Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

[Published CUSIP Number: 87609MAC7] 

AMENDED AND RESTATED CREDIT AGREEMENT 

Dated as of December 31, 2014 

among 
 TAPSTONE ENERGY, LLC,

 as the Borrower, 

BANK OF AMERICA, N.A., 
 as
Administrative Agent 
 and 
 L/C
Issuer, 
 and 
 The Other
Lenders Party Hereto 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, JPMORGAN 

CHASE BANK, N.A., MUFG UNION BANK, N.A., ROYAL BANK OF CANADA AND 

SUNTRUST ROBINSON HUMPHREY, INC. 

as 
 Joint Lead Arrangers and Joint
Bookrunners 
 and 
 JPMORGAN
CHASE BANK, N.A., MUFG UNION BANK, N.A., ROYAL BANK OF 
 CANADA AND SUNTRUST BANK 

as 

Co-Syndication Agents 
  

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	 	2	  
			
	 1.01
	 	Defined Terms	  	 	2	  
	 1.02
	 	Other Interpretive Provisions	  	 	33	  
	 1.03
	 	Accounting Terms	  	 	34	  
	 1.04
	 	Rounding	  	 	34	  
	 1.05
	 	Times of Day	  	 	34	  
	 1.06
	 	Letter of Credit Amounts	  	 	34	  
	 1.07
	 	Petroleum Terms	  	 	35	  
		
	 ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	35	  
			
	 2.01
	 	Committed Loans	  	 	35	  
	 2.02
	 	Committed Borrowings, Conversions and Continuations of Committed Loans	  	 	35	  
	 2.03
	 	Letters of Credit	  	 	37	  
	 2.04
	 	Prepayments	  	 	47	  
	 2.05
	 	Termination or Reduction of Commitments	  	 	49	  
	 2.06
	 	Repayment of Committed Loans	  	 	49	  
	 2.07
	 	Interest	  	 	49	  
	 2.08
	 	Fees	  	 	50	  
	 2.09
	 	Computation of Interest and Fees	  	 	50	  
	 2.10
	 	Evidence of Debt	  	 	51	  
	 2.11
	 	Payments Generally; Administrative Agent’s Clawback	  	 	51	  
	 2.12
	 	Sharing of Payments by Lenders	  	 	53	  
	 2.13
	 	Cash Collateral	  	 	54	  
	 2.14
	 	Defaulting Lenders	  	 	55	  
	 2.15
	 	Borrowing Base	  	 	57	  
		
	 ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	59	  
			
	 3.01
	 	Taxes	  	 	59	  
	 3.02
	 	Illegality	  	 	64	  
	 3.03
	 	Inability to Determine Rates	  	 	65	  
	 3.04
	 	Increased Costs; Reserves on Eurodollar Rate Committed Loans	  	 	66	  
	 3.05
	 	Compensation for Losses	  	 	67	  
	 3.06
	 	Mitigation Obligations; Replacement of Lenders	  	 	68	  
	 3.07
	 	Survival	  	 	68	  
		
	 ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	 	69	  
			
	 4.01
	 	Conditions of Initial Credit Extension	  	 	69	  
	 4.02
	 	Conditions to all Credit Extensions	  	 	72	  
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	73	  
			
	 5.01
	 	Existence, Qualification and Power	  	 	73	  
	 5.02
	 	Authorization; No Contravention	  	 	73	  
	 5.03
	 	Governmental Authorization; Other Consents	  	 	73	  
	 5.04
	 	Binding Effect	  	 	73	  

