Document:

Guaranty Note to Atlas America, Inc.

 Exhibit 10.3 
  
  
  
 GUARANTY NOTE 
 Dated as of June 1, 2009

 By 
 Atlas Pipeline
Holdings, L.P., 
 the Issuer, 
 Issued to 
 Atlas America, Inc., 
 the Holder 
  
  
  

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
THE SECURITIES LAWS OF ANY JURISDICTION. THIS NOTE MAY NOT BE OFFERED, SOLD, HYPOTHECATED, GIVEN, BEQUEATHED, TRANSFERRED, ASSIGNED, PLEDGED, ENCUMBERED, OR OTHERWISE DISPOSED OF (“TRANSFERRED”) EXCEPT PURSUANT TO (I) A REGISTRATION
STATEMENT WITH RESPECT TO THIS NOTE THAT IS EFFECTIVE UNDER THE SECURITIES ACT OR APPLICABLE STATE SECURITIES LAW, OR (II) ANY EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR APPLICABLE STATE SECURITIES LAW RELATING TO THE DISPOSITION OF
SECURITIES, PROVIDED THAT AN OPINION OF COUNSEL IS FURNISHED TO THE COMPANY, TO THE EXTENT REASONABLY REQUESTED BY THE COMPANY, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT AND/OR APPLICABLE STATE SECURITIES LAW IS AVAILABLE. 
 THIS NOTE AND THE INDEBTEDNESS EVIDENCED HEREBY ARE SUBORDINATED IN RIGHT OF
PAYMENT TO ALL INDEBTEDNESS UNDER AND AS DEFINED IN THAT CERTAIN REVOLVING CREDIT AGREEMENT DATED AS OF JULY 26, 2006, AS AMENDED, AMONG THE ISSUER, ATLAS PIPELINE PARTNERS GP, LLC, THE FINANCIAL INSTITUTIONS PARTY THERETO AS SENIOR CREDITORS, AND
WACHOVIA BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT (IN SUCH CAPACITY, THE “ADMINISTRATIVE AGENT”). THE SUBORDINATION OF THIS NOTE IS MADE PURSUANT TO, AND IS SUBJECT TO THE PROVISIONS OF, THE GUARANTY, SUBORDINATION AND CASH
COLLATERAL AGREEMENT DATED AS OF JUNE 1, 2009 BETWEEN THE HOLDER AND THE ADMINISTRATIVE AGENT. 
 New York, New York 
 June 1, 2009 
 ATLAS PIPELINE HOLDINGS, L.P.

 Guaranty Note 
 Atlas Pipeline Holdings, L.P., a Delaware limited partnership (the “Issuer”), hereby unconditionally promises to pay to the order of Atlas America, Inc., a Delaware corporation (including assigns, the
“Holder”), the principal amount of each loan made or deemed made hereunder, as such amount may be increased or decreased according to the terms hereof, together with interest from the date hereof on the unpaid principal
balances as set forth herein until the principal amount is paid in full at the rate or rates of interest set forth herein. 
 The principal
amount of this Guaranty Note is payable in full on the Maturity Date. Certain capitalized terms used herein without definition shall have the meanings assigned to them in Article 7 hereof. This Guaranty Note is issued in accordance
with and subject to the following terms and conditions: 

 ARTICLE I 
 PRINCIPAL AND INTEREST 
 Section 1.1. Principal and Interest. 
 (a) On the Maturity Date, the Issuer shall pay to the order of the Holder an amount equal to the aggregate principal amount of this
Guaranty Note outstanding on the Maturity Date, plus accrued and unpaid interest thereon. 
 (b) The principal amount of this
Guaranty Note shall initially be zero. On each January 1, April 1, July 1 and October 1 after the date hereof (each, a “Principal Increase Date”) the principal amount of this Guaranty Note shall
be increased (each, a “Principal Increase”) by an amount equal to 3.75% per annum multiplied by the sum of (a) the daily outstanding principal amount of the indebtedness outstanding under the Credit Agreement
from and including the Closing Date (for the first Principal Increase Date), or from and including the most recent Principal Increase Date (thereafter), in each case to but excluding the applicable Principal Increase Date, plus (b) one
million U.S. dollars (U.S. $1,000,000). Principal Increases shall be deemed to be loans made hereunder, and shall be deemed to be added to the principal amount hereunder on each Principal Increase Date automatically and without any action by any
party hereto. 
 (c) The principal amount of this Guaranty Note may be evidenced by one or more loan accounts or records
maintained by the Holder, or notated on the schedule attached to this Note. Such records of the Holder, if any, shall be conclusive absent manifest error. The failure by the Holder to maintain any such evidence or notation shall in no way affect the
obligations of the Issuer hereunder. 
 (d) Interest shall be payable quarterly, in arrears, on each
January 1, April 1, July 1 and October 1 after the issuance of this Guaranty Note (the “Interest Payment Dates”). Interest shall accrue on the unpaid principal amount of this Guaranty Note at the
rate of 3.75% per annum (the “Applicable Rate”) from the Closing Date, or from the most recent Interest Payment Date for which the applicable interest payment has been made, until the principal amount of this
Guaranty Note is paid in full; provided that, prior to the Maturity Date, interest shall be payable entirely by accruing such interest and adding it to the principal amount of this Guaranty Note on the applicable Interest Payment Date
(“PIK Interest”). Interest on this Guaranty Note shall be computed on the basis of a 360-day year composed of twelve 30-day months. 
 (e) If a date for payment of principal or interest is a not on a Business Day, payment shall be made on the next succeeding day that is a Business Day, and interest shall accrue for the intervening period. 

(f) The Issuer will pay principal and interest (other than any PIK Interest, which shall be payable as set forth in

Section 1.1(a)) in money of the United States that at the time of payment is legal tender for payment of public and private debts in immediately available funds (without any counterclaim, setoff, recoupment or deduction
whatsoever, and free and clear 

 
of, and without any withholding or deduction for or on account of, any present or future taxes, levies, imports, duties, charges or fees of any nature) and
by wire transfer to a U.S. dollar account maintained by the Holder with a bank in the United States designated in writing by the Holder. All payments of interest and principal in respect of this Guaranty Note shall be made on the due date thereof no
later than 3:00 p.m., New York, New York time. Any payment received by the Holder after 3:00 p.m., New York, New York time, on any day, will be deemed to have been received on the following Business Day. 
 (g) The Issuer agrees that, to the extent the Issuer makes a payment or payments hereunder which payment or payments, or any part thereof,
are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to the Issuer or its successors under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of
such payment or repayment, the obligations, or part thereof, under this Guaranty Note that have been paid, reduced or satisfied by such amount shall be reinstated and continued in full force and effect as of the time immediately preceding such
initial payment, reduction or satisfaction. 
 (h) To the extent lawful, the Issuer shall pay interest on (i) overdue
principal and (ii) overdue installments (without regard to any applicable grace period or payment blockage) of interest, in each case at a rate equal to the Applicable Rate plus 2% per annum, compounded quarterly. 
 ARTICLE II 
 TAXES 
 Section 2.1. Payments Free and Clear. Any and all payments by the Issuer hereunder shall be made, in accordance with
Section 1.1(d), free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of the Holder,
taxes imposed on its income, and franchise or similar taxes imposed on it, by (i) any jurisdiction (or political subdivision thereof) of which the Holder is a citizen or resident, (ii) the jurisdiction (or any political subdivision
thereof) in which the Holder is organized, or (iii) any jurisdiction (or political subdivision thereof) in which the Holder is presently doing business which taxes are imposed solely as a result of doing business in such jurisdiction (all such
non excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”). If the Issuer shall be required by law to deduct any Taxes from or in respect of any sum
payable hereunder to the Holder, (i) the sum payable shall be increased by the amount necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.1) the Holder
shall receive an amount equal to the sum it would have received had no such deductions been made, (ii) the Issuer shall make such deductions and (iii) the Issuer shall pay the full amount deducted to the relevant taxing authority or other
Governmental Authority in accordance with applicable law. 
 Section 2.2. Other Taxes. In addition, to the fullest extent permitted by
applicable law, the Issuer agrees to pay any present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies that arise from any payment made hereunder or from the execution, delivery or registration of,
or otherwise with respect to, this Guaranty Note (hereinafter referred to as “Other Taxes”). 

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 The Issuer represents and warrants to the Holder that: 

Section 3.1. Corporate Existence. The Issuer: (i) is a limited partnership duly organized, formed, legally existing and in good standing
under the laws of the jurisdiction of its formation; (ii) has all requisite organizational power, and has all material governmental licenses, authorizations, consents and approvals necessary to own its assets and carry on its business as now
being or as proposed to be conducted; and (iii) is qualified to do business in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure so to qualify would have a Material
Adverse Effect. 
 Section 3.2. Financial Condition. The audited consolidated balance sheet of the Issuer and its Consolidated
Subsidiaries as at December 31, 2008, the related consolidated statement of income, partners’ equity and cash flow of the Issuer and its Consolidated Subsidiaries for the fiscal year ended on said date, in each case including, on a
consolidated basis, Atlas Pipeline Partners and its consolidated subsidiaries, heretofore furnished to the Holder, are complete and correct and fairly present the consolidated financial condition of the Issuer and its Consolidated Subsidiaries
including, on a consolidated basis, Atlas Pipeline Partners and its consolidated subsidiaries, as at said date and the results of its operations for the fiscal year on said date, all in accordance with GAAP, as applied on a consistent basis. Except
as reflected or referred to in such Financial Statements or the unaudited financial statements of the Issuer as at March 31, 2009, neither the Issuer, nor APL General Partner, nor any Subsidiary of the Issuer has on the Closing Date any
material Debt, contingent liabilities, liabilities for taxes, unusual forward or long term commitments or unrealized or anticipated losses from any unfavorable commitments. Since the date of the Financial Statements, neither the business nor the
Properties of the Issuer, or any Subsidiary, including Atlas Pipeline Partners and its consolidated subsidiaries, have been materially and adversely affected. 
 Section 3.3. Litigation. There is no litigation, legal, administrative or arbitral proceeding, investigation or other action of any nature pending or, to the knowledge of the Issuer, threatened against or
affecting the Issuer or any Subsidiary which involves the possibility of any judgment or liability against the Issuer or any Subsidiary not fully covered by insurance (except for normal deductibles), and which would have a Material Adverse Effect.

 Section 3.4. No Breach. Neither the execution and delivery of this Guaranty Note, nor compliance with the terms and provisions
hereof, will conflict with or result in a breach of, or require any consent which has not been obtained as of the Closing Date under, the respective charter, limited partnership agreement, articles of organization or by-laws of the Issuer or any
Subsidiary, or any Governmental Requirement, or any agreement or instrument to which the 

 
Issuer or any Subsidiary is a party or by which it is bound or to which it or its Properties are subject, or constitute a default under any such agreement or
instrument, or result in the creation or imposition of any Lien upon any of the revenues or assets of the Issuer or any Subsidiary pursuant to the terms of any such agreement or instrument. 
 Section 3.5. Authority. The Issuer has all necessary organizational power and authority to execute, deliver and perform its obligations under this
Guaranty Note; and the execution, delivery and performance by the Issuer of the Note have been duly authorized by all necessary organizational action on its part; and the Note constitutes the legal, valid and binding obligations of the Issuer,
enforceable in accordance with its terms. 
 Section 3.6. Approvals. No authorizations, approvals or consents of, and no filings or
registrations with, any Governmental Authority or any other Person are necessary for the execution, delivery or performance by the Issuer of the Note or for the validity or enforceability thereof. 
 Section 3.7. Use of Proceeds. The proceeds of this Guaranty Note shall be used to repay Indebtedness (as defined in the Credit Agreement)
outstanding under the Credit Agreement. The Issuer is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock
(within the meaning of Margin Regulations) and no part of the proceeds of the Note will be used to buy or carry any margin stock. 
 Section
3.8. ERISA. 
 (a) The Issuer, each Subsidiary and each ERISA Affiliate have complied in all material respects with
ERISA and, where applicable, the Code regarding each Plan. 
 (b) Each Plan is, and has been, maintained in substantial
compliance with ERISA and, where applicable, the Code. 
 (c) No act, omission or transaction has occurred which could result
in imposition on the Issuer, any Subsidiary or any ERISA Affiliate (whether directly or indirectly) of (i) either a civil penalty assessed pursuant to section 502(c), (i) or (1) of ERISA or a tax imposed pursuant to Chapter 43 of
Subtitle D of the Code or (ii) breach of fiduciary duty liability damages under section 409 of ERISA. 
 (d) No
contingent obligations remain due to the termination of any Plan (other than a defined contribution plan) or any trust created under any such Plan since September 2, 1974. The only Plan that has been terminated was for The Atlas Group, Inc. No
liability to the PBGC (other than for the payment of current premiums which are not past due) by the Issuer, any Subsidiary or any ERISA Affiliate has been or is expected by the Issuer, any Subsidiary or any ERISA Affiliate to be incurred with
respect to any Plan. No ERISA Event with respect to any Plan has occurred. 
 (e) Full payment when due has been made of all
amounts which the Issuer, any Subsidiary or any ERISA Affiliate is required under the terms of each Plan or applicable law to have paid as contributions to such Plan, and no accumulated funding deficiency (as defined in section 302 of ERISA and
section 412 of the Code), whether or not waived, exists with respect to any Plan. 

 (f) The actuarial present value of the benefit liabilities under each Plan which is
subject to Title IV of ERISA does not, as of the end of the Issuer’s most recently ended fiscal year, exceed the current value of the assets (computed on a plan termination basis in accordance with Title IV of ERISA) of such Plan allocable to
such benefit liabilities. The term “actuarial present value of the benefit liabilities” shall have the meaning specified in section 4041 of ERISA. 
 (g) None of the Issuer, any Subsidiary or any ERISA Affiliate sponsors, maintains, or contributes to an employee welfare benefit plan, as
defined in section 3(l) of ERISA, including, without limitation, any such plan maintained to provide benefits to former employees of such entities, that may not be terminated by the Issuer, a Subsidiary or any ERISA Affiliate in its sole discretion
at any time without any material liability. 
 (h) None of the Issuer, any Subsidiary or any ERISA Affiliate sponsors,
maintains or contributes to, or has at any time in the preceding six calendar years, sponsored, maintained or contributed to, any Multiemployer Plan. 
 (i) None of the Issuer, any Subsidiary or any ERISA Affiliate is required to provide security under section 401 (a)(29) of the Code due to a Plan amendment that results in an increase in current liability for the
Plan. 
 Section 3.9. Taxes. Except as set forth on Schedule 3.09, the Issuer and its Subsidiaries have filed all United States
federal income tax returns and all other tax returns which are required to be filed by them, or otherwise obtained appropriate extensions to file, and have paid all material taxes due pursuant to such returns or pursuant to any assessment received
by the Issuer or any Subsidiary, except such taxes that are being contested in good faith by appropriate proceedings and for which the Issuer or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP.
The charges, accruals and reserves on the books of the Issuer and its Subsidiaries in respect of taxes and other governmental charges are, in the opinion of the Issuer, adequate. No tax lien has been filed and, to the knowledge of the Issuer, no
claim is being asserted with respect to any such tax, fee or other charge. 
 Section 3.10. Titles, etc. Except as otherwise set forth
on Schedule 3.10: 
 (a) The Issuer has good, sufficient and clear title to its material Properties, free and clear of all
adverse possession or abandonment claims and Liens, except Excepted Liens. 
 (b) All leases, rights of way, permits, licenses
and agreements necessary for the conduct of the business of the Issuer are valid and subsisting, in full force and effect and there exists no default or event or circumstance which with the giving of notice or the passage of time or both would give
rise to a default under any such lease rights of way, permits, licenses, which would affect in any material respect the conduct of the business of the Issuer. 
 (c) The rights, Properties and other assets presently owned, leased or licensed by the Issuer, including, without limitation, all
easements and rights of way, include all rights, Properties and other assets necessary to permit the Issuer to conduct its business in all material respects in the same manner as its business has been conducted prior to the Closing Date. 

