or 5.20(b), any corporation controlling such Lender,
in each case, after the date such Lender becomes a party to this Agreement; provided, however, that notwithstanding
anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed
to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Change of Control”
means the occurrence of any of the following events: (a) Parent fails to directly or indirectly own and control beneficially
and of record (free and clear of all Liens other than Liens permitted under Section 9.3) the percentage of the Equity
Interests of each Credit Party as set forth in Schedule 6.11 (other than as a result of a disposition permitted under Section 9.6);
(b) the General Partner shall fail to directly own and control beneficially and of record (free and clear of all Liens other
than Liens permitted under Section 9.3) 100% of the general partner interests of the Parent; (c) any “person”
or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but
excluding any employee benefit plan of such person or its subsidiaries, any person or entity acting in its capacity as trustee,
agent or other fiduciary or administrator of any such plan, and any Permitted Holder) becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed
to have “beneficial ownership” of all securities that such person or group has the right to acquire (such right, an
 “option right”), whether such right is exercisable immediately or only after the passage of time), directly
or indirectly, of 35% or more of the voting Equity Interests of the General Partner on a fully-diluted basis (and taking into account
all such securities that such person or group has the right to acquire pursuant to any option right); or (d) a majority of
the members of the board of managers or other equivalent governing body of the General Partner (excluding vacant seats) cease to
be Continuing Members.

 

    13

     

    

 

 

“Closing Date”
means the date on which the conditions specified in Section 7.1 are satisfied (or waived in accordance with Section 12.1).

 

“Closing Date Collateral Vessel”
means the Vessels listed on Schedule 1E.

 

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

 

“Collateral”
means all of the “Collateral” referred to in the Collateral Documents and all of the other property and other assets
of any Credit Party now existing or hereafter acquired, that is at any time required under the terms hereof or of any of the Collateral
Documents to be subject to Liens in favor of the Collateral Agent for the benefit of the Secured Parties.

 

“Collateral
Access Agreement” has the meaning assigned to such term in the Pledge and Security Agreement.

 

“Collateral Agent”
means JPMorgan Chase Bank, N.A. in its capacity as collateral agent and/or security trustee (as applicable) for the Secured Parties
and its successors and assigns in such capacity (or such of its Affiliates as it may designate from time to time).

 

“Collateral Documents”
means, collectively, the Pledge and Security Agreement, the Canadian Pledge and Security Agreement, each Mortgage, each Leasehold
Mortgage, each Collateral Vessel Mortgage, any additional pledges, security agreements, deeds of hypothec or mortgages that create
or purport to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties and any instruments of assignment,
Control Agreements, lockbox letters or other instruments or agreements executed pursuant to the foregoing.

 

“Collateral Vessel”
means, as of the Closing Date, each Closing Date Collateral Vessel, and thereafter, each Vessel owned by any Credit Party that
becomes a Collateral Vessel in accordance with Section 8.10(f) and is subject to a Collateral Vessel Mortgage.

 

“Collateral Vessel Mortgage”
means a vessel mortgage, in a form to be reasonably agreed between the Company and the Administrative Agent, including any Credit
Party and the Collateral Agent, as the same may be amended, modified or supplemented from time to time.

 

“Collection Account”
shall have the meaning assigned to such term in the Pledge and Security Agreement.

 

“Commitment Fee”
has the meaning specified in Section 5.9(a).

 

    14

     

    

 

“Commitment Percentage”
means, with respect to any Lender, the Revolving Credit Commitment Percentage of such Lender.

 

“Commitments”
means the collective reference to the Revolving Credit Commitments and the Revolving Credit Commitments Increases, if any (individually,
a “Commitment”). On the Closing Date, the aggregate amount of the Revolving Credit Commitments is $500,000,000.
The aggregate amount of all Revolving Credit Commitments Increases shall not exceed $200,000,000.

 

“Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf
of any Credit Party pursuant to any Credit Document or the transactions contemplated therein which is distributed by the Administrative
Agent, any Lender or any Issuing Lender by means of electronic communications pursuant to this Section, including through an Approved
Electronic Platform.

 

“Company” has
the meaning specified in the preamble hereof.

 

“Company Materials”
has the meaning specified in Section 8.2.

 

“Connection Income Taxes”
means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or
branch profits Taxes.

 

“Consolidated Cash Interest
Expense” means, for any period, the amount of Consolidated Interest Expense paid or required to be paid in cash by
Credit Parties during such period.

 

“Consolidated EBITDA”
means, for any period for the Credit Parties, the sum of:

 

(i)          Consolidated
Net Income for such period; plus

 

(ii)         without
duplication, those amounts which, in the determination of Consolidated Net Income for such period, have been deducted for:

 

(A)            Consolidated
Interest Expense;

 

(B)            provisions
for taxes based on income and profits (including state franchise taxes accounted for as income taxes in accordance with GAAP);

 

(C)            depreciation,
depletion, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid
in a prior period), abandonment, impairment and other non-cash charges and expenses (excluding any such non-cash charge or expense
to the extent that it represents an accrual of or reserve for cash charges or expenses in any future period or amortization of
a prepaid cash charge or expense that was paid in a prior period);

 

(D)            all
extraordinary, unusual or non-recurring expenses, including expenses related to the fair market value of contingent consideration
costs and expenses relating to payment of actual legal proceedings, settlements, judgments, orders or decrees, to the extent reasonably
acceptable to the Administrative Agent; provided that the aggregate amount of such expenses that may be added back to Consolidated
EBITDA in any Measurement Period pursuant to this clause (ii)(D), clause (ii)(F)(II) and clause (ii)(G) shall not exceed
in the aggregate $25,000,000;

 

    15

     

    

 

(E)            any
net loss realized by the Credit Parties in connection with an Asset Sale (together with any related provision for taxes);

 

(F)            any
(x) charges, losses and expenses, and (y) prepayment premiums, breakage costs and LIBOR indemnities, redeployment costs
or funding costs, with respect to each of clause (x) and clause (y) incurred by the Credit Parties as a result of, or
in connection with, (I) this Agreement and the transactions contemplated hereto, including the issuance of the Secured 2026
Notes and the repayment of the obligations owing under the Existing Revolving Credit Agreement and the Existing Term Loan Credit
Agreement, and (II) any issuance, incurrence, refinancing, redemption, repayment or prepayment of any other Indebtedness,
to the extent permitted under this Agreement; provided that the aggregate amount of such expenses that may be added back
to Consolidated EBITDA in any Measurement Period pursuant to this clause (ii)(F)(II), clause (ii)(D) and clause (ii)(G) shall
not in the aggregate exceed $25,000,000; and

 

(G)            any
(x) charges, costs and expenses and (y) all cash and non-cash restructuring and integration charges, costs and expenses,
in each case incurred by the Parent or any of its Restricted Subsidiaries as a result of any issuance of Equity Interests or any
proposed or actual acquisitions, investments, asset sales or divestitures permitted hereunder and  costs of reporting and
compliance requirements pursuant to the Sarbanes-Oxley Act of 2002 and under similar legislation of any other jurisdiction; and,
in the case of items described in sub-clause (y), which are factually supportable, identifiable and documents and which are reasonably
acceptable to the Administrative Agent; provided that the aggregate amount of such expenses that may be added back to Consolidated
EBITDA in any Measurement Period pursuant to this clause (ii)(G), clause (ii)(D) and clause (ii)(F)(II) shall not in
the aggregate exceed $25,000,000; minus

 

(iii)        (A) any
amount which, in the determination of Consolidated Net Income for such period, has been added for any extraordinary or unusual
gains and any non-cash income or non-cash gains (other than the accrual of revenue in the ordinary course of business), all as
determined in accordance with GAAP plus (B) any net gain realized by the Credit Parties in connection with an Asset
Sale (together with any related provision for taxes); minus

 

(iv)        the
aggregate amount of cash payments made during such period in respect of any non-cash accrual, reserve or other non-cash charge
or expense accounted for in a prior period which were added to Consolidated Net Income to determine Consolidated EBITDA for such
prior period and which do not otherwise reduce Consolidated Net Income for the current period.

 

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Consolidated EBITDA for any Measurement
Period pursuant to any determination of the Fixed Charge Coverage Ratio, shall be calculated on a pro-forma basis after giving
effect to, without duplication, any Material Business Expansion Project, Permitted Acquisition with respect to which any Credit
Party provided more than $50,000,000 of consideration or Material Asset Sale, as the case may be, and as if, such Material Business
Expansion Project, Permitted Acquisition or Material Asset Sale occurred or was completed on the first day of the Measurement Period;
provided that with regard to each Material Business Expansion Project such pro forma adjustment (x) shall be based
upon forecasted income that is derived from binding, non-contingent contracts (the determination of which is acceptable to the
Administrative Agent in its discretion), less appropriate direct and indirect costs to realize such income and (y) when aggregated
with all pro-forma adjustments attributable to Material Business Expansion Projects shall not exceed 15.0%, of the Consolidated
EBITDA reflected in the most recently delivered Compliance Certificate, net of any actual Consolidated EBITDA realized from such
Material Business Expansion Projects and without giving effect to increases in such Consolidated EBITDA arising from such Material
Business Expansion Projects for such pro forma period; provided further that any such pro-forma adjustments to Consolidated
EBITDA shall be reasonably acceptable to the Administrative Agent.

 

“Consolidated Interest Expense”
means, for any period the amount of interest, premium payments, debt discount, fees, charges and related expenses in connection
with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case
to the extent treated as interest expense in accordance with GAAP, including all commissions, discounts and other fees and charges
owed with respect to letters of credit and bankers’ acceptance financing and net costs under Swap Contracts in respect of
interest rates, for such period minus the net amount receivable under Swap Contracts in respect of interest rates; provided
that, for purposes of calculating Consolidated Interest Expense for any period for determining the Fixed Charge Coverage Ratio,
if during such period (or in the case of pro-forma calculations, during the period from the last day of such period to and including
the date as of which such calculation is made) a Credit Party shall have incurred or repaid Material Indebtedness (other than any
Loans), then Consolidated Interest Expense for such period shall be calculated after giving effect thereto on a pro-forma basis.

 

“Consolidated Net Income”
means, for any period, the net income (or net loss) after taxes of the Credit Parties for such period, determined on a consolidated
basis in accordance with GAAP; provided that:

 

(a)            any
gain (loss) realized upon the sale or other disposition of any property, plant or equipment of the Parent or its consolidated
Restricted Subsidiaries (including pursuant to any sale or leaseback transaction) which is not sold or otherwise disposed of in
the ordinary course of business and any gain (loss) realized upon the sale or other disposition of any Equity Interests of
the Parent or any of its Restricted Subsidiaries will be excluded;

 

(b)            the
net income (but not loss) of any Person that is not the Parent or a Restricted Subsidiary of the Parent or that is accounted for
by the equity method of accounting will be included only to the extent of the amount of dividends or similar distributions paid
in cash to the Parent or a Restricted Subsidiary of Parent;

 

(c)            the
net income (but not loss) of any Restricted Subsidiary of the Parent that is not a Guarantor will be excluded to the extent that
the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that net income is not at the
date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly,
by operation of the terms of its charter or any instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to that Restricted Subsidiary or its stockholders, partners or members;

 

    17

     

    

 

(d)            any
unrealized losses and gains for such period under derivative instruments included in the determination of Consolidated Net Income,
including, without limitation, those resulting from the application of FASB ASC 815, will be excluded;

 

(e)            all
non-cash equity-based compensation expense, including all non-cash charges related to restricted Equity Interests and redeemable
Equity Interests granted to officers, directors and employees, will be excluded;

 

(f)            any
charges associated with any write-down, amortization or impairment of goodwill or other tangible or intangible assets will be excluded;
and

 

(g)            any
non-cash or other charges relating to any premium or penalty paid, write off of deferred financing costs or other financial recapitalization
charges in connection with redeeming or retiring any Indebtedness prior to its stated maturity (including, without limitation,
premiums or penalties paid to counterparties in connection with the breakage, termination or unwinding of Swap Obligations) will
be excluded.

 

“Consolidated
Total Assets” means, at any date, the total consolidated assets of the Credit Parties determined on a consolidated
basis in accordance with GAAP (and excluding all intercompany items) as of the date of the most recent financial statements delivered
in accordance with Section 8.1(a) or 8.1(b) of this Agreement.

 

“Contingent Obligation”
means, as to any Person, any obligation of such Person guaranteeing or in effect guaranteeing any Indebtedness (“primary
obligations”) of any other Person (the “primary obligor”) in any manner, whether directly
or indirectly, including, without limitation, any obligation of such Person, whether or not contingent (i) to purchase any
such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds
(A) for the purchase or payment of any such primary obligation or (B) to maintain working capital or equity capital of
the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property,
securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary
obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary
obligation against loss in respect thereof; provided, however, that the term “Contingent Obligation”
shall not include (x) endorsements of instruments for deposit or collection in the ordinary course of business and (y) any
obligation resulting from the existence of deferred revenue, including customer deposits. The amount of any Contingent Obligation
shall be deemed to be an amount equal to the stated or determinable amount (based on the maximum reasonably anticipated net liability
in respect thereof as determined by the Company in good faith) of the primary obligation or portion thereof in respect of which
such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated net liability in respect
thereof (assuming such Person is required to perform thereunder) as determined by the Company in good faith.

 

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“Continuing
Member” means (a) individuals who on the Closing Date constituted the board of managers or other equivalent
governing body of the General Partner and (b) any new members of the board of managers or other equivalent governing body
of the General Partner whose election or whose nomination for election by the holders of the Equity Interests of the General Partner
was approved by at least a majority of the members then still in office (or a duly constituted committee thereof) either who were
members on the Closing Date or whose election or nomination for election was previously so approved.

 

“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or undertaking to
which such Person is a party or by which it or any of the property owned by it is bound.

 

“Control Agreement”
means an account control agreement (or similar agreement), in form and substance acceptable to the Administrative Agent, executed
by the applicable Credit Party, the Administrative Agent, the Collateral Agent and the relevant bank, securities intermediary or
commodity intermediary, as applicable, party thereto. Such agreement shall provide a first priority perfected Lien in favor of
the Collateral Agent, for the benefit of the Secured Parties, in the applicable Credit Party’s Deposit Account, Securities
Account or Commodity Account, as applicable; provided any such agreement delivered in respect of a Securities Account or
Commodity Account that is an Eligible Futures Account shall not be required to provide a first priority perfected Lien in favor
of the Collateral Agent, for the benefit of the Secured Parties, to the extent of Brokerage Account Deducts.

 

“Controlled Account”
means a Deposit Account, Securities Account or Commodity Account that is subject to a Control Agreement.

 

“Corresponding
Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an
interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Covered
Entity” means any of the following:

 

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

 

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

 

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

 

“Covered Party”
has the meaning assigned to it in Section 12.18.

 

“Credit
Documents” means the collective reference to this Agreement, the Notes, the Guaranty (including any guarantee or
Credit Party Accession Agreement executed and delivered pursuant to Section 8.10 or 9.15 of this Agreement),
the Collateral Documents, the Intercreditor Agreement, any Incremental Facility Amendment and any other document or instrument
designated by the Company and the Administrative Agent as a “Credit Document”. Any reference in this Agreement or any
other Credit Document to a Credit Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements,
amendments and restatements, supplements or other modifications thereto.

 

    19

     

    

 

“Credit Parties”
means the collective reference to the Company and each Guarantor.

 

“Credit Party Accession Agreement”
means an accession agreement, substantially in the form of Exhibit D hereto, executed and delivered by a Subsidiary
after the Closing Date, in accordance with Section 8.10 or Section 9.15.

 

“Crude Oil” means
liquid petroleum, regardless of gravity, produced at the well by ordinary production methods and which are not the result of condensation
of gas before or after it leaves the reservoir.

 

“Daily
Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established
by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental
Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides
that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish
another convention in its reasonable discretion.

 

“Debtor Relief Laws”
means the Bankruptcy Code of the United States, the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors
Arrangement Act (Canada), the Winding Up and Restructuring Act (Canada) and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar
debtor relief laws of the United States, Canada or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.

 

“Default” means
any of the events specified in Article 10, whether or not any requirement for the giving of notice, the lapse of time,
or both, has been satisfied.

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.

 

“Defaulting
Lender” means, subject to Section 5.24, any Lender that (a) has failed, within two (2) Business
Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of
its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Finance Party any other amount required
to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent
in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding
(specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Company
or any Finance Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with
any of its funding obligations under this Agreement (unless such writing or public statement relates to such Lender's obligation
to fund a Loan hereunder and indicates that such position is based on such Lender’s good faith determination that a condition
precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot
be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business
Days after request in writing by the Administrative Agent or any Issuing Lender, acting in good faith, to provide a certification
in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet
such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under
this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
such Finance Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent,
or (d) has, or has a direct or indirect parent entity that has, after the date hereof, become the subject of (i) a Bankruptcy
Event or (ii) a Bail-In Action.

 

    20

     

    

 

“Delaware Assets”
shall mean the fee-owned Material Real Property Assets that are part of the Delaware Pipeline.

 

“Delaware Pipeline”
shall mean pipeline systems of the Credit Parties located in Lea County, New Mexico; Eddy County, New Mexico; Loving County, Texas
and Reeves County, Texas.

 

“Designated Cash Management
Obligations” means, as of any date, Cash Management Obligations that are Finance Obligations and that have been designated
in writing by the Company in its sole discretion (or designated in the Borrowing Base Certificate most recently delivered on or
prior to such date) or by any Lender to the Administrative Agent as “Designated Cash Management Obligations”; provided
that in each case such designation shall not become effective until the third Business Day following the Administrative Agent’s
receipt of such designation (it being acknowledged and agreed that, unless so designated, no Reserve in respect of such Cash Management
Obligation will be instituted or maintained). All Cash Management Obligations of the Administrative Agent and its Affiliates that
are Finance Obligations will be deemed to be “Designated Cash Management Obligations” without the need of further notice.
The Company agrees that it shall not designate any Cash Management Obligations under clause (b) of the definition thereof
as Designated Cash Management Obligations, and any such purported designation by the Company shall be null and void (and no Reserves
shall be established in respect of such Cash Management Obligations in any event).

 

“Designated
Swap Obligations” means, as of any date, Swap Obligations that are Finance Obligations and that have been designated
in writing by the Company in its sole discretion (or designated in the Borrowing Base Certificate most recently delivered on or
prior to such date) or by any Lender to the Administrative Agent as “Designated Swap Obligations”; provided
that in each case such designation shall not become effective until the third Business Day following the Administrative Agent’s
receipt of such designation (it being acknowledged and agreed that, unless so designated, no Reserve in respect of such Swap Obligation
will be instituted or maintained). All Swap Obligations of the Administrative Agent and its Affiliates that are Finance
Obligations will be deemed to be “Designated Swap Obligations” without the need of further notice.

 

“Designated
Value” means, with respect to any Real Property, the book value of such Real Property, together with the book
value of all fixtures appurtenant thereto and all improvements thereon.

 

“Detached RIN”
means a RIN generated in accordance with RFS that is no longer associated with a specific gallon of biofuel to the extent such
separation has occurred as provided in 40 CFR 80.1429(b), or such successor rule or regulation that governs the separation
of RINs from a volume of renewable fuel.

 

    21

     

    

 

“Disqualified
Stock” shall mean any Equity Interest that, by its terms (or by the terms of any security into which it is convertible
or for which it is exchangeable), or upon the happening of any event, (i) except as set forth in the proviso hereto, matures
(excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable (other than
solely for Equity Interests that are not Disqualified Stock), pursuant to a sinking fund obligation or otherwise, or is redeemable
at the option of the holder thereof, in whole or in part, or requires the payment of any cash dividend or any other scheduled payment
constituting a return of capital, or (ii) is convertible into or exchangeable (unless at the sole option of the issuer thereof)
for (x) debt securities or (y) any Equity Interest referred to in clause (i) above, in each case of
clauses (i) and (ii), at any time prior to the 91st day after the Scheduled Termination Date; provided
that such Equity Interest may by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable
or exercisable) become mandatorily redeemable or redeemable at the option of the holder thereof upon the occurrence of a change
in control or Asset Sale subject to (1) payment in full in cash of all Obligations (other than Letters of Credit and contingent
indemnification obligations not then due and owing) and (2) all Letters of Credit having been cancelled (unless the sum of
sum of (A) the aggregate unpaid amount of Revolving L/C Obligations outstanding at the time of such request and (B) the
maximum aggregate amount available to be drawn under all Letters of Credit outstanding at such time thereof has been Cash Collateralized
in accordance with the terms of this Agreement or a backstop letter of credit reasonably satisfactory to the Issuing Lender has
been provided); provided, further, that if such Equity Interest is issued to any current or former employee or to
any plan for the benefit of employees, directors, officers, members of management or consultants of the Parent or its Restricted
Subsidiaries or by any such plan to such employees, directors, officers, members or management or consultants, such Equity Interest
shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Parent or its Restricted Subsidiaries
in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s, director’s, officer’s,
management member’s or consultant’s termination, death or disability.

 

“Dollar Equivalent”
means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount
denominated in Canadian dollars, the equivalent amount thereof in Dollars as determined by the Administrative Agent or the Issuing
Lender, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date)
for the purchase of Dollars with Canadian dollars.

 

“Dollars” and
 “$” mean dollars in lawful currency of the United States of America.

 

“Domestic Subsidiary”
means any Subsidiary of the Company other than a Foreign Subsidiary.

 

“Early
Opt-in Election” means, if the then-current Benchmark is LIBOR, the occurrence of:

 

(1)            a
notification by the Administrative Agent to (or the request by the Company to the Administrative Agent to notify) each of the other
parties hereto that at least five currently outstanding dollar-denominated syndicated credit facilities at such time contain (as
a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR)
as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review),
and

 

    22

     

    

 

(2)            the
joint election by the Administrative Agent and the Company to trigger a fallback from LIBOR and the provision by the Administrative
Agent of written notice of such election to the Lenders.

 

“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision
of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described
in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which
is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to
consolidated supervision with its parent.

 

“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority”
means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country
(including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Electronic Signature”
means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a person
with the intent to sign, authenticate or accept such contract or record.

 

“Eligible Account”
means, at any time, each Account of the Company or other Credit Party that is not ineligible for inclusion in the calculation of
the Borrowing Base pursuant to any of clauses (a) through (y) below. Without limiting the Administrative
Agent’s discretion provided herein, Eligible Accounts shall not include any Account:

 

(a)            which
is not subject to a first priority perfected security interest in favor of the Collateral Agent;

 

(b)            which
is subject to any Lien other than (i) a Lien in favor of the Collateral Agent and (ii) a Lien permitted by clause
(a), (b), (e), (n) or (p) of Section 9.3 (provided that such Liens shall not be prior to
the Liens of the Collateral Agent unless a Reserve shall have been established for such Liens);

 

(c)            (i) which
is unpaid more than seventy-five (75) days after the date of the original invoice therefor or more than thirty (30) days after
the original due date therefor, or (ii) which has been written off the books of the applicable Account Debtor or otherwise
designated as uncollectible;

 

(d)            which
is owing by an Account Debtor for which more than 50% of the Accounts owing by such Account Debtor and its Affiliates are ineligible
pursuant to clause (c) above;

 

(e)            which
is owing by (i) an Account Debtor with a rating of BBB- or higher by S&P or Baa3 or higher by Moody’s (or if no
such rating exists, the equivalent of such rating by any other nationally recognized securities rating agency) to the extent the
aggregate amount of Accounts owing by such Account Debtor and its Affiliates to the Credit Parties that would be included as “Eligible
Accounts” but for this clause (e)(i) exceeds 20% of the aggregate amount of all Eligible Accounts, to the extent
of the obligations owing by such Account Debtor in excess of such percentage or (ii) an Account Debtor other than one described
in clause (e)(i) to the extent the aggregate amount of Accounts owing by such Account Debtor and its Affiliates to
the Credit Parties that would be included as “Eligible Accounts” but for this clause (e)(ii) exceeds 15%
of the aggregate amount of all Eligible Accounts, to the extent of the obligations owing by such Account Debtor in excess of such
percentage;

 

    23

     

    

 

 

(f)            with
respect to which any covenant, representation or warranty contained in this Agreement or in the Collateral Documents has been breached
or is not true in any material respect;

 

(g)            which
(i) does not arise from the sale of goods or performance of services in the ordinary course of business, (ii) is not
evidenced by an invoice or other documentation in a form heretofore supplied to the Administrative Agent or its agent (or is otherwise
satisfactory to the Administrative Agent) which has been sent to the Account Debtor (it being understood that the foregoing shall
not be applicable in circumstances where the applicable Account Debtor has not received (or does not generally receive in the ordinary
course of business) an invoice from a Credit Party requesting payment with respect to any such Account so long as (x) any
such unbilled Account has been recorded in the books and records of such Credit Party, and (y) title to the underlying Inventory
sold by such Credit Party has passed to the purchaser thereof), (iii) represents a progress billing, (iv) is contingent
upon the Company's completion of any further performance, (v) represents a sale on a bill-and-hold, guaranteed sale, sale-and-return,
sale on approval, consignment, cash-on-delivery or any other repurchase or return basis or (vi) relates to the payment of
interest;

 

(h)           for
which the goods giving rise to such Account have not been shipped to the Account Debtor or for which the services giving rise to
such Account have not been performed by the applicable Credit Party;

 

(i)            with
respect to which any check or other instrument of payment has been returned uncollected for any reason;

 

(j)            which
is owed by an Account Debtor which has (i) applied for, suffered, or consented to the appointment of any receiver, interim
receiver, monitor, custodian, trustee, or liquidator of its assets, (ii) had possession of all or a material part of its property
taken by any receiver, interim receiver, monitor, custodian, trustee or liquidator, (iii) filed, or had filed against it,
any assignment, application, request or petition for liquidation, reorganization, compromise, arrangement, adjustment of debts,
adjudication as bankrupt, winding-up, or voluntary or involuntary case or proceeding under any state, provincial, territorial or
federal bankruptcy laws (other than post-petition accounts payable of an Account Debtor that is a debtor-in-possession under a
Bankruptcy Event and reasonably acceptable to the Administrative Agent), (iv) admitted in writing its inability, or is generally
unable to, pay its debts as they become due, (v) become insolvent, or (vi) ceased operation of its business;

 

(k)            which
is owed by any Account Debtor which has sold all or substantially all of its assets;

 

(l)            which
is owed by an Account Debtor that fails to satisfy at least one of the following requirements: (i) it maintains its chief
executive office in the U.S. or Canada or (ii) its jurisdiction of organization is in the U.S. or Canada;

 

    24

     

    

 

(m)          which
is owed in any currency other than U.S. dollars or Canadian dollars.

 

(n)           which
is owed by (i) any Governmental Authority of any country other than the U.S. unless such Account is backed by a Letter of
Credit acceptable to the Administrative Agent which is in the possession of, and is directly drawable by, the Administrative Agent
(ii) any Governmental Authority of the U.S., or any department, agency, public corporation, or instrumentality thereof, unless
the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727 et seq. and 41 U.S.C. § 15 et seq.),
and any other steps necessary to perfect the Lien of the Collateral Agent in such Account have been complied with, or (iii) any
Governmental Authority of Canada, or any province, territory, department, agency, public corporation, or instrumentality thereof,
unless the Financial Administration Act (Canada) or any provincial or territorial legislation of similar purpose and effect restricting
the assignment of such Account and any other steps necessary to perfect the Lien of the Administrative Agent in such Account, have
been complied with;

 

(o)           which
is owed by any Credit Party or any Affiliate of any Credit Party or any employee, officer, director, agent or stockholder of any
Credit Party or any of its Affiliates;

 

(p)           which
is owed by an Account Debtor to which any Credit Party is indebted, but only to the extent of such indebtedness, or is subject
to any security, deposit, progress payment, retainage or other similar advance made by or for the benefit of an Account Debtor,
in each case to the extent thereof;

 

(q)           which
is subject to any counterclaim, deduction, defense, setoff or dispute, but only to the extent of any such counterclaim, deduction,
defense, setoff or dispute;

 

(r)            which
is evidenced by any promissory note, Chattel Paper or Instrument unless all steps necessary to perfect the Lien of the Collateral
Agent in such promissory note, Chattel Paper or Instrument have been complied with in a manner reasonably satisfactory to the Administrative
Agent;

 

(s)            which
is owed by an Account Debtor (i) that to the knowledge of a Credit Party is located in any jurisdiction which requires filing
of a “Notice of Business Activities Report” or other similar report in order to permit the applicable Credit Party
to seek judicial enforcement in such jurisdiction of payment of such Account, unless the applicable Credit Party has filed such
report or qualified to do business in such jurisdiction or (ii) which is a Sanctioned Person;

 

(t)            with
respect to which the applicable Credit Party has made any agreement with the Account Debtor for any reduction thereof, other than
discounts and adjustments given in the ordinary course of business but only to the extent of any such reduction, or any Account
which was partially paid and the Credit Party created a new receivable for the unpaid portion of such Account;

 

(u)           which
does not comply in all material respects with the requirements of all applicable laws and regulations, whether federal, state,
provincial, territorial or local, including, without limitation, the Federal Consumer Credit Protection Act, the Federal Truth
in Lending Act and Regulation Z of the Board;

 

    25

     

    

 

(v)           which
is for goods that have been sold under a purchase order or pursuant to the terms of a contract or other agreement or understanding
(written or oral) that indicates or purports that any Person (other than the applicable Credit Party) has or has had an ownership
interest in such goods, or which indicates any party (other than the applicable Credit Party or the Collateral Agent) as payee
or remittance party;

 

(w)          which
was created on cash on delivery terms;

 

(x)            as
to which the contract or agreement underlying such Account is governed by the laws of any jurisdiction other than (or, if no governing
law is expressed therein, as to which, under applicable choice of law principles, such Account would not be governed by the laws
of any of the United States, any state thereof or the District of Columbia or the federal laws of Canada or the laws of any province
or territory of Canada.

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 12.6 (subject to such consents, if any,
as may be required thereunder).

 

“Eligible Carrier”
means any of the carriers listed or described in Schedule 1C, as such Schedule 1C may be revised by the Company from
time to time with the consent of the Administrative Agent, such consent not to be unreasonably withheld.

 

“Eligible Cash Collateral”
means, as of any date of determination, any Dollars or Cash Equivalents of the Credit Parties (other than those of the type specified
in clause (vii) of the definition thereof) that are (a) held in a segregated and fully-blocked Controlled Account
with the Administrative Agent (i) from which funds cannot be withdrawn unless the requirements in Section 2.7
are satisfied and (ii) which exclusively contains such Eligible Cash Collateral and (b) not subject to Liens other than
Liens in favor of the Administrative Agent for the benefit of the Secured Parties and Permitted Liens attaching by operation of
law in favor of the applicable depository bank. For the avoidance of doubt, Eligible Cash Collateral does not include any amounts
posted to Cash Collateralize Letters of Credit.

 

“Eligible
Detached RINs” means, with respect to any RIN type at any time, the aggregate number of Detached RINs of such type
owned by all Credit Parties at such time less the number of Detached RINs of such type that would be required to
set off all renewable volume obligations of all Credit Parties under the RFS, if compliance with the renewable volume obligations
under the RFS were required to be determined at such time.

 

“Eligible
Futures Accounts” means at any time, a Commodity Account or Futures Account (as defined in the PPSA) of any Credit
Party as of such date maintained with a reputable broker reasonably acceptable to the Administrative Agent (each, so long as such
Person remains qualified as such pursuant to the next succeeding sentence, an “Eligible Broker”) with
respect to positions held by such Eligible Broker on a regulated exchange (including the New York Mercantile Exchange, the Intercontinental
Commodities Exchange and CME ClearPort) that have been maintained at all times and in all respects in accordance with this Agreement
(including for the avoidance of doubt, all transactions credited to such Commodity Account or related thereto) which such Commodity
Account is subject to, at all times after the date that is sixty (60) days after the Closing Date, (i) a perfected first priority
Lien, subject only to Liens permitted pursuant to Section 9.3 that are made superior to such first priority
lien automatically by operation of law and any Lien of such Eligible Broker in connection with any Indebtedness of the Credit Party
to such Eligible Broker permitted by the applicable Control Agreement (including, but not limited to, if permitted, any right of
the Eligible Broker to close out open positions of such Company without prior demand for additional margin and without prior notice)
(such amounts in a Commodity Account subject to the liens and close-out rights of the Eligible Broker set forth in this clause
(i), the “Brokerage Account Deducts”), and (ii) a Control Agreement among the Collateral Agent,
such Credit Party holding such account and the Eligible Broker with which such account is maintained. For the avoidance of doubt,
a broker may, at any time, cease to qualify as an “Eligible Broker” for all purposes hereunder upon two (2) Business
Days’ notice thereof by the Administrative Agent, acting in its reasonable discretion, to Company. The determination of the
Net Liquidating Value in Eligible Futures Accounts shall include any discounted face value of any U.S. Treasury Securities held
as of such date in such account that are zero coupon securities issued by the United States of America, minus any unearned
interest on such U.S. Treasury Securities as of such date; provided that the maturity date thereof is within six (6) months
of the relevant determination date; provided, further, that the Net Liquidating Value in Eligible Futures Accounts
calculated shall be net of any Brokerage Account Deducts.

 

    26

     

    

 

“Eligible IG Account”
means an Eligible Account that are owned by an Account Debtor with a rating of BBB- or higher by S&P or Baa3 or higher by Moody’s
(or if no such rating exists, the equivalent of such rating by any other nationally recognized securities rating agency).

 

“Eligible Inventory”
means all Product Inventory of the Credit Parties that is not ineligible for inclusion in the calculation of the Borrowing Base
pursuant to any of clauses (a) through (t) below. Without limiting the Administrative Agent’s discretion
herein, Eligible Inventory shall not include any Product Inventory:

 

(a)           which
is not subject to a first priority perfected Lien in favor of the Collateral Agent, regardless of its location, under the Pledge
and Security Agreement or the Canadian Pledge and Security Agreement;

 

(b)           which
is subject to any Lien other than (i) a Lien in favor of the Collateral Agent and (ii) a Lien permitted by clauses (a),
(b), (f), (n), (p) and (u) of Section 9.3 (provided that such Liens
shall not be prior to the Liens of the Collateral Agent unless a Reserve shall have been established for such Liens);

 

(c)           [reserved];

 

(d)           with
respect to which any covenant, representation or warranty contained in this Agreement or in the Collateral Documents has been breached
in any material respect and which does not conform in any material respect to any applicable standard applicable to the sale or
use thereof imposed by any Governmental Authority;

 

(e)            in
which any Person other than any Credit Party shall (i) have any direct or indirect ownership, interest or title or (ii) be
indicated on any purchase order or invoice with respect to such Inventory as having or purporting to have an interest therein;

 

    27

     

    

 

(f)            [reserved];

 

(g)           (i) is
not located in the U.S. or Canada or (ii) is in transit;

 

(h)           which
is located in any location leased by the applicable Credit Party unless (i) the lessor has delivered to the Administrative
Agent a Collateral Access Agreement or (ii) a Reserve for rent, charges and other amounts due or to become due in the next
three-month period with respect to such facility has been established;

 

(i)            which
is located in any third party warehouse or is in the possession of a bailee (other than a third party processor or an Eligible
Carrier) and is not evidenced by a Document (other than bills of lading in respect of Inventory in transit pursuant to clause
(g) above), unless (i) such warehouseman or bailee has delivered to the Administrative Agent a Collateral Access
Agreement and such other documentation as the Administrative Agent may require or (ii) a Reserve for charges for storage or
transportation, insurance, labor and other similar expenses for which such warehouseman or bailee has a lien or a claim on the
relevant Inventory has been established;

 

(j)            which
cannot be located;

 

(k)            which
is a discontinued product or component thereof;

 

(l)            which
is the subject of a consignment by a Credit Party as consignor;

 

(m)          which
is perishable;

 

(n)           which
contains or bears any intellectual property rights licensed to any Credit Party unless such Inventory may be sold or disposed of
by the Credit Party or any Secured Party without (i) infringing the rights of such licensor, (ii) violating any contract
with such licensor, or (iii) incurring any liability with respect to payment of royalties other than royalties incurred pursuant
to the sale of such Inventory under the current licensing agreement;

 

(o)           which
is not reflected in a current perpetual inventory report (or such other inventory report acceptable to the Administrative Agent
in its Permitted Discretion) of a Credit Party thereof (unless such Inventory is reflected in a report to the Administrative Agent
as “in transit” Inventory);

 

(p)           for
which reclamation rights have been legally and validly asserted by the seller;

 

(q)           [reserved];

 

(r)            which
has been acquired from a Sanctioned Person; or

 

(s)            which
in the case Inventory that is a RIN, is not Eligible RIN Inventory.

 

“Eligible Non-IG Account”
means an Eligible Account that is not an Eligible IG Account.

 

    28

     

    

 

“Eligible
Railcar Inventory” means all Eligible Inventory of a Credit Party if such Eligible Inventory would qualify as Eligible
Inventory except for any failure to satisfy clause (g) or (h) of the definition thereof that (i) has
been delivered to an Eligible Carrier and either (A) a Credit Party has title to such Eligible Inventory or (B) such
Credit Party has the absolute and unconditional right to obtain such Eligible Inventory from such Eligible Carrier and either (1) such
Eligible Carrier has delivered to the Administrative Agent a Collateral Access Agreement and such other documentation as
the Administrative Agent may require or (2) a Reserve for charges for storage or transportation, insurance, labor and other
similar expenses for which such Eligible Carrier has a Lien or a claim on the relevant Inventory has been established or (ii) is
in transit in a railcar under the control and ownership of a Credit Party.

 

“Eligible RIN Inventory”
means all Inventory of a Credit Party consisting of Eligible Detached RINs that satisfy the following requirements: such inventory
(i) is owned by such Credit Party, (ii) subject to a first priority perfected security interest for the benefit of the
Secured Parties consistent with the Pledge and Security Agreement, (iii) has an expiration date at least 31 days after the
Borrowing Base Certification Date, and (iv) is valid for use in accordance with RFS.

 

“Environmental Laws”
means any and all applicable federal, state, provincial, territorial, local or municipal Laws, including common law, rules, orders,
regulations, statutes, ordinances, codes, decrees or legally enforceable requirements of any Governmental Authority regulating,
relating to or imposing liability or standards of conduct concerning human health as they relate to Materials of Environmental
Concern or the protection of the environment, including, without limitation, Materials of Environmental Concern, as now or may
at any time hereafter be in effect.

 

“Environmental Permit”
means any permit, approval, license or other authorization required under any Environmental Law.

 

“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person,
all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital
stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition
from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination.

 

“ERISA” means
the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Company, is treated as a single employer
under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412
of the Code, is treated as a single employer under Section 414(b), (c), (m), (n) or (o) of the Code or Section 4001(a)(14)
of ERISA.

 

“ERISA
Event” means (a) any “reportable event”, as defined in Section 4043(c) of
ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived);
(b) any failure to satisfy statutory minimum funding standards with respect to any Plan; (c) the filing pursuant to Section 412(c) of
the Code of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the
Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the
receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate
any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Company or any ERISA Affiliates
of any liability with respect to the withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Company or
any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice,
concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent,
within the meaning of Title IV of ERISA.

 

    29

     

    

 

“Eurodollar Lending Office”
means the office of each Lender which shall be making or maintaining its Eurodollar Loans.

 

“Eurodollar Loans”
means Loans at such time as they are made and/or being maintained at a rate of interest based upon the Eurodollar Rate.

 

“Eurodollar
Rate” means the rate (adjusted for statutory reserve requirements for eurocurrency liabilities and rounded
upwards, if necessary, to the next 1/16 of 1.00%) for eurodollar deposits for a period equal to one, two, three or six months (as
selected by the Company) appearing on LIBOR01 Page published by Reuters; provided, however, that notwithstanding
the rate calculated in accordance with the foregoing, at no time shall the Eurodollar Rate (before giving effect to any adjustment
for reserve requirements) be less than 0.50%.

 

“Event of Default”
means any of the events specified in Article 10, provided that any requirement for the giving of notice, the
lapse of time, or both, has been satisfied.

 

“Excess
Cash” means any cash or Cash Equivalents of the Parent and each Restricted Subsidiary that is a Wholly-Owned Subsidiary
(other than Cash Collateralizing any Letter of Credit) in the aggregate at any time, net of and reduced by (without duplication):
(a) any Eligible Cash Collateral and any cash and Cash Equivalents contained in any Material Debt Reserve Account, any Asset
Sale Reserve Account or any accounts used exclusively for escrow, payroll, withholding, taxes, trust, fiduciary purposes, employee
wages and employee benefits or held in an account subject to a Lien described in clause (c), (j) and (v) of
Section 9.3 in favor of a third party (other than the Collateral Agent or the Administrative Agent), (b) any cash
or Cash Equivalents constituting purchase price deposits held in escrow by any unaffiliated third party pursuant to a binding and
enforceable purchase and sale agreement with such third party containing customary provisions regarding the payment and refunding
of such deposits, (c) any cash or Cash Equivalents to be used by the Parent, the Company or any other Restricted Subsidiary
that is a Wholly-Owned Subsidiary within five (5) Business Days to pay the purchase price for property to be acquired by the
Parent, the Company or any Restricted Subsidiary that is a Wholly-Owned Subsidiary pursuant to a binding and enforceable purchase
and sale agreement with an unaffiliated third party containing customary provisions regarding the payment of such purchase price
in the ordinary course of business, (d) any cash and Cash Equivalents received by the Parent, the Company or any Restricted
Subsidiary that is a Wholly-Owned Subsidiary in connection with any Asset Sale, disposition, casualty event or condemnation that
are required to be used to make mandatory payments of the Secured 2026 Notes (or if the Payment Conditions are then satisfied,
any Indebtedness permitted hereunder to be secured by a Pari Passu Second Lien) and any Permitted Refinancing Indebtedness in respect
thereof or otherwise permitted to be reinvested in assets of the Parent and its Restricted Subsidiaries constituting Collateral
in accordance with the terms of the 2026 Secured Notes Indenture (or if the Payment Conditions are then satisfied, the indenture
or documents governing such Indebtedness permitted hereunder to be secured by a Pari Passu Second Lien) (but only for so long as
the obligation to make such payment or the right to reinvest such proceeds, as applicable, has not expired or terminated by the
terms of the 2026 Secured Notes Indenture or the indenture or documents governing such Indebtedness permitted hereunder to be secured
by a Pari Passu Second Lien and any Permitted Refinancing Indebtedness in respect thereof), and (e) any cash or Cash Equivalents
in an amount up to the aggregate amount of outstanding checks or initiated wires or ACH transfers issued by any Credit Party.

 

    30

     

    

 

“Excess
Cash Test Date” means each Business Day, commencing with the second Business Day occurring after the Closing
Date.

 

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

 

“Excluded
Account” means accounts that are (a) solely used for the purposes of making payments in respect of payroll,
taxes and employees’ wages and benefits, (b) disbursement accounts where solely proceeds of indebtedness, including
the proceeds of the Loans are deposited, (c) zero balance accounts from which balances are swept daily to a Controlled Account,
(d) third party trust accounts, (e) accounts subject to Liens permitted under Section 9.3(c) or (j),
and (f) other accounts with funds on deposit with a daily average balance of less than $2,000,000 individually and $10,000,000
in the aggregate.

 

“Excluded Subsidiary”
means (a) any Immaterial Subsidiary, (b) any Subsidiary that is a CFC or CFC Holdco, (c) any Domestic Subsidiary
that is a direct or indirect Subsidiary of a CFC or a CFC Holdco and (d) solely in the case of any Swap Obligation that constitutes
a “swap” within the meaning of section 1(a)(47) of the Commodity Exchange Act, any Subsidiary of the Company that is
not a Qualified ECP Participant.

 

“Excluded Taxes”
means, with respect to the Administrative Agent, any Lender, any Issuing Lender or any other recipient of any payment to be made
by or on account of any obligation of the Company hereunder, (a) Taxes imposed on or measured by net income (however denominated),
franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such recipient being organized under the
laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction
imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of
a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable
interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in
the Loan or Commitment (other than pursuant to an assignment request by the Company under this Agreement) or (ii) such Lender
changes its Lending Office, except in each case to the extent that, pursuant to Section 5.23(b), amounts with respect
to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such
Lender immediately before it changed its Lending Office, (c) in the case of a Lender, Canadian federal withholding Taxes imposed
on amounts paid or credited to a Lender as a result of such Lender (A) not dealing at arm’s length (within the meaning
of the Income Tax Act (Canada)) with any Canadian Credit Party, or (B) being a “specified shareholder”
(as defined in subsection 18(5) of the Income Tax Act (Canada)) of any Canadian Credit Party or not dealing at arm’s
length with such a specified shareholder for purposes of the Income Tax Act (Canada), except, in the case of (A) or
(B) above, where the non-arm’s length relationship arose, or the Lender was a specified shareholder or was dealing non-arm’s
length with a specified shareholder, solely as a result of such Lender having executed, delivered, become a party to, performed
its obligations under, received payments under, received or perfected a security interest under or enforced this Agreement or any
other Credit Document, (d) Taxes attributable to such recipient’s failure to comply with Section 5.23(g) and
(e) any withholding Taxes imposed under FATCA.

 

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“Existing Leasehold Mortgaged
Property” means the Leaseholds of the Credit Parties that are described in that certain Leasehold Deed of Trust, Security
Agreement, Collateral Assignment of Leases and Rents and Fixture Filing Statement dated as of November 23, 2020, and recorded
as of December 8, 2020, as Document No. 2020-2986 in the Official Records of Loving County, Texas.

 

“Existing
Revolving Credit Agreement” means Amended and Restated Credit Agreement, dated as of February 14, 2017,
among the Parent, the Company, the guarantors party thereto, Deutsche Bank Trust Company Americas, as administrative agent, and
the other parties thereto.

 

“Existing
Term Loan Credit Agreement” means Term Credit Agreement, dated as of June 3, 2020, among the Parent, the Company,
the guarantors party thereto, Wilmington Trust, National Association, as administrative agent, and the other parties thereto.

 

“Extensions of Credit”
means the collective reference to Loans made and Letters of Credit issued under this Agreement.

 

“Facility” means
each of (i) the Revolving Credit Commitments and the extensions of credit made thereunder (the “Revolving Credit
Facility”), and (ii) the Revolving Credit Commitments Increases and Incremental Revolving Credit Loans (if any)
made thereunder.

 

“FATCA” means
Sections 1471 through 1474 of the Code (or any amended or successor provisions that are substantively similar) and any regulations
thereunder or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the
Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty
or convention among Governmental Authorities and implementing such Sections of the Code.

 

“Federal
Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal
funds transactions by depositary institutions (as determined in such manner as the NYFRB shall set forth on its public website
from time to time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate, provided
that, if the Federal Funds Effective Rate shall be less than 0.50%, such rate shall be deemed to be 0.50% for the purposes of this
Agreement.

 

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“Finance Obligations”
means, at any date, (i) all Obligations, (ii) all Swap Obligations of a Credit Party permitted hereunder owed or owing
under any Swap Contract to any Hedge Bank and (iii) all Cash Management Obligations of a Credit Party owing under any Cash
Management Agreement to a Cash Management Bank.

 

“Finance Party”
means, collectively, the Agents, the Lenders, the Swingline Lender and the Issuing Lender.

 

“First Purchaser Lien”
means a Lien as defined in Texas Bus. & Com. Code Section 9.343, or comparable laws of the states of Oklahoma, Kansas,
Mississippi, Wyoming, or New Mexico, or any other state.

 

“Fixed Charge Coverage Ratio”
means, as of the date of determination for the applicable Measurement Period, the ratio of (i) Consolidated EBITDA during
such Measurement Period minus Unfinanced Capital Expenditures during such Measurement Period to (ii) Fixed Charges
during such Measurement Period.

 

“Fixed
Charges” means, for any period, the sum of (a) Consolidated Cash Interest Expense for such period (excluding
fees paid on the Closing Date), (b) the aggregate amount of income taxes and other taxes of the Credit Parties paid or required
to be paid in cash during such period (determined on a consolidated basis, but net of any refund in respect of taxes actually received
in cash during such period and to the extent not included in the calculation of Consolidated EBITDA), (c) the aggregate amount
of all principal of Indebtedness of the Credit Parties (including payments in respect of Capital Leases), in each case, scheduled
to be paid in cash during such period (determined on a consolidated basis for such period) (except, in each case, to the
extent payment is to be made with the proceeds of (i) Indebtedness other than any Loan, (ii) issuances of Equity Interests
of the Parent (other than Disqualified Stock) or (iii) Material Asset Sales consummated for the purpose of using the net cash
proceeds thereof for the payment of scheduled payments of Indebtedness of the Credit Parties), (d) the aggregate amount of
all Restricted Payments paid in cash during such period to the extent permitted under Section 9.9 (excluding any cash
dividends, distributions and other payments in respect of Equity Interests paid or effected in cash by (i) a Credit Party
to another Credit Party or (ii) by a Restricted Subsidiary to a Credit Party or another Restricted Subsidiary), and (e) the
aggregate amount of all contributions to a Plan of the Credit Parties paid or required to be paid in cash during such period, without
duplication, all calculated for the Credit Parties on a consolidated basis in accordance with GAAP.

 

“Flood Insurance Laws”
shall mean, collectively, (i) the National Flood Insurance Reform Act of 1994 (which comprehensively revised the National
Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute
thereto, (ii) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (iii) the
Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.

