Document:

Master Assignment of Note and Liens, dated as of December 22, 2011

 Exhibit 10.4 
 Execution Copy 
 MASTER ASSIGNMENT 

OF NOTE AND LIENS 
 This Master Assignment of Note and Liens (this “Assignment”) dated as of December 22, 2011, is entered into by and among Wells Fargo Capital Finance, Inc., as the administrative
agent for the Assigning Lender (in such capacity, the “Assignor’s Agent”) under the WF Credit Agreement, the Assigning Lender (as hereinafter defined), the Borrowers (as hereinafter defined), the Guarantor (as hereinafter
defined), the Purchasing Lenders (as hereinafter defined) and Bank of Montreal, in its capacity as administrative agent for the Purchasing Lenders (in such capacity (the “Purchaser’s Agent”), and together with the Purchasing
Lenders, the “Assignees”). 
 A. Dune Energy, Inc., a Delaware corporation (the “Parent”),
Dune Properties, Inc., a Texas corporation (collectively with the Parent, the “Borrowers”), Dune Operating Company, a Texas corporation (the “Guarantor”), the Assignor’s Agent, and Wayzata Opportunities Fund
II, L.P., as sole lender (the “Assigning Lender”), are party to that certain Amended and Restated Credit Agreement, dated as of December 7, 2010 (as amended or otherwise modified from time to time through the date hereof, the
“WF Credit Agreement”). 
 B. Pursuant to the WF Credit Agreement, the Assigning Lender has made a term loan to
the Borrowers in an original aggregate principal amount of $40,000,000; and in connection therewith, the Borrowers have executed and delivered a promissory note (the “Note”) to the Assigning Lender in an original aggregate principal
amount of $40,000,000. 
 C. The Borrowers and certain of their subsidiaries entered into certain security instruments to
secure, inter alia, the Note and their other obligations and liabilities to the Assignor’s Agent and the Assigning Lender, including, without limitation, the security instruments listed on Annex I hereto (collectively, the “Assigned
Security Instruments”). 
 D. The Parent has entered into a restructuring plan support agreement which sets forth the
terms of the Parent’s capital restructuring plan and which includes a $200,000,000 senior secured revolving credit facility to be provided by Bank of Montreal and other lender parties hereto (the “Purchasing Lenders”).

 E. The Assigning Lender desires to sell and assign the Assigned Rights to the Purchasing Lenders, and the Purchasing Lenders
desire to purchase and assume the same from the Assigning Lender. 
 F. The Assignor’s Agent desires to sell and assign the
Assigned Security Interests (as defined below) to the Purchaser’s Agent, and the Purchaser’s Agent desires to purchase and assume the same from the Assignor’s Agent. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 Section 1. Definitions. Capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the WF Credit Agreement. 

 Section 2. Assignment and Assumption of Indebtedness. For agreed consideration, the
Assigning Lender hereby BARGAINS, SELLS, ASSIGNS, TRANSFERS AND CONVEYS to the Purchasing Lenders and each Purchasing Lender purchases and assumes from the Assigning Lender, WITHOUT RECOURSE ON OR WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED,
STATUTORY OR OTHERWISE (except such representations and warranties as are expressly set forth in Sections 4 and 5 below), all of the Assigning Lender’s rights and obligations as a “Lender” under the WF Credit Agreement and the other
Loan Documents (including, the Term Loan owing to the Assigning Lender, the Note held by the Assigning Lender and the indebtedness evidenced thereby) and, except as provided in the following paragraph, all other rights, benefits, remedies,
privileges, claims, demands and equities of the Assigning Lender under or pursuant to the WF Credit Agreement, the Note and the other Loan Documents (the “Assigned Rights”) in the percentages of such Assigned Rights as set forth on
Schedule I attached hereto. 
 TO HAVE AND TO HOLD the Assigned Rights unto the Purchasing Lenders, for the benefit of their
successors and assigns, forever; provided, however, that the Assigning Lender shall retain its non-exclusive rights to indemnification or other contingent obligations that survive the satisfaction of the Borrowers’ obligations thereunder as
expressly provided for under the Loan Documents. 
 Section 3. Assignment and Assumption of Security Interest. For agreed
consideration, at the direction of the Assigning Lender, the Assignor’s Agent hereby SEVERALLY BARGAINS, SELLS, ASSIGNS, TRANSFERS AND CONVEYS to the Purchaser’s Agent, and the Purchaser’s Agent hereby purchases and assumes from the
Assignor’s Agent, WITHOUT RECOURSE ON OR WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE (except such representations and warranties as are expressly set forth in Sections 4 and 6), all security interests, liens and other
rights, titles, interests, privileges, claims, demands, equities and charges of the Assignor’s Agent as the mortgagee, secured party and named beneficiary existing under or pursuant to the Assigned Security Instruments and all other rights,
benefits, remedies and privileges of the Assignor’s Agent in its capacity as the holder of the security under or pursuant to the WF Credit Agreement, the Assigned Security Instruments and the other Loan Documents (the “Assigned Security
Interest”). 
 TO HAVE AND TO HOLD the Assigned Security Interest unto the Purchaser’s Agent, for the benefit of
its successors and assigns, forever; provided, however, that the Assignor’s Agent shall retain its non-exclusive rights to indemnification or other contingent obligations that survive the termination of Assignor’s Agent status as such as
expressly provided for under the Loan Documents. 
 Section 4. Representation and Warranty of Assignors. The Assigning
Lender and the Assignor’s Agent (collectively, the “Assignors”, and each individually, an “Assignor”) each hereby severally represents and warrants that (a) the execution, delivery and performance of this
Assignment are within its power and authority and has been duly authorized by appropriate proceedings, and (b) this Assignment constitutes a legal, valid, and binding obligation of such Assignor enforceable in accordance with its terms, except
as limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and general principles of equity. 

  
 2 

 Section 5. Representations and Warranties of Assigning Lender. Assigning Lender
hereby severally represents and warrants as follows: 
 a. Title. It is the legal and beneficial owner and holder of the
Assigned Rights applicable to it. Neither its Note, the indebtedness owed to it, nor any of its other Assigned Rights is currently subject to any liens or security interests. 
 b. Balance of Loans. The principal balance of the Term Loan outstanding as of the date hereof is as set forth on Annex II. 
 Section 6. Representations and Warranties of Assignor’s Agent. The Assignor’s Agent represents and warrants that it is the secured party and holder of record of the liens and security
interests granted pursuant to the Assigned Security Instruments and that it has not transferred or assigned the Assigned Security Instruments to any other Person. 
 Section 7. Representations and Warranties of Assignees. Each of the Assignees represents and warrants that (a) the execution, delivery and performance of this Assignment are within its power
and authority and has been duly authorized by appropriate proceedings, and (b) this Assignment constitutes a legal, valid, and binding obligation of such Assignee enforceable in accordance with its terms, except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and general principles of equity. 
 Section 8. Delivery of Note; Further Assurances. Upon the effectiveness of this Assignment, the Assigning Lender will deliver its Note to the Purchaser’s Agent endorsed “pay to Bank of
Montreal, as Administrative Agent, WITHOUT RECOURSE ON OR WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, EXCEPT AS EXPRESSLY SET FORTH IN THAT CERTAIN MASTER ASSIGNMENT OF NOTE AND LIENS DATED AS OF DECEMBER 22,
2011”. The Assigning Lender further agrees, at the Assignees’ sole cost and expense, to promptly execute and deliver all such other documents and take such other actions as may be reasonably necessary to fully effectuate the intent and
provisions of this Assignment. In order to give record notice of the assignment of the Assigned Security Interests set forth in this Assignment, the Assignor’s Agent agrees to execute notices of such assignment prepared by the Borrowers and/or
the Purchaser’s Agent, modified to reflect the legal and other requirements of each jurisdiction (each, a “Notice of Assignment”), and authorizes the Borrowers and/or the Purchaser’s Agent to cause such Notices of
Assignment to be filed in each county, parish or other jurisdiction where any of the security instruments has been filed, but, in each case, without recourse to the Assignor’s Agent, the Assigning Lender or their respective participants, and
without any representation or warranty of any kind, express or implied, and at the sole cost and expense of the Borrowers. No such Notice of Assignment shall modify or alter the terms and provisions of this Assignment. 

Section 9. Authorization of Assignees. Upon the effectiveness of this Assignment, the Assignor’s Agent, as holder of the
liens and security interests granted pursuant to the Assigned Security Instruments, hereby agrees to execute and deliver to the Purchaser’s Agent assignments of liens, including UCC-3 assignments, prepared by the Borrowers and/or the
Purchaser’s Agent to effect the assignments contemplated hereby, but, in each case, without recourse to the 

  
 3 

 
Assignor’s Agent, the Assigning Lender or their respective participants, and without any representation or warranty of any kind, express or implied, and at the sole cost and expense of the
Borrowers. Upon the effectiveness of this Assignment, each Assignor hereby authorizes the Assignees and their respective agents to make such filings as are necessary to make the assignments contemplated hereby of record in the appropriate
jurisdictions. 
 Section 10. Miscellaneous. 
 a. Entire Agreement. THIS ASSIGNMENT EMBODIES THE ENTIRE AGREEMENT AMONG
THE ASSIGNORS AND THE ASSIGNEES AND SUPERSEDES ALL PRIOR AGREEMENTS, UNDERSTANDINGS,
REPRESENTATIONS OR WARRANTIES, WHETHER ORAL OR WRITTEN, IF ANY, BETWEEN THE
ASSIGNORS AND THE ASSIGNEES RELATING TO THE SUBJECT MATTER HEREOF, AND
MAY BE AMENDED ONLY BY AN INSTRUMENT IN WRITING EXECUTED JOINTLY BY
AN AUTHORIZED OFFICER OF EACH OF THE ASSIGNORS AND THE ASSIGNEES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

b. Limitations. Except as expressly provided in this Assignment, none of the Assignors makes any representation or warranty, nor
shall any of them have any responsibility to the Assignees, with respect to the accuracy of any recitals, statements, representations or warranties contained in the WF Credit Agreement, any Loan Document or in any certificate or other document
referred to or provided for in, or received by any “Lender” under, the WF Credit Agreement or any Loan Document, or for the value, validity, genuineness, execution, effectiveness, legality, enforceability or sufficiency of the WF Credit
Agreement, the Note, the Assigned Security Instruments, any other Loan Document or any other document referred to or provided for therein or for any failure by the Borrowers or the Guarantor or any other person or entity to perform any of its
obligations thereunder or for the existence, value, perfection or priority of any lien or other collateral security or the financial or other condition of the Borrowers or any Guarantor (or any other obligor or guarantor). Each Assignee
(a) confirms that it has received copies of the WF Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into this Assignment; (b) agrees that it will, independently and without reliance upon any Assignor, based upon such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking any action under the Loan Documents; and (c) confirms that it is an Eligible Transferee. 
 c. Schedule and Annexes. Each of Schedule I, Annex I and Annex II is hereby incorporated in this Assignment by reference and constitutes a part of this Assignment. 

d. Successors and Assigns. This Assignment shall be binding upon each party hereto and their respective successors and assigns.

 e. Invalidity. In the event that any one or more of the provisions contained herein shall, for any reason, be held
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof. 

  
 4 

 f. Counterparts. This Assignment may be executed in two or more counterparts, and it
shall not be necessary that the signatures of all parties hereto be contained on any one counterpart hereof; each counterpart shall be deemed an original, but all of which together shall constitute one and the same instrument. 

Section 11. Release. Upon the effectiveness of this Assignment, the Borrowers, the Assignees and the Guarantor for themselves and
on behalf of their respective officers, directors, employees, and their respective successors and assigns, do hereby forever (i) release, discharge and acquit each of the Assignor’s Agent and the Assigning Lender, its respective parents,
subsidiaries and affiliate corporations, officers, directors, shareholders, employees, attorneys, agents and servants, and their respective predecessors, successors and assigns (collectively, the “Existing Lender Parties”), of and
from any and all claims, demands, obligations, liabilities, indebtedness, responsibilities, disputes, breaches of contract, breaches of duty or any relationship, acts, omissions, cause or causes of action (whether at law or in equity), debts, sums
of money, accounts, compensations, contracts, controversies, promises, damages, costs, rights of offset, losses and expenses, of every type, kind, nature, description or character (collectively, “Losses”), whensoever arising out of
any actions or omissions of the Existing Lender Parties, and irrespective of how, why, or by reason of what facts, whether heretofore or now existing, held or alleged, or which could, might or may be claimed to exist, of whatever kind or nature,
whether known or unknown, suspected or unsuspected, liquidated or unliquidated, matured or unmatured, fixed or contingent (collectively, the “Existing Lender Claims”), against the Existing Lender Parties, or any of them, each as
though fully set forth herein at length which in any way arise out of, are connected with or relate to the WF Credit Agreement, the other Loan Documents, or to the loans and other financial accommodations made pursuant to and evidenced by the WF
Credit Agreement or other Loan Documents or to any and all guaranties of the Indebtedness and/or any and all collateral security for the Obligations, and (ii) agree not to bring any action in any judicial, administrative or other proceeding
against the Existing Lender Parties, or any of them, alleging any such Existing Lender Claim or against any other Person alleging any other claim otherwise arising in connection with any such Existing Lender Claim (“Waiver”);
provided, however, that notwithstanding the foregoing, no release, discharge or Waiver granted in this Section 11 by the Assignees shall be enforceable nor applicable to any judicial, administrative or any other proceeding that
the Assignees may bring against the Assignors with respect to a breach by the Assignors, the Assigning Lender and the Assignor’s Agent, as applicable, of the Representations and Warranties severally made in Sections 4, 5 and 6 of this
Assignment. 
 Section 12. Indemnity. Without limitation to any indemnification rights under the Loan Documents in favor
of the Existing Lender Parties that survive satisfaction of the Borrowers’ obligations thereunder, the Borrowers and the Guarantor shall pay, indemnify, defend, and hold the Existing Lender Parties harmless (to the fullest extent permitted by
law) from and against any and all Losses (as and when they are incurred and irrespective of whether suit is brought), at any time asserted against, imposed upon, or incurred by any of them (a) in connection with or as a result of or related to
the execution, delivery, enforcement, performance, or administration of this Assignment, the WF Credit Agreement, any of the other Loan Documents, or the transactions contemplated hereby or thereby, (b) with respect to any investigation,
litigation, or proceeding related to this Assignment, the WF Credit Agreement or any other Loan Document (irrespective of whether any Existing Lender Party is a party thereto), 

  
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or any act, omission, event, or circumstance in any manner related thereto, and (c) in connection with or arising out of any presence or release of Hazardous Materials at, on, under, to or
from any assets or properties owned, leased or operated by Borrowers, the Guarantor or any of their subsidiaries or any Environmental Actions, Environmental Liabilities and Costs or Remedial Actions related in any way to any such assets or
properties (each and all of the foregoing, the “Indemnified Liabilities”). The foregoing to the contrary notwithstanding, the Borrowers and the Guarantor shall have no obligation to any Existing Lender Party under this
Section 12 with respect to any Indemnified Liability that a court of competent jurisdiction finally determines to have resulted from the gross negligence or willful misconduct of such Existing Lender Party. If any Existing Lender Party makes
any payment to any other Existing Lender Party with respect to an Indemnified Liability as to which the Borrowers and the Guarantor were required to indemnify the Existing Lender Party receiving such payment, the Existing Lender Party making such
payment is entitled to be indemnified and reimbursed by the Borrowers and the Guarantor with respect thereto. WITHOUT LIMITATION, THE FOREGOING INDEMNITY SHALL APPLY TO EACH EXISTING LENDER PARTY WITH RESPECT TO INDEMNIFIED LIABILITIES WHICH IN
WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF ANY NEGLIGENT ACT OR OMISSION OF SUCH EXISTING LENDER PARTY OR OF ANY OTHER PERSON. 
 Section 13. Governing Law. This Assignment shall be construed under and governed by the laws of the State of New York. Each of the parties hereto hereby waives any right to trial by jury.