 (d) All of the assets and Properties of the Issuer which are reasonably necessary for the
operation of its business are in good working condition and are maintained in accordance with prudent business standards. 
 Section 3.11.
No Material Misstatements. To the Issuer’s knowledge, (i) no written information, statement, exhibit, certificate, document or report (not including financial projections referred to in clause (ii)) furnished to the Holder in
connection with the negotiation of this Guaranty Note contains any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statement contained therein not materially misleading in the light of the
circumstances in which made and (ii) all financial projections concerning the Issuer and its Subsidiaries furnished to the Holder have been prepared in good faith based upon reasonable assumptions. There is no fact peculiar to the Issuer which
has a Material Adverse Effect or in the future is reasonably likely to have a Material Adverse Effect and which has not been set forth in this Guaranty Note or the other documents, certificates and statements furnished to the Holder by or on behalf
of the Issuer prior to, or on, the Closing Date in connection with the transactions contemplated hereby. 
 Section 3.12. Investment
Company Act. The Issuer is not an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 
 Section 3.13. Capitalization of General Partner and Subsidiaries. 
 (a) To the Issuer’s knowledge, all issued and outstanding membership units of the General Partner have been validly issued and are
fully paid and nonassessable and are owned by and issued to the Persons shown on Schedule 3.13 attached hereto. 
 (b) Neither
the Issuer nor any Subsidiary of the Issuer owns directly or indirectly any capital stock, membership interest or partnership interest of any other Person, other than the Issuer’s ownership of the Subsidiaries described on Schedule 3.13. The
Issuer and each Subsidiary of the Issuer has good and marketable title to all securities of the Subsidiaries issued to it, free and clear of all liens and encumbrances, and all such securities have been duly and validly issued and are fully paid and
nonassessable. The authorized securities and ownership of the Subsidiaries of the Issuer is as shown on Schedule 3.13 attached hereto and made a part hereof. There are no Subsidiaries of the Issuer other than as disclosed on Schedule 3.13.

 Section 3.14. Location of Business and Offices. The Issuer’s principal place of business and chief executive offices are
located at the address stated on the signature page of this Guaranty Note. 
 Section 3.15. Defaults under Material Agreements. The
Issuer is not in default nor has any event or circumstance occurred which, but for the expiration of any applicable grace period or the giving of notice, or both, would constitute a default under any Material Agreement to which the Issuer or any
Subsidiary is a party or by which the Issuer or any Subsidiary is bound. No Default hereunder has occurred and is continuing. 

 Section 3.16. Environmental Matters. Except as would not have a Material Adverse Effect (or with
respect to clauses (c), (d) and (e) below, where the failure to take such actions would not have a Material Adverse Effect): 
 (a) Neither any Property of the Issuer or its Subsidiaries nor the operations conducted thereon violate any order or requirement of any court or Governmental Authority or any Environmental Laws; 
 (b) Without limitation of clause (a) above, no Property of the Issuer or its Subsidiaries nor the operations currently conducted
thereon or, to the best knowledge of the Comapny, by any prior owner or operator of such Property or operation, are in violation of or subject to any existing, pending or threatened action, suit, investigation, inquiry or proceeding by or before any
court or Governmental Authority or to any remedial obligations under Environmental Laws; 
 (c) All notices, permits, licenses
or similar authorizations, if any, required to be obtained or filed in connection with the operation or use of any and all Property of the Issuer or any of its Subsidiaries, including without limitation past or present treatment, storage, disposal
or release of a hazardous substance or solid waste into the environment, have been duly obtained or filed, and the Issuer and its Subsidiaries are in compliance with the terms and conditions of all such notices, permits, licenses and similar
authorizations; 
 (d) All hazardous substances, solid waste, and oil and gas exploration and production wastes, if any,
generated at any and all Property of the Issuer or its Subsidiaries have in the past been transported, treated and disposed of in accordance with Environmental Laws and so as not to pose an imminent and substantial endangerment to public health or
welfare or the environment, and, to the best knowledge of the Issuer, all such transport carriers and treatment and disposal facilities have been and are operating in compliance with Environmental Laws and so as not to pose an imminent and
substantial endangerment to public health or welfare or the environment, and are not the subject of any existing, pending or threatened action, investigation or inquiry by any Governmental Authority in connection with any Environmental Laws;

 (e) The Issuer and its Subsidiaries have taken all steps reasonably necessary to determine and have determined that no
hazardous substances, solid waste, or oil and gas exploration and production wastes, have been disposed of or otherwise released and there has been no threatened release of any hazardous substances on or to any Property of the Issuer or its
Subsidiaries except in compliance with Environmental Laws and so as not to pose an imminent and substantial endangerment to public health or welfare or the environment; and 
 (f) None of the Issuer or its Subsidiaries has any known contingent liability in connection with any release or threatened release of any
oil, hazardous substance or solid waste into the environment. 
 Section 3.17. Compliance with Laws. None of the Issuer or its
Subsidiaries has violated any Governmental Requirement or failed to obtain any license, permit, franchise or other governmental authorization necessary for the ownership of any of its Properties or the conduct of its business, which violation or
failure would have (in the event such violation or failure were 

 
asserted by any Person through appropriate action) a Material Adverse Effect. Except for such acts or failures to act as would not have a Material Adverse
Effect, the Properties of the Issuer (and properties unitized therewith) have been maintained, operated and developed in a good and workmanlike manner and in conformity with all applicable laws and all rules, regulations and orders of all duly
constituted authorities having jurisdiction and in conformity with the provisions of all leases, subleases or other contracts comprising a part of and forming a part of the Properties. 
 Section 3.18. Insurance. Schedule 3.18 attached hereto contains an accurate and complete description of all material policies of fire, liability,
workers’ compensation and other forms of insurance owned or held by the Issuer. All such policies are in full force and effect, all premiums with respect thereto covering all periods up to and including the date of the closing have been paid,
and no notice of cancellation or termination has been received with respect to any such policy. Such policies are sufficient for compliance with all requirements of law and of all agreements to which the Issuer is a party; are valid, outstanding and
enforceable policies; provide adequate insurance coverage in at least such amounts and against at least such risks (but including in any event public liability) as are usually insured against in the same general area by companies engaged in the same
or a similar business for the assets and operations of the Issuer; will remain in full force and effect through the respective dates set forth in Schedule 3.18 without the payment of additional premiums; and will not in any way be affected by, or
terminate or lapse by reason of, the transactions contemplated by this Agreement. Schedule 3.18 identifies all material risks, if any, which the Issuer and its general partner or sole member has designated as being self-insured. The Issuer has not
been refused any insurance with respect to its assets or operations, nor has its coverage been limited below usual and customary policy limits, by an insurance carrier to which it has applied for any such insurance or with which it has carried
insurance during the last three years. 
 Section 3.19. Hedging Agreements. Schedule 3.19 sets forth, as of the Closing Date, a true
and complete list of all Hedging Agreements (including commodity price swap agreements, forward agreements or contracts of sale which provide for prepayment for deferred shipment or delivery of oil, gas or other commodities) of the Issuer, the
material terms thereof (including the type, term, effective date, termination date and notional amounts or volumes), the net mark to market value thereof, all credit support agreements relating thereto (including any margin required or supplied),
and the counter party to each such agreement. 
 Section 3.20. Restrictions on Liens. The Issuer is not a party to any agreement or
arrangement (other than this Guaranty Note, the Atlas Note, the Credit Agreement and the security instruments executed pursuant to the Credit Agreement), or subject to any order, judgment, writ or decree, which either restricts or purports to
restrict its ability to grant Liens to other Persons on or in respect of their respective assets or Properties. 
 Section 3.21. Material
Agreements. Set forth on Schedule 3.21 is a complete list of all agreements, indentures, purchase agreements, obligations in respect of letters of credit, guarantees, partnership agreements, limited liability company agreements, other
organizational documents, joint venture agreements, and other instruments that (i) are material to the Issuer’s business, activities, and operation or ownership of the Issuer’s Property in effect or to be in effect as of the Closing
Date (other than the Hedging Agreements set forth on Schedule 3.19) or (ii)

 
provide for, evidence, secure or otherwise relate to any Debt of the Issuer and all obligations of the Issuer to issuers of surety or appeal bonds issued for
account of the Issuer (the agreements referenced in clauses (i) and (ii) hereto, collectively, the “Material Agreements”). Upon request by the Holder, the Issuer shall deliver, or caused to be delivered, to the
Holder a complete and correct copy of all such Material Agreements. 
 Section 3.22. Solvency. The Issuer and its Subsidiaries
individually and on a consolidated basis are not insolvent as such term is used and defined in the United States Bankruptcy Code. 
 ARTICLE IV 
 AFFIRMATIVE COVENANTS 
 The Issuer covenants and agrees that, until payment in full of all amounts due and payable by the Issuer hereunder: 
 Section 4.1. Reporting Requirements. The Issuer shall deliver, or shall cause to be delivered, to the Holder (it being agreed that the Issuer shall not be obligated to deliver the items specified in Section 4.1(a) or 4.1(b) if
such items are included in a public filing with the SEC on or prior to the date that such items would otherwise be required to be delivered under this Guaranty Note): 
 (a) Annual Financial Statements. As soon as available and in any event within ten (10) days after the Issuer is required to
file the same with the SEC, the audited consolidated and consolidating statements of income, partners’ equity, changes in financial position and cash flow for each of the Issuer and its Consolidated Subsidiaries for such fiscal year, and the
related consolidated and consolidating balance sheets of the Issuer and its Consolidated Subsidiaries as at the end of such fiscal year, and setting forth in each case in comparative form the corresponding figures for the preceding fiscal year, and
accompanied by the related opinion of independent public accountants of recognized national standing acceptable to the Holder which opinion shall state that said financial statements fairly present the consolidated and consolidating financial
condition and results of operations of the Issuer and its Consolidated Subsidiaries as at the end of, and for, such fiscal year and that such financial statements have been prepared in accordance with GAAP, except for such changes in such principles
with which the independent public accountants shall have concurred and such opinion shall not contain a “going concern” or like qualification or exception, but shall contain a certification stating that, in making the examination necessary
for their opinion, they obtained no knowledge, except as specifically stated, of any Default; provided, however, references in this Section 4.1(a) and in Section 4.1(b) to Consolidated Subsidiaries shall include, on a Consolidated
basis, Atlas Pipeline Partners and its Consolidated Subsidiaries. 
 (b) Quarterly Financial Statements. As soon as
available and in any event within twenty-five (25) days after any the Issuer is required to file the same with the SEC, for of each of the first three fiscal quarterly periods of each of its fiscal year for the Issuer and its Consolidated
Subsidiaries, consolidated and consolidating statements of income, partners’ equity, changes in financial position and cash flow of the Issuer and its Consolidated Subsidiaries for such period and for the period from the beginning of the
respective fiscal year to the end of such 

 
period, and the related consolidated and consolidating balance sheets as at the end of such period, and setting forth in each case in comparative form the
corresponding figures for the corresponding period in the preceding fiscal year, accompanied by the certificate of a Responsible Officer, which certificate shall state that said financial statements fairly present the consolidated and consolidating
financial condition and results of operations of the Issuer and its Consolidated Subsidiaries in accordance with GAAP, as at the end of, and for, such period (subject to normal year end audit adjustments). 
 (c) Notice of Default, Etc. Promptly after the Issuer knows that any Default or Event of Default has occurred, a notice of such
Default or Event of Default, describing the same in reasonable detail and the action the Issuer proposes to take with respect thereto. 
 (d) Other Accounting Reports. Promptly upon receipt thereof, a copy of each other report or letter submitted to the Issuer by independent accountants in connection with any annual, interim or special audit made
by them of the books of the Issuer and its Subsidiaries, and a copy of any response by the Issuer, or the general partner or sole member of the Issuer, to such letter or report. 
 (e) SEC Filings, Etc. Promptly upon its becoming available, each financial statement, report, notice or proxy statement sent by the
Issuer to its unitholders generally and each regular or periodic report and any registration statement, prospectus or written communication (other than transmittal letters) in respect thereof filed by the Issuer with or received by the Issuer in
connection therewith from any securities exchange or the SEC or any successor agency. 
 (f) Hedging Agreements. As
soon as available and in any event within fifteen (15) Business Days after the last day of each fiscal quarter, a report, in form and substance satisfactory to the Holder, setting forth as of the last Business Day of such fiscal quarter a true
and complete list of all Hedging Agreements of the Issuer, the material terms thereof (including the type, term, effective date, termination date and notional amounts), the net mark to market value therefor, any new credit support agreements
relating thereto not listed on Schedule 3.19, any margin required or supplied under any credit support document, and the counter party to each such agreement. 
 (g) Other Matters. From time to time such other information regarding the business, affairs or financial condition of the Issuer
(including, without limitation, any Plan or Multiemployer Plan and any reports or other information required to be filed under ERISA) as the Holder may reasonably request. 
 (h) Compliance Certificate. The Issuer will furnish to the Holder, at the time it furnishes each set of financial statements
pursuant to paragraph (a) or (b) above, a certificate substantially in the form of Exhibit A executed by a Responsible Officer certifying as to the matters set forth therein and stating that no Default has occurred and is continuing (or,
if any Default has occurred and is continuing, describing the same in reasonable detail). 

 (i) Credit Agreement Principal Amount Certificate. The Issuer will furnish to the
Holder, no later than the date of each Principal Increase Date, a certificate executed by a Responsible Officer setting forth the daily outstanding principal amount of the indebtedness under the Credit Agreement for the period from and including the
Closing Date or the most recent Principal Increase Date, as applicable, to but excluding the applicable Principal Increase Date. 
 Section
4.2. Litigation. The Issuer shall promptly give to the Holder notice of any litigation or proceeding against or adversely affecting the Issuer in which the amount claimed exceeds Five Hundred Thousand Dollars ($500,000) or an aggregate
of claims in excess of One Million Dollars ($1,000,000) and is not otherwise covered in full by insurance (subject to normal and customary deductibles and for which the insurer has not assumed the defense), or in which injunctive or similar relief
is sought. The Issuer will promptly notify the Holder of any claim, judgment, Lien or other encumbrance affecting any Property of the Holder or any Subsidiary if the value of the claim, judgment, Lien, or other encumbrance affecting such Property
shall exceed Five Hundred Thousand Dollars ($500,000) or an aggregate of such claims in excess of One Million Dollars ($1,000,000). 
 Section 4.3. Maintenance, Etc. 
 (a) Generally. Except as permitted under Section 5.09, the
Issuer shall preserve and maintain its organization existence and all of its material rights, privileges and franchises; keep books of record and account in which full, true and correct entries will be made of all dealings or transactions in
relation to its business and activities; comply with all Governmental Requirements if failure to comply with such requirements will have a Material Adverse Effect; pay and discharge all taxes, assessments and governmental charges or levies imposed
on it or on its income or profits or on any of its Property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and
against which adequate reserves are being maintained; upon reasonable notice, permit representatives of the Holder, during normal business hours, to examine, copy and make extracts from its books and records, to inspect its Properties, and to
discuss its business and affairs with its officers, all to the extent reasonably requested by the Holder; and keep, or cause to be kept, insured by financially sound and reputable insurers all Property of a character usually insured by Persons
engaged in the same or similar business similarly situated against loss or damage of the kinds and in the amounts customarily insured against by such Persons and carry such other insurance as is usually carried by such Persons including, without
limitation, environmental risk insurance to the extent reasonably available. 
 (b) Proof of Insurance.
Contemporaneously with the delivery of the financial statements required by Section 3.01(a) to be delivered for each year, the Issuer will furnish or cause to be furnished to the Holder a certificate of insurance coverage from the insurer in
form and substance satisfactory to the Holder listing Holder as “loss payee” and “additional insured” and, if requested, will furnish the Holder copies of the applicable policies. 
 (c) Properties. The Issuer will cause to be done all things reasonably necessary to preserve and keep in good repair, working order
and efficiency all of its material Properties including, without limitation, all equipment, machinery and facilities, and from time to time will make all the reasonably necessary repairs, renewals and replacements so that at all 