 

“Floor” means
the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to LIBOR.

 

    33

     

    

 

 

“Foreign
Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Company
is a resident for tax purposes. For purposes of this definition, the United States, each state thereof, and the District
of Columbia shall be deemed to constitute a single jurisdiction.

 

“Foreign
Subsidiary” means any Subsidiary of the Company which is organized under the laws of any jurisdiction outside
the United States (within the meaning of Section 7701(a)(9) of the Code).

 

“Fee Letter”
means the letter dated January 9, 2021 between the Parent and JPMCB.

 

“GAAP”
means generally accepted accounting principles in the United States of America in effect from time to time.

 

“General Partner”
means NGL Energy Holdings LLC, a Delaware limited liability company.

 

“Governmental
Authority” means any nation or government, any state, province, territory, municipality or other political subdivision
thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining
to government (including any supra-national bodies such as the European Union or the European Central Bank) and any group or body
charged with setting regulatory capital rules or standards (including, without limitation, the Bank for International Settlements
or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).

 

“Grand Mesa Assets”
shall mean the fee-owned Material Real Property Assets that are part of the Grand Mesa Pipeline.

 

“Grand Mesa Pipeline”
shall mean the 550-mile pipeline that transports crude oil from its origin in Weld County, Colorado to the terminal of the Credit
Parties in Cushing, Oklahoma.

 

“Guarantor”
means, collectively, each of the Credit Parties identified as a “Guarantor” under the Guaranty, in such capacity, including
each Wholly-Owned Domestic Subsidiary of the Company that is a Restricted Subsidiary (other than any Excluded Subsidiary) or Canadian
Credit Party, in each case, that from time to time shall or shall be required to deliver a Guaranty or a Credit Party Accession
Agreement or other guaranty or guaranty supplement pursuant to Section 8.10(b) or 9.15.

 

“Guaranty” means
the guaranty, substantially in the form of Exhibit E hereto, made by one or more Guarantors in favor of the Secured
Parties (or a substantially similar form of guaranty governed by Canadian law made by one or more Canadian Credit Parties), together
with each other guaranty or guaranty supplement delivered pursuant to Section 8.10 or Section 9.15 of this
Agreement.

 

“Hedge
Bank” means any Person that, at the time it enters into a Swap Contract or on the Closing Date, is a Lender or
a Lead Arranger or an Affiliate of a Lender or a Lead Arranger, in its capacity as a party to such Swap Contract.

 

“IBA” has the
meaning specified in Section 1.5.

 

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“Immaterial
Subsidiary” means any Restricted Subsidiary of the Parent designated as such by the Company; provided,
that, (i) the total assets of all Immaterial Subsidiaries, determined in accordance with GAAP as of the date of the
most recent financial statements delivered pursuant to Section 6.3, shall not exceed five percent (5%) of the Consolidated
Total Assets of the Parent and its Restricted Subsidiaries as of such date and (ii) the Consolidated EBITDA of all Immaterial
Subsidiaries shall not exceed, as of any date of determination, 5% of the Consolidated EBITDA of the Parent and its Restricted
Subsidiaries for the applicable Measurement Period.

 

“Impacted
Interest Period” has the meaning assigned to it in the definition of “LIBOR”.

 

“Incremental
Commitments Effective Date” has the meaning specified in Section 3.5.

 

“Incremental
Facility Amendment” has the meaning specified in Section 3.4.

 

“Incremental
Facility Closing Date” has the meaning specified in Section 3.6.

 

“Incremental
Lender” has the meaning specified in Section 3.3.

 

“Incremental
Revolving Credit Loans” has the meaning specified in Section 3.1.

 

“Indebtedness”
means, of any Person, at any particular date, (i) all indebtedness of such Person for borrowed money or for the deferred purchase
price of property or services (other than (A) accrued expenses and trade accounts payable that arise in the ordinary course
of business and (B) any earn-out obligation until such obligation becomes a liability on the balance sheet of such Person
in accordance with GAAP), (ii) the face amount of all letters of credit issued for the account of such Person and, without
duplication, all drafts drawn thereunder, (iii) all liabilities (other than Lease Obligations) secured by any Lien on any
property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such Person
has not assumed or become liable for the payment thereof, (iv) obligations of such Person under Capital Leases, (v) all
indebtedness of such Person arising under acceptance facilities and similar obligations created for the account of such Person,
(vi) net liabilities of such Person in respect of Swap Obligations; (vii) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person; (viii) all obligations of such Person
to pay the principal portion under any Synthetic Lease (calculated as the net present value of the rental payments thereunder with
the implicit rate of interest of such Synthetic Lease as the discount factor); (ix) all Indebtedness of another entity to
the extent such Person is liable therefor (including any partnership in which such Person is a general partner) to the extent such
Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except
to the extent the terms of such Indebtedness provide that such Person is not liable therefor; (x) all Contingent Obligations
of such Person with respect to Indebtedness of others; (xi) all obligations of such Person in respect of Disqualified Stock
and (xii) obligations of such Person evidenced by notes, bonds, debentures or other similar instruments; but excluding any
obligation resulting from the existence of deferred revenue, including customer deposits and interest thereon in the ordinary course
of business which are not overdue for a period of more than ninety (90) days or, if overdue for a period of more than ninety (90)
days, as to which a dispute exists and adequate reserves in conformity with GAAP have been established on the books of such Person.

 

    35

     

    

 

“Indemnified
Person” has the meaning specified in Section 12.5(c).

 

“Indemnified
Taxes” means (a) Taxes other than Excluded Taxes and (b) to the extent not otherwise described in
(a), Other Taxes.

 

“Ineligible Institution”
means (a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) a holding company, investment vehicle
or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof or (d)  the Company
or any of its Affiliates; provided that, with respect to clause (c), such holding company, investment vehicle or
trust shall not constitute an Ineligible Institution if it (x) has not been established for the primary purpose of acquiring
any Loans or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof,
having significant experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000
and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the
ordinary course of its business.

 

“Information”
has the meaning specified in Section 12.13(a).

 

“Intercreditor Agreement”
means that certain Intercreditor Agreement dated as of the Closing Date, by and among the Administrative Agent, U.S. Bank, National
Association as trustee under the Secured 2026 Notes, and the Credit Parties, in form and substance reasonably satisfactory to each
party thereto, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 

“Interest Payment Date”
means (i) as to ABR Loans, the first Business Day after the last day of each fiscal quarter of the Company, (ii) as to
any Eurodollar Loan in respect of which the Company has selected an Interest Period of one, two or three months (or any shorter
period as agreed by the Lenders), the last day of such Interest Period, (iii) as to any Eurodollar Loan in respect of which
the Company has selected an Interest Period in excess of three months (as may be agreed by the Lenders), the day which is three
months after the date on which such Eurodollar Loan is made or continued as a Eurodollar Loan or an ABR Loan is converted to such
a Eurodollar Loan, the first day of any subsequent three-month period and the last day of such Interest Period and (iv) the
Revolving Credit Termination Date.

 

“Interest Period”
means, with respect to any Eurodollar Loan:

 

(i)            initially,
the period commencing on, as the case may be, the Borrowing Date or conversion or continuation date with respect to such Eurodollar
Loan and ending one, two, three or six months thereafter (or such shorter or longer periods as the Lenders of the applicable tranche
of Loans may agree) as selected by the Company in its notice of borrowing as provided in Section 5.1 or its notice
of conversion or continuation as provided in Section 5.3; and

 

    36

     

    

 

(ii)            thereafter,
each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one,
two, three or six months thereafter (or such shorter or longer periods as the Lenders of the applicable tranche of Loans may agree)
as selected by the Company by irrevocable notice to the Administrative Agent no later than 1:00 P.M. New York City time three
(3) Business Days prior to the last day of the then current Interest Period with respect to such Eurodollar Loan; provided
that the foregoing provisions relating to Interest Periods are subject to the following:

 

(A)            if
any Interest Period would otherwise end on a day which is not a Business Day, that Interest Period shall be extended to the next
succeeding Business Day, unless the result of such extension would be to carry such Interest Period into another calendar month,
in which event such Interest Period shall end on the immediately preceding Business Day;

 

(B)            any
Interest Period that would otherwise extend beyond the Revolving Credit Termination Date, shall end on the Revolving Credit Termination
Date, or if the Revolving Credit Termination Date shall not be a Business Day, on the next preceding Business Day;

 

(C)            if
the Company shall fail to give notice as provided above in clause (ii), it shall be deemed to have selected a conversion
of a Eurodollar Loan into an ABR Loan (which conversion shall occur automatically and without need for compliance with the conditions
for conversion set forth in Section 5.3); and

 

(D)            any
Interest Period that begins on the last day of a calendar month (or on a day for which there is no numerically corresponding day
in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month.

 

“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal
places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding
absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen
Rate (for the longest period for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period; and
(b) the LIBO Screen Rate for the shortest period (for which that LIBO Screen Rate is available) that exceeds the Impacted
Interest Period, in each case, at such time.

 

“Investment”
has the meaning specified in Section 9.7.

 

“Investment Conditions”
means, as of any determination date, (i) no Default or Event of Default shall have occurred and be continuing or would result
from the taking of the relevant action as to which the satisfaction of the Investment Conditions is being determined and (ii) on
a pro forma basis, immediately prior to and immediately after giving effect to any transaction that is subject to the Investment
Conditions, either (A) (1) Availability is at least the greater of (x) 15% of the Line Cap and (y) $60,000,000,
at such time and for the immediately preceding thirty (30) days (or, if shorter, for the period from the Closing Date) and (2) the
Fixed Charge Coverage Ratio, on a pro forma basis, is at least 1.0 to 1.0 or (B) Availability is at least the greater
of (x) 30% of the Line Cap and (y) $120,000,000, at such time and for the immediately preceding thirty (30) days (or,
if shorter, for the period from the Closing Date).

 

“Issuing Lender”
means JPMCB, Wells Fargo Bank, National Association, The Toronto-Dominion Bank, New York Branch or any other Lender (or their respective
Affiliates) which agrees to be an Issuing Lender and is designated by the Company and the Administrative Agent as an Issuing Lender,
as issuer of Letters of Credit.

 

    37

     

    

 

“Issuing Lender Sublimits”
means, as of the Closing Date, (a) $100,000,000, in the case of JPMCB, (b) $50,000,000, in the case of Wells Fargo Bank,
National Association and (c) $50,000,000, in the case of The Toronto-Dominion Bank, New York Branch.

 

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

 

“Krimbill Parties”
means Michael Krimbill, KrimGP2010, LLC, Krim2010, LLC and any trusts or family partnerships of Michael Krimbill and his family
members established for estate planning purposes; provided, that KrimGP2010, LLC, Krim2010, LLC and such trusts or family
partnerships are directly or indirectly controlled by Michael Krimbill.

 

“Laws”
means, collectively, all international, foreign, federal, state, provincial, territorial and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or
administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directives, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority, in each case whether or not having the force of law.

 

“L/C Application”
means a letter of credit application in the Issuing Lender’s then customary form for the type of letter of credit requested.

 

“L/C Disbursement”
means a payment made by an Issuing Lender pursuant to a Letter of Credit.

 

“L/C Participating Interest”
means an undivided participating interest in the face amount of each issued and outstanding Letter of Credit and the L/C Application
relating thereto.

 

“LCT Election”
shall have the meaning provided in Section 1.6.

 

“LCT Test Date”
shall have the meaning provided in Section 1.6.

 

“Lead Arrangers”
means JPMorgan Chase Bank, N.A., RBC Capital Markets2 and Barclays Bank PLC, in their capacities as Joint Lead Arrangers.

 

“Lease Obligations”
means, of the Credit Parties, as of the date of any determination thereof, the rental commitments of the Credit Parties determined
on a consolidated basis, if any, under Operating Leases (net of rental commitments from sub-leases thereof).

 

“Leasehold
Mortgage” means, in the case of Leaseholds, rights of way and easements constituting Real Property, a leasehold
mortgage, leasehold deed of trust or similar instrument, in a form to be reasonably agreed between the Company and the Collateral
Agent, including any Credit Party, the Collateral Agent and one or more trustees, in each case with such changes thereto as may
be recommended by the local counsel based on local laws or customary local practices, as the same may be amended, modified or supplemented
from time to time.

 

2 RBC Capital Markets is a brand name for the capital
markets business of Royal Bank of Canada and its affiliates.

 

    38

     

    

 

“Leaseholds”
means, with respect to any Person, all of the right, title and interest of such Person as lessee or licensee in, to and under leases
or licenses of land, improvements and/or fixtures.

 

“Lender” means
each bank or other lending institution listed on Schedule 1A, each Eligible Assignee that becomes a Lender pursuant to Section 12.6(c),
each Incremental Lender that becomes a Lender pursuant to Article 3 and their respective successors, branches and affiliates
and shall include, as the context may require, the Swingline Lender in such capacity and the Issuing Lender in such capacity.

 

“Lender Affiliate”
means (i) any Affiliate or branch of any Lender, (ii) any Person that is administered or managed by any Lender and that
is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary
course of its activities and (iii) with respect to any Lender which is a fund that invests in commercial loans and similar
extensions of credit, any other fund that invests in commercial loans and similar extensions of credit and is managed or advised
by the same investment advisor/manager as such Lender or by an Affiliate of such Lender or investment advisor/manager.

 

“Lender Parent”
means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Lender Party”
means the Administrative Agent, the Collateral Agent, each Issuing Lender or any other Lender.

 

“Lender-Related Person” has the meaning
assigned to it in Section 12.5(b).

 

“Lending Office”
means, with respect to any Lender, (i) with respect to its ABR Loans, the office of such Lender which will be making or maintaining
its ABR Loans and (ii) with respect to its Eurodollar Loans, its Eurodollar Lending Office.

 

“Letter of Credit”
means a letter of credit issued by an Issuing Lender pursuant to Section 2.3.

 

“Liabilities”
means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

 

“LIBOR” means,
for any Interest Period with respect to the Eurodollar Rate for any Eurodollar Loan, the London interbank offered rate as administered
by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for U.S. Dollars for a period
equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such
rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on
such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate
from time to time as selected by the Administrative Agent in its reasonable discretion; in each case the “LIBO Screen
Rate”) at approximately 11:00 A.M., London time, two (2) Business Days prior to the commencement of such Interest
Period; provided that if the LIBO Screen Rate shall be less than 0.50%, such rate shall be deemed to be 0.50% for the purposes
of this Agreement; provided further that if the LIBO Screen Rate shall not be available at such time for such Interest Period
(an “Impacted Interest Period”) then LIBOR shall be the Interpolated Rate; provided that if any Interpolated
Rate shall be less than 0.50% , such rate shall be deemed to be 0.50% for purposes of this Agreement.

 

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“LIBO Screen Rate”
has the meaning assigned to it in the definition of “LIBOR”.

 

“Lien” means
any mortgage, pledge, charge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), or preference,
priority or other security agreement, security interest or preferential arrangement of any kind or nature whatsoever (including,
without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same
economic effect as any of the foregoing, and the filing of any financing statement under the UCC, PPSA or comparable law of any
jurisdiction in respect of any of the foregoing, except for the filing of financing statements in connection with Lease Obligations
to the extent that such financing statements relate to the property subject to such Lease Obligations).

 

“Limited Condition Transaction”
means (i) any Permitted Acquisition or similar Investment whose consummation is not conditioned on the availability of, or
on obtaining, third party financing and (ii) any redemption, repurchase, defeasance, satisfaction and discharge or repayment
of Indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge
or repayment.

 

“Line Cap” means,
as of any date of determination, the lesser of the aggregate Revolving Credit Commitments and the Borrowing Base, each as then
in effect.

 

“Loans” means
the collective reference to the Revolving Credit Loans (including Protective Advances), the Swingline Loans and the Incremental
Revolving Credit Loans, if any; individually, a “Loan”.

 

“Majority
Lenders” means, at a particular time, and subject to Section 5.24(b), Lenders that hold more than 50%
of the sum of (i) the Revolving Credit Commitments or, if the Revolving Credit Commitments have been cancelled, the sum of
(A) the aggregate then outstanding principal amount of the Revolving Credit Loans, plus (B) the L/C Participating
Interests in the aggregate amount then available to be drawn under all outstanding Letters of Credit, plus (C) the
aggregate then outstanding principal amount of Revolving L/C Obligations, plus (D) the aggregate amount represented
by the agreements of the Lenders in Sections 2.8(a) and (b) with respect to the Protective Advances then
outstanding and (ii) from and after any applicable Incremental Facility Closing Date, the related Revolving Credit Commitments
Increases or, if the Revolving Credit Commitments Increases have been cancelled, the aggregate then outstanding principal amount
of the related Incremental Revolving Credit Loans; provided that at any time there are fewer than three Lenders (who
are not Affiliates of one another or Defaulting Lenders) party to this Agreement, the definition of “Majority Lenders”
shall be “all Lenders”.

 

“Market Value”
means the spot market price for Product (other than Eligible RIN Inventory) as of the last day in the period covered by the latest
Borrowing Base Certificate as determined by a market price provider customarily used for such Product (including, but not limited
to, Nymex, OPIS, Argus, and Platts) and location and reasonably acceptable to the Administrative Agent in its Permitted Discretion.
With respect to RINs, (x) Attached RINs shall not be deemed to have a “Market Value” separate from the underlying
Product to which they are attached and (y) the aggregate “Market Value” of all Eligible RIN Inventory at any time,
shall equal the sum of (i) the value of all such Eligible RIN Inventory at such time determined from market price providers
in accordance with the immediately preceding sentence, less (ii) the RIN Inventory Excess Setoff, if any, at such time.

 

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“Material Adverse Effect”
means (i) a material adverse effect on the business, financial condition, assets, or results of operations of the Parent and
its Restricted Subsidiaries taken as a whole, (ii) a material impairment of the ability of the Company and the other Credit
Parties, taken as a whole, to perform any of its obligations under any Credit Document to which it is a party, (iii) a material
impairment of the rights and remedies of the Lenders under any Credit Document, (iv) a material adverse effect upon the legality,
validity, binding effect or enforceability against any Credit Party of any Credit Documents to which it is a party or (v) a
material impairment of the Collateral Agent’s Liens (on behalf of itself and the Secured Parties) on the Collateral taken
as a whole.

 

“Material
Asset Sale” means any Asset Sale or series of related Asset Sales that yields gross proceeds to the Parent,
the Company or its Restricted Subsidiaries in excess of $25,000,000.

 

“Material Business Expansion
Project” means an expansion of the Credit Parties’ business through the construction of fixed or capital assets
that is permitted by this Agreement and the other Credit Documents and with respect to which one or more Credit Parties have made
Capital Expenditures in excess of $25,000,000.

 

“Material Debt Reserve Account”
means a Deposit Account in the name of the Company that is subject to a Control Agreement and in which amounts are deposited solely
in respect of the payment of any Material Indebtedness (or any Permitted Refinancing Indebtedness thereof) at maturity thereof
(and such account may not contain Cash Equivalents of the type specified in clause (vii) of the definition thereof).

 

“Material Indebtedness”
means any Indebtedness of the Parent, the Company or its Restricted Subsidiaries in a principal amount equal to or greater than
$50,000,000.

 

“Material
Real Property Asset” means any Real Property of Credit Party that is located in the United States, excluding (i) any
Leaseholds, easements or rights of way if under the terms of the lease with respect to such Leaseholds or conveyance document with
respect to such easement or right-of-way, or applicable law, the grant of a Lien therein is prohibited and such prohibition has
not been waived or any necessary third party consents have not been obtained after the use of commercially reasonable efforts to
do so (which, for the avoidance of doubt shall not require cash payments or other consideration aside from payment or reimbursement
of reasonable fees and expenses in connection with the preparation and recording of the documentations related to such consents
and mortgages) and (ii) any Real Property having a Designated Value of less than $5,000,000 as of the Closing Date or as of
the date of acquisition thereof, as applicable; provided that (A) the aggregate Designated Value of the fee owned Real
Property excluded pursuant to clause (ii) may not exceed the greater of $100,000,000 and 1.5% of the total consolidated assets
of the Parent and its Restricted Subsidiaries (determined on a consolidated basis in accordance with GAAP as of the date of the
most recent financial statements delivered in accordance with Section 8.1(a) or 8.1(b) of this Agreement)
and (B) the aggregate Designated Value of the Leaseholds, easements and rights-of-way excluded pursuant to clauses (i) and
(ii) shall not exceed the greater of $150,000,000 and 2.25% of the total consolidated assets of the Parent and its Restricted
Subsidiaries (determined on a consolidated basis in accordance with GAAP as of the date of the most recent financial statements
delivered in accordance with Section 8.1(a) or 8.1(b) of this Agreement); provided, further,
that any rights of the Credit Parties in any Real Property (x) which are Grand Mesa Assets or (y) which are Delaware
Assets, in each case, with a book value in excess of $1,000,000 shall be deemed to constitute Material Real Property Assets.

 

    41

     

    

 

“Materials of Environmental
Concern” means any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any
hazardous or toxic substances, materials or wastes, including, without limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde
insulation, medical waste and radioactive materials, in each case, as regulated by any applicable Environmental Laws.

 

“Measurement
Period” means, for any date of determination under this Agreement, the most recently ended period of four consecutive
fiscal quarters of the Company for which financial statements have been delivered prior to the Closing Date or pursuant to Section 8.1(a) or
8.1(b), as applicable.

 

“Moody’s”
means Moody’s Investors Service, Inc., a Delaware corporation, and its successors or, absent any such successor, such
nationally recognized statistical rating organization as the Company and the Administrative Agent may select.

 

“Mortgage” means,
in the case of owned real property interests only, a mortgage, deed of trust, deed of hypothec or similar instrument, in a form
to be reasonably agreed between the Company and the Administrative Agent, including any Credit Party, the Collateral Agent and
one or more trustees, in each case with such changes thereto as may be recommended by the local counsel based on local laws or
customary local practices, as the same may be amended, modified or supplemented from time to time.

 

“Mortgaged Property”
means any Real Property that becomes subject to a Mortgage or Leasehold Mortgage pursuant to this Agreement, in each case as to
which the Administrative Agent for the benefit of the Secured Parties shall be granted a Lien pursuant to the Mortgages or Leasehold
Mortgages).

 

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

 

“Natural Gas Liquids” means liquid
hydrocarbons, including as ethane, propane, butane, and pentane, that in each case, are extracted from field gas.

 

“Net Liquidating Value”
means, with respect to any Commodity Account, the sum of (i) the aggregate marked-to-market value of all futures positions,
(ii) the aggregate liquidation value of all option positions, (iii) the cash balance, in each case credited to such Commodity
Account and (iv) Cash Equivalents credited to such Commodity Account.

 

“Net
Proceeds” means the aggregate amount of cash proceeds and Cash Equivalents received by the Parent or any of its Restricted
Subsidiaries in respect of any Asset Sale (including, without limitation, any cash or Cash Equivalents received upon the sale or
other disposition of any non-cash consideration received in any Asset Sale, but excluding any non-cash consideration deemed to
be cash for purposes of Section 9.6(e)), net of: (a) the direct costs relating to such Asset Sale, including,
without limitation, all legal, accounting, investment banking, title and recording tax expenses, commissions and other fees and
expense incurred, and all federal, state, provincial, foreign and local taxes required to be paid or accrued as a liability under
GAAP (after taking into account any available tax credits or deductions and any tax sharing agreements), as a consequence of such
Asset Sale; (b) all payments made on any Indebtedness (other than Restricted Indebtedness) that is secured by any assets subject
to such Asset Sale, in accordance with the terms of such Indebtedness, or that must by its terms, or in order to obtain a necessary
consent to such Asset Sale, or by applicable law be repaid out of the proceeds from such Asset Sale, (c) all distributions
and other payments required to be made to holders of minority interests in Subsidiaries or joint venture as a result of such Asset
Sale; and (d) the deduction of appropriate amounts to be provided by the seller as a reserve, in accordance with GAAP, or
held in escrow, in either case for as long as required to be held as reserve or in escrow for adjustment in respect of the sale
price or for indemnification or any liabilities associated with the assets disposed of in such Asset Sale and retained by the Parent
or any Restricted Subsidiary after such Asset Sale. For purposes of the definition of Net Proceeds, “Asset Sale” shall
have the meaning set forth in the Secured 2026 Notes Indenture on the Closing Date.

 

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“Net Open Position”
with respect either Crude Oil, Natural Gas Liquids, Refined Petroleum Products and Renewable Products, as applicable, the absolute
value of the number of barrels of such Product obtained by subtracting (a) the sum of (i) the number of barrels of such
Product which the Credit Parties have committed to buy, or can be required to buy, or will receive under a commodity contract,
on a future date at a fixed price; and (ii) the number of barrels of such Product that the Credit Parties have in Inventory
from (b) the number of barrels of such Product that the Credit Parties have committed to sell, or can be required to sell,
or will deliver under a commodity contract, on a future date at a fixed price.

 

“Non-Consenting Lender”
has the meaning specified in Section 12.1.

 

“Non-Extension Notice Date”
has the meaning assigned to it in Section 2.3(c).

 

“Notes” means
the collective reference to any promissory notes evidencing Loans.

 

“Notes Priority Collateral”
has the meaning set forth in the Intercreditor Agreement.

 

“Notes Priority Collateral
Prepayment Event” means the occurrence of any Asset Sale (as defined in the Secured 2026 Notes Indenture on the Closing
Date) of Notes Priority Collateral that yields Net Proceeds.

 

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

 

“NYFRB Rate”
means for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank
Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided
that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for
a federal funds transaction quoted at 11:00 A.M.  on such day received to the Administrative Agent from a Federal funds broker
of recognized standing selected by it; provided, further, that if any of the aforesaid rates shall be less than 0.50%,
such rates shall be deemed to be 0.50%.

 

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“Obligations”
means the unpaid principal of and interest on the Loans and all other obligations and liabilities of the Company and the other
Credit Parties to the Agents or any Lenders (including, without limitation, interest accruing after the maturity of the Loans and
interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding, related to any Credit Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding),
whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter incurred, which may arise under,
out of, or in connection with, this Agreement, the Loans, the other Credit Documents, any Letter of Credit or L/C Application,
or any other document made, delivered or given in connection therewith, whether on account of principal, interest, reimbursement
obligations, fees, indemnities, costs, expenses (including, without limitation, all fees and disbursements of counsel to the Agents
or any Lender or any such Affiliate) or otherwise.

 

“Operating Lease”
means, as applied to any Person, a lease (including leases which may be terminated by the lessee at any time) of any property (whether
real, personal or mixed) by such Person as lessee which is not a Capital Lease.

 

“Organization Documents”
means: (i) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or
comparable constitutive documents with respect to any non-United States jurisdiction); (ii) with respect to any limited liability
company, the certificate or articles of formation or organization and operating agreement; and (iii) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation
or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable,
any certificate or articles of formation or organization of such entity.

 

“Original Currency”
has the meaning specified in Section 12.20.

 

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

 

“Other Specified Collateral
Deliverables” has the meaning set forth in Section 8.10(d)(ii).

 

“Other Specified Collateral
Requirements” has the meaning set forth in Section 8.10(d)(ii).

 

“Other Specified Property”
has the meaning set forth in Section 8.10(d)(ii).

 

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

 

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“Overnight Bank Funding Rate”
means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking
offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public website
from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after
such date as the NYFRB shall commence to publish such composite rate).

 

“Parent” has
the meaning specified in the preamble hereof.

 

“Pari Passu Second Lien”
means a Lien having equal priority to (i) the Liens securing the obligations under the 2026 Secured Notes (or any Permitted
Refinancing Indebtedness in respect thereof) with respect to the ABL Priority Collateral and (ii) the Liens securing the Obligations
with respect to the Notes Priority Collateral.

 

“Participant Register”
has the meaning specified in Section 12.6(c).

 

“Participants”
has the meaning specified in Section 12.6(c).

 

“Participating Lender”
means any Lender (other than the Issuing Lender with respect to such Letter of Credit) with respect to its L/C Participating Interest
in each Letter of Credit.

 

“Patriot Act”
has the meaning specified in Section 6.24.

 

“Payment Conditions”
means, as of any determination date, (i) no Default or Event of Default shall have occurred and be continuing or would result
from the taking of the relevant action as to which the satisfaction of the Payment Conditions is being determined and (ii) on
a pro forma basis, immediately prior to and immediately after giving effect to any transaction that is subject to the Payment
Conditions, either (A) (1) Availability is at least the greater of (x) 20% of the Line Cap and (y) $80,000,000,
at such time and for the immediately preceding thirty (30) days (or, if shorter, for the period from the Closing Date) and (2) the
Fixed Charge Coverage Ratio, on a pro forma basis, is at least 1.0 to 1.0 or (B) Availability is at least the greater
of (x) 30% of the Line Cap and (y) $120,000,000, at such time and for the immediately preceding thirty (30) days (or,
if shorter, for the period from the Closing Date).

 

“PBGC” means
the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor).

 

    45

     

    

 

“Permitted Acquisitions”
means non-hostile acquisitions (by merger, amalgamation, purchase or otherwise) by the Parent or any of its Restricted Subsidiaries
of all or substantially all of the assets of, or all of the shares of the capital stock or other Equity Interests in, a Person
or division or line of business of a Person engaged in the same business as the Company and its Subsidiaries or in a related business,
provided that immediately after giving effect thereto: (i) except for Permitted Joint Ventures, 100% (less the amount
of such capital stock or other Equity Interests, if any, not exceeding 5% in the aggregate thereof, attributable to director qualifying
shares, shares required by the jurisdiction of organization of such Person to be held by management or other third party and such
additional shares the current ownership of which, at the time of such Permitted Acquisition, cannot, after commercially reasonable
efforts by the Credit Parties (which efforts shall not require any Credit Party to make any payment or grant any right to the holder
of such Equity Interests or any other Person), be identified or acquired) of the outstanding capital stock or other Equity Interests
of any acquired or newly formed corporation or other entity that acquires such Person, division or line of business is owned directly
by the Parent or any of its Restricted Subsidiaries; (ii) any such capital stock or other Equity Interests acquired by a Credit
Party shall be duly and validly pledged to the Collateral Agent for the ratable benefit of the Lenders (other than any capital
stock of, or other Equity Interests in, any Subsidiary that is not required to be so pledged pursuant to Section 8.10);
(iii) the Company causes any such corporation or other entity to comply with Section 8.10, if such Section is
applicable; (iv) any such corporation or other entity is not liable for and the Parent and its Restricted Subsidiaries do
not assume any Indebtedness (except for Indebtedness permitted pursuant to Section 9.2); and (v) no Default or
Event of Default shall have occurred and be continuing and the Company shall have delivered to the Administrative Agent an officers’
certificate to such effect, together with all relevant material financial information for such corporation or other entity or acquired
assets.

 

“Permitted
Affiliate Transactions” means any of the following: (a) customary directors’ fees, customary directors’
indemnifications and similar arrangements for officers and directors of the Parent and its Restricted Subsidiaries entered into
in the ordinary course of business, together with any payments made under any such indemnification arrangements; (b) customary
and reasonable loans, advances and reimbursements to officers, directors and employees of the Parent and its Restricted Subsidiaries
for travel, entertainment, moving and other relocation expenses, in each case made in the ordinary course of business; (c) the
incurrence of intercompany Indebtedness permitted pursuant to Section 9.2(b) and Contingent Obligations permitted
pursuant to Section 9.2(k); (d) employment agreements and arrangements entered into with directors, officers and
employees of the Parent and its Restricted Subsidiaries in the ordinary course of business; and (e) Restricted Payments permitted
by Section 9.9.

 

“Permitted
Business” means either (i) gathering, transporting, compressing, treating, processing, marketing, distributing,
storing or otherwise handling Crude Oil, Natural Gas Liquids and/or Refined Petroleum Products, or activities or services
reasonably related or ancillary thereto, including water treatment, disposal and transportation, and entering into Swap Obligations
relating to any of the foregoing activities, or (ii) any other business that generates gross income at least 90% of which
constitutes “qualifying income” under Section 7704(d) of the Code.

 

“Permitted Discretion”
means a determination made in good faith and in the exercise of reasonable (from the perspective of a secured asset-based lender)
business judgment.

 

“Permitted
Holder” means Michael Krimbill and each Krimbill Party, so long as such Krimbill Party is controlled, directly or
indirectly, by Michael Krimbill.

 

“Permitted Joint Ventures”
means acquisitions (by merger, amalgamation, purchase, formation of partnership, joint venture or otherwise) by a Credit Party
not constituting Permitted Acquisitions of interests in any of the assets of, or shares of the capital stock of or other Equity
Interests in, a Person or division or line of business of a Person engaged in the same business as the Credit Parties or in a related
business, provided that immediately after giving effect thereto: (i) any outstanding capital stock or other Equity
Interests of any acquired or newly formed corporation or other entity owned directly by a Credit Party is duly and validly pledged
to the Collateral Agent for the ratable benefit of the Lenders if and to the extent required to be so pledged pursuant to the definition
of “Pledge and Security Agreement” or pursuant to Section 8.10; and (ii) no Default or Event of Default
shall have occurred and be continuing, and the Company shall have delivered to the Administrative Agent an officers’ certificate
to such effect, together with all relevant material financial information for such corporation or other entity or acquired assets
to the extent reasonably requested by the Administrative Agent.

 

    46

     

    

 

“Permitted
Liens” means any Liens permitted under Section 9.3.

 

“Permitted Refinancing Indebtedness”
has the meaning specified in the definition of “Permitted Refinancings”.

 

“Permitted
Refinancings” means any refinancings, restructurings, refundings, renewals, extensions or replacements of Indebtedness
from time to time or at any time, in whole or in part, at the same time or at different times (any such refinancing, restructuring,
refunding, renewal, extension or replacement Indebtedness, the “Permitted Refinancing Indebtedness” and
the Indebtedness being so refinanced, restructured, refunded, renewed, extended or replaced, the “Refinanced Indebtedness”)
permitted hereunder; provided that (i) the principal amount (or accreted value, if applicable) of such Permitted Refinancing
Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Refinanced Indebtedness (plus
unpaid accrued interest and premium thereon and underwriting discounts, fees, commissions and expenses incurred in connection therewith),
(ii) the Weighted Average Life to Maturity of such Permitted Refinancing Indebtedness is not shorter than the Weighted Average
Life to Maturity of the Refinanced Indebtedness and the maturity of such Permitted Refinancing Indebtedness is not earlier than
the Refinanced Indebtedness, (iii) if the Refinanced Indebtedness is contractually subordinated in right of payment to the
Obligations, such Permitted Refinancing Indebtedness is contractually subordinated in right of payment to the Obligations on terms
at least as favorable to the Lenders, in all material respects, as those contained in the documentation governing the Refinanced
Indebtedness, taken as a whole, (iv) no Permitted Refinancing Indebtedness shall have additional obligors than the Refinanced
Indebtedness; provided that a Restricted Subsidiary that becomes a Guarantor may guarantee Permitted Refinancing
Indebtedness incurred by any Credit Party, regardless of whether such Restricted Subsidiary was an obligor of the Refinanced Indebtedness,
(v) except to the extent that the Liens securing such Refinancing Indebtedness are permitted under the proviso in Section 9.3(r),
such Permitted Refinancing Indebtedness shall be unsecured if the Refinanced Indebtedness is unsecured, (vi) if such Indebtedness
was secured, such Permitted Refinancing Indebtedness is not secured by any additional property or collateral other than (A) property
or collateral securing the Refinanced Indebtedness, (B) after-acquired property that is affixed or incorporated into the property
covered by the Lien securing such Permitted Refinancing Indebtedness and (C) proceeds and products thereof and (vi) such
Permitted Refinancing Indebtedness has covenants and default and remedy provisions that are, taken as a whole, not materially less
favorable to the Credit Parties than then current market terms for the applicable type of Indebtedness.

 

“Permitted Transaction”
has the meaning set forth in Section 5.25(b).

 

“Person” means
an individual, partnership, corporation, business trust, joint stock company, trust, limited liability company, unlimited liability
company, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

 

    47

     

    

 

“Plan” means
any employee pension benefit plan as defined in Section 3(2) of ERISA (other than a Multiemployer Plan) subject to the
provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Company
or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.

 

“Plan Asset Regulations”
means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.

 

“Platform” has
the meaning specified in Section 8.2.

 

“Pledge and Security Agreement”
means the Pledge and Security Agreement dated as of the date hereof, among the Company, the other Credit Parties from time to time
party thereto and the Collateral Agent for the ratable benefit of the Secured Parties, a copy of which is attached as Exhibit C-2
hereto, as the same may be amended, modified or supplemented in accordance with its terms from time to time.

 

“Pledge and Security Agreements”
means the collective reference to the Pledge and Security Agreement, the Canadian Pledge and Security Agreement and any other pledge
agreement or security agreement entered into by a Credit Party and the Collateral Agent (on substantially the same terms as the
Pledge and Security Agreement) in accordance with Section 8.10.

 

“Pledged Collateral”
has the meaning specified for the term “Collateral” in the Pledge and Security Agreement.

 

“PPSA”
means the Personal Property Security Act (Alberta), including the regulations thereto, as amended from time to time, and any other
similar legislation of any Canadian province or territory; provided that, if perfection or the effect of perfection
or non-perfection or the priority of any security interest or other Lien on any Collateral is governed by the personal property
security legislation or other applicable legislation with respect to personal property security in effect in a jurisdiction in
Canada other than the Province of Alberta (including the Civil Code of Québec), “PPSA” shall refer instead to
such other applicable federal, provincial or territorial legislation pertaining to the granting, perfecting, opposability, priority,
ranking or enforcement of Liens on personal or movable property, and any successor statutes, together with any regulations thereunder,
in each case as in effect from time to time.

 

“Prime
Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in
the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the
Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan”
rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent)
or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate
shall be effective from and including the date such change is publicly announced or quoted as being effective.

 

“Proceeding”
means any claim, litigation, investigation, action, suit, arbitration or administrative, judicial or regulatory action or
proceeding in any jurisdiction.

 

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“Proceeds” means
(a) all “proceeds”, as defined in Article 9 of the UCC or the PPSA, as applicable, with respect to the Collateral,
and (b) whatever is recoverable or recovered when any Collateral is sold, exchanged, collected, or disposed of, whether voluntarily
or involuntarily, including, without limitation, all proceeds of insurance policy covering the Collateral.

 

“Proceeds
of Crime Act” means the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada),
as amended from time to time, and including all regulations thereunder.

 

“Product” means
physical energy commodities, including Crude Oil, Natural Gas Liquids, asphalt, Refined Petroleum Products, Renewable Products
and Eligible RIN Inventory.

 

“Product Inventory”
means Inventory consisting of Product.

 

“Product Inventory Letter of
Credit” means a Letter of Credit issued in connection with the transportation or purchase of Product Inventory of
any Credit Party.

 

“Projections”
has the meaning assigned to it in Section 8.16.

 

“Protective Advances”
has the meaning specified in Section 2.8(a).

 

“Public Lender”
has the meaning specified in Section 8.2.

 

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

 

“QFC Credit Support”
has the meaning assigned to it in Section 12.18(b).

 

“Qualified ECP Guarantor”
means, in respect of any Swap Obligation, each Credit Party that has total assets exceeding $10,000,000 at the time the relevant
Guaranty or grant of the relevant security interest becomes or would become effective with respect to such Swap Obligation or such
other Person constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated
thereunder and can cause another Person to qualify as an “eligible contract participant” at such time by entering into
a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Real Property”
means, with respect to any Person, all of the right, title and interest of such Person in and to land, with the improvements and
fixtures thereon, including Leaseholds and any easements or rights-of way.

 

“Reference
Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is LIBOR, 11:00
a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such
Benchmark is not LIBOR, the time determined by the Administrative Agent in its reasonable discretion.

 

“Refinanced Indebtedness”
has the meaning specified in the definition of “Permitted Refinancings”.

 

“Refined Petroleum Products” means
product from the refining of crude oil, including diesel fuel, gasoline, jet fuel and other heavier fuel oils but excluding Natural
Gas Liquids.

 

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“Register” has
the meaning specified in Section 12.6(b)(iv).

 

“Related Document”
means any agreement, certificate, document or instrument relating to a Letter of Credit.

 

“Related Parties”
means each Lender-Related Person or Agent-Related Person, as applicable.

 

“Relevant
Governmental Body” means the Board or the NYFRB, or a committee officially endorsed or convened by the Board
or the NYFRB, or any successor thereto.

 

“Renewable Products” means fuels produced
from renewable resources, including biodiesel and ethanol.

 

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA or the regulations thereunder.

 

“Requested Release”
has the meaning set forth in Section 5.25(b).

 

“Required
Lenders” means, at a particular time, and subject to Section 5.24(b), Lenders that hold more than 66
2/3% of the sum of (i) the Revolving Credit Commitments or, if the Revolving Credit Commitments have been cancelled, the sum
of (A) the aggregate then outstanding principal amount of the Revolving Credit Loans, plus (B) the L/C Participating
Interests in the aggregate amount then available to be drawn under all outstanding Letters of Credit, plus (C) the
aggregate then outstanding principal amount of Revolving L/C Obligations, plus (D) the aggregate amount represented
by the agreements of the Lenders in Sections 2.8(a) and (b) with respect to the Protective Advances then
outstanding and (ii) from and after any applicable Incremental Facility Closing Date, the related Revolving Credit Commitments
Increases or, if the Revolving Credit Commitments Increases have been cancelled, the aggregate then outstanding principal amount
of the related Incremental Revolving Credit Loans; provided that at any time there are fewer than three Lenders (who
are not Affiliates of one another or Defaulting Lenders) party to this Agreement, the definition of “Required Lenders”
shall be “all Lenders”.

 

“Requirement of Law”
means, as to any Person, the Organization Documents of such Person, and any Law (including, without limitation, Environmental Laws),
in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject.

 

“Reserves” means,
on any date of determination, the sum of the following reserves established by the Administrative Agent (and determined without
duplication):

 

(a)            in
the case of Designated Cash Management Obligations, the aggregate exposure on such date of all Cash Management Banks under all
Designated Cash Management Obligations, based on the most recent exposure notified to the Administrative Agent by the relevant
Cash Management Banks and the Company; plus

 

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(b)            in
the case of Designated Swap Obligations, the aggregate mark-to-market termination exposure (after giving effect to applicable netting
arrangements) on such date of all Hedge Banks under all Designated Swap Obligations, based on the most recent mark-to-market termination
exposure notified to the Administrative Agent by the relevant Hedge Banks and the Company; plus

 

(c)            in
the case of Eligible Accounts, reserves established by the Administrative Agent in its Permitted Discretion for dilution, for uninsured,
underinsured, un-indemnified or under-indemnified liabilities or potential liabilities with respect to any litigation and for taxes,
fees, assessments and other governmental charges; plus

 

(d)            in
the case of Eligible Inventory, reserves established by the Administrative Agent in its Permitted Discretion for volatility, for
Inventory shrinkage, for First Purchaser Liens, for customs charges and shipping charges related to any Inventory in transit, for
rent at locations leased by the Company, for consignee’s, warehousemen’s and bailee’s charges, for uninsured
losses, for uninsured, underinsured, un-indemnified or under-indemnified liabilities or potential liabilities with respect to any
litigation, for taxes, fees, assessments, and other governmental charges and for retention of title or similar arrangements; plus

 

(e)            the
Canadian Priority Payable Reserve; plus

 

(f)            other
reserves established by the Administrative Agent in its Permitted Discretion.

 

The
amount of any such reserve or change shall have a reasonable relationship to the event, condition or other matter that is the basis
for such reserve or such change, and no reserves or changes shall be duplicative of reserves or changes already accounted for through
eligibility criteria. Reserves may only be established by the Administrative Agent, acting in its Permitted Discretion,
upon at least three (3) Business Days’ prior written notice to the Company (which notice shall include a reasonably
detailed description of such reserve being established or modified and the basis for such reserve or modification); provided
that no such notice shall be required (x) if an Event of Default has occurred or is continuing, (y) for changes to any
reserves resulting solely by virtue of mathematical calculations of the amount of the reserve in accordance with the methodology
of calculation previously utilized (such as, but not limited to, rent and customer credit liabilities), or (z) for changes
to reserves or establishment of additional reserves if a Material Adverse Effect has occurred or it would be reasonably likely
that a Material Adverse Effect would occur were such reserve not changed or established prior to the three (3) Business Day
period. During any such applicable three (3) Business Day period, the Administrative Agent shall, if requested, discuss any
such reserve or change with the Company and the Company may take such action as may be required so that the event, condition or
matter that is the basis for such reserve or change no longer exists or exists in a manner that would result in the establishment
of a lower reserve or result in a lesser change, in each case, in a manner and to the extent reasonably satisfactory to the Administrative
Agent.

 

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution
Authority.

 

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“Responsible Officer”
means the chief executive officer or the chief operating officer of the Company or, with respect to financial matters, the chief
financial officer, controller, vice president – finance or treasurer of the Company.

 

“Restricted Indebtedness”
means (a) any Indebtedness of a type permitted by Section 9.2(g) or Section 9.2(i) and (b) other
Indebtedness for borrowed money or obligations evidenced by notes, bonds, debentures or other similar instruments that in each
case are unsecured or are otherwise subordinated in right of payment to the Obligations or the obligations under the Secured 2026
Notes.

 

“Restricted Indebtedness Payments”
has the meaning assigned to it in Section 9.12(a).

 

“Restricted Payments”
has the meaning assigned to it in Section 9.9.

 

“Restricted Subsidiary”
means each Subsidiary other than an Unrestricted Subsidiary.

 

“Revaluation Date”
means, with respect to any Letter of Credit denominated in Canadian dollars, each of the following: (i) each date of issuance
of such Letter of Credit, (ii) each date of an amendment of any such Letter of Credit having the effect of increasing the
amount thereof, (iii) each date of any payment by the Issuing Lender under such Letter of Credit denominated in an Alternative
Currency and (iv) such additional dates as the Issuing Lender shall determine.

 

“Revolving Credit Commitment”
means, as to any Lender, its obligations to make Revolving Credit Loans to the Company pursuant to Section 2.1, to
purchase its L/C Participating Interest in any Letter of Credit and to purchase participations in Protective Advances and
Swingline Loans in an aggregate amount not to exceed at any time the amount set forth opposite such Lender’s name in Schedule 1A
under the heading “Revolving Credit Commitment” and in an aggregate amount not to exceed at any time the amount equal
to such Lender’s Revolving Credit Commitment Percentage of the aggregate Revolving Credit Commitments, as the aggregate Revolving
Credit Commitments may be reduced or adjusted from time to time pursuant to this Agreement (including, without limitation, increases
pursuant to Article 3); collectively, as to all the Lenders, the “Revolving Credit Commitments”.
On the Closing Date, the aggregate amount of the Revolving Credit Commitments is $500,000,000.

 

“Revolving Credit Commitment
Increase” has the meaning specified in Section 3.1.

 

“Revolving Credit Commitment
Percentage” means, as to any Lender at any time, the percentage which such Lender’s Revolving Credit Commitment
constitutes of all of the Revolving Credit Commitments (or, if the Revolving Credit Commitments shall have been terminated, the
percentage of the outstanding Aggregate Revolving Credit Extensions of Credit and Protective Advances constituted by such Lender’s
Aggregate Revolving Credit Extensions of Credit and participating interest in Protective Advances).

 

“Revolving Credit Commitment
Period” means the period from and including the Closing Date to but not including the Revolving Credit Termination
Date.

 

“Revolving Credit Lenders”
means the Lenders with Revolving Credit Commitments and/or outstanding Revolving Credit Loans.

 

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“Revolving Credit Loan”
and “Revolving Credit Loans” has the meaning specified in Section 2.1(a), and shall include
Protective Advances made pursuant to Section 2.8.

 

“Revolving
Credit Termination Date” means, the earliest of (i) the Scheduled Termination Date; (ii) any other date
on which the Revolving Credit Commitments shall terminate hereunder; and (iii) the date that is 91 days prior to the earliest
maturity date in respect of any (A) Indebtedness of a type permitted by Section 9.2(g) or Section 9.2(i) or
(B) other Indebtedness for borrowed money or obligations evidenced by notes, bonds, debentures or other similar instruments
(other than intercompany indebtedness) (for purposes of this definition, clauses (A) and (B) being the “Springing
Indebtedness”) unless as of such 91st day (A)(I) there is no more than $50,000,000 outstanding principal amount
of applicable Springing Indebtedness (or Permitted Refinancing Indebtedness thereof) with a maturity that is earlier than 91 days
after the Scheduled Termination Date or (II) the Company has deposited funds equal, at all times thereafter, to the then outstanding
principal amount of applicable Springing Indebtedness (or Permitted Refinancing Indebtedness thereof) less $50,000,000 into the
Material Debt Reserve Account or (B) the Company has received a binding commitment to refinance all of the outstanding applicable
Springing Indebtedness on or prior to the maturity date of the applicable Springing Indebtedness (subject only to reasonable and
customary conditions acceptable to the Administrative Agent) and such refinancing Indebtedness is permitted by this Agreement and
matures no earlier than 91 days after the Scheduled Termination Date. For purposes of this Agreement, any Springing Indebtedness
defeased in accordance with any indenture or other agreement or instrument evidencing or governing such Indebtedness shall not
be deemed to be outstanding for purposes of the “Revolving Credit Termination Date” so long as any prepayments made
to defease such Springing Indebtedness are permitted by this Agreement.