 Section 14. Consent and Waiver of Fees. 
 a. The Borrowers hereby consent, pursuant to Section 13.1(a)(i) of the WF Credit Agreement, to the assignments set forth in this Assignment. 

b. The Assigning Lender hereby consents pursuant to Section 15.9 of the WF Credit Agreement, to the resignation of Wells Fargo
Capital Finance, Inc. as the Administrative Agent and upon the effectiveness of this Assignment, Wells Fargo Capital Finance, Inc.’s resignation as Administrative Agent shall be immediately effective. 

c. The Assignor’s Agent hereby waives payment of the processing fee specified in Section 13.2(a)(iii) of the WF Credit
Agreement. 
 [Signatures begin on next page] 

  
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 The parties hereto have caused this Assignment to be duly executed as of the day and year
first written above. 
  

			
	ASSIGNORS:
	
	 WELLS FARGO CAPITAL FINANCE, INC.,
 as Assignor’s Agent

		
	By:	 	/s/ Gary Forlenza
	Name:	 	Gary Forlenza
	Title:	 	Vice President

  

			
	 STATE OF GEORGIA
	 	§
		 	§
	 COUNTY OF FULTON
	 	§

 This instrument was acknowledged before me the 19th day of December, 2011 by Gary Forlenza, Vice
President of Wells Fargo Capital Finance, Inc., a California corporation, on behalf of such corporation. 
  

	
	/s/ Stefana Kornicer
	Notary Public
	Seal: [SEAL]

  
 7 

 
			
	 WAYZATA OPPORTUNITIES FUND II, L.P.,
 as Sole Assigning Lender

	By: WOF II GP, L.P., its General Partner
	By: WOF II GP, LLC, its General Partner
		
	By:	 	/s/ Blake M. Carlson
	Name:	 	Blake M. Carlson
	Title:	 	Authorized Signatory

  

			
	 STATE OF MINNESOTA
	 	§
		 	§
	 COUNTY OF HENNEPIN
	 	§

 This instrument was acknowledged before me the 20th day of December, 2011 by Blake M. Carlson, an
Authorized Signatory of WOF II GP, LLC, on behalf of such limited liability company. 
  

	
	/s/ Cheri J. Longsdorf
	Notary Public
	Seal: [SEAL]

  
 8 

 
			
	ASSIGNEES:
	
	BANK OF MONTREAL, as Purchaser’s Agent
		
	By:	 	/s/ Joseph A. Bliss
	Name:	 	Joseph A. Bliss
	Title:	 	Managing Director

  

			
	 STATE OF TEXAS
	 	§
		 	§
	 COUNTY OF HARRIS
	 	§

 This instrument was acknowledged before me the 22nd day of December, 2011 by Joseph A. Bliss, Managing
Director of Bank of Montreal, a Canadian corporation, on behalf of such corporation. 
  

	
	/s/ Leticia Prieto
	Notary Public
	Seal: [SEAL]

  
 9 

 
			
	ASSIGNEES:
	
	 BMO HARRIS FINANCING, INC.,
 as Purchasing Lender

		
	By:	 	/s/ Joseph A. Bliss
	Name:	 	Joseph A. Bliss
	Title:	 	Managing Director

  

			
	 STATE OF TEXAS
	 	§
		 	§
	 COUNTY OF HARRIS
	 	§

 This instrument was acknowledged before me the 22nd day of December, 2011 by Joseph A. Bliss, Managing
Director of BMO Harris Financing, Inc., a Delaware corporation, on behalf of such corporation. 
  

	
	s/ Leticia Prieto
	Notary Public
	Seal: [SEAL]

  
 10 

 
			
	ASSIGNEES:
	
	CIT Bank, as Purchasing Lender
		
	By:	 	/s/ Kelly Hartnett
	Name:	 	Kelly Hartnett
	Title:	 	Authorized Signatory

  

			
	 STATE OF UTAH
	 	§
		 	§
	 COUNTY OF SALT LAKE
	 	§

 This instrument was acknowledged before me the 22nd day of December, 2011 by Kelly Hartnett, Senior
Credit Officer of CIT Bank, a Utah chartered bank, on behalf of such bank. 
  

	
	/s/ Linda Pearce
	Notary Public
	Seal: [SEAL]

  
 11 

 
			
	BORROWER:
	
	DUNE ENERGY, INC.
		
	By:	 	/s/ James A. Watt
	Name:	 	James A. Watt
	Title:	 	President and CEO

  

			
	 STATE OF TEXAS
	 	§
		 	§
	 COUNTY OF HARRIS
	 	§

 This instrument was acknowledged before me the 21st day of December, 2011 by James A. Watt, President of
Dune Energy, Inc., a Delaware corporation, on behalf of such corporation. 
  

	
	/s/ Sharon K. Barker
	Notary Public
	Seal: [SEAL]

  
 12 

 
			
	BORROWER:
	
	DUNE PROPERTIES, INC.
		
	By:	 	/s/ James A. Watt
	Name:	 	James A. Watt
	Title:	 	President

  

			
	 STATE OF TEXAS
	 	§
		 	§
	 COUNTY OF HARRIS
	 	§

 This instrument was acknowledged before me the 21st day of December, 2011 by James A. Watt, President of
Dune Properties, Inc., a Texas corporation, on behalf of such corporation. 
  

	
	/s/ Sharon K. Barker
	Notary Public
	Seal: [SEAL]

  
 13 

 
			
	GUARANTOR:
	
	DUNE OPERATING COMPANY
		
	By:	 	/s/ James A. Watt
	Name:	 	James A. Watt
	Title:	 	President

  

			
	 STATE OF TEXAS
	 	§
		 	§
	 COUNTY OF HARRIS
	 	§

 This instrument was acknowledged before me the 21st day of December, 2011 by James A. Watt, President of
Dune Operating Company, a Texas corporation, on behalf of such corporation. 
  

	
	/s/ Sharon K. Barker
	Notary Public
	Seal: [SEAL]

  
 14 

 SCHEDULE I 

 

									
	 Assignee
	  	Percentage of Assigned Rights	 	 	Percentage of Assigned
Security Interest	 
	 Bank of Montreal
	  	 	68.2539682539683	% 	 	 	68.2539682539683	% 
	 CIT Bank
	  	 	31.7460317460317	% 	 	 	31.7460317460317	% 
	 TOTAL
	  	 	100.00	% 	 	 	100.00	% 

  
 15 

 ANNEX I 
 MORTGAGES: 
 1. Act of Mortgage, Fixture Filing, Assignment of As-Extracted
Collateral, Security Agreement and Financing Statement from Goldking Operating Company (predecessor of Dune Properties, Inc.), as Mortgager, for the benefit of Wells Fargo Foothill, Inc., as Mortgagee and Arranger and Administrative Agent.

  

					
	 Parishes
	  	 Recordation
	  	Date Filed
	Calcasieu	  	Book 3358, Pg 333, Entry No. 2811583	  	05/17/07
	Cameron	  	File No. 304213	  	05/16/07
	East Baton Rouge	  	Orig 391, Bndl 11951	  	05/17/07
	Iberia	  	Book 1195, Page 594, Entry No. 2007-000005535	  	05/16/07
	Iberville	  	Book 454, Entry No. 1, File No. 2222	  	05/17/07
	Jefferson Davis	  	Book 556, Page 876, File No. 628215	  	05/17/07
	Lafayette	  	File No. 2007-00021974	  	05/16/07
	Lafourche	  	Book 1257, Page 599, Inst. No. 1025662	  	05/16/07
	Plaquemines	  	Book 476, Page 549, File No. 2007-00002998	  	05/16/07
	St. Martin	  	Book 1108, Page 150, Inst. No. 399986	  	05/16/07
	St. Mary	  	Book 1124, Page 673, File No. 281805	  	05/16/07
	Terrebonne	  	Book 1981, Page 856. File No. 1266384	  	05/16/07
	Vermilion	  	No. 20705758	  	05/16/07

 2. Act of Mortgage, Fixture Filing, Assignment of As-Extracted Collateral, Security Agreement and
Financing Statement from Dune Energy, Inc., as Mortgager, for the benefit of Wells Fargo Foothill, Inc., as Mortgagee and Arranger and Administrative Agent. 
  

					
	 Parishes
	  	 Recordation
	  	Date Filed
	St. Charles	  	Book 1213, Pg 95, File No. 330899	  	05/15/07

 3. Deed of Trust, Mortgage, Fixture Filing, Assignment of As-Extracted Collateral, Security Agreement and
Financing Statement from Goldking Operating Company (predecessor of Dune Properties, Inc.), as Trustor, to Terry I. Cross, as the Trustee for the benefit of Wells Fargo Foothill, Inc. as Arranger and Administrative Agent. 

 

					
	 Counties
	  	 Recordation
	  	Date Filed
	Brazoria	  	No. 200727750	  	05/17/07
	Colorado	  	No. 2480. Vol. 558, Page 072	  	05/17/07
	Jackson	  	No. 65257, Vol. 304, Page 742	  	05/21/07
	Jefferson	  	No. 2007019184	  	05/17/07
	Karnes	  	No. 00075268, Bk OR, Vol. 854, Page 438	  	05/17/07
	Liberty	  	No. 2007007057	  	05/17/11

  
 16 

 4. Deed of Trust, Mortgage, Fixture Filing, Assignment of As-Extracted Collateral, Security
Agreement and Financing Statement from Dune Energy, Inc., as Trustor, to Terry I. Cross, as the Trustee for the benefit of Wells Fargo Foothill, Inc. as Arranger and Administrative Agent. 

 

					
	 Counties
	  	 Recordation
	  	Date Filed
	Frio	  	No. 0118946, Vol. 0034, Page 491	  	05/18/07
	Zapata	  	No. 147326, Vol. 792, Page 281	  	05/17/07

 FINANCING STATEMENTS: 
 UCC-1 Financing Statements –Wells Fargo Capital Finance, Inc., as Agent, as secured party 
  

							
	 Debtor
	  	 Jurisdiction
	  	Filing Data	    	File Date
	 Dune Energy, Inc.
	  	Delaware Sec of State	  	#20071795136	    	05/11/07
	 Goldking Energy Corporation
	  	Delaware Sec of State	  	#20071795268	    	05/11/07
	 Dune Properties, Inc.
	  	Calcasieu Parish, LA	  	#10-42769	    	05/17/07
	 Dune Properties, Inc.
	  	St. Charles Parish, LA	  	#45-079729	    	05/16/07
	 Dune Properties, Inc.
	  	St. Charles Parish, LA	  	#45-079715	    	05/15/07
	 Dune Energy, Inc.
	  	St. Charles Parish, LA	  	#45-079714	    	05/15/07
	 Dune Energy, Inc.
	  	St. Charles Parish, LA	  	#45-079727	    	05/15/07
	 Dune Properties, Inc.
	  	TX Sec of State	  	#07-0016359930	    	05/15/07
	 Dune Properties, Inc.
	  	TX Sec of State	  	#07-0016085582	    	05/11/07
	 Vaquero Partners LLC
	  	TX Sec of State	  	#07-0016085693	    	05/11/07
	 Dune Operating Company
	  	TX Sec of State	  	#07-0016085704	    	05/11/07

  
 17 

 ANNEX II 

 

					
	 Assigning Lender
	  	Loan Principal balance	 
	 Wayzata Opportunities Fund II, L.P.
	  	$	39,974,319.65	  

  
 Annex II - 1Intercreditor Agreement, dated as of December 22, 2011

 Exhibit 10.5 
 Execution Copy 
 INTERCREDITOR AGREEMENT 

This INTERCREDITOR AGREEMENT, dated as of December 22, 2011, and entered into by and among: (i) DUNE ENERGY, INC., a Delaware
corporation (the “Company”); (ii) each direct and indirect Subsidiary of the Company (A) set forth on the signature pages hereto or (B) that becomes an Obligor after the date hereof; (iii) BANK OF MONTREAL
(“BMO”), in its capacity as administrative agent under the First-Lien Credit Documents (together with its successors and assigns in such capacity from time to time, the “First-Lien Collateral Agent”); and
(iv) U.S. BANK NATIONAL ASSOCIATION (“U.S. Bank”), in its capacity as collateral agent under the Second-Lien Notes Documents (together with its successors and assigns in such capacity from time to time, the “Second-Lien
Collateral Agent”). Capitalized terms used herein but not otherwise defined herein have the meanings set forth in Section 1 below. 
 R E C I T A L S: 
 WHEREAS, the Company, the First-Lien Lenders party
thereto from time to time, and BMO, as administrative agent for the First-Lien Lenders (in such capacity, and together with any successors and assigns in such capacity, the “First-Lien Administrative Agent”), are party to that
certain Amended and Restated Credit Agreement, dated as of December 22, 2011 (as amended, restated, supplemented, modified and/or Refinanced from time to time, the “First-Lien Credit Agreement”) providing for the making of
revolving loans to the Company, and the issuance of, and participation in, Letters of Credit for the account of the Company, all as provided therein; 
 WHEREAS, the Company, the subsidiary guarantors party thereto and U.S. Bank, as trustee and collateral agent (in such capacity and together with any successors and assigns in such capacity, the
“Second-Lien Notes Trustee”) are party to that certain Indenture (as amended, restated, supplemented, modified and/or Refinanced from time to time, the “Second-Lien Notes Indenture”), dated as of December 22,
2011, pursuant to which the Company issued $49,503,991 of its floating rate senior secured notes due 2016 (the “Second-Lien Notes”); 
 WHEREAS, the obligations of the Grantors under (a) the First-Lien Credit Documents, and all Swap Agreements with one or more Secured Swap Providers and (b) owing to Banking Services Providers
for Banking Services will be secured by, inter alia, Liens on the Equity Interests of each Obligor and mortgages on certain Property of the Company and each Obligor pursuant to the terms of the First-Lien Security Documents; 

WHEREAS, the obligations of the Grantors under the Second-Lien Notes Documents will be secured by, inter alia, Liens on the Equity
Interests of each Obligor and mortgages on certain Property of the Company and each Obligor pursuant to the terms of the Second-Lien Security Documents; 
 WHEREAS, the First-Lien Lenders have authorized and directed the First-Lien Collateral Agent pursuant to the terms of the First-Lien Credit Documents to execute and deliver this Agreement and to enter
into certain covenants contained herein on behalf of such First-Lien Lenders and other First-Lien Creditors; and 

 WHEREAS, the Second-Lien Noteholders have authorized and directed the Second-Lien Collateral
Agent pursuant to the terms of the Second-Lien Notes Indenture to execute and deliver this Agreement and to enter into certain covenants contained herein on behalf of such Second-Lien Noteholders and other Second-Lien Creditors; 

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable
consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 SECTION 1. 
 DEFINITIONS. 