 
times the state and condition of its material Properties will be fully preserved and maintained, except to the extent that such failure would not have a
Material Adverse Effect. The Issuer will promptly: (i) pay and discharge, or make reasonable and customary efforts to cause to be paid and discharged, all rentals, royalties, expenses and indebtedness accruing under the rights of way, licenses,
leases or other agreements affecting or pertaining to its material Properties, (ii) perform or make reasonable and customary efforts to cause to be performed, in accordance with industry standards, the obligations required by each and all of
the rights of way, deeds, leases, sub leases, contracts and agreements affecting its interests in its material Properties, (iii) will do all other things necessary to keep unimpaired, except for Liens described in Section 5.02, its rights
with respect to its material Properties. The Issuer will operate its material Properties to be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements
and in compliance in all material respects with all Governmental Requirements. 
 Section 4.4. Environmental Matters. 
 (a) Establishment of Procedures. The Issuer will establish and implement such procedures as may be reasonably necessary to
continuously determine and assure that any failure of the following does not have a Material Adverse Effect: (i) all Property of the Issuer and the operations conducted thereon and other activities of the Issuer are in compliance with and do
not violate the requirements of any Environmental Laws, (ii) no Hydrocarbons, hazardous substances or solid wastes are disposed of or otherwise released on or to any Property owned by any such party except in compliance with Environmental Laws,
(iii) no hazardous substance will be released on or to any such Property in a quantity equal to or exceeding that quantity which requires reporting pursuant to Section 103 of CERCLA, and (iv) no oil, oil and gas exploration and
production wastes or hazardous substance is released on or to any such Property so as to pose an imminent and substantial endangerment to public health or welfare or the environment. 
 (b) Notice of Action. The Issuer will promptly notify the Holder in writing of any threatened action, investigation or inquiry by
any Governmental Authority of which the Issuer has knowledge in connection with any Environmental Laws, excluding routine testing and corrective action which might result in the Issuer or any Subsidiary being liable for the payment or performance of
obligations in excess of Ten Thousand Dollars ($10,000) with respect to any such event or in excess of One Hundred Thousand Dollars ($100,000) in the aggregate with respect to all such events. 
 (c) Future Acquisitions. In the event environmental remediation costs in excess of Five Hundred Thousand Dollars ($500,000) are
identified in respect of any acquisition of pipeline Properties or other material Properties, the Issuer will provide environmental audits and tests in form and scope as may be reasonably requested by the Holder (or as otherwise required to be
obtained by the Holder by any Governmental Authority) in connection with such future acquisitions of pipeline Properties or other material Properties. 
 Section 4.5. Further Assurances. The Issuer will cure promptly any defects in the creation and issuance of this Guaranty Note. The Issuer at its expense will promptly execute and deliver to the Holder upon
request all such other documents, agreements and instruments to comply with or accomplish the covenants and agreements of the Issuer in this Guaranty Note, or to correct any omissions in this Guaranty Note, or to make any recordings, to file any
notices or obtain any consents, all as may be necessary or appropriate in connection therewith. 

 Section 4.6. Performance of Obligations. The Issuer will pay this Guaranty Note according to the
reading, tenor and effect thereof and will perform every act and discharge all of the obligations to be performed and discharged by it under this Guaranty Note, at the time or times and in the manner specified. 
 Section 4.7. Title Curative. The Issuer shall cure, or cause to be cured, any title defects or exceptions which are not Excepted Liens.

 Section 4.8. Corporate Identity. The Issuer shall (i) observe, and cause the General Partner to observe, all requirements,
procedures and formalities necessary or advisable in order that the Issuer shall for all purposes be considered a validly existing entity separate and distinct from the General Partner, (ii) not permit any commingling of the assets of the
General Partner, the Holder, or the Holder Direct Subsidiaries with assets of the Issuer or any of its Subsidiaries which would prevent such assets of such persons from being readily distinguished from the assets of the Issuer and its Subsidiaries
and (iii) take reasonable and customary actions to ensure that creditors of the General Partner, the Holder or the Holder Direct Subsidiaries are aware that each such Person is an entity separate and distinct from the Issuer and its
Subsidiaries. 
 Section 4.9. ERISA Information and Compliance. The Issuer will promptly furnish and will cause the Subsidiaries and
any ERISA Affiliate to promptly furnish to the Holder (i) promptly after the filing thereof with the United States Secretary of Labor, the Internal Revenue Service or the PBGC, copies of each annual and other report with respect to each Plan or
any trust created thereunder, (ii) immediately upon becoming aware of the occurrence of any ERISA Event or of any “prohibited transaction,” as described in section 406 of ERISA or in section 4975 of the Code, in connection
with any Plan or any trust created thereunder, a written notice signed by a Responsible Officer specifying the nature thereof, what action the Issuer, the Subsidiary or the ERISA Affiliate is taking or proposes to take with respect thereto, and,
when known, any action taken or proposed by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto, and (iii) immediately upon receipt thereof, copies of any notice of the PBGCs intention to terminate or to have
a trustee appointed to administer any Plan. With respect to each Plan (other than a Multiemployer Plan), the Issuer will, and will cause each Subsidiary and ERISA Affiliate to, (i) satisfy in full and in a timely manner, without incurring any
late payment or underpayment charge or penalty and without giving rise to any lien, all of the contribution and funding requirements of section 412 of the Code (determined without regard to subsections (d), (e), (f) and (k) thereof) and of
section 302 of ERISA (determined without regard to sections 303, 304 and 306 of ERISA), and (ii) pay, or cause to be paid, to the PBGC in a timely manner, without incurring any late payment or underpayment charge or penalty, all premiums
required pursuant to sections 4006 and 4007 of ERISA. 
 Section 4.10. Restricted/Unrestricted Subsidiaries. Unless otherwise
consented to by the Holder, the Issuer will: (i) maintain entity records and books of account separate from those of any other entity, including Unrestricted Entities, which is an Affiliate of such entity; and (ii) not commingle its funds
or assets with those of any other entity, including Unrestricted Entities, which is an Affiliate of such entity. Further, the Issuer: 
 (a) will not guaranty any indebtedness pursuant to the Credit Agreement of any of the Unrestricted Entities; 

 (b) will not permit any Unrestricted Entity to hold any equity or other ownership
interest in the Issuer; and 
 (c) will operate each Unrestricted Entity in such a manner as to make it apparent to all
creditors of such Unrestricted Entity that such Unrestricted Entity is a legal entity separate and distinct from the Issuer and as such is solely responsible for its own debts. 
 Section 4.11. Material Agreements. The Issuer will enforce the obligations of Affiliates that are parties to the Material Agreements to the same
extent as they would enforce similar obligations of unrelated third parties. 
 ARTICLE V 
 NEGATIVE COVENANTS 
 The Issuer
covenants and agrees that, until payment in full of all amounts due and payable by the Issuer hereunder, without the prior written consent of the Holder: 
 Section 5.1. Debt. The Issuer will not incur, create, assume or permit to exist any Debt, except: 
 (a) The notes or other indebtedness pursuant to the Credit Agreement or any guaranty of or suretyship arrangement for such notes or other indebtedness or notes or other indebtedness due to the Holder, including the
Atlas Note; 
 (b) Debt of the Issuer disclosed in Schedule 5.1, and any renewals or extensions (but not
increases) thereof; 
 (c) accounts payable (for the deferred purchase price of Property or services) from time to time
incurred in the ordinary course of business which, if greater than 90 days past the invoice or billing date, are being contested in good faith by appropriate proceedings if reserves adequate under GAAP shall have been established therefor;

 (d) Debt of the Issuer under Hedging Agreements permitted under Section 5.7; 
 (e) Intercompany Debt in the ordinary course of business; 
 (f) Debt of the Issuer to the General Partner to enable the General Partner to pay general and administrative costs and expenses of the
Issuer in scope approved by the Holder; 
 (g) Debt of the Issuer not otherwise described under subparagraphs
(a) through (f) above not to exceed One Hundred Thousand Dollars ($100,000) in the aggregate. 
 Section 5.2.
Liens. The Issuer will not create, incur, assume or permit to exist any Lien on any of its Properties (now owned or hereafter acquired), except: 
 (a) Liens in favor of the Administrative Agent for the benefit of the Lenders securing the payment of any indebtedness under the Credit Agreement; 

 (b) Liens in favor of the Holder securing any payments due under the Guaranty Agreement;
or 
 (c) (i) Liens of the type described in clause (i) or (ii) of the definition of Excepted Liens on debt or
equity interests in Atlas Pipeline Partners or APL General Partner, but only to the extent such Liens are inchoate and (ii) Excepted Liens on Property of the Issuer other than debt or equity interests in Atlas Pipeline Partners or APL General
Partner. 
 Section 5.3. Investments, Loans and Advances. The Issuer will not make or permit to remain outstanding any loans or
advances to or investments in any Person, except that the foregoing restriction shall not apply to: 
 (a) accounts receivable
arising in the ordinary course of business; 
 (b) direct obligations of the United States or any agency thereof, or
obligations guaranteed by the United States or any agency thereof, in each case maturing within one year from the date of creation thereof; 
 (c) commercial paper maturing within one year from the date of creation thereof rated in the highest grade by S&P or Moody’s; 
 (d) deposits maturing within one year from the date of creation thereof with, including certificates of deposit issued by, any Lender or
any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, has capital, surplus and undivided profits aggregating at least One Hundred Million Dollars
($100,000,000.00) (as of the date of such Lender’s or bank or trust company’s most recent financial reports) and has a short term deposit rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P or
Moody’s, respectively; 
 (e) deposits in money market funds investing exclusively in investments described in
Section 5.3(c), or 5.3(d); 
 (f) loans and advances by the Issuer to General
Partner to pay general and administrative expenses of the Issuer pursuant to the Limited Partnership Agreement; 
 (g) other
loans or advances not otherwise described under subparagraphs (a) through (f) above not to exceed in the aggregate Fifty Thousand Dollars ($50,000); 
 (h) general partner contributions of APL General Partner to Atlas Pipeline Partners required by Atlas Pipeline Partners’s limited
partnership agreement; or 
 (i) investments disclosed on Schedule 3.13. 

 Section 5.4. Dividends, Distributions and Redemptions. The Issuer will not declare or pay any
dividend, distribution or other payment on, nor purchase, redeem or otherwise acquire for value, any equity interests of the Issuer now or hereafter outstanding, return any capital to the holder of any equity interests of the Issuer or make any
distribution of its assets to the holder of any equity interests of the Issuer. Notwithstanding the foregoing, so long as no Default has occurred and is continuing or would occur as a result thereof (i) the Issuer may make payment of the AHD
Sub Subordinated Debt in an amount not greater than the amount of any distributions or return of capital received in cash by the Issuer in respect of the preferred units of Atlas Pipeline Partners held by the Issuer and (ii) AHD Sub may make a
distribution on the AHD Sub Preferred Units to Atlas Pipeline Partners in an amount not greater than such payment on the AHD Sub Subordinated Debt permitted by the immediately preceding clause (i). 
 Section 5.5. Dispositions; Sales and Leasebacks. The Issuer will not Dispose of any limited or general partnership units or interests in Atlas
Pipeline Partners or (except for Disposition in the ordinary course of business of immaterial assets) any other assets of the Issuer. The Issuer shall not Dispose of any interest in APL General Partner. The Issuer shall not enter into any
arrangement, directly or indirectly, with any Person whereby the Issuer shall sell or transfer any of its Property, whether now owned or hereafter acquired, and whereby the Issuer shall then or thereafter rent or lease as lessee such Property or any
part thereof or other Property which the Issuer intends to use for substantially the same purpose or purposes as the Property sold or transferred. Notwithstanding the foregoing, so long as no Default has occurred which is continuing on the day of
such sale, the Issuer may sell some or all common limited partnership units in Atlas Pipeline Partners at fair market value consisting entirely of cash, so long as 100% of the proceeds of such sale (after deduction of the direct costs of such sale)
are applied on the day of the receipt of the proceeds of such sale (a) to prepay the next principal installment due under Section 3.01(a) of the Credit Agreement that comes due on or after such day, and then (b) to the extent that the
principal installment referred to in clause (a) has been paid in full, if Excess Cash as defined in the Credit Agreement exists on such day after giving effect to the receipt of the proceeds of such sale, to prepay the loans outstanding under
the Credit Agreement pursuant to Section 3.01(b) of the Credit Agreement on such day, and then (c) the balance may be used for working capital purposes of Issuer. 
 Section 5.6. Nature of the Business. The Issuer will not allow any material change to be made in the character of its business as the owner of
limited and/or general partner interests of Atlas Pipeline Partners. 
 Section 5.7. Hedging Agreements. The Issuer shall not enter
into or in any manner be liable on any Hedging Agreement other than any Hedging Agreement that is in effect on the Closing Date. 
 Section
5.8. Limitation on Leases. The Issuer shall not create, incur, assume or permit to exist any obligation for the payment of rent or hire of Property of any kind whatsoever, real or personal, including capital leases, other than in respect of
leases in effect as of the Closing Date. 
 Section 5.9. Mergers, Etc. The Issuer shall not merge into or with or consolidate with any
other Person, or liquidate, sell, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its Property or assets (whether now owned or hereafter acquired) to or in favor of any other
Person, except, so long as no Default exists or would result therefrom, (i) any Subsidiary may merge with (a) the Issuer, provided, that the 

 
Issuer shall be the continuing or surviving Person, or (b) any one or more other Subsidiaries, provided, that that if a wholly owned Subsidiary is
merging with another Subsidiary, a wholly owned Subsidiary shall be the continuing or surviving Person, and (ii) any Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Issuer or to
another Subsidiary. 
 Section 5.10. Proceeds. The Issuer will not permit the proceeds of this Guaranty Note to be used for any
purpose other than those permitted by Section 3.7. Neither the Issuer nor any Person acting on behalf of the Issuer has taken or will take any action which might cause this Guaranty Note to violate Regulation T, U or X or any
other regulation of the Board of Governors of the Federal Reserve System or to violate Section 7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereinafter be in
effect. 
 Section 5.11. ERISA Compliance. The Issuer shall not at any time engage in a transaction which could be subject to
Section 4069 or 4212(c) of ERISA, or permit any Plan maintained by a Issuer to (i) engage in any non-exempt “prohibited transaction” (as defined in Section 4975 of the Code); (ii) fail to comply with ERISA or any
other applicable Laws; or (iii) incur any material “accumulated funding deficiency” (as defined in Section 302 of ERISA), which, with respect to each event listed above, could be reasonably expected to have a Material
Adverse Effect. 
 Section 5.12. Sale or Discount of Receivables. None of the Issuer or any of its Subsidiaries shall discount or sell
(with or without recourse) any of its notes receivables or accounts receivable. 
 Section 5.13. Environmental Matters. The Issuer
shall not cause or permit any of its Property to be in violation of, or do anything or permit anything to be done which will subject any such Property to any remedial obligations under any Environmental Laws, assuming disclosure to the applicable
Governmental Authority of all relevant facts, conditions and circumstances, if any, pertaining to such Property where such violations or remedial obligations would have a Material Adverse Effect. 
 Section 5.14. Transactions with Affiliates. The Issuer shall not enter into any transaction, including, without limitation, any purchase, sale,
lease or exchange of Property or the rendering of any service, with any Affiliate (other than the Holder and the Holder Direct Subsidiaries) unless such transactions are otherwise permitted under this Agreement, are in the ordinary course of its
business and are upon fair and reasonable terms no less favorable to it than it would obtain in a comparable arm’s length transaction with a Person not an Affiliate; provided, that for purposes of this Section the agreements on
Schedule 3.21 and the issuance of the AHD Sub Preferred Units and equity interests disclosed on Schedule 3.13 shall be deemed to be arm’s length transactions. 
 Section 5.15. Subsidiaries. The Issuer shall not create any additional Subsidiaries (other than Unrestricted Entities). The Issuer shall not sell
or issue any stock or ownership interest of a Subsidiary, exception in compliance with Section 5.5. 