  
 i 

							
	 5.05
	 	Financial Statements; No Material Adverse Effect	  	 	74	  
	 5.06
	 	Litigation	  	 	74	  
	 5.07
	 	No Default	  	 	74	  
	 5.08
	 	Ownership of Property; Liens	  	 	74	  
	 5.09
	 	Environmental Compliance	  	 	74	  
	 5.10
	 	Insurance	  	 	75	  
	 5.11
	 	Taxes	  	 	75	  
	 5.12
	 	ERISA Compliance	  	 	75	  
	 5.13
	 	Subsidiaries; Equity Interests	  	 	76	  
	 5.14
	 	Use of Proceeds; Margin Regulations; Investment Company Act	  	 	76	  
	 5.15
	 	Disclosure	  	 	76	  
	 5.16
	 	Compliance with Laws	  	 	77	  
	 5.17
	 	Taxpayer Identification Number	  	 	77	  
	 5.18
	 	Mineral Interests	  	 	77	  
	 5.19
	 	Licenses and Permits, Etc.	  	 	78	  
	 5.20
	 	Gas Balancing Agreements and Advance Payment Contracts	  	 	78	  
	 5.21
	 	Solvency	  	 	79	  
	 5.22
	 	Security Documents	  	 	79	  
	 5.23
	 	Anti-Terrorism Laws	  	 	79	  
	 5.24
	 	Swap Contracts	  	 	79	  
		
	 ARTICLE VI AFFIRMATIVE COVENANTS
	  	 	80	  
			
	 6.01
	 	Financial Statements	  	 	80	  
	 6.02
	 	Certificates; Other Information	  	 	81	  
	 6.03
	 	Notices	  	 	83	  
	 6.04
	 	Payment of Obligations	  	 	83	  
	 6.05
	 	Preservation of Existence, Etc.	  	 	84	  
	 6.06
	 	Maintenance of Properties	  	 	84	  
	 6.07
	 	Maintenance of Insurance	  	 	84	  
	 6.08
	 	Compliance with Laws	  	 	84	  
	 6.09
	 	Books and Records	  	 	84	  
	 6.10
	 	Inspection Rights	  	 	84	  
	 6.11
	 	Use of Proceeds	  	 	84	  
	 6.12
	 	Additional Guarantors	  	 	85	  
	 6.13
	 	Environmental Review	  	 	85	  
	 6.14
	 	Security	  	 	85	  
	 6.15
	 	Title Information; Opinions	  	 	86	  
	 6.16
	 	Environmental Law Compliance	  	 	86	  
	 6.17
	 	Compliance with Agreements	  	 	87	  
	 6.18
	 	Operation of Properties and Equipment	  	 	87	  
	 6.19
	 	Further Assurances	  	 	88	  
	 6.20
	 	Post-Closing Covenant	  	 	88	  
		
	 ARTICLE VII NEGATIVE COVENANTS
	  	 	89	  
			
	 7.01
	 	Liens	  	 	89	  
	 7.02
	 	Investments	  	 	89	  
	 7.03
	 	Indebtedness	  	 	90	  

  
 ii 

							
	 7.04
	 	Fundamental Changes	  	 	91	  
	 7.05
	 	Dispositions	  	 	91	  
	 7.06
	 	Restricted Payments	  	 	93	  
	 7.07
	 	Change in Nature of Business	  	 	93	  
	 7.08
	 	Transactions with Affiliates	  	 	93	  
	 7.09
	 	Burdensome Agreements	  	 	93	  
	 7.10
	 	Use of Proceeds	  	 	94	  
	 7.11
	 	Swap Contracts	  	 	94	  
	 7.12
	 	Amendments to Organization Documents	  	 	95	  
	 7.13
	 	Financial Covenant	  	 	95	  
	 7.14
	 	Accounting	  	 	95	  
	 7.15
	 	Limitation on Prepayment or Redemption of Indebtedness	  	 	95	  
	 7.16
	 	Limitation on Volumetric Production Payments	  	 	96	  
	 7.17
	 	Anti-Corruption Laws	  	 	96	  
		
	 ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES
	  	 	96	  
			
	 8.01
	 	Events of Default	  	 	96	  
	 8.02
	 	Remedies upon Event of Default	  	 	98	  
	 8.03
	 	Application of Funds	  	 	99	  
		