1.1. Defined Terms. As used in this Agreement (including in the recitals hereto), the following terms shall have the following
meanings: 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agent” means the First-Lien Collateral Agent and/or the Second-Lien Collateral Agent, as the context may require.

 “Agreement” means this Intercreditor Agreement, as amended, restated, renewed, extended, supplemented and/or
otherwise modified from time to time in accordance with the terms hereof. 
 “Banking Services” means the bank
or cash management services provided by the Banking Services Provider pursuant to the provisions of the Cash Management Agreements (as such term is defined in the First-Lien Credit Agreement). 

“Banking Services Provider” means each First Lien Lender or any of its Affiliates who provides Banking Services.

 “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and
hereafter in effect, or any successor statute. 
 “Bankruptcy Law” means the Bankruptcy Code and any similar
federal, state or foreign law for the relief of debtors. 
 “BMO” has the meaning set forth in the first
paragraph of this Agreement. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on
which commercial banks in Houston, Texas are authorized or required by law to remain closed. 
 “Collateral”
means all of the Property of any Grantor, whether real, personal or mixed, constituting First-Lien Collateral and/or Second-Lien Collateral. 

  
 2 

 “Collateral Agents” means, collectively, the First-Lien Collateral Agent
and the Second-Lien Collateral Agent. 
 “Company” has the meaning set forth in the first paragraph of this
Agreement. 
 “Comparable Second-Lien Security Document” means, in relation to any Shared Collateral, that
Second-Lien Security Document which creates (or purports to create) a Lien on such Shared Collateral. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. For the purposes of this definition, and without limiting the generality of the foregoing, any Person that owns directly or indirectly 20% or
more of the Equity Interests having ordinary voting power for the election of the directors or other governing body of a Person (other than as a limited partner of such other Person) will be deemed to “control” such other Person.
“Controlling” and “Controlled” have meanings correlative thereto. 

“Creditors” means, collectively, the First-Lien Creditors and the Second-Lien Creditors. 

“DIP Financing” means any post-petition financing (including on a priming basis), whether from the First-Lien Creditors
or any other third party under Section 364 of the Bankruptcy Code or any other Bankruptcy Law. 
 “Discharge of
First-Lien Credit Agreement Obligations” means, except to the extent otherwise provided in Section 5.6 hereof (and subject to Section 6.5 hereof), (a) payment in full in cash of the principal of and interest (including any
and all post-petition interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding at the rate provided for in the respective First-Lien Credit Documents, whether or not such interest would be allowed in any such
Insolvency or Liquidation Proceeding) and premium, if any, on all indebtedness outstanding under the First-Lien Credit Documents, (b) payment in full in cash of all other First-Lien Obligations (other than Hedging Obligations and Banking
Services) that are due and payable or otherwise accrued and owing at or prior to the time such principal, interest and premium are paid, (c) termination (without any prior demand for payment thereunder having been made or, if made, with such
demand having been fully reimbursed in cash) or cash collateralization (in an amount and manner, and on terms, reasonably satisfactory to the First-Lien Collateral Agent) of all Letters of Credit, if any, and (d) termination of all other
commitments of the First-Lien Creditors under the First-Lien Credit Documents. 
 “Discharge of First-Lien
Obligations” means, except to the extent otherwise provided in Section 5.6 hereof (and subject to Section 6.5 hereof), (a) payment in full in cash of the principal of and interest (including any and all post-petition interest
accruing on or after the commencement of any Insolvency or Liquidation Proceeding at the rate provided for in the respective First-Lien Document, whether or not such interest would be allowed in any such Insolvency or Liquidation Proceeding) and
premium, if any, on all indebtedness outstanding under the First-Lien Documents, (b) payment in full in cash of all other First-Lien Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal,
interest and premium are paid, (c) termination (without any prior demand for payment thereunder 

  
 3 

 
having been made or, if made, with such demand having been fully reimbursed in cash) or cash collateralization (in an amount and manner, and on terms, reasonably satisfactory to the First-Lien
Collateral Agent) of all Letters of Credit and Hedging Documents and (d) termination of all other commitments of the First-Lien Creditors under the First-Lien Documents. 
 “Discharge of Second-Lien Obligations” means (a) payment in full in cash of the principal of and interest (including post-petition interest accruing on or after the commencement of
any Insolvency or Liquidation Proceeding at the rate provided for in the respective Second-Lien Notes Document, whether or not such interest would be allowed in any such Insolvency or Liquidation Proceeding) and premium, if any, on all indebtedness
outstanding under the Second-Lien Notes Documents and (b) payment in full in cash of all other Second-Lien Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal, interest and premium are
paid. 
 “Equity Interests” means shares of capital stock, partnership interests, membership interests in a
limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such Equity Interest. 

“Existing Secured Swap Provider” means any First-Lien Lender or any Affiliate of a First-Lien Lender under any Swap
Agreement between the Company or any Subsidiary and such First-Lien Lender or Affiliate of a First-Lien Lender entered into while such Person (or in the case of its Affiliate, the Person affiliated therewith) is a First-Lien Lender under the
First-Lien Credit Agreement (after giving effect to all netting agreements relating to such Swap Agreements). 

“First-Lien Administrative Agent” has the meaning set forth in the recitals hereto. 

“First-Lien Collateral” means all of the Property of any Grantor with respect to which a Lien is granted (or purported
to be granted) as security for any First-Lien Obligations pursuant to any First-Lien Security Document, including all cash and cash equivalents at any time delivered as collateral under the First-Lien Credit Agreement. 

“First-Lien Collateral Agent” has the meaning provided in the first paragraph of this Agreement. 

“First-Lien Credit Agreement” has the meaning set forth in the recitals hereto. 

“First-Lien Credit Documents” means the First-Lien Credit Agreement, the First-Lien Security Documents and the other
“Loan Documents” (as such term is defined in the First-Lien Credit Agreement) and each of the other agreements, documents and instruments providing for or evidencing any other First-Lien Obligation and any other document or instrument
executed or delivered at any time in connection with any First-Lien Obligation (including any intercreditor or joinder agreement among the First-Lien Creditors but excluding Swap Agreements), to the extent such are effective at the relevant time, as
each may be amended, modified, restated, supplemented, replaced and/or Refinanced from time to time. 

  
 4 

 “First-Lien Creditors” means, at any time, the holders of First-Lien
Obligations at such time, including the First-Lien Lenders, the Secured Swap Providers, the Banking Services Providers, the First-Lien Collateral Agent, the First-Lien Administrative Agent and the other agents and arrangers under the First-Lien
Credit Agreement. 
 “First-Lien Documents” means, collectively, the First-Lien Credit Documents and the
Hedging Documents. 
 “First-Lien Lenders” means the “Lenders” as such term is defined in the
First-Lien Credit Agreement; provided that the term “First-Lien Lender” shall in any event also include each issuer of Letters of Credit. 
 “First-Lien Majority Lenders” means the “Majority Lenders” as such term is defined in the First-Lien Credit Agreement. 

“First-Lien Mortgages” means, collectively, each mortgage, deed of trust and any other document or instrument under
which any Lien on any Oil and Gas Properties owned by any Grantor is granted to secure any First-Lien Obligations or under which rights or remedies with respect to any such Liens are governed, as the same may be amended, supplemented, restated,
modified and/or Refinanced from time to time. 
 “First-Lien Obligations” means (i) all Obligations
outstanding under the First-Lien Credit Agreement and the other First-Lien Credit Documents, (ii) all Hedging Obligations and (iii) all obligations owing to Banking Services Providers for Banking Services. “First-Lien
Obligations” shall in any event include: (a) all post-petition interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding (and the effect of provisions such as Section 502(b)(2) of
the Bankruptcy Code), accrue) on or after the commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant First-Lien Document, whether or not the claim for such interest is allowed as a claim in such
Insolvency or Liquidation Proceeding, (b) any and all reasonable fees and expenses (including attorneys’ and/or financial consultants’ fees and expenses) incurred by the First-Lien Collateral Agent, the First-Lien Administrative Agent
and the other First-Lien Creditors on or after the commencement of an Insolvency or Liquidation Proceeding, whether or not the claim for fees and expenses is allowed under Section 506(b) of the Bankruptcy Code or any other provision of the
Bankruptcy Code or Bankruptcy Law as a claim in such Insolvency or Liquidation Proceeding, and (c) all obligations and liabilities of each Grantor under each First-Lien Document to which it is a party which, but for the automatic stay under
Section 362(a) of the Bankruptcy Code, would become due. 
 “First-Lien Collateral Agreements” means,
collectively, each first-priority collateral agreement and any other document or instrument under which any Lien on any First-Lien Collateral is granted to secure any First-Lien Obligations or under which rights or remedies with respect to any such
Liens are governed, as the same may be amended, supplemented, restated, modified and/or Refinanced from time to time. 

  
 5 

 “First-Lien Security Documents” means each First-Lien Mortgage, each
First-Lien Collateral Agreement and any other agreement, document, mortgage or instrument pursuant to which a Lien is granted (or purported to be granted) by a Grantor securing any First-Lien Obligations or under which rights or remedies with
respect to such Liens are governed, as the same may be amended, supplemented, restated, modified and/or Refinanced from time to time. 
 “Grantors” means, collectively, the Company and each Obligor. 

“Hedging Documents” means each Swap Agreement between a Grantor and a Secured Swap Provider and each other agreement,
document or instrument that provides for or evidences any of the Hedging Obligations, as each may be amended, modified, restated, supplemented, replaced and/or Refinanced from time to time. 

“Hedging Obligations” means (i) the full and prompt payment when due (whether at the stated maturity, by
acceleration or otherwise) of all obligations (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities (including indemnities, fees and interest thereon and all
post-petition interest and fees that accrue on or after the commencement of any Insolvency or Liquidation Proceeding at the rate provided for in the respective Swap Agreement, whether or not a claim for post-petition interest or fees is allowed in
any such Insolvency or Liquidation Proceeding) of each Grantor owing to the Secured Swap Providers, now existing or hereafter incurred under, arising out of or in connection with each Swap Agreement to which a Secured Swap Provider is party
(including all such obligations and indebtedness under any guarantee of any such Swap Agreement to which each Grantor is a party, but excluding any additional transactions or confirmations entered into (i) after such Secured Swap Provider
ceases to be a First-Lien Lender or an Affiliate of a First-Lien Lender or (ii) after assignment by a Secured Swap Provider to another Secured Swap Provider that is not a First-Lien Lender or an Affiliate of a First-Lien Lender) and
(ii) the due performance and compliance by each Grantor with the terms, conditions and agreements of each Swap Agreement to which a Secured Swap Provider is party. 
 “Insolvency or Liquidation Proceeding” means (a) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to any Grantor, (b) any other voluntary
or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any Grantor or with respect to a material portion of its respective
assets, (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy or (d) any assignment for the benefit of creditors or any other
marshalling of assets and liabilities of any Grantor. 
 “Letters of Credit” means “Letters of
Credit” as such term is defined in the First-Lien Credit Agreement. 
 “Lien” means 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 (a) 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 or (b) royalties, production
payments and the like payable out of Oil and Gas Properties. The term “Lien” shall include easements, restrictions, servitudes, permits, 

  
 6 

 
conditions, covenants, encroachments, exceptions or reservations. For the purposes of this Agreement, each Grantor 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. 

“New Agent” has the meaning set forth in Section 5.6 hereof. 

“Obligations” means any and all obligations (including guaranty obligations) with respect to the payment and performance
of (a) any principal of or interest or premium on any indebtedness, including any reimbursement obligation in respect of any letter of credit, or any other liability, including post-petition interest or premium that accrues on or after the
commencement of any Insolvency or Liquidation Proceeding of any Grantor at the rate provided for in the respective documentation, whether or not a claim for post-petition interest or premium is allowed in any such Insolvency or Liquidation
Proceeding, (b) any fees, indemnification obligations, expense reimbursement obligations or other liabilities payable under the documentation governing any indebtedness (including obligations incurred in connection with the retaking, holding,
selling or otherwise disposing of or realizing on the Collateral), (c) any obligation to post cash collateral in respect of letters of credit or any other obligations, and (d) all performance obligations under the documentation governing
any indebtedness. 
 “Obligor” means each Subsidiary of the Company which is or becomes liable for any
First-Lien Obligations or Second-Lien Obligations, whether directly, by guaranty, by grant of a Lien, or otherwise. 

“Oil and Gas Properties” has the meaning set forth in the First-Lien Credit Agreement. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership or other entity. 
 “Post-Petition Financing” has the meaning set forth in Section 6.1(a)
hereof. 
 “Priority Lien” has the meaning set forth in Section 5.1(c) hereof. 

“Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or
intangible, including, without limitation, cash, securities, accounts, contract rights. 
 “Recovery” has the
meaning set forth in Section 6.5 hereof. 
 “Refinance” means, in respect of any indebtedness, to
refinance, extend, renew, defease, restructure, replace, refund or repay, or to issue other indebtedness, in exchange or replacement for, such indebtedness, whether with the same or different lenders, agents or arrangers. “Refinanced” and
“Refinancing” shall have correlative meanings; provided that if such refinancing indebtedness is secured, the holders of such refinancing indebtedness, or a duly authorized agent on their behalf, agree in writing to be bound by terms of
this Agreement. 
 “Remedial Action” has the meaning set forth in Section 5.1(a)(i) hereof. 

  
 7 

 “Required First-Lien Creditors” means (i) at all times prior to the
occurrence of the Discharge of First-Lien Credit Agreement Obligations, the First-Lien Majority Lenders (or, to the extent required by the First-Lien Credit Agreement, a larger quantum of the First-Lien Lenders), and (ii) at all times after the
occurrence of the Discharge of First-Lien Credit Agreement Obligations, the Secured Swap Providers holding at least the majority of the then outstanding Hedging Obligations (determined by the First-Lien Collateral Agent in such reasonable manner as
is acceptable to it). 
 “Second-Lien Collateral” means all of the Property of any Grantor with respect to
which a Lien is granted (or purported to be granted) as security for any Second-Lien Obligations pursuant to any Second-Lien Security Document, including all cash and cash equivalents at any time delivered as collateral under the Second-Lien Notes
Indenture. 
 “Second-Lien Collateral Agent” has the meaning set forth in the first paragraph of this
Agreement. 
 “Second-Lien Collateral Agreements” means, collectively, each second-priority collateral
agreement and any other document or instrument under which any Lien on any Second-Lien Collateral is granted to secure any Second-Lien Obligations or under which rights or remedies with respect to any such Liens are governed, as the same may be
amended, supplemented, restated, modified and/or Refinanced from time to time. 
 “Second-Lien Creditors”
means, at any time, the holders of Second-Lien Obligations at such time, including the Second-Lien Noteholders, the Second-Lien Collateral Agent and the Second-Lien Notes Trustee. 