 Section 5.16. Negative Pledge Agreements. The Issuer shall not create, incur, assume or permit to
exist any contract, agreement or understanding (other than this Guaranty Note, the Atlas Note and the Credit Agreement and its related security instruments) which in any way prohibits or restricts the granting, conveying, creation or imposition of
any Lien on any of its Property or restricts it or any other Subsidiary from paying dividends to the Issuer, or which requires the consent of or notice to other Persons in connection therewith. 
 Section 5.17. Amendments to Material Agreements. The Issuer shall not permit any assignment, transfer or amendment to any Material Agreement or
the Limited Partnership Agreement, if such assignment, transfer or amendment could reasonably be expected to have a Material Adverse Effect. 
 Section 5.18. Accounting Changes. The Issuer shall not and shall not permit any Subsidiary to make any significant change in accounting treatment or reporting practices except as required by GAAP, or change the fiscal year of the
Issuer or any Subsidiary. 
 ARTICLE VI 
 EVENTS OF DEFAULT; REMEDIES 
 Section 6.1. Events of Default. One or more of the following
events shall constitute an “Event of Default”: 
 (a) The Issuer defaults in the payment when due of
any principal of or interest on this Guaranty Note; or 
 (b) any representation, warranty or certification made or deemed
made herein by the Issuer, or any certificate furnished to the Holder pursuant to the provisions hereof, shall prove to have been false or misleading as of the time made or furnished in any material respect; or 
 (c) the Issuer shall default in the performance of any of its obligations under Article V or any other Article of this
Agreement other than under Article IV; or the Issuer shall default in the performance of any of its obligations under Article IV and such default shall continue unremedied for a period of thirty (30) days
following the occurrence thereof; or 
 (d) the Issuer or Atlas Pipeline Partners shall admit in writing its inability to, or
be generally unable to, pay its debts as such debts become due; or 
 (e) the Issuer or Atlas Pipeline Partners shall
(i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit of its
creditors, (iii) commence a voluntary case under the Federal Bankruptcy Code (as now or hereafter in effect), (iv) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up,
liquidation or composition or readjustment of debts, (v) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the Federal Bankruptcy Code, or
(vi) take any corporate action for the purpose of effecting any of the foregoing; or 

 (f) a proceeding or case shall be commenced, without the application or consent of the
Issuer or Atlas Pipeline Partners, in any court of competent jurisdiction, seeking (i) its liquidation, reorganization, dissolution or winding-up, or the composition or readjustment of its debts, (ii) the appointment of a trustee,
receiver, custodian, liquidator or the like of the Issuer or Atlas Pipeline Partners, as applicable, of all or any substantial part of its assets, or (iii) similar relief in respect of the Issuer or Atlas Pipeline Partners, as applicable, under
any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall
be entered and continue unstayed and in effect, for a period of 60 days; or (iv) an order for relief against the Issuer or Atlas Pipeline Partners, as applicable, shall be entered in an involuntary case under the Federal Bankruptcy Code; or

 (g) a judgment or judgments for the payment of money in excess of Two Million Five Hundred Thousand Dollars ($2,500,000) in
the aggregate shall be rendered by a court against the Issuer or Atlas Pipeline Partners and the same shall not be discharged (or provision shall not be made for such discharge), or a stay of execution thereof shall not be procured, within the
period of time prescribed by applicable rules of civil procedure in which to perfect an appeal thereof and the Issuer or Atlas Pipeline Partners, as applicable, shall not, within said period, or such longer period during which execution of the same
shall have been stayed, or an appeal therefrom shall cause the execution thereof to be stayed during such appeal; or 
 (h)
this Guaranty Note after delivery hereof shall for any reason, except to the extent permitted by the terms hereof, cease to be in full force and effect and valid, binding and enforceable in accordance with its terms, or the Issuer shall so state in
writing; or 
 (i) a Change in Control with respect to the General Partner or the Issuer occurs; or 
 (j) termination of any Material Agreement or any material provision of any Material Agreement if such termination could reasonably be
expected to have a Material Adverse Effect and such agreement or provision is not replaced (prior to such termination) in a manner that will prevent such Material Adverse Effect; or default by any Person in the performance or observance of any
material term of any Material Agreement which is not cured within the applicable cure period specified in such Material Agreement, if such default could reasonably be expected to have a Material Adverse Effect; or 
 (k) the Issuer conceals any of its Property with the intent to hinder, delay or defraud the Holder with respect to their rights in
Property of the Issuer; or 
 (l) a Material Adverse Effect occurs. 

 Section 6.2. Remedies. 
 (a) In the case of an Event of Default other than one referred to in clauses (d), (e) or
(f) of Section 6.1, the Holder, shall, by notice to the Issuer, declare the principal amount then outstanding of, and the accrued interest on, the Note to be forthwith due and payable, whereupon such amounts
shall be immediately due and payable without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other formalities of any kind, all of which are hereby expressly waived by the Issuer. 
 (b) In the case of the occurrence of an Event of Default referred to in clauses (d), (e) or
(f) of Section 6.1, the principal amount then outstanding of, and the accrued interest on, the Note shall become automatically immediately due and payable without presentment, demand, protest, notice of intent
to accelerate, notice of acceleration or other formalities of any kind, all of which are hereby expressly waived by the Issuer. 
 ARTICLE
VII 
 DEFINITIONS 
 Section 7.1. Definitions. The following terms shall have the meanings set forth below: 
 “Administrative
Agent” shall mean the Administrative Agent as defined in the Credit Agreement. 
 “AHD Sub” shall mean
Atlas Pipeline Holdings II, LLC, a Delaware limited liability company. 
 “AHD Sub Subordinated Debt” shall mean the
unsecured subordinated Debt of the Issuer owing to AHD Sub in respect of borrowed money in the amount of $15,000,000 evidenced by the note of even date herewith. 
 “AHD Sub Preferred Units” shall mean preferred limited liability units of AHD Sub issued to Atlas Pipeline Partners on or prior to the effective date of the First Amendment in a face amount of
$15,000,000. 
 “Affiliate” of any Person shall mean (i) any Person directly or indirectly controlled by,
controlling or under common control with such first Person, (ii) any director or officer of such first Person or of any Person referred to in clause (i) above and (iii) if any Person in clause (i) above is an individual, any
member of the immediate family (including parents, spouse and children) of such individual and any trust whose principal beneficiary is such individual or one or more members of such immediate family and any Person who is controlled by any such
member or trust. For purposes of this definition, any Person which owns directly or indirectly 10% or more of the securities having ordinary voting power for the election of directors or other governing body of a corporation or 10% or more of the
partnership or other ownership interests of any other Person (other than as a limited partner of such other Person) will be deemed to “control” (including, with its correlative meanings, “controlled by” and
“under common control with”) such corporation or other Person. 
 “APL General Partner” shall mean
Atlas Pipeline Partners GP, LLC, a Delaware limited liability company. 

 “Applicable Rate” shall have the meaning set forth in
Section 1.1. 
 “Applicable Usury Laws” shall have the meaning set forth in
Section 8.14. 
 “Atlas Note” shall mean the promissory note issued by Issuer to Holder, with an
initial principal amount of $15,000,000 and accruing interest at a rate of 12%. 
 “Atlas Pipeline Partners” shall
mean Atlas Pipeline Partners, L.P., a Delaware limited partnership. 
 “Business Day” shall mean any day other than a
day on which commercial banks are authorized or required to close in Texas, North Carolina or New York. 
 “Change in
Control” shall mean (i) except as permitted by clauses (iii)(c) and (iii)(d) hereof, any person or group of persons (within the meaning of Subsections 13(d) or 14(a) of the Securities Exchange Act of
1934, as amended) shall have, at any time subsequent to the date hereof, beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of 25% or more of the equity securities of such
Person entitled to vote for members of the board of directors or equivalent governing body of such Person (and taking into account all such securities that such Person or group has the right to acquire pursuant to any option right) (provided
however, that the beneficial ownership by the Holder or any Subsidiary thereof of 25% or more of the limited partnership interests of the Issuer or of the equity securities of General Partner shall not constitute a Change in Control);
(ii) within a period of twelve (12) consecutive calendar months, individuals who were managing board members of the General Partner on the first day of such period shall cease to constitute a majority of the managing board members of the
General Partner, or (iii) the occurrence of any of the following: 
 (a) the sale, transfer, lease, conveyance or other
disposition (other than by way of a permitted merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Issuer and its Wholly Owned Subsidiaries taken as a whole to any “person”
(as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended); 
 (b) the adoption of a
plan relating to the liquidation or dissolution of the Issuer or the General Partner unless, in the case of the General Partner, the General Partner is replaced by an affiliate of the Holder acceptable to the Holder in its reasonable discretion,
such acceptance not to be unreasonably withheld; 
 (c) the General Partner ceases to own, directly or indirectly, at least
51% of the general partner interests of the Issuer, or the General Partner ceases to serve as the only general partner of the Issuer unless the General Partner is replaced by an affiliate of the Holder acceptable to the Holder in its reasonable
discretion, such acceptance not to be unreasonably withheld; or 
 (d) the Holder and/or one or more of its directly or
indirectly wholly-owned subsidiaries ceases to own at least 51% of the membership units of the General Partner. 

 “Closing Date” means June 1, 2009. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time and any successor statute. 
 “Credit Agreement” shall mean that certain Revolving Credit Agreement dated as of July 26, 2006, by and among the Issuer,
Atlas Pipeline Partners GP, LLC, a Delaware limited liability company, as a guarantor, the financial institutions party thereto from time to time as lenders, and Wachovia Bank, National Association, in its capacity as the issuer of certain letters
of credit and as the Administrative Agent for the lenders thereunder, and amended by that certain First Amendment to the Revolving Credit Agreement dated of even date herewith (the “First Amendment”), together with the
exhibits and schedules thereto, in each case in the form in which it exists as of the date hereof 
 “Consolidated
Subsidiaries” shall mean each Subsidiary of a Person (whether now existing or hereafter created or acquired) the financial statements of which shall be (or should have been) consolidated with the financial statements of such Person in
accordance with GAAP, provided, however, that, unless expressly specified otherwise, references to the Consolidated Subsidiaries of the Issuer shall not include the Unrestricted Entities. 
 “Debt” shall mean, for any Person the sum of the following (without duplication): (i) all obligations of such Person for
borrowed money or evidenced by bonds, debentures, notes or other similar instruments (including principal, interest, fees and charges); (ii) all obligations of such Person (whether contingent or otherwise) in respect of bankers’
acceptances, letters of credit, surety or other bonds and similar instruments; (iii) all obligations of such Person to pay the deferred purchase price of Property or services (other than for borrowed money); (iv) all obligations under
leases which shall have been, or should have been, in accordance with GAAP, recorded as capital leases in respect of which such Person is liable (whether contingent or otherwise); (v) all obligations under operating leases which require such
Person or its Affiliate to make payments over the term of such lease, including payments at termination, based on the purchase price or appraisal value of the Property subject to such lease plus a marginal interest rate, and used primarily as a
financing vehicle for, or to monetize, such Property; (vi) all Debt (as described in the other clauses of this definition) and other obligations of others secured by a Lien on any asset of such Person, whether or not such Debt is assumed by
such Person; (vii) all Debt (as described in the other clauses of this definition) and other obligations of others guaranteed by such Person or in which such Person otherwise assures a creditor against loss of the debtor or obligations of
others; (viii) all obligations or undertakings of such Person to maintain or cause to be maintained the financial position or covenants of others or to purchase the Debt or Property of others; (ix) obligations to gather or transport
Hydrocarbons in consideration of advance payments; (x) obligations to pay for goods or services whether or not such goods or services are actually received or utilized by such Person; (xi) any capital stock of such Person in which such
Person has a mandatory obligation to redeem such stock; (xii) any Debt of a Subsidiary for which such Person is liable either by agreement or because of a Governmental Requirement; and (xiii) all obligations of such Person under Hedging
Agreements. 
 “Default” shall mean an Event of Default or an event which with notice or lapse of applicable grace
period or both would become an Event of Default. 

 “Disposition” or “Dispose”
shall mean the sale, transfer or other disposition (including any sale-leaseback transaction) of any property by any Person, other than the settlement or resolution of a claim that is unrelated to the collateral securing the Indebtedness. 

 “Dollars” and $ shall mean lawful money of the United States of America. 
 “Environmental Laws” shall mean any and all Governmental Requirements pertaining to health or the environment in effect in any
and all jurisdictions in which the Issuer or any Subsidiary is conducting or at any time has conducted business, or where any Property of the Issuer or any Subsidiary is located, including without limitation, the Oil Pollution Act of 1990
(“OPA”), the Clean Air Act, as amended, the Comprehensive Environmental, Response, Compensation, and Liability Act of 1980 (“CERCLA”), as amended, the Federal Water Pollution Control Act, as amended,
the Occupational Safety and Health Act of 1970, as amended, the Resource Conservation and Recovery Act of 1976 (“RCRA”), as amended, the Safe Drinking Water Act, as amended, the Toxic Substances Control Act, as amended, the
Superfund Amendments and Reauthorization Act of 1986, as amended, the Hazardous Materials Transportation Act, as amended, and other environmental conservation or protection laws. The term “oil” shall have the meaning
specified in OPA, the terms “hazardous substance” and “release” or “threatened release” have the meanings specified in CERCLA, and the terms “solid
waste” and “disposal” or “disposed” have the meanings specified in RCRA; provided, however, that (i) in the event either OPA, CERCLA or RCRA is amended so as to broaden
the meaning of any term defined thereby, such broader meaning shall apply subsequent to the effective date of such amendment and (ii) to the extent the laws of the state in which any Property of the Issuer or any Subsidiary is located establish
a meaning for “oil,” “hazardous substance,” “release,” “solid waste” or “disposal” which is broader than that specified in either
OPA, CERCLA or RCRA, such broader meaning shall apply. 
 “ERISA” shall mean the Employee Retirement Income Security
Act of 1974, as amended from time to time and any successor statute. 
 “ERISA Affiliate” shall mean each trade or
business (whether or not incorporated) which together with the Issuer or any Subsidiary would be deemed to be a “single employer” within the meaning of section 4001(b)(1) of ERISA or subsections (b), (c), (m) or
(o) of section 414 of the Code. 
 “ERISA Event” shall mean (i) a “Reportable
Event” described in Section 4043 of ERISA and the regulations issued thereunder, (ii) the withdrawal of the Issuer, any Subsidiary or any ERISA Affiliate from a Plan during a plan year in which it was a “substantial
employer” as defined in Section 4001(a)(2) of ERISA, (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, (iv) the institution
of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan. 
 “Event of Default” shall have the meaning assigned such term in Section 6.1. 