 

“Revolving L/C Obligations”
means the obligations of the Company to reimburse the Issuing Lender for any payments made by an Issuing Lender under any Letter
of Credit that have not been reimbursed by the Company pursuant to Section 2.6.

 

“RFS” means the
Renewable Fuel Standard of the United States Environmental Protection Agency in accordance with according to the Energy Policy
Act of 2005 and the Energy Independence and Security Act of 2007.

 

“RIN”
means renewable identification number assigned for the purpose of tracking the production, use and trading of renewable fuels as
required by, and which are valid for purposes of satisfying the compliance requirements of the RFS.

 

“RIN Inventory Excess”
means, with respect to any RIN type at any time, the total volumetric quantity of such RIN type (comprised of the aggregate Attached
RINs and Detached RINs of such RIN type) owned by the Credit Parties at such time as determined by reference to the records of
the Credit Parties, less the total volumetric quantity of such RIN type (comprised of the aggregate Attached RINs and Detached
RINs of such RIN type) determined to be available to the Credit Parties per the EPA Moderated Tracking System at such time.

 

“RIN Inventory Excess Amount”
means, with respect to any RIN type at any time, the “Market Value” of the RIN Inventory Excess that qualifies as Eligible
Detached RINs at such time.

 

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“RIN Inventory Excess Setoff”
means, at any time, an amount equal to the excess of all RIN Inventory Excess Amounts at such time, less $10,000,000; provided
that the RIN Inventory Excess Setoff shall not be less than zero at any time.

 

“Risk Management Policy”
means policies, operating procedures and limits of the Parent and its Subsidiaries designed to minimize the firm’s financial
exposure to various risks as noted in the policies attached as Schedule 1D as approved by the board of directors (or other
equivalent governing body) of the Parent, and as set forth on Schedule 1D as modified from time to time.

 

“S&P” means
Standard & Poor’s Financial Services LLC, a subsidiary of McGraw Hill Financial Inc., and any successor thereto.

 

“Sale and Leaseback Obligation”
has the meaning specified in Section 10.1(e).

 

“Sale and Leaseback Transaction”
has the meaning specified in Section 9.16.

 

“Same Day Funds”
means immediately available funds.

 

“Sanctioned Country”
means, at any time, a country or territory (or government of a country or territory or an agency thereof), an organization controlled
by any of the foregoing or person resident of a country or territory which, in each case, is itself the subject or target of any
Sanctions (as of the Closing Date, Crimea, Cuba (only with respect to a Credit Party organized under the laws of the United States
or any state thereof), Iran, North Korea, and Syria).

 

“Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of
Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council,
the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions
authority, or otherwise a target of Sanctions, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any
Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b), (d) any
Person that is a Canadian Blocked Person or (e) any Person otherwise the subject of any Sanctions.

 

“Sanctions” means
all economic, financial, trade, sectoral or secondary sanctions, embargoes, anti-terrorism laws and other similar laws and regulations
imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office
of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) the United Nations Security
Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom (c) the federal
government of Canada and (d) any other relevant sanctions authority.

 

“Scheduled Termination Date”
means date which is the fifth anniversary of the Closing Date; provided that notwithstanding Section 1.7,
if such date is not a Business Day, the Scheduled Maturity Date shall be the next preceding Business Day.

 

“Second Currency”
has the meaning specified in Section 12.20.

 

“Secured
2026 Notes” means the Company’s and NGL Energy Finance Corp.’s 7.5%
senior secured notes due 2026.

 

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“Secured
2026 Notes Indenture” means the Indenture, as of February 4, 2021, among U.S. Bank National Association, as
trustee, the Company, NGL Energy Finance Corp. and each of the
guarantors party thereto, pursuant to which the Company and NGL Energy Finance Corp. issued
the Secured 2026 Notes, as amended, restated, amended and restated, supplemented or otherwise modified from time to time
to the extent such amendment, restatement, amendment and restatement, supplement or modification is permitted hereunder.

 

“Secured Parties”
means, collectively, the Agents, the Lenders, the Issuing Lender, each Hedge Bank party to any Swap Contract, to the extent the
obligations thereunder constitute Finance Obligations, each provider of Cash Management Services to the extent the obligations
thereof under the Cash Management Agreement to which it is a party constitute Finance Obligations and any other Persons the obligations
owing to which are or are purported to be secured by the Collateral under the terms of the Collateral Documents, and the successors
and assigns of each of the foregoing.

 

“Settlement”
has the meaning assigned to it in Section 2.09(c).

 

“Settlement Date”
has the meaning assigned to such term in Section 2.09(c).

 

“Single Employer Plan”
means any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan.

 

“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such
Business Day published by the SOFR Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New
York City time) on the immediately succeeding Business Day.

 

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

 

“SOFR
Administrator’s Website” means the NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“Solvent” and
 “Solvency” mean, with respect to any Person on any date of determination, that on such date (i) the
fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of
such Person, (ii) the present fair salable value of the assets of such Person is not less than the amount that will be required
to pay the probable liability of such Person on its debts as they become absolute and matured, (iii) such Person does not
intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and
liabilities as they mature and (iv) such Person is not engaged in business or a transaction, and is not about to engage in
business or a transaction, for which such Person’s property would constitute an unreasonably small capital. The amount of
contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

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“Specified Letter of Credit”
means that certain Irrevocable Standby Letter of Credit, dated as of the Closing Date and with a date of expiry of June 29,
2022, issued by JPMCB in its capacity as an Issuing Lender in favor of BNP Paribas as beneficiary.

 

“Specified Trigger”
means Availability is less than the greater of (i) $80,000,000 and (ii) 20.0% of the Line Cap.

 

“Specified Trigger Event”
means any time that (a) a Specified Trigger shall have occurred or (b) an Event of Default has occurred and is continuing.
Once commenced, a Specified Trigger Event shall be deemed to be continuing until such time as (x) no Event of Default is continuing
and (y) if such Specified Trigger Event resulted from an event specified in the preceding clause (a), Availability
equals or exceeds for thirty (30) consecutive days the greater of (1) $80,000,000 and (2) 20.0% of the Line Cap then
in effect.

 

“Spot Rate” for
the rate determined by the Administrative Agent or the Issuing Lender, as applicable, to be the rate quoted by the Person acting
in such capacity as the spot rate for the purchase by such Person of Canadian dollars with Dollars through its principal foreign
exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign
exchange computation is made; provided that the Administrative Agent or the Issuing Lender may obtain such spot rate from
another financial institution designated by the Administrative Agent or the Issuing Lender if the Person acting in such capacity
does not have as of the date of determination a spot buying rate for any such currency; and provided further that the Issuing
Lender may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Letter
of Credit denominated in Canadian dollars.

 

“Subsidiary”
means, as to any Person, a corporation, partnership or other entity of which shares of capital stock or other Equity Interests
having ordinary voting power (other than capital stock or other equity interests having such power only by reason of the happening
of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity
are at the time owned, directly or indirectly, or the management of which is otherwise controlled, directly or indirectly, or both,
by such Person. Unless the context otherwise requires, the term “Subsidiary” means a Subsidiary of the Parent.

 

“Supported QFC”
has the meaning assigned to it in Section 12.18.

 

“Swap Contract”
means (i) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate
swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement, and (ii) any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any
related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master
Agreement.

 

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“Swap Obligation”
of any Person means all obligations (including, without limitation, any amounts which accrue after the commencement of any bankruptcy
or insolvency proceeding with respect to such Person, whether or not allowed or allowable as a claim under any proceeding under
any Debtor Relief Law) of such Person owing to a Hedge Bank in respect of any Swap Contract, excluding any amounts which such Person
is entitled to set-off against its obligations under applicable law.

 

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

 

“Swingline Lender”
means JPMCB, in its capacity as lender of Swingline Loans hereunder. Any consent required of the Administrative Agent or the Issuing
Lender shall be deemed to be required of the Swingline Lender and any consent given by JPMCB in its capacity as Administrative
Agent or Issuing Bank shall be deemed given by JPMCB in its capacity as Swingline Lender.

 

“Swingline Loan”
has the meaning assigned to it in Section 2.09(a).

 

“Synthetic
Lease” means any lease of (or other arrangement conveying the right to use) real or personal property, or a combination
thereof, which lease or other arrangement is required or is permitted to be classified and accounted for as an operating
lease under GAAP but which is intended by the parties thereto for tax, bankruptcy, regulatory, commercial law, real estate law
and all other purposes as a financing arrangement.

 

“Taxes” means
all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, or other similar charges imposed by
any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term
SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking
term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Term
SOFR Notice” means a notification by the Administrative Agent to the Lenders and the Company of the occurrence
of a Term SOFR Transition Event.

 

“Term
SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended
for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the
Administrative Agent and (c) a Benchmark Transition Event has previously occurred resulting in a Benchmark Replacement in
accordance with Section 5.17 that is not Term SOFR.

 

“Type” means,
as to any Loan, its nature, or classification, as an ABR Loan or a Eurodollar Loan.

 

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“UCC” means the
Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the effect of perfection
or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect
in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as
in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect
of perfection or non-perfection or priority.

 

“UK
Financial Institutions” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended
form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of
the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain
credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility
for the resolution of any UK Financial Institution.

 

“Unadjusted
Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement
Adjustment.

 

“Unfinanced Capital Expenditures”
means, with respect to any Person and for any period, Capital Expenditures made by such Person during such period and not financed
from the proceeds of Indebtedness (other than, for the avoidance of doubt, Loans), the proceeds of any issuance of Equity Interests
or the proceeds of any Asset Sale.

 

“Unmatured Surviving Obligations”
means, at any date, contingent indemnification or expense reimbursement claims which are not then due and payable or with respect
to which no demand has been made.

 

“Unrestricted Subsidiaries”
means (a) any Subsidiary designated as such on Schedule 6.11 as of the Closing Date, (b) any Subsidiary that is
formed or acquired after the Closing Date and is designated subsequent to the Closing Date as an Unrestricted Subsidiary by the
Company in accordance with Section 8.19 and (c) any Subsidiary of an Unrestricted Subsidiary.

 

“Unsecured 2023 Notes”
means the Parent’s and NGL Energy Finance Corp.’s 7.50% senior notes due 2023.

 

“Unsecured 2025 Notes”
means the Parent’s and NGL Energy Finance Corp.’s 6.125% senior notes due 2025.

 

“Unsecured 2026 Notes”
means the Parent’s and NGL Energy Finance Corp.’s 7.50% senior notes due 2026.

 

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

 

“U.S. Special
Resolution Regime” has the meaning assigned to it in Section 12.18(b).

 

“U.S. Tax Compliance Certificate”
has the meaning specified in Section 5.23(g)(ii)(B)(III).

 

“Vessel” means,
collectively, ships, barges, tugboats, articulated tug and barge units, marine vessels and other carriers.

 

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“Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years (and/or portion
thereof) obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then
remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity,
in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date
and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness.

 

“Wholly-Owned Domestic Subsidiary”
means at any date a Wholly-Owned Subsidiary of the Company which is a Domestic Subsidiary at such date, and “Wholly-Owned
Domestic Subsidiaries” means all of them, collectively.

 

“Wholly-Owned Subsidiary”
means, with respect to any Person at any date, any Subsidiary of such Person all of the shares of capital stock or other ownership
interests of which (except directors’ qualifying shares) are at the time directly or indirectly owned by such Person.

 

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan Section 4201 of ERISA.

 

“Withholding Agent”
has the meaning assigned to it in Section 5.23(a).

 

“Write-Down and Conversion
Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any
powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability
of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of
the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

		1.3	Other Definitional Provisions

 

		(a)	Unless otherwise specified therein, all terms defined in this Agreement shall have the defined
meanings when used in any other Credit Document or any certificate or other document made or delivered pursuant hereto.

 

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		(b)	As used herein and in any other Credit Document and any certificate or other document made or delivered
pursuant hereto, accounting terms relating to the Company and its Subsidiaries not defined in Section 1.1 and accounting
terms partly defined in Section 1.1 to the extent not defined, shall have the respective meanings given to them under
GAAP. If any Credit Party is required after Closing Date to implement any change(s) in its accounting principles and practice
as a result of any changes in GAAP mandated by the Financial Accounting Standards Board or successor organization, and if such
change(s) result in any material change in the method of calculation of the Fixed Charge Coverage Ratio or any other financial
test provided herein or any other Credit Document, then for all periods after the date of implementation of such change(s) until
one or more appropriate amendments of this Agreement addressing such change(s) in GAAP are negotiated, executed and delivered
by the Parent, the Company and the number of Lenders required by Section 12.1 in a form acceptable to all such parties,
the Fixed Charge Coverage Ratio and or any other financial test provided herein or any other Credit Document, as applicable, shall
be calculated hereunder utilizing GAAP as in effect prior to such change(s).

 

		(c)	Unless otherwise expressly provided, any accounting concept and all financial covenants shall be
determined on a consolidated basis for the Credit Parties, and financial measurements shall be computed without duplication.

 

		(d)	The meanings given to terms defined herein shall be equally applicable to the singular and plural
forms of such terms.

 

		(e)	Whenever the context may require, any pronoun shall include the corresponding masculine, feminine
and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed
by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect
as the word “shall”. Unless the context requires otherwise (i) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time
to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and
assigns, (iii) the words “herein”, “hereof” and “hereunder”, and words of similar import,
shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references
herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, this Agreement, (v) any reference to any law, rule or regulation herein shall, unless otherwise specified,
refer to such law, rule or regulation as amended, modified or supplemented from time to time and (vi) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

 

		(f)	For purposes of any Collateral located in the Province of Québec or charged by any deed
of hypothec (or any other Credit Document governed by the laws of the Province of Québec) and for all other purposes pursuant
to which the interpretation or construction of a Credit Document may be subject to the laws of the Province of Québec or
a court or tribunal exercising jurisdiction in the Province of Québec, (a) “personal property” shall be
deemed to include “movable property”, (b) “real property” shall be deemed to include “immovable
property”, (c) “tangible property” shall be deemed to include “corporeal property”, (d) “intangible
property” shall be deemed to include “incorporeal property”, (e) “security interest” and “mortgage”
shall be deemed to include a “hypothec”, (f) all references to filing, registering or recording under the UCC
or the PPSA shall be deemed to include publication under the Civil Code of Québec, (g) all references to “perfection”
of or “perfected” Liens shall be deemed to include a reference to the “opposability” of such Liens to third
parties, (h) any “right of offset”, “right of setoff” or similar expression shall be deemed to include
a “right of compensation”, (i) “goods” shall be deemed to include “corporeal movable property”
other than chattel paper, documents of title, instruments, money and securities, and (j) an “agent” shall be deemed
to include a “mandatary”.

 

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		1.4	Divisions

 

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

 

		1.5	Interest Rates; LIBOR
Notifications

 

The
interest rate on Eurodollar Loans is determined by reference to the LIBOR, which is derived from the London interbank offered rate.
The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings
from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the
end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration
(together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the
IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered
rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate
on Eurodollar Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify
new or alternative reference rates to be used in place of the London interbank offered rate. Upon the occurrence of a Benchmark
Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, such Section 5.17(c) and (d) provide
the mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Company, pursuant
to Section 5.17(f), of any change to the reference rate upon which the interest rate on Eurodollar Loans is based.
However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect
to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition
of “LIBOR” or with respect to any alternative or successor rate thereto, or replacement rate thereof (including,
without limitation, (a) any such alternative, successor or replacement rate implemented pursuant to Section 5.17(c) or
(d), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election,
and (b) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 5.17(e)), including
without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate
will be similar to, or produce the same value or economic equivalence of, the LIBOR or have the same volume or liquidity as did
the London interbank offered rate prior to its discontinuance or unavailability.

 

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		1.6	Limited Condition Transactions.

 

In connection with determining whether
any Limited Condition Transaction is permitted hereunder, for which determination requires the calculation of any financial ratio,
test or basket, each calculated on a pro forma basis, at the option of the Company (the Company’s election to exercise
such option in connection with any Limited Condition Transaction, an “LCT Election”), the date of determination
shall be deemed to be (a) the date the definitive agreement for such Limited Condition Transaction is entered into, (b) in
the case of a Limited Condition Transaction described in clause (i) of the definition thereof, if such Limited Condition
Transaction will not be consummated prior to the date that is 90 days after the date of such definitive agreement, then on the
date that is 91 days after the date of such definitive agreement (provided that such transaction shall no longer constitute
a Limited Condition Transaction if it is not consummated within 180 days after the date of such definitive agreement) or (c) in
the case of a Limited Condition Transaction described in clause (ii) of the definition thereof, if such Limited Condition
Transaction will not be consummated prior to the date that is 30 days after the date of such definitive agreement, then on the
date that is 31 days after the date of such definitive agreement (provided that such transaction shall no longer constitute a Limited
Condition Transaction if it is not consummated within 60 days after the date of such definitive agreement) (as applicable, the
 “LCT Test Date”), and if, after giving pro forma effect to the Limited Condition Transaction,
such Limited Condition Transaction would have been permitted on the relevant LCT Test Date in compliance with such provision. For
the avoidance of doubt, if the Company has made an LCT Election, (1) if any of the ratios, tests or baskets for which compliance
was determined or tested as of an LCT Test Date would at any time after such LCT Test Date have been exceeded or otherwise failed
to have been complied with as a result of fluctuations in any such ratio, test or basket, including due to fluctuations in Consolidated
EBITDA of the Credit Parties, such baskets, tests or ratios will not be deemed to have been exceeded or failed to have been complied
with as a result of such fluctuations (and no Default or Event of Default shall be deemed to have occurred due to such failure
to comply), and (2) in calculating the availability under any ratio, test or basket in connection with any action or transaction
unrelated to such Limited Conditional Transaction following the relevant LCT Test Date and prior to the earlier of the date on
which such Limited Condition Transaction is consummated and the date that the definitive agreement or date for redemption, purchase
or repayment specified in an irrevocable notice for such Limited Condition Transaction is terminated, expires or passes, as applicable,
without consummation of such Limited Condition Transaction, any such ratio, test or basket shall be determined or tested giving
pro forma effect to such Limited Condition Transaction.

 

		1.7	Performance.

 

When payment of any obligation or the performance
of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date
of such payment or performance shall extend to the immediately succeeding Business Day, and, in the case of any payment accruing
interest, interest thereon shall be payable for the period of such extension.

 

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		1.8	Additional Alternative
Currencies.

 

		(a)	The Company may from time to time request that Letters of Credit be issued in Canadian dollars;
provided that such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Lender
and the aggregate amount of Letters of Credit that may be issued in Canadian dollars may not exceed $20,000,000.

 

		(b)	Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed
to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided, however,
that with respect to any Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or
more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Equivalent
of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated
amount is in effect at such time.

 

		1.9	Exchange Rates; Currency
Equivalents

 

		(a)	Without limiting the other terms of this Agreement, the calculations and determinations under this
Agreement of any amount (including any amount in any currency other than Dollars) shall be deemed to refer to the Dollar Equivalent
thereof and all Borrowing Base Certificates delivered under this Agreement shall express such calculations or determinations in
the Dollar Equivalent thereof.

 

		(b)	For purposes of this Agreement and the other Credit Documents, the Dollar Equivalent of the Borrowing
Base and any Letters of Credit and other Obligations shall be determined in accordance with the terms of this Agreement. Such Dollar
Equivalent shall become effective as of the determination date for the Borrowing Base and for Letters of Credit and other Obligations
and shall be the Dollar Equivalent until the next determination date to occur for the Borrowing Base and for such Letters of Credit
and other Obligations.

 

		2.	Amount and Terms of Revolving Credit Commitments

 

		2.1	Revolving Credit Commitments

 

		(a)	Subject to the terms and conditions hereof, each Lender agrees to extend credit, in an aggregate
amount not to exceed such Lender’s Revolving Credit Commitment, to the Company from time to time on any Borrowing Date during
the Revolving Credit Commitment Period by purchasing an L/C Participating Interest in each Letter of Credit issued by the Issuing
Lender and by making loans to the Company (Revolving Credit Loans) from time to time. Revolving Credit Loans shall
be denominated in Dollars. Notwithstanding the foregoing and subject to the Administrative Agent’s authority, in its reasonable
discretion, to make Protective Advances pursuant to Section 2.8, in no event shall (i) any Revolving Credit Loan
be made, or any Letter of Credit be issued, if, after giving effect thereto and the use of proceeds thereof as irrevocably directed
by the Company, the sum of the Aggregate Revolving Credit Extensions of Credit would exceed the Line Cap then in effect or (ii) any
Revolving Credit Loan be made, or any Letter of Credit be issued, if the amount of such Loan to be made or any Letter of Credit
to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the Available Revolving Credit Commitments.
Subject to the foregoing, during the Revolving Credit Commitment Period, the Company may use the Revolving Credit Commitments by
borrowing, repaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions
hereof, and/or by having the Issuing Lender issue Letters of Credit, having such Letters of Credit expire undrawn upon or if drawn
upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lender issue new Letters of Credit.

 

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		(b)	Each borrowing of Revolving Credit Loans shall be in an aggregate principal amount of the lesser
of (i) $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (ii) the Available Revolving Credit Commitments,
except that any borrowing of a Revolving Credit Loan to be used solely to pay the like amount of an L/C Disbursement may be in
the principal amount of such L/C Disbursement.

 

		(c)	Any Protective Advance and any Swingline Loan shall be made in accordance with the procedures set
forth in Sections 2.08 and 2.09.

 

		2.2	Proceeds of Revolving
Credit Loans

 

The Company shall use the proceeds of Revolving
Credit Loans solely for financing the working capital or general corporate purposes of the Parent and its Restricted Subsidiaries
(including making payments to an Issuing Lender to reimburse the Issuing Lender for drawings made under the Letters of Credit),
including on the Closing Date to pay fees and expenses related to the transactions contemplated hereby and to refinance the Indebtedness
outstanding under the Existing Revolving Credit Agreement and Existing Term Loan Credit Agreement and to pay fees (including any
call premium payable by the Company in connection with the prepayment of the Existing Term Loan Credit Agreement). Notwithstanding
the foregoing, no Credit Party will request any Loans, and no Credit Party shall use, and shall procure that their Subsidiaries
and their respective directors, officers, employees and, to the knowledge of any Credit Party, agents, shall not use, the proceeds
of any Revolving Credit Loan or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization
of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for
the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or
in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable to any party
hereto.

 

		2.3	Issuance of Letters
of Credit

 

		(a)	Subject to the terms and conditions hereof, the Company may from time to time during the Revolving
Credit Commitment Period request any Issuing Lender to issue a Letter of Credit (including a counter-standby Letter of Credit)
denominated in Dollars or Canadian dollars by delivering to the Administrative Agent at its address specified in Section 12.2
and the Issuing Lender an L/C Application completed to the satisfaction of the Issuing Lender, together with the proposed form
of the Letter of Credit (which shall comply with the applicable requirements of clause (b) below) and such other certificates,
documents and other papers and information as the Issuing Lender may reasonably request; provided that if the Issuing Lender
informs the Company that it is for any reason unable to open such Letter of Credit, the Company may request another Lender to open
such Letter of Credit upon the same terms offered to the initial Issuing Lender and if such other Lender agrees to issue such Letter
of Credit each reference to the Issuing Lender for purposes of the Credit Documents shall be deemed to be a reference to such Lender.
Letters of Credit shall be denominated in Dollars or Canadian dollars.

 

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		(b)	Each Letter of Credit issued hereunder shall, among other things, (i) be in such form requested
by the Company as shall be acceptable to the Issuing Lender in its sole discretion and (ii) subject to clause (c) below,
have an expiry date occurring not later than the earlier of (A) three hundred and sixty-five (365) days after the date of
issuance of such Letter of Credit and (B) five (5) Business Days prior to the Revolving Credit Termination Date; provided
that the Specified Letter of Credit may have an expiry date not later than June 29, 2022.

 

		(c)	If the Company so requests in the applicable L/C Application, the Issuing Lender may agree to issue
a Letter of Credit with a one-year tenor that has automatic extension or renewal provisions (each, an “Auto-Extension
Letter of Credit”); provided that (x) any such Auto-Extension Letter of Credit must permit the Issuing
Lender to prevent any such extension or renewal at least once in each twelve-month period (commencing with the date of issuance
of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a certain number of days prior to each
anniversary of such Letter of Credit’s date of issuance (the “Non-Extension Notice Date”), such
number of days to be agreed upon by the Company and the Issuing Lender at the time such Letter of Credit is issued and (y) such
prior notice shall be deemed to have been given by the Issuing Lender on the effective date of its resignation as Issuing Lender
in accordance with Section 11.9. Unless otherwise directed by the Issuing Lender, the Company shall not be required
to make a specific request to the Issuing Lender for any such extension. Once an Auto-Extension Letter of Credit has been issued,
the Revolving Credit Lenders shall be deemed to have authorized (but may not require) the Issuing Lender to permit the extension
of such Letter of Credit at any time to an expiry date not later than five (5) Business Days prior to the Revolving Credit
Termination Date; provided, however, that the Issuing Lender shall not permit any such extension if (A) the
Issuing Lender has determined that it would not be permitted, or would have no obligation at such time to issue such Letter of
Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of Section 2.1(a), Section 2.5
or otherwise), or (B) it has received written notice on or before the day that is thirty (30) days before the Non-Extension
Notice Date (1) from the Administrative Agent that the Majority Lenders have elected not to permit such extension or (2) from
the Administrative Agent, any Revolving Credit Lender or the Company that one or more of the applicable conditions specified in
Section 7.2 is not then satisfied, and in each such case directing the Issuing Lender not to permit such extension.

 

		(d)	Notwithstanding anything herein to the contrary, the Issuing Lender shall have no obligation hereunder
to issue, and shall not issue, any Letter of Credit (i) the proceeds of which would be made available to any Person (A) to
fund any activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding,
is the subject of any Sanctions or (B) in any manner that would result in a violation of any Sanctions by any party to this
Agreement, (ii) if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to
enjoin or restrain the Issuing Lender from issuing such Letter of Credit, or any Requirement of Law relating to the Issuing Lender
or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the
Issuing Lender shall prohibit, or request that the Issuing Lender refrain from, the issuance of letters of credit generally or
such Letter of Credit in particular or shall impose upon the Issuing Lender with respect to such Letter of Credit any restriction,
reserve or capital requirement (for which the Issuing Lender is not otherwise compensated hereunder) not in effect on the Closing
Date, or shall impose upon the Issuing Lender any unreimbursed loss, cost or expense which was not applicable on the Closing Date
and which the Issuing Lender in good faith deems material to it, or (iii) if the issuance of such Letter of Credit would violate
one or more policies of the Issuing Lender applicable to letters of credit generally.

 

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		2.4	Participating Interests

 

Effective in the case of each Letter of
Credit opened by the Issuing Lender as of the date of the opening thereof and without any further action on the part of the applicable
Issuing Bank or the Revolving Credit Lenders, the Issuing Lender hereby grants to itself and each other Revolving Credit Lender,
and each Revolving Credit Lender severally and irrevocably agrees to take and does take in such Letter of Credit and the related
L/C Application, an L/C Participating Interest in a percentage equal to such Revolving Credit Lender’s Revolving Credit
Commitment Percentage. In consideration and in furtherance of the foregoing, each such Revolving Credit Lender hereby absolutely
and unconditionally agrees to pay to the Administrative Agent in Dollars, for the account of the applicable Issuing Lender, such
Revolving Credit Lender’s Revolving Credit Commitment Percentage of each L/C Disbursement made by such Issuing Lender, in
each case to the extent not reimbursed by the Company on the date due as provided in Section 2.6, or of any reimbursement
payment required to be refunded to the Company for any reason.

 

Each Revolving Credit Lender’s obligation
to purchase participating interests pursuant to this Section 2.4 is absolute and unconditional as set forth in Section 5.16.

 

		2.5	Procedure for Opening
Letters of Credit

 

Upon receipt of any L/C Application from
the Company in respect of a Letter of Credit, the Issuing Lender will promptly notify the Administrative Agent thereof and the
Administrative Agent will notify each Revolving Credit Lender. The Issuing Lender will process such L/C Application, and the other
certificates, documents and other papers delivered to the Issuing Lender in connection therewith, upon receipt thereof in accordance
with its customary procedures and, subject to the terms and conditions hereof, shall promptly open such Letter of Credit by issuing
the original of such Letter of Credit to the beneficiary thereof and by furnishing a copy thereof to the Company; provided
that no such Letter of Credit shall be issued (i) if the amount of such requested Letter of Credit, together with the sum
of (A) the aggregate unpaid amount of Revolving L/C Obligations outstanding at the time of such request and (B) the maximum
aggregate amount available to be drawn under all Letters of Credit outstanding at such time, would exceed $200,000,000, (ii) if
the amount of such requested Letter of Credit, together with the sum of (A) the aggregate unpaid amount of Revolving L/C Obligations
outstanding at the time of such request with respect to Letters of Credit issued by such Issuing Lender and (B) the maximum
aggregate amount available to be drawn under all Letters of Credit outstanding at such time issued by such Issuing Lender, would
exceed such Issuing Lender’s Issuing Lender Sublimit or (iii) if Section 2.1 would be violated thereby.

 

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		2.6	Payments in Respect
of Letters of Credit

 

		(a)	If the Issuing Lender shall make any L/C Disbursement in respect of a Letter of Credit, the Company
shall reimburse such L/C Disbursement by paying to the Administrative Agent an amount equal to such L/C Disbursement in Dollars,
(i) not later than 1:00 P.M., New York City time, on the same Business Day if the Company receives notice of such L/C Disbursement
at or before 11:00 A.M. New York City time on such Business Day, or (ii) if the Company receives a notice of disbursement
after 11:00 A.M. New York City time not later than 1:00 P.M. New York City time, on the Business Day immediately following
the date that the Company receives such notice; provided that the Company may, subject to the conditions to borrowing set
forth herein, request in accordance with Section 5.1 that such payment be financed with an ABR Loan or a Swingline
Loan, which is a Revolving Credit Loan in an equivalent amount and, to the extent so financed, the Company’s obligation to
make such payment shall be discharged and replaced by the resulting ABR Loan or Swingline Loan which is a Revolving Credit Loan.

 

		(b)	If an Issuing Lender shall make any L/C Disbursement, then, unless the Company shall reimburse
such L/C Disbursement in full on the date such L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each
day from and including the date such L/C Disbursement is made to but excluding the date that the Company reimburses such L/C Disbursement,
at the rate per annum then applicable to ABR Loans; provided that, if the Company fails to reimburse such L/C Disbursement
when due pursuant to clause (b) of this Section, then, Section 5.7(d) shall apply. Interest accrued
pursuant to this paragraph shall be for the account of the applicable Issuing Lender, except that interest accrued on and after
the date of payment by any Revolving Credit Lender pursuant to clause (a) of this Section to reimburse such Issuing
Lender shall be for the account of such Revolving Credit Lender to the extent of such payment. If the Company fails to make such
payment when due, then the Administrative Agent shall notify the applicable Issuing Lender and each other applicable Revolving
Credit Lender of the applicable L/C Disbursement, the payment then due from the Company in respect thereof and such Revolving Credit
Lender’s Revolving Credit Commitment Percentage thereof. Promptly following receipt of such notice, each applicable Revolving
Credit Lender shall pay to the Administrative Agent in Dollars its Revolving Credit Commitment Percentage of the payment then due
from the Company (and Section 5.18(b) shall apply, mutatis mutandis, to the payment obligations of the
Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender in Dollars the amounts
so received by it from such Revolving Credit Lender. Promptly following receipt by the Administrative Agent of any payment from
the Company pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender
or, to the extent that Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse such Issuing Lender,
then to such Revolving Credit Lenders and the applicable Issuing Lender as their interests may appear. Any payment made by a Revolving
Credit Lender pursuant to this paragraph to reimburse any Issuing Lender for any L/C Disbursement (other than the funding of ABR
Loans or Swingline Loans as contemplated above) shall not constitute a Loan and shall not relieve the Company of its obligation
to reimburse such L/C Disbursement.

 

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		(c)	Whenever, at any time after the Issuing Lender has made a payment under any Letter of Credit and
has received from any other Revolving Credit Lender such other Revolving Credit Lender’s pro-rata share of the Revolving
L/C Obligation arising therefrom, the Issuing Lender receives any reimbursement on account of such Revolving L/C Obligation or
any payment of interest on account thereof, the Issuing Lender will distribute to such other Revolving Credit Lender, through the
Administrative Agent, its pro-rata share thereof in like funds as received (appropriately adjusted, in the case of interest payments,
to reflect the period of time during which such Revolving Credit Lender’s participating interest was outstanding and funded);
provided that, in the event that the receipt by the Issuing Lender of such reimbursement or such payment of interest (as
the case may be) is required to be returned, such other Revolving Credit Lender will promptly return to the Issuing Lender, through
the Administrative Agent, any portion thereof previously distributed by the Issuing Lender to it in like funds as such reimbursement
or payment is required to be returned by the Issuing Lender.

 

		(d)	The Company shall pay to each Issuing Lender, each of the fees set forth in Section 5.11.

 

		2.7	Eligible Cash Account

 

Notwithstanding anything to the contrary
contained herein, so long as no Default or Event of Default has occurred and is continuing, the Company may request that all or
a portion of Eligible Cash Collateral be transferred to another Controlled Account of the Credit Parties that is not fully-blocked,
it being understood that upon such transfer, Eligible Cash Collateral shall be reduced by the amount of such transferred cash.
Upon such request, the Administrative Agent may, at its Permitted Discretion, promptly transfer such cash as directed by the Company
so long as such transfer would not cause the Aggregate Revolving Credit Extensions of Credit to exceed the Line Cap.

 

		2.8	Protective Advances

 

		(a)	Subject to the limitations set forth below, the Administrative Agent, in its sole discretion exercised
in good faith, may make Revolving Credit Loans to the Company on behalf of the Lenders, if the Administrative Agent, in its Permitted
Discretion, deems that such Revolving Credit Loans are necessary or desirable (i) to protect all or any portion of the Collateral,
(ii) to enhance the likelihood or maximize the amount of repayment of the Loans and the other Obligations or (iii) to
pay any other amount chargeable to the Company pursuant to this Agreement (such Revolving Credit Loans, “Protective
Advances”); provided that (A) the aggregate amount of Protective Advances outstanding at any time shall
not at any time exceed 10% of the Line Cap, (B) in no event shall the sum of the Aggregate Revolving Credit Extensions of
Credit exceed the aggregate Revolving Credit Commitments and (C) the Majority Lenders may at any time revoke the Administrative
Agent’s authorization to make future Protective Advances (provided that existing Protective Advances shall not be
subject to such revocation and any such revocation must be in writing and shall become effective prospectively upon the Administrative
Agent’s receipt thereof). At any time that the conditions for making a Revolving Credit Loan are satisfied, the Administrative
Agent may request the Lenders to make a Revolving Credit Loan to repay a Protective Advance. At any other time the Administrative
Agent may require the Lenders to fund their risk participation described in Section 2.8(b).

 

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		(b)	Upon the making of a Protective Advance, each Lender shall be deemed, without further action by
any party hereto, to have unconditionally and irrevocably purchased from the Administrative Agent (regardless of the existence
of any Event of Default or other condition), without recourse or warranty, an undivided interest and participation in such Protective
Advance based upon their Revolving Credit Commitment Percentages. From and after the date, if any, on which any Lender is required
to fund its participation in any Protective Advance purchased hereunder, the Administrative Agent shall promptly distribute to
such Lender, such Lender’s Revolving Credit Commitment Percentages of all payments of principal and interest and all proceeds
of Collateral received by the Administrative Agent in respect of such Protective Advance.

 

		(c)	All Protective Advances shall be secured by the Collateral and shall bear interest as provided
in this Agreement for ABR Loans.

 

		2.9	Swingline Loans

 

		(a)	The Administrative Agent, the Swingline Lender and the Lenders agree that in order to facilitate
the administration of this Agreement and the other Credit Documents, promptly after the Company requests a borrowing of ABR Loans
in accordance with the requirements of Article 5, the Swingline Lender may elect to have the terms of this Section 2.09(a) apply
to such request by advancing, on behalf of the Lenders and in the amount requested, same day funds to the Company on the date of
the applicable borrowing to the account of the Company designated by the Company (each such Loan made solely by the Swingline Lender
pursuant to this Section 2.09(a) is referred to in this Agreement as a “Swingline Loan”), with
settlement among them as to the Swingline Loans to take place on a periodic basis as set forth in Section 2.09(c).
Each Swingline Loan shall be subject to all the terms and conditions applicable to other ABR Loans funded by the Lenders, except
that all payments thereon shall be payable to the Swingline Lender solely for its own account. The aggregate amount of Swingline
Loans that may be outstanding hereunder shall not exceed $25,000,000 unless the Swingline Lender agrees in its sole discretion;
provided that the aggregate amount of Swingline Loans that may be outstanding hereunder shall not exceed $50,000,000.

 

		(b)	Upon the making of a Swingline Loan (whether before or after the occurrence of a Default and regardless
of whether a Settlement has been requested with respect to such Swingline Loan), each Lender shall be deemed, without further action
by any party hereto, to have unconditionally and irrevocably purchased from the Swingline Lender, without recourse or warranty,
an undivided interest and participation in such Swingline Loan in proportion to its Revolving Credit Commitment Percentage of the
Revolving Credit Commitment. The Swingline Lender may, at any time, require the Lenders to fund their participations. From and
after the date, if any, on which any Lender is required to fund its participation in any Swingline Loan purchased hereunder, the
Administrative Agent shall promptly distribute to such Lender, such Lender’s Revolving Credit Commitment Percentage of all
payments of principal and interest and all proceeds of Collateral received by the Administrative Agent in respect of such Swingline
Loan.

 

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		(c)	The Administrative Agent, on behalf of the Swingline Lender, shall request settlement (a “Settlement”)
with the Lenders on at least a weekly basis or on any date that the Administrative Agent elects, by notifying the Lenders of such
requested Settlement by facsimile, telephone, or e-mail no later than 1:00 P.M. New York time on the date of such requested
Settlement (the “Settlement Date”). Each Lender (other than the Swingline Lender, in the case of the Swingline
Loans) shall transfer the amount of such Lender’s Revolving Credit Commitment Percentage of the outstanding principal amount
of the applicable Loan with respect to which Settlement is requested to the Administrative Agent, to such account of the Administrative
Agent as the Administrative Agent may designate, not later than 3:00 P.M., New York time, on such Settlement Date. Settlements
may occur during the existence of a Default and whether or not the applicable conditions precedent set forth in Section 7.02
have then been satisfied. Such amounts transferred to the Administrative Agent shall be applied against the amounts of the Swingline
Lender’s Swingline Loans and, together with Swingline Lender’s Revolving Credit Commitment Percentage of such Swingline
Loan, shall constitute Revolving Loans of such Revolving Lenders, respectively. If any such amount is not transferred to the Administrative
Agent by any Revolving Lender on such Settlement Date, the Swingline Lender shall be entitled to recover from such Lender on demand
such amount, together with interest thereon, as specified in Section 2.09.

 

		3.	Amount and Terms of Incremental Loans

 

		3.1	Requests for Incremental
Loans

 

Upon notice to the Administrative Agent
(which shall promptly notify the Lenders) at any time after the Closing Date but prior to the Revolving Credit Termination Date,
the Company may request additional revolving loan commitments or increases in the aggregate amount of Revolving Credit Commitments
(each such additional commitment or increase, a “Revolving Credit Commitment Increase” and all of them,
collectively, the “Revolving Credit Commitments Increases”); provided that after giving effect
to any Revolving Credit Commitment Increase, the aggregate amount of Revolving Credit Commitments Increases that have been added
pursuant to this Section 3.1 shall not exceed $200,000,000. Any loans made in respect of any such Revolving Credit
Commitment Increase (the “Incremental Revolving Credit Loans”) shall be made by increasing the aggregate
Revolving Credit Commitments with terms identical to those of the existing Revolving Credit Loans. Notwithstanding the foregoing,
(i) each Revolving Credit Commitment Increase effected pursuant to this Article 3 shall be in a minimum amount of at
least $10,000,000 and (ii) no more than five Revolving Credit Commitment Increases may be selected by the Company after the
Closing Date.

 

		3.2	Ranking and Other Provisions

 

The Incremental Revolving Credit Loans
(i) shall have the same guarantees as, and rank pari passu in right of payment and in respect of lien priority as to the Collateral
with the Obligations in respect of, the Revolving Credit Commitments and (ii) shall be on terms and pursuant to documentation
identical as, and treated substantially the same as, the Revolving Credit Loans.

 

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		3.3	Notices; Lender Elections

 

The notice from the Company to the Administrative
Agent delivered pursuant to Section 3.1 shall set forth the requested amount and proposed terms of the Revolving Credit
Commitments Increases, which proposed terms shall not be inconsistent with the requirements of Section 3.2. At the
time of the sending of such notice, the Company (in consultation with the Administrative Agent) shall specify the time period within
which each Lender is requested to respond (which shall in no event be less than ten (10) days from the date of delivery of
such notice to the Lenders). Incremental Revolving Credit Loans (or any portion thereof) may be made by any existing Lender or
by any other bank or financial institution (any such bank or other financial institution, an “Incremental Lender”),
in each case on terms permitted in this Article 3 and otherwise on terms reasonably acceptable to the Administrative
Agent, provided that the Administrative Agent and the Issuing Lender (in the case of the Issuing Lender, solely in the event
the Incremental Lender is not an existing Lender) shall have consented (which consent shall not be unreasonably withheld, conditioned
or delayed) to such Lender’s or Incremental Lender’s, as the case may be, making such Incremental Revolving Credit
Loans if such consent would be required under Section 12.6 for an assignment of Loans to such Lender or Incremental
Lender, as the case may be. No Lender shall be obligated to provide any Revolving Credit Commitment Increase, unless it so agrees.
Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to provide a Revolving Credit
Commitment Increase and, if so, whether by an amount equal to, greater than, or less than its Commitment Percentage of such requested
increase (which shall be calculated on the basis of the amount of the funded and unfunded exposure under all the Loans held by
each Lender). Any Lender not responding within such time period shall be deemed to have declined to provide a Revolving Credit
Commitment Increase. The Administrative Agent shall notify the Company and each Lender of the Lenders’ responses to each
request made hereunder. To achieve the full amount of a requested increase, the Company may also invite additional Eligible Assignees
to become Incremental Lenders pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative
Agent and its counsel.

 

		3.4	Incremental Facility
Amendment

 

Revolving Credit Commitments Increases
shall become Commitments (or in the case of any Revolving Credit Commitment Increase to be provided by an existing Revolving Credit
Lender, an increase in such Revolving Credit Lender’s Revolving Credit Commitment) under this Agreement pursuant to an amendment
(an “Incremental Facility Amendment”) to this Agreement and, as appropriate, the other Credit Documents,
executed by the Company, each Lender agreeing to provide such Commitment, if any, each Incremental Lender, if any, and the Administrative
Agent. An Incremental Facility Amendment may, without the consent of any other Lenders, effect such amendments to any Credit Documents
as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Article 3.

 

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		3.5	Effective Date and Allocations

 

If any Revolving Credit Commitments Increases
are added in accordance with this Article 3, the Administrative Agent and the Company shall determine the effective
date (the “Incremental Commitments Effective Date”) and the final allocation of such Revolving Credit
Commitments Increases. The Administrative Agent shall promptly notify the Company and the Lenders of the final allocation of such
Revolving Credit Commitments Increases and the Incremental Commitments Effective Date.

 

		3.6	Conditions to Effectiveness
of Increase

 

The effectiveness of any Incremental Facility
Amendment shall, unless otherwise agreed to by the Administrative Agent, each Lender party thereto, if any, and the Incremental
Lenders, if any, be subject to the satisfaction on the date thereof (the “Incremental Facility Closing Date”)
of each of the following conditions:

 

		(a)	the Administrative Agent shall have received on or prior to the Incremental Facility Closing Date
each of the following, each dated the Incremental Facility Closing Date unless otherwise indicated or agreed to by the Administrative
Agent and each in form and substance reasonably satisfactory to the Administrative Agent: (i) the applicable Incremental Facility
Amendment; (ii) certified copies of resolutions of the board of directors of each Credit Party approving the execution, delivery
and performance of the Incremental Facility Amendment; and (iii) a favorable opinion of counsel for the Credit Parties dated
the Incremental Facility Closing Date, to the extent reasonably requested by the Administrative Agent, addressed to the Administrative
Agent and the Lenders and in form and substance and from counsel reasonably satisfactory to the Administrative Agent;

 

		(b)	(i) the conditions precedent set forth in Section 7.2 shall have been satisfied
both before and after giving effect to such Incremental Facility Amendment and the additional Extensions of Credit provided thereby
(it being understood that all references to “the obligation of any Lender to make a Loan on the occasion of any Borrowing”
shall be deemed to refer to the effectiveness of the Incremental Facility Amendment on the Incremental Facility Closing Date) and
(ii) all Incremental Revolving Credit Loans provided by the applicable Incremental Facility Amendment shall be made on the
terms and conditions provided for above; and

 

		(c)	there shall have been paid to the Administrative Agent, for the account of the Administrative Agent
and the Lenders (including any Person becoming a Lender as part of such Incremental Facility Amendment on the related Incremental
Facility Closing Date), as applicable, all fees and expenses (including reasonable and documented out-of-pocket fees, charges and
disbursements of one outside counsel and, if necessary, one local counsel in each applicable jurisdiction) invoiced with reasonable
supporting documentation that are due and payable on or before the Incremental Facility Closing Date.

 

		3.7	Effect of Incremental
Facility Amendment

 

On the Incremental Commitments Effective
Date, each Lender or Eligible Assignee which is providing a Revolving Credit Commitment Increase (i) shall become a “Lender”
for all purposes of this Agreement and the other Credit Documents and (ii) shall have a Revolving Credit Commitment Increase
which shall become a “Commitment” hereunder.

 

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		3.8	Revolving Credit Commitment
Increases

 

Upon each Revolving Credit Commitment Increase
pursuant to this Article 3, (i) each Revolving Credit Lender immediately prior to such increase will automatically
and without further act be deemed to have assigned to each existing Lender, if any, and each Incremental Lender, if any, in each
case providing a portion of such Revolving Credit Commitment Increase (each a “Revolving Credit Commitment Increase
Lender”), and each such Revolving Credit Commitment Increase Lender will automatically and without further act be
deemed to have assumed, a portion of such Revolving Credit Lender’s participation interests hereunder in outstanding Letters
of Credit such that, after giving effect to such Revolving Credit Commitment Increase and each such deemed assignment and assumption
of participation interests, the percentage of the aggregate outstanding participation interests hereunder in Letters of Credit
held by each Revolving Credit Lender (including such Revolving Credit Commitment Increase Lender) will equal such Revolving Credit
Lender’s Revolving Credit Commitment Percentage and (ii) if, on the date of such Revolving Credit Commitment Increase,
there are any Revolving Credit Loans outstanding, the Administrative Agent shall take those steps which it deems, in its sole discretion
and in consultation with the Company, necessary and appropriate to result in each Revolving Credit Lender (including each Revolving
Credit Commitment Increase Lender) having a pro-rata share of the outstanding Revolving Credit Loans based on each such Revolving
Credit Lender’s Revolving Credit Commitment Percentage immediately after giving effect to such Revolving Credit Commitment
Increase, provided that any prepayment made in connection with the taking of any such steps shall be accompanied by accrued
interest on the Revolving Credit Loans being prepaid and any costs incurred by any Lender in accordance with Section 5.21.
The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro-rata borrowing and pro-rata payment requirements
contained elsewhere in this Agreement shall not apply to any transaction that may be effected pursuant to the immediately preceding
sentence.

 

		3.9	Conflicting Provisions

 

The provisions of this Article 3
shall supersede any provision of Section 5.18 or 12.1 to the contrary.

 

		4.	[RESERVED]

 

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		5.	General Provisions Applicable to Loans and Letters of Credit

 

		5.1	Procedure for Borrowing
by the Company

 

		(a)	The Company may borrow under the Commitments on the Closing Date and on any Business Day thereafter.
The Company shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior
to (i) 1:00 P.M., New York City time, three (3) Business Days prior to the requested Borrowing Date in the case of a
proposed borrowing of Eurodollar Loans and (ii) 2:00 P.M., New York City time, on the requested Borrowing Date if the borrowing
is to be solely of ABR Loans; provided that any such notice of a borrowing of ABR Loans to finance the reimbursement
of an L/C Disbursement as contemplated by Section 2.6(a) may be given not later than 1:00 P.M., New York City
time, on the date of the proposed borrowing) signed by a Responsible Officer of the Company specifying (A) the amount of the
borrowing, (B) whether such Loans are initially to be Eurodollar Loans or ABR Loans, or a combination thereof, (C) if
the borrowing is to be entirely or partly Eurodollar Loans, the length of the Interest Period for such Eurodollar Loans and (D) the
amount of such borrowing to be constituted by Revolving Credit Loans and/or Incremental Revolving Credit Loans. Upon receipt of
such notice the Administrative Agent shall promptly notify each Lender, which notice shall in any event be delivered to each Lender
by 2:00 P.M., New York City time, on such date. Not later than 3:00 P.M., New York City time, on the Borrowing Date specified in
such notice, each Lender shall make available to the Administrative Agent at the office of the Administrative Agent specified in
Section 12.2 (or at such other location as the Administrative Agent may direct) in Dollars an amount in Same Day Funds
equal to the amount of the Loan to be made by such Lender. Loan proceeds received by the Administrative Agent hereunder shall promptly
be made available to the Company by the Administrative Agent’s crediting the account of the Company designated by the Company,
with the aggregate amount actually received by the Administrative Agent from the Lenders and in like funds as received by the Administrative
Agent; provided that Revolving Credit Loans made to finance the reimbursement of an L/C Disbursement as provided in Section 2.6
shall be remitted by the Administrative Agent to the applicable Issuing Lender.