“Second-Lien Mortgages” means, collectively, each mortgage, deed of trust and any other document or instrument under
which any Lien on any Oil and Gas Properties owned by any Grantor is granted to secure any Second-Lien Obligations or under which rights or remedies with respect to any such Liens are governed, as the same may be amended, supplemented, restated,
modified and/or Refinanced from time to time. 
 “Second-Lien Notes” has the meaning set forth in the recitals
hereto. 
 “Second-Lien Notes Documents” means the Second-Lien Notes Indenture, the Second-Lien Notes, the
Second-Lien Security Documents, each of the other agreements, documents and instruments providing for or evidencing any other Second-Lien Obligation, any other document or instrument executed or delivered at any time in connection with any
Second-Lien Obligation, and any agreement, document or instrument identified as a “Second-Lien Notes Document” in the Second-Lien Notes Indenture, as the same may be amended, restated, supplemented, modified and/or Refinanced from time to
time. 
 “Second-Lien Noteholders” means the “Holders” as such term is defined in the Second-Lien
Notes Indenture. 
 “Second-Lien Notes Indenture” has the meaning set forth in the recitals hereto. 

“Second-Lien Notes Trustee” has the meaning set forth in the recitals hereto. 

  
 8 

 “Second-Lien Obligations” means all Obligations outstanding under the
Second-Lien Notes Indenture and the other Second-Lien Notes Documents. “Second-Lien Obligations” shall in any event include: (a) all interest accrued or accruing (or which would, absent commencement of an Insolvency or
Liquidation Proceeding (and the effect of provisions such as Section 502(b)(2) of the Bankruptcy Code), accrue) on or after commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant
Second-Lien Notes Document whether or not the claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding, (b) any and all fees and expenses (including attorneys’ and/or financial consultants’ fees and
expenses) incurred by the Second-Lien Collateral Agent and the Second-Lien Creditors on or after the commencement of an Insolvency or Liquidation Proceeding, whether or not the claim for fees and expenses is allowed under Section 506(b) of the
Bankruptcy Code or any other provision of the Bankruptcy Code or Bankruptcy Law as a claim in such Insolvency or Liquidation Proceeding, and (c) all obligations and liabilities of each Grantor under each Second-Lien Notes Document to which it
is a party which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due. 

“Second-Lien Release” has the meaning set forth in Section 5.1(a) hereof. 

“Second-Lien Security Documents” means the Second-Lien Mortgages, the Second-Lien Collateral Agreements and any other
agreement, document, mortgage or instrument pursuant to which a Lien is granted (or purported to be granted) by a Grantor securing any Second-Lien Obligations or under which rights or remedies with respect to such Liens are governed, as the same may
be amended, restated, supplemented, modified and/or Refinanced from time to time. 
 “Secured Swap Provider”
means (i) each Existing Secured Swap Provider, (ii) each Person that is a party to a Swap Agreement with a Grantor that entered into such Swap Agreement before or while such Person was a First-Lien Lender or an Affiliate of a First-Lien
Lender, whether or not such Person at any time ceases to be a First-Lien Lender or an Affiliate of a First-Lien Lender, as the case may be or (iii) assignee of any Person described in clauses (ii) or (iii) above so long as such
assignee is an Approved Counterparty (as such term is defined in the First-Lien Credit Agreement). 
 “Security
Documents” means, collectively, the First-Lien Security Documents and the Second-Lien Security Documents. 

“Shared Collateral” means all Property of the Grantors with respect to which a Lien is granted (or purported to be
granted) as security for both (i) the First-Lien Obligations pursuant to any First-Lien Security Document and (ii) the Second-Lien Obligations pursuant to any Second-Lien Security Document. 

“Subsidiary” means with respect to any Person (the “parent”) at any date, any other Person the accounts
of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other Person (a) of which Equity
Interests representing more than 50% of the equity or more than 50% of the ordinary voting power (irrespective of whether or not at the time Equity Interests of any other class or classes of such Person shall have or might have voting power by
reason of the happening of any contingency) or, in the case of a partnership, any general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more
subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

  
 9 

 “Swap Agreement” means any agreement with respect to any swap, forward,
future or derivative transaction or option or similar agreement, whether exchange traded, “over-the-counter” or otherwise, involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or
securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions. 

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

1.2. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any law shall be construed as referring to such law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time, (c) any reference herein to
any Person shall be construed to include such Person’s successors and assigns (subject to the restrictions contained herein), (d) the words “herein”, “hereof” and “hereunder”, and words of similar import,
shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) with respect to the determination of any time period, the word “from” means “from and including” and the word
“to” means “to and including” and (f) any reference herein to Articles, Sections, Annexes, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Annexes, Exhibits and Schedules to, this
Agreement. No provision of this Agreement shall be interpreted or construed against any Person solely because such Person or its legal representative drafted such provision 
 SECTION 2. 
 PRIORITY OF LIENS. 

2.1. Subordination; Etc. Notwithstanding the date, manner or order of grant, attachment or perfection of any Liens securing the
Second-Lien Obligations granted on the Collateral or of any Liens securing the First-Lien Obligations granted on the Collateral and notwithstanding any provision of the UCC, any other applicable law, this Agreement, the First-Lien Documents or the
Second-Lien Notes Documents to the contrary, or any other circumstance whatsoever (including any non-perfection of any Lien purporting to secure the First-Lien Obligations and/or Second-Lien Obligations), the Second-Lien Collateral Agent, on behalf
of itself and the other Second-Lien Creditors (by its acceptance of the benefits of the Second-Lien Notes Documents) hereby agrees that: (a) any Lien on the Collateral securing any First-Lien

  
 10 

 
Obligations now or hereafter held by or on behalf of the First-Lien Collateral Agent or any other First-Lien Creditors or any agent or trustee therefor, regardless of how acquired, whether by
grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Lien on the Collateral securing any of the Second-Lien Obligations and (b) any Lien on the Collateral now or hereafter held
by or on behalf of the Second-Lien Collateral Agent, any other Second-Lien Creditors or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and
subordinate in all respects to all Liens on the Collateral securing any First-Lien Obligations. All Liens on the Collateral securing any First-Lien Obligations shall be and remain senior in all respects and prior to all Liens on the Collateral
securing any Second-Lien Obligations for all purposes, whether or not such Liens securing any First-Lien Obligations are subordinated to any Lien securing any other obligation of the Company, any Grantor or any other Person. The parties hereto
acknowledge and agree that it is their intent that (i) the First-Lien Obligations (and the security therefor) constitute a separate and distinct class (and separate and distinct claims) from the Second-Lien Obligations (and the security
therefor) and (ii) the grant of Liens securing payment and performance of the First-Lien Obligations and the grant of Liens securing payment and performance of the Second-Lien Obligations create two separate and distinct Liens with each such
Lien securing only the corresponding Obligations. 
 2.2. Prohibition on Contesting Liens. Each of the Second-Lien
Collateral Agent, for itself and on behalf of each Second-Lien Creditor, and the First-Lien Collateral Agent, for itself and on behalf of each First-Lien Creditor, agrees that it shall not (and hereby waives any right to) contest or support any
other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), (i) the validity or enforceability of any Security Document or any Obligation thereunder, (ii) the validity, perfection, priority or
enforceability of the Liens, mortgages, assignments and security interests granted pursuant to the Security Documents with respect to the First-Lien Obligations or the Second-Lien Obligations or (iii) the relative rights and duties of the
First-Lien Creditors and the Second-Lien Creditors granted and/or established in this Agreement or any other Security Document with respect to such Liens, mortgages, assignments, and security interests; provided that nothing in this Agreement shall
be construed to prevent or impair the rights of the First-Lien Collateral Agent or any First-Lien Creditor or the Second-Lien Collateral Agent or any Second-Lien Creditor to enforce this Agreement, including the First-Lien Collateral Agent’s
right to enforce the priority of the Liens securing the First-Lien Obligations as provided in Section 2.1. 
 2.3. No
New Liens. (a) So long as the Discharge of First-Lien Obligations has not occurred, the parties hereto agree that the Grantors shall not, and the Company shall not permit any Grantor to, grant or permit any additional Liens, or take any
action to perfect any additional Liens, on any Property to secure any Second-Lien Obligation unless it has also granted or contemporaneously grants a Lien on such Property to secure the First-Lien Obligations and has taken all actions required to
perfect such Liens. To the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights and remedies available to the First-Lien Collateral Agent and/or the other First-Lien Creditors, the Second-Lien
Collateral Agent, on behalf of itself and the other Second-Lien Creditors (by its acceptance of the benefits of the Second-Lien Notes Documents), agrees that any amounts received by or distributed to any of them pursuant to or as a result of Liens
granted in contravention of this Section 2.3 shall be subject to Section 4.2. 

  
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 (b) So long as the Discharge of Second-Lien Obligations has not occurred, the parties hereto
agree that the Grantors shall not, and shall not permit any Grantor to, grant or permit any additional Liens, or take any action to perfect any additional Liens, on any Property to secure any First-Lien Obligation unless it has also granted or
contemporaneously grants a Lien on such Property to secure the Second-Lien Obligations and has taken all actions required to perfect such Liens. 
 2.4. Similar Liens and Agreements. The parties hereto agree that it is their intention that the Second-Lien Collateral shall not be more expansive than the First-Lien Collateral. In furtherance of
the foregoing and of Section 8.9 hereof, each Agent and each Creditor agrees, subject to the other provisions of this Agreement: 
 (i) upon request by either Agent to the other Agent, to cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to time in order to determine the specific items included
in their respective Collateral and the steps taken to perfect the Liens thereon and the identity of the respective parties obligated under the First-Lien Documents and the Second-Lien Notes Documents, respectively; 

(ii) that the Second-Lien Security Documents creating Liens on the Shared Collateral shall be in all material respects the
same forms of documents as the respective First-Lien Security Documents creating Liens on the Shared Collateral other than (A) with respect to the priority nature of the Liens created thereunder in such Shared Collateral, (B) such other
modifications to such Second-Lien Security Documents which are less restrictive than the corresponding First-Lien Security Documents and (C) provisions in the Second-Lien Security Documents which are solely applicable to the rights and duties
of the Second-Lien Collateral Agent and/or the Second-Lien Notes Trustee; and 
 (iii) that at no time shall
there be any Obligor in respect of the Second-Lien Obligations that is not also an Obligor in respect of the First-Lien Obligations. 
 SECTION 3. 
 ENFORCEMENT. 

3.1. Exercise of Remedies. (a) So long as the Discharge of First-Lien Obligations has not occurred, whether or not any
Insolvency or Liquidation Proceeding has been commenced by or against the Company or any Grantor: (i) the Second-Lien Collateral Agent and the other Second-Lien Creditors (v) will not exercise or seek to exercise any rights or remedies
(including setoff) with respect to any Collateral (including the exercise of any right under any lockbox agreement, control account agreement, landlord waiver or bailee’s letter or similar agreement or arrangement to which the Second-Lien
Collateral Agent or any Second-Lien Creditor is a party) or institute or commence, or join with any Person in commencing, any action or proceeding with respect to such rights or remedies with respect to any Collateral (including any action of
foreclosure, enforcement, collection or execution and any Insolvency or Liquidation Proceeding), (w) will not contest, protest or object to any foreclosure proceeding or action brought by the First-Lien Collateral Agent or any other First-Lien
Creditor or any other exercise by the First-Lien Collateral Agent or any other First-Lien Creditor of any rights and remedies 

  
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relating to the Collateral under the First-Lien Credit Documents or otherwise, (x) will not object to the forbearance by the First-Lien Collateral Agent or the other First-Lien Creditors
from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Collateral, (y) will not institute any suit or other proceeding or assert in any suit, Insolvency or Liquidation
Proceeding or other proceeding any claim against any First-Lien Creditor seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, and no First-Lien Creditor shall be liable for, any action
taken or omitted to be taken by any First-Lien Creditor with respect to the Collateral or pursuant to the First-Lien Documents and (z) will not make any judicial or nonjudicial claim or demand or commence any judicial or non-judicial
proceedings against any Obligor or any of its Subsidiaries or Affiliates under or with respect to any Second-Lien Security Document seeking payment or damages from or other relief by way of specific performance, instructions or otherwise under or
with respect to any Second-Lien Security Document (other than filing a proof of claim as set forth below and in Section 5.4) or exercise any right, remedy or power under or with respect to, or otherwise take any action to enforce, other than
filing a proof of claim as set forth below and in Section 5.4, any Second-Lien Security Document; and (ii) the First-Lien Collateral Agent shall have the exclusive right, and the Required First-Lien Creditors shall have the exclusive right
to instruct the First-Lien Collateral Agent, to enforce rights, exercise remedies (including setoff and the right to credit bid their debt) and make determinations regarding the release, disposition, or restrictions with respect to the Collateral
without any consultation with, or the consent of, the Second-Lien Collateral Agent or any other Second-Lien Creditor, all as though the Second-Lien Obligations did not exist; provided that (A) such exclusive right, with respect to Second-Lien
Obligations, shall last for a period of 180 days (subject to extension for any period during which the First-Lien Collateral Agent is diligently pursing remedies against the Collateral or is prohibited by applicable law from pursuing such remedies
(the “Standstill Period”)) commencing on the later of (x) the acceleration of Second-Lien Obligations and (y) the First-Lien Collateral Agent receiving notice of acceleration from the Second-Lien Collateral Agent, (B) in any
Insolvency or Liquidation Proceeding commenced by or against the Company or any Grantor, the Second-Lien Collateral Agent may file a claim or statement of interest with respect to the Second-Lien Obligations, (C) the Second-Lien Collateral
Agent may take any action (not adverse to the prior Liens on the Collateral securing the First-Lien Obligations, or the rights of the First-Lien Collateral Agent or the other First-Lien Creditors to exercise remedies in respect thereof) in order to
preserve or protect its Lien on the Shared Collateral in compliance with the terms of this Agreement and (D) the Second-Lien Creditors shall be entitled to file any necessary responsive or defensive pleading in opposition to any motion, claim,
adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Second-Lien Creditors, including any claim secured by the Shared Collateral, if any, in each case in compliance with
the terms of this Agreement. In exercising rights and remedies with respect to the Collateral, the First-Lien Collateral Agent and the other First-Lien Creditors may enforce the provisions of the First-Lien Credit Documents and exercise remedies
thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement by the First-Lien Collateral Agent or First-Lien Creditors shall include the rights of an agent appointed
by them to sell or otherwise dispose of Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the Uniform Commercial Code of any applicable
jurisdiction and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction. 