 “Excepted Liens” shall mean: (i) Liens for taxes, assessments or other
governmental charges or levies not yet due or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained; (ii) Liens in connection with worker’s compensation, unemployment insurance
or other social security, old age pension or public liability obligations not yet due or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP;
(iii) vendors’, carriers’, warehousemen’s, repairmen’s, mechanics’, workmen’s, materialmen’s, construction or other like Liens arising by operation of law in the ordinary course of business or incident to the
gathering, transportation, operation and maintenance of any pipeline Properties or statutory landlord’s liens, each of which is in respect of obligations that have not been outstanding more than 90 days or which are being contested in good
faith by appropriate proceedings and for which adequate reserves have been maintained in accordance with GAAP; (iv) encumbrances of third party surface owners and owners of other estates in lands (other than lands to which the Issuer has fee
simple title) covered by pipeline right-of-ways, permits and easements; (v) encumbrances (other than to secure the payment of borrowed money or the deferred purchase price of Property or services), easements, restrictions, servitudes, permits,
conditions, covenants, exceptions or reservations in any rights of way or other Property of the Issuer or any Subsidiary for the purpose of roads, pipelines, transmission lines, transportation lines, distribution lines for the removal of gas, oil,
or timber, and other like purposes, or for the joint or common use of real estate, rights of way, facilities and equipment, and defects, irregularities, zoning restrictions and deficiencies in title of any rights of way or other Property which in
the aggregate do not materially impair the use of such rights of way or other Property for the purposes of which such rights of way and other Property are held by the Issuer or any Subsidiary or materially impair the value of such Property subject
thereto; (vi) deposits of cash or securities to secure the performance of bids, trade contracts, leases, statutory obligations and other obligations of a like nature incurred in the ordinary course of business; and (vii) Liens which do not
materially interfere with the occupation, use, and enjoyment by the Issuer of the Properties in the ordinary course of business as presently conducted or materially impair the value thereof for the purposes thereof. 
 “Financial Statements” shall mean the financial statement or statements described or referred to in
Section 3.2. 
 “GAAP” shall mean generally accepted accounting principles in the United States of
America in effect from time to time. 
 “General Partner” shall mean Atlas Pipeline Holdings GP, LLC, a Delaware
limited liability company. 
 “Governmental Authority” shall include the country, the state, county, city and
political subdivisions in which any Person or such Person’s Property is located or which exercises valid jurisdiction over any such Person or such Person’s Property, and any court, agency, department, commission, board, bureau or
instrumentality of any of them including monetary authorities which exercises valid jurisdiction over any such Person or such Person’s Property. Unless otherwise specified, all references to Governmental Authority herein shall mean a
Governmental Authority having jurisdiction over, where applicable, the Issuer or any of its Property or the Holder. 

 “Governmental Requirement” shall mean any law, statute, code, ordinance, order,
determination, rule, regulation, judgment, decree, injunction, franchise, permit, certificate, license, authorization or other directive or requirement (whether or not having the force of law), including, without limitation, Environmental Laws,
energy regulations and occupational, safety and health standards or controls, of any Governmental Authority. 
 “Guaranty
Agreement” shall mean that Guaranty, Subordination and Cash Collateral Agreement, dated June 1, 2009, by Holder in favor of the Administrative Agent. 
 “Guaranty Note” this Guaranty Note, as amended, supplemented, extended, restated, renewed, replaced, refinanced or otherwise modified, in each case from time to time and whether in whole or in
part. 
 “Hedging Agreements” shall mean any commodity, interest rate or currency swap, cap, floor, collar, forward
agreement or other exchange or protection agreements or any option with respect to any such transaction. 
 “Highest Lawful
Rate” shall mean, as of a particular date, the highest non-usurious rate of interest, if any, permitted from day to day by applicable law. 
 “Holder” has the meaning set forth in the preamble. 
 “Holder Direct
Subsidiaries” shall mean AIC, LLC., a Delaware limited liability company; ATLAS NOBLE, LLC, a Delaware limited liability company; ATLAS RESOURCES, LLC, a Pennsylvania limited liability company; ATLAS AMERICA MIDCONTINENT, INC., a
Delaware corporation; VIKING RESOURCES, LLC, a Pennsylvania limited liability company; AED INVESTMENTS, INC., a Delaware corporation; RESOURCE ENERGY, LLC, a Delaware limited liability company; and the General Partner. 
 “Hydrocarbons” shall mean oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons,
gaseous hydrocarbons and all products refined or separated therefrom. 
 “Indemnified Parties” shall have the meaning
set forth in Section 8.3(a)(i). 
 “Intercompany Debt” shall mean funded Debt that is owed by an
Obligor to the Issuer or to any other Obligor, or by the Issuer or any other Obligor to another Obligor. 
 “Interest Payment Date” shall have the meaning set forth in Section 1.1(b). 
 “Lenders” shall mean the Lenders as defined in the Credit Agreement. 
 “Lien” shall
mean any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or
contingent, and including but not limited to the lien or security interest arising from a mortgage, encumbrance, pledge, security 

 
agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes. The term “Lien” shall include
reservations, exceptions, encroachments, easements, rights of way, covenants, conditions, restrictions, leases and other title exceptions and encumbrances affecting Property. For the purposes of this Guaranty Note, the Issuer shall be deemed to be
the owner of any Property which it has acquired or holds subject to a conditional sale agreement, or leases under a financing lease or other arrangement pursuant to which title to the Property has been retained by or vested in some other Person in a
transaction intended to create a financing. 
 “Limited Partnership Agreement” shall mean that certain Amended and
Restated Agreement of Limited Partnership of the Issuer, dated as of July 26, 2006, as such agreement may be amended, extended, revised or replaced from time to time. 
 “Margin Regulations” shall mean Regulations U, T, and X of the Board of Governors of the Federal Reserve System of the United
States. 
 “Material Adverse Effect” shall mean any material and adverse effect on (i) the assets, liabilities,
financial condition, business, operations or affairs of the Issuer and its Consolidated Subsidiaries, or Atlas Pipeline Partners and its Consolidated Subsidiaries, in each case taken as a whole, or (ii) the ability of the Issuer and its
Consolidated Subsidiaries, or Atlas Pipeline Partners and its Consolidated Subsidiaries, in each case taken as a whole, to carry out their business as at the Closing Date, or (iii) the ability of the Issuer to meet its obligations under this
Guaranty Note on a timely basis, or (iv) the Holder’s ability to enforce its rights and remedies under this Guaranty Note, at law or in equity. 
 “Material Agreements” shall have the meaning assigned to such term in Section 3.21. 
 “Maturity Date” shall mean one Business Day following the Termination Date, as defined in the Credit Agreement. 
 “Moody’s” shall mean Moody’s Investor Service, Inc. and any successor thereto. 
 “Multiemployer Plan” shall mean a Plan defined as such in Section 3(37) or 4001(a)(3) of ERISA. 
 “Obligor” shall mean Atlas Pipeline Partners and each additional Person party to a guaranty agreement agreeing to guaranty indebtedness under the Credit Agreement, other than the Holder. 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions. 

“Person” shall mean any individual, corporation, company, voluntary association, partnership, joint venture, trust,
unincorporated organization or government or any agency, instrumentality or political subdivision thereof, or any other form of entity. 
 “Plan” shall mean any employee pension benefit plan, as defined in Section 3(2) of ERISA, which (i) is currently or hereafter sponsored, maintained or contributed to by the Issuer, any Subsidiary or an
ERISA Affiliate or (ii) was at any time during the preceding six calendar years sponsored, maintained or contributed to, by the Issuer, any Subsidiary or an ERISA Affiliate. 

 “Principal Increase” is defined in Section 1.1(b). 
 “Principal Increase Date” is defined in Section 1.1(b). 
 “Property” shall mean any interest in any kind of property or asset, whether real, personal or mixed, moveable or immoveable,
tangible or intangible. 
 “Related Parties” shall mean, with respect to any Person, such Person’s Affiliates
and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Responsible Officer” shall mean, as to any Person, the Chief Executive Officer, the President or any Vice President of such Person and, with respect to financial matters, the term “Responsible
Officer” shall include the Chief Financial Officer of such Person. Unless otherwise specified, all references to a Responsible Officer herein shall mean a Responsible Officer of the General Partner. 
 “S&P” shall mean Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc., and any
successor thereto. 
 “SEC” shall mean the U.S. Securities and Exchange Commission or any successor Governmental
Authority. 
 “Special Entity” shall mean, with respect to a Person, any joint venture, limited liability company or
partnership, general or limited partnership or any other type of partnership or company other than a corporation in which such Person or one or more of its other Subsidiaries is a member, owner, partner or joint venturer and owns, directly or
indirectly, at least a majority of the equity of such entity or controls such entity, but excluding any tax partnerships that are not classified as partnerships under state law. For purposes of this definition, any Person which owns directly or
indirectly an equity investment in another Person which allows the first Person to manage or elect managers who manage the normal activities of such second Person will be deemed to “control” such second Person (e.g. a
sole general partner controls a limited partnership). Unless otherwise specified herein, references to “Special Entity” shall mean a Special Entity of the Issuer. 
 “Subsidiary” shall mean, with respect to a Person (i) any corporation of which at least a majority of the outstanding shares
of stock having by the terms thereof ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes of such corporation shall have or might have
voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more of its Subsidiaries and (ii) any Special Entity. Unless otherwise specified herein, references
to “Subsidiaries” shall mean Subsidiaries of the Issuer. References to Subsidiaries of the Issuer shall include the Unrestricted Entities. 

 “Taxes” shall have the meaning assigned such term in
Section 2.1. 
 “Unrestricted Entities” shall mean Atlas Pipeline Partners and its Subsidiaries
and any other Subsidiaries of the Issuer designated as Unrestricted Entities by the Issuer and approved by the Holder. 
 “Wholly Owned Subsidiary” shall mean a Subsidiary for which all of the outstanding shares of stock or other equity of such entity is owned directly or indirectly by the Issuer. 
 ARTICLE VIII 
 MISCELLANEOUS 

 Section 8.1. Waiver. No failure on the part of the Holder to exercise and no delay in exercising, and no course of dealing with
respect to, any right, power or privilege under this Guaranty Note shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Guaranty Note preclude any other or further exercise thereof
or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 
 Section 8.2. Notices. All notices and other communications provided for herein (including, without limitation, any modifications of, or waivers or consents under, this Guaranty Note) shall be given or made by
telex, telecopy, courier or U.S. Mail or in writing and telexed, telecopied, mailed or delivered to the intended recipient at the “Address for Notices” specified below its name on the signature pages hereof or, as to any party, at
such other address as shall be designated by such party in a notice to each other party. Except as otherwise provided in this Guaranty Note, all such communications shall be deemed to have been duly given when transmitted, if transmitted before 1:00
p.m. local time on a Business Day (otherwise on the next succeeding Business Day) by telex or telecopier and evidence or confirmation of receipt is obtained, or personally delivered or, in the case of a mailed notice, three (3) Business Days
after the date deposited in the mails, postage prepaid, in each case given or addressed as aforesaid. 
 Section 8.3. Indemnities,
Etc. 
 (a) The Issuer agrees 
  

	 	(i)	 To indemnify the Holder and its affiliates and each of their officers, directors, employees, representatives, agents, attorneys, accountants and experts
(“Indemnified Parties”) from, hold each of them harmless against and promptly upon demand pay or reimburse each of them for, the indemnity matters which may be incurred by or asserted against or involve any of them (whether
or not any of them is designated a party thereto) as a result of, arising out of or in any way related to (i) any actual or proposed use by the Issuer of the proceeds of this Guaranty Note, (ii) the execution, delivery and performance of
this Guaranty Note, (iii) the operations of the business of the Issuer and its Subsidiaries, (iv) the failure of the Issuer or any Subsidiary to comply with the terms of this Guaranty Note, or with 

	 	 
any governmental requirement, (v) any inaccuracy of any representation or any breach of any warranty of the Issuer set forth in this Guaranty Note, or
(vi) any other aspect of this Guaranty Note, including, without limitation, the reasonable fees and disbursements of counsel and all other expenses incurred in connection with investigating, defending or preparing to defend any such action,
suit, proceeding (including any investigations, litigation or inquiries) or claim and INCLUDING ALL INDEMNITY MATTERS ARISING BY REASON OF THE ORDINARY NEGLIGENCE OF ANY INDEMNIFIED PARTY, but excluding all indemnity matters arising
solely by reason of the gross negligence or willful misconduct on the part of the Indemnified Party; and 

  

	 	(ii)	To indemnify and hold harmless from time to time the Indemnified Parties from and against any and all losses, claims, cost recovery actions, administrative orders or proceedings,
damages and liabilities to which any such Person may become subject (i) under any Environmental Law applicable to the Issuer or any Subsidiary or any of their Properties, including without limitation, the treatment or disposal of hazardous
substances on any of their Properties, (ii) as a result of the breach or non-compliance by Issuer or any Subsidiary with any Environmental Law applicable to the Issuer or any Subsidiary, (iii) due to past ownership by the Issuer or any
Subsidiary of any of their Properties or past activity on any of their Properties which, though lawful and fully permissible at the time, could result in present liability, (iv) the presence, use, release, storage, treatment or disposal of
hazardous substances on or at any of the Properties owned or operated by the Issuer or any Subsidiary, or (v) any other environmental, health or safety condition in connection with this Guaranty Note. 

 (b) No Indemnified Party may settle any claim to be indemnified without the consent of the indemnitor, such consent not to be unreasonably
withheld; provided, that the indemnitor may not reasonably withhold consent to any settlement that an Indemnified Party proposes, if the indemnitor does not have the financial ability to pay all its obligations outstanding and asserted
against the indemnitor at that time, including the maximum potential claims against the Indemnified Party to be indemnified pursuant to this Section 8.3. 
 (c) In the case of any indemnification hereunder, the Holder shall give notice to the Issuer of any such claim or demand being made
against the Indemnified Party and the Issuer shall have the non-exclusive right to join in the defense against any such claim or demand provided that if the Issuer provides a defense, the Indemnified Party shall bear its own cost of defense unless
there is a conflict between the Issuer and such Indemnified Party. 
 (d) The foregoing indemnities shall extend to the
Indemnified Parties notwithstanding the sole or concurrent negligence of every kind or character whatsoever, whether active or passive, whether an affirmative act or an omission, including without limitation, all types of negligent conduct
identified in the Restatement (Second) of Torts of 

 
one or more of the Indemnified Parties or by reason of strict liability imposed without fault on any one or more of the Indemnified Parties. To the
extent that an Indemnified Party is found to have committed an act of gross negligence or willful misconduct, this contractual obligation of indemnification shall continue but shall only extend to the portion of the claim that is deemed to have
occurred by reason of events other than the gross negligence or willful misconduct of the Indemnified Party. 
 (e) The
Issuer’s obligations under this Section 8.3 shall survive any termination of this Guaranty Note and the payment amounts due hereunder and shall continue thereafter in full force and effect. 
 (f) The Issuer shall pay any amounts due under this Section 8.3 within thirty (30) days of the receipt by the
Issuer of notice of the amount due. 
 Section 8.4. Register. The Issuer shall maintain a register for the recordation of the names
and addresses of the Holder and any assignee or transferee thereof, and the principal amount of the Note owing to such Holder or, if applicable, any such assignee or transferee pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Issuer may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Holder hereunder for all purposes of this Note,
notwithstanding notice to the contrary. 
 Section 8.5 Amendments. The provisions of this Guaranty Note may be amended, modified or
waived if both parties shall consent to such amendment, modification or waiver in writing; provided, however, that no such waiver shall extend to or affect any covenant set forth herein except to the extent so expressly waived and,
until such waiver shall become effective, the obligations of the Issuer in respect of any such covenant shall remain in full force and effect. 
 Section 8.6. Successors and Assigns. This Note shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 
 Section 8.7. Assignment. This Note and the rights, duties and obligations hereunder may not be assigned or delegated by the Issuer without the
prior written consent of the Holder. 
 Section 8.8. Invalidity. In the event that any one or more of the provisions contained in this
Guaranty Note shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Guaranty Note. 
 Section 8.9. Counterparts. This Note may be executed in any number of counterparts, all of which taken together shall constitute one and the same
instrument and any of the parties hereto may execute this Guaranty Note by signing any such counterpart. 
 Section 8.10. References, Use
of the Word “Including”. The words “herein,” “hereof,” “hereunder” and other words of similar import when used in this Guaranty Note refer to this Guaranty Note as a whole, and not to
any particular article, section or subsection. Any reference herein to a Section or Article shall be deemed to refer to the applicable Section or Article of this Guaranty Note unless otherwise stated herein. Any reference herein to an exhibit,
schedule, or other attachment shall be deemed to refer to the applicable exhibit, schedule, or other attachment attached hereto unless otherwise stated herein. The words “including,” “includes” and words of similar
import mean “including, without limitation.” 