	 ARTICLE IX ADMINISTRATIVE AGENT
	  	 	100	  
			
	 9.01
	 	Appointment and Authority	  	 	100	  
	 9.02
	 	Rights as a Lender	  	 	101	  
	 9.03
	 	Exculpatory Provisions	  	 	101	  
	 9.04
	 	Reliance by Administrative Agent	  	 	102	  
	 9.05
	 	Delegation of Duties	  	 	102	  
	 9.06
	 	Resignation of Administrative Agent	  	 	102	  
	 9.07
	 	Non-Reliance on Administrative Agent and Other Lenders	  	 	104	  
	 9.08
	 	No Other Duties, Etc.	  	 	104	  
	 9.09
	 	Administrative Agent May File Proofs of Claim; Credit Bidding	  	 	104	  
	 9.10
	 	Collateral and Guaranty Matters	  	 	106	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	107	  
			
	 10.01
	 	Amendments, Etc.	  	 	107	  
	 10.02
	 	Notices; Effectiveness; Electronic Communications	  	 	108	  
	 10.03
	 	No Waiver; Cumulative Remedies; Enforcement	  	 	110	  
	 10.04
	 	Expenses; Indemnity; Damage Waiver	  	 	111	  
	 10.05
	 	Payments Set Aside	  	 	113	  
	 10.06
	 	Successors and Assigns	  	 	113	  
	 10.07
	 	Treatment of Certain Information; Confidentiality	  	 	117	  
	 10.08
	 	Right of Setoff	  	 	118	  
	 10.09
	 	Interest Rate Limitation	  	 	119	  
	 10.10
	 	Counterparts; Integration; Effectiveness	  	 	119	  
	 10.11
	 	Survival of Representations and Warranties	  	 	119	  
	 10.12
	 	Severability	  	 	120	  
	 10.13
	 	Replacement of Lenders	  	 	120	  
	 10.14
	 	Governing Law; Jurisdiction; Etc.	  	 	121	  

  
 iii 

							
	 10.15
	 	Waiver of Jury Trial	  	 	122	  
	 10.16
	 	No Advisory or Fiduciary Responsibility	  	 	122	  
	 10.17
	 	Electronic Execution of Assignments and Certain Other Documents	  	 	123	  
	 10.18
	 	PATRIOT Act	  	 	123	  
	 10.19
	 	Time of the Essence	  	 	123	  
	 10.20
	 	ENTIRE AGREEMENT	  	 	123	  
	 10.21
	 	Amendment and Restatement	  	 	124	  

  
 iv 

 SCHEDULES 
  

			
	 1
	  	Wheeler Midstream Gathering System
	 2.01
	  	Commitments and Applicable Percentages
	 4.01
	  	Security Documents
	 5.06
	  	Litigation
	 5.09
	  	Environmental Matters
	 5.13
	  	Subsidiaries; Other Equity Investments; Equity Interests in the Borrower
	 5.20
	  	Gas Balancing Agreements and Advance Pay Contracts
	 5.24
	  	Swap Contracts
	 6.20
	  	Post-Closing Obligations
	 7.02
	  	Existing Investments
	 10.02
	  	Administrative Agent’s Office; Certain Addresses for Notices

 EXHIBITS 
  

			
	 A
	  	Committed Loan Notice
	 B
	  	Note
	 C
	  	Compliance Certificate
	 D-1
	  	Assignment and Assumption
	 D-2
	  	Administrative Questionnaire
	 E
	  	Guaranty
	 F
	  	Opinion Matters
	 G-1 –
G-4
	  	Exemption Certificates

  
 v 

 AMENDED AND RESTATED CREDIT AGREEMENT 

This AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of December 31, 2014, among TAPSTONE ENERGY,
LLC, a Delaware limited liability company (the “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as
Administrative Agent and L/C Issuer. 
 RECITALS 

A. The Borrower, the Administrative Agent, and each of the financial institutions party thereto as lenders (the “Existing
Lenders”) are party to that certain Credit Agreement dated as of March 31, 2014 (the “Existing Credit Agreement”), pursuant to which the Existing Lenders provided certain loans and extensions of credit to the Borrower
(all such Indebtedness (as defined below) arising pursuant to the Existing Credit Agreement, the “Existing Indebtedness”). 