 

		(b)	Any borrowing of Eurodollar Loans by the Company hereunder shall be in such amounts and be made
pursuant to such elections so that, after giving effect thereto, (i) except as provided in Section 2.1(b), the
aggregate principal amount of all Eurodollar Loans having the same Interest Period shall not be less than $1,000,000 or a whole
multiple of $1,000,000 in excess thereof, and (ii) no more than ten Interest Periods shall be in effect at any one time with
respect to Eurodollar Loans. Each Swingline Loan shall be an ABR Loan.

 

		5.2	Repayment of Loans;
Evidence of Debt

 

		(a)	The Company hereby unconditionally promises to pay to the Administrative Agent for the account
of each Lender the then unpaid principal amount of each Revolving Credit Loan of such Lender on the Revolving Credit Termination
Date (or such earlier date on which the Revolving Credit Loans become due and payable pursuant to Article 10). The
Company hereby further agrees to pay interest on the unpaid principal amount of the Loans from time to time outstanding from the
date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in Section 5.7.

 

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		(b)	At all times during a period when a Cash Dominion Event has occurred and is continuing, (i) on
each Business Day, the Administrative Agent shall apply all funds credited to the Collection Account as of 10:00 A.M., New York
City time, on such Business Day (whether or not immediately available), first, to prepay any Protective Advances,
second, to prepay the Revolving Credit Loans, third, to the payment of any Revolving L/C Obligations
then outstanding, and fourth, to Cash Collateralize outstanding Letters of Credit, without a corresponding reduction
in the Revolving Credit Commitments and (ii) on each Business Day following the last day of the Asset Sale Reserve Period,
the Administrative Agent shall apply all funds credited to the Asset Sale Reserve Account as of 10:00 A.M., New York City time,
on such Business Day (whether or not immediately available), first, to prepay any Protective Advances, second,
to prepay the Revolving Credit Loans, third, to the payment of any Revolving L/C Obligations then outstanding, and
fourth, to Cash Collateralize outstanding Letters of Credit, without a corresponding reduction in the Revolving Credit
Commitments; provided that if the Asset Sale Reserve Period ends as a result of the Cash Dominion Event that commenced such
Asset Sale Reserve Period no longer being continuing, the Administrative Agent shall promptly apply funds credited to the Asset
Sale Reserve Account at the Borrower’s direction for any purpose not prohibited hereunder. Notwithstanding the foregoing,
to the extent any funds credited to the Asset Sale Reserve Account constitute Net Proceeds of a Notes Priority Collateral Prepayment
Event, the application of such proceeds shall be subject to Section 5.6(c).

 

		(c)	Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing
indebtedness of the Company to such Lender resulting from each Loan of such Lender from time to time, including the amounts of
principal and interest payable and paid to such Lender from time to time under this Agreement.

 

		(d)	The Administrative Agent shall maintain the Register pursuant to Section 12.6(d), and
a subaccount therein for each Lender, in which shall be recorded (i) the amount of each Loan made hereunder, the Type thereof
and each Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due
and payable from the Company to each Lender hereunder and (iii) both the amount of any sum received by the Administrative
Agent hereunder from the Company and each Lender’s share thereof.

 

		(e)	The entries made in the Register and the accounts of each Lender maintained pursuant to Section 5.2(c) shall,
to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Company
therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to maintain the Register
or any such account, or any error therein, shall not in any manner affect the obligation of the Company to repay (with applicable
interest) the Loans made to such Company by such Lender in accordance with the terms of this Agreement.

 

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		5.3	Conversion and Continuation
Options

 

		(a)	The Company may elect from time to time to convert Eurodollar Loans into ABR Loans by giving
the Administrative Agent irrevocable notice of such election, to be received by the Administrative Agent prior to 1:00 pm, New
York City time, at least three (3) Business Days prior to the proposed conversion date, provided that any such conversion
of Eurodollar Loans shall only be made on the last day of an Interest Period with respect thereto. The Company may elect from time
to time to convert all or a portion of the ABR Loans then outstanding to Eurodollar Loans by giving the Administrative Agent irrevocable
notice of such election, to be received by the Administrative Agent prior to 1:00 P.M., New York City time, at least three (3) Business
Days prior to the proposed conversion date, specifying the Interest Period selected therefor, and, if no Default or Event of Default
has occurred and is continuing, such conversion shall be made on the requested conversion date or, if such requested conversion
date is not a Business Day, on the next succeeding Business Day. Upon receipt of any notice pursuant to this Section 5.3,
the Administrative Agent shall promptly, but in any event by 2:00 P.M., New York City time, notify each Lender thereof. All or
any part of the outstanding Loans may be converted as provided herein, provided that partial conversions of Loans shall
be in the aggregate principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and the aggregate principal
amount of the resulting Eurodollar Loans outstanding in respect of any one Interest Period shall be at least $1,000,000 or a whole
multiple of $1,000,000 in excess thereof. This Section 5.3 shall not apply to Swingline Loans or Protective Advances,
which may not be converted or continued.

 

		(b)	So long as no Default or Event of Default has occurred and is continuing, the Company may elect
from time to time to continue Eurodollar Loans upon the expiry of the then current Interest Period with respect to such Eurodollar
Loans by giving the Administrative Agent irrevocable notice of such election, signed by a Responsible Officer of the Company, to
be received by the Administrative Agent prior to 1:00 P.M., New York City time, at least three (3) Business Days prior to
the end of such Interest Period, in each case specifying the new Interest Period selected therefor, provided that any such
continuation shall only be made on the last day of an Interest Period with respect thereto. So long as no Default or Event of Default
has occurred and is continuing, such continuation shall become effective on the last day of such Interest Period. So long as no
Default or Event of Default has occurred and is continuing, if the Company fails to timely deliver such notice with respect to
a Eurodollar Loan, such Eurodollar Loans shall be converted to ABR Loans.

 

		5.4	Changes of Commitment
Amounts

 

		(a)	The Company shall have the right, upon not less than three (3) Business Days’ notice
to the Administrative Agent, to terminate or, from time to time, reduce the Revolving Credit Commitments subject to the provisions
of this Section 5.4. To the extent, if any, that the sum of the Revolving Credit Loans and Revolving L/C Obligations
then outstanding and the amounts available to be drawn under outstanding Letters of Credit exceeds the Line Cap (after giving effect
to the Revolving Credit Commitments as then reduced), the Company shall be required to make a prepayment equal to such excess amount,
the proceeds of which shall be applied first, to prepay any Protective Advances, second, to payment
of the Revolving Credit Loans then outstanding, third, to payment of any Revolving L/C Obligations then outstanding,
and fourth, to Cash Collateralize any outstanding Letters of Credit on terms reasonably satisfactory to the Administrative
Agent and the applicable Issuing Lender. Any such termination of the Revolving Credit Commitments shall be accompanied by prepayment
in full of the Revolving Credit Loans and Revolving L/C Obligations then outstanding and by Cash Collateralization of any outstanding
Letter of Credit on terms reasonably satisfactory to the Administrative Agent and the applicable Issuing Lender by way of a deposit
with the Administrative Agent into the Cash Collateral Account an amount of cash collateral equal to 105% of the aggregate undrawn
stated amount of all outstanding Letters of Credit as security for the Finance Obligations to the extent that such Letters of Credit
are not otherwise paid or cash collateralized at such time. Upon termination of the Revolving Credit Commitments, any Letter of
Credit then outstanding which has been so Cash Collateralized shall no longer be considered a “Letter of Credit”,
as defined in Section 1.1 and any L/C Participating Interests heretofore granted by the Issuing Lender to the Lenders
in such Letter of Credit shall be deemed terminated (subject to automatic reinstatement in the event that such cash collateral
is returned and the Issuing Lender is not fully reimbursed for any such Revolving L/C Obligations), but the Letter of Credit fees
payable under Section 5.11 shall continue to accrue to the Issuing Lender (or, in the event of any such automatic reinstatement,
as provided in Section 5.11) with respect to such Letter of Credit until the expiry thereof.

 

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		(b)	Interest accrued on the amount of any partial prepayment pursuant to this Section 5.4
to the date of such partial prepayment shall be paid on the Interest Payment Date next succeeding the date of such partial prepayment.
In the case of the termination of the Revolving Credit Commitments, interest accrued on the amount of any prepayment relating thereto
and any unpaid Commitment Fee accrued hereunder shall be paid on the date of such termination. Any such partial reduction of the
Revolving Credit Commitments shall be in an amount of $1,000,000 or a whole multiple of $500,000 in excess thereof, and shall reduce
permanently the Revolving Credit Commitments then in effect.

 

		5.5	Optional Prepayments

 

The
Company may at any time and from time to time prepay Loans, in whole or in part, upon irrevocable notice to the Administrative
Agent on any Business Day (to be received no later than 12:00 P.M., New York City time, on such Business Day) in the case of ABR
Loans or Swingline Loans and one (1) Business Days’ irrevocable notice to the Administrative Agent (to be received no
later than 3:00 P.M., New York City time, on such Business Day) in the case of Eurodollar Loans and specifying the date and amount
of prepayment; provided that Eurodollar Loans prepaid on any date other than the last day of any Interest Period with respect
thereto shall be prepaid subject to the provisions of Section 5.21. Upon receipt of such notice the Administrative
Agent shall promptly notify each Lender thereof. If such notice is given, the Company shall make such prepayment, and the payment
amount specified in such notice shall be due and payable, on the date specified therein. Accrued interest on the amount of any
Loans paid in full pursuant to this Section 5.5 shall be paid on the date of such prepayment. Accrued interest on the
amount of any partial prepayment shall be paid on the Interest Payment Date next succeeding the date of such partial prepayment.
Partial prepayments shall be in an aggregate principal amount equal to the lesser of (A) $1,000,000 or a whole multiple of
$500,000 in excess thereof and (B) the aggregate unpaid principal amount of the applicable Loans, as the case may be.

 

		5.6	Mandatory Prepayments

 

		(a)	In the event the Aggregate Revolving Credit Extensions of Credit exceeds the Line Cap (including
after giving effect to any reductions in the Revolving Credit Commitments pursuant to Section 5.4(a)), the Company
shall within one (1) Business Day of notice thereof from the Administrative Agent prepay Revolving Credit Loans (including
the Swingline Loans) and Cash Collateralize the Revolving L/C Obligations in an aggregate amount equal to such excess.

 

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		(b)	Upon the Revolving Credit Termination Date, the Company shall, with respect to each then outstanding
Letter of Credit, if any, either (i) cause such Letter of Credit to be cancelled without such Letter of Credit being drawn
upon or (ii) Cash Collateralize the Revolving L/C Obligations with respect to such Letter of Credit with a letter of credit
issued by banks or a bank satisfactory to the Administrative Agent and each applicable Issuing Lender on terms satisfactory to
the Administrative Agent and each applicable Issuing Lender.

 

		(c)	If any Credit Party receives any Net Proceeds in respect of any Notes Priority Collateral Prepayment
Event, then (i) so long as no Cash Dominion Event has occurred or is in effect, the Company shall, on the next Business Day
after the Net Proceeds thereof are utilized for repayments of the Secured 2026 Notes (or, if the Payment Conditions are then satisfied,
any Indebtedness permitted hereunder to be secured by a Pari Passu Second Lien) or reinvested in Collateral, in each case, in accordance
with the terms of the Secured 2026 Notes Indenture (or the indenture or documents governing any Indebtedness permitted hereunder
to be secured by a Pari Passu Second Lien), prepay the Obligations in an aggregate amount equal to the lesser of (A) 100%
of such Net Proceeds minus amounts so utilized for repayments of the Secured 2026 Notes (or, if the Payment Conditions are
then satisfied, any Indebtedness permitted hereunder to be secured by a Pari Passu Second Lien) or reinvested in Collateral, in
each case, in accordance with the terms of the Secured 2026 Notes Indenture (or the indenture or documents governing any Indebtedness
permitted hereunder to be secured by a Pari Passu Second Lien) and (B) the aggregate outstanding principal amount of the Loans
or (ii) if a Cash Dominion Event has occurred and is continuing, the Company shall, within one (1) Business Day following
the consummation of the Notes Priority Collateral Prepayment Event, utilize such Net Proceeds to repay all or any portion of the
Loans or deposit any remaining Net Proceeds (after giving effect to any repayment of the Loans) into the Asset Sale Reserve Account
(for purposes of this clause (ii), the period commencing on the date of consummation of the applicable Notes Priority Collateral
Prepayment Event and ending on the earlier of (A) the date that such Cash Dominion Event is no longer continuing and (B) the
date that is 365 days thereafter (provided that if the Parent or any of its Restricted Subsidiaries enters into a written
agreement committing it to reinvest such Net Proceeds after such 365-day period as permitted by the Secured 2026 Notes Indenture,
then such 365-day period shall be extended for an additional period not to exceed 180 days), the “Asset Sale Reserve
Period”).

 

		(d)	Within five (5) Business Days of the date of incurrence by any Credit Party or any Restricted
Subsidiary of any Indebtedness (other than Indebtedness permitted by Section 9.2), the Company shall prepay Revolving
Credit Loans and Cash Collateralize the Revolving L/C Obligations in an aggregate amount equal to 100% of the net proceeds received
by such Person in connection with such incurrence. The provisions of this Section 5.6(d) shall not be deemed to
be implied consent to any such incurrence otherwise prohibited by the terms and conditions of this Agreement.

 

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		(e)	If, at the end of any Excess Cash Test Date there are Revolving Credit Loans and/or Revolving L/C
Obligations outstanding and the Credit Parties and their Restricted Subsidiaries have Excess Cash exceeding $25,000,000, the Company
shall prepay Revolving Credit Loans and Cash Collateralize the Revolving L/C Obligations in an aggregate amount equal to the lesser
of (i) the amount of such Excess Cash minus $25,000,000 minus the amount of any wires initiated or ACH transfers
issued by any Credit Party in the ordinary course of business after the end of such Excess Cash Test Date and prior to 12:00 P.M.,
New York City time, on the date that such prepayment is required to be made and (ii) the aggregate principal amount of Revolving
Credit Loans and Revolving L/C Obligations then outstanding by 12:00 P.M., New York City time on the next Business Day; provided
that prepayments under this Section 5.6(e) shall not require the Company to pay any breakage under Section 5.21.

 

All
prepayments made under this Section 5.6 shall be made first, to prepay any Protective Advances,
second, to prepay the Revolving Credit Loans (including the Swingline Loans), third, to the payment
of any Revolving L/C Obligations then outstanding, and fourth, to Cash Collateralize outstanding Letters of Credit,
without a corresponding permanent reduction in the Revolving Credit Commitments.

 

		5.7	Interest Rates and Payment
Dates

 

		(a)	Each Protective Advance shall bear interest for the period from and including the date thereof
until repayment thereof on the unpaid principal amount thereof at a rate per annum equal to the ABR plus the Applicable
Margin.

 

		(b)	Each Eurodollar Loan shall bear interest for each day during each Interest Period with respect
thereto on the unpaid principal amount thereof at a rate per annum equal to the Eurodollar Rate determined for such Interest
Period plus the Applicable Margin.

 

		(c)	Each ABR Loan (including Swingline Loans) shall bear interest for the period from and including
the date thereof until maturity thereof on the unpaid principal amount thereof at a rate per annum equal to the ABR plus
the Applicable Margin.

 

		(d)	While (i) an Event of Default under Sections 10.1(a), (c)(ii) or (f) exists,
automatically and (ii) any other Event of Default exists and the Majority Lenders (or the Administrative Agent at the direction
of the Majority Lenders) shall have so elected (and in either case without limiting the rights of the Lenders or the Administrative
Agent under Article 10), the Company shall pay interest on the principal amount of all outstanding Obligations at a
fluctuating interest rate per annum equal to (A) in the case of principal, 2.00% above the rate that would otherwise
be applicable thereto pursuant to the foregoing provisions of this Section or (B) in the case of overdue interest and
fees, 2.00% above the rate described in clause (c) of this Section for Revolving Credit Loans which are ABR Loans,
in each case from the date of such nonpayment or Event of Default, as applicable, until such amount is paid in full (as well after
as before judgment).

 

		(e)	Interest shall be payable in arrears on each Interest Payment Date; provided that interest
accruing pursuant to clause (d) of this Section shall be payable on demand by the Administrative Agent made at
the request of the Majority Lenders.

 

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		5.8	Computation of Interest
and Fees

 

		(a)	Interest in respect of ABR Loans at any time the ABR is calculated based on the Prime Rate shall
be calculated on the basis of a 365 or 366, as the case may be, day year for the actual days elapsed. Interest in respect of Eurodollar
Loans and ABR Loans at any time the ABR is not calculated based on the Prime Rate and all fees hereunder shall be calculated on
the basis of a three hundred and sixty (360) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable
notify the Company and the Lenders of each determination of the Eurodollar Rate. Any change in the interest rate on a Loan resulting
from a change in the ABR shall become effective as of the opening of business on the day on which such change in the ABR becomes
effective. The Administrative Agent shall as soon as practicable notify the Company and the Lenders of the effective date and the
amount of each such change.

 

		(b)	Each determination of an interest rate by the Administrative Agent pursuant to any provision of
this Agreement shall be conclusive and binding on the Company and the Lenders in the absence of manifest error. The Administrative
Agent shall, at the request of the Company, deliver to the Company a statement showing the quotations used by the Administrative
Agent in determining the Eurodollar Rate.

 

		5.9	Commitment Fees

 

		(a)	The Company agrees to pay to the Administrative Agent, for the account of each Lender, a commitment
fee (a “Commitment Fee”), in Dollars, on the average daily amount of such Lender’s Available Revolving
Credit Commitment outstanding from time to time from the Closing Date to but excluding the Revolving Credit Termination Date, at
a rate per annum equal to (i) 0.50% per annum, if the Applicable Level is Applicable Level II or Applicable Level III and
(ii) 0.375% per annum, if the Applicable Level is Applicable Level I.

 

		(b)	The Commitment Fee provided for in this
Section 5.9 shall (i) accrue from the Closing Date and (ii) be payable quarterly in arrears on the first
Business Day after the last day of each fiscal quarter of the Company commencing with the first such day to occur after the Closing
Date and on the Revolving Credit Termination Date.

 

		5.10	Certain Fees

 

The Company agrees to pay to the Administrative
Agent for its own account a non-refundable agent’s fee, and to JPMCB all other fees, in each case, in the amount and payable
on such dates as provided in the Fee Letter (as the same may be amended, supplemented, and restated or otherwise modified from
time to time).

 

		5.11	Letter of Credit Fees

 

		(a)	The Company agrees to pay the Administrative
Agent a Letter of Credit fee in Dollars, for the account of the Issuing Lender and the Participating Lenders, on the daily outstanding
amount available to be drawn under each Letter of Credit at a rate per annum equal to the Applicable Margin for Revolving
Credit Loans which are Eurodollar Loans in effect on such day, whether or not there are any such Eurodollar Loans outstanding at
such time, payable in arrears, on the first Business Day after the last day of each fiscal quarter of the Company and on the Revolving
Credit Termination Date.

 

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		(b)	In addition, notwithstanding the specification of any inconsistent fronting or other similar fee
contained in any L/C Application, the Company shall pay to the Issuing Lender (solely for its own account as Issuing Lender of
such Letter of Credit and not on account of its L/C Participating Interest therein) with respect to each Letter of Credit,
during the period from and including the Closing Date to the Revolving Credit Termination Date and on the Revolving Credit Termination
Date, (i) a fronting fee equal to 0.125% per annum times the daily maximum amount available to be drawn under such Letter
of Credit; and (ii) the Issuing Lender’s standard documentary, processing, administrative, issuance, amendment and negotiation
fees and out of pocket expenses only, in connection with Letters of Credit. Any such fees shall be payable on the first Business
Day after the last day of each fiscal quarter of the Company and on the Revolving Credit Termination Date. Any such fees accruing
after the Revolving Credit Termination Date shall be payable on demand. Any other fees, costs and expenses payable to the Issuing
Lender pursuant to this paragraph shall be payable within ten (10) days after demand by the Issuing Lender.

 

		5.12	Letter of Credit Reserves

 

		(a)	If any Change in Law after the date of this Agreement shall either (i) impose, modify, deem
or make applicable any reserve, special deposit, assessment or similar requirement against letters of credit issued by the Issuing
Lender or (ii) impose on the Issuing Lender any other condition regarding this Agreement or any Letter of Credit, and the
result of any event referred to in clause (i) or (ii) above shall be to increase the cost to the Issuing
Lender of issuing or maintaining any Letter of Credit (which increase in cost shall be the result of the Issuing Lender’s
reasonable allocation of the aggregate of such cost increases resulting from such events), then, upon demand by the Issuing Lender,
the Company shall immediately pay to the Issuing Lender, from time to time as specified by the Issuing Lender, additional amounts
which shall be sufficient to compensate the Issuing Lender for such increased cost, together with interest on each such amount
from the date demanded until payment in full thereof at a rate per annum equal to the ABR plus the Applicable Margin
for ABR Loans. A certificate submitted by the Issuing Lender to the Company concurrently with any such demand by the Issuing Lender,
shall be conclusive, absent manifest error, as to the amount thereof.

 

		(b)	In the event that at any time after the date hereof any Change in Law with respect to the Issuing
Lender shall, in the opinion of the Issuing Lender, require that any obligation under any Letter of Credit be treated as an asset
or otherwise be included for purposes of calculating the appropriate amount of capital or liquidity to be maintained by the Issuing
Lender or any corporation controlling the Issuing Lender, and such Change in Law shall have the effect of reducing the rate of
return on the Issuing Lender’s or such corporation’s capital, as the case may be, as a consequence of the Issuing Lender’s
obligations under such Letter of Credit to a level below that which the Issuing Lender or such corporation, as the case may be,
could have achieved but for such Change in Law (taking into account the Issuing Lender’s or such corporation’s policies,
as the case may be, with respect to capital adequacy) by an amount deemed by the Issuing Lender to be material, then from time
to time following notice by the Issuing Lender to the Company of such Change in Law, within fifteen (15) days after demand by the
Issuing Lender, the Company shall pay to the Issuing Lender such additional amount or amounts as will compensate the Issuing Lender
or such corporation, as the case may be, for such reduction. If the Issuing Lender becomes entitled to claim any additional amounts
pursuant to this Section 5.12(b), it shall promptly notify the Company of the event by reason of which it has become
so entitled. A certificate submitted by the Issuing Lender to the Company concurrently with any such demand by the Issuing Lender,
shall be conclusive, absent manifest error, as to the amount thereof.

 

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		(c)	The Company agrees that the provisions of the foregoing clauses (a) and (b) and
the provisions of each L/C Application providing for reimbursement or payment to the Issuing Lender in the event of the imposition
or implementation of, or increase in, any reserve, special deposit, capital adequacy or similar requirement in respect of the Letter
of Credit relating thereto shall apply equally to each Participating Lender in respect of its L/C Participating Interest in such
Letter of Credit, as if the references in such paragraphs and provisions referred to, where applicable, such Participating Lender
or any corporation controlling such Participating Lender.

 

		5.13	Further Assurances

 

The Company hereby agrees, from time to
time, to do and perform any and all acts and to execute any and all further instruments reasonably requested by the Issuing Lender
to effect more fully the purposes of this Agreement and the issuance of Letters of Credit hereunder. The Company further agrees
to execute any and all instruments reasonably requested by the Issuing Lender in connection with the obtaining and/or maintaining
of any insurance coverage applicable to any Letters of Credit.

 

		5.14	Obligations Absolute

 

The payment obligations of the Company
under this Agreement with respect to the Letters of Credit shall be unconditional and irrevocable and shall be paid strictly in
accordance with the terms of this Agreement under all circumstances, including, without limitation, the following circumstances:

 

		(a)	the existence of any claim, set-off, defense or other right which the Company or any of its Subsidiaries
may have at any time against any beneficiary, or any transferee, of any Letter of Credit (or any Persons for whom any such beneficiary
or any such transferee may be acting), the Issuing Lender, any Agent or any Lender, or any other Person, whether in connection
with this Agreement, the Related Documents, any Credit Documents, the transactions contemplated herein, or any unrelated transaction;

 

		(b)	any statement or any other document presented under any Letter of Credit proving to be forged,
fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;

 

		(c)	payment by the Issuing Lender under any Letter of Credit against presentation of a draft or certificate
which does not comply with the terms of such Letter of Credit, except where such payment constitutes gross negligence or willful
misconduct on the part of the Issuing Lender; or

 

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		(d)	any other circumstances or happening whatsoever, whether or not similar to any of the foregoing,
except for any such circumstances or happening constituting gross negligence or willful misconduct on the part of the Issuing Lender.

 

		5.15	Assignments

 

No Participating Lender’s participation
in any Letter of Credit or any of its rights or duties hereunder shall be subdivided, assigned or transferred (other than in connection
with a transfer of part or all of such Participating Lender’s Revolving Credit Commitment in accordance with Section 12.6)
without the prior written consent of the Issuing Lender, which consent will not be unreasonably withheld. Such consent may be given
or withheld without the consent or agreement of any other Participating Lender. Notwithstanding the foregoing, a Participating
Lender may subparticipate its L/C Participating Interest without obtaining the prior written consent of the Issuing Lender.

 

		5.16	Participations

 

Each Revolving Credit Lender’s obligation
to purchase participating interests pursuant to Sections 2.4 and 2.8 shall be absolute and unconditional and shall
not be affected by any circumstance, including, without limitation, (i) any set-off, counterclaim, recoupment, defense or
other right which such Revolving Credit Lender may have against the Issuing Lender, the Company, or any other Person for any reason
whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default; (iii) any adverse change in the condition
(financial or otherwise) of the Company; (iv) any breach of this Agreement by the Company or any other Lender; or (v) any
other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

 

		5.17	Inability to Determine
Interest Rate for Eurodollar Loans and Alternate Interest Rate

 

		(a)	Subject to clauses (b), (c), (d), (e), (f) and (g) of
this Section 5.17, if prior to the commencement of any Interest Period for
Eurodollar Loans:

 

		(i)	the Administrative Agent determines (which determination shall be conclusive absent manifest error)
that adequate and reasonable means do not exist for ascertaining LIBOR (including because the LIBO Screen Rate is not available
or published on a current basis), for such Interest Period; provided that no Benchmark Transition Event shall have occurred
at such time; or

 

		(ii)	the Administrative Agent is advised by the Majority Lenders that LIBOR for such Interest Period
will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans included in such
borrowing for such Interest Period;

 

then the Administrative Agent
shall give notice thereof to the Company and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter
and, until the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer
exist, (A) any request by the Company for the conversion of any Revolving Credit Loan to, or continuation of any Revolving
Credit Loan as, a Eurodollar Loan shall be ineffective, and (B) if there is any request by the Company for a Eurodollar Loan,
such borrowing shall be made as an ABR Loan; provided that, if the circumstances giving rise to such notice affect
only one Type of Loan, then the other Types of Loan shall be permitted.

 

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		(b)	Notwithstanding anything to the contrary herein or in any other Credit Document, if a Benchmark
Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to
the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined
in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such
Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit
Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or
consent of any other party to, this Agreement or any other Credit Document and (y) if a Benchmark Replacement is determined
in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement
Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect
of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice
of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party
to, this Agreement or any other Credit Document so long as the Administrative Agent has not received, by such time, written notice
of objection to such Benchmark Replacement from Lenders comprising the Majority Lenders.

 

		(c)	Notwithstanding anything to the contrary herein or in any other Credit Document and subject to
the proviso below in this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior
to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace
the then-current Benchmark for all purposes hereunder or under any Credit Document in respect of such Benchmark setting and subsequent
Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit
Document; provided that, this clause (c) shall not be effective unless the Administrative Agent has delivered
to the Lenders and the Company a Term SOFR Notice.

 

		(d)	In connection with the implementation of a Benchmark Replacement, the Administrative Agent will
have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary
herein or in any other Credit Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective
without any further action or consent of any other party to this Agreement or any other Credit Document.

 

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		(e)	The Administrative Agent will promptly
notify the Company and the Lenders of (i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or
an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark
Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement
of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark
Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable,
any Lender pursuant to this Section 5.17, including any determination
with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made
in its or their sole discretion and without consent from any other party to this Agreement or any other Credit Document, except,
in each case, as expressly required pursuant to this Section 5.17.

 

		(f)	Notwithstanding anything to the contrary herein or in any other Credit Document, at any time (including
in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including
Term SOFR or Eurodollar Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information
service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the
regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing
that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition
of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative
tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed
on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject
to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the
Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time
to reinstate such previously removed tenor.

 

		(g)	Upon the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period,
the Company may revoke any request for Eurodollar Loans of, conversion to or continuation of Eurodollar Loans to be made, converted
or continued during any Benchmark Unavailability Period and, failing that, the Company will be deemed to have converted any such
request into a request for a Borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period or at any time
that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark
or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR.

 

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		5.18	Pro Rata Treatment and
Payments

 

		(a)	Each borrowing of any Loans by the Company from the Lenders, each payment by the Company on account
of any fee hereunder (other than as set forth in Sections 5.10 and 5.11) and any reduction of the Revolving Credit
Commitments or Revolving Credit Commitments Increases of the Lenders hereunder shall be made pro-rata according to the Commitment
Percentages of the Lenders. Each payment (including each prepayment) by the Company on account of principal of and interest on
the Loans (other than payments made directly to the Swingline Lender as expressly provided herein or as set forth in Sections
5.6, 5.19, 5.20 and 5.21) shall be made pro-rata according to the Commitment Percentages of the Lenders.
All payments (including prepayments) to be made by the Company on account of principal, interest and fees shall be made without
set-off or counterclaim and shall be made to the Administrative Agent, for the account of the Lenders, at the Administrative Agent’s
office located at 10 South Dearborn Street, Floor L2, Chicago, Illinois in Same Day Funds. The Administrative Agent shall
promptly distribute such payments ratably to each Lender in like funds as received to the extent required by this Agreement. If
any payment hereunder (other than payments on Eurodollar Loans) becomes due and payable on a day other than a Business Day, such
payment shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall
be payable at the then applicable rate during such extension. If any payment on a Eurodollar Loan becomes due and payable on a
day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, with respect to
payments of principal, interest thereon shall be payable at the then applicable rate during such extension unless the result of
such extension would be to extend such payment into another calendar month in which event such payment shall be made on the immediately
preceding Business Day. All payments hereunder shall be made in Dollars.

 

		(b)	Unless the Administrative Agent shall have been notified in writing by any Lender prior to a Borrowing
Date (or with respect to an ABR Loan, on the Borrowing Date) that such Lender will not make the amount which would constitute its
Commitment Percentage of the borrowing on such date available to the Administrative Agent, the Administrative Agent may assume
that such Lender has made such amount available to the Administrative Agent on such Borrowing Date in accordance with Section 5.1,
and the Administrative Agent may, in reliance upon such assumption, make available to the Company a corresponding amount. If such
amount is made available to the Administrative Agent by such Lender on a date after such Borrowing Date, such Lender shall pay
to the Administrative Agent on demand an amount equal to the product of (i) the daily average NYFRB Rate during such period
as quoted by the Administrative Agent, times (ii) the amount of such Lender’s Commitment Percentage of such borrowing,
times (iii) a fraction the numerator of which is the number of days that elapse from and including such Borrowing Date to
the date on which such Lender’s Commitment Percentage of such borrowing shall have become immediately available to the Administrative
Agent and the denominator of which is 360. A certificate of the Administrative Agent submitted to any Lender with respect to any
amounts owing under this Section 5.18(b) shall be conclusive, absent manifest error. If such Lender’s Commitment
Percentage of such borrowing is not in fact made available to the Administrative Agent by such Lender within three (3) Business
Days of such Borrowing Date, the Administrative Agent shall be entitled to recover such amount with interest thereon at the rate
per annum applicable to ABR Loans hereunder on demand, from the Company without prejudice to any rights which the Company
or the Administrative Agent may have against such Lender hereunder. Nothing contained in this Section 5.18(b) shall
relieve any Lender which has failed to make available its ratable portion of any borrowing hereunder from its obligation to do
so in accordance with the terms hereof.

 

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		(c)	The failure of any Lender to make the Loan to be made by it on any Borrowing Date shall not relieve
any other Lender of its obligation, if any, hereunder to make its Loan on such Borrowing Date, but no Lender shall be responsible
for the failure of any other Lender to make the Loan to be made by such other Lender on such Borrowing Date.

 

		(d)	All payments and prepayments (other than mandatory prepayments as set forth in Section 5.6
and other than prepayments as set forth in Section 5.20 with respect to increased costs) of Eurodollar Loans hereunder
shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, the aggregate principal amount
of all Eurodollar Loans with the same Interest Period shall not be less than $1,000,000 or a whole multiple of $500,000 in excess
thereof.

 

		(e)	Any proceeds of Collateral received by any Collateral Agent (i) not constituting either (A) a
specific payment of principal, interest, fees or other sum payable under the Credit Documents (which shall be applied as specified
by the Company), (B) a mandatory prepayment (which shall be applied in accordance with Section 5.6) or (C) amounts
to be applied from the Collection Account or the Asset Sale Reserve Account when a Cash Dominion Event has occurred and is continuing
(which shall be applied in accordance with Section 5.2(b)) and (ii) after an Event of Default has occurred and
is continuing, whenever the Administrative Agent so elects or the Majority Lenders so direct, shall be applied ratably first,
to pay any fees, indemnities, or expense reimbursements including amounts then due to the Administrative Agent, the Collateral
Agent and the Issuing Lender from the Company (other than in connection with Cash Management Obligations or Swap Obligations),
second, to pay any fees, indemnities or expense reimbursements then due to the Lenders from the Company (other than
in connection with Cash Management Obligations or Swap Obligations), third, to pay interest due in respect of the
Protective Advances, fourth, to pay the principal of the Protective Advances, fifth, to pay interest
then due and payable on the Loans (other than Protective Advances) ratably, sixth, to prepay principal on the Loans
(other than Protective Advances), unreimbursed L/C Disbursements and, to the extent that Reserves have been established with respect
to such amounts, amounts owing with respect to Designated Cash Management Obligations and Designated Swap Obligations, ratably,
seventh, to pay an amount to the Administrative Agent equal to one hundred five percent (105%) of the amounts available
to be drawn under outstanding Letters of Credit, to be held as cash collateral for Obligations in respect of Letters of Credit,
eighth, to payment of any amounts owing with respect to all other Cash Management Obligations or Swap Obligations
that constitute Finance Obligations up to and including the amount then due to the relevant parties, and ninth, to
the payment of any other Finance Obligation due to the Administrative Agent, the Collateral Agent or any Lender by the Company.
Any application of funds pursuant to this Section 5.18 to Revolving Credit Loans shall be applied first,
to ABR Loans, and second, to Eurodollar Loans. Notwithstanding the foregoing, amounts received from any Credit Party
shall not be applied to any Excluded Swap Obligation (as such term is defined in the Guaranty) of such Credit Party. Notwithstanding
anything to the contrary contained in this Agreement, unless so directed by the Company, or unless a Default is in existence, neither
the Administrative Agent nor any Lender shall apply any payment which it receives to any Eurodollar Loan, except (a) on the
expiry date of the Interest Period applicable thereto or (b) in the event, and only to the extent, that there are no outstanding
ABR Loans and, in any such event, the Company shall pay the break funding payment required in accordance with Section 5.21.

 

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		(f)	If, except as otherwise expressly provided herein, any Lender shall, by exercising any right of
setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations
in L/C Disbursements resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and
participations in L/C Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other
similarly situated Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations
in the Loans and participations in L/C Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit
of all such payments shall be shared by all such Lenders ratably in accordance with the aggregate amount of principal of and accrued
interest on their respective Loans and participations in L/C Disbursements and Swingline Loans; provided that (i) if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions
of this paragraph shall not be construed to apply to any payment made by the Company pursuant to and in accordance with the express
terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in
any of its Loans or participations in L/C Disbursements or Swingline Loans to any assignee or participant, other than to the Company
or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Company consents to the
foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant
to the foregoing arrangements may exercise against the Company rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of the Company in the amount of such participation.

 

		5.19	Illegality

 

Notwithstanding any other provisions herein,
if any Requirement of Law or any change therein or in the interpretation or application thereof occurring after the Closing Date
shall make it unlawful for such Lender to make or maintain Eurodollar Loans as contemplated by this Agreement, the commitment of
such Lender hereunder to make Eurodollar Loans or to convert all or a portion of ABR Loans into Eurodollar Loans shall forthwith
be cancelled and such Lender’s Loans then outstanding as Eurodollar Loans, if any, shall, if required by law and if such
Lender so requests, be converted automatically to ABR Loans on the date specified by such Lender in such request. To the extent
that such affected Eurodollar Loans are converted into ABR Loans, all payments of principal which would otherwise be applied to
such Eurodollar Loans shall be applied instead to such Lender’s ABR Loans. The Company hereby agrees promptly to pay any
Lender, upon its demand, any additional amounts necessary to compensate such Lender for any costs incurred by such Lender in making
any conversion in accordance with this Section 5.19 including, but not limited to, any interest or fees payable by
such Lender to lenders of funds obtained by it in order to make or maintain its Eurodollar Loans hereunder (such Lender’s
notice of such costs, as certified to the Company through the Administrative Agent, to be conclusive absent manifest error).

 

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		5.20	Requirements of Law

 

		(a)	In the event that, at any time after the date hereof, any Change in Law or compliance by any Lender
with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority:

 

		(i)	does or shall subject any Agent or Lender (or its Lending Office) to any fee of any kind whatsoever
with respect to this Agreement, any Note or any Eurodollar Loans made by it, or change the basis of imposition of any such fee;

 

		(ii)	does or shall impose, modify or hold applicable any reserve, special deposit, compulsory loan,
insurance charge, liquidity or similar requirement against assets held by, or deposits or other liabilities in or for the account
of, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Lender which are
not otherwise included in the determination of the Eurodollar Rate;

 

		(iii)	subject any Lender to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described
in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan
principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto; or

 

		(iv)	does or shall impose on such Lender any other condition, cost or expense (other than Taxes);

 

and the result of any of the
foregoing is to increase the cost to such Lender of making, continuing, converting, renewing or maintaining advances or extensions
of credit or to reduce any amount receivable hereunder, in each case, in respect of its Eurodollar Loans, then, in any such case,
the Company, shall promptly pay such Lender, on demand, any additional amounts necessary to compensate such Lender for such additional
cost or reduced amount receivable as determined by such Lender with respect to such Eurodollar Loans together with interest on
each such amount from the date demanded until payment in full thereof at a rate per annum equal to the ABR plus the
Applicable Margin for Revolving Credit Loans which are ABR Loans.

 

		(b)	In the event that at any time after the date hereof any Change in Law with respect to any Lender
shall, in the opinion of such Lender, require that any Commitment of such Lender be treated as an asset or otherwise be included
for purposes of calculating the appropriate amount of capital or liquidity to be maintained by such Lender or any corporation controlling
such Lender, and such Change in Law shall have the effect of reducing the rate of return on such Lender’s or such corporation’s
capital or liquidity, as the case may be, as a consequence of such Lender’s obligations hereunder to a level below that which
such Lender or such corporation, as the case may be, could have achieved but for such Change in Law (taking into account such Lender’s
or such corporation’s policies, as the case may be, with respect to capital adequacy and liquidity), then from time to time
following notice by such Lender to the Company of such Change in Law as provided in clause (c) of this Section 5.20,
within fifteen (15) days after demand by such Lender, the Company shall pay to such Lender such additional amount or amounts as
will compensate such Lender or such corporation, as the case may be, for such reduction. Notwithstanding the foregoing, no Lender
shall be entitled to seek compensation under this Section 5.20(b) based on the occurrence of a Change in Law unless
such Lender is generally seeking compensation from other borrowers in the United States loan market with respect to its similarly
affected commitments, loans and/or participations under agreements with such borrowers having provisions similar to this Section 5.20(b).

 

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		(c)	If any Lender becomes entitled to claim any additional amounts pursuant to this Section 5.20,
it shall promptly notify the Company through the Administrative Agent, of the event by reason of which it has become so entitled.
The Company shall not be required to make any payments to any Lender for any additional amounts pursuant to this Section 5.20
unless such Lender has given written notice to the Company, through the Administrative Agent, of its intent to request such payments
prior to or within one hundred and eighty (180) days after the date on which such Lender became entitled to claim such amounts.
If any Lender has notified the Company through the Administrative Agent of any increased costs pursuant to clause (a) of
this Section 5.20, the Company at any time thereafter may, upon at least two (2) Business Days’ notice to
the Administrative Agent (which shall promptly notify the Lenders thereof), and subject to Section 5.21, prepay or
convert into ABR Loans all (but not a part) of the Eurodollar Loans then outstanding. Each Lender agrees that, upon the occurrence
of any event giving rise to the operation of clause (a) of this Section 5.20 with respect to such Lender,
it will, if requested by the Company, and to the extent permitted by law or by the relevant Governmental Authority, endeavor in
good faith to avoid or minimize the increase in costs or reduction in payments resulting from such event (including, without limitation,
endeavoring to change its Lending Office); provided, however, that such avoidance or minimization can be made in
such a manner that such Lender, in its sole determination, suffers no economic, legal or regulatory disadvantage. If any Lender
has notified the Company, through the Administrative Agent, of any increased costs pursuant to clause (b) of this Section 5.20,
the Company at any time thereafter may, upon at least three (3) Business Days’ notice to the Administrative Agent (which
shall promptly notify the Lender thereof), and subject to Section 5.21, reduce or terminate the Revolving Credit Commitments
in accordance with Section 5.4.

 

		(d)	A certificate submitted by such Lender, through the Administrative Agent, to the Company shall
be conclusive in the absence of manifest error. The covenants contained in this Section 5.20 shall survive the termination
of this Agreement and repayment of the outstanding Loans.

 

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		5.21	Break Funding Payments

 

In
the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable
thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 5.5), (b) the
conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to
borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless
of whether such notice may be revoked and is revoked in accordance therewith), or (d) the assignment of any Eurodollar Loan
other than on the last day of the Interest Period applicable thereto as a result of a request by the Company pursuant to Section 5.22,
then, in any such event, the Company shall compensate each Lender for the loss, cost and expense (excluding loss of anticipated
profit) attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed
to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued
on the principal amount of such Eurodollar Loan had such event not occurred, at the Eurodollar Rate that would have been applicable
to such Eurodollar Loan (and excluding any Applicable Margin), for the period from the date of such event to the last day of the
then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have
been the Interest Period for such Eurodollar Loan), over (ii) the amount of interest which would accrue on such principal
amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for
dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting
forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Company
and shall be conclusive absent manifest error. The Company shall pay such Lender the amount shown as due on any such certificate
within ten (10) days (or such later date as may be agreed by the applicable Lender) after receipt thereof.

 

		5.22	Replacement of Lenders

 

In
the event any Lender (i) is a Defaulting Lender, (ii) exercises its rights pursuant to Section 5.19 or (iii) requests
payments pursuant to Sections 5.20 or 5.23, the Company may require, at the Company’s expense
upon notice to such Lender and the Administrative Agent, and subject to Section 5.21, such Lender or the Issuing Lender
to assign, at par plus accrued interest and fees, without recourse (in accordance with Section 12.6) all of
its interests, rights and obligations hereunder (including all of its Revolving Credit Commitments and the Loans and other amounts
at the time owing to it hereunder and its interest in the Letters of Credit) to a bank, financial institution or other entity specified
by the Company; provided that (i) such assignment shall not conflict with or violate any law, rule or regulation
or order of any court or other Governmental Authority, (ii) the Company shall have received the written consent of the Administrative
Agent (and, in the case of an assignment of a Revolving Credit Commitment, of the Issuing Lender or the Swingline Lender), which
consent shall not unreasonably be withheld, to such assignment, (iii) such Lender shall have received payment of an amount
equal to the outstanding principal of its Loans (including Swingline Loans) and participations in L/C Disbursements, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Company (in the case of all other amounts) and (iv) in the case of a required assignment
by the Issuing Lender, the Letters of Credit shall be cancelled and returned to the Issuing Lender. A Lender shall not be required
to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Company to require such assignment and delegation cease to apply.

 

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		5.23	Taxes

 

		(a)	Defined Terms. For purposes of this Section 5.23, the term “applicable
Law” includes FATCA, the term “Lender” includes any Issuing Lender, and the term “Withholding
Agent” means the Company and the Administrative Agent.

 

		(b)	Payments Free of Taxes. Any and all payments by or on account of any obligation of the Company
under any Credit Document shall be made without deduction or withholding for any Taxes, except as required by applicable Law. If
any applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding
of any Tax from any such payment, then the applicable Withholding Agent shall be entitled to make such deduction or withholding
and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable
Law and, if such Tax is an Indemnified Tax, then the sum payable by the Company shall be increased as necessary so that after such
deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under
this Section) the Administrative Agent, any Lender or the Issuing Lender, as the case may be, receives an amount equal to the sum
it would have received had no such deduction or withholding been made.

 

		(c)	Payment of Other Taxes by the Company. The Company shall timely pay to the relevant Governmental
Authority in accordance with applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of,
any Other Taxes.

 

		(d)	Indemnification by the Company. The Company shall indemnify the Administrative Agent, or
any Lender, within twenty (20) days after demand therefor, for the full amount of any Indemnified Taxes arising from any and all
payments by or on account of any obligation of the Company under any Credit Document (including Indemnified Taxes imposed or asserted
on or attributable to amounts payable under this Section) that are payable or paid by the Administrative Agent or any Lender or
are required to be withheld or deducted from a payment to such Person and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to the Company by a Lender (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

		(e)	Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative
Agent, within twenty (20) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only
to the extent that the Company has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting
the obligation of the Company to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions
of Section 12.6(d) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable
to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Credit Document, and
any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any
Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under any Credit Document or otherwise payable
by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this clause (e).

 

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		(f)	Evidence of Payments. As soon as practicable after any payment of Taxes pursuant to this
Section 5.23 by the Company to a Governmental Authority, the Company shall deliver to the Administrative Agent the
original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting
such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

		(g)	Status of Lenders.

 

		(i)	Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under any Credit Document shall deliver to the Company and the Administrative Agent, at the time or times reasonably
requested by the Company or the Administrative Agent, such properly completed and executed documentation reasonably requested by
the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.
In addition, any Lender, if reasonably requested by the Company or the Administrative Agent, shall deliver such other documentation
prescribed by applicable Law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the
Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 5.23(g)(ii)(A), (ii)(B) and (ii)(D) below)
shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such
Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

		(ii)	Without limiting the generality of the foregoing,

 

		(A)	any Lender that is a U.S. Person shall deliver to the Company and the Administrative Agent on or
prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Company or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt
from U.S. federal backup withholding tax;

 

		(B)	any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company
and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which
such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Company or the Administrative Agent, but only if the Foreign Lender is legally entitled to do so), whichever of the following is
applicable:

 

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		(I)	in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United
States is a party (x) with respect to payments of interest under any Credit Document, executed copies of IRS Form W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of
such tax treaty and (y) with respect to any other applicable payments under any Credit Document, IRS Form W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or
 “other income” article of such tax treaty;

 

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

 

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

 

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

 

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

 

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		(D)	if a payment made to a Lender under any Credit Document would be subject to U.S. federal withholding
Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those
contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Company and
the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Company or
the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of
the Code) and such additional documentation reasonably requested by the Company or the Administrative Agent as may be necessary
for the Company and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.
Solely for purposes of this sub-clause (D), “FATCA” shall include any amendments made to FATCA after the
date of this Agreement.

 

Each Lender agrees that if any
form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form
or certification or promptly notify the Company and the Administrative Agent in writing of its legal inability to do so.

 

		(h)	Lending Office. Any Lender claiming additional amounts payable pursuant to this Section 5.23
agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to change the jurisdiction
of its Lending Office if, in the reasonable judgment of such Lender, the making of such change (i) would eliminate or reduce
any such additional amounts payable to such Lender in the future and (ii) would not subject such Lender to any unreimbursed
out-of-pocket cost or expense and would not otherwise be disadvantageous to such Lender.

 

		(i)	Treatment of Certain Refunds. If any party determines, in its sole discretion exercised
in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5.23
(including by the payment of additional amounts pursuant to Section 5.23(b)), it shall pay to the indemnifying party
an amount equal to such refund (but only to the extent of indemnity payments made or additional amounts paid under this Section with
respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party
and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this
clause (i) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this clause (i), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this clause (i) the payment of which would place the indemnified party in a less favorable net
after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such
refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect
to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax
returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

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		(j)	Survival. Each party’s obligations under this Section 5.23 shall survive
the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the
termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Credit Document.