 Section 8.11. Survival. The obligations of the parties under Article II and
Section 8.03 shall survive the repayment of the Note. To the extent that any payments on the Note subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in
possession, receiver or other Person under any bankruptcy law, common law or equitable cause, then to such extent, the amount of the Note so satisfied shall be revived and continue as if such payment or proceeds had not been received and the
Holder’s rights, powers and remedies under this Guaranty Note shall continue in full force and effect. 
 Section 8.12. Captions.
Captions and section headings appearing herein are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Guaranty Note. 
 Section 8.13. NO ORAL AGREEMENTS. This Note embodies the entire agreement and understanding between the parties and supersedes all other
agreements and understandings between such parties relating to the subject matter hereof and thereof. This Note represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral
agreements of the parties. There are no unwritten oral agreements between the parties. 
 Section 8.14. GOVERNING LAW, SUBMISSION TO
JURISDICTION. 
 (a) This Note shall be governed by, and construed in accordance with, the Law of the State of New York
(without giving effect to its conflicts of law rules other than Section 5-1401 of the New York General Obligation Law). 
 (b) Any legal action or proceeding with respect to this Guaranty Note shall be brought in the courts of the State of New York or of the United States of America for the Southern District of New York, and, by execution and delivery of
this Guaranty Note, the Issuer hereby accepts for itself and (to the extent permitted by Law) in respect of its Property, generally and unconditionally, the jurisdiction of the aforesaid courts. The Issuer hereby irrevocably waives any objection,
including, without limitation, any objection to the laying of venue or based on the grounds of forum non conveniens, which it may now or hereafter have to the bringing of any such action or proceeding in such respective
jurisdictions. This submission to jurisdiction is non-exclusive and does not preclude the Holder from obtaining jurisdiction over the Issuer in any court otherwise having jurisdiction. 
 (c) The Issuer hereby designates CT Corporation System located at 111 Eighth
Avenue, 13th Floor, New York, New York, 10011, or other agent acceptable to the Holder, as the designee, appointee and agent of the Issuer to receive, for
and on behalf of the Issuer, service of process in such respective jurisdictions in any legal action or proceeding with respect to this Guaranty Note. It is understood that a copy of such process served on such agent will be promptly forwarded by
overnight courier to the Issuer at its 

 
address set forth under its signature below, but the failure of the Issuer to receive such copy shall not affect in any way the service of such process.
The Issuer further irrevocably consents to the service of process of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to the Issuer at its said
address, such service to become effective thirty (30) days after such mailing. 
 (d) Nothing herein shall affect
the right of the Holder to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Issuer in any other jurisdiction. 
 (e) The Issuer and the Holder hereby (i) irrevocably and unconditionally waive, to the fullest extent permitted by law, trial by
jury in any legal action or proceeding relating to this Guaranty Note and for any counterclaim therein; (ii) irrevocably waive, to the maximum extent not prohibited by law, any right it may have to claim or recover in any such litigation any
special, exemplary, punitive or consequential damages, or damages other than, or in addition to, actual damages; (iii) certify that no party hereto or counsel for any party hereto has represented, expressly or otherwise, or implied that such
party would not, in the event of litigation, seek to enforce the foregoing waivers, and (iv) acknowledge that it has been induced to enter into this Guaranty Note and the transactions contemplated hereby and thereby by, among other things, the
mutual waivers and certifications contained in this Section 8.13. 
 Section 8.15. Interest. It is the
intention of the parties hereto to conform strictly to applicable usury laws regarding the use, forbearance or detention of the indebtedness evidenced by this Guaranty Note, whether such laws are now or hereafter in effect, including the laws of the
United States of America or any other jurisdiction whose laws are applicable, and including any subsequent revisions to or judicial interpretations of those laws, in each case to the extent they are applicable to this Guaranty Note (the
“Applicable Usury Laws”). Accordingly, if any acceleration of the maturity of the Note or any payment by the Issuer or any other Person produces a rate in excess of the Highest Lawful Rate or otherwise results in the Issuer
or such other Person being deemed to have paid any interest in excess of the Maximum Amount, as hereinafter defined, or if the Holder shall for any reason receive any unearned interest in violation of any Applicable Usury Laws, or if any transaction
contemplated hereby would otherwise be usurious under any Applicable Usury Laws, then, in that event, regardless of any provision contained in this Guaranty Note or other agreement or instrument executed or delivered in connection herewith, the
provisions of this Section 8.15 shall govern and control, and neither the Issuer nor any other Person shall be obligated to pay, or apply in any manner to, any amount that would be excessive interest. The Holder shall not ever be
deemed to have contracted for or be entitled to receive, collect, charge, reserve or apply as interest on this Guaranty Note (whether termed interest therein or deemed to be interest by judicial determination or operation of law), any amount in
excess of the Highest Lawful Rate, and, in the event that the Holder ever receives, collects, or applies as interest any such excess, such amount which would be excessive interest shall be applied as a partial prepayment of principal and treated
hereunder as such, and, if the principal amount of this Guaranty Note is paid in full, any remaining excess shall forthwith be paid to the Issuer. In determining whether or not the interest contracted for, received, collected, charged reserved, paid
or payable, including under any 

 
specific contingency, exceeds the Highest Lawful Rate, the Issuer and the Holder shall, to the maximum extent permitted under applicable law,
(i) characterize any non-principal payment (other than payments which are expressly designated as interest payments hereunder) as an expense or fee rather than as interest, (ii) exclude voluntary pre-payments and the effect thereof, and
(iii) amortize and spread the total amount of interest throughout the entire stated term of the Note so that the interest rate is uniform throughout such term; provided that if the Note is paid in full prior to the end of the full
contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the Highest Lawful Rate, if any, then the Holder shall refund to the Issuer the amount of such excess, or credit the amount of such excess
against the aggregate unpaid principal balance of this Guaranty Note. As used herein, the term “Maximum Amount” means the maximum nonusurious amount of interest which may be lawfully contracted for, reserved, charged,
collected or received by the Holder in connection with the indebtedness evidenced by this Agreement under all Applicable Usury Laws. 
 [The remainder of this page intentionally left blank. Signatures begin on the next page.] 

 IN WITNESS WHEREOF, the undersigned, with the intent of being legally bound hereby, have caused this
Guaranty Note to be executed as of this 1st day of June, 2009. 
  

							
	 ATLAS PIPELINE HOLDINGS, L.P.,
 a Delaware
limited partnership

			
		 	By: 	 	 Atlas Pipeline Holdings GP, LLC,
 its general
partner

				
		 		 	By: 	 	 
		 		 		 	 Eugene N. Dubay
 Chief Executive Officer and President

			
		 		 	 Address for Notices:
 Atlas Pipeline
Holdings, L.P.
 311 Rouser Road
 Moon Township, PA
15108
 Attention: Lisa Washington
 Telecopier No.: 412-262-2820

 Telephone No.: 412-262-2830

							
	HOLDER:
	
	 ATLAS AMERICA, INC.,
 a Delaware corporation

				
		 		 	By: 	 	 
		 		 		 	 Matthew A. Jones
 Chief Financial
Officer

			
		 		 	 Address for Notices:
 Atlas America, Inc.

 1550 Coraopolis Heights Road
 Moon Township, PA
15108
 Attention: Lisa Washington
 Telecopier No.: 412-262-2820

 Telephone No.: 412-262-2830

 Guaranty Note Schedule 
  

									
	 Principal
Increase/Interest
Payment Date
	 	 Principal
Increase
	 	 PIK Interest
	 	 Outstanding
principal balance
as of this date
	 	 Notation made
byGuaranty, Subordination and Cash Collateral Agreement

 Exhibit 10.4 
 Execution 
 Exhibit H 
 GUARANTY, SUBORDINATION AND CASH COLLATERAL AGREEMENT 
 THIS CONTINUING
GUARANTY, SUBORDINATION AND CASH COLLATERAL AGREEMENT (this “Agreement”), dated as of June 1, 2009, is made by ATLAS AMERICA, INC., a Delaware corporation (the “Guarantor”), in favor of WACHOVIA BANK,
NATIONAL ASSOCIATION, as administrative agent for the Senior Creditors (the “Administrative Agent”). 
 W
I T N E S S E T H: 
 WHEREAS, the Senior Creditors have extended credit to
Atlas Pipeline Holdings, L.P., a Delaware limited partnership (the “Borrower”), pursuant to that certain Revolving Credit Agreement dated as of July 26, 2006, by and among the Borrower, Atlas Pipeline Partners GP, LLC, a
Delaware limited liability company, as a guarantor, the financial institutions party thereto from time to time as Senior Creditors, and Wachovia Bank, National Association, in its capacity as the issuer of certain letters of credit and as the
Administrative Agent for the Senior Creditors thereunder, and amended by that certain First Amendment to Revolving Credit Agreement (the “First Amendment”) dated of even date herewith (such Revolving Credit Agreement, as
amended by the First Amendment, together with the exhibits and schedules thereto and all extensions, renewals, amendments, substitutions and replacements thereto and thereof, is herein referred to as the “Credit Agreement”);

 WHEREAS, the Guarantor owns, directly or indirectly (i) all of the issued and outstanding limited liability company interests of
Atlas Pipeline Holdings GP, LLC, a Delaware limited liability company, the general partner of the Borrower, and (ii) approximately 64.4% of the issued and outstanding limited partnership units of the Borrower; 
 WHEREAS, as a condition precedent to maintaining credit to the Borrower pursuant to the Credit Agreement and to the effectiveness of the amendments to
the Credit Agreement set forth in the First Amendment, the Senior Creditors have required that the Guarantor execute and deliver to the Administrative Agent, for and on behalf of the Senior Creditors, this Agreement; 
 WHEREAS, in consideration for the execution of this Agreement, the Borrower will issue to the Guarantor a promissory note in the form attached as Exhibit
A (the “Guarantee Note”); 
 WHEREAS, the Guarantor has determined that the execution and delivery of this Agreement
is in furtherance of its organizational purposes and in its best interest and that it will derive substantial benefit, whether directly or indirectly, from the execution of this Agreement, having regard for all relevant facts and circumstances; and

 WHEREAS, the Guarantor has agreed to execute and deliver this Agreement to the Administrative Agent, for the benefit of the Senior
Creditors. 
 NOW THEREFORE, for good and valuable consideration the receipt of which is hereby acknowledged, and in order to fulfill the
requirements of the First Amendment, the Guarantor agrees, for the benefit of each Senior Creditor, as follows: 

 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1 Certain Terms. The following capitalized terms when used in this
Agreement, including its preamble and recitals, shall have the following meanings (such definitions to be equally applicable to the singular and plural forms thereof): 
 “Administrative Agent” is defined in the preamble. 
 “Agreement” is defined in the preamble. 
 “Borrower” is defined in the first
recital. 
 “Cash Requirement” means, on any day, 102% of the unpaid principal balance of the Loans on such day.

 “Collateral” is defined in Section 5.1. 
 “Credit Agreement” is defined in the first recital. 
 “Guarantee Note” is defined in the fourth recital. 
 “Guaranteed Obligations” is defined in Section 2.1. 
 “Guarantor” is defined in the preamble. 
 “Guarantor Material Adverse Effect” shall
mean any material and adverse effect on (i) the assets, liabilities, financial condition, business, operations or affairs of the Guarantor and its consolidated Subsidiaries, taken as a whole, or (ii) the ability of the Guarantor and its
consolidated Subsidiaries, taken as a whole, to carry out their business, or (iii) the ability of the Guarantor to meet its obligations under this Agreement on a timely basis, or (iv) the Administrative Agent’s or the Senior
Creditors’ ability to enforce their rights and remedies under this Agreement, at law or in equity. 
 “Insolvency
Proceeding” means, with respect to any Person, any voluntary or involuntary liquidation, dissolution, receivership, conservatorship, assignment for the benefit of creditors, bankruptcy, reorganization, arrangement or composition of such
Person (whether or not pursuant to bankruptcy, insolvency or other similar laws) and any other proceeding under laws for the protection of debtors involving such Person as a debtor. Unless otherwise specified, “Insolvency Proceeding” means
an insolvency proceeding of the Borrower or any Obligor. 
 “PIK Interest” means the accrual and capitalization of
unpaid interest or payment in kind with an additional Subordinated Note. 
 “Requirements Account” is defined in
Section 4.4. 
 “Senior Creditors” means the Administrative Agent, the Lenders, the Issuing Bank
and any other Person to whom Indebtedness is owing. 
  

 Page 2 

 “Subordinated Notes” means (a) the note of even date herewith made by
Borrower payable to Guarantor in the original principal amount of $15,000,000, (b) the Guarantee Note and (c) any PIK Interest paid with respect to the notes in clauses (a) and (b). 
 “Subordinated Obligations” means all indebtedness, obligations or liabilities owed by any Borrower or any Obligor to the
Guarantor from time to time, including without limitation all indebtedness, obligations or liabilities evidenced by the Subordinated Notes and including all principal, interest (including any interest accruing after the commencement of any
Insolvency Proceeding), fees, expense reimbursement, indemnities or after amounts of any type. 
 “Taxes” is defined
in clause (1) of Section 2.8. 
 “Termination Date” means the 91st day following (or, if, for
not less than 91 consecutive days prior to the date on which all Indebtedness has been paid in cash and satisfied in full, the Indebtedness shall have been fully secured by Collateral having on each such day a market value in excess of the
Indebtedness outstanding on such day, then the first day following) the earliest date after the date hereof on which all Indebtedness has been paid in cash and satisfied in full and Senior Creditors do not have any outstanding commitment (whether or
not conditioned on the satisfaction of any condition precedent) under the Loan Documents to lend money or otherwise extend credit to Borrower or any Obligor; provided, however, that this Agreement shall continue to be effective or be reinstated, as
though such payment had not been made, if at any time any payment of any of the Indebtedness is rescinded or must otherwise be returned by Senior Creditors in connection with an Insolvency Proceeding involving Borrower or any Obligor. 
 “Triggering Event” is defined in Section 4.4. 
 “UCC” means the Uniform Commercial Code applicable to the creation of the security interest provided herein, except to the extent
that the Uniform Commercial Code of another jurisdiction is applicable to the perfection and effected perfection thereof. 
 SECTION 1.2
Credit Agreement Definitions. Unless otherwise defined herein or the context otherwise requires, capitalized terms used in this Agreement, including its preamble and recitals, have the meanings provided in the Credit Agreement.