B. The Borrower, Apache Corporation, a Delaware corporation (“Apache”), and Apache Midstream LLC, a Delaware limited
liability company (“Apache Midstream” and together with Apache, the “Sellers”), entered into that certain Acquisition Agreement, dated as of November 19, 2014, pursuant to which the Sellers have agreed to sell
certain Mineral Interests in Texas and Oklahoma and 100% of the midstream assets known as the Wheeler Midstream Gathering System to the Borrower located in the Stiles and Mills Ranch areas (such system, as more specifically described on Schedule
1, together with all assets related thereto, excluding any assets disposed of pursuant to the terms hereof, the “Wheeler Midstream Gathering System”) to the Borrower, subject to the terms and conditions set forth in the
Acquisition Agreement. 
 C. Contemporaneously with the execution and delivery of this Agreement, the Borrower is consummating the
Acquisition. 
 D. Subject to the conditions precedent set forth herein, the parties hereto desire to amend and restate the Existing Credit
Agreement in its entirety in the form of this Agreement to (i) reflect the Acquisition and (ii) amend certain other terms of the Existing Credit Agreement in certain respects as provided in this Agreement. 

E. After giving effect to the amendment and restatement of the Existing Credit Agreement pursuant to the terms hereof, the Commitment of each
Lender hereunder will be as set forth on Schedule 2.01 attached hereto. 
 F. In consideration of the premises, the representations,
warranties, covenants, and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and subject to the satisfaction of each condition precedent set forth in
Section 4.01 hereof, the Existing Credit Agreement shall be amended and restated as of the Closing Date in the form of this Agreement. The parties hereto further agree as follows: 

 ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 

1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Acquired Assets” means the “Assets” as defined in and as contemplated by the Acquisition Agreement. 

“Acquisition” means the acquisition on the Closing Date by the Borrower of the Acquired Assets pursuant to the terms and
conditions of the Acquisition Agreement. 
 “Acquisition Agreement” means that certain Purchase and Sale Agreement dated
November 19, 2014 among Apache, Apache Midstream and the Borrower. 
 “Acquisition Material Adverse Effect” means any
circumstance, change, effect, condition, development, event or occurrence that has resulted in, or would be reasonably likely to result in, a material adverse effect on the financial condition or value of the Acquired Assets, taken as a whole;
provided, however, none of the following circumstances, changes, effects, conditions, developments, events or occurrences shall be deemed to constitute, or shall be taken into account in determining whether, an Acquisition Material
Adverse Effect has occurred or would be reasonably likely to occur: (a) any changes in commodity prices or in general conditions in the oil and gas industry; (b) changes, events, effects, or developments generally applicable to the oil and
gas industry in the States of Texas and Oklahoma provided that such changes, events, effects, or developments do not have a disproportionate effect on the Acquired Assets, taken as a whole as compared to similarly situated properties and
assets in the States of Texas and Oklahoma; (c) national or international political conditions, including any engagement in hostilities, whether or not pursuant to the declaration of a national emergency or war, or the occurrence of any
military, terrorist or criminal attack; (d) changes in Law, GAAP, or the interpretation thereof from and after November 19, 2014; (e) the announcement or pendency of the Acquisition Agreement, actions contemplated by the Acquisition
Agreement or the other Transaction Documents (as defined in the Acquisition Agreement), or the consummation of the transactions contemplated thereby; (f) matters that will be reflected as a downward adjustment in the determination of the
Adjusted Purchase Price (as defined in the Acquisition Agreement) as of the Closing Date; (g) changes or developments in financial or securities markets or the economy in general; (h) effects of weather, meteorological events, natural
disasters, or other acts of God; (i) any decrease in the market price of Borrower’s or either of the Sellers’ (or the Borrower’s or either of the Sellers’ parent’s) publicly traded equity securities; (j) the
downgrade in the rating of any debt or debt securities of the Borrower or the Sellers (or the Borrower’s or either of the Sellers’ parent); or (k) effects or changes that are cured or no longer exist by the earlier of the Closing (as
defined in the Acquisition Agreement) or the termination of the Acquisition Agreement under Article 13 thereof. 
 “Administrative
Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. 

  
 2 

 “Administrative Agent’s Office” means the Administrative Agent’s
address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit D-2 or any other form approved by the Administrative Agent. 
 “Affiliate” means,
with respect to any 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. 