  
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 (b) The Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors,
agrees that it will not knowingly take or receive any Collateral or any proceeds of Collateral in connection with the exercise of any right or remedy (including setoff) with respect to any Collateral, unless and until the Discharge of First-Lien
Obligations has occurred. Without limiting the generality of the foregoing, unless and until the Discharge of First-Lien Obligations has occurred, the sole right of the Second-Lien Collateral Agent and the other Second-Lien Creditors with respect to
the Collateral is to hold a Lien on the Shared Collateral pursuant to the Second-Lien Security Documents for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any, after the Discharge of First-Lien
Obligations has occurred in accordance with the terms of the Second-Lien Notes Documents and applicable law. 
 (c) The
Second-Lien Collateral Agent, for itself and on behalf of the Second-Lien Creditors, and each other Second-Lien Creditor (by its acceptance of the benefits of the Second-Lien Notes Documents), (i) agrees that the Second-Lien Collateral Agent
and the other Second-Lien Creditors will not (in the case of the Second-Lien Collateral Agent, knowingly) take any action that would hinder, delay, limit or prohibit any exercise of remedies under the First-Lien Documents, including any collection,
sale, lease, exchange, transfer or other disposition of the Collateral, whether by foreclosure or otherwise, or that would limit, invalidate, avoid or set aside any Lien or Security Document or subordinate the priority of the First-Lien Obligations
to the Second-Lien Obligations or grant the Liens securing the Second-Lien Obligations equal ranking to the Liens securing the First-Lien Obligations and (ii) hereby waives any and all rights it or the Second-Lien Creditors may have as a junior
lien creditor or otherwise (whether arising under the UCC or under any other law) to object to the manner in which the First-Lien Collateral Agent or the other First-Lien Creditors seek to enforce or collect the First-Lien Obligations or the Liens
granted in any of the First-Lien Collateral (provided that such actions are commercially reasonable), regardless of whether any action or failure to act by or on behalf of the First-Lien Collateral Agent or First-Lien Creditors is adverse to the
interest of the Second-Lien Creditors. 
 (d) The Second-Lien Collateral Agent hereby acknowledges and agrees that no covenant,
agreement or restriction contained in the Second-Lien Security Documents or any other Second-Lien Notes Document shall be deemed to restrict in any way the rights and remedies of the First-Lien Collateral Agent or the other First-Lien Creditors with
respect to the Collateral as set forth in this Agreement and the First-Lien Credit Documents. 
 (e) The Second-Lien Collateral
Agent, for itself and on behalf of the other Second-Lien Creditors (by its acceptance of the benefits of the Second-Lien Notes Documents) agrees that the Second-Lien Collateral Agent and the other Second-Lien Creditors will not, without the prior
written consent of the Required First-Lien Creditors (or the First-Lien Collateral Agent at their direction or with their consent), issue any payment blockage or similar notice with respect to any obligations that are subordinated in right of
payment to any First-Lien Obligations before the Discharge of First-Lien Obligations has occurred. 

  
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 3.2. Actions Upon Breach. (a) If any Second-Lien Creditor, contrary to this
Agreement, commences or participates in any action or proceeding against any Grantor or the Collateral, such Grantor, with the prior written consent of the First-Lien Collateral Agent, may interpose as a defense or dilatory plea the making of this
Agreement, and any First-Lien Creditor may intervene and interpose such defense or plea in its or their name or in the name of such Grantor. 
 (b) Should any Second-Lien Creditor, contrary to this Agreement, in any way take, attempt to or threaten to take any action with respect to the Collateral (including any attempt to realize upon or enforce
any remedy with respect to this Agreement), or take any other action in violation of this Agreement or fail to take any action required by this Agreement, the First-Lien Collateral Agent or any other First-Lien Creditor (in its own name or in the
name of the relevant Grantor) or the relevant Grantor, with the prior written consent of the First-Lien Collateral Agent, (i) may obtain relief against such Second-Lien Creditor by injunction, specific performance and/or other appropriate
equitable relief, it being understood and agreed by the Second-Lien Collateral Agent on behalf of each Second-Lien Creditor that (x) the First-Lien Creditors’ damages from its actions may at that time be difficult to ascertain and may be
irreparable, and (y) each Second-Lien Creditor waives any defense that the Grantors and/or the First-Lien Creditors cannot demonstrate damage and/or be made whole by the awarding of damages, and (ii) shall be entitled to damages, as well
as reimbursement for all reasonable costs and expenses incurred in connection with any action to enforce the provisions of this Agreement. 
 SECTION 4. 
 PAYMENTS. 

4.1. Application of Proceeds. So long as the Discharge of First-Lien Obligations has not occurred, any proceeds of any Shared
Collateral pursuant to the enforcement of any Security Document or the exercise of any remedial provision thereunder, together with all other proceeds of Collateral received by any Creditor (including all funds received in respect of post-petition
interest or fees and expenses) as a result of any such enforcement or the exercise of any such remedial provision or as a result of any distribution of or in respect of any Shared Collateral (whether or not expressly characterized as such) upon or
in any Insolvency or Liquidation Proceeding with respect to any Grantor, or the application of any Shared Collateral (or proceeds thereof) to the payment thereof or any distribution of Shared Collateral (or proceeds thereof) upon the liquidation or
dissolution of any Grantor, shall be applied by the First-Lien Collateral Agent to the First-Lien Obligations in such order as specified in the relevant First-Lien Security Document. Upon the Discharge of First-Lien Obligations, the First-Lien
Collateral Agent shall deliver to the Second-Lien Collateral Agent any proceeds of Shared Collateral held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct, to be applied
by the Second-Lien Collateral Agent to the Second-Lien Obligations in such order as specified in the Second-Lien Security Documents. To the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights
and remedies available to the First-Lien Collateral Agent and/or the other First-Lien Creditors, the Second-Lien Collateral Agent, on behalf of itself and the other Second-Lien Creditors (by its acceptance of the benefits of the Second-Lien Notes
Documents), agrees that any amounts received by or distributed to any of them in contravention of this Section 4.1 shall be subject to Section 4.2 hereof. 

  
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 4.2. Payments Over. Until such time as the Discharge of First-Lien Obligations has
occurred, any Shared Collateral or proceeds thereof (together with assets or proceeds subject to Liens referred to in the final sentence of Section 2.3 hereof) (or any distribution in respect of the Collateral, whether or not expressly
characterized as such) received by the Second-Lien Collateral Agent or any other Second-Lien Creditors in connection with the exercise of any right or remedy (including setoff) relating to the Shared Collateral or that is otherwise inconsistent with
this Agreement shall be segregated and held in trust and forthwith paid over to the First-Lien Collateral Agent for the benefit of the First-Lien Creditors in the same form as received, with any necessary endorsements or as a court of competent
jurisdiction may otherwise direct. The First-Lien Collateral Agent is hereby authorized to make any such endorsements as agent for the Second-Lien Collateral Agent or any such other Second-Lien Creditors. This authorization is coupled with an
interest and is irrevocable until such time as this Agreement is terminated in accordance with its terms. 
 SECTION 5.

 OTHER AGREEMENTS. 
 5.1. Releases. 
 (a) If, in connection with: 

(i) the exercise of the First-Lien Collateral Agent’s remedies in respect of the Collateral provided for in
Section 3.1 hereof, including any sale, lease, exchange, transfer or other disposition (including, but not limited to, a sale under Section 363 of the Bankruptcy Code) of any such Collateral (any of the foregoing, a “Remedial
Action”); 
 (ii) any sale (including, but not limited to, a sale under Section 363 of the
Bankruptcy Code), lease, exchange, transfer or other disposition of any Collateral permitted under the terms of the First-Lien Documents and not expressly prohibited by the Second-Lien Notes Documents (whether or not an “event of default”
thereunder or under any Second-Lien Notes Document has occurred and is continuing); or 
 (iii) any agreement
(not contravening the First-Lien Documents or the Second-Lien Notes Documents) between the First-Lien Collateral Agent and the Company or any Grantor (x) to release the First-Lien Collateral Agent’s Lien on any portion of the Collateral
(other than in connection with, or in anticipation of, a Discharge of First-Lien Obligations) or (y) to release any Grantor from its obligations under its guaranty of the First-Lien Obligations (other than in connection with, or in anticipation
of, a Discharge of First-Lien Obligations); 
 there occurs the release by the First-Lien Collateral Agent, acting on its own or
at the direction of the Required First-Lien Creditors, of any of its Liens on any part of the Collateral, or of any Grantor from its obligations under its guaranty of the First-Lien Obligations, then the Liens, if any, of the Second-Lien Collateral
Agent, for itself and for the benefit of the other Second-Lien Creditors, on such Collateral, and the obligations of such Grantor under its guaranty of the Second-Lien Obligations, shall be automatically, unconditionally and simultaneously released
(the “Second-Lien Release”), and the Second-Lien Collateral Agent, on behalf of the 

  
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Second-Lien Creditors, promptly shall execute and deliver to the First-Lien Collateral Agent or such Grantor such termination statements, releases and other documents as the First-Lien Collateral
Agent or such Grantor may request to effectively confirm such release; provided, however, that the Second-Lien Release shall not occur without the consent of the Second-Lien Collateral Agent in the case of the exercise of remedies as
to any Shared Collateral the proceeds of which will not be applied to repay the First-Lien Obligations; provided, further, that if an “event of default” then exists under the Second-Lien Notes Indenture and the Discharge of
First-Lien Obligations occurs concurrently with or as a result of any such release, the Second-Lien Collateral Agent (on behalf of the Second-Lien Creditors) shall be entitled to receive the residual cash or other proceeds (if any) remaining after
giving effect to such release and the Discharge of First-Lien Obligations to the extent required pursuant to the terms of the Second-Lien Notes Documents. 
 (b) Until the Discharge of First-Lien Obligations occurs, the Second-Lien Collateral Agent, for itself and on behalf of the Second-Lien Creditors, hereby irrevocably constitutes and appoints the
First-Lien Collateral Agent and any officer or agent of the First-Lien Collateral Agent, with full power of substitution, as its true and lawful attorney in fact with full irrevocable power and authority in the place and stead of the Second-Lien
Collateral Agent or such other Second-Lien Creditor or in the First-Lien Collateral Agent’s own name, from time to time in the First-Lien Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1 at
any time that the Second-Lien Collateral Agent fails to act as required by this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the
purposes of this Section 5.1, including any endorsements or other instruments of transfer or release. 
 (c) If, prior to
the Discharge of First-Lien Obligations, a subordination of the First-Lien Collateral Agent’s Lien on any Shared Collateral is permitted (or in good faith believed by the First-Lien Collateral Agent to be permitted) under the First-Lien Credit
Agreement to another Lien permitted under the First-Lien Credit Agreement (a “Priority Lien”), then the First-Lien Collateral Agent is authorized to execute and deliver a subordination agreement with respect thereto in form and
substance satisfactory to it, and the Second-Lien Collateral Agent, for itself and on behalf of the Second-Lien Creditors, shall promptly execute and deliver to the First-Lien Collateral Agent or the relevant Grantor an identical subordination
agreement, modified as deemed necessary by the First-Lien Collateral Agent to give effect to this Agreement, subordinating the Liens of the Second-Lien Collateral Agent for the benefit of the Second-Lien Creditors to such Priority Lien. 

5.2. Inspection; Repossession; Insurance. Any First-Lien Creditor and its representatives and invitees may at any time inspect,
repossess, remove and otherwise deal with the Collateral, and the First-Lien Collateral Agent may advertise and conduct public auctions or private sales of the Collateral, in each case without notice to, the involvement of or interference by any
Second-Lien Creditor or liability to any Second-Lien Creditor. Unless and until the Discharge of First-Lien Obligations has occurred, the First-Lien Collateral Agent (acting at the direction of the Required First-Lien Creditors) shall have the sole
and exclusive right, subject to the rights of the Grantors under the First-Lien Credit Documents, to adjust settlement for any insurance policy covering the Collateral in the event of any loss thereunder and to approve any award granted in any
condemnation or similar proceeding (or any deed in lieu of condemnation) 

  
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affecting the Collateral. Unless and until the Discharge of First-Lien Obligations has occurred, and subject to the rights of the Grantors under the First-Lien Security Documents, all proceeds of
any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) in respect to the Collateral shall be paid to the First-Lien Collateral Agent for the benefit of the First-Lien Creditors pursuant to the terms of
the First-Lien Documents (including for purposes of cash collateralization of commitments, letters of credit and Swap Agreements) and, after the Discharge of First-Lien Obligations has occurred, to the Second-Lien Collateral Agent for the benefit of
the Second-Lien Creditors (in respect of any Shared Collateral) to the extent required under the Second-Lien Security Documents and then, to the extent no Second-Lien Obligations are outstanding, to the owner of the subject Property, to such other
Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. If the Second-Lien Collateral Agent or any other Second-Lien Creditor shall, at any time, receive any proceeds of any such insurance policy or any such
award or payment in contravention of this Agreement, it shall pay such proceeds over to the First-Lien Collateral Agent in accordance with the terms of Section 4.2 hereof. In addition, if by virtue of being named as an additional insured or
loss payee of any insurance policy of any Grantor covering any of the Collateral, the Second-Lien Collateral Agent or any other Second-Lien Creditor shall have the right to adjust or settle any claim under any such insurance policy, then unless and
until the Discharge of First-Lien Obligations has occurred, the Second-Lien Collateral Agent and any such Second-Lien Creditor shall follow the instructions of the First-Lien Collateral Agent (acting at the direction of the Required First-Lien
Creditors) with respect to such adjustment or settlement. 
 5.3. Amendments to and Other Restrictions on Second-Lien
Security Documents. 
 (a) Without the prior written consent of the First-Lien Collateral Agent (acting at the direction of
the Required First-Lien Creditors), no Second-Lien Notes Document may be amended, supplemented, restated or otherwise modified and/or Refinanced or entered into to the extent such amendment, supplement, restatement or other modification and/or
Refinancing, or the terms of any new Second-Lien Notes Document, would contravene the provisions of this Agreement, the First-Lien Credit Agreement or any other First-Lien Document. Each Grantor and the Second-Lien Collateral Agent agree that each
Second-Lien Security Document shall include the following language (or language to similar effect approved by the First-Lien Collateral Agent): 
 “Notwithstanding anything herein to the contrary, the lien and security interest granted to the Second-Lien Collateral Agent pursuant to this Agreement and the exercise of any right or remedy by the
Second-Lien Collateral Agent hereunder are subject to the provisions of the Intercreditor Agreement, dated as of December 22, 2011 (as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof,
the “Intercreditor Agreement”), among Dune Energy, Inc., the other obligors from time to time party thereto, Bank of Montreal, in its capacity as the initial First-Lien Collateral Agent thereunder, and U.S. Bank National
Association, as trustee, in its capacity as the initial Second-Lien Collateral Agent thereunder. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern
and control.” 

  
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 In addition, each Grantor and the Second-Lien Collateral Agent, on behalf of the Second-Lien
Creditors, each agree that each Second-Lien Mortgage covering any Shared Collateral shall contain such other language as the First-Lien Collateral Agent may reasonably request to reflect the subordination of such Second-Lien Mortgage to the
First-Lien Security Document covering such Shared Collateral. 
 (b) In the event the First-Lien Collateral Agent or the other
First-Lien Creditors and the relevant Grantor(s) enter into any amendment, restatement, waiver or consent in respect of any of the First-Lien Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any
departures from any provisions of, any First-Lien Security Document or changing in any manner the rights of the First-Lien Collateral Agent, the other First-Lien Creditors, or any Grantor thereunder, then such amendment, restatement, waiver or
consent shall apply automatically to any comparable provision of the Second-Lien Notes Indenture and the Comparable Second-Lien Security Document without the consent of the Second-Lien Collateral Agent or the other Second-Lien Creditors and without
any action by the Second-Lien Collateral Agent, the Company or any Grantor, provided that (A) no such amendment, restatement, waiver or consent shall have the effect of (i) removing assets subject to the Lien of the Second-Lien
Security Documents, except to the extent that a release of such Lien is permitted or required by Section 5.1 of this Agreement and provided that there is a corresponding release of the Lien securing the First-Lien Obligations,
(ii) imposing additional duties on, or expanding the obligations of, the Second-Lien Collateral Agent or the Second-Lien Creditors without its consent or (iii) permitting other Liens on the Shared Collateral not permitted under the terms
of the Second-Lien Notes Documents or under Section 6 hereof and (B) written notice of such amendment, restatement, waiver or consent shall have been given to the Second-Lien Collateral Agent (although the failure to give any such notice
shall in no way affect the effectiveness of any such amendment, waiver or consent). 
 5.4. Rights As Unsecured
Creditors. Except as otherwise set forth in this Agreement, the Second-Lien Collateral Agent and the other Second-Lien Creditors may exercise rights and remedies as unsecured creditors against any Grantor in accordance with the terms of the
Second-Lien Notes Documents and applicable law. Except as otherwise set forth in this Agreement, nothing in this Agreement shall prohibit the receipt by the Second-Lien Collateral Agent or any other Second-Lien Creditor of the required payments of
interest, premium and principal on the Second-Lien Obligations so long as such receipt is not the direct or indirect result of the exercise by the Second-Lien Collateral Agent or any other Second-Lien Creditor of rights or remedies as a secured
creditor (including setoff) or enforcement in contravention of this Agreement of any Lien held by any of them. In the event the Second-Lien Collateral Agent or any other Second-Lien Creditor becomes a judgment lien creditor in respect of Collateral
as a result of its enforcement of its rights as an unsecured creditor, such judgment lien shall be subordinated to the Liens securing First-Lien Obligations on the same basis as the other Liens securing the Second-Lien Obligations are so
subordinated to such Liens securing First-Lien Obligations under this Agreement. Nothing in this Section 5.4 impairs or otherwise adversely affects any rights or remedies the First-Lien Collateral Agent or the other First-Lien Creditors may
have with respect to the First-Lien Collateral. 