 ARTICLE II 
 GUARANTY; WAIVERS

 SECTION 2.1 Agreement. The Guarantor hereby absolutely, unconditionally, and irrevocably (1) guarantees the full and
punctual payment when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise, of all Indebtedness (including all indebtedness, obligations and liabilities of the Borrower or any other Obligor now or
hereafter existing under the Credit Agreement, the Notes or each other Loan Document to which the Borrower or such other Obligor is or may become a party), whether for principal, interest, fees, expenses or otherwise (including all such amounts
which would become due but for the operation of the automatic stay under Section 362(a) of the United States Bankruptcy Code, 11 U.S.C. §362(a), and the operation of Sections 502(b) and 506(b) of the United States Bankruptcy Code, 11
U.S.C. §502(b) and §506(b)) (“Guaranteed Obligations”); provided, however, that in no event shall the Guaranteed Obligations (a) include any additional Loans funded under the Credit Agreement after the
date hereof or any increase in the interest rate under the Credit Agreement as a result of an amendment to the provisions of the Credit Agreement or (b) exceed $17,500,000 and (2) indemnifies and holds harmless each Senior Creditor for any
and all out- 

  

 Page 3 

 
of-pocket costs and expenses (including reasonable attorney’s fees and expenses; but limited to fees and expenses of one firm of primary counsel and one
firm of local counsel for each jurisdiction applicable thereto for all such Senior Creditors) for all such Senior Creditors) incurred by such Senior Creditors, as the case may be, in enforcing any rights under this Agreement. This Agreement
constitutes a guaranty of payment when due and not of collection, and the Guarantor specifically agrees that it shall not be necessary or required that any Senior Creditors exercise any right, assert any claim or demand or enforce any remedy
whatsoever against the Borrower or any other Obligor (or any other Person) before or as a condition to the obligations of the Guarantor hereunder. 
 SECTION 2.2 Acceleration of Agreement. The Guarantor agrees that, in the event of the occurrence of any event of the type described in Section 10.01(e), (f) or (g) of the Credit Agreement, with respect to
the Borrower, any other Obligor or the Guarantor, and if such event shall occur at a time when any of the Indebtedness may not then be due and payable by the Borrower due to any automatic stay or other debtor relief laws, the Guarantor will pay to
the Senior Creditors forthwith the full amount which would be payable hereunder by the Guarantor if all such Indebtedness were then due and payable. 
 SECTION 2.3 Continuing Unconditional Guaranty. This Agreement shall in all respects be a continuing, absolute, unconditional and irrevocable guaranty of payment, and shall remain in full force and effect
until all Indebtedness of the Borrower and each other Obligor has been paid in full and all obligations of the Guarantor hereunder shall have been paid in full and all Hedging Agreements have terminated. The Guarantor may not rescind or revoke its
obligations hereunder. The Guarantor guarantees that the Indebtedness of the Borrower and each other Obligor will be paid strictly in accordance with the terms of the Credit Agreement and each other Loan Document under which they arise, regardless
of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any Senior Creditor or any holder of any Note with respect thereto. 
 SECTION 2.4 Waivers of Rights and Defenses. The guaranty, security interest, subordination and other obligations, duties and
liabilities of the Guarantor under this Agreement shall be absolute, unconditional and irrevocable irrespective of: (1) any lack of validity, legality or enforceability of the Credit Agreement, any Note or any other Loan Document; (2) the
failure of any Senior Creditor or any holder of any Note (a) to assert any claim or demand or to enforce any right or remedy against the Borrower, any other Obligor or any other Person (including any other guarantor) under the provisions of the
Credit Agreement, any Note, any other Loan Document or otherwise, or (b) to exercise any right or remedy against any other guarantor of, or collateral securing, any Indebtedness of the Borrower or any other Obligor; (3) any change in the
time, manner or place of payment of, or in any other term of, all or any of the Indebtedness of the Borrower or any other Obligor, or any other extension, compromise or renewal of any Indebtedness of the Borrower or any other Obligor; (4) any
reduction, limitation, impairment or termination of any Indebtedness of the Borrower or any other Obligor for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to (and the Guarantor
hereby waives any right to or claim of) any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality, nongenuineness, irregularity, compromise, unenforceability of, or any other event or
occurrence affecting, any Indebtedness of the Borrower, any other Obligor or otherwise; (5) any amendment to, rescission, waiver, or other modification of, or any consent to departure from, any of the terms of the Credit Agreement, any Note or
any other Loan Document; (6) any addition, exchange, release, surrender or non-perfection of any collateral, or any amendment to or waiver or release or addition of, or consent to departure from, any other guaranty, held by any Senior Creditor
securing any of the Indebtedness of the Borrower or any other Obligor; (7) the insolvency or bankruptcy of, or similar event affecting, the Borrower or any other Obligor; or (8) any other circumstance which might otherwise constitute a
defense available to, or a legal or equitable discharge of, the Borrower, any other Obligor, any surety or any guarantor (other than the defense that the Guarantor’s liabilities or obligations shall have been indefeasibly paid in full). The

  

 Page 4 

 
Guarantor waives all rights and defenses which may arise with respect to any of the foregoing, and the Guarantor waives any right to revoke this Agreement
with respect to future Indebtedness; provided, however, that in no event shall Guarantor waive the defense that its obligations hereunder have been indefeasibly paid in full. The Guarantor waives all rights or defenses under common law, in equity,
under contract, by statute, or otherwise; provided, however, that in no event shall Guarantor waive the defense that its obligations hereunder have been paid or otherwise satisfied. 
 SECTION 2.5 Reinstatement. The Guarantor agrees that this Agreement shall continue to be effective or be reinstated, as the case may be, if
at any time any payment (in whole or in part) of any of the Indebtedness is rescinded or must otherwise be restored by any Senior Creditor, upon any Insolvency Proceeding involving the Borrower or any other Obligor or otherwise, all as though such
payment had not been made. 
 SECTION 2.6 Waiver, etc. The Guarantor hereby waives promptness, diligence, notice of acceptance
and any other notice with respect to any of the Indebtedness of the Borrower or any other Obligor and this Agreement and any requirement that the Administrative Agent, any other Senior Creditor protect, secure, perfect or insure any security
interest or Lien, or any property subject thereto, or exhaust any right or take any action against the Borrower, any other Obligor or any other Person (including any other guarantor) or entity or any collateral securing the Indebtedness of the
Borrower or any other Obligor, as the case may be. 
 SECTION 2.7 Waiver of Subrogation. Until the Indebtedness is paid in full
and all Hedging Agreements have terminated, the Guarantor shall not enforce or exercise any claim or other rights which it may now or hereafter acquire against the Borrower or any other Obligor that arise from the existence, payment, performance or
enforcement of the Guarantor’s obligations under this Agreement or any other Loan Document, including any right of subrogation, reimbursement, exoneration, or indemnification, any right to participate in any claim or remedy of the Senior
Creditors against the Borrower or any other Obligor or any collateral which the Administrative Agent now has or hereafter acquires, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including the
right to take or receive from the Borrower or any other Obligor, directly or indirectly, in cash or other property or by set-off or in any manner, payment or security on account of such claim or other rights. If any amount shall be paid to the
Guarantor in violation of the preceding sentence, such amount shall be deemed to have been paid to the Guarantor for the benefit of, and held in trust for, the Senior Creditors, and shall forthwith be paid to the Senior Creditors to be credited and
applied upon the Indebtedness, whether matured or unmatured. The Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Credit Agreement and that the waiver set forth in this
Section is knowingly made in contemplation of such benefits. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 The Guarantor represents and warrants to the Senior
Creditors as of the date hereof that: 
 SECTION 3.1 Corporate Existence. The Guarantor: (i) is a corporation duly
organized, formed, legally existing and in good standing under the laws of the state of Delaware; (ii) has all requisite corporate power, and has all material governmental licenses, authorizations, consents and approvals necessary to own its
assets and carry on its business as now being or as proposed to be conducted; and (iii) is qualified to do business in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure so
to qualify would have a Guarantor Material Adverse Effect. 
  

 Page 5 

 SECTION 3.2 Financial Condition. The audited consolidated balance sheet of the Guarantor
and its consolidated Subsidiaries as at December 31, 2008, the related consolidated statement of income, shareholders’ equity and cash flow of the Guarantor and its consolidated Subsidiaries for the fiscal year ended on said date,
heretofore furnished to each of the Senior Creditors, are complete and correct and fairly present the consolidated financial condition of the Guarantor and its consolidated Subsidiaries as at said date and the results of its operations for the
fiscal year on said date, all in accordance with GAAP, as applied on a consistent basis. Except as reflected or referred to in such financial statements or the unaudited financial statements of the Guarantor as at March 31, 2009, neither the
Guarantor nor any of its consolidated Subsidiaries has on the date hereof any material Debt, contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable
commitments. Since December 31, 2008, neither the business nor the Properties of the Guarantor and its consolidated Subsidiaries, have been materially and adversely affected. 
 SECTION 3.3 No Breach. Neither the execution and delivery of this Agreement, nor compliance with the terms and provisions hereof,
will conflict with or result in a breach of, or require any consent which has not been obtained as of the date hereof under, the respective charter, limited partnership agreement, articles of incorporation or organization or by-laws of the Guarantor
or any of its Subsidiaries, or any Governmental Requirement, or any agreement or instrument to which the Guarantor or any of its Subsidiaries is a party or by which it is bound or to which it or its Properties are subject, or constitute a default
under any such agreement or instrument, or result in the creation or imposition of any Lien upon any of the revenues or assets of the Guarantor or any of its Subsidiaries pursuant to the terms of any such agreement or instrument, other than the
Liens created by the Loan Documents.  
 SECTION 3.4 Authority. The Guarantor has all necessary corporate power and
authority to execute, deliver and perform its obligations under this Agreement; and the execution, delivery and performance by the Guarantor of this Agreement have been duly authorized by all necessary organizational action on its part; and this
Agreement constitutes the legal, valid and binding obligations of the Guarantor, enforceable in accordance with its terms. 
 SECTION 3.5
Approvals. No authorizations, approvals or consents of, and no filings or registrations with, any Governmental Authority or any other Person are necessary for the execution, delivery or performance by the Guarantor of this Guaranty or for
the validity or enforceability hereof. 
 SECTION 3.6 Solvency. After giving effect to this Agreement, the Guarantor is not
insolvent as such term is used and defined in the United States Bankruptcy Code. 
 ARTICLE IV 
 COVENANTS 
 The Guarantor covenants and
agrees that, until payment in full of all Indebtedness and all other amounts payable by the Guarantor hereunder: 
 SECTION 4.1
Reporting Requirements. The Guarantor shall deliver, or shall cause to be delivered, to the Administrative Agent (it being agreed that the Guarantor shall not be obligated to deliver the items specified in Section 4.1(a) or 4.1(b) if
such items are included in a public filing with the U.S. Securities and Exchange Commission on or prior to the date that such items would otherwise be required to be delivered under this Agreement): 
 (a) Annual Financial Statements. As soon as available and in any event within ten (10) days after the Guarantor is required to file the same
with the SEC, the audited consolidated and consolidating statements of income, shareholder’s equity, changes in financial position and cash flow for the Guarantor and its consolidated Subsidiaries for such fiscal year, and the related
consolidated and consolidating balance sheets of the Guarantor and its consolidated Subsidiaries as at the end of such fiscal year, and setting forth in each case in comparative form the corresponding figures for the preceding fiscal year, and
accompanied by the related opinion of independent public accountants of recognized national standing acceptable to the Administrative Agent which opinion shall state that said financial statements fairly present the consolidated and consolidating
financial condition and results of operations of the Guarantor and its consolidated Subsidiaries as at the end of, and for, such fiscal year and that such financial statements have been prepared in accordance with GAAP, except for such changes in
such principles with which the independent public accountants shall have concurred. 
  

 Page 6 

 (b) Quarterly Financial Statements. As soon as available and in any event within ten
(10) days after the Guarantor is required to file the same with the SEC, for of each of the first three fiscal quarterly periods of its fiscal year for the Guarantor and its consolidated Subsidiaries, consolidated and consolidating statements
of income, shareholders’ equity, changes in financial position and cash flow of the Guarantor and its consolidated Subsidiaries for such period and for the period from the beginning of the respective fiscal year to the end of such period, and
the related consolidated and consolidating balance sheets as at the end of such period, and setting forth in each case in comparative form the corresponding figures for the corresponding period in the preceding fiscal year, accompanied by the
certificate of a Responsible Officer, which certificate shall state that said financial statements fairly present the consolidated and consolidating financial condition and results of operations of the Guarantor and its consolidated Subsidiaries in
accordance with GAAP, as at the end of, and for, such period (subject to normal year end audit adjustments). 
 (c) Notice of Default,
Etc. Promptly after the Guarantor has actual knowledge that any Default or Event of Default has occurred, a notice of such Default or Event of Default, describing the same in reasonable detail and the action the Borrower, any other Obligor or
the Guarantor proposes to take with respect thereto. 
 (d) Triggering Event. Contemporaneously with the occurrence thereof, notice of
a Triggering Event. 
 SECTION 4.2 Maintenance, Etc. The Guarantor shall preserve and maintain its organization
existence and all of its material rights, privileges and franchises; keep books of record and account in which full, true and correct entries will be made of all dealings or transactions in relation to its business and activities; comply with all
Governmental Requirements if failure to comply with such requirements will have a Guarantor Material Adverse Effect; pay and discharge all taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of
its Property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being
maintained; upon reasonable notice, permit representatives of the Administrative Agent or any Senior Creditor, during normal business hours, to examine, copy and make extracts from its books and records, to inspect its Properties, and to discuss its
business and affairs with its officers, all to the extent reasonably requested by such Senior Creditor or the Administrative Agent (as the case may be); and keep, or cause to be kept, insured by financially sound and reputable insurers all Property
of a character usually insured by Persons engaged in the same or similar business similarly situated against loss or damage of the kinds and in the amounts customarily insured against by such Persons and carry such other insurance as is usually
carried by such Persons including, without limitation, environmental risk insurance to the extent reasonably available. 
  

 Page 7 

 SECTION 4.3 Maintenance Of Liquidity. Prior to the Termination Date, the Guarantor shall at
all time maintain, free and clear of any Lien of any Person other than the Administrative Agent, (a) a collected cash balance in a blocked deposit account maintained with the Administrative Agent, (b) United States treasury securities
maturing within thirteen (13) months or interests in mutual funds containing only United States treasury securities maturing within thirteen (13) months, or (c) overnight repurchase obligations for U.S. treasury securities maturing
within 13 months, in any case in a securities account maintained with the Administrative Agent or an affiliate of the Administrative Agent, and/or (d) a combination of the foregoing (a), (b) or (c), in each case, subject to a control
agreement in form and substance satisfactory to the Administrative Agent, equal to or greater than, on each day, the Cash Requirement on such day. On the date that the Indebtedness, or any part thereof, is due under the terms of the Credit Agreement
(if such Indebtedness, or any part thereof, shall not have been paid when due), the Administrative Agent is hereby authorized to convert such cash or cash equivalent to a cash collected balance and apply such amount to the Indebtedness or part
thereof that is due. 
 SECTION 4.4 Additional Collateral. In the event that the Guarantor shall incur or otherwise
become liable for Debt (excluding any Debt arising out of or related to this Agreement) in an aggregate amount in excess of $10,000,000 at any one time outstanding (the “Triggering Event”), the Guarantor shall,
contemporaneously with the incurrence of such Debt, grant to the Administrative Agent, for the benefit of the Senior Creditors as security for the Guaranteed Obligations, a perfected first priority (subject only to claims of the applicable
depository or intermediary permitted by the applicable control agreement) security interest covering such cash and cash equivalent collateral in an amount equal to the Cash Requirement. 
 ARTICLE V 
 SECURITY INTEREST 
 SECTION 5.1 Springing Security Interest. In order to give effect to the agreement of Guarantor set forth in Section 4.4
hereof, effective immediately upon, but not prior to, the Triggering Event, Guarantor hereby pledges, assigns and transfers to the Administrative Agent, and grants to the Administrative Agent, for the ratable benefit of the Secured Parties, a
security interest in one or more deposit accounts and/or securities accounts maintained with Administrative Agent containing an aggregate amount equal to the Cash Requirement (the “Collateral”), as collateral security for the
prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Guaranteed Obligations. On the date that the Indebtedness, or any part thereof, is due under the terms of the Credit Agreement
(if such Indebtedness, or any part thereof, shall not have been paid when due), the Administrative Agent is hereby authorized to convert such Collateral to a cash collected balance and apply such amount to the Indebtedness or part thereof that is
due. In the event that the balance of the Collateral shall exceed the Cash Requirement, so long as no Default has occurred which is continuing, upon request by the Guarantor, the Administrative Agent shall release to the Guarantor the amount of such
excess. 
 SECTION 5.2 Further Assurances. Effective immediately upon a Triggering Event and until all Guaranteed Obligations
are indefeasibly paid in full: 
 (a) The Guarantor shall maintain the security interest created by this Agreement as a perfected first
priority (subject only to claims of the applicable depository or intermediary permitted by the applicable control agreement) security interest in the Collateral and shall defend such security interest against the claims and demands of all Persons
whomsoever. 
  