“Aggregate Commitments” means the Commitments of all the Lenders, but in no event to exceed the Maximum Facility Amount. 

“Aggregate Disposition Value” has the meaning specified in Section 2.15(d). 

“Agreement” means this Amended and Restated Credit Agreement. 

“Annualized EBITDAX” means (a) as of March 31, 2015, Consolidated EBITDAX for the fiscal quarter then ending
multiplied by four; (b) as of June 30, 2015, Consolidated EBITDAX for the period of two consecutive fiscal quarters then ending multiplied by two; and (c) as of September 30, 2015, Consolidated EBITDAX for the period of three
consecutive fiscal quarters then ending multiplied by four-thirds. 
 “Apache” has the meaning assigned to such term in the
recitals to this Agreement. 
 “Apache Midstream” has the meaning assigned to such term in the recitals to this Agreement.

 “Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal
place) of the Aggregate Commitments represented by such Lender’s Commitment at such time, subject to adjustment as provided in Section 2.14. If the commitment of each Lender to make Committed Loans and the obligation
of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the
Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment
and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 

  
 3 

 “Applicable Rate” means, from time to time, the following percentages per annum,
based upon the Utilization Percentage as set forth below: 
  

															
	 Pricing Level
	  	Utilization Percentage	 	Commitment
Fee	 	 	Eurodollar
Rate +
Letters of
Credit	 	 	Base Rate	 
	 1
	  	<25%	 	 	0.375	% 	 	 	1.50	% 	 	 	0.50	% 
	 2
	  	325% but <50%	 	 	0.375	% 	 	 	1.75	% 	 	 	0.75	% 
	 3
	  	350% but <75%	 	 	0.375	% 	 	 	2.00	% 	 	 	1.00	% 
	 4
	  	375% but <90%	 	 	0.500	% 	 	 	2.25	% 	 	 	1.25	% 
	 5
	  	390%	 	 	0.500	% 	 	 	2.50	% 	 	 	1.50	% 

 Each change in the Applicable Rate shall be effective automatically without prior notice as changes in the
Utilization Percentage occur. Administrative Agent will give notice promptly to the Borrower and Lenders of changes in the Applicable Rate. As used herein, “Utilization Percentage” means, as of the last day of the immediately
preceding fiscal quarter, (i) Total Outstandings on such day divided by (ii) the Borrowing Base then in effect. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Approved Petroleum Engineer”
means Lee Keeling and Associates, Inc. or any other reputable firm of independent petroleum engineers as shall be selected by the Borrower and reasonably satisfactory to the Administrative Agent. 

“Arranger” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity as sole lead arranger and sole
book manager. 
 “Asset Disposition” means the sale, assignment, transfer, exchange or other Disposition by any Loan Party
of (a) any Borrowing Base Property or (b) any material portion of its right, title and interest in any Loan Party owning any Borrowing Base Property, other than to another Loan Party in accordance with the terms hereof; provided
that the term “Asset Disposition” shall not include the sale of assets arising in the ordinary course of business as a result of (i) a dilution or forfeiture of any Loan Party’s interest in an Borrowing Base Property in
connection with deemed transfers of working interests under any joint operating or participation agreement as the result of electing (or being deemed to have elected) not to participate in the drilling operations for a new well or
(ii) assignments pursuant to pooling or unitization agreements or other similar contracts in connection with which the applicable Loan Party receives an interest substantially equivalent to the interest it assigns; provided that in each
case of clauses (i) and (ii), any such adjustments to the working interest and net revenue interest have been taken into account in the most recently delivered Reserve Report. 

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds
managed by the same investment advisor. 
 “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of
Exhibit D-1 or any other form approved by the Administrative Agent. 

“Assumed Income Tax Rate” means the highest effective marginal combined U.S. federal, state and local income tax rate
(including any applicable Medicare contribution tax on certain investment income under Section 1411 of the Code) for a calendar year prescribed for an 

  
 4 

 
individual, or, if greater, a corporation resident in the City of New York (taking into account the Board’s reasonable estimation of the character of the applicable income (e.g., long-term
or short-term capital gain or ordinary or exempt) and the deductibility of state and local taxes for U.S. federal income tax purposes). 