 

		5.24	Defaulting Lenders

 

Notwithstanding any provision of this Agreement
to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender
is a Defaulting Lender:

 

		(a)	Commitment Fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting
Lender pursuant to Section 5.9;

 

		(b)	Such Defaulting Lender shall not have the right to vote on any issue on which voting is required
(other than the matters provided in Section 12.1(a) requiring the consent of such affected Lender), and the Revolving
Credit Commitments and the Revolving Credit Commitment Percentages in outstanding Revolving Credit Loans of such Defaulting Lender
shall not be included in determining whether the Majority Lenders or the Required Lenders have taken or may take any action hereunder
(including any consent to any amendment, waiver or other modification pursuant to Section 12.1); provided, that,
except as otherwise provided in Section 12.1, this clause (b) shall not apply to the vote of a Defaulting
Lender in the case of an amendment, waiver or other modification requiring the consent of all Lenders or of each Lender affected
thereby;

 

		(c)	if any amount outstanding in respect of Letters of Credit or Swingline Exposure exists at the time
such Lender becomes a Defaulting Lender then:

 

		(i)	all or any part of the Revolving Credit Commitment Percentage of such Defaulting Lender in Letters
of Credit and Swingline Exposure shall be reallocated among the non-Defaulting Lenders in accordance with their respective Revolving
Credit Commitment Percentages but only to the extent that (x) the sum of all non-Defaulting Lenders’ Revolving Credit
Commitment Percentages in Revolving Credit Loans and in Letters of Credit and Swingline Loans plus such Defaulting Lender’s
Revolving Credit Commitment Percentage in Letters of Credit and Swingline Exposure does not exceed the total of all non-Defaulting
Lenders’ Commitments, (y) the conditions set forth in Section 7.2 are satisfied at such time (and, unless
the Company shall have otherwise notified the Administrative Agent at such time, the Company shall be deemed to have represented
and warranted that such conditions are satisfied at such time) and (z) to the extent such reallocation does not, as to any
non-Defaulting Lender, cause such non-Defaulting Lender’s Revolving Credit Loans, its Protective Advances, its Swingline
Loans and its Revolving Credit Commitment Percentages in Letters of Credit to exceed its Revolving Credit Commitment;

 

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		(ii)	if the reallocation described in clause (i) above cannot, or can only partially, be
effected, the Company shall within one (1) Business Day following notice by the Administrative Agent first,
prepay such Swingline Exposure and second, Cash Collateralize, for the benefit of the Issuing Lender, the
Company’s obligations corresponding to such Defaulting Lender’s Revolving Credit Commitment Percentage in Letters of
Credit (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures
set forth in Section 10.1 for so long as such Defaulting Lender’s Revolving Credit Commitment Percentage in Letters
of Credit is outstanding;

 

		(iii)	if the Company Cash Collateralizes any portion of such Defaulting Lender’s Revolving L/C
Obligations pursuant to clause (ii) above, the Company shall not be required to pay any fees to such Defaulting Lender
pursuant to Section 5.11 with respect to such Defaulting Lender’s Revolving Credit Commitment Percentage in Letters
of Credit during the period such Defaulting Lender’s Revolving Credit Commitment Percentage in Letters of Credit is Cash
Collateralized;

 

		(iv)	if the Revolving Credit Commitment Percentage in Letters of Credit of the non-Defaulting Lenders
is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 5.9
and Section 5.11 shall be adjusted in accordance with such non-Defaulting Lenders’ Revolving Credit Commitment
Percentages; and

 

		(v)	if all or any portion of such Defaulting Lender’s Revolving Credit Commitment Percentage
in Letters of Credit is neither reallocated nor Cash Collateralized pursuant to clause (i) or (ii) above,
then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender hereunder, all Commitment Fees that
otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s
Commitment that was utilized by such Revolving Credit Commitment Percentage in Letters of Credit) and Letter of Credit fees payable
under Section 5.11 with respect to such Defaulting Lender’s Revolving Credit Commitment Percentage in Letters
of Credit shall be payable to the Issuing Lender until and to the extent that such Revolving Credit Commitment Percentage in Letters
of Credit is reallocated and/or Cash Collateralized; and

 

		(d)	so long as such Lender is a Defaulting Lender, the Issuing Lender shall not be required to issue,
amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s Revolving
Credit Commitment Percentage in then outstanding Letters of Credit will be 100% covered by the Commitments of the non-Defaulting
Lenders and/or cash collateral will be provided by the Company in accordance with Section 5.24(c), and participating
interests in any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent
with Section 5.24(c)(i) (and such Defaulting Lender shall not participate therein).

 

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If (i) a Bankruptcy Event or Bail-In
Action with respect to the parent of any Lender shall occur following the Closing Date and for so long as such event shall continue
or (ii) the Issuing Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or
more other agreements in which such Lender commits to extend credit, the Issuing Lender shall not be required to issue, amend or
increase any Letter of Credit, unless the Issuing Lender shall have entered into arrangements with the Company or such Lender,
satisfactory to the Issuing Lender to defease any risk to it in respect of such Lender hereunder.

 

In the event that the Administrative Agent,
the Company, the Swingline Lender and the Issuing Lender each agrees that a Defaulting Lender has adequately remedied all matters
that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and the L/C Participating Interest of the Lenders
shall be readjusted to reflect the inclusion of such Lender’s Revolving Credit Commitments and on such date such Lender shall
purchase at par such of the Loans of the other Lenders (other than the Swingline Loans) as the Administrative Agent shall determine
may be necessary in order for such Lender to hold such Loans in accordance with its Revolving Credit Commitments.

 

		5.25	Accounts; Cash Dominion

 

(a)        At
all times subject to the following sentence, all Deposit Accounts, Securities Accounts and Commodities Accounts (other than any
Excluded Account for so long as such account is an Excluded Account) of the Credit Parties shall be Controlled Accounts. The Credit
Parties will, in connection with any Deposit Account, Securities Account or Commodity Account (other than any Excluded Account
for so long as such account is an Excluded Account), enter into and deliver to the Collateral Agent a Control Agreement in form
and substance acceptable to the Collateral Agent: (i) with respect to Deposit Accounts, Securities Accounts and Commodities
Accounts in existence on the Closing Date, within sixty (60) days of the Closing Date, (ii) with respect to Deposit Accounts,
Securities Accounts and Commodities Accounts established after the Closing Date pursuant to Section 8.14, on the date
such account is established and (iii) with respect to all other Deposit Accounts, Securities Accounts and Commodities Accounts
established after the Closing Date, promptly but in any event within thirty (30) days of the date such account is established (in
each case, or such later date as the Collateral Agent may agree in its sole discretion). Each Credit Party shall be subject to
cash dominion at all times a Cash Dominion Event has occurred and is continuing. At any time that a Cash Dominion Event has occurred
and is continuing, cash on hand and collections which are received into any Controlled Account (other than the Material Debt Reserve
Account), and, to the extent necessary, any securities held in any Securities Account shall be liquidated and the cash proceeds
thereof, shall be swept on a daily basis into the Collection Account and used to prepay Loans outstanding under this Agreement
in accordance with Section 5.2(b) ; provided that notwithstanding anything to the contrary contained herein,
any time that a Cash Dominion Event has occurred and is continuing, any cash proceeds in respect of any Notes Priority Collateral
Prepayment Event shall be deposited in the Asset Sale Reserve Account to the extent required by Section 5.6(c) and
shall not be swept to the Collection Account. During any time that a Cash Dominion Event has occurred and is continuing (A) all
proceeds of any Loan shall be deposited into a Deposit Account that is a Controlled Account and maintained with the Administrative
Agent and (B) the Company shall accurately report to the Administrative Agent the daily balance of the Controlled Accounts
to ensure the proper transfer of funds as set forth above.

 

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(b)          In
the event during the Asset Sale Reserve Period, the Company desires to use cash on deposit in the Asset Sale Reserve Account to
(i) repay, redeem, retire, defease, replace, refinance or repurchase the Secured 2026 Notes or any Indebtedness permitted
hereunder to be secured by a Pari Passu Second Lien or (ii) invest in any property or assets to be used by the Parent, the
Company or a Restricted Subsidiary in a Permitted Business that would constitute Notes Priority Collateral (a transaction under
clause (i) or clause (ii) above, a “Permitted Transaction”), the Company shall, promptly following
any determination by the Company of an election to apply cash on deposit in the Asset Sale Reserve Account in accordance with this
Section 5.25(b) (in event no later than three (3) Business Days prior to the date of any such application of cash
on deposit in the Asset Sale Reserve Account), deliver to the Administrative Agent a certificate of a Responsible Officer of the
Company specifying in reasonable detail the Permitted Transaction, the proposed date thereof and the amount of cash on deposit
in the Asset Sale Reserve Account to be applied towards the Permitted Transaction (the “Requested Release”)
and certifying that Permitted Transaction is permitted in accordance with the terms of (x) this Agreement and (y) the
Secured 2026 Notes Indenture and any indenture or other document governing the terms of any Indebtedness permitted hereunder to
be secured by a Pari Passu Second Lien. In the event the Company delivers to the Administrative Agent a certificate in accordance
with this Section 5.25(b), on the date of the Permitted Transaction, an amount of cash equal to Requested Release shall
be transferred to a Deposit Account specified by the Company and shall be applied by the Company in accordance with Permitted Transaction
described in the certificate delivered to the Administrative Agent in accordance with this Section 5.25(b). Notwithstanding
anything to the contrary set forth herein, if the Asset Sale Reserve Period ends as a result of the Cash Dominion Event that commenced
such Asset Sale Reserve Period no longer being continuing, the Administrative Agent shall promptly apply funds credited to the
Asset Sale Reserve Account at the Borrower’s direction for any purpose not prohibited hereunder. Notwithstanding the foregoing,
to the extent any funds credited to the Asset Sale Reserve Account constitute Net Proceeds of a Notes Priority Collateral Prepayment
Event, the application of such proceeds shall be subject to Section 5.6(c).

 

		6.	Representations and Warranties

 

In order to induce the Lenders to enter
into this Agreement and to make the Loans and to induce the Issuing Lenders to issue, and the Participating Lenders to participate
in, the Letters of Credit, the Parent and the Company each hereby represent and warrant to each Lender and each Agent, on and as
of the Closing Date and on the date of each Loan made or Letter of Credit issued thereafter, that:

 

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		6.1	Corporate Existence; Compliance
with Law

 

Each Credit Party and each of its Restricted
Subsidiaries (i) is a limited liability company, unlimited liability company, partnership or corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation, (ii) has the power and authority and
the legal right to own and operate its property, to lease the property it operates and to conduct the business in which it is currently
engaged, except to the extent that the failure to have such power, authority, or rights could not reasonably be expected to have
a Material Adverse Effect, (iii) is duly qualified as a foreign corporation and in good standing under the laws of each jurisdiction
where its ownership, lease or operation of property or the conduct of its business requires such qualification, except where the
failure to be so qualified could not reasonably be expected to have a Material Adverse Effect and (iv) is in compliance with
all applicable Requirements of Law, except to the extent that the failure to comply therewith could not reasonably be expected
to, individually or in the aggregate, have a Material Adverse Effect.

 

		6.2	Corporate Power; Authorization

 

Each Credit Party has the power and authority
and the legal right to make, deliver and perform the Credit Documents to which it is a party; the Company has the power and authority
and legal right to borrow hereunder and to have Letters of Credit issued for its account hereunder. Each Credit Party has taken
all necessary corporate, stockholder, partnership or limited liability company action to authorize the execution, delivery and
performance of the Credit Documents to which it is a party and, in the case of the Company, to authorize the borrowings hereunder
and the issuance of Letters of Credit for its account hereunder. No consent or authorization of, or filing with, any Person (including,
without limitation, any Governmental Authority) is required in connection with the execution, delivery or performance by any Credit
Party, or the validity or enforceability against any Credit Party, of any Credit Document to the extent that it is a party thereto,
other than any such consent or authorization which has been obtained or filing which has been made to the extent required hereunder,
or the failure of which to obtain could have a Material Adverse Effect.

 

		6.3	Enforceable Obligations

 

Each of the Credit Documents has been duly
executed and delivered on behalf of each Credit Party party thereto and each of such Credit Documents constitutes the legal, valid
and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors’
rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or
at law).

 

		6.4	No Conflict with Law or
Contractual Obligations

 

The performance of each Credit Document,
and the use of the proceeds of the Loans and of drawings under the Letters of Credit will not violate any Requirement of Law or
any material Contractual Obligation (including under such Credit Party’s organizational documents) applicable to or binding
upon any Credit Party, any of its Restricted Subsidiaries or any of its properties or assets, and will not result in the creation
or imposition of (or the obligation to create or impose) any Lien (other than any Liens created pursuant to the Credit Documents)
on any of its or their respective properties or assets pursuant to any Requirement of Law applicable to it or them, as the case
may be, or any of its or their Contractual Obligations, except, in the case of any Contractual Obligations, for any such violations
which could not reasonably be expected to have a Material Adverse Effect.

 

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		6.5	No Material Litigation

 

No
litigation or investigation or proceeding of or by any Governmental Authority or any other Person is pending or has been overtly
threatened against any Credit Party or any of its Restricted Subsidiaries, (i) with respect to the validity, binding
effect or enforceability of any Credit Document, or with respect to the Loans made hereunder, the use of proceeds thereof or of
any drawings under a Letter of Credit, and the other transactions contemplated hereby or thereby, or (ii) which could reasonably
be expected to have a Material Adverse Effect.

 

		6.6	Borrowing Base Certificate

 

At the time of delivery of each Borrowing
Base Certificate, assuming that any eligibility criteria that requires the approval or satisfaction of the Administrative Agent
has been approved by or is satisfactory to the Administrative Agent, each Account reflected therein as eligible for inclusion in
the Borrowing Base is an Eligible Account, the Product Inventory reflected therein as eligible for inclusion in the Borrowing Base
constitutes Eligible Inventory, each Commodity Account reflected therein as eligible for inclusion in the Borrowing Base constitutes
an Eligible Futures Account and each Dollar or Cash Equivalent reflected therein as eligible for inclusion in the Borrowing Base
constitutes Eligible Cash Collateral.

 

		6.7	Investment Company Act

 

No Credit Party is required to register
as an “investment company” (as such term is defined or used in the Investment Company Act of 1940, as amended).

 

		6.8	Federal Reserve Regulations

 

No part of the proceeds of any of the Loans
or any drawing under a Letter of Credit will be used to “purchase” or “carry” “margin stock”
within the meaning of Regulation U of the Board or for any other purpose which violates, or which would be inconsistent with, the
provisions of Regulation T, U or X of the Board. Neither the Company nor any of its Restricted Subsidiaries is engaged or will
engage, principally or as one of its important activities, in the business of extending credit for the purpose of “purchasing”
or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under said
Regulation U.

 

		6.9	No Default

 

No Credit Party nor any of their Restricted
Subsidiaries is in default in the payment or performance of any of its or their Contractual Obligations in any respect which could
reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its Restricted Subsidiaries is in default
under any order, award or decree of any Governmental Authority or arbitrator binding upon or affecting it or them or by which any
of its or their properties or assets may be bound or affected in any respect which could reasonably be expected to have a Material
Adverse Effect, and no such order, award or decree could reasonably be expected to materially adversely affect the ability of the
Company and its Restricted Subsidiaries taken as a whole to carry on their businesses as presently conducted or the ability of
any Credit Party to perform its obligations under any Credit Document to which it is a party.

 

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		6.10	Taxes

 

Each Credit Party and their Restricted
Subsidiaries has filed or caused to be filed or has timely requested an extension to file or has received an approved extension
to file all Federal and all other material tax returns which are required to have been filed, and has paid all material Taxes shown
to be due and payable on said returns or extension requests or on any assessments made against it or any of its property and all
other material Taxes imposed on it or any of its property by any Governmental Authority (other than those the amount or validity
of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity
with GAAP have been provided in the books of the Company or its Restricted Subsidiaries, as the case may be); and no claims are
being asserted in writing with respect to any such material Taxes (other than those the amount or validity of which is currently
being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided
in the books of the Credit Party or its Restricted Subsidiaries, as the case may be).

 

		6.11	Subsidiaries

 

The Subsidiaries of the Company listed
on Schedule 6.11 constitute all of the Subsidiaries of the Parent and the Company as of the Closing Date.

 

		6.12	Ownership of Property;
Liens

 

As of the Closing Date, Schedule 6.12
describes the Credit Parties’ owned and leased Real Property that has improvements thereon. Except as would not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each of the Parent and its Restricted Subsidiaries
has good and marketable title to, or valid Leasehold interests in or rights to use, all its Real Property and personal property
material to its business taken as a whole, and none of such property is subject to any Lien except for Liens permitted by Section 9.3.

 

		6.13	ERISA; Canadian Pension
Plans

 

		(a)	No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all
other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to have a Material Adverse
Effect. The present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes
of Accounting Standards Codification 715-30) did not, as of the date of the most recent financial statements reflecting such amounts,
exceed the fair market value of the assets of all such underfunded Plans, in each case by an amount that, if required to be paid
by the Company and its Subsidiaries, would reasonably be expected to have a Material Adverse Effect.

 

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		(b)	Each Canadian Credit Party is in compliance with the requirements of the Employment Pension
Plans Act (Alberta), the Pension Benefits Act (Ontario) and other federal or provincial laws with respect to each (i) Canadian
Pension Plan, except where the failure to comply would not reasonably be expected to have a Material Adverse Effect, and (ii) Canadian
Defined Benefit Plan. No fact or situation that may reasonably be expected to result in a Material Adverse Effect exists in connection
with any Canadian Pension Plan or Canadian Defined Benefit Plan. No Canadian Pension Event has occurred. No Canadian Credit Party
has a Canadian Defined Benefit Plan. No lien has arisen, choate or inchoate, in respect of any Canadian Credit Party or their property
in connection with (a) any Canadian Pension Plan, or (b) any “registered pension plan” as defined in subsection
248(1) of the Income Tax Act (Canada) that is sponsored and maintained by a third party to which a Credit Party contributes
in respect of some or all of its employees (in each case, save for contribution amounts not yet due).

 

		6.14	Environmental Matters

 

		(a)	The Properties do not contain any Materials of Environmental Concern in concentrations which constitute
a violation of, or could reasonably be expected to give rise to liability under, Environmental Laws that could reasonably be expected
to have a Material Adverse Effect.

 

		(b)	The Properties and all operations at the Properties are in compliance with all, and have not violated
any, applicable Environmental Laws, except for failure to be in compliance or for such violation that could not reasonably be expected
to have a Material Adverse Effect, and there is no contamination at, under or about the Properties that could reasonably be expected
to have a Material Adverse Effect.

 

		(c)	Neither the Company nor any of its Restricted Subsidiaries has received any notice of violation,
alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental
Laws that could reasonably be expected to have a Material Adverse Effect, nor does the Company or any Restricted Subsidiary have
knowledge that any such action is being contemplated, considered or threatened.

 

		(d)	There are no judicial proceedings or governmental or administrative actions pending or threatened
under any Environmental Law to which the Company or any Restricted Subsidiary is or will be named as a party that could reasonably
be expected to have a Material Adverse Effect, nor are there any consent decrees or other decrees, consent orders, administrative
orders or other orders under any Environmental Law that could reasonably be expected to have a Material Adverse Effect.

 

		6.15	Accuracy and Completeness
of Financial Statements

 

		(a)	(i)  The audited balance sheet of the Parent and its Subsidiaries for the fiscal year ended
March 31, 2020 and the related audited consolidated statements of earnings (loss), parent company equity and cash flows for
fiscal year ended March 31, 2020, reported on by Grant Thornton LLP, and (ii) the unaudited balance sheet of the Parent
and its Subsidiaries for the fiscal quarters ended June 30, 2020 and September 30, 2020, in each case, present fairly,
in all material respects, the financial position of the Parent and its Subsidiaries, and their results of operations and cash flows,
for such periods, in conformity with GAAP, subject to year-end audit adjustments and absence of footnotes in the case of clause
(ii).

 

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		(b)	All Projections delivered in accordance with Section 7.1(b), when taken as a whole,
were prepared in good faith based upon assumptions believed by the Company to be reasonable at the time prepared (it being recognized
that such Projections are not to be viewed as facts and that actual results during the period or periods covered by any such Projections
may differ from the projected results, and such differences may be material).

 

		6.16	Absence of Undisclosed
Liabilities

 

Except for the Loans, if any, incurred
on the Closing Date, neither the Company nor any of its Restricted Subsidiaries has or is subject to any liabilities (absolute,
accrued, contingent or otherwise) that are not disclosed in the financial statements referred to in Section 6.15(a),
except liabilities or obligations which could not, individually or in the aggregate, reasonably be expected to constitute a Material
Adverse Effect.

 

		6.17	No Material Adverse Effect

 

Since March 31, 2020, there has not
been any event, occurrence, fact, condition, change, development or effect which individually or in the aggregate has had or could
reasonably be expected to have a Material Adverse Effect; provided that for purposes of the making of the representation
set forth in this Section 6.17 through and including March 21, 2022, the adverse effects described in the press
release of the Parent titled “NGL Energy Partners LP Provides Financial Update” and dated January 19, 2021 shall
be disregarded in determining whether there has been a material adverse effect on the business, financial condition, assets, or
results of operations of the Parent and its Restricted Subsidiaries taken as a whole.

 

		6.18	Solvency

 

The Parent and its Restricted Subsidiaries
on a consolidated basis are, (a) on the Closing Date and (b) immediately before and immediately after giving effect to
any Extension of Credit to be made on and following the Closing Date, Solvent. No Credit Party intends to, nor will it permit any
of its Restricted Subsidiaries to, nor does it believe that it or any of its Restricted Subsidiaries has or will, incur debts beyond
its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any
such Restricted Subsidiary and the timing of the amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness
of any such Restricted Subsidiary.

 

		6.19	Intellectual Property

 

The
Credit Parties and each of their Restricted Subsidiaries own, or possess the right to use, all of the trademarks, service marks,
trade names, copyrights, patents, patent rights, industrial designs, franchises, licenses and other intellectual property rights
that are reasonably necessary for the operation of their respective businesses, free and clear of all Liens (other than Permitted
Liens). To the knowledge of the Company, no slogan or other advertising device, product, process, method, substance, part
or other material now employed, or now contemplated to be employed, by the Credit Parties or any of their Restricted Subsidiaries,
nor the operation of their respective businesses, infringes upon any rights held by any other Person, and no Person is infringing
the intellectual property of the Credit Parties and their Restricted Subsidiaries, in each case, which, either individually or
in the aggregate, could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the
foregoing is pending or, to the best knowledge of the Company, threatened, which, either individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.

 

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		6.20	Creation and Perfection
of Security Interests

 

		(a)	Article 9 Collateral. The Pledge and Security Agreement is effective to create in favor
of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the
Collateral described therein to secure the Finance Obligations. In the case of the Pledged Collateral, when such Pledged Collateral
is delivered (in accordance with the Intercreditor Agreement) to the Collateral Agent (together with a properly completed and signed
undated endorsement), in the case of Collateral consisting of Deposit Accounts, Securities Accounts or Commodity Accounts, when
such accounts are subject to a Control Agreement, and in the case of the other Collateral described in the Pledge and Security
Agreement that can be perfected by the filing of a financing statement or other filing, when financing statements and other filings
specified on Schedule 6.20 in appropriate form are filed in the offices specified on Schedule 6.20, the Collateral
Agent will have, for the ratable benefit of the Secured Parties, a fully perfected Lien on, and security interest in, all right,
title and interest of the grantors thereunder in such of the Collateral in which a security interest can be perfected under Article 9
of the UCC to secure the Finance Obligations, in each case prior and superior in right to any other Person, other than with respect
to Permitted Liens made superior to such security interest by the Intercreditor Agreement or automatically by operation of law.

 

		(b)	Canadian Collateral. The Canadian Pledge and Security Agreement is effective to create in
favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest
in the Collateral described therein to secure the Finance Obligations. In the case of the Collateral described in the Canadian
Pledge and Security Agreement that can be perfected by the filing of a PPSA filing, when PPSA and other filings specified on Schedule
6.20 in appropriate form are filed in the offices specified on Schedule 6.20, the Collateral Agent will have, for the
ratable benefit of the Secured Parties, a fully perfected Lien on, and security interest in, all right, title and interest of the
grantors thereunder in such of the Collateral in which a security interest can be perfected under the PPSA to secure the Finance
Obligations, in each case prior and superior in right to any other Person, other than with respect to Permitted Liens made superior
to such security interest by the Intercreditor Agreement or automatically by operation of law.

 

		(c)	Intellectual Property. The Pledge and Security Agreement and the Canadian Pledge and Security
Agreement, in each case together with an intellectual property security agreement, in form and substance reasonably agreed by the
Company and the Administrative Agent will, when filed in the United States Patent and Trademark Office, the United States Copyright
Office and/or the Canadian Intellectual Property Office, constitute a fully perfected Lien on, and security interest in, all right,
title and interest of the grantors thereunder in the United States and Canadian patents, industrial designs, trademarks, copyrights,
licenses and other intellectual property rights covered in such intellectual property security agreement to secure the Finance
Obligations, in each case prior and superior in right to any other Person, other than with respect to Permitted Liens made superior
to such security interest by the Intercreditor Agreement or automatically by operation of law (it being understood that subsequent
recordings in the United States Patent and Trademark Office, the United States Copyright Office and the Canadian Intellectual Property
Office may be necessary to perfect a lien on registered trademarks, trademark applications, patents, patent applications, industrial
designs, industrial design applications, copyrights and licenses acquired by the Credit Parties after the Closing Date).

 

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		(d)	Mortgages. Upon execution and delivery thereof, the Mortgages and Leasehold Mortgages will
create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security
interest in the Mortgaged Property to secure the Finance Obligations, and, when filed in the office of the county clerk for the
county in which the Mortgaged Property is located, constitute a fully perfected Lien on, and security interest in, all right, title
and interest of the mortgagors thereunder in the Mortgaged Property, in each case prior and superior in right to any other Person
other than with respect to Permitted Liens.

 

		(e)	Status of Liens. The Collateral Agent, for the ratable benefit of the Secured Parties, will
at all times have the Liens provided for in the Collateral Documents and, subject to the filing by the Collateral Agent of continuation
statements to the extent required by the UCC, PPSA or such other continuation statements or filings required by applicable Laws
of the relevant applicable jurisdiction, the Collateral Documents (subject to and in accordance with their respective provisions)
will at all times constitute valid and continuing liens of record and first priority perfected security interests in all the Collateral
referred to therein to secure the Finance Obligations, except as priority may be affected by Permitted Liens made superior to such
Liens by the Intercreditor Agreement or automatically by operation of law.

 

		6.21	Accuracy and Completeness
of Disclosure

 

		(a)	The Parent and the Company each has disclosed to the Administrative Agent and the Lenders all agreements,
instruments and corporate, partnership, limited liability company or other restrictions to which it or any of its Restricted Subsidiaries
is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in
a Material Adverse Effect. No report, financial statement, certificate or other information furnished (whether in writing or orally)
by or on behalf of the Credit Parties or any of their Restricted Subsidiaries to the Administrative Agent or any Lender in connection
with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Credit
Document (in each case as modified or supplemented by other information so furnished), taken as a whole, contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that, with respect to projected financial information, the Parent and
the Company each represents only that such information was prepared in good faith based upon assumptions believed to be reasonable
at the time prepared (it being recognized that such Projections are not to be viewed as facts and that actual results during the
period or periods covered by any such Projections may differ from the projected results, and such differences may be material).

 

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		(b)	As of the Closing Date, to the best knowledge of the Company, the information included in the Beneficial
Ownership Certification provided on or prior to the Closing Date to any Lender in connection with this Agreement is true and correct
in all respects.

 

		6.22	Insurance

 

Schedule
6.22 sets forth a description of all insurance maintained by or on behalf of the Credit Parties and their Restricted Subsidiaries
as of the Closing Date. As of the Closing Date, all premiums in respect of such insurance that are due and owing have been paid.
The Company maintains, and has caused each Restricted Subsidiary to maintain, with financially sound and reputable insurance companies,
insurance on all their real and personal property in such amounts, subject to such deductibles and self-insurance retentions and
covering such properties and risks as are adequate and customarily maintained by companies engaged in the same or similar businesses
operating in the same or similar locations.

 

		6.23	Anti-Corruption Laws and
Sanctions

 

Each Credit Party has implemented and maintains
in effect policies and procedures designed to ensure compliance by the such Credit Party and their Subsidiaries and their respective
directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Parent, the Company and their
Subsidiaries and their respective officers and directors and to the knowledge of the Company their employees and agents, are in
compliance with Anti-Corruption Laws in all material respects and applicable Sanctions. None of (a) the Parent, the Company
and their Subsidiaries and any of their respective directors or officers or employees, or (b) to the knowledge of the Company,
any agent of the Parent, the Company or any of their Subsidiaries that will act in any capacity in connection with or benefit from
the credit facility established hereby, is a Sanctioned Person, has any assets located in a Sanctioned Country or derives revenues
from investments in, or transactions with Sanctioned Persons or Sanctioned Countries. No Loan or Letter of Credit, use of proceeds
or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions. Notwithstanding
the foregoing, the representations given in this Section 6.23 shall not be made by nor apply to any Person that qualifies
as a corporation that is registered or incorporated under the laws of Canada or any province or territory thereof and that carries
on business in whole or in part in Canada within the meaning of Section 2 of the Foreign Extraterritorial Measures (United
States) Order, 1992 passed under the Foreign Extraterritorial Measures Act (Canada) insofar as such representations would result
in a violation of or conflict with the Foreign Extraterritorial Measures Act (Canada) or any similar law.

 

		6.24	Patriot Act and Proceeds
of Crime Act

 

Each
Credit Party is in compliance, in all material respects, with the Uniting And Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act (USA Patriot Act of 2001) (the “Patriot Act”) and the
Proceeds of Crime Act.

 

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		6.25	Burdensome Restrictions

 

No
Credit Party is subject to any Burdensome Restrictions except Burdensome Restrictions permitted under Section 9.14.

 

		6.26	Labor Matters

 

As
of the Closing Date, there are no strikes, lockouts or slowdowns against any Credit Party or any Restricted Subsidiary pending
or, to the knowledge of any Credit Party, threatened. The hours worked by and payments made to employees of the Credit Parties
and their Restricted Subsidiaries have not been in violation, in any material respect, of the Fair Labor Standards Act or any other
applicable federal, state, provincial, territorial, local or foreign law dealing with such matters. None of the Credit Parties
or any of their Restricted Subsidiaries are subject to any material liability in respect of any Unrestricted Subsidiary’s
violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with the hours worked
by and payments made to employees of such Unrestricted Subsidiary. All payments due from any Credit Party or any Restricted Subsidiary,
or for which any claim may be made against any Credit Party or any Restricted Subsidiary, on account of wages and employee health
and welfare insurance and other benefits, have been paid or accrued as a liability on the books of such Credit Party or such Restricted
Subsidiary.

 

		6.27	Qualified Eligible Contract
Participant

 

As
of the date of this Agreement, each Credit Party is a Qualified ECP Guarantor.

 

		6.28	EEA Financial Institutions

 

No
Credit Party is an EEA Financial Institution.

 

		7.	Conditions Precedent

 

		7.1	Conditions to Closing
Date

 

This
Agreement shall not become effective and the obligation of each Lender to make its extensions of credit and for the Issuing Lender
to issue any Letters of Credit shall not become effective until the date on which each of the following conditions is satisfied
(or waived in accordance with Section 12.1):

 

		(a)	Deliverables. The Administrative Agent’s receipt of the following, each of which shall
be originals, telecopies or .pdf or similar electronic transmission (which, subject to Section 12.8(b), may include
any Electronic Signatures transmitted by telecopy, pdf or similar electronic transmission) unless otherwise specified, each properly
executed by a Responsible Officer of the signing Credit Party, if applicable, each dated the Closing Date (or, in the case of certificates
of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the
Administrative Agent:

 

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		(i)	This Agreement. Executed counterparts of this Agreement signed by the Lenders, the Company,
the Issuing Lender, the Collateral Agent and the Administrative Agent (which may include telecopy or electronic transmission (including
..pdf file) of a signed signature page of this Agreement) or written evidence reasonably satisfactory to the Administrative
Agent that each such party has signed a counterpart signature page of this Agreement.

 

		(ii)	Guaranty, Pledge and Security Agreement, Canadian Pledge and Security Agreement and Intercreditor
Agreement: Executed counterparts of  (A) a Pledge and Security Agreement signed by each Credit Party (other than
the Canadian Credit Parties) and the Collateral Agent, (B) the Guaranty signed by each Credit Party (other than the Canadian
Credit Parties) and the Administrative Agent, (C) a Guaranty (governed by Canadian law) signed by each Canadian Credit Party
and the Collateral Agent, (D) a Canadian Pledge and Security Agreement signed by each Canadian Credit Party and the Collateral
Agent and (E) the Intercreditor Agreement signed by each Credit Party, the Collateral Agent and U.S. Bank, National Association
as trustee under the Secured 2026 Notes.

 

		(iii)	Responsible Officer’s Closing
Certificate. A certificate in the form attached as Exhibit G executed and delivered by a Responsible Officer of
the Company in a manner satisfactory to the Administrative Agent and dated as of the Closing Date.

 

		(iv)	Solvency Certificate. A solvency certificate in the form of Exhibit H provided
by the chief financial officer of the Parent.

 

		(v)	Borrowing Base Certificate. The Administrative Agent and the Lenders shall have received
a Borrowing Base Certificate (along with customary supporting documentation and supplemental reporting) which calculates the Borrowing
Base as of the last day of the calendar month most recently ended on or prior to the date occurring twenty (20) days prior to the
Closing Date.

 

		(vi)	Notes. Each Lender that has requested a Note shall have received an executed original of
such Note timely requested by such Lender hereunder.

 

		(vii)	Other Collateral Documents.

 

		(A)	Appropriate financing statements (Form UCC-1, applicable PPSA financing statements or such
other financing statements or similar notices as shall be required by local Law) authenticated and authorized for filing under
the UCC, PPSA or other applicable local Law of each jurisdiction in which the filing of a financing statement or giving of notice
may be required, or reasonably requested by the Collateral Agent, to perfect the security interests intended to be created by the
Collateral Documents.

 

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		(B)	Copies of reports from CT Corporation or another independent search service reasonably satisfactory
to the Collateral Agent listing all effective financing statements, notices of tax, PBGC or judgment liens or similar notices that
name any of the Company or any other Credit Party (under its present name and any previous name and, if requested by the Collateral
Agent, under any trade names), as debtor or seller that are filed in the jurisdictions referred to in sub-clause (B) above
(regardless of whether or not financing statements are then on file) or in any other jurisdiction having files which must be searched
in order to determine fully the existence of the UCC security interests, PPSA financing statements, notices of the filing of federal
tax Liens (filed pursuant to Section 6323 of the Code), Liens of the PBGC (filed pursuant to Section 4068 of ERISA) or
judgment Liens on any Collateral, together with copies of such financing statements, notices of tax, PBGC or judgment Liens or
similar notices (none of which shall cover the Collateral except to the extent evidencing Permitted Liens or for which the Collateral
Agent shall have received termination statements (Form UCC-3 or such other termination statements as shall be required by
local Law) authenticated and authorized for filing).

 

		(C)	Searches of ownership of and liens on intellectual property in the appropriate governmental offices
and such patent, industrial design, trademark and/or copyright filings as may be requested by the Collateral Agent to the extent
necessary or reasonably advisable to perfect the Collateral Agent’s security interest in intellectual property Collateral.

 

		(D)	All of the Pledged Collateral, which Pledged Collateral shall be in suitable form for transfer
by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, with signatures appropriately
guaranteed, accompanied in each case by any required transfer tax stamps, all in form and substance reasonably satisfactory to
the Collateral Agent.

 

		(E)	[Reserved].

 

		(F)	A short form intellectual property security agreement, in form and substance reasonably agreed
by the Company and the Administrative Agent, duly executed by each Credit Party, together with evidence that all action that the
Administrative Agent may deem necessary or desirable in order to perfect the Liens in intellectual property created under the Pledge
and Security Agreement and under such short form assignments or grants of security interests has been taken.

 

		(G)	Evidence of the completion of all other filings and recordings of or with respect to the Collateral
Documents and of all other actions as may be necessary or, in the opinion of the Collateral Agent, desirable to perfect the security
interests intended to be created by the Collateral Documents.

 

		(viii)	Evidence of Insurance. The Administrative Agent and the Majority Lenders shall have received
and be satisfied with (i) evidence of the insurance under all insurance policies to be maintained with respect to the properties
of the Parent, the Company and its Subsidiaries forming part of the Collateral, including endorsements naming the Collateral Agent
on behalf of the Lenders, as an additional insured or loss payee, as the case may be and (ii) a review of the Credit Parties’
insurance binders or other initial contractual documentation evidencing the insurance coverage and documentation related thereto
that shall be entered into, and delivered to the Administrative Agent and the Majority Lenders on or around the Closing Date.

 

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		(ix)	Secretary’s Certificate. A secretary’s certificate executed and delivered by
a Responsible Officer or secretary of the Parent, certifying as to each of the Credit Parties’ (A) officers’ incumbency
appended thereto, (B) authorizing resolutions or consents appended thereto and (C) true and complete copies of Organization
Documents, with the applicable insertions and attachments being satisfactory in form and substance to the Administrative Agent.

 

		(x)	Corporate Documents. Copies of certificates from the Secretary of State or other appropriate
authority of such jurisdiction, evidencing good standing of the Credit Parties in their respective jurisdiction of incorporation
and in each state where the ownership, lease or operation of property or the conduct of business requires it to qualify as a foreign
corporation.

 

		(b)	Financial Projections. The Administrative Agent shall have received quarterly projections
for the Company for the fiscal quarters ending December 31, 2020 through March 31, 2022 and annual projections for each
fiscal year thereafter, through and including the fiscal year ending March 31, 2025.

 

		(c)	Fees. The Administrative Agent shall have received (i) for the respective accounts
of the Persons entitled to the same, all costs, expenses, fees and other compensation payable to the Lenders, the Agents and the
Lead Arrangers on or prior to the Closing Date, to the extent invoiced to the Company at least one (1) Business Day prior
to the Closing Date, including, without limitation, reasonable fees of one legal counsel to the Lenders and one local counsel in
each appropriate jurisdiction, (ii) any fees and expenses required to be paid as of the Closing Date by Section 12.5(a),
to the extent such fees have been invoiced at least one (1) Business Day prior to the Closing Date and (iii) any fees
and expenses required to be paid as of the Closing Date by the Fee Letter.

 

		(d)	Regulatory Authority Information. (i) The Company and each Credit Party shall have
provided the documentation and other information to the Lenders that is required by regulatory authorities under applicable “know
your customer” and anti-money-laundering rules and regulations, including, without limitation, the USA Patriot Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)) and the Proceeds of Crime Act, in each case no later than five (5) days
prior to the Closing Date to the extent reasonably requested by the Lenders at least ten (10) Business Days in advance of
the Closing Date and (ii) to the extent the Company qualifies as a “legal entity customer” under the Beneficial Ownership
Regulation, at least five (5) days prior to the Closing Date, any Lender that has requested, in a written notice to the Company
at least ten (10) days prior to the Closing Date, a Beneficial Ownership Certification in relation to the Company shall have
received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature
page to this Agreement, the condition set forth in this clause (ii) shall be deemed to be satisfied).

 

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		(e)	Field Examination. The Administrative Agent or its designee shall have conducted a field
examination of the Parent, the Company and its Restricted Subsidiaries, the results of which shall be satisfactory to the Administrative
Agent; provided that if, notwithstanding the use by the Credit Parties of commercially efforts to satisfy the requirement
set forth in this clause (e), such requirement is not satisfied as of the Closing Date, the satisfaction of such requirement
shall not be a condition to the effectiveness of this Agreement or the availability of the Loans (but shall be required to be satisfied
within 30 Business Days of the Closing Date.

 

		(f)	Consents. All governmental and third party approvals necessary in connection with the entry
into of this Agreement (including shareholder approvals, if any) shall have been obtained on reasonably satisfactory terms and
shall be in full force and effect.

 

		(g)	Financial Statements. The Administrative Agent shall have received and be satisfied with
the financial statements referred to in Section 6.15(a).

 

		(h)	Regulatory Matters. All legal (including tax implications) and regulatory matters shall
be satisfactory to the Administrative Agent and the Lenders, including but not limited to compliance with all applicable requirements
of Regulations U, T and X of the Board of Governors of the Federal Reserve System.

 

		(i)	Legal Opinions. An opinion addressed to the Administrative Agent, the Collateral Agent and
the Lenders of (A) Paul Hastings LLP, counsel to the Company and (B) certain other local counsel to the Credit Parties
(including Stikeman Elliott LLP, Alberta counsel to the Company, Brownstein Hyatt Farber Schreck LLP, Colorado counsel to the Company,
McAfee & Taft, a Professional Corporation, Oklahoma counsel to the Company, Brownstein Hyatt Farber Schreck LLP, New Mexico
counsel to the Company and Oram & Houghton, PLLC, Wyoming counsel to the Company) in each case, in form and substance
reasonably satisfactory to the Administrative Agent. Such opinions shall also cover such other matters incident to the transactions
contemplated by this Agreement as the Administrative Agent shall reasonably require.

 

		(j)	Secured 2026 Notes. Prior to or on the Closing Date, the Secured 2026 Notes shall have been
issued pursuant on terms and pursuant to documentation reasonably satisfactory in form and substance to the Administrative Agent
and its counsel.

 

		(k)	Availability. The Company shall have pro forma minimum Availability under this Agreement
of not less than $100,000,000 after giving effect to any borrowings on the Closing Date.

 

		(l)	Existing Indebtedness. On the Closing Date, after giving effect to the transactions contemplated
hereby, neither the Parent, the Company nor any of its Restricted Subsidiaries shall have any Indebtedness for borrowed money (including
any obligations under the Existing Revolving Credit Agreement and the Existing Term Loan Credit Agreement) other than pursuant
to this Agreement or as otherwise permitted under Section 9.2, and the Administrative Agent shall have received evidence
reasonably satisfactory to it of the prepayment in full (or release from) all obligations under existing loan facilities (including
all obligations under the Existing Revolving Credit Agreement and the Existing Term Loan Credit Agreement) and the release and
termination of all liens in respect of all other Indebtedness for borrowed money (including liens securing obligations under the
Existing Revolving Credit Agreement and the Existing Term Loan Credit Agreement) other than Liens permitted under Section 9.3.

 

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		(m)	Representations and Warranties. Each of the representations set forth in Article 6,
or which are contained in any other Credit Document shall, to the extent already qualified by materiality, be true and correct
in all respects, and, if not so already qualified, shall be true and correct in all material respects, in any case on and as of
the date such Loan is made (or such Letter of Credit is issued) as if made on and as of such date (unless stated to relate to a
specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as
of such earlier date).

 

		(n)	No Default or Event of Default. No Default or Event of Default shall be in existence on
the Closing Date after giving effect to any Loans to be made or Letter of Credits to be issued on the Closing Date.

 

		7.2	Conditions to All Loans
and Letters of Credit

 

The obligation of each Lender to make any
Loan and the obligation of each Issuing Lender to issue any Letter of Credit is subject to the satisfaction of the following conditions
precedent on the relevant Borrowing Date:

 

		(a)	Representations and Warranties. Each of the representations set forth in Article 6,
or which are contained in any other Credit Document shall, to the extent already qualified by materiality, be true and correct
in all respects, and, if not so already qualified, shall be true and correct in all material respects, in any case on and as of
the date such Loan is made (or such Letter of Credit is issued) as if made on and as of such date (unless stated to relate to a
specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as
of such earlier date).

 

		(b)	No Default or Event of Default. No Default or Event of Default shall be in existence on
such date or after giving effect to the Loan to be made or the Letter of Credit to be issued on such Borrowing Date.

 

		(c)	Notice. The Administrative Agent and, if applicable, the applicable Issuing Lender shall
have received a notice of borrowing request or credit extension in accordance with the requirements of Article 5.

 

		(d)	Availability. On the date or after giving effect to any Extension of Credit to be made on
such Borrowing Date, the Aggregate Revolving Credit Extensions of Credit shall not exceed the lesser of the Revolving Credit Commitment
and the Borrowing Base then in effect.

 

		(e)	Excess Cash. At the time of and immediately after giving effect to any Extension of Credit
to be made on such Borrowing Date, the Credit Parties and their Restricted Subsidiaries have not have Excess Cash exceeding $25,000,000.

 

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Each borrowing by the Company hereunder
and the issuance of each Letter of Credit by each Issuing Lender hereunder shall constitute a representation and warranty by the
Company as of the date of such borrowing or issuance that the conditions in clauses (a), (b), (d) and
(e) of this Section 7.2 have been satisfied.

 

		8.	Affirmative Covenants

 

The Parent and the Company each hereby
agrees that, so long as the Commitments remain in effect, any Loan or Revolving L/C Obligation remains outstanding and unpaid,
any amount remains available to be drawn under any Letter of Credit or any other amount is owing to any Lender (other than Unmatured
Surviving Obligations), any Agent or any Issuing Lender hereunder, it shall, and shall cause each of Restricted Subsidiaries of
the Parent to:

 

		8.1	Financial Statements

 

Furnish to the Administrative Agent (with
sufficient copies for each Lender):

 

		(a)	Audited Annual Financial Statements.
As soon as available, but in any event not later than the earlier to occur of (i) the fifteenth day after the Form 10-K
Annual Report is filed with the Securities and Exchange Commission with respect to the end of each fiscal year of the Parent, and
(ii) the 100th day after the end of each fiscal year of the Parent, annual audited financial statements of the Parent and
its Subsidiaries, including all notes thereto, which statements shall include, on a consolidated basis, a balance sheet as of the
end of such fiscal year and a statement of operations, a statement of changes in equity and a statement of cash flows for such
fiscal year, all setting forth in comparative form the corresponding figures from the previous fiscal year and accompanied by a
report and opinion of independent certified public accountants with Grant Thornton LLP consistently applied or an accounting firm
of national standing reasonably acceptable to the Administrative Agent, which report shall not contain any qualification (and be
without comment as to the accountants’ opinion whether such Person is a “going concern” or can continue to be
a “going concern”) (except for a “going concern” statement that is due solely to impending debt
maturities occurring within 12 months of such audit), and shall state that such financial statements, in the opinion of such accountants,
present fairly, in all material respects, the financial position of the Parent and its Subsidiaries as of the date thereof and
the results of its operations and cash flows for the period covered thereby in conformity with GAAP consistently applied.

 

		(b)	Quarterly Financial Statements. As soon as available, but in any event not later than forty-five
(45) days after the end of each of the first three quarterly periods of each fiscal year of the Parent, the quarterly unaudited
financial statements of the Parent and its Subsidiaries, which statements shall include (i) a balance sheet as of the end
of the respective fiscal quarter, (ii) a statement of operations for such respective fiscal quarter and for the fiscal year
to date setting forth in comparative form the corresponding figures for the corresponding period of the preceding fiscal year and
(iii) a statement of cash flows for the fiscal year to date setting forth in comparative form the corresponding figures in
the corresponding period of the preceding fiscal year, all prepared in reasonable detail and in accordance with GAAP and certified
by a Financial Officer of the Company as fairly and accurately presenting in all material respects the financial condition and
results of operations of the Parent and its Subsidiaries, on a consolidated basis, at the dates and for the periods indicated therein,
subject to normal year-end adjustments.

 

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		(c)	Consolidating Financial Statements. Concurrently with any delivery of consolidated financial
statements under clause (a) or (b) above, the related unaudited consolidating financial statements reflecting
the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements.

 

		(d)	Annual Budget. As soon as available,
but in any event within 60 days of each fiscal year of the Parent, a management-prepared budget of the Parent and its Restricted
Subsidiaries for such fiscal year (which budget shall be limited to a Capital Expenditure line, an income statement presenting
profitability to the EBITDA line and a summary of cash flows in the form provided to the Administrative Agent prior to the Closing
Date or otherwise in a form reasonably acceptable to the Administrative Agent).

 

Following delivery of the information required
pursuant to clause (a) or (b) above (but not more frequently than quarterly), the Company will cause its
and the other Credit Parties’ appropriate officers to participate in a conference call for Lenders to discuss the financial
condition and results of operations of the Credit Parties for the most recently-ended period for which financial statements have
been delivered; provided that the requirement to participate in any such conference call for the applicable quarter shall
be deemed satisfied if the Company conducts a customary public earnings call for such fiscal quarter.

 

All financial statements shall be prepared
in reasonable detail in accordance with GAAP in all material respects (provided that interim statements may be condensed
and may exclude detailed footnote disclosure) applied consistently throughout the periods reflected therein and with prior periods
(except as concurred to by such officer and disclosed therein and except that interim financial statements need not be restated
for changes in accounting principles which require retroactive application, and operations which have been discontinued (as such
term is used in Statement of Financial Accounting Standards No. 144) during the current year need not be shown in interim
financial statements as such either for the current period or comparable prior period).

 

		8.2	Certificates; Other Information

 

Furnish to the Administrative Agent (with
sufficient copies for each Lender):

 

		(a)	Risk Management Policy. Not later than ten (10) Business Days after any material amendment,
modification, supplement or other change to the Risk Management Policy, written notice of such amendment, modification, supplement
or other change; provided that changes in personnel reflected in the Risk Management Policy will not be deemed “material”
for purposes of this Section 8.2(a).