  
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 5.5. Bailee for Perfection. (a) The First-Lien Collateral Agent agrees to hold
that part of the Shared Collateral that is in its possession or control (or in the possession or control of its agents or bailees), to the extent that possession thereof is taken to perfect a Lien thereon under the Uniform Commercial Code (such
Collateral being the “Pledged Collateral”) for the benefit of and on behalf of the First-Lien Creditors, the Second-Lien Collateral Agent and the Second-Lien Creditors and any assignee solely for the purpose of perfecting the
security interest granted under the First-Lien Credit Documents and the Second-Lien Notes Documents, subject to the terms and conditions of this Section 5.5. The Second-Lien Collateral Agent hereby appoints the First-Lien Collateral Agent to
act as its agent under all control agreements solely for the purposes of perfecting the security interests granted under the Second-Lien Security Documents, subject to the terms and conditions of this Section 5.5, and the First-Lien Collateral
Agent accepts such appointment. In furtherance of the foregoing, the Grantors hereby grant to the First-Lien Collateral Agent for the benefit of the Second-Lien Collateral Agent and the Second-Lien Creditors a security interest in all of
Grantors’ right, title and interest in all Pledged Collateral. 
 (b) Subject to the terms of this Agreement, until the
Discharge of First-Lien Obligations has occurred, the First-Lien Collateral Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the First-Lien Credit Documents as if the Liens of the Second-Lien Collateral
Agent under the Second-Lien Security Documents did not exist. The rights of the Second-Lien Collateral Agent shall at all times be subject to the terms of this Agreement and to the First-Lien Collateral Agent’s rights under the First-Lien
Credit Documents. 
 (c) The First-Lien Collateral Agent shall have no obligation whatsoever to the First-Lien Creditors and the
Second-Lien Collateral Agent or any Second-Lien Creditor to ensure that the Pledged Collateral is genuine or owned by any of the Grantors or to preserve the rights or benefits of any Person except as expressly set forth in this Section 5.5. The
duties or responsibilities of the First-Lien Collateral Agent under this Section 5.5 shall be limited solely to holding the Pledged Collateral for the benefit of and on behalf of the First-Lien Creditors and the Second-Lien Collateral Agent and
any permitted assignee in accordance with this Section 5.5. 
 (d) The First-Lien Collateral Agent acting pursuant to this
Section 5.5 shall not have by reason of the First-Lien Security Documents, the Second-Lien Security Documents, this Agreement or any other document or theory a fiduciary relationship in respect of the First-Lien Creditors, the Second-Lien
Collateral Agent or any Second-Lien Creditor. 
 (e) Upon the Discharge of First-Lien Obligations under the First-Lien Credit
Documents to which the First-Lien Collateral Agent is a party, the First-Lien Collateral Agent shall deliver the remaining Pledged Collateral (if any) together with any necessary endorsements, first, to the Second-Lien Collateral Agent to the extent
Second-Lien Obligations remain outstanding, and second, to the Borrower to the extent no First-Lien Obligations or Second-Lien Obligations remain outstanding (in each case, so as to allow such Person to obtain control of such Pledged Collateral).
The First-Lien Collateral Agent further agrees to take all other action reasonably requested by such Person in connection with such Person obtaining a first priority interest in the Pledged Collateral or as a court of competent jurisdiction may
otherwise direct. Notwithstanding the first-in-time filing of the First-Lien Collateral Agent’s Liens upon the Pledged Collateral and notwithstanding anything in Section 7.3 to the contrary (but subject to Section 5.6 and
Section 6.5), after the Discharge of First-Lien Obligations, the First-Lien Collateral Agent agrees that the Second-Lien Collateral Agent’s Liens upon the Pledged 

  
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Collateral shall rank pari passu with the First-Lien Collateral Agent’s Liens on the Pledged Collateral to the extent the First-Lien Collateral Agent’s Liens remain in effect to
secure any First-Lien Obligations still in effect after the Discharge of First-Lien Obligations. After the Discharge of First-Lien Obligations, subject to Section 5.6 and Section 6.5, any remaining First-Lien Obligations shall not be
entitled to any benefits under this Agreement other than the right to be secured on a pari passu basis with the Second-Lien Obligations on terms no more disadvantageous than those of any other Second-Lien Obligations. 

5.6. When Discharge of First-Lien Obligations Deemed to Not Have Occurred. If at any time after the Discharge of First-Lien
Obligations has occurred, the Company contemporaneously therewith enters into any Refinancing of any First-Lien Credit Document evidencing a First-Lien Obligation, then such Discharge of First-Lien Obligations shall automatically be deemed not to
have occurred for all purposes of this Agreement, and the obligations under such Refinancing First-Lien Credit Document shall automatically be treated as First-Lien Obligations for all purposes of this Agreement, including for purposes of the Lien
priorities and rights in respect of Collateral set forth herein, and the first-lien collateral agent under such First-Lien Credit Documents shall be the First-Lien Collateral Agent for all purposes of this Agreement. Upon receipt of a notice stating
that the Company has entered into a new First-Lien Credit Document (which notice shall include the identity of the new agent, such agent, the “New Agent”), the Second-Lien Collateral Agent shall promptly enter into such documents and
agreements (including amendments or supplements to this Agreement) as the Grantors or such New Agent may reasonably request in order to provide to the New Agent the rights contemplated hereby, in each case identical in all material respects with the
terms of this Agreement. 
 SECTION 6. 
 INSOLVENCY OR LIQUIDATION PROCEEDINGS. 
 6.1. Finance and Sale Issues.
(a) If any Grantor shall be subject to any Insolvency or Liquidation Proceeding and the First-Lien Collateral Agent (acting at the direction of the Required First-Lien Creditors) shall desire to permit the use of Cash Collateral (as defined in
Section 363(a) of the Bankruptcy Code) on which the First-Lien Collateral Agent or any other creditor of any Grantor has a Lien or to permit any Grantor to obtain financing (including on a priming basis), whether from the First-Lien Creditors
or any other third party under Section 362, 363 or 364 of the Bankruptcy Code or any other Bankruptcy Law (each, including any such financing (x) which represents an advance by some or all of the First-Lien Creditors following repayment of
amounts of First-Lien Obligations with cash collateral or (y) the proceeds of which are used, in whole or in part, to repay First-Lien Obligations owed to some or all of the First-Lien Creditors, a “Post-Petition Financing”),
then the Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors, and each other Second-Lien Creditor (by its acceptance of the benefits of the Second-Lien Notes Documents), agrees that it will not oppose or raise any
objection to or contest (or join with or support any third party opposing, objecting to or contesting), such use of Cash Collateral or Post-Petition Financing and will not request adequate protection or any other relief in connection therewith
(except as expressly agreed in writing by the First-Lien Collateral Agent or to the extent otherwise permitted by Section 6.3 hereof) and, to the extent the Liens securing the First-Lien Obligations are subordinated to or pari passu with
such Post-Petition Financing, the Liens of the Second-Lien Creditors on the Collateral shall be 

  
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deemed to be subordinated, without any further action on the part of any person or entity, to the Liens securing such Post-Petition Financing (and all Obligations relating thereto), and the Liens
securing the Second-Lien Obligations shall have the same priority with respect to the Collateral relative to the Liens securing the First-Lien Obligations as if such Post-Petition Financing had not occurred. Without the consent of the First-Lien
Collateral Agent, no Second-Lien Creditor shall propose, support or enter into any Post-Petition Financing, if the effect of such Post-Petition Financing would be that the Second-Lien Obligations would no longer be subordinated to the First-Lien
Obligations in the manner set forth in this Agreement, or the Second-Lien Creditors would recover any payments they are not otherwise entitled to under this Agreement, including by way of adequate protection. 

(b) The Second-Lien Collateral Agent, on behalf of itself and the other Second-Lien Creditors, and each other Second-Lien Creditor (by
its acceptance of the benefits of the Second-Lien Notes Documents), agrees that it will raise no objection to, oppose or contest (or join with or support any third party opposing, objecting to or contesting), a sale or other disposition of any
Collateral free and clear of its Liens or other claims under Section 363 of the Bankruptcy Code if the First-Lien Creditors have consented to such sale or disposition of such assets. Notwithstanding the foregoing, the Second-Lien Collateral
Agent on behalf of itself and the other Second-Lien Creditors shall be entitled to object to any sale or other disposition to the extent that the terms of any proposed order approving such transaction do not provide for the interests of the
Second-Lien Creditors to attach to the proceeds of the Shared Collateral (if sufficient to satisfy the First-Lien Obligations), subject to the terms of this Agreement and shall be entitled to assert its rights (if any) under Section 363(k) of
the Bankruptcy Code, subject to the terms of this Agreement. Notwithstanding the foregoing, the Second-Lien Agent, on behalf of itself and the other Second-Lien Creditors, may raise objections to any such sale or other disposition of Shared
Collateral that could be raised by any creditor of the Grantors whose claims were not secured by any Liens on the Collateral so long as such objections are not based on the Second-Lien Creditors’ status as secured creditors. 

6.2. Relief from the Automatic Stay. Until the Discharge of First-Lien Obligations has occurred, the Second-Lien Collateral Agent,
on behalf of itself and the other Second-Lien Creditors, and each other Second-Lien Creditor (by its acceptance of the benefits of the Second-Lien Notes Documents), agrees that none of them shall seek relief, pursuant to Section 362(d) of the
Bankruptcy Code or otherwise, from the automatic stay of Section 362(a) of the Bankruptcy Code or from any other stay in any Insolvency or Liquidation Proceeding in respect of the Collateral, without the prior written consent of the First-Lien
Collateral Agent. 
 6.3. Adequate Protection. The Second-Lien Collateral Agent, on behalf of itself and the other
Second-Lien Creditors, and each other Second-Lien Creditor (by its acceptance of the benefits of the Second-Lien Notes Documents), agrees that none of them shall (i) oppose, object to or contest (or join with or support any third party
opposing, objecting to or contesting) (a) any request by the First-Lien Collateral Agent or the other First-Lien Creditors for adequate protection in any Insolvency or Liquidation Proceeding (or any granting of such request), (b) any
objection by the First-Lien Collateral Agent or the other First-Lien Creditors to any motion, relief, action or proceeding based on the First-Lien Collateral Agent or the other First-Lien Creditors claiming a lack of adequate protection or
(c) the payment of interest, fees, expenses or other amounts to the First-Lien Collateral Agent or any other First-Lien Creditor under Section 

  
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506(b) or 506(c) of the Bankruptcy Code or otherwise or (ii) seek or request any form of adequate protection under any of Sections 362, 363 and/or 364 of the Bankruptcy Code with respect to
the Collateral, except to the extent that, in the sole discretion of the First-Lien Creditors, the receipt by the Second-Lien Creditors of any such adequate protection would not reduce (or would not have the effect of reducing) or adversely affect
the adequate protection that the First-Lien Creditors otherwise would be entitled to receive (it being understood that, in any event, any such adequate protection is in the form of a replacement or additional Lien on the Grantors’ assets or
such other form of adequate protection (including payments of interest, fees, charges or other amounts) as may be agreed to in writing by the First-Lien Collateral Agent, which, in the case of a replacement or additional Lien, will be subordinated
to the Liens securing the First-Lien Obligations (including any replacement or additional Liens granted in respect of the First-Lien Obligations) and any Post-Petition Financing (and all Obligations relating thereto) on the same basis as the other
Liens securing the Second-Lien Obligations are so subordinated to the First-Lien Obligations under this Agreement). Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency or Liquidation Proceeding, if the First-Lien
Creditors (or any subset thereof) are granted adequate protection in the form of additional collateral or replacement Liens in connection with any DIP Financing, then the Second-Lien Collateral Agent, on behalf of itself or any of the Second-Lien
Creditors, may seek or request adequate protection in the form of a Lien on such additional collateral or replacement Liens, which Liens, in either case, will be subordinated to the Liens securing the First-Lien Obligations and such DIP Financing
(and all obligations relating thereto) on the same basis as the other Liens securing the Second-Lien Obligations are so subordinated to the First-Lien Obligations under this Agreement. 

6.4. No Waiver; Voting Rights. Except as otherwise set forth in Section 6.3, nothing contained herein shall prohibit or in
any way limit the First-Lien Collateral Agent or any First-Lien Creditor from objecting on any basis in any Insolvency or Liquidation Proceeding or otherwise to any action taken by the Second-Lien Collateral Agent or any other Second-Lien Creditor,
including the seeking by the Second-Lien Collateral Agent or any other Second-Lien Creditor of adequate protection or the assertion by the Second-Lien Collateral Agent or any other Second-Lien Creditor of any of its rights and remedies under the
Second-Lien Notes Documents or otherwise. In any Insolvency or Liquidation Proceeding, neither the Second-Lien Collateral Agent nor any other Second-Lien Creditor shall (i) oppose, object to, or vote against any plan of reorganization or
disclosure statement, or join with or support any third party in doing so, to the extent the terms of such plan or disclosure statement comply with the following clause (ii) and are otherwise consistent with the rights of the First-Lien
Creditors under this Agreement or (ii) support or vote for any plan of reorganization or disclosure statement of any Grantor unless (x) such plan is accepted by the class of First-Lien Creditors in accordance with Section 1126(c) of
the Bankruptcy Code or otherwise provides for the payment in full in cash of all First-Lien Obligations (including all post-petition interest, fees and expenses as provided in Section 6.6 hereof) on the effective date of such plan of
reorganization, or (y) such plan provides on account of the First-Lien Obligations for the retention by the First-Lien Collateral Agent, for the benefit of the First-Lien Creditors, of the Liens on the Collateral securing the First-Lien
Obligations, and on all proceeds thereof, and such plan also provides that any Liens retained by, or granted to, the Second-Lien Collateral Agent are only on Property securing the First-Lien Obligations and shall have the same relative priority with
respect to the Collateral or other Property, respectively, as provided in this Agreement with respect to the Collateral, and to the extent such plan provides for deferred cash payments, or for the distribution of any other Property of any kind or
nature, on 

  
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account of the First-Lien Obligations or the Second-Lien Obligations, such plan provides that any such deferred cash payments or other distributions in respect of the Second-Lien Obligations
shall be delivered to the First-Lien Collateral Agent and distributed in accordance with the priorities provided in Section 4.1(a) hereof. Except as provided in this Section 6, the Second-Lien Creditors shall remain entitled to vote their
claims in any such Insolvency or Liquidation Proceeding. 
 6.5. Preference Issues. If any First-Lien Creditor is
required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of any Grantor any amount (a “Recovery”), then the First-Lien Obligations shall be reinstated to the extent of such
Recovery and the First-Lien Creditors shall be entitled to a reinstatement of First-Lien Obligations with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated
in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement. Any amounts received by the Second-Lien Collateral Agent
or any Second-Lien Creditor on account of the Second-Lien Obligations after the termination of this Agreement shall, in the event of a reinstatement of this Agreement pursuant to this Section 6.5, be held in trust for and paid over to the
First-Lien Collateral Agent for the benefit of the First-Lien Creditors, for application to the reinstated First-Lien Obligations until the discharge thereof. This Section 6.5 shall survive termination of this Agreement. 