“Assumed Tax Liability” of each member of the Borrower means for each calendar year or other period an amount equal to the
cumulative amount of federal, state and local income taxes (including any applicable estimated taxes) that the Board estimates would be due from such member for such calendar year or other period as of the date of each distribution (a) assuming
such member was an individual who earned solely the items of income, gain, deduction, loss, and/or credit allocated to such member pursuant to Section C.1.3 of Schedule C to the Borrower LLC Agreement (after reflecting any adjustments thereto by
reason of Section 732(d), 734 or 743 of the Code) (b) after taking proper account of loss carryforwards available to individual taxpayers resulting from losses allocated to the members by the Borrower, to the extent not taken into account in
prior periods and (c) assuming that such member is subject to tax at the Assumed Income Tax Rate. 
 “Attributable
Indebtedness” means, on any date, (a) in respect of any capital lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in
respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were
accounted for as a capital lease. 
 “Availability” means, as of any date, the remainder of (a) the Borrowing Base in
effect on such date, minus (b) the Total Outstandings on such date. 
 “Availability Period” means the period from and
including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.05, and (c) the date of termination of the commitment of
each Lender to make Committed Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02. 

“Bank of America” means Bank of America, N.A. and its successors. 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2
of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Eurodollar Rate for a one-month Interest Period
(as determined on such day) plus 1.00% The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a
reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of
such change. 
 “Base Rate Committed Loan” means a Committed Loan that that bears interest based on the Base Rate. 

  
 5 

 “Blackstone/GSO” means GSO Capital Partners, LP. 

“Borrower” has the meaning specified in the introductory paragraph hereto. 

“Board” means the Board of Managers of the Borrower. 

“Borrower LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of the Borrower dated as of
December 31, 2013. 
 “Borrower Materials” has the meaning specified in Section 6.02. 

“Borrowing Base” means at any time an amount equal to the amount determined in accordance with
Section 2.15, as the same may be adjusted from time to time pursuant to Section 2.15(d) or Section 5.18. 

“Borrowing Base Deficiency” means, as of any date, the amount, if any, by which the Total Outstandings on such date (less the
Outstanding Amount of all L/C Obligations that have been Cash Collateralized) exceed the Borrowing Base in effect on such date; provided, that, for purposes of determining the existence and amount of any Borrowing Base Deficiency, L/C
Obligations will not be deemed to be outstanding to the extent they are secured by Cash Collateral in the manner contemplated by Section 2.03. 

“Borrowing Base Properties” means all Proved Mineral Interests described in the most recently delivered Reserve Report for
purposes of establishing the Borrowing Base. The Borrowing Base Properties on the Closing Date constitute all of the Proved Mineral Interests described in the Initial Reserve Report. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Committed Loan, means any such day that is also a London Banking Day. 

“Cash Collateral” has the meaning given it in the definition of “Cash Collateralize”. 

“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the
Administrative Agent or L/C Issuer (as applicable) and the Lenders, as collateral for L/C Obligations or obligations of Lenders to fund participations in respect thereof (as the context may require), cash or deposit account balances or, if the L/C
Issuer benefiting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to (a) the Administrative Agent and (b) the L/C Issuer (as
applicable). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Cash Management Agreement” means any agreement to provide cash management services, including treasury, depository,
overdraft, credit or debit card, electronic funds transfer and other cash management arrangements. 

  
 6 

 “Cash Management Bank” means any Person that, at the time it enters into a Cash
Management Agreement with a Loan Party, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Cash Management Agreement. 