 

		(b)	Compliance Certificate. Concurrently
with the delivery of the financial statements referred to in clauses (a) and (b) of Section 8.1,
a certificate, in the form attached as Exhibit I, of a Responsible Officer on behalf of the Company: (i) stating
that, to the best of such officer’s knowledge, the Credit Parties have observed or performed all of its covenants and other
agreements, and satisfied every applicable condition, contained in this Agreement and the other Credit Documents to be observed,
performed or satisfied by it, and that such officer has obtained no knowledge of any Default or Event of Default except as specified
in such certificate; (ii) stating whether or not Availability exceeded the Availability Trigger for each day of the applicable
period; (iii) stating whether or not Availability exceeded the Specified Trigger for each day of the applicable period; (iv) showing
in detail as of the end of the related fiscal period the calculations in reasonable detail for purposes of calculating the Fixed
Charge Coverage Ratio for the fiscal quarter then ended (irrespectively of whether a Cash Dominion Event has occurred and is then
continuing); (v) if the Company is required to comply with
Section 9.1, certifying whether the Company is in compliance with the provisions of Section 9.1; (vi) if
not specified in the financial statements delivered pursuant to Section 8.1, specifying on a consolidated basis the
aggregate amount of interest paid or accrued by the Credit Parties, and the aggregate amount of depreciation, depletion and amortization
charged on the books of the Credit Parties, during such accounting period; and (vii) setting forth in reasonable detail the
reconciliation of Consolidated EBITDA to Consolidated Net Income of the Company;

 

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		(c)	Accountants’ Management Letters. Promptly upon receipt thereof, copies of all final
reports submitted to the Company by independent certified public accountants in connection with each annual, interim or special
audit of the books of the Company made by such accountants.

 

		(d)	Reports to Holders of Debt Securities. Promptly, after the furnishing thereof, copies of
any statement or report (other than any notice of borrowing, repayment, redemption, defeasement or prepayment or any statement
or report relating to administrative matters) furnished to holders generally of any debt securities constituting Material Indebtedness
of the Credit Parties thereof pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required
to be furnished to the Lenders pursuant to Section 8.1 or any other paragraph of this Section 8.2 and not
otherwise filed with the Securities and Exchange Commission or any Governmental Authority succeeding to any of its functions.

 

		(e)	Other Information. Promptly after
any request therefor, (i) such additional financial or other information regarding the operations, business affairs and financial
condition of the Credit Parties, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender, through
the Administrative Agent, may reasonably request; provided that, notwithstanding anything to the contrary herein,
other than in connection with the exercise of remedies in accordance with Article 10 hereof, none of the Parent or any of
its Restricted Subsidiaries shall be required to deliver, disclose, permit the inspection, examination or making of copies of or
excerpts from, or any discussion of, any document, information, or other matter (A) that constitutes non-financial trade secrets
or non-financial proprietary information, (B) in respect of which disclosure to the Administrative Agent (or any Lender) is
prohibited by applicable law, (C) that is subject to attorney-client or similar privilege or constitutes attorney work product
or (D) with respect to which any Credit Party or any of its Restricted Subsidiaries owes confidentiality obligations to any
third party, and (ii) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes
of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including
the Patriot Act and the Proceeds of Crime Act.

 

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		(f)	Borrowing Base Certificates. On or before the 15th Business Day of each month from and after
the Closing Date, a Borrowing Base Certificate as of the last day of the immediately preceding month, with such supporting materials
as the Administrative Agent shall reasonably request. Notwithstanding the foregoing, (i) after the occurrence and during the
continuance of a Specified Trigger Event, within three (3) Business Days of the end of each calendar week, the Company shall
furnish a Borrowing Base Certificate calculated as of the close of business on the last Business Day of the immediately preceding
calendar week and (ii) at any time and from time to time, the Company is entitled to furnish within three (3) Business
Days of the end of each calendar week a Borrowing Base Certificate calculated as of the close of business on the last Business
Day of the immediately preceding calendar week; provided that if the Company elects to deliver weekly Borrowing Base Certificates
in accordance with this clause (ii), then the Company shall continue to deliver weekly Borrowing Base Certificates until
delivery of the next monthly Borrowing Base Certificate required under this clause (f). The Borrowing Base Certificate shall
also be delivered prior to or upon the consummation of any agreement for the sale or disposition of ABL Priority Collateral outside
the ordinary course of business which would result in the receipt of any cash or Cash Equivalents by the Parent or any of its Restricted
Subsidiaries in an amount in excess of $25,000,000, and such Borrowing Base Certificate shall give effect to such transaction.

 

		(g)	Collateral Reporting. (i) Concurrently
with each delivery of a Borrowing Base Certificate hereunder, and at such other times as may be requested by the Administrative
Agent upon the occurrence and during the continuance of a Cash Dominion Event, all delivered electronically in a format reasonably
acceptable to the Administrative Agent, calculations prepared by the Company in a manner reasonably acceptable to the Administrative
Agent such information as is necessary to determine Eligible Cash Collateral, Eligible Accounts, Eligible Futures Accounts, Eligible
Inventory, Eligible Railcar Inventory and Product Inventory Letters of Credit (including, without limitation, accounts receivable
agings, accrued sales and payables, accounts payable agings, detail on advance payments received (prepaid inventory), customer
deposits, deferred revenue and deferred service contracts and inventory reports by location and product type) and (ii) concurrently
with each delivery of the financial statements required by Section 8.1(a), a schedule detailing any ownership or other
interest in any registered or applied for trademarks, trademark applications, patents, patent applications, industrial designs,
industrial design applications, copyrights or exclusive licenses to registered U.S. or Canadian copyrights the Credit Parties may
obtain at any time after the date hereof;

 

		(h)	Corporate Information. The Company shall deliver to the Administrative Agent and Collateral
Agent, with respect to any Credit Party, promptly (and in any event within no more than five (5) Business Days following such
change (or such later date as agreed to by the Administrative Agent in its sole discretion)) written notice of any change in such
Person’s (1) legal name, (2) jurisdiction of organization or formation, (3) identity or corporate structure
or (4) legal identification number.

 

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Information required to be delivered pursuant
to Section 8.1 or 8.2 shall be deemed to have been delivered if such information shall have been delivered by
the Company to the Administrative Agent for posting by the Administrative Agent on an IntraLinks or similar site to which each
Lender has been granted access. Information delivered pursuant to Section 8.1 or 8.2 may also be delivered by
electronic communications pursuant to procedures approved by the Administrative Agent.

 

The
Company hereby acknowledges that (i) the Administrative Agent and/or the Lead Arrangers will make available to the Lenders
materials and/or information provided by or on behalf of the Company hereunder (collectively, “Company Materials”)
by posting the Company Materials on IntraLinks or another similar electronic system (the “Platform”)
and (ii) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to
receive material non-public information with respect to the Company or its Affiliates, or the respective securities of any of the
foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.
So long as the Company is the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private
offering or is actively contemplating issuing any such securities, the Company may elect to identify any portion of the Company
Materials that may be distributed to the Public Lenders and : (A) any such Company Materials will be clearly and conspicuously
marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the
first page thereof; (B) by marking any Company Materials “PUBLIC”, the Company shall be deemed to have authorized
the Administrative Agent, the Lead Arrangers and the Lenders to treat such Company Materials as not containing any material non-public
information (although it may be sensitive and proprietary) with respect to the Company or its securities for purposes of United
States Federal and state securities laws (provided, however, that to the extent such Company Materials constitute
Information, they shall be treated as set forth in Section 12.13); (C) all Company Materials marked “PUBLIC”
by the Company are permitted to be made available through a portion of the Platform designated “Public Side Information”;
and (D) the Administrative Agent and the Lead Arrangers shall be entitled to treat any Company Materials that are not marked
 “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information”.

 

Notwithstanding the foregoing, the obligations
in paragraphs (a) and (b) of this Section 8.1 may be satisfied by furnishing the applicable
financial statements of Parent’s Form 10-K or 10-Q, as applicable, filed with the SEC, in each case, within the time
periods specified in such paragraphs; provided that, to the extent such statements are in lieu of statements required to
be provided under Section 8.1(a), such statements shall be accompanied by a report and opinion of an independent registered
public accounting firm of nationally recognized standing, which report and opinion shall satisfy the applicable requirements set
forth in Section 8.1.

 

		8.3	Payment of Other Obligations

 

Pay, discharge or otherwise satisfy at
or before maturity or before they become delinquent, as the case may be, all of its obligations and liabilities of whatever nature,
except (i) when the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves
in conformity with GAAP with respect thereto have been provided on the books of the Company or any of its Restricted Subsidiaries,
as the case may be and (ii) for trade and other accounts payable in the ordinary course of business in accordance with customary
trade terms and which are not overdue for a period of more than sixty (60) days (or any longer period if longer payment terms are
accepted in the ordinary course of business) or, if overdue for more than sixty (60) days (or such longer period), as to which
a dispute exists and adequate reserves in conformity with GAAP have been established on the books of the Company and its Restricted
Subsidiaries, as the case may be.

 

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		8.4	Continuation of Business
and Maintenance of Existence and Material Rights and Privileges

 

Continue to engage in business of the same
general type as now conducted by it and those reasonably related or incidental thereto, and preserve, renew and keep in full force
and effect its corporate, partnership or limited liability company existence and take all reasonable action to maintain all rights,
privileges, franchises, accreditations, certifications, authorizations, licenses, permits, approvals and registrations, necessary
or desirable in the normal conduct of its business except for rights, privileges, franchises, accreditations, certifications, authorizations,
licenses, permits, approvals and registrations the loss of which could not reasonably be expected to, individually or in the aggregate,
have a Material Adverse Effect, and except as otherwise permitted by Sections 9.6, 9.7 and 9.9.

 

		8.5	Compliance with All Applicable
Laws and Regulations and Material Contractual Obligations

 

Comply with all applicable Requirements
of Law (including, without limitation, any and all Environmental Laws, tax, and ERISA laws) and Contractual Obligations except
to the extent that the failure to comply therewith could not reasonably be expected, individually or in the aggregate, to have
a Material Adverse Effect.

 

		8.6	Maintenance of Property;
Insurance

 

		(a)	Keep all property useful and necessary in its business in good working order and condition (ordinary
wear and tear and damage and condemnation excepted), and maintain with financially sound and reputable insurance companies insurance
on all its property in at least such amounts and with only such deductibles as are usually maintained by, and against at least
such risks as are usually insured against in the same general area by, companies engaged in the same or a similar business (in
any event including general liability, contractual liability, personal injury, workers’ compensation, employers’ liability,
automobile liability and physical damage coverage, all risk property, business interruption, fidelity and crime insurance); provided
that the Parent, the Company and its Restricted Subsidiaries may implement programs of self-insurance in the ordinary course of
business and in accordance with industry standards for a company of similar size so long as reserves are maintained in accordance
with GAAP for the liabilities associated therewith.

 

		(b)	If any portion of any Mortgaged Property in the United States is at any time located in an area
identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to
which flood insurance has been made available under the Flood Insurance Laws, (a) maintain, or cause to be maintained, with
a financially sound and reputable insurer, flood insurance in an amount and otherwise sufficient to comply with all applicable
rules and regulations promulgated pursuant to the Flood Insurance Laws and (b) deliver to the Collateral Agent evidence
of such compliance in form and substance reasonably acceptable to the Administrative Agent, including a copy of the flood insurance
policy and declaration page relating thereto.

 

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		8.7	Maintenance of Books and
Records

 

Keep
proper books of record and account in which full, true and correct entries are made of all dealings and transactions in
relation to its business and activities which permit financial statements to be prepared in conformity with GAAP and all Requirements
of Law.

 

		8.8	Right of the Lenders to
Inspect Property and Books and Records

 

Permit representatives of any Lender upon
reasonable notice during business hours and with a Responsible Officer present to visit and inspect any of its properties and examine
and make abstracts from any of its books and records (including in connection with periodic field examinations in accordance with
Section 8.12) at any reasonable time and as often as may reasonably be desired upon reasonable notice, and to discuss
the business, operations, properties and financial and other condition of the Credit Parties with officers and employees thereof,
and with their independent certified public accountants; provided that, only the Administrative Agent on behalf of the Lenders
may exercise rights of the Lenders under this Section 8.8 and the Administrative Agent shall not exercise such rights
more often than one time during any calendar year absent the existence of an Event of Default; provided, further,
that when an Event of Default exists, the Administrative Agent (or any of its representatives or independent contractors) may do
any of the foregoing at any time during normal business hours and upon reasonable advance notice, and any Lender (or any of its
representatives or independent contractors) may accompany the Administrative Agent (or its representatives or independent contractors).
The Administrative Agent and the Lenders shall give the Company the opportunity to participate in any discussions with the Company’s
independent certified public accountants.

 

		8.9	Notices

 

		(a)	Promptly give notice to the Administrative Agent and each Lender:

 

		(i)	of the occurrence of any Default or Event of Default;

 

		(ii)	of any (A) default or event of default under any instrument or other agreement, guarantee
or collateral document of any Credit Party which default or event of default has not been waived and could reasonably be expected
to have a Material Adverse Effect, or any other default or event of default under any such instrument, agreement, guarantee or
other collateral document which, but for the proviso to paragraph (e) of Section 10.1, would have constituted
a Default or Event of Default under this Agreement, or (B) litigation, investigation or proceeding which may exist at any
time between the Parent, the Company or any of its Restricted Subsidiaries and any Governmental Authority, or receipt of any notice
of any environmental claim or assessment against the Parent, the Company or any of its Restricted Subsidiaries by any Governmental
Authority, which in any such case could reasonably be expected to have a Material Adverse Effect; of any litigation or proceeding
affecting the Parent, the Company or any of its Restricted Subsidiaries that could reasonably be expected to have a Material Adverse
Effect;

 

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		(iii)	as soon as practicable after, and in any event within thirty (30) days after the Company knows
thereof, of (A) any ERISA Event shall have occurred that, either alone or together with any other ERISA Event, results in
liability of the Parent, the Company or any Subsidiary in an aggregate amount which would reasonably be expected to have a Material
Adverse Effect and (B) any Canadian Pension Event shall have occurred and in each case, in addition to such notice, deliver
to the Administrative Agent and each Lender whichever of the following may be applicable: (x) a certificate of a Responsible
Officer on behalf of the Company setting forth details as to such Reportable Event and the action that the Company or such ERISA
Affiliate proposes to take with respect thereto, together with a copy of any notice of such Reportable Event that may be required
to be filed with PBGC or any other applicable Governmental Authority, or (y) any notice delivered by PBGC or any other applicable
Governmental Authority evidencing its intent to institute such proceedings or any notice to PBGC or any other applicable Governmental
Authority that such Plan is to be terminated, as the case may be;

 

		(iv)	of any material change in accounting policies or financial reporting practices by any Credit Party
with respect to the Credit Parties’ Accounts and Inventory or which otherwise would reasonably be expected to affect the
calculation of the Borrowing Base or Reserves;

 

		(v)	as soon as practicable after, and in any
event within five (5) Business Days after the Company knows thereof, if any material portion of the Collateral is damaged,
destroyed or condemned; and

 

		(vi)	of a material adverse change known by the Parent, the Company or any of its Restricted Subsidiaries
in the business, financial condition, assets, liabilities, properties or results of operations of the Parent, the Company and its
Restricted Subsidiaries taken as a whole.

 

		(b)	Each notice pursuant to this Section 8.9 shall be accompanied by a statement of a Responsible
Officer on behalf of the Company setting forth details of the occurrence referred to therein and stating what action the Company
proposes to take with respect thereto.

 

		8.10	Subsidiary Guaranties
and Collateral

 

		(a)	Guarantors. The Company will deliver, and will cause each Guarantor to deliver, either (i) a
counterpart of the Guaranty duly executed and delivered on behalf of such Person or (ii) in the case of any Person that becomes
a Guarantor after the Closing Date, a supplement to the Guaranty in the form specified therein and a joinder and/or supplement
to the Pledge and Security Agreement, in each case duly executed and delivered on behalf of such Person, together with opinions
(including, without limitation, local counsel opinions reasonably satisfactory to the Administrative Agent and its counsel if such
Guarantor is a Canadian Credit Party) and documents of the type referred to in Sections 7.1(a)(ix), 7.1(a)(x),
and 7.1(i) with respect to such Person.

 

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		(b)	Additional Subsidiaries. If any additional Wholly-Owned Subsidiary is formed or acquired
(or otherwise becomes a Wholly-Owned Subsidiary) after the Closing Date, then the Company will, as promptly as practicable and,
in any event, within thirty (30) days (or such longer period as the Administrative Agent in its reasonable discretion may agree
to in writing (including electronic mail)) after such Subsidiary is formed or acquired, notify the Administrative Agent (i) whether
the Company intends to designate such Wholly-Owned Subsidiary as an Unrestricted Subsidiary in accordance with Section 8.19
or (ii) if the Subsidiary is a Wholly-Owned Domestic Subsidiary of the Company that is a Restricted Subsidiary (other than
an Excluded Subsidiary) or the Company elects by written notice to the Administrative Agent to designate such Wholly-Owned Subsidiary
as a Canadian Credit Party, in the case of this clause (ii), the Company shall cause the requirements of this Section 8.10
to be satisfied with respect to such additional Subsidiary and with respect to any Equity Interest in or Indebtedness of such Subsidiary
owned by or on behalf of any Credit Party.

 

The Parent and the Company will
cause the management, business and affairs of each of the Parent, the Company and its Restricted Subsidiaries to be conducted in
such a manner (including, without limitation, by keeping separate books of account, furnishing separate financial statements of
Unrestricted Subsidiaries to creditors and potential creditors thereof and by not permitting Properties of the Company and its
Restricted Subsidiaries to be commingled) so that each Unrestricted Subsidiary could reasonably be expected to be treated as an
entity separate and distinct from the Parent, the Company and its Restricted Subsidiaries;

 

		(c)	Pledge of Equity Interests. Each Credit Party shall pledge the Equity Interests owned by
it (unless such a pledge is expressly not required by this Agreement or the Pledge and Security Agreements) pursuant to the Pledge
and Security Agreements, it being understood and agreed that the Pledge and Security Agreements shall not require any Credit Party
to pledge:

 

		(i)	more than 65% of the outstanding voting capital stock of, or other voting equity interests in,
any Subsidiary that is a CFC or CFC Holdco;

 

		(ii)	any of the outstanding capital stock of, or other equity interests, in any Subsidiary where such
pledge would (A) be prohibited by applicable law; provided that this sub-clause (A) shall in no way be
construed to apply if such prohibition is unenforceable under Section 9-408 of the UCC, (B) result in material adverse
tax consequences to the Company or any Credit Party, (C) in the case of any non-Wholly-Owned Subsidiary or joint venture existing
on the Closing Date, result in a breach of a joint venture agreement, operating agreement or other similar document or agreement
in the form existing on the Closing Date; provided that the Company or relevant Subsidiary shall have used its commercially
reasonable efforts (which efforts shall not require any Credit Party to pay any amounts or grant any rights in exchange for such
consent) to obtain all consents or take such other actions as may be necessary to enable the pledge of capital stock or other equity
interests of any such material non-Wholly-Owned Subsidiary or joint venture, (D) in the case of any non-Wholly-Owned Subsidiary
or joint venture created or acquired after the Closing Date, result in a breach of a joint venture agreement, operating agreement
or other similar document or agreement, provided that the Company shall use its commercially reasonable efforts (which efforts
shall not require any Credit Party to pay any amounts or grant any rights in exchange for such consent) to obtain all consents
or take such other actions as may be necessary to enable the pledge of capital stock or other equity interests of any such material
non-Wholly-Owned Subsidiary or joint venture, or (E) cause the Company to incur costs associated with such pledge that are
excessive in comparison to the benefits afforded to the Administrative Agent and the Lenders, as reasonably determined by the Administrative
Agent, and provided further that to the extent the Company or another Credit Party does not ultimately acquire 100% of the
outstanding capital stock or other equity interests of any acquired or newly formed Subsidiary in any Permitted Acquisition or
other Investment made pursuant to Section 9.7(i), notwithstanding clause (ii)(D) above but except as provided
in clauses (ii)(A),(B) and (E) above, the Collateral Agent shall receive a pledge of all outstanding
capital stock or other equity interests of such entity held by the Company or any other Credit Party.

 

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		(d)	Additional Security.

 

		(i)	With respect to any Material Real Property Assets (other than Leaseholds, easements and rights-of-way),
(ii) any Existing Leasehold Mortgaged Property and (iii) any part of the Grand Mesa Pipeline or the Delaware Pipeline
that is a Material Real Property Asset of the type described in the preceding clauses (i) and (ii) (1) owned, or
in the case of the Existing Leasehold Mortgaged Property, leased by any Credit Party on the Closing Date, such Credit Party, as
the case may be, with respect thereto shall, within 120 days of the date of the Closing Date or such later date as may be agreed
to by the Collateral Agent (and in any event within 360 days of the Closing Date (or, in the case of Real Property Assets constituting
part of the Grand Mesa Pipeline or the Delaware Pipeline, 180 days after the Closing Date)) or (2) acquired by any Credit
Party after the Closing Date, such Credit Party, as the case may be, shall, within 120 days of the acquisition thereof or such
later date as may be agreed to by the Collateral Agent (and in any event within 180 days of the acquisition thereof), deliver to
the Collateral Agent for the ratable benefit of the Secured Parties the following:

 

		(A)	a fully executed counterpart of a Mortgage or Leasehold Mortgage in favor of the Collateral Agent
covering such Material Real Property Asset, duly executed by such Credit Party, together with satisfactory evidence of the completion
(or satisfactory arrangements for the completion) of all recordings and filings of such Mortgage or Leasehold Mortgage (and payment
of any taxes or fees in connection therewith), together with any necessary fixture filings, as may be necessary to create a valid,
perfected Lien, subject to Permitted Liens, against the properties purported to be covered thereby;

 

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		(B)	if such Material Real Property Asset has a Designated Value of $7,500,000 or more, a policy or
policies or marked-up unconditional binder of title insurance, as applicable, in favor of the Collateral Agent and its successors
and/or assigns, in an amount not less than the fair market value of such Material Real Property Asset and in the form necessary,
paid for by the such Credit Party, issued by a nationally recognized title insurance company insuring fee simple title or leasehold
title, as applicable, to each such Material Real Property Asset and insuring the Lien of such Mortgage or Leasehold Mortgage as
a valid Lien (subject to Permitted Liens) on the applicable real property described therein, together with such endorsements, title
policy modifications, coinsurance and reinsurance as shall be reasonably required;

 

		(C)	if such Material Real Property Asset has a Designated Value of $7,500,000 or more, such surveys
(or any updates or affidavits that the title insurance company may reasonably require in connection with the issuance of the title
insurance policies), which are sufficient for the title insurance company to remove the standard survey exception and issue customary
survey-related endorsements and title policy modifications;

 

		(D)	local counsel opinions (i) as to the due authorization, execution and delivery by such Credit
Party of such Mortgage or Leasehold Mortgage and such other customary matters that are incidental thereto and (ii) in jurisdictions
where such Material Real Property Asset is located covering the enforceability of such Mortgage or Leasehold Mortgage and such
other customary matters as are incidental thereto;

 

		(E)	if such Material Real Property Asset has a Designated Value of $7,500,000 or more, with respect
to such Material Real Property Asset, evidence such Material Real Property Asset, and the uses of such Material Real Property Asset,
are in compliance in all material respects with all applicable zoning laws (the evidence submitted as to which should include the
zoning designation made for such Material Real Property Asset, the permitted uses of each such Material Real Property Asset under
such zoning designation and, if available, zoning requirements as to parking, lot size, ingress, egress and building setbacks);
and

 

		(F)	such affidavits, certificates, instruments of indemnification and other items as shall be reasonably
required and evidence of payment by any Credit Party, as applicable, of all search and examination charges, mortgage recording
taxes, fees, charges, costs and expenses required for the recording of the Mortgages and Leasehold Mortgages and the issuance of
the title insurance policies, in each case to the extent required pursuant to the foregoing.

 

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		(ii)	With respect to any Material Real Property Asset consisting of Leaseholds, easements or rights
of-way, including Material Real Property Assets that are Leaseholds, easements or rights-of-way constituting part of the Grand
Mesa Pipeline or the Delaware Pipeline (in each case other than the Existing Leasehold Mortgaged Properties and any fee owned Material
Real Property Asset), (a) held by any Credit Party on the Closing Date or (b) acquired by any Credit Party after the
Closing Date, such Credit Party, as the case may be, shall use commercially reasonable efforts (which, for the avoidance of doubt
shall not require cash payments or other consideration aside from the payment or reimbursement of reasonable fees and expenses
in connection with the preparation and recording of the documentation related to such Other Specified Collateral Deliverables)
to deliver, within 180 days of the Closing Date or the date of acquisition thereof or, with respect to any such Material Real Property
Asset (such Material Real Property Assets, “Other Specified Property”), or with respect to any such Other
Specified Property other than Real Property Assets constituting a part of the Grand Mesa Pipeline or the Delaware Pipeline, or
such later date as may be agreed to by the Collateral Agent (provided that the Collateral Agent may not extend such deadline to
a date later than 360 days after the Closing Date or 180 days after the date of acquisition thereof, as applicable), to the Collateral
Agent for the ratable benefit of the Secured Parties, the following:

 

		(A)	a fully executed counterpart of a Leasehold Mortgage, duly executed by a Credit Party that is the
lessee, owner or holder of such Material Real Property Asset, satisfactory evidence of the completion (or satisfactory arrangements
for the completion) of all recordings and necessary filings of such Leasehold Mortgage (and payment of any taxes or fees in connection
therewith), together with any necessary consents, memoranda of lease and fixture filings, as may be necessary to create a valid,
perfected Lien, subject to Permitted Liens, against the properties purported to be covered thereby;

 

		(B)	if such Material Real Property Asset has a Designated Value of $15,000,000 or more (or $7,500,000
or more if there are improvements (other than pipelines) to such Material Real Property Asset), policy or policies or marked-up
unconditional binder of title insurance, as applicable, in favor of the Collateral Agent and its successors and/or assigns, in
an amount not less than the fair market value of such Material Real Property Asset and in the form necessary, paid for by the such
Credit Party, issued by a nationally recognized title insurance company insuring fee simple title or leasehold title to such Material
Real Property Asset and insuring the Lien of such Leasehold Mortgage as a valid first priority Lien (subject to Permitted Liens)
on the applicable real property described therein, together with such endorsements, title policy modification, coinsurance and
reinsurance as shall be reasonably required;

 

		(C)	if such Material Real Property Asset has a Designated Value of $15,000,000 or more (or $7,500,000
or more if there are improvements (other than pipelines) to such Material Real Property Asset), such surveys (or any updates or
affidavits that the title insurance company may reasonably require in connection with the issuance of the title insurance policies),
which are sufficient for the title insurance company to remove or modify the standard survey exception and issue customary survey-related
endorsements or title policy modifications;

 

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		(D)	local counsel opinions (i) as to the due authorization, execution and delivery by such Credit
Party of such Leasehold Mortgage and such other customary matters that are incidental thereto and (ii) in jurisdictions where
such Material Real Property Asset is located covering the enforceability of such Leasehold Mortgage and such other customary matters
as are incidental thereto;

 

		(E)	if such Material Real Property Asset has a Designated Value of $15,000,000 or more (or $7,500,000
or more if there are improvements (other than pipelines) to such Material Real Property Asset), with respect to such Material Real
Property Asset, evidence such Material Real Property Asset, and the uses of such Material Real Property Asset, are in compliance
in all material respects with all applicable zoning laws (the evidence submitted as to which should include the zoning designation
made for such Material Real Property Asset, the permitted uses of each such Material Real Property Asset under such zoning designation
and, if available, zoning requirements as to parking, lot size, ingress, egress and building setbacks); and

 

		(F)	such affidavits, certificates, instruments of indemnification and other items as shall be reasonably
required and evidence of payment by any Credit Party, as applicable, of all search and examination charges, mortgage recording
taxes, fees, charges, costs and expenses required for the recording of the Leasehold Mortgage and the issuance of the title insurance
policies, in each case to the extent required pursuant to the foregoing;

 

provided
that, notwithstanding the foregoing, the requirements of paragraphs (B), (C), (E) and (F) of this Section 8.10(d)(ii) will
not be required with respect to (i) any such Other Specified Property, to the extent the cost of providing such items would
exceed 1% of the Designated Value of such Other Specified Property or (ii) any such Other Specified Property that is comprised
solely of easements or rights-of-way. Notwithstanding anything herein to the contrary, for purposes of the determination of Designated
Value pursuant to the preceding proviso, the final paragraph of this Section 8.10(d)(ii) shall not apply.

 

The requirements of this Section 8.10(d)(ii) with
respect to the Other Specified Property shall be referred to as the “Other Specified Collateral Requirements”,
and the items described in items (A) through (F) of the foregoing Section 8.10(d)(ii) shall be referred to
as the “Other Specified Collateral Deliverables”.

 

Solely for purposes of determining
the Designated Value of any Real Property Assets with respect to which a Credit Party must use commercially reasonable efforts
to provide the Other Specified Collateral Requirements, if any Real Property Asset constitutes, with one or more Real Property
Assets, any pipeline, facility, terminal, injection well or disposal well of the Parent and its Restricted Subsidiaries, the Designated
Value of such Real Property Asset shall be deemed to be the sum of the Designated Values of all such Real Property Assets forming
such pipeline, facility, terminal, injection well or disposal well.

 

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		(iii)	Notwithstanding the other provisions of this Section 8.10(d), the Collateral Agent
may, in its sole discretion, determine that the burdens, costs or consequences of obtaining a Mortgage or Leasehold Mortgage on
any Material Real Property Asset, all or any part of which contains a Building (as defined in the applicable Flood Insurance Laws)
or Manufactured (Mobile) Home (as defined in the applicable Flood Insurance Law), are excessive in view of the benefits to be obtained
by the Secured Parties. In the event that the Collateral Agent makes such a determination, the Mortgage or Leasehold Mortgage relating
to such Material Real Property Asset may contain customary exclusionary provisions with respect to such Building or Manufactured
(Mobile) Home satisfactory to the Collateral Agent in its sole discretion.

 

		(e)	Real Property Appraisals. If the Collateral Agent or the Majority Lenders determine that
there is a Requirement of Law for them to have appraisals prepared in respect of the Real Property of the Company constituting
Collateral pursuant to clause (d), the Company shall provide to the Collateral Agent appraisals which satisfy the applicable
requirements set forth in 12 C.F.R., Part 32 - Subpart C or any successor or similar statute, rule, regulation, guideline
or order, and which shall be in scope, form and substance, and from appraisers, reasonably satisfactory to the Majority Lenders
and shall be accompanied by a certification of the appraisal firm providing such appraisals that the appraisals comply with such
requirements.

 

		(f)	Vessel Mortgages and Other Deliverables. (i) In the case of any Collateral Vessels
owned on the Closing Date, within ninety (90) days (or such later date agreed to by the Collateral Agent in its sole reasonable
discretion) after the Closing Date and (ii) in the case of any Collateral Vessel acquired after the Closing Date (other than
any Collateral Vessel that is an Excluded Asset), within sixty (60) days (or such later date agreed to by the Collateral Agent
in its sole reasonable discretion) after the date of such acquisition, the Company shall, and shall cause each relevant Credit
Party to, (A) execute and deliver to the Collateral Agent, for the ratable benefit of the Secured Parties, and cause to be
filed for recording (or make arrangements satisfactory to the Collateral Agent for the filing for recording thereof) in the appropriate
vessel registry, Collateral Vessel Mortgages over such Collateral Vessels, (B) deliver certificates of ownership from appropriate
authorities showing (or confirmation updating previously reviewed certificates and indicating) the registered ownership of such
Collateral Vessel, (C) deliver the results of maritime registry searches with respect to such Collateral Vessels, indicating
no record Liens other than Liens permitted by Section 9.3 and (D) deliver a report, in form and scope reasonably
satisfactory to the Administrative Agent, from a firm of independent insurance brokers as is reasonably acceptable to the Administrative
Agent with respect to the insurance maintained by, or on behalf of, the Borrower in respect of such Collateral Vessels, together
with a certificate from such broker certifying the insurance maintained by the applicable Credit Party with respect to Collateral
Vessels.

 

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		(g)	Time for Taking Certain Actions. The Company agrees that if no deadline for taking any action
required by this Section 8.10 is specified herein, such action shall be completed as soon as possible, but in no event
later than thirty (30) days after such action is either requested to be taken by the Administrative Agent, the Collateral Agent
or the Majority Lenders or required to be taken by the company or any of its Subsidiaries pursuant to the terms of this Section 8.10.

 

 

		8.11	Compliance with Environmental
Laws

 

Except, in each case, to the extent that
the failure to do so could not reasonably be expected to have a Material Adverse Effect, comply, and cause all lessees and other
Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; obtain
and renew all Environmental Permits necessary for its operations and properties; and conduct any investigation, study, sampling
and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Materials of Environmental
Concern from any of its properties, in accordance with the requirements of all Environmental Laws; provided, however,
that neither the Company nor any of its Restricted Subsidiaries shall be required to undertake any such cleanup, removal, remedial
or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate
reserves are being maintained with respect to such circumstances in accordance with GAAP.

 

		8.12	Field Examinations

 

Upon
the Administrative Agent’s reasonable request and in the Administrative Agent’s Permitted Discretion, representatives
designated by the Administrative Agent shall conduct field examinations with respect to any Accounts or Inventory included in the
calculation of the Borrowing Base, at reasonable business times and upon reasonable prior notice to the Company; provided, that:

 

		(a)	If no Event of Default has occurred and is continuing, one such field examination will be conducted
during each 12 month period and will be at the Credit Parties’ expense, subject to Section 8.12(b) and Section 8.12(c).

 

		(b)	If Availability is less than the Specified Trigger at any time during such 12 month period referred
to in Section 8.12(a), then one additional field examination may be conducted at the expense of the Credit Parties
during such 12 month period.

 

		(c)	If no Event of Default has occurred and is continuing, the Administrative Agent may conduct, at
its own expense, in its Permitted Discretion one additional field examination during any 12-month period referred to in Section 8.12(a).

 

		(d)	The Credit Parties shall reasonably cooperate with the Administrative Agent and such designated
representatives in the conduct of such field examinations.

 

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		8.13	Further Assurances

 

Promptly upon request by the Administrative
Agent, or any Lender through the Administrative Agent, do, execute, acknowledge, deliver, record, re-record, file, re-file, register
and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent,
or any Lender through the Administrative Agent, may reasonably require from time to time in order to (A) carry out more effectively
the purposes of the Credit Documents, (B) to the fullest extent permitted by applicable law, subject any Credit Party’s
properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Collateral Documents,
(C) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens
intended to be created thereunder and (D) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively
unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any Credit
Document or under any other instrument executed in connection with any Credit Document to which any Credit Party is or is to be
a party, and if and to the extent necessary, cause each of its Subsidiaries to do so.

 

		8.14	Depositary Banks

 

At all times after the date that is one
hundred twenty (120) days after the Closing Date (or such later date as agreed to by the Administrative Agent in its sole reasonable
discretion), maintain one or more of the Lenders as its principal depository bank, including for the maintenance of operating,
administrative, cash management, collection activity and other deposit accounts for the conduct of its business.

 

		8.15	Anti-Corruption; Sanctions

 

Each Credit Party shall comply with and
cause its Subsidiaries to comply with, and maintain in effect and enforce, policies and procedures designed to ensure compliance
by each Credit Party, their Subsidiaries, and their respective directors, officers, employees and agents with Anti-Corruption Laws
and Sanctions. Each Credit Party will not use the proceeds of any Loan, and will not allow such proceeds to be used (to such Credit
Party’s knowledge after due care and inquiry) in any way that will violate any Anti-Corruption Laws or Sanctions.

 

		8.16	Accuracy of Information

 

The
Credit Parties will ensure that (a) all information (other than financial projections, budgets, estimates and other
forward-looking information (“Projections”) and information of a general economic or industry specific
nature) that has been or will be made available by or on behalf of the Parent, the Company or any of its Restricted Subsidiaries
to the Administrative Agent or any Lender in connection with this Agreement or any other Credit Document or any amendment or other
modification hereof or thereof, when taken as a whole, is or will be, when furnished, complete and correct in all material respects
and does not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements
are made and (b) the financial projections, budgets, estimates and other forward-looking information that have been or will
be made available by or on behalf of the Parent, the Company or any of its Restricted Subsidiaries to the Administrative Agent
or any Lender in connection with this Agreement or any other Credit Document or any amendment or other modification hereof or thereof
have been or will be prepared in good faith based upon assumptions believed by you to be reasonable at the time furnished to us
(it being recognized that such Projections are not to be viewed as facts and that actual results during the period or periods covered
by any such Projections may differ from the projected results, and such differences may be material).

 

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		8.17	[Reserved]

 

		8.18	Keepwell

 

Each Qualified ECP Guarantor hereby jointly
and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from
time to time by each other Credit Party to honor all of its obligations under any Credit Document in respect of a Swap Obligation
(provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 8.18 for
the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 8.18
or otherwise under any Credit Document voidable under applicable law relating to fraudulent conveyance or fraudulent transfer,
and not for any greater amount). Except as otherwise provided herein, the obligations of each Qualified ECP Guarantor under this
Section 8.18 shall remain in full force and effect until the termination of all Swap Obligations. Each Qualified ECP
Guarantor intends that this Section 8.18 constitute, and this Section 8.18 shall be deemed to constitute,
a “keepwell, support, or other agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of
the Commodity Exchange Act.

 

		8.19	Designation of Unrestricted
Subsidiaries

 

Any
Person that becomes a Subsidiary of the Company or any Restricted Subsidiary shall be a Restricted Subsidiary unless such
Person (x) is designated as an Unrestricted Subsidiary on Schedule 6.11, as of the date hereof, (y) is designated
as an Unrestricted Subsidiary after the date hereof in compliance with this Section 8.19, or (z) is a subsidiary
of an Unrestricted Subsidiary. The Company may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary or
any Unrestricted Subsidiary as a Restricted Subsidiary by delivering to the Administrative Agent a certificate of an Responsible
Office of the Company specifying such designation and certifying that the conditions to such designation set forth in this Section 8.19
are satisfied; provided that:

 

(a)            both
immediately before and immediately after any such designation, (i) no Default or Event of Default shall have occurred and
be continuing and (ii) the Aggregate Revolving Credit Extensions of Credit shall not exceed the Line Cap;

 

(b)            in
the case of a designation of a Restricted Subsidiary as an Unrestricted Subsidiary, (i) each subsidiary of such Restricted
Subsidiary has been, or concurrently therewith will be, designated as an Unrestricted Subsidiary in accordance with this Section 8.19,
(ii) such Person is not a party to any agreement, contract, arrangement or understanding with the Parent, the Company or any
Restricted Subsidiary unless the terms of such agreement, contract, arrangement or understanding are permitted by Section 9.10,
(iii) such designation is deemed to be an Investment in an Unrestricted Subsidiary in an amount equal to the fair market value
as of the date of such designation of the Company’s direct and indirect ownership interest in such Subsidiary and such Investment
would be permitted to be made under Section 9.7; and

 

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(c)            in
the case of a designation of an Unrestricted Subsidiary as a Restricted Subsidiary, (i) each holder of the outstanding Equity
Interests of such Unrestricted Subsidiary is a Restricted Subsidiary or has been, or concurrently therewith will be, designated
as a Restricted Subsidiary in accordance with this Section 8.19, (ii) the representations and warranties of the
Parent, the Company and the other Credit Parties contained in each of the Credit Documents are true and correct in all material
respects on and as of such date as if made on and as of the date of such redesignation except to the extent (A) any such
representations and warranties are expressly limited to an earlier date, in which case, on and as of the date of such redesignation,
such representations and warranties shall be true and correct in all material respects as of such specified earlier date and (B) to
the extent that any such representation and warranty is expressly qualified by materiality or by reference to Material Adverse
Effect, such representation and warranty (as so qualified) shall be true and correct in all respects on and as of the date of
such redesignation, (iii) the Company complies with the requirements of Section 5.25(a), Section 8.10 and
Section 9.17. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence
at the time of designation of any Indebtedness or Liens of such Restricted Subsidiary existing at such time.

 

		8.20	Post-Closing Covenants

 

The
Parent and the Company will, and will cause each other Credit Party to, satisfy, to the extent not satisfied as of the Closing
Date, the requirements set forth in Section 5.25(a), Section 7.1(a)(vii)(E) and Section 7.1(e) within
the time period set forth in the applicable subsection.

 

		9.	Negative Covenants

 

The Parent and the Company each hereby
agrees that it shall not, and shall not permit any of the Restricted Subsidiaries of the Parent, directly or indirectly so long
as the Commitments remain in effect or any Loan or Revolving L/C Obligation remains outstanding and unpaid, any amount remains
available to be drawn under any Letter of Credit or any other amount (other than any Unmatured Surviving Obligations) is owing
to any Lender, any Agent or the Issuing Lenders hereunder (it being understood that each of the permitted exceptions to each covenant
in this Article 9 is in addition to, and not overlapping with, any other of such permitted exceptions in such covenant except
to the extent expressly provided):

 

		9.1	Financial Covenant

 

Upon
the occurrence and during the continuance of a Cash Dominion Event, the Company shall not permit the Fixed Charge Coverage Ratio
to be less than 1.00:1.00, tested at any time based on the financial statements for the most recently ended fiscal quarter for
which financial statements were required to be delivered pursuant to Section 8.1 and Section 8.2.

 

		9.2	Indebtedness

 

Create,
incur, assume or suffer to exist any Indebtedness or Contingent Obligation, except:

 

		(a)	the Finance Obligations, including any Indebtedness of the Parent, the Company or any Restricted
Subsidiary in connection with the Letters of Credit and this Agreement;

 

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		(b)	Indebtedness of (i) a Credit Party
owing to any Restricted Subsidiary; provided that all such Indebtedness shall be subordinated to the Finance Obligations
on terms and conditions satisfactory to the Administrative Agent, and (ii) any Restricted Subsidiary owing to a Credit Party
or any other Restricted Subsidiary to the extent the Indebtedness referred to in this clause (b) evidences a loan or
advance permitted under Section 9.7;

 

		(c)	Indebtedness arising under any Swap Contract permitted by Section 9.11;

 

		(d)	Indebtedness consisting of reimbursement
obligations under surety, indemnity, performance, release and appeal bonds and guarantees thereof and letters of credit
required in the ordinary course of business or in connection with the enforcement of rights or claims of a Credit Party or its
Restricted Subsidiaries;

 

		(e)	(i) Indebtedness of the Company or any of its Restricted Subsidiaries incurred to finance
the acquisition, repair, replacement, construction or improvement of any fixed or capital assets, including capital lease obligations,
and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior
to the acquisition thereof; provided that (A) such Indebtedness is incurred prior to or within ninety (90) days after
such acquisition, repair, replacement, construction or improvement, (B) the aggregate principal amount of Indebtedness permitted
by this clause (e) shall not at any one time exceed $50,000,000 and (ii) any Permitted Refinancing Indebtedness
in respect thereof;

 

		(f)	[reserved];

 

 (g)

 

(i)           Indebtedness
in respect of the Unsecured 2023 Notes outstanding on the Closing Date in an aggregate principal amount at any time outstanding
not to exceed $555,251,000 and any Permitted Refinancing Indebtedness in respect thereof;

 

(ii)          Indebtedness
in respect of the Unsecured 2025 Notes outstanding on the Closing Date in an aggregate principal amount at any time outstanding
not to exceed $380,020,000 and any Permitted Refinancing Indebtedness in respect thereof;

 

(iii)          Indebtedness
in respect of the Unsecured 2026 Notes outstanding on the Closing Date in an aggregate principal amount at any time outstanding
not to exceed $386,323,000 and any Permitted Refinancing Indebtedness in respect thereof; and

 

(iv)          Indebtedness
in respect of the Secured 2026 Notes in an aggregate principal amount at any time outstanding not to exceed $2,100,000,000 and
any Permitted Refinancing Indebtedness in respect thereof;

 

		(h)	Indebtedness of the Parent, the Company or any of its Restricted Subsidiaries existing on the Closing
Date and listed on Schedule 9.2(h) hereto and any Permitted Refinancing Indebtedness in respect thereof;

 

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		(i)	(A) unsecured Indebtedness of the
Parent, the Company or any Restricted Subsidiary: (i) the principal of which is not required to be repaid, in whole
or in part, before the date that is the 91st day following the Revolving Credit Termination Date, (ii) that is subordinated
in right of payment to the Obligations under the Credit Documents pursuant to payment and subordination provisions satisfactory
in form and substance to the Administrative Agent, (iii) the covenants and default and remedy provisions applicable to such
Indebtedness shall be, taken as a whole, not materially less favorable to the Credit Parties than then current market terms for
the applicable type of Indebtedness or otherwise reasonably satisfactory in form and substance to the Administrative Agent, and
(iv) the Payment Conditions are satisfied and (B) any Permitted Refinancing Indebtedness in respect thereof;

 

		(j)	(A) Indebtedness of any Person that becomes a Restricted Subsidiary after the date hereof
pursuant to a Permitted Acquisition and Indebtedness of any Person secured by assets acquired in a Permitted Acquisition, provided,
that (i) such Indebtedness exists at the time such Person becomes Restricted Subsidiary or such assets are acquired and is
not created in contemplation of or in connection with such Person becoming a Subsidiary or such assets being acquired and (ii) that
aggregate principal amount of Indebtedness permitted by this clause (j) shall not at any one time exceed $50,000,000
and (B) any Permitted Refinancing Indebtedness in respect thereof;

 

		(k)	the following Contingent Obligations:

 

		(i)	guarantees of obligations to third parties made in the ordinary course of business in connection
with relocation of employees of the Parent, the Company or any of its Restricted Subsidiaries;

 

		(ii)	guarantees by the Parent, the Company and its Restricted Subsidiaries of obligations incurred in
the ordinary course of business for an aggregate amount not to exceed $10,000,000 at any time; provided, however,
that any such Contingent Obligation in the form of a guarantee granted by a Restricted Subsidiary shall only be given in accordance
with Section 9.15;

 

		(iii)	Contingent Obligations existing on the Closing Date and described in Schedule 9.2(k) including
any extensions or renewals thereof;

 

		(iv)	Contingent Obligations in respect of Swap Contracts;

 

		(v)	Contingent Obligations pursuant to the Credit Documents;

 

		(vi)	guarantees by (A) a Credit Party of Indebtedness of its Restricted Subsidiaries permitted
under Section 9.2(i) and (B) a Credit Party or any Restricted Subsidiary of other obligations of Restricted
Subsidiaries not prohibited hereunder; and

 

		(vii)	guarantees by any Restricted Subsidiary of Indebtedness and other obligations of a Credit Party;
provided that the Indebtedness or obligations so guaranteed is permitted pursuant to this Section 9.2; and provided
further that any such guarantees shall only be given in accordance with Section 9.15.

 

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		(l)	Indebtedness consisting of bona fide purchase
price adjustments, indemnification obligations, obligations under deferred compensation or similar arrangements and items incurred
in connection with asset sales and acquisitions permitted under Section 9.6 or Section 9.7;

 

		(m)	Indebtedness in respect of letters of credit (including trade letters of credit), bank guarantees
or similar instruments issued or incurred in the ordinary course of business, including in respect of card obligations or any overdraft
and related liabilities arising from treasury, depository and cash management services or any automated clearing house transfers,
workers compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance
or other Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims;

 

		(n)	Indebtedness in respect of judgments and decrees that do not constitute an Event of Default;

 

		(o)	Indebtedness consisting of obligations
to make payments to current or former officers, directors and employees, their respective estates, spouses or former spouses with
respect to the cancellation, or to finance the purchase or redemption, of Equity Interests of the Company to the extent
permitted by Section 9.9;

 

		(p)	Indebtedness consisting of (i) the financing of insurance premiums with the providers of such
insurance or their affiliates or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary
course of business; and

 

		(q)	any other Indebtedness in an aggregate principal amount outstanding of which shall not exceed at
any time outstanding $25,000,000.