6.6. Post-Petition Interest. (a) Neither the Second-Lien Collateral Agent nor any other Second-Lien Creditor shall oppose or
seek to challenge any claim by the First-Lien Collateral Agent or any other First-Lien Creditor for allowance or payment in any Insolvency or Liquidation Proceeding of First-Lien Obligations consisting of post-petition interest, fees or expenses.
Regardless of whether any such claim for post-petition interest, fees or expenses is allowed or allowable, and without limiting the generality of the other provisions of this Agreement, this Agreement is expressly intended to include and does
include the “rule of explicitness” in that this Agreement expressly entitles the First-Lien Creditors, and is intended to provide the First-Lien Creditors with the right, to receive payment of all post-petition interest, fees or expenses
through distributions made pursuant to the provisions of this Agreement even though such interest, fees and expenses are not allowed or allowable against the bankruptcy estate of the Company or any Grantor under Section 502(b)(2) or
Section 506(b) of the Bankruptcy Code or under any other provision of the Bankruptcy Code or any other Bankruptcy Law 

(b) Neither the First-Lien Collateral Agent nor any other First-Lien Creditor shall oppose or seek to challenge any claim by the
Second-Lien Collateral Agent or any Second-Lien Creditor for allowance (but not payment until the Discharge of First Lien Obligations has occurred) in any Insolvency or Liquidation Proceeding of Second-Lien Obligations consisting of post-petition
interest, fees or expenses to the extent of the value of the Lien of the Second-Lien Collateral Agent on behalf of the Second-Lien Creditors on the Shared Collateral (after taking into account the First-Lien Collateral). 

  
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 6.7. Waiver. The Second-Lien Collateral Agent, for itself and on behalf of the other
Second-Lien Creditors, waives any claim it may hereafter have against any First-Lien Creditor arising out of the election by any First-Lien Creditor of the application to the claims of any First-Lien Creditor of Section 1111(b)(2) of the
Bankruptcy Code, and/or out of any Cash Collateral or Post-Petition Financing arrangement or out of any grant of a security interest in connection with the Collateral in any Insolvency or Liquidation Proceeding. 

6.8. Limitations. So long as the Discharge of First-Lien Obligations has not occurred, without the express written consent of the
First-Lien Collateral Agent, none of the Second-Lien Creditors shall (or shall join with or support any third party making, opposing, objecting or contesting, as the case may be), in any Insolvency or Liquidation Proceeding involving any Grantor,
(i) make an election for application to its claims of Section 1111(b)(2) of the Bankruptcy Code, (ii) oppose, object to or contest the determination of the extent of any Liens held by any of the First-Lien Creditors or the value of
any claims of First-Lien Creditors under Section 506(a) of the Bankruptcy Code or (iii) oppose, object to or contest the payment to the First-Lien Creditors of interest, fees or expenses under Section 506(b) of the Bankruptcy Code.

 SECTION 7. 
 RELIANCE; WAIVERS; ETC. 
 7.1. Reliance. Other than any reliance on the
terms of this Agreement, the First-Lien Collateral Agent, on behalf of itself and the First-Lien Creditors under the First-Lien Documents, acknowledges that it and the other First-Lien Creditors have, independently and without reliance on the
Second-Lien Collateral Agent or any other Second-Lien Creditors, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into such First-Lien Documents and be bound by the terms of this
Agreement and they will continue to make their own credit decision in taking or not taking any action under any First-Lien Document or this Agreement. The Second-Lien Collateral Agent, on behalf of itself and the other Second-Lien Creditors,
acknowledges that it and the other Second-Lien Creditors have, independently and without reliance on the First-Lien Collateral Agent or any other First-Lien Creditor, and based on documents and information deemed by them appropriate, made their own
credit analysis and decision to enter into each of the Second-Lien Notes Documents and be bound by the terms of this Agreement and each Second-Lien Creditor (other than the Second-Lien Notes Trustee and Second-Lien Collateral Agent) will continue to
make their own credit decision in taking or not taking any action under the Second-Lien Notes Documents or this Agreement. 

7.2. No Warranties or Liability. The First-Lien Collateral Agent, on behalf of itself and the First-Lien Creditors under the
First-Lien Documents, acknowledges and agrees that each of the Second-Lien Collateral Agent and the other Second-Lien Creditors have made no express or implied representation or warranty, including with respect to the execution, validity, legality,
completeness, collectibility or enforceability of any of the Second-Lien Notes Documents, the ownership of any Shared Collateral or the perfection or priority of any Liens thereon. Subject to the terms of this Agreement, the Second-Lien Creditors
will be entitled to manage and supervise their respective loans and extensions of credit under the Second-Lien Notes Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. The Second-Lien Collateral
Agent, on behalf of itself and the Second-Lien Creditors, acknowledges and agrees that each of the First-Lien Collateral Agent and the First-Lien Creditors have made no express or implied representation or warranty, including with respect to the
execution, validity, 

  
 25 

 
legality, completeness, collectibility or enforceability of any of the First-Lien Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. The First-Lien
Creditors will be entitled to manage and supervise their respective loans and extensions of credit under their respective First-Lien Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. The
First-Lien Collateral Agent and the First-Lien Creditors shall have no duty to the Second-Lien Collateral Agent or any of the Second-Lien Creditors, to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance
of an event of default or default under any agreements with any Grantor (including under the First-Lien Documents), regardless of any knowledge thereof which they may have or be charged with. 

7.3. No Waiver of Lien Priorities. (a) No right of the First-Lien Creditors, the First-Lien Collateral Agent or any of them
to enforce any provision of this Agreement or any First-Lien Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Grantor or by any act or failure to act by any First-Lien Creditor or the
First-Lien Collateral Agent, or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the First-Lien Documents or any of the Second-Lien Notes Documents, regardless of any knowledge thereof which the
First-Lien Collateral Agent or the First-Lien Creditors, or any of them, may have or be otherwise charged with. 
 (b) Without
in any way limiting the generality of the foregoing paragraph (but subject to the rights of the Grantors under the First-Lien Documents), the First-Lien Creditors, the First-Lien Collateral Agent and any of them may, at any time and from time to
time in accordance with the First-Lien Documents and/or applicable law, without the consent of, or notice to, the Second-Lien Collateral Agent or any other Second-Lien Creditor, without incurring any liabilities to the Second-Lien Collateral Agent
or any other Second-Lien Creditor and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy of the Second-Lien Collateral Agent or any Second-Lien
Creditors is affected, impaired or extinguished thereby) do any one or more of the following: 
 (i) make loans
and advances to any Grantor or issue, guaranty or obtain letters of credit for account of any Grantor or otherwise extend credit to any Grantor, in any amount and on any terms, whether pursuant to a commitment or as a discretionary advance and
whether or not any default or event of default or failure of condition is then continuing; 
 (ii) change the
manner, place or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase or alter, the terms of any of the First-Lien Obligations or any Lien on any First-Lien Collateral or guaranty thereof or any liability
of any Grantor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the First-Lien Obligations, without any restriction as to the amount, tenor or terms of any such increase or extension) or
otherwise amend, renew, exchange, extend, modify or supplement in any manner any Liens held by the First-Lien Collateral Agent or any of the First-Lien Creditors, the First-Lien Obligations or any of the First-Lien Documents; 

  
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 (iii) sell, exchange, release, surrender, realize upon, enforce or otherwise
deal with in any commercially reasonable manner and in any order any part of the First-Lien Collateral or any liability of any Grantor to the First-Lien Creditors or the First-Lien Collateral Agent, or any liability incurred directly or indirectly
in respect thereof; 
 (iv) settle or compromise any First-Lien Obligation or any other liability of any Grantor
or any security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the First-Lien Obligations) in any manner or order; 

(v) without limiting the rights of the Second-Lien Creditors after the Standstill Period, exercise or delay in or refrain
from exercising any right or remedy against any Grantor or any other Person or with respect to any security, elect any remedy and otherwise deal freely with any Grantor or any First-Lien Collateral and any security and any guarantor or any liability
of any Grantor to the First-Lien Creditors or any liability incurred directly or indirectly in respect thereof; and 
 (vi) release or discharge any First-Lien Obligation or any guaranty thereof or any agreement or obligation of any Grantor or any other person or entity with respect thereto. 

(c) Until the end of the Standstill Period, the Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors, and each
other Second-Lien Creditor (by its acceptance of the benefits of the Second-Lien Notes Documents), agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise
claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Collateral or any other similar rights a junior secured creditor may have under applicable
law. 
 7.4. Waiver of Liability; Indemnity. (a) The Second-Lien Collateral Agent, on behalf of itself and the
Second-Lien Creditors, agrees that the First-Lien Creditors and the First-Lien Collateral Agent shall have no liability to the Second-Lien Collateral Agent or any other Second-Lien Creditors, and the Second-Lien Collateral Agent, on behalf of itself
and the Second-Lien Creditors, hereby waives any claim against any First-Lien Creditor or the First-Lien Collateral Agent, arising out of any and all actions which the First-Lien Creditors or the First-Lien Collateral Agent may take or permit or
omit to take in accordance with applicable laws and the terms of this Agreement with respect to: (i) the First-Lien Documents (including any failure to perfect or obtain perfected security interests in the First-Lien Collateral), (ii) the
collection of the First-Lien Obligations or (iii) the foreclosure upon, or sale, liquidation or other disposition of, any First-Lien Collateral. The Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors, agrees that
the First-Lien Creditors and the First-Lien Collateral Agent have no duty, express or implied, fiduciary or otherwise, to them in respect of the maintenance or preservation of the First-Lien Collateral, the First-Lien Obligations or otherwise.
Neither the First-Lien Collateral Agent nor any other First-Lien Creditor nor any of their respective directors, officers, employees or agents will be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in
doing so, or will be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or upon the request of the 

  
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Second-Lien Collateral Agent, any other holder of Second-Lien Obligations or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof except as
expressly provided in Section 4.1. Without limiting the foregoing, each Second-Lien Creditor by accepting the benefits of the Second-Lien Notes Documents agrees that neither the First-Lien Collateral Agents nor any other First-Lien Creditor (in
directing the Collateral Agent to take any action with respect to the Collateral) shall have any duty or obligation to realize first upon any type of Collateral or to sell, dispose of or otherwise liquidate all or any portion of the Collateral in
any manner, including as a result of the application of the principles of marshaling or otherwise, that would maximize the return to any class of Creditors holding Obligations of any type (whether First-Lien Obligations or Second-Lien Obligations),
notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of proceeds actually received by such class of Creditors from such realization, sale, disposition or liquidation. 

(b) With respect to its share of the Obligations, BMO shall have and may exercise the same rights and powers hereunder as, and shall be
subject to the same obligations and liabilities as and to the extent set forth herein for, any other Creditor, all as if BMO were not the First-Lien Collateral Agent. The term “Creditors” or any similar term shall, unless the context
clearly otherwise indicates, include BMO in its individual capacity as a Creditor. BMO and its Affiliates may lend money to, and generally engage in any kind of business with, the Grantors or any of their Affiliates as if BMO were not acting as the
First-Lien Collateral Agent and without any duty to account therefor to any other Creditor. 
 7.5. Obligations
Unconditional. All rights, interests, agreements and obligations of the First-Lien Collateral Agent and the other First-Lien Creditors and the Second-Lien Collateral Agent and the other Second-Lien Creditors, respectively, hereunder (including
the Lien priorities established hereby) shall remain in full force and effect irrespective of: 
 (a) any lack of validity or
enforceability of any First-Lien Document or any Second-Lien Notes Document; 
 (b) any change in the time, manner or place of
payment of, or in any other terms of, all or any of the First-Lien Obligations or Second-Lien Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of
the terms of any First-Lien Document or any Second-Lien Notes Document; 
 (c) any exchange of any security interest in any
Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the First-Lien Obligations or Second-Lien Obligations or any guarantee thereof; 

(d) the commencement of any Insolvency or Liquidation Proceeding in respect of the Company or any Grantor; or 

  
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 (e) any other circumstances which otherwise might constitute a defense available to, or a
discharge of, the Company or any Grantor in respect of the First-Lien Obligations, or of the Second-Lien Collateral Agent or any Second-Lien Creditor in respect of this Agreement. 

SECTION 8. 

MISCELLANEOUS. 