“Casualty Loss” means any physical damage to a Facility or Well (each as defined in the Acquisition Agreement) that
(a) is not the result of normal wear and tear, mechanical failure or gradual structural deterioration of materials, equipment, and infrastructure, downhole failure (including (i) failures arising or occurring during drilling or completing
operations, (ii) junked or lost holes or (iii) sidetracking or deviating a well), or reservoir changes or depletion due to normal production or (b) is a result of acts of God, fire, explosion, pipeline or gathering line failure,
earthquake, hurricane, tropical storm, tropical depression, storm, windstorm or blowout. 
 “CFC” means a “controlled
foreign corporation” as defined in Section 957 of the Code. 
 “CFC Holding Company” means a Domestic Subsidiary,
owned directly by the Borrower or another Domestic Subsidiary, that has no material assets other than Equity Interests in, or Indebtedness of, one or more CFCs. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,
adopted or issued. 
 “Change of Control” means an event or series of events by which (i) the Designated Equityholders
shall collectively cease to beneficially own and control, directly or indirectly, on a fully diluted basis at least a majority of the issued and outstanding Voting Securities of the Borrower or (ii) the Designated Equityholders shall
collectively cease to beneficially own and control, directly or indirectly, on a fully diluted basis at least a majority of the economic value of the issued and outstanding Equity Interests of the Borrower. 

“Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or
waived in accordance with Section 10.01. 
 “Code” means the Internal Revenue Code of 1986. 

“Collateral” means all property of any kind which, under the terms of any Loan Document, is subject to a Lien in favor of the
Administrative Agent for the benefit of Persons to whom any Obligations are owed including (a) Borrowing Base Properties having, collectively, not less than 80% of the Recognized Value of the Loan Parties’ Proved Mineral Interests
(provided that any Loan Document or Mortgage that secures a maximum principal sum less than 

  
 7 

 
the Recognized Value of the Proved Mineral Interests shall be deemed to cover and encumber a Recognized Value equal to the maximum principal sum secured), (b) the ownership interest in each
existing and future (x) Domestic Subsidiary of the Borrower or any other Loan Party and (y) no more than 66% of the issued and outstanding voting Equity Interests (but 100% of any non-voting Equity
Interests) of any First-Tier Foreign Subsidiary that is a CFC or that is a disregarded entity that owns no material assets other than stock of a CFC or any CFC Holding Company shall be Collateral), (c) the Wheeler Midstream Gathering System and
(d) on all accounts receivable, inventory, intangibles and fixed assets of the Loan Parties. Notwithstanding the foregoing, “Collateral” shall not include those assets: (i) as to which the Administrative Agent shall determine in
its reasonable discretion that the cost of obtaining such a security interest is excessive in relation to the value of the security to be afforded thereby, (ii) as to which a grant of a security interest therein is prohibited by applicable law
or anti-assignment provisions that are not ineffective as a result of the application of Article 9 of the relevant Uniform Commercial Code, (iii) that constitute crops or farm products, (iv) that constitute vehicle and other equipment
subject to a certificate of title statute, (v) that constitute immaterial letter of credit rights (except to the extent the related supported obligation is otherwise collateral) or (vi) leasehold mortgages on real property (other than
mortgages with respect to Borrowing Base Properties). Notwithstanding the foregoing, “Collateral” shall not include any “Buildings” or “Manufactured (Mobile) Homes” (each as defined in the National Flood Insurance Act
of 1968 as now or hereafter in effect or any successor statute thereto, the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, the National Flood Insurance Reform Act of 1994 (amending 42 USC §
4001, et seq.), as the same may be amended or recodified from time to time, and the Flood Insurance Reform Act of 2004 and any regulations promulgated thereunder). 

“Commitment” means, as to each Lender, its obligation to (a) make Committed Loans to the Borrower pursuant to
Section 2.01, and (b) purchase participations in L/C Obligations, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01
or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 

“Committed Borrowing” means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of
Eurodollar Rate Committed Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 

“Committed Loan” has the meaning specified in Section 2.01. 

“Committed Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one
Type to the other, or (c) a continuation of Eurodollar Rate Committed Loans, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent
including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent, appropriately completed and signed by a Responsible Officer of the Borrower. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit C. 