 

		9.3	Limitation on Liens

 

Create, incur, assume or suffer to exist
any Lien upon any of its property, assets, income or profits, whether now owned or hereafter acquired, or assign any accounts or
other right to receive income, except:

 

		(a)	Liens for Taxes, assessments or
other governmental charges not yet due and payable or which are being contested in good faith and by appropriate proceedings if
adequate reserves with respect thereto are maintained on the books of the Company or such Restricted Subsidiary, as the case may
be, in accordance with GAAP;

 

		(b)	carriers’, warehousemen’s,
mechanics’, landlords’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of
business in respect of obligations which do not, individually or in the aggregate, materially impair the use of any of the assets
or properties of the Company or any Restricted Subsidiary or which are not overdue by more than thirty (30) days or which
are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the
books of the Company or such Restricted Subsidiary, as the case may be, in accordance with GAAP;

 

		(c)	pledges or deposits in connection with workmen’s compensation, unemployment insurance and
other social security legislation made in the ordinary course of business;

 

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		(d)	easements, right-of-way, zoning and similar
restrictions and other similar encumbrances or title defects incurred, or leases or subleases or licenses granted to others, in
the ordinary course of business, which, in the aggregate, are not substantial in amount, and which do not in any case materially
detract from the value of the property subject thereto or do not interfere with or adversely affect in any material respect the
ordinary conduct of the business of the Company and its Restricted Subsidiaries taken as a whole;

 

		(e)	Liens in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to the Credit
Documents (including those securing the Finance Obligations) and bankers’ liens arising by operation of law;

 

		(f)	Liens on assets of entities or Persons
which become Restricted Subsidiaries of the Company after the date hereof and any renewals thereof to the extent extending only
to the assets of such Person that secured the initial Lien; provided that such Liens exist at the time such entities or
Persons become Restricted Subsidiaries and are not created in anticipation thereof;

 

		(g)	Liens on documents of title and the property covered thereby securing Indebtedness in respect of
the Letters of Credit;

 

		(h)	Liens in existence on the Closing Date
and described in Schedule 9.3 and renewals thereof in amounts not to exceed the amounts listed on such Schedule
9.3 and that do not spread to cover any additional property after the Closing Date;

 

		(i)	any leases or non-exclusive licenses of
any intellectual property or intangible assets or entering into any franchise agreement, in each case, in the ordinary course
of business;

 

		(j)	deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases,
licenses, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in
the ordinary course of business;

 

		(k)	Liens on fixed or capital assets acquired,
repaired, replaced, constructed or improved by the Parent, the Company or any Restricted Subsidiary; provided that (i) such
security interests secure only Indebtedness permitted by Section 9.2(e), (ii) except in the case of Permitted
Refinancing Indebtedness permitted under Section 9.2(e), such security interests and the Indebtedness secured
thereby are incurred prior to or within one hundred eighty (180) days after such acquisition, repair, replacement, construction
or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of such acquisition, repair, replacement,
construction or improvement plus the amount of any fees or expenses payable in connection therewith, and (iv) such security
interests shall not, except as otherwise permitted by this Section 9.3, apply to any other property of the Company
or any Restricted Subsidiary (except for the net proceeds of an Asset Sale of, or insurance proceeds of a casualty event with respect
to, the fixed or capital assets so acquired, repaired, replaced, constructed or improved);

 

		(l)	Liens in respect of judgments and
decrees that do not constitute an Event of Default under Section 10.1(h);

 

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		(m)	Liens arising from precautionary UCC filings, PPSA filings or similar filings relating to (x) Operating
Leases and (y) sub-leasing and/or chartering arrangements relating to aircrafts;

 

		(n)	Liens in favor of customs and revenue authorities arising as a matter of law to secure payment
of customs duties in connection with the importation of goods;

 

		(o)	Liens on insurance proceeds securing
the payment of financed insurance premiums (provided that such Liens extend only to such insurance proceeds and not to any
other property or assets);

 

		(p)	Liens to secure Indebtedness permitted under Section 9.2(g)(iv), provided that
(i) to the extent such Indebtedness is secured by Liens on the ABL Priority Collateral, such Liens shall be on a second lien
basis to the Liens securing the Obligations and shall be subject to the Intercreditor Agreement, and (ii) to the extent such
Indebtedness is secured by Liens on the Notes Priority Collateral, the Obligations shall be secured on a second lien basis by the
Notes Priority Collateral in accordance with the Intercreditor Agreement;

 

		(q)	Liens arising out of Sale and Leaseback Transactions permitted by Section 9.16;

 

		(r)	Liens securing any Permitted Refinancing
Indebtedness in respect of clause (i), (ii) or (iii) of Section 9.2(g); provided,
that (i) the aggregate amount of Indebtedness secured hereby shall not exceed (A) the greater of (I) $2,450,000,000
and (II) 40% of the total consolidated assets of the Parent and its Restricted Subsidiaries (determined on a consolidated
basis in accordance with GAAP (and excluding all intercompany items) as of the date of the most recent financial statements delivered
in accordance with Section 8.1(a) or 8.1(b) of this Agreement) minus (B) the aggregate
amount of Indebtedness secured pursuant to Section 9.3(p) at any one time outstanding, (ii) any Lien securing
such Permitted Refinancing Indebtedness is a Pari Passu Second Lien or is junior to the Liens securing the Obligations, (iii) the
Fixed Charge Coverage Ratio, on a pro forma basis giving effect to the incurrence of such Permitted Refinancing Indebtedness, is
at least 1.1 to 1.0 and (iv) such Lien is subject to (A) the Intercreditor Agreement or (B) the Administrative Agent
shall have entered into customary intercreditor arrangements and executed an intercreditor agreement in a form and substance reasonably
satisfactory to the Administrative Agent (and, to the extent such Refinanced Indebtedness was secured and subject to an intercreditor
arrangement in favor of the Secured Parties, on terms that are at least as favorable to the Secured Parties as those contained
in the documentation governing the Refinanced Indebtedness, taken as a whole) with the agent or other representatives of the holders
of such Permitted Refinancing Indebtedness;

 

		(s)	rights of setoff relating to purchase
orders and other agreements entered into with customers of the Company or any Restricted Subsidiary in the ordinary course
of business;

 

		(t)	Liens on equipment owned by the Company
or any Restricted Subsidiary and located on the premises of any supplier and used in the ordinary course of business and not securing
Indebtedness;

 

		(u)	First Purchaser Liens;

 

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		(v)	Liens on any Commodity Account or Securities Account (including any cash and Cash Equivalents held
therein) to secure the obligations of any Credit Party under exchange based Swap Contracts and any Liens on any rights of a Credit
Party in respect of such Swap Contracts (including the proceeds thereof); provided that each such Commodity Account and
Securities Account is subject to a Control Agreement;

 

		(w)	Liens in favor of the Credit Parties;

 

		(x)	Ground leases in respect of real property on which facilities owned or leases by the Parent or
any of its Restricted Subsidiaries are located and other Liens affecting the interest of any landlord (and any underlying landlord)
of any real property leased by the Parent or any Restricted Subsidiary;

 

		(y)	rights in favor of depository and securities intermediaries (including rights of setoff) to secure
obligations owed in respect of card obligations or any overdraft and related liabilities arising from treasury, depository and
cash management services or any automated clearing house transfers of funds and fees and similar amounts related to Deposit Accounts
or Securities Accounts (including Liens securing letters of credit, bank guarantees or similar instruments supporting any of the
foregoing); provided that no such rights may be outstanding after the date that is one hundred twenty (120) days after the
Closing Date (or such later date as is agreed to by the Administrative Agent in its sole discretion);

 

		(z)	Liens on property or assets used to defease or to satisfy and discharge Indebtedness; provided
that such defeasance or satisfaction and discharge is permitted by this Agreement; and

 

		(aa)	Liens incurred in the ordinary course of business of NGL Energy or any Restricted Subsidiary with
respect to obligations at any one time outstanding not to exceed $25,000,000.

 

None
of the Liens permitted pursuant to this Section 9.3 may at any time attach to any Credit Party’s (1) Accounts,
other than those permitted under clauses (a), (e), (f), (n) and (p) above or created
pursuant to any Credit Document and (2) Inventory, other than those permitted under clauses (a), (b), (e),
(f), (n), (p) and (u) above or created pursuant to any Credit Document. None of the Liens
permitted pursuant to this Section 9.3, other than those permitted under clauses (a), (b), (c), (d), (e), (h), (p) or
(x) may attach to any Material Real Property of the Parent or its Restricted Subsidiaries until the requirements of Section 8.10(d)(i)(A) and
Section 8.10(d)(ii)(A) are satisfied.

 

		9.4	Use of Proceeds

 

		(a)	The Company will not request any Loans or Letter of Credit, and the Company shall not use, and
shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds
of any Loan or Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or
giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of
funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned
Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 

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		(b)	The proceeds of the Loans and the Letters of Credit will be used solely for financing the working
capital or general corporate purposes of the Company or any of its Subsidiaries (including making payments to an Issuing Lender
to reimburse the Issuing Lender for drawings made under the Letters of Credit). No part of the proceeds of any Loan and no Letter
of Credit will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the
Board, including Regulations T, U and X.

 

		9.5	Prohibition on Fundamental
Changes

 

Enter
into any merger or consolidation or amalgamation with, any other Person (including any Subsidiary or Affiliate of the Parent,
the Company or any of its Subsidiaries), or transfer all or substantially all of its assets to any Subsidiary, or liquidate, wind
up or dissolve itself (or suffer any liquidation or dissolution), or engage in any type of business other than of the same general
type now conducted by it (or business that is ancillary or related thereto), or with respect to the Parent and the Company, reorganize
in any foreign jurisdiction, except for:

 

		(a)	any merger or amalgamation of any Subsidiary
into or with (i) the Parent or the Company provided the Parent or the Company, as applicable, is the surviving
entity or (ii)(A) any Domestic Subsidiary or (B) in the case of a Foreign Subsidiary, into or with any other Foreign
Subsidiary; provided, in each case, that if one of the parties of such merger or amalgamation is a Guarantor then, the surviving
entity shall be or become a Guarantor;

 

		(b)	any merger, amalgamation or consolidation or amalgamation permitted under Section 9.7
and any transfer or disposition permitted under Section 9.6; and

 

		(c)	liquidation, winding up or dissolution
of any Subsidiary, provided that (i) all assets of any such Subsidiary are transferred to the Parent, the Company
or to a Wholly-Owned Domestic Subsidiary (or in the case of the liquidation, winding up or dissolution of a non-Wholly Owned Subsidiary,
to the equity holders of such Subsidiary on a ratable basis (or a more than ratable basis if transferred to the Parent or a Wholly-Owned
Subsidiary)) and (ii) if such Subsidiary is a Guarantor, all assets of such Subsidiary are transferred to a Credit Party.

 

		9.6	Prohibition on Sale
of Assets

 

Convey, sell, lease, assign, transfer or
otherwise dispose of any of its property, business or assets (including, without limitation, tax benefits, receivables and Leasehold
interests), whether now owned or hereafter acquired except:

 

		(a)	for the sale or other disposition
of any tangible personal property that, in the reasonable judgment of the Company, has become uneconomic, obsolete or worn out,
and which is disposed of in the ordinary course of business;

 

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		(b)	for sales or other dispositions of inventory
made in the ordinary course of business and dispositions, assignments or abandonment of intellectual property in the ordinary
course of business;

 

		(c)	that any Restricted Subsidiary may sell,
lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to Parent or
the Company;

 

		(d)	that (i) any Foreign Subsidiary of
the Company may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or by
merger, amalgamation, consolidation, transfer of assets, or otherwise) to the Parent, the Company or a Wholly-Owned Subsidiary
of the Company, (ii) any Subsidiary of the Company which is not a Credit Party may sell or otherwise dispose of, or part control
of any or all of, the capital stock of, or other equity interests in, any Subsidiary of the Company to a Wholly-Owned Subsidiary
of the Company, and (iii) any Subsidiary of the Company which is not a Credit Party may sell or otherwise dispose of, or part
control of any or all of, the capital stock of, or other equity interests in, any Subsidiary of the Company to a Wholly-Owned Subsidiary
of the Company which is a Credit Party; provided that in any case such transfer shall not cause a Domestic Subsidiary to
become a Foreign Subsidiary;

 

		(e)	sales other dispositions of assets
that are not otherwise permitted by any other paragraph of this Section made for fair market value; provided that (i) in
the case of any sale or disposition of ABL Priority Collateral, the Parent, the Company or its Restricted Subsidiaries shall receive
not less than 100% of such consideration in the form of cash or Cash Equivalents, (ii) in the case of any sale or disposition
of assets that are not ABL Priority Collateral, with respect to any such sale, transfer or disposition for a purchase price in
excess of $20,000,000, the Parent, the Company or its Restricted Subsidiary shall receive not less than 75% of such consideration
in the form of cash or Cash Equivalents; provided that, for purposes of determining what constitutes cash under this clause
(ii), (A) any liabilities (as shown on the Parent’s most recent balance sheet provided hereunder or in the footnotes
thereto) of the Parent, other than liabilities that are by their terms subordinated to the payment in cash of the Obligations,
that are assumed by the transferee with respect to the applicable sale, transfer or disposition and for which the Parent, the Company
and all of its Restricted Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any securities
received by the Parent, the Company or such Restricted Subsidiary from such transferee that are converted by the Parent, the Company
or such Restricted Subsidiary into cash (to the extent of the cash received) within 90 days following the closing of the applicable
sale, transfer or disposition and (C) during the term of this Agreement, up to $20,000,000 of consideration that is not in
the form of cash and Cash Equivalents may nevertheless be treated as such so long as the Company has given the Administrative Agent
written notice thereof, (iii) after giving effect to any such sale, transfer or disposition, no Default or Event of Default
shall have occurred and be continuing, and (iv) to the extent applicable, the net cash proceeds thereof are used to prepay
the Revolving Credit Loans as required by Section 5.6(a);

 

		(f)	dispositions and transfers of property subject to a casualty event or otherwise to comply with
a Governmental Authority, including by eminent domain;

 

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		(g)	any leases or licenses of property
in the ordinary course of business;

 

		(h)	any leases or non-exclusive licenses
of any intellectual property or intangible assets or entering into any franchise agreement, in each case, in the ordinary course
of business;

 

		(i)	the sale or other disposition of Cash Equivalents for cash at the fair market value thereof;

 

		(j)	the termination, unwinding or other disposition of Swap Contracts in the ordinary course of business;

 

		(k)	the issuance, sale or other disposition of Equity Interests of an Unrestricted Subsidiary;

 

		(l)	Dispositions of accounts receivable in connection with the collection or compromise thereof in
the ordinary course of business; and

 

		(m)	any disposition, transfer, sale
or assignment permitted under Section 9.5 (other than any described in clause (b) of Section 9.5),
any Investment permitted under Section 9.7, Restricted Payment permitted under Section 9.9 and any payment
made pursuant to Section 9.12(a).

 

		9.7	Limitation on Investments,
Loans and Advances

 

Make any advance, loan, extension of credit
(including Contingent Obligations in the form of guarantees) or capital contribution to, or purchase any stock, bonds, notes, debentures
or other securities or any assets constituting a business unit of, any other Person (each an “Investment”
and, collectively, “Investments”) in, any Person, except (subject to the final sentence of this Section 9.7)
the following:

 

		(a)	(i) Investments by the Parent, the Company and the Restricted Subsidiaries in the Parent,
the Company or any other Restricted Subsidiary and (ii) Investments by Credit Parties in Unrestricted Subsidiaries and joint
ventures; provided that, in each case (x) any Investment constituting such Equity Interests held by a Credit Party
shall be pledged pursuant to, and to the extent required by, the Pledge and Security Agreement and (y) the aggregate amount
of Investments made after the Closing Date (including pursuant to Section 9.7(i)) in Restricted Subsidiaries that are
not Wholly-Owned Domestic Subsidiaries, Unrestricted Subsidiaries and in joint ventures shall not exceed the lesser of (A) 5.0%
of Consolidated Total Assets (determined at the time of making such Investment based on the financial statements most recently
delivered under Section 8.1(a) or (b)) and (B) 5.0% of Consolidated EBITDA (determined at the time of making such
Investment based on the financial statements most recently delivered under Section 8.1(a) or (b)) (provided that
the aggregate amounts set forth in this sub-clause (y) shall be calculated net of any returns, profits, distributions
and similar amounts received by any Credit Party (which, in each case, shall not exceed the amount of such Investment (valued at
cost) at the time such Investment was made)); provided, further, that in the case of sub-clause (ii), before
and after giving effect to such Investment no Event of Default shall have occurred and be continuing;

 

		(b)	the Parent, the Company or any Restricted Subsidiary may invest in, acquire and hold cash and Cash
Equivalents;

 

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		(c)	the Parent, the Company or any of its Restricted Subsidiaries may make travel and entertainment
advances and relocation loans in the ordinary course of business to officers, employees and agents of the Company or any such Restricted
Subsidiary, in an aggregate outstanding amount not exceeding $500,000 at any time for all such advances and relocation loans;

 

		(d)	(i) the Parent, the Company or any of its Restricted Subsidiaries may make payroll advances
in the ordinary course of business; (ii) Investments in Swap Contracts permitted under Section 9.11; (iii) Investments
in the ordinary course of business in prepaid expenses, negotiable instruments held for collection and lease, utility and worker’s
compensation, performance and other similar deposits provided to third parties; (iv) Investments in the ordinary course of
business consisting of endorsements for collection or deposit; (v) Investments in the ordinary course of business consisting
of the non-exclusive licensing or contribution of intellectual property pursuant to development, marketing or manufacturing agreements
or arrangements or similar agreements or arrangements with other Persons to the extent the same do not interfere in any material
respect with the business of the Company or any Restricted Subsidiary; (vi) Investments to the extent that payment for such
Investments is made solely with Equity Interests of the Parent (other than Disqualified Stock); (vii) lease, utility and other
similar deposits in the ordinary course of business; and (viii) equity Investment by any Credit Party in any Restricted Subsidiary
of such Credit Party which is required by law to maintain a minimum net capital requirement or as may be otherwise required by
applicable law;

 

		(e)	the Parent, the Company or any of its
Restricted Subsidiaries may acquire and hold receivables owing to it, if created or acquired in the ordinary course of business
and payable or dischargeable in accordance with customary trade terms (provided that nothing in this clause (e) shall
prevent the Parent, the Company or any Restricted Subsidiary from offering such concessionary trade terms, or from receiving
such Investments in connection with the bankruptcy or reorganization of their respective suppliers or customers or the settlement
of disputes with such customers or suppliers arising in the ordinary course of business, as management deems reasonable in the
circumstances);

 

		(f)	(i) the Parent, the Company and its Restricted Subsidiaries may hold Investments received
as considerations in connection with asset sales permitted by Section 9.6; and (ii) dispositions and other transfers
pursuant to Section 9.5 or Section 9.6 and Restricted Payments pursuant to Section 9.9 and
purchases, defeasance or prepayment of Restricted Debt pursuant to Section 9.12(b), in each case, to the extent such
transactions constitute Investments;

 

		(g)	Investments, loans and advances of the Company or any Restricted Subsidiary existing on the Closing
Date and described on Schedule 9.7 hereto;

 

		(h)	Investments received in connection with
the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in
each case in the ordinary course of business; and

 

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		(i)	additional Investments (including Permitted
Acquisitions and Investments in Permitted Joint Ventures), provided that, the Investment Conditions shall be satisfied
(and subject to the proviso in Section 9.7(a)).

 

If any Person shall be acquired by virtue
of an Investment permitted by this Section 9.7, then, the Company shall comply with and shall cause such Person to
comply with the requirements set forth in Section 8.10.

 

		9.8	Amendments to Documents

 

No Credit Party will, nor will they permit
any of their respective Restricted Subsidiaries to, amend, modify or waive any of its rights under its certificate of incorporation,
bylaws or other organizational documents, in each case if the effect of such amendment, modification or waiver would be materially
adverse to the Lenders.

 

		9.9	Restricted Payments

 

No Credit Party will declare or pay any
dividends on any shares of any class of stock, or make any payment on account of, or set apart assets for a sinking or other analogous
fund for, the purchase, redemption, retirement or other acquisition of its Equity Interests, whether now or hereafter outstanding,
or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property of the Company or
any of its Restricted Subsidiaries, or pay any management fee to any Affiliate, or redeem, repurchase or otherwise acquire any
of its Equity Interests at any time outstanding (collectively, “Restricted Payments”), except that:

 

		(a)	the Parent, the Company and its Restricted
Subsidiaries may pay or make dividends or distributions to any holder of its capital stock in the form of additional Equity Interests
of the same class and type;

 

		(b)	any Restricted Subsidiary of the Parent may make Restricted Payments to the holders of its Equity
Interests ratably with respect to such Equity Interests;

 

		(c)	the Parent may pay or make dividends
or distributions to any equity holder of the Parent used to pay foreign, federal, state, provincial, territorial or local income
taxes of such equity holder, to the extent such income taxes are attributable to the income of Parent (other than income attributable
to its Unrestricted Subsidiaries) and, with respect to income attributable to its Unrestricted Subsidiaries, to the extent of the
amount actually received from its Unrestricted Subsidiaries, in amounts required to pay such taxes attributable to the income of
such Unrestricted Subsidiaries; provided that the aggregate amount of payments by the Parent pursuant to this Section 9.9(c) in
any fiscal year does not exceed the amount of taxes that the Parent would be required to pay in respect of such income (to the
extent described above with respect to income attributable to Unrestricted Subsidiaries) for such fiscal year were the Parent to
pay such taxes as a corporation for income tax purposes;

 

		(d)	the Parent may make Restricted Payments, provided that the Payment Conditions shall be satisfied;

 

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		(e)	the Parent may make Restricted Payments
made in lieu of the issuance of fractional shares or units in connection with the exercise of warrants, options or other securities
convertible or exchangeable for Equity Interests or in connection with the payment of a dividend or distribution to the holders
of Equity Interests of the Parent in the form of Equity Interests (other than Disqualified Stock) of Parent;

 

		(f)	the Parent may make Restricted Payments that are in the form of the cashless purchase, redemption
or other acquisition or retirement for value of Equity Interests deemed to occur upon the exercise of unit options, warrants, incentives,
rights to acquire Equity Interests or other convertible securities if such Equity Interests represent a portion of the exercise
or exchange price thereof, or any purchase, redemption or other acquisition or retirement for value of Equity Interests made in
lieu of withholding taxes in connection with any exercise or exchange of unit options, warrants, incentives or rights to acquire
Equity Interests;

 

		(g)	as long as no Default or Event of Default has occurred and is continuing or would be caused thereby,
the Parent may make Restricted Payments in the form of the purchase, redemption or other acquisition or retirement for value of
any Equity Interests of the Parent held by any of former directors or employees of the General Partner or the Parent; provided,
however, that the aggregate price paid for all such purchased, redeemed, acquired or retired Equity Interests may not exceed
$5,000,000 in any fiscal year plus, to the extent not previously applied or included, (a) the cash proceeds received by the
Parent or any of its Restricted Subsidiaries from sales of Equity Interests of the Parent to employees or directors of the General
Partner or the Parent that occur after the Closing Date (to the extent the cash proceeds from the sale of such Equity Interests
have not otherwise been applied to the payment of Restricted Payments by virtue of or provisions of this Section 9.9)
and (b) the cash proceeds of key man life insurance policies received by the Parent or any of its Restricted Subsidiaries
after the Closing Date (to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied
to the payment of Restricted Payments by virtue of or provisions of this Section 9.9);

 

		(h)	payments to the General Partner constituting reimbursements for expenses in accordance with Sections
7.4(b) and (c) of the Seventh Amendment and Restated Agreement of Limited Partnership of the Parent as in effect on the
Closing Date and as it may be amended or replaced thereafter, provided that any such amendment or replacement is made in
accordance with Section 9.8 and does not result in such agreement being materially less favorable to the Parent in
any respect; and

 

		(i)	the payment of dividends to holders of preferred securities of the Parent, which dividends were
declared prior to the Closing Date and do not exceed $20,000,000 in the aggregate.

 

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		9.10	Transaction with Affiliates

 

Enter
into after the date hereof any transaction, including, without limitation, any purchase, sale, lease or exchange of property or
the rendering of any service, with any Affiliate except (a) for transactions which are otherwise permitted under this Agreement
and which are in the ordinary course of the Parent, the Company’s or a Restricted Subsidiary’s business and which are
upon fair and reasonable terms no less favorable to the Parent, the Company or such Restricted Subsidiary than it would obtain
in a hypothetical comparable arm’s length transaction with a Person not an Affiliate, (b) any Permitted Affiliate Transaction,
(c) transactions among the Parent and its Restricted Subsidiaries not prohibited under this Agreement; and (d) as set
forth on Schedule 9.10; provided that nothing in this Section 9.10 shall prohibit the Parent,
the Company or its Restricted Subsidiaries from engaging in the following transactions: (x) the performance of the Parent,
the Company’s or any Restricted Subsidiary’s obligations under any employment contract, collective bargaining agreement,
employee benefit plan, related trust agreement or any other similar arrangement heretofore or hereafter entered into in the ordinary
course of business, (y) the payment of compensation to and reimbursement of expenses of employees, officers, directors or
consultants in the ordinary course of business or (z) the maintenance of benefit programs or arrangements for employees, officers
or directors, including, without limitation, vacation plans, health and life insurance plans, deferred compensation plans, and
retirement or savings plans and similar plans, in each case, in the ordinary course of business.

 

		9.11	Swap Contracts

 

		(a)	No Credit Party will, nor will it permit any Restricted Subsidiary to, enter into any Swap Contract,
except (i) Swap Contracts entered into to hedge or mitigate risks to which the Parent, the Company or any Subsidiary has actual
exposure (other than those in respect of Equity Interests or Indebtedness restricted pursuant to Section 9.12 of the
Parent, the Company or any Restricted Subsidiary) and (ii) Swap Contracts entered into in order to effectively cap, collar
or exchange interest rates (from floating to fixed rates, from one floating rate to another floating rate or otherwise) with respect
to any interest-bearing liability or investment of the Parent, the Company or any Restricted Subsidiary.

 

		(b)	No Credit Party will, nor will it permit
any Restricted Subsidiary to, allow the Risk Management Policy to cease to be in full force and effect, and in accordance
therewith, cease to conduct its business in compliance with the Risk Management Policy, including ensuring that the Credit Parties’
Net Open Positions at no time shall exceed (i) 275,000 barrels or barrel equivalents of Crude Oil, (ii) 650,000 barrels
of Natural Gas Liquids and (iii) 75,000 barrels or barrel equivalents of Refined Petroleum Products and Renewable Products.

 

		9.12	Restricted Indebtedness

 

		(a)	No Credit Party will, nor will it permit
any Restricted Subsidiary to, optionally or voluntarily redeem, purchase, acquire, defease or otherwise satisfy prior to the scheduled
maturity thereof in any manner, or make any payment in violation of any subordination terms of, or segregate funds with
respect to, any Restricted Indebtedness (“Restricted Indebtedness Payments”) other than (i) Restricted
Indebtedness Payments made in respect of intercompany Restricted Indebtedness; provided that no such payment may be made
to a non-Credit Party unless the Payment Conditions shall be satisfied; (ii) Restricted Indebtedness Payments made by exchange
for, or out of the proceeds of the substantially concurrent incurrence of, Permitted Refinancing Indebtedness; (iii) Restricted
Indebtedness Payments made by exchange for Equity Interests of the Parent (other than Disqualified Stock); and (iv) Restricted
Indebtedness Payments, provided that the Payment Conditions shall be satisfied.

 

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		(b)	With respect to any financing documentation related to any Restricted Indebtedness that is permitted
under this Agreement (other than intercompany Restricted Indebtedness), the Parent and the Company shall not, nor shall it permit
any of its Restricted Subsidiaries to amend, modify or change such documentation in any manner materially adverse to the interests
of the Lenders, it being understood that an amendment shall be deemed to be materially adverse to the interests of the Lenders
if the effect of such amendment is (i) to cause such Restricted Indebtedness to mature prior to the date that is ninety-one
(91) days following the Scheduled Termination Date, or (ii) to cause such Restricted Indebtedness to provide for any scheduled
amortization or mandatory prepayments prior to the Scheduled Termination Date, other than customary asset sale or change of control
provisions.

 

		9.13	Fiscal Year

 

Permit the fiscal year of the Parent to
end on a day other than March 31, unless the Company shall have given at least forty-five (45) days prior written notice to
the Administrative Agent.

 

		9.14	Restrictive Agreements

 

Enter
into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the
ability of such Credit Party or any Restricted Subsidiary to create, incur or permit to exist any Lien upon any of its property
or assets, or (b) the ability of such Credit Party or Restricted Subsidiary to pay dividends or other distributions with respect
to any of its Equity Interests or to make or repay loans or advances to the Parent or any other Restricted Subsidiary or to guarantee
Indebtedness of the Parent or any other Restricted Subsidiary; provided that the foregoing shall not apply to: (i) restrictions
and conditions imposed by any Requirement of Law or by any Credit Document; (ii) restrictions and conditions existing on the
date hereof identified on Schedule 9.14 (but shall apply to any extension or renewal of, or any amendment or modification,
in each case, expanding the scope of, any such restriction or condition), (iii) customary restrictions and conditions contained
in agreements relating to the sale, sale-leaseback or similar disposition or transfer of a Restricted Subsidiary (or assets of
a Restricted Subsidiary) pending such sale, provided that such restrictions and conditions apply only to the Restricted
Subsidiary that is to be sold or transferred and such sale or transfer is permitted hereunder, (iv) restrictions or conditions
imposed by any agreement relating to (A) Secured 2026 Notes, the Unsecured 2023 Notes, the Unsecured 2025 Notes or the Unsecured
2026 Notes (or in each case, any Permitted Refinancing Indebtedness in respect thereof so long as any such agreement is not more
restrictive than the documents governing the Indebtedness being refinanced or if more restrictive, then no more restrictive than
the encumbrances and restrictions contained in this Agreement or any agreement relating to the Secured 2026 Notes or otherwise
on market terms applicable to any such Indebtedness as of the date of incurrence) and (B) agreements related to other Indebtedness
permitted by this Agreement to the extent that encumbrances or restrictions imposed by such other Indebtedness are not more restrictive
on a Credit Party or any of its applicable Restricted Subsidiaries than the encumbrances and restrictions contained in this Agreement
or any agreement relating to the Secured 2026 Notes, or on market terms applicable to any such Indebtedness as of the date of incurrence;
(v) assumed in connection with an acquisition of property or the Equity Interests of any Person, so long as agreement or arrangement
relates solely to the Person and its Subsidiaries (including the Equity Interests of such Person) and/or property so acquired and
was not created in connection with or in anticipation of such acquisition; and (vi) customary non-assignment provisions
in contracts or licenses, easements or leases, in each case, entered into in the ordinary course of business.

 

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		9.15	Limitation on Guarantees

 

The
Company will not permit any Restricted Subsidiary to, directly, or indirectly, incur or assume any guarantee of any Indebtedness
of any other entity, unless such Restricted Subsidiary is already a Credit Party or contemporaneously therewith, effective
provision is made to guarantee the Finance Obligations equally and ratably with (or on a senior secured basis to, if applicable)
such other Indebtedness for so long as such other Indebtedness is so guaranteed. Any guarantee required to be given under this
Section 9.15 shall be pursuant to the Guaranty or another similar agreement in form and substance satisfactory to the
Collateral Agent.

 

		9.16	Sale and Leaseback Transactions

 

No
Credit Party will, nor will any Credit Party permit any Restricted Subsidiary to, enter into any arrangement or arrangements,
with any Person providing for the leasing by any Credit Party or any Restricted Subsidiary of real or personal property that has
been or is to be sold or transferred by any Credit Party to such Person or to any other person to whom funds have been or are to
be advanced by such person on the security of such property or rental obligations of such Credit Party (a “Sale and
Leaseback Transaction”), except for any Sale and Leaseback Transaction which satisfies each of the following requirements:

 

		(a)	a Sale and Leaseback Transaction for the
sale or transfer of any fixed or capital assets which are made for cash consideration in an amount not less than the fair
value of such fixed or capital asset and which is consummated within one hundred eighty (180) days after such Credit Party acquires
or completes the construction of such fixed or capital asset; and

 

		(b)	a Sale and Leaseback Transaction which
does not cause the total aggregate liability under all Sale and Leaseback Transactions permitted under this Section 9.16
to exceed $50,000,000 at any time.

 

		9.17	Unrestricted Subsidiaries

 

The
Company will not and will not permit any of the Restricted Subsidiaries to, incur, assume, guarantee or be or become liable
for any Indebtedness of any of the Unrestricted Subsidiaries, and will not permit any Unrestricted Subsidiary to hold any Equity
Interest in, or any Indebtedness of, the Company or any of its Restricted Subsidiary.

 

		9.18	Activities of the Parent

 

The Parent will not (a) have any direct
Subsidiaries other than the Company, NGL Energy Finance Corp., NGL Energy GP LLC and NGL Energy Equipment LLC, (b) own any
Equity Interests other than the Equity Interests in the Company, NGL Energy Finance Corp., NGL Energy GP LLC and NGL Energy Equipment
LLC or (c) enter into any business or take any action that would cause the Parent to fail to qualify as a master limited partnership.

 

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		9.19	Layering

 

The Parent, the Company and any Restricted
Subsidiary will not, directly or indirectly, incur:

 

(a)            any
Indebtedness that is secured by a Lien (other than Capital Leases) if such Indebtedness is or purports to be by its terms (or by
the terms of any agreement governing such Indebtedness) (i) secured by Liens that, with respect to any ABL Priority Collateral,
are junior in priority to any Liens securing the Obligations (or any Indebtedness that is secured on a pari passu basis with the
Obligations) and senior in priority to the Liens securing the 2026 Secured Notes (or any Indebtedness that is secured on a pari
passu basis with the 2026 Secured Notes) or (ii) secured by Liens that, with respect to any Notes Priority Collateral, are
junior in priority to any Liens securing the 2026 Secured Notes (or any Indebtedness that is secured on a pari passu basis with
the 2026 Secured Notes) and senior in priority to Lien securing the Obligations (or any Indebtedness that is secured on a pari
passu basis with the Obligations); or

 

(b)            any
Indebtedness in an aggregate principal amount in excess of $25,000,000 that is subordinate in right of payment (including via any
 “first-out” collateral proceeds waterfall or similar structure) to (i) the Obligations (or any Indebtedness that
is secured on a pari passu basis with the Obligations) unless such Indebtedness is also subordinated in right of payment to the
obligations under the 2026 Secured Notes (or any Indebtedness that is secured on a pari passu basis with the 2026 Secured Notes)
or (ii) the 2026 Secured Notes (or any Indebtedness that is secured on a pari passu basis with the 2026 Secured Notes) unless
such Indebtedness is also subordinated in right of payment to the Obligations (or any Indebtedness that is secured on a pari passu
basis with the Obligations).

 

		9.20	Canadian Pension Plans

 

None of the Canadian Credit Parties shall,
without the consent of the Administrative Agent, maintain, administer, contribute or have any liability in respect of any Canadian
Defined Benefit Plan or acquire an interest in any Person if such Person sponsors, maintains, administers or contributes to, or
has any liability in respect of any Canadian Defined Benefit Plan.

 

		9.21	Independence of Covenants

 

All covenants contained herein shall be
given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that such
action or condition would be permitted by an exception to, or otherwise be within the limitations of, another covenant shall not
avoid the occurrence of a Default if such action is taken or condition exists.

 

		10.	Events of Default

 

		10.1	Events of Default

 

Upon the occurrence of any of the following
events:

 

		(a)	the Company shall fail (i) to pay any principal of any Loan when due in accordance with the
terms hereof (other than principal due pursuant to Section 5.6(e)) or to reimburse the Issuing Lender in accordance
with Section 2.6, (ii) to pay any principal of any Loan due pursuant to Section 5.6(e) within
one (1) Business Day after any such interest or other amount becomes due in accordance with the terms thereof or hereof, or
(iii) to pay any interest on any Loan or any fees or other amount payable hereunder within three (3) Business Days after
any such interest or other amount becomes due in accordance with the terms thereof or hereof; or

 

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		(b)	any representation or warranty made or deemed made by any Credit Party in any Credit Document or
which is contained in any certificate, guarantee, document or financial or other statement furnished under or in connection with
this Agreement shall prove to have been incorrect in any material respect on or as of the date made or deemed made; or

 

		(c)	the Company shall default in the observance or performance of any agreement contained in Sections
2.2, 5.25(a), 8.2(b), 8.2(f), 8.2(g), 8.4 (with respect to existence), 8.9, 8.10,
8.15, 8.20 or Article 9 of this Agreement or Sections 3.6 of the Pledge and Security Agreement, provided
that, with respect to any default in the observance or performance of any agreement contained in Sections 8.2(f) and
8.2(g), such default shall continue unremedied for a period of five (5) days (or, during the requirement to provide
Borrowing Base Certificates on a weekly basis, one (1) Business Day); or

 

		(d)	any Credit Party shall default in the observance or performance of any other term, covenant, or
agreement contained in any Credit Document, and such default shall continue unremedied for a period of thirty (30) days; or

 

		(e)	the Company or any of its Restricted Subsidiaries shall (i) default in any payment of principal
of or interest on any Indebtedness (other than the Loans, the Revolving L/C Obligations and any intercompany debt (which, if any
such intercompany debt consists of loans or advances to the Company or to one or more Guarantors, is subordinated to the Finance
Obligations on terms and conditions satisfactory to the Administrative Agent)) or in the payment of any Contingent Obligation or
in any payment obligation under any Sale and Leaseback Transaction (a “Sale and Leaseback Obligation”),
in each case, in excess of $50,000,000, beyond the period of grace, if any, provided in the instrument or agreement under which
such Indebtedness, Sale and Leaseback Obligation or Contingent Obligation was created; or (ii) default in the observance or
performance of any other agreement or condition relating to any such Indebtedness, Sale and Leaseback Obligation or Contingent
Obligation in excess of $50,000,000 or contained in any instrument or agreement evidencing, securing or relating thereto, or any
other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the
holder or holders of such Indebtedness or beneficiary or beneficiaries of such Sale and Leaseback Obligation or Contingent Obligation
(or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice
if required, such Indebtedness to become due prior to its stated maturity, any applicable grace period having expired, or such
Sale and Leaseback Obligation or Contingent Obligation to become payable, any applicable grace period having expired; or

 

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		(f)	(i) the Company or any of its Restricted Subsidiaries shall commence any case, proceeding
or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it
a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition
or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, interim receiver, monitor, trustee,
custodian or other similar official for it or for all or any substantial part of its assets, or the Company or any such Restricted
Subsidiary shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against the
Company or any such Restricted Subsidiary any case, proceeding or other action of a nature referred to in clause (i) above
which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed,
undischarged or unbonded for a period of sixty (60) days; or (iii) there shall be commenced against the Company or any such
Restricted Subsidiary any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or
similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which
shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) the
Company or any such Restricted Subsidiary shall take any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) the Company
or any such Restricted Subsidiary shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its
debts as they become due; or

 

		(g)	(i) any failure to meet the minimum funding standard (as defined in Section 302 of ERISA),
whether or not waived, shall exist with respect to any Single Employer Plan, (ii) a Reportable Event (other than a Reportable
Event with respect to which the 30-day notice requirement under Section 4043 of ERISA has been waived) shall occur with respect
to, or proceedings to have a trustee appointed shall commence with respect to, or a trustee shall be appointed to administer or
to terminate, any Single Employer Plan, which Reportable Event or institution of proceedings or appointment of a trustee is, in
the reasonable opinion of the Majority Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA,
and, in the case of a Reportable Event, such Reportable Event shall continue unremedied for ten (10) days after notice of
such Reportable Event pursuant to Section 4043(a), (c) or (d) of ERISA is given and, in the case of the institution
of proceedings, such proceedings shall continue for ten (10) days after commencement thereof, (iii) an ERISA Event shall
have occurred that, either alone or together with any other ERISA Event, results in liability of the Company or any Material Subsidiary
in an aggregate amount which would reasonably be expected to have a Material Adverse Effect or (iv) a Canadian Pension Event
shall have occurred; or

 

		(h)	one or more judgments or decrees shall be entered against the Company or any of its Restricted
Subsidiaries involving in the aggregate a liability (not paid or fully covered by insurance or indemnity (other to the extent of
customary deductibles) of $50,000,000 or more to the extent that all such judgments or decrees shall remain unpaid or undischarged
for a period of thirty (30) consecutive days without the same having been vacated, discharged, stayed or bonded pending appeal
within the time required by the terms of such judgments or decrees; or

 

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		(i)	except as contemplated by this Agreement or any other Credit Document, any Credit Document shall
cease, for any reason, or in any material respect, to be in full force and effect or any Credit Party shall so assert in writing;
or

 

		(j)	except as contemplated by this Agreement or in accordance with the terms of any Credit Document
or as provided in Section 12.1, (i) any Credit Party shall assert in writing that any Collateral Document is no
longer in full force or effect, (iii) any Lien granted by any Collateral Document in any material portion of the Collateral
shall cease to be enforceable or is no longer a first priority Lien (except to the extent any such loss of perfection or priority
results from the failure of the Administrative Agent, the Collateral Agent or any Secured Party to take any action within its control)
or (iv) any guarantee under any Credit Document shall cease to be enforceable; or

 

		(k)	a Change of Control shall occur;

 

then, and in any such event, (i) if
such event is an Event of Default with respect to the Company specified in clause (i) or (ii) of clause
(f) above, automatically (A) the Commitments and the Issuing Lender’s obligation to issue Letters of Credit
shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement
and the Loans shall immediately become due and payable, (B) all obligations of the Company in respect of the Letters of Credit,
although contingent and unmatured, shall become immediately due and payable and the Issuing Lender’s obligation to issue
Letters of Credit shall immediately terminate, and (C) the obligation of the Company to Cash Collateralize the Revolving L/C
Obligations shall automatically become effective; and (ii) if such event is any other Event of Default, so long as any such
Event of Default shall be continuing, either or both of the following actions may be taken: (A) with the consent of the Majority
Lenders, the Administrative Agent may, or upon the request of the Majority Lenders, the Administrative Agent shall, by notice to
the Company declare the Commitments and the Issuing Lender’s obligation to issue Letters of Credit to be terminated forthwith,
whereupon the Commitments and such obligation shall immediately terminate; and (B) with the consent of the Majority Lenders,
the Administrative Agent may, or upon the request of the Majority Lenders, the Administrative Agent shall, by notice of default
to the Company (x) declare all or a portion of the Loans hereunder (with accrued interest thereon) and all other amounts owing
under this Agreement and the Loans to be due and payable forthwith, whereupon the same shall immediately become due and payable,
and (y) declare all or a portion of the obligations of the Company in respect of the Letters of Credit, although contingent
and unmatured, to be due and payable forthwith, whereupon the same shall immediately become due and payable and/or demand that
the Company discharge any or all of the obligations supported by the Letters of Credit by paying or prepaying any amount due or
to become due in respect of such obligations. All payments under this Article 10 on account of undrawn Letters of Credit
shall be made by the Company directly to a Cash Collateral Account established by the Administrative Agent for such purpose for
application to the Company’s reimbursement obligations under Section 2.6 as drafts are presented under the Letters
of Credit, with the balance, if any, to be applied to the Company’s obligations under this Agreement and the Loans as the
Administrative Agent shall determine with the approval of the Majority Lenders. Except as expressly provided above in this Article 10,
presentment, demand, protest and all other notices of any kind are hereby expressly waived.

 

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In
addition to any other rights and remedies granted to the Administrative Agent and the Lenders in the Credit Documents, the
Administrative Agent on behalf of the Lenders may exercise all rights and remedies of a secured party under the New York Uniform
Commercial Code or any other applicable law. Without limiting the generality of the foregoing, the Administrative Agent, without
demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by
law referred to below) to or upon any Credit Party or any other Person (all and each of which demands, defenses, advertisements
and notices are hereby waived by each Credit Party on behalf of itself and its Subsidiaries), may in such circumstances forthwith
collect, receive, appropriate and realize upon the Collateral, or any part thereof, or consent to the use by any Credit Party of
any cash collateral arising in respect of the Collateral on such terms as the Administrative Agent deems reasonable, and/or may
forthwith sell, lease, assign give an option or options to purchase or otherwise dispose of and deliver, or acquire by credit bid
on behalf of the Lenders, the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at
public or private sale or sales, at any exchange, broker’s board or office of the Administrative Agent or any Lender or elsewhere,
upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future
delivery, all without assumption of any credit risk. The Administrative Agent or any Lender shall have the right upon any such
public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part
of the Collateral so sold, free of any right or equity of redemption in any Credit Party, which right or equity is hereby waived
and released by each Credit Party on behalf of itself and its Subsidiaries. Each Credit Party further agrees on behalf of itself
and its Subsidiaries, at the Administrative Agent’s request, to assemble the Collateral and make it available to the Administrative
Agent at places which the Administrative Agent shall reasonably select, whether at the premises of the Company, another Credit
Party or elsewhere. The Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Article 10,
after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping
of any of the Collateral or in any other way relating to the Collateral or the rights of the Administrative Agent and the Lenders
hereunder, including reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the obligations
of the Credit Parties under the Credit Documents, in such order as the Administrative Agent may elect, and only after such application
and after the payment by the Administrative Agent of any other amount required by any provision of law, including Section 9-615(a)(3) of
the New York Uniform Commercial Code, need the Administrative Agent account for the surplus, if any, to any Credit Party. To the
extent permitted by applicable law, each Credit Party on behalf of itself and its Subsidiaries waives all Liabilities it may acquire
against the Administrative Agent or any Lender arising out of the exercise by them of any rights hereunder. If any notice of a
proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if
given at least ten (10) days before such sale or other disposition.

 

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		11.	The Administrative Agent

 

		11.1	Authorization and Action

 

		(a)	Each Lender and each Issuing Lender hereby irrevocably appoints the entity named as Administrative
Agent in the heading of this Agreement and its successors and assigns to serve as the administrative agent and collateral agent
under the Credit Documents and each Lender and each Issuing Lender authorizes the Administrative Agent to take such actions as
agent on its behalf and to exercise such powers under this Agreement and the other Credit Documents as are delegated to the Administrative
Agent under such agreements and to exercise such powers as are reasonably incidental thereto. In addition, to the extent required
under the laws of any jurisdiction other than within the United States, each Lender and each Issuing Lender hereby grants to the
Administrative Agent any required powers of attorney to execute and enforce any Collateral Document governed by the laws of such
jurisdiction on such Lender’s or such Issuing Lender’s behalf. Without limiting the foregoing, each Lender and each
Issuing Lender hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of
the Credit Documents to which the Administrative Agent is a party, and to exercise all rights, powers and remedies that the Administrative
Agent may have under such Credit Documents.

 

For
the purposes of holding any hypothec granted to the Attorney (as defined below) pursuant to the laws of the Province of Québec
to secure the prompt payment and performance of any and all Obligations by any Credit Party, each of the Secured Parties hereby
irrevocably appoints and authorizes the Administrative Agent and, to the extent necessary, ratifies the appointment and authorization
of the Administrative Agent, to, as part of its duties as Administrative Agent, act as the hypothecary representative of the creditors
as contemplated under Article 2692 of the Civil Code of Québec (in such capacity, the “Attorney”),
and to enter into, to take and to hold on their behalf, and for their benefit, any hypothec, and to exercise such powers and duties
that are conferred upon the Attorney under any related deed of hypothec. The Attorney shall: (a) have the sole and exclusive
right and authority to exercise, except as may be otherwise specifically restricted by the terms hereof, all rights and remedies
given to the Attorney pursuant to any such deed of hypothec and applicable law, and (b) benefit from and be subject to all
provisions hereof with respect to the Administrative Agent mutatis mutandis, including, without limitation, all such provisions
with respect to the liability or responsibility to and indemnification by the Secured Parties and Credit Parties. Any person who
becomes a Secured Party shall, by its execution of an Assignment and Assumption, be deemed to have consented to and confirmed
the Attorney as the person acting as hypothecary representative holding the aforesaid hypothecs as aforesaid and to have ratified,
as of the date it becomes a Secured Party, all actions taken by the Attorney in such capacity. The substitution of the Administrative
Agent pursuant to the provisions of this Section 11 shall also result in the substitution of the Attorney.

 

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		(b)	As to any matters not expressly provided for herein and in the other Credit Documents (including
enforcement or collection), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall
be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written
instructions of the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the
terms in the Credit Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender and
each Issuing Lender; provided, however, that the Administrative Agent shall not be required to take any action that
(i) the Administrative Agent in good faith believes exposes it to liability unless the Administrative Agent receives an indemnification
and is exculpated in a manner satisfactory to it from the Lenders and the Issuing Lenders with respect to such action or (ii) is
contrary to this Agreement or any other Credit Document or applicable law, including any action that may be in violation of the
automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may
effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating
to bankruptcy, insolvency or reorganization or relief of debtors; provided, further, that the Administrative Agent
may seek clarification or direction from the Majority Lenders prior to the exercise of any such instructed action and may refrain
from acting until such clarification or direction has been provided. Except as expressly set forth in the Credit Documents, the
Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information
relating to the Company, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person
serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative
Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder
or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it.

 

		(c)	In performing its functions and duties
hereunder and under the other Credit Documents, the Administrative Agent is acting solely on behalf of the Lenders and the Issuing
Lenders (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and
its duties are entirely mechanical and administrative in nature. Without limiting the generality of the foregoing:

 

		(i)	the Administrative Agent does not
assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee
of or for any Lender, Issuing Lender or holder of any other obligation other than as expressly set forth herein and in the
other Credit Documents, regardless of whether a Default or an Event of Default has occurred and is continuing (and it is understood
and agreed that the use of the term “agent” (or any similar term) herein or in any other Credit Document with reference
to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or express) obligations arising under
agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect
only an administrative relationship between contracting parties); additionally, each Lender agrees that it will not assert any
claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with
this Agreement and/or the transactions contemplated hereby; and

 

		(ii)	nothing in this Agreement or any Credit Document shall require the Administrative Agent to account
to any Lender for any sum or the profit element of any sum received by the Administrative Agent for its own account.

 

		(d)	The Administrative Agent may perform any
of its duties and exercise its rights and powers hereunder or under any other Credit Document by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any of their respective
duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory provisions of
this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent,
and shall apply to their respective activities pursuant to this Agreement. The Administrative Agent shall not be responsible for
the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final
and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of
such sub-agent.