 Page 8 

 (b) At any time and from time to time, upon the request of the Administrative Agent, and at the sole
expense of the Guarantor, the Guarantor shall promptly and duly give, execute, deliver, indorse, file or record any and all financing statements, continuation statements, amendments, notices, assignments or other instruments and take or cause to be
taken any and all steps or acts that may be necessary or advisable or as the Administrative Agent may reasonably request to create, perfect, establish the priority of, or to preserve the validity, perfection or priority of, the security agreement
granted by this Agreement or to enable the Administrative Agent to enforce its rights, remedies, powers and privileges under this Agreement with respect to such security interests or to otherwise obtain or preserve the full benefits of this
Agreement and the rights, powers and privileges herein granted. 
 (c) Without limiting the obligations of the Guarantor under
Section 5.2(b), upon the request of the Administrative Agent, the Guarantor shall take or cause to be taken all actions (other than any actions required to be taken by the Administrative Agent (whether in its capacity as
AdministrativeAgent, deposit account bank or securities intermediary) or any Senior Creditor) requested by the Administrative Agent to cause the Administrative Agent to (a) have “control” (within the meaning of Sections 9-104, 9-105,
9-106, and 9-107 of the UCC) over the Collateral, including, without limitation, executing and delivering any agreements, in form and substance satisfactory to the Administrative Agent, with deposit account banks, securities intermediaries, issuers
or other Persons in order to establish “control,” and (b) if applicable, be a “protected purchaser” (as defined in Section 8.303 of the UCC). 
 (d) This Section 5.2 and the obligations imposed on the Guarantor by this Section 5.2 shall be interpreted as
broadly as possible in favor of the Administrative Agent and the other Senior Creditors in order to effectuate the purpose and intent of this Agreement. 
 (e) The Guarantor will not cause or permit any change to be made in its name, identity, corporate structure or jurisdiction of organization (excluding the Guarantor’s name change to “Atlas Energy,
Inc.”), unless the Guarantor shall have first (1) notified the Administrative Agent of such change at least five (5) days prior to the effective date of such change, expressly stating in a conspicuous manner that the notice contains
facts that may require additional filings of financing statements, and (2) taken all action reasonably requested by the Administrative Agent for the purpose of maintaining the perfection and priority of the Administrative Agent’s security
interests under this Agreement. 
 SECTION 5.3 Remedies. 
 (a) If an Event of Default shall occur and be continuing, the Administrative Agent, on behalf of the Senior Creditors, may exercise in its discretion, in
addition to all other rights, remedies, powers and privileges granted to them in this Agreement, the other Loan Documents, and in any other instrument or agreement securing, evidencing or relating to the Indebtedness, all rights, remedies, powers
and privileges of a secured party under the UCC or any other applicable law or otherwise available at law or equity. 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 the Guarantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may
in such circumstances forthwith convert the Collateral to a cash collected balance and apply such amount to the Indebtedness or part thereof that is due. 
 (b) Each and every method of disposition of the Collateral described in this Agreement shall be effected in a commercially reasonable manner. 
  

 Page 9 

 SECTION 5.4 Deficiency. The Guarantor shall remain liable for any deficiency if the
proceeds of any sale or other disposition of the Collateral are insufficient to pay the Guaranteed Obligations as provided in Section 2.1. 
 SECTION 5.5 Non-Judicial Enforcement. To the extent permitted by law, the Administrative Agent may enforce its rights hereunder without prior judicial process or judicial hearing, and to the extent permitted by law, the
Guarantor expressly waives any and all legal rights which might otherwise require the Administrative Agent to enforce its rights by judicial process. 
 SECTION 5.6 Control Agreement. Upon written request by the Guarantor, the Administrative Agent shall give, or join the Guarantor in giving, instructions pursuant to any control agreement to release
assets from a deposit account or securities account maintained pursuant to Section 4.3, 5.1 or 5.2 as of any day to the extent that the aggregate amount maintained pursuant to such Sections exceeds the Cash Requirement on such day. Except as
provided in the immediately preceding sentence, the Administrative Agent will not give a notice of exclusive control to the depository or intermediary on any such deposit account or securities account, nor give instructions regarding delivery of
property therein to the Administrative Agent or any other Person, unless an Event of Default shall occur and be continuing. 
 ARTICLE VI

 SUBORDINATION 
 SECTION 6.1
Subordination of Obligations. The Guarantor hereby, expressly and in all respects, subordinates in right of payment: (a) all Subordinated Obligations, to (b) the Indebtedness. 
 SECTION 6.2 Payment Limitations. Prior to the Termination Date, the Guarantor shall not accept, receive or collect (by set-off or other
manner) any payment or distribution on account of, or ask for, demand or accelerate, directly or indirectly, any Subordinated Obligation, and neither Borrower nor any Obligor shall make any such payment, other than PIK Interest. 
 SECTION 6.3 Subordination of Liens. The Guarantor will not accept or permit to exist any Lien on any Property of the Borrower or any
Obligor to secure the Suordinated Obligations. Without limiting the foregoing, any Liens at any time securing the Subordinated Obligations are hereby made, and will at all times prior to the Termination Date be, subject, subordinate, junior and
inferior in all respects to all Liens securing the Indebtedness. 
 SECTION 6.4 Assets Wrongly Received. If the
Guarantor receives any payment or distribution of any kind (whether in cash, securities or other property) in contravention of this Agreement, it shall hold such payment or distribution in trust for the Senior Creditors, shall segregate the same
from all other cash or assets it holds, and shall immediately deliver the same to the Administrative Agent in the form received by the Guarantor (together with any necessary endorsement) to be applied to or, at the Administrative Agent’s option
held as collateral (in the case of non-cash property or securities) for, the payment or prepayment of the Indebtedness. 
 SECTION 6.5
Specific Performance. The Administrative Agent is hereby authorized to demand specific performance of this Agreement at any time when Guarantor shall have failed to comply with any of the provisions of this Agreement. Guarantor
hereby irrevocably waives any defense based upon the adequacy of a remedy at law which might be asserted as a bar to such remedy of specific performance and waives any requirement of the posting of any bond which might otherwise be required before
such remedy of specific performance is granted. 
  

 Page 10 

 SECTION 6.6 No Acceleration, Institution of Collection Proceedings or Interference with Senior
Creditors’ Collateral. Prior to the Termination Date, the Guarantor shall not accelerate or collect or attempt to collect any part of the Subordinated Obligations — whether through the commencement or joinder of an action or
proceeding (judicial or otherwise) or an Insolvency Proceeding, the enforcement of any rights against any Property of the Borrower or any Obligor (including any such enforcement by foreclosure, repossession or sequestration proceedings), or
otherwise — except the foregoing shall not prohibit the acceleration of the Subordinated Obligations upon the commencement of a bankruptcy case under the United States Bankruptcy Code against Borrower. In no event shall the Guarantor contest,
in any manner, or bring (or voluntarily join in) any action or proceeding for the purpose of contesting the creation, legality, validity, perfection, enforceability, or priority of or seeking to avoid, any Lien granted to the Administrative Agent to
secure the Indebtedness. 
 SECTION 6.7 Insolvency Proceedings. 
 (a) Upon the occurrence of any Insolvency Proceeding, then any payment or distribution of any kind (whether in cash, securities or other property) which
otherwise would be payable or deliverable upon or with respect to the Subordinated Obligations shall be paid and delivered directly to the Administrative Agent for the benefit of Senior Creditors to be applied to or, at the Administrative
Agent’s option held as collateral (in the case of non-cash property or securities) for, the payment or prepayment of the Indebtedness. 
 (b) During the pendency of any Insolvency Proceeding with respect to the Borrower or any Obligor, the Guarantor shall promptly execute, deliver and file any documents and instruments which the Administrative Agent may from time to time
request in order to (i) file appropriate proofs of claim in respect of the Subordinated Obligations in such Insolvency Proceeding, (ii) instruct any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making any
payment or distribution in such Insolvency Proceeding to make all payments which might otherwise be payable or deliverable in respect of the Subordinated Obligations directly to the Administrative Agent for the benefit of Senior Creditors, and
(iii) otherwise effect the purposes of this Agreement. In the event that Guarantor fails to file such proofs of claims or give such instructions, in capacity as Guarantor under this Agreement, Guarantor hereby grants to the Administrative Agent
the express power and authority (which power and authority are coupled with an interest and shall be irrevocable) to do so. 
 (c) During the
pendency of any Insolvency Proceeding with respect to the Borrower or any Obligor, in capacity as Guarantor under this Agreement, the Guarantor will raise no objection, contest or oppose, pursuant to its rights as a creditor, but without limiting
its rights as the direct or indirect owner of equity interests of the Borrower or of the general partner of the Borrower: (i) a motion to sell or liquidate collateral securing the Indebtedness if the Administrative Agent has consented to such
sale or liquidation, (ii) any request by the Senior Secured Parties for adequate protection, (iii) any objection by the Administrative Agent or the Senior Creditors to any motion, relief, action or proceeding based on a claim of a lack of
adequate protection or (iv) the payment of interest, fees, expenses or other amounts to the Senior Creditors. 
 (d) This Agreement,
which the parties hereto expressly acknowledge is a “subordination agreement” under Section 510(a) of the Bankruptcy Code, shall be effective before, during and after the commencement of any Insolvency Proceeding. All references in
this Agreement to the Borrower or any Obligor shall include such Person as a debtor-in-possession and any receiver or trustee for such Person in any Insolvency Proceeding. 
 (e) Nothing contained in this Agreement shall be construed to preclude the Guarantor from (i) filing any proof of claim in any proceedings relating
to any Insolvency Proceeding or (ii) exercising its right to vote on any plan of reorganization in any such Insolvency Proceeding, subject, however, in all cases to the terms of the subordination of the right of payment of the Subordinated
Obligations. 
  

 Page 11 

 (f) Nothing contained in this Section 6.7 shall be construed to preclude the Guarantor or its
Subsidiaries, in its capacity as a general partner or limited partner of the Company, from exercising their rights as equity holders of the Company or exercising their fiduciary obligations to the Company or its security holders. 
 SECTION 6.8 Assignment and Marking of Subordinated Obligations. Prior to the Termination Date, Guarantor shall not without the prior
consent of Administrative Agent permit any amendment or modification to the terms of the Subordinated Obligations or any agreement or document executed in connection therewith the effect of which would be to (a) provide for any Lien prohibited
by this Agreement and (b) provide for any earlier payment of any Subordinated Obligations other than PIK Interest. 
 SECTION 6.9
Legend. Guarantor shall cause each instrument to which it is a party that evidences all or any part of the Subordinated Obligations to bear upon its face a conspicuous statement or legend to the effect that such instrument and the
indebtedness evidenced thereby are subordinate to the payment of all Indebtedness pursuant to this Agreement, and the Guarantor shall, in the case of any Subordinated Obligations to which it is a party that is not evidenced by any instrument, upon
Administrative Agent’s request cause such Subordinated Obligations to be evidenced by an appropriate instrument or instruments endorsed with such statement or legend. 
 ARTICLE VII 
 MISCELLANEOUS PROVISIONS 
 SECTION 7.1 Releases. Upon the Termination Date, the Administrative Agent shall, at the request and expense of the Guarantor following such
date, promptly execute and deliver to the Guarantor such documents and instruments as the Guarantor shall reasonably request to evidence termination and release of this Agreement. 
 SECTION 7.2 Administrative Agent and Senior Creditors; Successors and Assigns. 
 (a) The Administrative Agent is the Administrative Agent for each Senior Creditor under the Credit Agreement. All rights granted to the Administrative
Agent under or in connection with this Agreement are for each Senior Creditor’s ratable benefit. The Administrative Agent may, without the joinder of any Senior Creditor, exercise any rights in the Administrative Agent’s or the Senior
Creditors’ favor under or in connection with this Agreement. The Administrative Agent’s and each Senior Creditor’s rights and obligations vis-a-vis each other may be subject to one or more separate agreements between those
parties. However, the Guarantor is not required to inquire about any such agreement and is not subject to any terms of it unless the Guarantor specifically enters into such agreement. Therefore, neither Guarantor nor its successors or assigns is
entitled to any benefits or provisions of any such separate agreement nor is it entitled to rely upon or raise as a defense any party’s failure or refusal to comply with the provisions of any such agreement. 
 (b) This Agreement benefits the Administrative Agent, the Senior Creditors, and their respective successors and assigns and binds the Guarantor and its
successors and assigns. Upon appointment of any successor Administrative Agent under the Credit Agreement, all of the rights of the Administrative Agent under this Agreement automatically vests in that new Administrative Agent as successor
Administrative Agent on behalf of the Senior Creditors without any further act, deed, 

  

 Page 12 

 
conveyance, or other formality other than that appointment. The rights of the Administrative Agent and the Senior Creditors under this Agreement may
be transferred with any assignment of the obligations hereby guaranteed pursuant to and in accordance with the terms of the Credit Agreement. The Credit Agreement contains provisions governing assignments of the obligations guaranteed under this
Agreement. 
 SECTION 7.3 Amendments, etc. No amendment to or waiver of any provision of this Agreement, nor consent to any
departure by the Guarantor herefrom, shall in any event be effective unless the same shall be in writing and signed by or on behalf of the party against whom it is sought to be enforced and is in conformity with the requirements of
Section 12.04 of the Credit Agreement. Each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 SECTION 7.4 Addresses for Notices to the Guarantor. All notices and other communications hereunder to the Guarantor shall be in writing and
mailed or delivered to it, addressed to it at the address set forth below or at such other address as shall be designated by the Guarantor in a written notice to the Administrative Agent at the address specified in the Credit Agreement complying as
to delivery with the terms of this Section. All such notices and other communications shall, when mailed, be effective when deposited in the mails, addressed as aforesaid. Address for notices: 
 Atlas America, Inc. 
 1550 Coraopolis Heights Road 
 Moon Township, PA 15108 
 Attn: Lisa Washington 
 Facsimile: (412) 262-2820 
 Telephone: (412) 262-2830 
 SECTION 7.5 No Waiver; Remedies. In addition to, and not in limitation of, Section 2.3 and
Section 2.5, no failure on the part of any Senior Creditor to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude
any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION 7.6 Section Captions. Section captions used in this Agreement are for convenience of reference only, and shall not affect the construction of this Agreement. 
 SECTION 7.7 Setoff. In addition to, and not in limitation of, any rights of any Senior Creditor under applicable law, upon the occurrence
of an Event of Default under or as defined in the Credit Agreement, each Senior Creditor and each such holder shall be entitled to exercise any right of offset or banker’s lien against each and every account and other property or interest that
the Guarantor may now or hereafter have with, or which is now or hereafter in the possession of, any such Senior Creditor, to the extent of the full amount of the Guaranteed Obligations. 
 SECTION 7.8 Severability. Wherever possible each provision of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement. 
 SECTION 7.9 Governing Law. THIS
AGREEMENT SHALL BE DEEMED TO BE A CONTRACT UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW 

  

 Page 13 

 
YORK. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF
AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO. 
 SECTION 7.10 Forum Selection and Consent to
Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE SENIOR
CREDITORS OR THE GUARANTOR MAY BE BROUGHT AND MAINTAINED IN THE COURTS OF THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. THE GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE NONEXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED
THEREBY IN CONNECTION WITH SUCH LITIGATION. THE GUARANTOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. THE GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM. 
 SECTION 7.11 Waiver of Jury Trial. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE GUARANTOR HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE SENIOR CREDITORS OR THE GUARANTOR. THE GUARANTOR ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE
SENIOR CREDITORS ENTERING INTO THE CREDIT AGREEMENT. 
 SECTION 7.12 Entire Agreement. THIS AGREEMENT REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
 Remainder of Page Intentionally Blank. Signature Page to Follow. 
  

 Page 14 

 IN WITNESS WHEREOF, the Guarantor has caused this Agreement to be duly executed and delivered by an
officer duly authorized as of the date first written above. 
  

			
	GUARANTOR:
	
	ATLAS AMERICA, INC., a Delaware corporation
		
	By:	 	  

	Name:	 	
	Title:	 	

 [SIGNATURES CONTINUED ON NEXT PAGE] 
  

 Page 15 

 This Agreement is accepted by the Administrative Agent, for and on behalf of the Senior Creditors, as of
the date first written above. 
  

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 in its capacity as the Administrative Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Page 16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]