8.1. Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of the First-Lien
Documents or the Second-Lien Notes Documents, the provisions of this Agreement shall govern and control. 
 8.2.
Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the First-Lien Creditors may
continue, at any time and without notice to the Second-Lien Collateral Agent or any other Second-Lien Creditor, to extend credit and other financial accommodations and lend monies to or for the benefit of any Grantor constituting First-Lien
Obligations in reliance hereon. Each First-Lien and Second-Lien Collateral Agent, on behalf of itself and the First-Lien and Second-Lien Creditors, respectively, hereby agrees that it will not attempt, directly or indirectly, whether by judicial
proceedings or otherwise, to challenge the enforceability of any provision of this Agreement, and waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement
shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Without limiting the generality of the foregoing, this Agreement is intended to constitute and shall be deemed to constitute a
“subordination agreement” within the meaning of Section 510(a) of the Bankruptcy Code and is intended to be and shall be interpreted to be enforceable to the maximum extent permitted pursuant to applicable non-bankruptcy law. Any
provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. All references to any Grantor shall include such Grantor as debtor and debtor in possession and any receiver or trustee for any Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This
Agreement shall terminate and be of no further force and effect, (i) with respect to the Second-Lien Collateral Agent, the other Second-Lien Creditors and the Second-Lien Obligations, the date of the Discharge of Second-Lien Obligations and
(ii) with respect to the First-Lien Collateral Agent, the other First-Lien Creditors and the First-Lien Obligations, the date of the Discharge of First-Lien Obligations, subject to the rights of the First-Lien Creditors under Section 6.5
hereof. 
 8.3. Amendments; Waivers. No amendment, modification or waiver of any of the provisions of this Agreement by
the Second-Lien Collateral Agent or the First-Lien Collateral Agent shall be made unless the same shall be in writing signed on behalf of each party hereto; provided that (x) the First-Lien Collateral Agent (at the direction of the Required
First-Lien Creditors) may, without the written consent of any other Creditor, agree to modifications of this Agreement for the purpose of securing additional extensions of credit pursuant to the First-Lien Credit Agreement or any Refinancing thereof
and adding new creditors as “First-Lien Creditors” and “Creditors” hereunder, so long as such extensions (and resulting additions) do not otherwise give rise to a violation of the express terms of the First-Lien Credit Agreement
or the Second-

  
 29 

 
Lien Notes Indenture provided that a written notice of such amendment shall be given to the Second-Lien Collateral Agent (although the failure to give any such notice shall in no way affect the
effectiveness of any such modification) and (y) additional Grantors may be added as parties hereto in accordance with the provisions of Section 8.18 of this Agreement. Each waiver of the terms of this Agreement, if any, shall be a waiver
only with respect to the specific instance involved and shall not impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. Notwithstanding the foregoing, no
Grantor shall have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent its rights, interests, liabilities or privileges are directly affected or imposes additional
obligations on a Grantor. 
 8.4. Information Concerning Financial Condition of the Grantors and their Subsidiaries. The
First-Lien Collateral Agent and the other First-Lien Creditors, on the one hand, and the Second-Lien Collateral Agent and the other Second-Lien Creditors, on the other hand, shall each be responsible for keeping themselves informed of (a) the
financial condition of the Grantors and their Subsidiaries and all endorsers and/or guarantors of the First-Lien Obligations or the Second-Lien Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the First-Lien
Obligations or the Second-Lien Obligations. The First-Lien Collateral Agent and the other First-Lien Creditors shall have no duty to advise the Second-Lien Collateral Agent or any other Second-Lien Creditor of information known to it or them
regarding such condition or any such circumstances or otherwise. In the event the First-Lien Collateral Agent or any of the other First-Lien Creditors, in its or their sole discretion, undertakes at any time or from time to time to provide any such
information to the Second-Lien Collateral Agent or any other Second-Lien Creditor, it or they shall be under no obligation (w) to make, and the First-Lien Collateral Agent and the other First-Lien Creditors shall not make, any express or
implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (x) to provide any additional information or to provide any such information on any
subsequent occasion, (y) to undertake any investigation or (z) to disclose any information which, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to
maintain confidential. In the event the Second-Lien Collateral Agent or any of the other Second-Lien Creditor, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to the First-Lien Collateral
Agent or any other First-Lien Creditors, it or they shall be under no obligation (w) to make, and the Second-Lien Collateral Agent and the other Second-Lien Creditors shall not make, any express or implied representation or warranty, including
with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (x) to provide any additional information or to provide any such information on any subsequent occasion, (y) to undertake any
investigation or (z) to disclose any information which, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain confidential. 

8.5. Subrogation. Subject to the Discharge of First-Lien Obligations, with respect to the value of any payments or distributions
in cash or other Property that the Second-Lien Creditors or Second-Lien Collateral Agent pay over to the First-Lien Collateral Agent or any of the other First-Lien Creditors under the terms of this Agreement, the Second-Lien Collateral Agent and the
other Second-Lien Creditors shall be subrogated to the rights of the First-Lien Collateral Agent and such other First-Lien Creditors; provided that the Second-Lien Collateral 

  
 30 

 
Agent, on behalf of itself and the Second-Lien Creditors, hereby agrees not to assert or enforce all such rights of subrogation it may acquire as a result of any payment hereunder until the
Discharge of First-Lien Obligations has occurred. Each Grantor acknowledges and agrees that, the value of any payments or distributions in cash or other Property received by the Second-Lien Collateral Agent or the other Second-Lien Creditors and
paid over to the First-Lien Collateral Agent or the other First-Lien Creditors pursuant to, and applied in accordance with, this Agreement, shall not relieve or reduce any of the Obligations owed by any Grantor under the Second-Lien Notes Documents.

 8.6. Application of Payments. All payments received by the First-Lien Collateral Agent or the other First-Lien
Creditors may be applied, reversed and reapplied, in whole or in part, to such part of the First-Lien Obligations as the First-Lien Creditors, in their sole discretion, deem appropriate. The Second-Lien Collateral Agent, on behalf of itself and the
Second-Lien Creditors, assents to any extension or postponement of the time of payment of the First-Lien Obligations or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or, subject to the terms of
Section 5.1(a) hereof, release of any security constituting Shared Collateral which may at any time secure any part of the First-Lien Obligations and to the addition or release of any other Person primarily or secondarily liable therefor;
provided that the parties hereto agree that (x) no Grantor shall, nor shall any Grantor permit any Grantor to, substitute or exchange any security constituting Shared Collateral under this Section 8.6, unless it has also granted or
contemporaneously grants a Lien on such substituted or exchanged Property to secure the Second-Lien Obligations and has taken all actions to perfect such new Liens, and (y) in furtherance of Section 2.4(iii) hereof, with respect to any
Person added or released as an Obligor pursuant to this Section 8.6, the parties will enter into such documentation as is necessary to ensure compliance with Section 2.4(iii) hereof. 

8.7. SUBMISSION TO JURISDICTION; WAIVERS. (a) THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMIT TO THE EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD
AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 (b) THE PARTIES HERETO
IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH EACH MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT
REFERRED TO IN SECTION 8.7(a) HEREOF. EACH OF 

  
 31 

 
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH
COURT. 
 (c) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE FIRST-LIEN DOCUMENTS AND THE SECOND-LIEN NOTES DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

8.8. Notices. All notices to the Second-Lien Creditors and the First-Lien Creditors permitted or required under this Agreement may
be sent to the Second-Lien Collateral Agent and the First-Lien Collateral Agent, respectively. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be
personally served, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of electronic mail or four (4) Business Days after deposit in
the U.S. mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth beside each party’s name on the signature pages hereto, or, as to each
party, at such other address as may be designated by such party in a written notice to all of the other parties. 
 8.9.
Further Assurances. Each of the First-Lien Collateral Agent, on behalf of itself and the First-Lien Creditors under the First-Lien Documents, the Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors and each
Grantor, agrees that each of them shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the First-Lien Collateral Agent or the Second-Lien Collateral Agent may
reasonably request to effectuate the terms of and the lien priorities contemplated by this Agreement. Each Second-Lien Creditor, by its acceptance of the benefits of the Second-Lien Notes Documents, agrees to be bound by the agreements herein made
by it and the Second-Lien Collateral Agent, on its behalf. 
 8.10. APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY,
AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 32 

 8.11. Binding on Successors and Assigns. This Agreement shall be binding upon the
First-Lien Collateral Agent, the other First-Lien Creditors, the Second-Lien Collateral Agent, the other Second-Lien Creditors, the Grantors and their respective successors and assigns; provided that no Grantor may assign any of its rights or
obligations under this Agreement without the prior written consent of (a) the First-Lien Collateral Agent and (b) except as permitted under the Second-Lien Notes Documents, the Second-Lien Collateral Agent. 

8.12. Specific Performance. Each of the First-Lien Collateral Agent and the Second-Lien Collateral Agent may demand specific
performance of this Agreement. Each of the First-Lien Collateral Agent, on behalf of itself and the First-Lien Creditors under the First-Lien Documents, and the Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors, hereby
irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the First-Lien Collateral Agent or the Second-Lien
Collateral Agent, as the case may be. 
 8.13. Headings. Section headings in this Agreement are included herein for
convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 
 8.14. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by telecopy shall be effective as delivery of a manually
executed counterpart of this Agreement or such other document or instrument, as applicable. 
 8.15. Authorization. By
its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. Each Second-Lien Creditor, by its acceptance of the benefits of
the Second-Lien Notes Documents, agrees to be bound by the agreements made herein. 
 8.16. No Third Party Beneficiaries;
Effect of Agreement. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the First-Lien Collateral Agent, the Second-Lien Collateral Agent and their respective successors and permitted assigns and shall inure
to the benefit of each of the First-Lien Creditors and the Second-Lien Creditors. No other Person shall have or be entitled to assert rights or benefits hereunder. 
 8.17. Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the First-Lien Creditors, on the
one hand, and the Second-Lien Creditors, on the other hand. Except as expressly set forth herein, no Grantor or any other creditor thereof shall have any rights hereunder. Nothing in this Agreement is intended to or shall impair the obligations of
any Grantor, which are absolute and unconditional, to pay the First-Lien Obligations and the Second-Lien Obligations as and when the same shall become due and payable in accordance with the terms of the First-Lien Documents and the Second-Lien Notes
Documents, respectively. 

  
 33 

 8.18. Grantors; Additional Grantors. It is understood and agreed that each Grantor on
the date of this Agreement shall constitute the original Grantors party hereto. The original Grantors hereby covenant and agree to cause each Subsidiary of the Company which becomes an Obligor after the date hereof to contemporaneously become a
party hereto (as a Grantor) by executing and delivering a counterpart hereof to the First-Lien Collateral Agent or by executing and delivering a joinder or assumption agreement in form and substance reasonably satisfactory to the First-Lien
Collateral Agent. The parties hereto further agree that, notwithstanding any failure to take the actions required by the immediately preceding sentence, each Person which becomes an Obligor at any time (and any security granted by any such Person)
shall be subject to the provisions hereof as fully as if same constituted a Grantor party hereto and had complied with the requirements of the immediately preceding sentence. 
 8.19. The First-Lien Administrative Agent, the Second-Lien Notes Trustee, the First-Lien Collateral Agent and the Second-Lien Collateral Agent. (a) The Grantors hereby acknowledge that, solely
as between the Grantors and the First-Lien Administrative Agent and the First-Lien Collateral Agent, on the one hand, and the Grantors and the Second-Lien Collateral Agent and the Second-Lien Notes Trustee, on the other hand, all of the rights,
privileges, protections, indemnities and immunities afforded the (i) Second-Lien Notes Trustee and the Second-Lien Collateral Agent under the Second-Lien Notes Indenture and the Second-Lien Notes Documents and (ii) the First-Lien
Administrative Agent and the First-Lien Collateral Agent under the First-Lien Credit Agreement and the First-Lien Documents, are hereby incorporated herein by reference as if set forth herein in full. 

(b) Each party hereto hereby acknowledges and agrees that each of the First-Lien Collateral Agent and the Second-Lien Collateral Agent is
entering into this Agreement solely in its capacity under the First-Lien Credit Documents and the Second-Lien Notes Documents, respectively, and not in its individual capacity. 

(c) The First-Lien Administrative Agent and the First-Lien Collateral Agent shall not be deemed to owe any fiduciary duty to the
Second-Lien Collateral Agent or the other Second-Lien Creditors, on the one hand, and the Second-Lien Notes Trustee and the Second-Lien Collateral Agent shall not be deemed to owe any fiduciary duty to the First-Lien Collateral Agent or the other
First-Lien Creditors, on the other hand. With respect to the Second-Lien Collateral Agent and the other Second-Lien Creditors, each of the First-Lien Administrative Agent and the First-Lien Collateral Agent undertakes to perform or to observe only
such of its covenants and obligations as are specifically set forth in this Agreement and no implied covenants or obligations with respect to the Second-Lien Collateral Agent or the other Second-Lien Creditors shall be read into this Agreement
against the First-Lien Administrative Agent or the First-Lien Collateral Agent. With respect to the First-Lien Collateral Agent and the other First-Lien Creditors, each of the Second-Lien Notes Trustee and the Second-Lien Collateral Agent undertakes
to perform or to observe only such of its covenants and obligations as are specifically set forth in this Agreement and no implied covenants or obligations with respect to the First-Lien Collateral Agent or the other First-Lien Creditors shall be
read into this Agreement against the Second-Lien Notes Trustee or the Second-Lien Collateral Agent. 
 (d) The provisions of
this Section 8.19 shall survive the termination of this Agreement. 

  
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 8.20. Relationship of Creditors. Nothing set forth herein shall create or evidence a
joint venture, partnership or an agency or fiduciary relationship among the Creditors. None of the Creditors or any of their respective directors, officers, agents or employees shall be responsible to any other Creditor or to any other person or
entity for any Grantor’s solvency, financial condition or ability to repay the First-Lien Obligations or the Second-Lien Obligations, or for statements of any Grantor, oral or written, or for the validity, sufficiency or enforceability of the
First-Lien Documents or the Second-Lien Notes Documents, or any security interests granted by any Grantor to any Creditor in connection therewith. Each Creditor has entered into its respective financing agreements with the Grantors based upon its
own independent investigation, and neither the First-Lien Collateral Agent nor Second-Lien Collateral Agent makes any warranty or representation to the other Collateral Agent or the Creditors for which it acts as agent nor does it rely upon any
representation of the other collateral agent or the Creditors for which it acts as agent with respect to matters identified or referred to in this Agreement. 
 *     *     * 

  
 35 

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

	
	First-Lien Collateral Agent

 Notice Address: 
 Bank of Montreal 
 700 Louisiana Street, Suite 2100 

Houston, Texas 77002 
 Attention: Jim Ducote

 Tel: 713-546-9760 
 Fax:
713-223-4007 
  

			
	 BANK OF MONTREAL

in its capacity as First-Lien Collateral Agent

		
	By:	 	/s/ James V. Ducote
		 	Name: James V. Ducote
		 	Title:   Director

 With a copy to: 
 Bank of Montreal 
 700 Louisiana Street, Suite 2100 

Houston, Texas 77002 
 Attention: Jim Ducote

 Tel: 713-546-9760 
 Fax:
713-223-4007 

  
 Signature Page
1 
 to Intercreditor Agreement 

 
	
	Second-Lien Collateral Agent

 Notice Address: 
 U.S. Bank National Association 
 Corporate Trust Services 

5555 San Felipe Street, Suite 1150 
 Houston,
Texas 77056 
 Facsimile No.: (713) 235-9213 
 Attention: Corporate Trust Officer 
  

	
	 U.S. BANK NATIONAL ASSOCIATION

as trustee, in its capacity as Second-Lien Collateral Agent

 U.S. BANK NATIONAL ASSOCIATION 

 

			
		
	By:	 	/s/ Mauri J. Cowen
		 	Name: Mauri J. Cowen
		 	Title:   Vice President

  

	
	Grantors

 Notice Address: 
 Dune Energy, Inc. 
 Two Shell Plaza 
 777 Walker Street, Suite 2300 
 Houston, Texas 77002 

Attention of Richard H. Mourgalia 
 (Telecopy
No. 713-229-6398) 
  

			
	DUNE ENERGY, INC.
		
	By:	 	/s/ James A. Watt
	Name:	 	James A. Watt
	Title:	 	President and CEO

  
 Signature Page
2 
 to Intercreditor Agreement 

 Notice Address: 
 Dune Operating Company 
 Two Shell Plaza 
 777 Walker Street, Suite 2300 
 Houston, Texas 77002 

Attention of Richard H. Mourgalia 
 (Telecopy
No. 713-229-6398) 
  

			
	DUNE OPERATING COMPANY
		
	By:	 	/s/ James A. Watt
	Name:	 	James A. Watt
	Title:	 	President

 Notice Address: 
 Dune Properties, Inc 
 Two Shell Plaza 
 777 Walker Street, Suite 2300 
 Houston, Texas 77002 

Attention of Richard H. Mourgalia 
 (Telecopy
No. 713-229-6398) 
  

			
	DUNE PROPERTIES, INC.
		
	By:	 	/s/ James A. Watt
	Name:	 	James A. Watt
	Title:	 	President

  
 Signature Page
3 
 to Intercreditor Agreement

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