 

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		(e)	None of the Joint Lead Arrangers shall have obligations or duties whatsoever in such capacity under
this Agreement or any other Credit Document and shall incur no liability hereunder or thereunder in such capacity, but all such
persons shall have the benefit of the indemnities provided for hereunder.

 

		(f)	In case of the pendency of any proceeding with respect to any Credit Party under any federal, state,
provincial, territorial or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative
Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Company) shall be entitled and
empowered (but not obligated) by intervention in such proceeding or otherwise:

 

		(i)	to file and prove a claim for the whole amount of the principal and interest owing and unpaid in
respect of the Loans, L/C Disbursements and all other Obligations that are owing and unpaid and to file such other documents as
may be necessary or advisable in order to have the claims of the Lenders, the Issuing Lenders and the Administrative Agent (including
any claim under Sections 5.7, 5.9, 5.10, 5.11, 5.23 and 12.5) allowed in such judicial
proceeding; and

 

		(ii)	to collect and receive any monies or other property payable or deliverable on any such claims and
to distribute the same;

 

and
any custodian, receiver, interim receiver, monitor, assignee, trustee, liquidator, sequestrator or other similar official in any
such proceeding is hereby authorized by each Lender, each Issuing Lender and each other Secured Party to make such payments to
the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly
to the Lenders, the Issuing Lenders or the other Secured Parties, to pay to the Administrative Agent any amount due to it, in its
capacity as the Administrative Agent, under the Credit Documents (including under Section 12.5). Nothing
contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf
of any Lender or Issuing Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or
the rights of any Lender or Issuing Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender
or Issuing Lender in any such proceeding.

 

		(g)	The provisions of this Article are solely for the benefit of the Administrative Agent, the
Lenders and the Issuing Lenders, and, except solely to the extent of the Company’s rights to consent pursuant to and subject
to the conditions set forth in this Article, none of the Company or any Subsidiary, or any of their respective Affiliates, shall
have any rights as a third party beneficiary under any such provisions. Each Secured Party, whether or not a party hereto, will
be deemed, by its acceptance of the benefits of the Collateral and of the Guarantees of the Obligations provided under the Credit
Documents, to have agreed to the provisions of this Article.

 

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		11.2	Administrative Agent’s
Reliance, Limitation of Liability, Etc.

 

		(a)	Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for any
action taken or omitted to be taken by such party, the Administrative Agent or any of its Related Parties under or in connection
with this Agreement or the other Credit Documents (x) with the consent of or at the request of the Majority Lenders (or such
other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to
be necessary, under the circumstances as provided in the Credit Documents) or (y) in the absence of its own gross negligence
or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final
and non-appealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations
or warranties made by any Credit Party or any officer thereof contained in this Agreement or any other Credit Document or in any
certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under
or in connection with, this Agreement or any other Credit Document or for the value, validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Credit Document (including, for the avoidance of doubt, in connection with the Administrative
Agent’s reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces
an image of an actual executed signature page) or for any failure of any Credit Party to perform its obligations hereunder or thereunder.

 

		(b)	The Administrative Agent shall be deemed not to have knowledge of any (i) notice of any of
the events or circumstances set forth or described in Section 8.9 unless and until written notice thereof stating that
it is a “notice under Section 8.9” in respect of this Agreement and identifying the specific clause under said
Section is given to the Administrative Agent by the Company, or (ii) notice of any Default or Event of Default unless
and until written notice thereof (stating that it is a “notice of Default” or a “notice of an Event of Default”)
is given to the Administrative Agent by the Company, a Lender or an Issuing Lender. Further, the Administrative Agent shall not
be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or
in connection with any Credit Document, (ii) the contents of any certificate, report or other document delivered thereunder
or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions
set forth in any Credit Document or the occurrence of any Default or Event of Default, (iv) the sufficiency, validity, enforceability,
effectiveness or genuineness of any Credit Document or any other agreement, instrument or document, (v) the satisfaction of
any condition set forth in Article 7 or elsewhere in any Credit Document, other than to confirm receipt of items (which
on their face purport to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition
that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent, or (vi) the
creation, perfection or priority of Liens on the Collateral.

 

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		(c)	Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory
note as its holder until such promissory note has been assigned in accordance with Section 12.6, (ii) may rely
on the Register to the extent set forth in Section 12.6(b), (iii) may consult with legal counsel (including counsel
to the Company), independent public accountants and other experts selected by it, and shall not be liable for any action taken
or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (iv) makes
no warranty or representation to any Lender or Issuing Lender and shall not be responsible to any Lender or Issuing Lender for
any statements, warranties or representations made by or on behalf of any Credit Party in connection with this Agreement or any
other Credit Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or the issuance
of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Lender, may presume that
such condition is satisfactory to such Lender or Issuing Lender unless the Administrative Agent shall have received notice to the
contrary from such Lender or Issuing Lender sufficiently in advance of the making of such Loan or the issuance of such Letter of
Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other
Credit Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing may be a fax, any
electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone
and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party or parties (whether or not such
Person in fact meets the requirements set forth in the Credit Documents for being the maker thereof).

 

		11.3	Posting of Communications

 

		(a)	The Company agrees that the Administrative Agent may, but shall not be obligated to, make any Communications
available to the Lenders and the Issuing Lenders by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar
or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved
Electronic Platform”).

 

		(b)	Although the Approved Electronic Platform
and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the
Administrative Agent from time to time (including, as of the Closing Date, a user ID/password authorization system) and
the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic
Platform only on a deal-by-deal basis, each of the Lenders, each of the Issuing Lenders and the Company acknowledges and agrees
that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not
responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform,
and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuing
Lenders and the Company hereby approves distribution of the Communications through the Approved Electronic Platform and understands
and assumes the risks of such distribution.

 

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		(c)	THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND
 “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS,
OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED
ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY
WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR
OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM.
IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE
PARTIES”) HAVE ANY LIABILITY TO ANY CREDIT PARTY, ANY LENDER, ANY ISSUING LENDER OR ANY OTHER PERSON OR ENTITY FOR
DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER
IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY CREDIT PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS
THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.

 

		(d)	Each Lender and each Issuing Lender agrees that notice to it (as provided in the next sentence)
specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the
Communications to such Lender for purposes of the Credit Documents. Each Lender and Issuing Lender agrees (i) to notify the
Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender’s
or Issuing Lender’s (as applicable) email address to which the foregoing notice may be sent by electronic transmission and
(ii) that the foregoing notice may be sent to such email address.

 

		(e)	Each of the Lenders, each of the Issuing Lenders and the Company agrees that the Administrative
Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved
Electronic Platform in accordance with the Administrative Agent’s generally applicable document retention procedures and
policies.

 

		(f)	Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Issuing
Lender to give any notice or other communication pursuant to any Credit Document in any other manner specified in such Credit Document.

 

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		11.4	The Administrative Agent
Individually

 

With respect to its Commitment, Loans (including
Swingline Loans), Letter of Credit Commitments and Letters of Credit, the Person serving as the Administrative Agent shall have
and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent
set forth herein for any other Lender or Issuing Lender, as the case may be. The terms “Issuing Lenders”, “Lenders”,
 “Majority Lenders”, “Required Lenders” and any similar terms shall, unless the context clearly otherwise
indicates, include the Administrative Agent in its individual capacity as a Lender, Issuing Lender or as one of the Majority
Lenders, as applicable. The Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money
to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking,
trust or other business with, the Company, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting
as the Administrative Agent and without any duty to account therefor to the Lenders or the Issuing Lenders.

 

		11.5	Successor Administrative
Agent

 

		(a)	The Administrative Agent may resign at any time by giving 30 days’ prior written notice thereof
to the Lenders, the Issuing Lenders and the Company, whether or not a successor Administrative Agent has been appointed. Upon any
such resignation, the Majority Lenders shall have the right to appoint a successor Administrative Agent. If no successor Administrative
Agent shall have been so appointed by the Majority Lenders, and shall have accepted such appointment, within 30 days after the
retiring Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of
the Lenders and the Issuing Lenders, appoint a successor Administrative Agent, which shall be a bank with an office in New York,
New York or an Affiliate of any such bank. In either case, such appointment shall be subject to the prior written approval of the
Company (which approval may not be unreasonably withheld and shall not be required while an Event of Default has occurred and is
continuing). Upon the acceptance of any appointment as Administrative Agent by a successor Administrative Agent, such successor
Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative
Agent. Upon the acceptance of appointment as Administrative Agent by a successor Administrative Agent, the retiring Administrative
Agent shall be discharged from its duties and obligations under this Agreement and the other Credit Documents. Prior to any retiring
Administrative Agent’s resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action
as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Credit
Documents.

 

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		(b)	Notwithstanding clause (a) of this Section, in the event no successor Administrative
Agent shall have been so appointed and shall have accepted such appointment within 30 days after the retiring Administrative Agent
gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation
to the Lenders, the Issuing Lenders and the Company, whereupon, on the date of effectiveness of such resignation stated in such
notice, (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the
other Credit Documents; provided that, solely for purposes of maintaining any security interest granted to the Administrative
Agent under any Collateral Document for the benefit of the Secured Parties, the retiring Administrative Agent shall continue to
be vested with such security interest as collateral agent for the benefit of the Secured Parties, and continue to be entitled to
the rights set forth in such Collateral Documents and Credit Documents, and, in the case of any Collateral in the possession of
the Administrative Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative Agent
is appointed and accepts such appointment in accordance with this Section (it being understood and agreed that the retiring
Administrative Agent shall have no duty or obligation to take any further action under any Collateral Document, including any action
required to maintain the perfection of any such security interest), and (ii) the Majority Lenders shall succeed to and become
vested with all the rights, powers, privileges and duties of the retiring Administrative Agent; provided that (A) all
payments required to be made hereunder or under any other Credit Document to the Administrative Agent for the account of any Person
other than the Administrative Agent shall be made directly to such Person and (B) all notices and other communications required
or contemplated to be given or made to the Administrative Agent shall directly be given or made to each Lender and each Issuing
Lender. Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the provisions of
this Article and Section 12.5, as well as any exculpatory, reimbursement and indemnification provisions set forth
in any other Credit Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative
Agent was acting as Administrative Agent and in respect of the matters referred to in the proviso under clause (i) above.

 

		11.6	Acknowledgements of
Lenders and Issuing Lenders

 

		(a)	Each Lender and each Issuing Lender represents and warrants that (i) the Credit Documents
set forth the terms of a commercial lending facility, (ii) it is engaged in making, acquiring or holding commercial loans
and in providing other facilities set forth herein as may be applicable to such Lender or Issuing Lender, in each case in the ordinary
course of business, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each
Lender and each Issuing Lender agrees not to assert a claim in contravention of the foregoing), (iii) it has, independently
and without reliance upon the Administrative Agent, any Arranger, or any other Lender or Issuing Lender, or any of the Related
Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder and (iv) it is
sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth
herein, as may be applicable to such Lender or such Issuing Lender, and either it, or the Person exercising discretion in making
its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making,
acquiring or holding such commercial loans or providing such other facilities. Each Lender and each Issuing Lender also acknowledges
that it will, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender or Issuing Lender,
or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material,
non-public information within the meaning of the United States securities laws concerning the Company and its Affiliates) as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon
this Agreement, any other Credit Document or any related agreement or any document furnished hereunder or thereunder.

 

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		(b)	Each Lender, by delivering its signature page to this Agreement on the Closing Date, or delivering
its signature page to an Assignment and Assumption or any other Credit Document pursuant to which it shall become a Lender
hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Credit Document and each other
document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Closing
Date.

 

		11.7	Collateral Matters

 

		(a)	Except with respect to the exercise of setoff rights in accordance with Section 12.7
or with respect to a Secured Party’s right to file a proof of claim in an insolvency proceeding, no Secured Party shall have
any right individually to realize upon any of the Collateral or to enforce any Guarantee of the Obligations, it being understood
and agreed that all powers, rights and remedies under the Credit Documents may be exercised solely by the Administrative Agent
on behalf of the Secured Parties in accordance with the terms thereof.

 

		(b)	In furtherance of the foregoing and not in limitation thereof, no arrangements in respect of Cash
Management Obligations or Swap Obligations, will create (or be deemed to create) in favor of any Secured Party that is a party
thereto any rights in connection with the management or release of any Collateral or of the obligations of any Credit Party under
any Credit Document. By accepting the benefits of the Collateral, each Secured Party that is a party to any such arrangement in
respect of Cash Management Obligations or Swap Obligations, as applicable, shall be deemed to have appointed the Administrative
Agent to serve as administrative agent and collateral agent under the Credit Documents and agreed to be bound by the Credit Documents
as a Secured Party thereunder, subject to the limitations set forth in this paragraph.

 

		(c)	The Secured Parties irrevocably authorize
the Administrative Agent and the Collateral Agent, as applicable, at its option and in its discretion, and the Administrative and
Collateral Agreement, as applicable, agree to, upon the request of the Company, (i) subordinate any Lien on any property granted
to or held by the Administrative Agent under any Credit Document to the holder of any Lien on such property that is permitted by
Sections 9.3(a), 9.3(b), 9.3(c) or 9.3(d), (ii) to release any Guarantor from its
obligations under the Guaranty and the other Credit Documents if such Person ceases to be a Restricted Subsidiary as a result of
a transaction permitted under the Credit Documents, (iii) to release the Lien of any Collateral that is, or is to be, sold,
released or otherwise disposed of as permitted pursuant to the terms of the Credit Documents and (iv) to enter into or amend
an intercreditor agreement (or direct the Collateral Agent to enter into or amend an intercreditor agreement), including without
limitation the Intercreditor Agreement, with the collateral agent or other representatives of the holders of Indebtedness that
is permitted to be secured by a Lien on the Collateral; provided, that in the case of each of clauses (i), (ii) and
(iii), the Company shall have delivered to the Administrative Agent, no later than concurrently with execution and delivery
of such releases, subordination and other documents, a written request of a Responsible Officer for release, together with a certification
by the Company stating that such transaction is in compliance with the Credit Documents. Neither the Administrative Agent nor the
Collateral Agent shall be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding
the existence, value or collectability of the Collateral, the existence, priority or perfection of the Collateral Agent’s
Lien thereon or any certificate prepared by any Credit Party in connection therewith, nor shall the Administrative Agent or Collateral
Agent be responsible or liable to the Lenders or any other Secured Party for any failure to monitor or maintain any portion of
the Collateral.

 

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		11.8	Credit Bidding

 

The Secured Parties hereby irrevocably
authorize the Administrative Agent, at the direction of the Majority Lenders, to credit bid all or any portion of the Obligations
(including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu
of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any
portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections
363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Credit Party is subject, or
(b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the
direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection
with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit
bid by the Administrative Agent at the direction of the Majority Lenders on a ratable basis (with Obligations with respect to contingent
or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation
of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent
interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or
vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Administrative Agent
shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle
or vehicles, (ii) each of the Secured Parties’ ratable interests in the Obligations which were credit bid shall be deemed
without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale,
(iii) the Administrative Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle
or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles,
including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing
documents shall provide for, control by the vote of the Majority Lenders or their permitted assignees under the terms of this Agreement
or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination
of this Agreement and without giving effect to the limitations on actions by the Majority Lenders contained in Section 12.1
of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to
issue to each of the Secured Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether
as equity, partnership interests, limited partnership interests or membership interests, in any such acquisition vehicle and/or
debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take
any further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire
Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the
acquisition vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall
automatically be reassigned to the Secured Parties pro rata with their original interest in such Obligations and the equity
interests and/or debt instruments issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled,
without the need for any Secured Party or any acquisition vehicle to take any further action. Notwithstanding that the ratable
portion of the Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause
(ii) above, each Secured Party shall execute such documents and provide such information regarding the Secured Party (and/or
any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the
Administrative Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission
of any credit bid or the consummation of the transactions contemplated by such credit bid.

 

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		11.9	Certain ERISA Matters

 

		(a)	Each Lender (x) represents and warrants,
as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a
Lender party hereto, to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and
its respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Company, that at least one of the
following is and will be true:

 

		(i)	such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations)
of one or more Benefit Plans in connection with the Loans, the Letters of Credit, the Commitments or this Agreement;

 

		(ii)	the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for
certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain
transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance
company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds)
or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to
such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement, and the conditions for exemptive relief thereunder are and will continue to be satisfied in connection
therewith;

 

		(iii)	(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager”
(within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision
on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments
and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of
Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I
of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14
are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans,
the Letters of Credit, the Commitments and this Agreement; or

 

		(iv)	such other representation, warranty and covenant as may be agreed in writing between the Administrative
Agent, in its sole discretion, and such Lender.

 

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		(b)	In addition, unless clause (i) in the immediately preceding clause (a) is
true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in clause
(iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date
such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to
the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its respective Affiliates,
and not, for the avoidance of doubt, to or for the benefit of the Company, that none of the Administrative Agent or any of its
respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the commitments and this Agreement (including in connection
with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any documents
related to hereto or thereto);

 

		12.	Miscellaneous

 

		12.1	Amendments and Waivers

 

No
Credit Document nor any terms thereof may be amended, supplemented, waived or modified except in accordance with the provisions
of this Section 12.1. With the written consent of the Majority Lenders, the Administrative Agent and the respective
Credit Parties may, from time to time, enter into written amendments, supplements or modifications to any Credit Document for the
purpose of adding any provisions to such Credit Document to which they are parties or changing in any manner the rights of the
Lenders or of any such Credit Party or any other Person thereunder or waiving, on such terms and conditions as the Administrative
Agent may specify in such instrument, any of the requirements of any such Credit Document or any Default or Event of Default and
its consequences; provided, however, that:

 

		(a)	no such waiver and no such amendment, supplement or modification shall (A) extend the Revolving
Credit Termination Date or the scheduled maturity of any Loan or extend the expiry date of any Letter of Credit beyond the Revolving
Credit Termination Date, or reduce the rate or extend the time of payment of interest on any Loan or Letter of Credit, or change
the method of calculating interest on any Loan or Letter of Credit, or reduce the amount or extend the time of payment of any fee
payable to the Lenders hereunder (provided that any amendment or modification of the financial covenants in this Agreement
(or any defined term used therein) shall not constitute a reduction in the rate of interest or fees for such purpose and a waiver
of payment of any default interest under Section 5.7(d) shall not constitute a reduction of rate), or reduce or
forgive the principal amount thereof, or increase the amount of, or postpone the scheduled date of expiry of, any Commitment of
any Lender (it being understood that a waiver of any condition precedent set forth in Section 7.02 or the waiver of
any mandatory prepayment shall not constitute an increase or an extension of any Commitment of any Lender), without the consent
of each Lender directly affected thereby, or (B) amend, modify or waive any provision of this Section 12.1 or
the definition of Majority Lenders, the definition of Required Lenders or alter the manner in which payments of principal, interest,
or other amounts hereunder shall be applied as among the Lenders in the respective Facility (in which case, the written consent
of each Lender in the respective Facility shall be required), or change the percentage of the Lenders required to waive a condition
precedent under Sections 7.1 or 7.2, or amend, modify, eliminate or waive a condition precedent under or waive or
amend any other provision in any of the Credit Documents which by their terms expressly require all Lenders’ consent or consent
to the assignment or transfer by any Credit Party of any of its rights and obligations under any Credit Document, or release all
or substantially all of the Collateral or subordinate Collateral Agent’s Lien on (other than, for the avoidance of doubt,
a subordination pursuant to Sections 9.3(a), (b), (c) and (d) of this Agreement) on
any material portion of the Collateral in any transaction or series of transactions, or release all or substantially all of the
value of the guarantees granted (or required to be granted) pursuant to this Agreement, in each case, without the written consent
of each Lender (unless otherwise specified in sub-clause (B) of this clause (i));

 

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		(b)	no such waiver and no such amendment, supplement or modification shall amend, modify or waive any
provision of Article 11 without the written consent of the Administrative Agent and the Collateral Agent;

 

		(c)	no such waiver and no such amendment, supplement or modification shall amend, modify or waive any
provision of Section 5.18(e) in a manner that would alter the manner in which payments are shared, without the
written consent of each Lender;

 

		(d)	no such waiver and no such amendment, supplement or modification shall increase the advance rates
set forth in the definition of “Borrowing Base” or add new categories of eligible assets or making other changes to
the definition of “Borrowing Base” or any component definition thereof if as a result thereof the amounts available
to be borrowed by the Company would be increased, without the prior written consent of the Required Lenders;

 

		(e)	the Administrative Agent and the Company acting together may, without the consent of any other
Person, amend, modify or supplement this Agreement and any other Credit Document to cure any typographical error, mistake or defect,
to comply with local law or the advice of local counsel or to cause one or more Credit Documents to be consistent with other Credit
Documents; and

 

		(f)	no such waiver and no such amendment, supplement or modification shall amend, modify or otherwise
affect the rights or duties of the Issuing Lender or the Swingline Lender hereunder without the prior written consent of the Issuing
Lender or the Swingline Lender, as the case may be (it being understood that any amendment to Section 2.24 shall require
the consent of the Issuing Lender and the Swingline Lender).

 

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Any such waiver and any such amendment,
supplement or modification described in this Section 12.1 shall apply equally to each of the Lenders and shall be binding
upon each Credit Party, the Lenders, each Agent and all future holders of the Loans. No waiver, amendment, supplement or modification
of any Letter of Credit shall extend the expiry date thereof without the written consent of the Participating Lenders. In the case
of any waiver, the Company, the Lenders and each Agent shall be restored to their former position and rights hereunder and under
the outstanding Loans, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver
shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon.

 

If, in connection with any proposed amendment,
waiver or consent requiring the consent of “each Lender” or “each Lender affected thereby”, the consent
of the Majority Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent
is necessary but has not been obtained being referred to herein as a “Non-Consenting Lender”), then the
Company may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with
such replacement, (i) another bank or other entity which is reasonably satisfactory to the Company, the Administrative Agent
and the Issuing Lender shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting
Lender pursuant to an assignment under Section 12.6 and to become a Lender for all purposes under this Agreement and
to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of
Section 12.6, and (ii) the Company shall pay to such Non-Consenting Lender in Same Day Funds on the day of such
replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Company
hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under
Sections 5.20 or Section 5.23, and (2) an amount, if any, equal to the payment which would have been due
to such Lender on the day of such replacement under Section 5.21 had the Loans of such Non-Consenting Lender been prepaid
on such date rather than sold to the replacement Lender.

 

		12.2	Notices

 

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

 

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	The Company:	
        NGL Energy Operating LLC

        6120 South Yale Avenue, Suite 805

        Tulsa, Oklahoma 74136

        Attention: Chief Financial Officer

                  General Counsel

        Telecopy:
        (918) 481-5896

        Email:
        Trey.Karlovich@nglep.com

        kurston.mcmurray@nglep.com

         

	The Administrative Agent, Collateral Agent, Swingline Lender and JPMCB in its capacity as an Issuing Lender:	
        JPMorgan
        Chase Bank, N.A.

        c/o Portfolio Manager

        JPMorgan Chase Bank

        2200 Ross Avenue, 9th Floor

        Mail Code: TX1-2905

        Dallas, TX 75201

        Telephone: (214) 965-3746

        Fax: (214) 965-2594

        Attention: Robby Cohenour

        Email: robby.cohenour@jpmorgan.com

         

	Issuing Lenders:	
        Wells Fargo Bank, National Association

        c/o Becky Rountree Braccio

        Wells Fargo Capital Finance

        14241 Dallas Parkway, Suite 1300

        Dallas, TX  75254

        Telephone: (972)361-7208 or (531)205-3755

        Email: becky.rountree@wellsfargo.com

         

        and

         

        The Toronto-Dominion Bank, New York Branch

        c/o Liana Chernysheva

        TD Securities

        909 Fannin Street, Suite 1100

        Houston, TX  77010

        Telephone: (713)653-8225

        Email: liana.chernysheva@tdsecurities.com

         

 

Notices
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours
for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices
delivered through Approved Electronic Platforms, to the extent provided in clause (b) below, shall be effective
as provided in said clause (b).

 

		(b)	Notices and other communications to the Company, any Credit Party, the Lenders and the Issuing
Lenders hereunder may be delivered or furnished by using Approved Electronic Platforms pursuant to procedures approved by the Administrative
Agent; provided that the foregoing shall not apply to notices pursuant to Article 5 unless otherwise agreed
by the Administrative Agent and the applicable Lender. The Administrative Agent or the Company may, in its discretion, agree to
accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided
that approval of such procedures may be limited to particular notices or communications.

 

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		(c)	Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient
(such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement),
and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt
by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice
or communication is available and identifying the website address therefor; provided that, for both clauses (i) and
(ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient,
such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

 

		(d)	Any party hereto may change its address or telecopy number for notices and other communications
hereunder by notice to the other parties hereto.

 

		12.3	No Waiver; Cumulative
Remedies

 

No failure to exercise and no delay in
exercising, on the part of any Agent or any Lender, any right, remedy, power or privilege hereunder, shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein
provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

		12.4	Survival

 

All covenants, agreements, representations
and warranties made by the Credit Parties herein and in the other Credit Documents and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement or any other Credit Documents shall be considered to have been relied
upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and
issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding
that the Administrative Agent, any Issuing Lender or any Lender may have had notice or knowledge of any Default or incorrect representation
or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal
of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or
any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections
5.21, 5.23 and 12.5 and Article 11 shall survive and remain in full force and effect regardless of
the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters
of Credit and the Commitments or the termination of this Agreement or any provision hereof.

 

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		12.5	Expenses, Limitation
of Liability, Indemnity, Etc.

 

		(a)	The Company shall pay (i) all reasonable and documented out of pocket expenses incurred by
the Administrative Agent and its Affiliates (but limited, in the case of legal fees and expenses, to the reasonable and documented
out-of-pocket fees, disbursements and other charges of one firm of outside counsel to all such Persons taken as a whole and, if
reasonably necessary, of one local counsel in any relevant jurisdiction to such Persons, taken as a whole), in connection with
the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement and the other
Credit Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by
any Issuing Lenders in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for
payment thereunder (but limited, in the case of legal fees and expenses, to the reasonable and documented out-of-pocket fees, disbursements
and other charges of one firm of outside counsel to such Issuing Lender and, if reasonably necessary, of one local counsel in any
relevant jurisdiction to such Issuing Lender), (iii) all reasonable and documented out-of-pocket expenses incurred by the
Administrative Agent, any Issuing Lender or any Lender, including the fees, charges and disbursements of any counsel for the Administrative
Agent, any Issuing Lender or any Lender, in connection with the enforcement or protection of its rights in connection with this
Agreement and the other Credit Documents, including its rights under this Section, or in connection with the Loans made or Letters
of Credit issued hereunder, including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring
or negotiations in respect of such Loans or Letters of Credit and (iv) for field examinations to the extent required by Section 8.12.

 

		(b)	To the extent permitted by applicable law (i) the Company and any Credit Party shall not assert,
and the Company and each Credit Party hereby waives, any claim against the Administrative Agent, any Arranger, any Issuing Lender
and any Lender, and any Related Party of any of the foregoing Persons (each such Person being called a “Lender-Related
Person”) for any Liabilities arising from the use by others of information or other materials (including, without
limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including
the Internet), and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities against any other
party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement, any other Credit Document, or any agreement or
instrument contemplated hereby or thereby, the transactions contemplated hereby, any Loan or Letter of Credit or the use of the
proceeds thereof; provided that, nothing in this Section 12.5(b) shall relieve the Company and each Credit
Party of any obligation it may have to indemnify an Indemnified Person, as provided in Section 12.5(c), against any
special, indirect, consequential or punitive damages asserted against such Indemnified Person by a third party.

 

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		(c)	The Company shall indemnify the Administrative Agent, each Arranger, Issuing Lender and each
Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnified Person”)
against, and hold each Indemnified Person harmless from, any and all Liabilities and related expenses, including the fees, charges
and disbursements of any counsel for any Indemnified Person, incurred by or asserted against any Indemnified Person arising out
of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Credit Document, or any
agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder
or thereunder or the consummation of the transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of
the proceeds therefrom (including any refusal by an Issuing Lender to honor a demand for payment under a Letter of Credit if the
documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any
actual or alleged presence or release of hazardous materials on or from any property owned or operated by the Company or any of
its Subsidiaries, or any environmental liability related in any way to the Company or any of its Subsidiaries, or (iv) any
actual or prospective Proceeding relating to any of the foregoing, whether or not such Proceeding is brought by the Company or
any other Credit Party or its or their respective equity holders, Affiliates, creditors or any other third Person and whether based
on contract, tort or any other theory and regardless of whether any Indemnified Person is a party thereto; provided that
such indemnity shall not, as to any Indemnified Person, be available to the extent that such Liabilities or related expenses are
(i) determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted primarily from the
bad faith, gross negligence or willful misconduct of such Indemnified Person or (ii) arise out of any claim, litigation, investigation
or proceeding brought by such Indemnified Person (or its Affiliates) against another Indemnified Person (or its Affiliates) (other
than any claim, litigation, investigation or proceeding brought by or against the Administrative Agent, acting in its capacity
as the Administrative Agent) that does not involve any act or omission of the Credit Parties. This Section 12.5(c) shall
not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.

 

		(d)	Each Lender severally agrees to pay any amount required to be paid by the Company under clauses
(a), (b) or (c) of this Section 12.5 to the Administrative Agent, the Swingline Lender,
each Issuing Lender and each Related Party of any of the foregoing Persons (each, an “Agent-Related Person”)
(to the extent not reimbursed by the Company and without limiting the obligation of the Company to do so), ratably according to
their respective Commitments or Loans in effect on the date on which such payment is sought under this Section (or, if such
payment is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably
according to their respective Commitments or Loans immediately prior to such date), from and against any and all Liabilities and
related expenses, including the fees, charges and disbursements of any kind whatsoever that may at any time (whether before or
after the payment of the Loans) be imposed on, incurred by or asserted against such Agent-Related Person in any way relating to
or arising out of the Commitments, this Agreement, any of the other Credit Documents or any documents contemplated by or referred
to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent-Related Person
under or in connection with any of the foregoing; provided that the unreimbursed expense or Liability or related expense,
as the case may be, was incurred by or asserted against such Agent-Related Person in its capacity as such; provided further
that no Lender shall be liable for the payment of any portion of such Liabilities, costs, expenses or disbursements that are found
by a final and nonappealable decision of a court of competent jurisdiction to have resulted primarily from such Agent-Related Party’s
gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this Agreement and
the payment of the Loans and all other amounts payable hereunder.

 

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		(e)	All amounts due under this Section 12.5 shall be payable promptly after written demand
therefor.

 

		12.6	Successors and Assigns;
Participations

 

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

 

		(b)	(i) Subject to the conditions set forth in clause (b)(ii) below, any Lender may
assign to one or more Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitment, participations in Letters of Credit and the Loans at the time owing to
it) with the prior written consent (such consent not to be unreasonably withheld) of:

 

		(A)	the Company; provided that, the Company shall be deemed to have consented to an assignment
of all or a portion of the Loans and Commitments unless it shall have objected thereto by written notice to the Administrative
Agent within ten (10) Business Days after having received notice thereof; provided that no consent of the Company shall
be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and
is continuing, any other assignee;

 

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

 

		(C)	each Issuing Lender; and

 

		(D)	the Swingline Lender.

 

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

 

		(A)	except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of
the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Company and the Administrative Agent
otherwise consent; provided that no such consent of the Company shall be required if an Event of Default has occurred and
is continuing;

 

		(B)	each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement;

 

		(C)	the parties to each assignment shall execute and deliver to the Administrative Agent (x) an
Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference
pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption
are participants, together with a processing and recordation fee of $3,500; and

 

		(D)	the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain
material non-public information about the Company, the Credit Parties and their related parties or their respective securities)
will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable
laws, including Federal and state securities laws.

 

		(iii)	Subject to acceptance and recording thereof
pursuant to clause (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption
the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption,
have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender
shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 5.21, 5.23
and 12.5). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this Section shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with clause (c) of this Section.

 

		(iv)	The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Company, shall
maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the
names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and L/C Disbursements
owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in
the Register shall be conclusive, and the Company, the Administrative Agent, the Issuing Lenders and the Lenders shall treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the Company, any Issuing Lender and any
Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

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		(v)	Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning
Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference
pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption
are participants, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder),
the processing and recordation fee referred to in clause (b) of this Section and any written consent to such assignment
required by clause (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and
record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall
have failed to make any payment required to be made by it, the Administrative Agent shall have no obligation to accept such Assignment
and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together
with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded
in the Register as provided in this paragraph.

 

		(c)	Any Lender may, without the consent of, or notice to, the Company, the Administrative Agent, the
Swingline Lender or the Issuing Lenders, sell participations to one or more banks or other entities (a “Participant”),
other than an Ineligible Institution, in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations; and (C) the Company, the Administrative Agent, the Issuing Lenders and the
other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such
Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision
of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent
of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 12.1(b) that
affects such Participant. The Company agrees that each Participant shall be entitled to the benefits of Section 5.21
and Section 5.23 (subject to the requirements and limitations therein), to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to clause (b) of this Section; provided that such Participant
(A) agrees to be subject to the provisions of Section 5.22 as if it were an assignee under clause (b) of
this Section; and (B) shall not be entitled to receive any greater payment under Section 5.21 and Section 5.23,
with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such
entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable
participation. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.7
as though it were a Lender; provided that such Participant agrees to be subject to Section 5.18 as though it
were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Company,
maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest)
of each Participant’s interest in the Loans or other obligations under the Credit Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments,
Loans, Letters of Credit or its other obligations under any Credit Document) to any Person except to the extent that such disclosure
is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of
the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and
such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in
its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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		(d)	Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal
Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that
no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto.

 

		12.7	Right of Setoff

 

If
an Event of Default shall have occurred and be continuing, each Lender, each Issuing Lender, and each of their respective Affiliates
is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to setoff and apply any and all
deposits (general or special, time or demand, provisional or final) (other than payroll and trust accounts of any Credit Party)
at any time held, and other obligations at any time owing, by such Lender, such Issuing Lender or any such Affiliate, to or for
the credit or the account of the Company against any and all of the obligations of the Company now or hereafter existing under
this Agreement or any other Credit Document to such Lender or such Issuing Lender or their respective Affiliates, irrespective
of whether or not such Lender, Issuing Lender or Affiliate shall have made any demand under this Agreement or any other Credit
Document and although such obligations of the Company may be contingent or unmatured or are owed to a branch office or Affiliate
of such Lender or such Issuing Lender different from the branch office or Affiliate holding such deposit or obligated on such indebtedness;
provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so setoff
shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of this Agreement
and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the
benefit of the Administrative Agent, the Issuing Lenders, and the Lenders, and (y) the Defaulting Lender shall provide promptly
to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which
it exercised such right of setoff. The rights of each Lender, each Issuing Lender and their respective Affiliates under this Section are
in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Lender or their respective
Affiliates may have. Each Lender and Issuing Lender agrees to notify the Company and the Administrative Agent promptly after any
such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff
and application.

 

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		12.8	Counterparts

 

		(a)	This Agreement may be executed by one or more of the parties to this Agreement on any number of
separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A
set of the copies of this Agreement signed by all the parties shall be lodged with the Company and the Administrative Agent.

 

		(b)	Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any
other Credit Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance
of doubt, any notice delivered pursuant to Section 12.2), certificate, request, statement, disclosure or authorization
related to this Agreement, any other Credit Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary
Document”) that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that
reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart
of this Agreement, such other Credit Document or such Ancillary Document, as applicable. The words “execution,” “signed,”
 “signature,” “delivery,” and words of like import in or relating to this Agreement, any other Credit Document
and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic
form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein
shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent
and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent
the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall
be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Company or any other Credit Party without
further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon
the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed
counterpart. Without limiting the generality of the foregoing, the Company and each Credit Party hereby (i) agrees that, for
all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy
proceedings or litigation among the Administrative Agent, the Lenders, the Company and the Credit Parties, Electronic Signatures
transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or
any electronic images of this Agreement, any other Credit Document and/or any Ancillary Document shall have the same legal effect,
validity and enforceability as any paper original, (ii) the Administrative Agent and each of the Lenders may, at its option,
create one or more copies of this Agreement, any other Credit Document and/or any Ancillary Document in the form of an imaged electronic
record in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original
paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal
effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal effect,
validity or enforceability of this Agreement, any other Credit Document and/or any Ancillary Document based solely on the lack
of paper original copies of this Agreement, such other Credit Document and/or such Ancillary Document, respectively, including
with respect to any signature pages thereto and (iv) waives any claim against any Lender-Related Person for any Liabilities
arising solely from the Administrative Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or
transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature
page, including any Liabilities arising as a result of the failure of the Company and/or any Credit Party to use any available
security measures in connection with the execution, delivery or transmission of any Electronic Signature.

 

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		12.9	Integration

 

This Agreement and the other Credit Documents
represent the entire agreement of the Credit Parties, the Agents and the Lenders with respect to the subject matter hereof and
thereof, and there are no promises, undertakings, representations or warranties by any Agent or any Lender relative to the subject
matter hereof or thereof not expressly set forth or referred to herein or in the other Credit Documents.

 

		12.10	GOVERNING LAW; NO THIRD
PARTY RIGHTS

 

THIS AGREEMENT AND THE LOANS AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND THE LOANS SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. THIS AGREEMENT IS SOLELY FOR THE BENEFIT OF THE PARTIES HERETO AND THEIR RESPECTIVE SUCCESSORS
AND ASSIGNS, AND, EXCEPT AS SET FORTH IN SECTION 12.6, NO OTHER PERSONS SHALL HAVE ANY RIGHT, BENEFIT, PRIORITY OR
INTEREST UNDER, OR BECAUSE OF THE EXISTENCE OF, THIS AGREEMENT.

 

		12.11	SUBMISSION TO JURISDICTION;
WAIVERS

 

		(a)	EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS
PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE
BOROUGH OF MANHATTAN (OR IF SUCH COURT LACKS SUBJECT MATTER JURISDICTION, THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN
THE BOROUGH OF MANHATTAN), AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT (UNLESS OTHERWISE SPECIFIED THEREIN) OR THE TRANSACTIONS RELATING HERETO OR THERETO,
OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY (AND ANY SUCH CLAIMS, CROSS-CLAIMS OR THIRD PARTY CLAIMS BROUGHT
AGAINST THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES MAY ONLY) BE HEARD AND DETERMINED IN SUCH FEDERAL (TO THE EXTENT
PERMITTED BY LAW) OR NEW YORK STATE COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY
LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER CREDIT DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY ISSUING
LENDER OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST THE ANY CREDIT
PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

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

 

		(c)	EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED
FOR NOTICES IN SECTION 12.2. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

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

 

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		12.12	Acknowledgements

 

		(a)	The Credit Parties acknowledge and agree, and acknowledge their Subsidiaries’ understanding,
that no Lender Party will have any obligations except those obligations expressly set forth herein and in the other Credit Documents
and each Lender Party is acting solely in the capacity of an arm’s length contractual counterparty to the Credit Parties
with respect to the Credit Documents and the transactions contemplated herein and therein and not as a financial advisor or a fiduciary
to, or an agent of, the Credit Parties or any other person. The Credit Parties agree that they will not assert any claim against
any Lender Party based on an alleged breach of fiduciary duty by such Lender Party in connection with this Agreement and the transactions
contemplated hereby. Additionally, the Credit Parties acknowledge and agree that no Lender Party is advising the Credit Parties
as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction. The Credit Parties shall consult
with their own advisors concerning such matters and shall be responsible for making their own independent investigation and appraisal
of the transactions contemplated herein or in the other Credit Documents, and the Lender Parties shall have no responsibility or
liability to the Credit Parties with respect thereto.

 

		(b)	The Credit Parties further acknowledge and agree, and acknowledge their Subsidiaries’ understanding,
that each Lender Party, together with its Affiliates, is a full service securities or banking firm engaged in securities trading
and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business,
any Lender Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts
and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations)
of, the Credit Parties and other companies with which the Credit Parties may have commercial or other relationships. With respect
to any securities and/or financial instruments so held by any Lender Party or any of its customers, all rights in respect of such
securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

 

		(c)	In addition, the Credit Parties acknowledge and agree, and acknowledge their Subsidiaries’
understanding, that each Lender Party and its affiliates may be providing debt financing, equity capital or other services (including
financial advisory services) to other companies in respect of which the Credit Parties may have conflicting interests regarding
the transactions described herein and otherwise. No Lender Party will use confidential information obtained from the Credit Parties
by virtue of the transactions contemplated by the Credit Documents or its other relationships with the Credit Parties in connection
with the performance by such Lender Party of services for other companies, and no Lender Party will furnish any such information
to other companies. The Credit Parties also acknowledge that no Lender Party has any obligation to use in connection with the transactions
contemplated by the Credit Documents, or to furnish to the Credit Parties, confidential information obtained from other companies.

 

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		12.13	Confidentiality

 

		(a)	Each of the Administrative Agent, the Issuing Lenders and the Lenders agrees to maintain the confidentiality
of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors,
officers, employees and agents, including accountants, legal counsel and other advisors on a “need to know” basis solely
in connection with the transactions completed hereby (it being understood that the Persons to whom such disclosure is made will
be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the
extent requested by any Governmental Authority (including any self-regulatory authority, such as the National Association of Insurance
Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process,
(d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or under any
other Credit Document or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder or under
any other Credit Document, (f) subject to an agreement containing provisions substantially the same as those of this Section,
to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement or (ii)  any actual or prospective counterparty (or its advisors) to any swap or derivative transaction
relating to the Company and its obligations, (g) on a confidential basis to (1) any rating agency in connection with
rating the Credit Parties or their Subsidiaries or the credit facilities provided for herein or (2) the CUSIP Service Bureau
or any similar agency in connection with the issuance and monitoring of identification numbers with respect to the credit facilities
provided for herein, (h) with the consent of the Company or (i) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any
Issuing Lender or any Lender on a non-confidential basis other than as a breach of this Section from a source other than the
Company. For the purposes of this Section, “Information” means all information received from the Parent
relating to the Parent or any of its Restricted Subsidiaries or their respective businesses, operations or assets, other than any
such information that is available to the Administrative Agent, any Issuing Lender or any Lender on a non-confidential basis prior
to disclosure by the Company and other than information pertaining to this Agreement routinely provided by arrangers to data service
providers, including league table providers, that serve the lending industry. Any Person required to maintain the confidentiality
of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person
has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own
confidential information.

 

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		(b)	EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 12.13(a) FURNISHED
TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE COMPANY AND ITS RELATED PARTIES
OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC
INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING
FEDERAL AND STATE SECURITIES LAWS.

 

		(c)	ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE COMPANY OR
THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH
MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE COMPANY, THE CREDIT PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE
SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE COMPANY AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE
QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE
WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 

		12.14	Patriot Act

 

Each Lender hereby notifies the Company
that pursuant to the requirements of the Patriot Act, it may be required to obtain, verify and record information that identifies
the Company, which information includes the name and address of the Company and other information that will allow such Lender to
identify the Company in accordance with the Patriot Act.

 

		12.15	[Reserved]

 

		12.16	Severability

 

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

 

		12.17	Acknowledgment and Consent
to Bail-In of Affected Financial Institutions

 

Notwithstanding anything to the contrary
in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any Affected Financial Institution arising under any Credit Document may be subject to the Write-Down and
Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

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

 

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		(b)	the effects of any Bail-In Action on any such liability, including, if applicable:

 

		(i)	a reduction in full or in part or cancellation of any such liability;

 

		(ii)	a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred
on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Credit Document; or

 

		(iii)	the variation of the terms of such liability in connection with the exercise of the Write-Down
and Conversion Powers of the applicable Resolution Authority.

 

		12.18	Acknowledgement Regarding
Any Supported QFCs

 

		(a)	To the extent that the Credit Documents provide support, through a guarantee or otherwise, for
Swap Contracts or any other agreement or instrument that is a

 

		(b)	QFC (such support “QFC Credit Support” and each such QFC a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance
Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect
of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and
any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any
other state of the United States):

 

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

 

    180

     

    

 

		12.19	Canadian Anti-Money
Laundering Legislation

 

		(a)	Each Credit Party acknowledges that, pursuant to the Proceeds of Crime Act and other applicable
Canadian anti-money laundering, anti-terrorist financing, government sanction and “know your client” laws (collectively,
including any guidelines or orders thereunder, “AML Legislation”), the Lenders may be required to obtain,
verify and record information regarding the Credit Parties and their respective directors, authorized signing officers, direct
or indirect shareholders or other Persons in control of the Credit Parties, and the transactions contemplated hereby. Each Credit
Party shall promptly provide all such information, including supporting documentation and other evidence, as may be reasonably
requested by any Lender or any prospective assignee or participant of a Lender, any Issuing Bank or the Administrative Agent, in
order to comply with any applicable AML Legislation, whether now or hereafter in existence.

 

		(b)	If the Administrative Agent has ascertained the identity of any Credit Party or any authorized
signatories of the Credit Parties for the purposes of applicable AML Legislation, then the Administrative Agent:

 

		(i)	shall be deemed to have done so as an agent for each Lender, and this Agreement shall constitute
a “written agreement” in such regard between each Lender and the Administrative Agent within the meaning of the applicable
AML Legislation; and

 

		(ii)	shall provide to each Lender copies of all information obtained in such regard without any representation
or warranty as to its accuracy or completeness.

 

Notwithstanding the preceding
sentence and except as may otherwise be agreed in writing, each of the Lenders agrees that neither the Administrative Agent nor
any other agent has any obligation to ascertain the identity of the Credit Parties or any authorized signatories of the Credit
Parties on behalf of any Lender, or to confirm the completeness or accuracy of any information it obtains from any Credit Party
or any such authorized signatory in doing so.

 

		12.20	Judgment Currency

 

If for the purpose of obtaining judgment
in any court it is necessary to convert an amount due hereunder in the currency in which it is due (the “Original Currency”)
into another currency (the “Second Currency”), the rate of exchange applied shall be that at which, in
accordance with normal banking procedures, the Administrative Agent could purchase in the New York foreign exchange market, the
Original Currency with the Second Currency on the date two (2) Business Days preceding that on which judgment is given. Each
Credit Party agrees that its obligation in respect of any Original Currency due from it hereunder shall, notwithstanding any judgment
or payment in such other currency, be discharged only to the extent that, on the Business Day following the date the Administrative
Agent receives payment of any sum so adjudged to be due hereunder in the Second Currency, the Administrative Agent may, in accordance
with normal banking procedures, purchase, in the New York foreign exchange market, the Original Currency with the amount of the
Second Currency so paid; and if the amount of the Original Currency so purchased or could have been so purchased is less than the
amount originally due in the Original Currency, each Credit Party agrees as a separate obligation and notwithstanding any such
payment or judgment to indemnify the Administrative Agent against such loss.

 

    181

     

    

 

		12.21	Intercreditor Agreement

 

Notwithstanding any provisions in the Agreement
or any other Credit Document to the contrary, the terms, conditions and provisions of this Agreement and the other Credit Documents
are subject to the term of the Intercreditor Agreement. To the extent there is a conflict between the Credit Documents and the
Intercreditor Agreement, the terms and conditions of the Intercreditor Agreement shall control.

 

[Signature Pages Follow]

 

    182

     

    

 

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

 

	 	Parent:
	 	NGL ENERGY PARTNERS LP
	 	a Delaware limited partnership
	 	 	 	 
	 	By:	/s/ Robert W. Karlovich III
	 	 	Name:	Robert W. Karlovich III
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	The Company:
	 	NGL ENERGY OPERATING LLC
	 	a Delaware limited liability company
	 	 	 	 
	 	By:	/s/ Robert W. Karlovich III
	 	 	Name:	Robert W. Karlovich III
	 	 	Title:	Chief Financial Officer

 

[Signature
page to NGL Credit Agreement]

 

    	 	 	 

     

    

 

 

	 	Administrative Agent, Collateral Agent, Lender, Swingline Lender and an Issuing Lender:
	 	 
	 	JPMORGAN CHASE BANK, N.A.
	 	 
	 	By:	/s/ Stephanie Balette
	 	 	Name:	Stephanie Balette
	 	 	Title:	Authorized Officer

 

[Signature
page to NGL Credit Agreement]

 

    

     

    

 

	 	Lender and an Issuing Lender:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	/s/ Ernest May
	 	 	Name:	 Ernest May
	 	 	Title:	Director

 

[Signature
page to NGL Credit Agreement]

 

    

     

    

 

	 	Lender and an Issuing Lender:
	 	 
	 	THE TORONTO-DOMINION BANK, NEW YORK BRANCH
	 	 
	 	By:	 /s/ Michael Borowiecki
	 	 	Name:	 Michael Borowiecki
	 	 	Title:	Authorized Signatory

 

[Signature
page to NGL Credit Agreement]

 

    

     

    

 

	 	Lender:
	 	 
	 	ROYAL BANK OF CANADA
	 	 
	 	By:	/s/ Laura M. Ryan
	 	 	Name:	Laura M. Ryan
	 	 	Title:	Authorized Signatory

 

[Signature
page to NGL Credit Agreement]

 

    

     

    

 

	 	Lender:
	 	 
	 	BARCLAYS BANK PLC
	 	 
	 	By:	/s/ Sydney G. Dennis
	 	 	Name:	Sydney G. Dennis
	 	 	Title:	Director

 

[Signature
page to NGL Credit Agreement]

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