  
 8 

 “Connection Income Taxes” means Other Connection Taxes that are imposed on or
measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated EBITDAX”
means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income, without
duplication: (i) Consolidated Interest Charges for such period, (ii) any provision for Federal, state, local and foreign income or franchise taxes payable by the Borrower and its Subsidiaries for such period, (iii) depreciation,
depletion, amortization and exploration expenses, (iv) to the extent (A) expensed and recognized in the applicable period and (B) such transaction fees and expenses do not exceed 10% of total Consolidated EBITDAX (which total
Consolidated EBITDAX shall be determined on a pro forma basis as set forth below but without including any such transaction fees and expenses) for the applicable period, the transaction fees and expenses incurred during the applicable period
in connection with the negotiation, execution and closing of (1) this Agreement and the closing of the Acquisition (including in connection with hedging transactions in connection therewith), (2) of any acquisition, Disposition or Investment
otherwise permitted by this Agreement, or (3) any amendment, refinancing or other modification of any Loan Document, or (v) any other non-cash charges,
non-cash expenses or non-cash losses of the Borrower or any Consolidated Subsidiary for such period (excluding any such charge, expense or loss incurred in the ordinary
course of business that constitutes an accrual of or reserve for cash charges for any future period) including non-cash losses or charges resulting from the requirements of FAS 133; provided that cash
payments made during such period or in any future period in respect of such non-cash charges, expenses or losses (other than any such excluded charge, expense or loss as described above) shall be subtracted
from Consolidated Net Income in calculating Consolidated EBITDAX for the period in which such payments are made, and minus (b) the following to the extent included in calculating such Consolidated Net Income, without duplication:
(i) Federal, state, local and foreign income or franchise tax credits of the Borrower and its Subsidiaries for such period, (ii) any unrealized non-cash gains in respect of any Swap Contracts
resulting from the requirements of FAS 133, and (iii) all non-cash items increasing Consolidated Net Income for such period. If the Borrower or any Consolidated Subsidiary shall acquire or Dispose of any
assets with a fair market value of $15,000,000 or more, make any Investment in an amount in excess of $15,000,000 during such period or merge or consolidate with a Person that is not a Loan Party as permitted by this Agreement, then Consolidated
EBITDAX shall be calculated after giving pro forma effect to such acquisition, Disposition, Investment, merger or consolidation as if such acquisition, Disposition, Investment, merger or consolidation had occurred on the first day of such
period. 
 “Consolidated Funded Indebtedness” means, as of any date of determination, for the Borrower and its Subsidiaries
on a consolidated basis, the remainder of (i) sum of, without duplication, (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations under the Loan Documents but
excluding intercompany debt among Loan Parties) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all direct reimbursement obligations arising under letters of credit (including standby
and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments, (c) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course

  
 9 

 
of business and, in each case, not past due for more than 60 days or that are being diligently contested in good faith and for which adequate reserves are being maintained in accordance with
GAAP), (d) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by a Loan Party (including indebtedness arising under conditional sales or other title retention agreements), whether or not such
indebtedness shall have been assumed by such Loan Party or is limited in recourse, (e) Attributable Indebtedness in respect of capital leases and Synthetic Lease Obligations, (f) all Guarantees with respect to outstanding Indebtedness of
the types specified in clauses (a) through (e) above of Persons other than the Borrower or any Subsidiary to the extent of the lesser of the amount of such Indebtedness and the maximum stated amount of such Guarantee, and
(g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which the Borrower
or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to the Borrower or such Subsidiary minus (ii) an amount equal to the total collected
balances of cash equivalents properly reflected as assets of the Borrower and its Subsidiaries in accordance with GAAP that are maintained in deposit or securities accounts (A) subject to a Control Agreement or (B) maintained with the
Administrative Agent as depositary bank. For the avoidance of doubt, Consolidated Funded Indebtedness shall not include Indebtedness in respect of Swap Contracts. 

“Consolidated Interest Charges” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, the sum
of (a) all interest, premium payments, debt discount, fees, charges and related expenses of the Borrower and its Subsidiaries in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price
of assets, in each case to the extent treated as interest in accordance with GAAP, and (b) the portion of rent expense of the Borrower and its Subsidiaries with respect to such period under capital leases that is treated as interest in
accordance with GAAP. 
 “Consolidated Leverage Ratio” means (a) as of each of March 31, 2015, June 30, 2015
and September 30, 2015, the ratio of (i) Consolidated Funded Indebtedness as of such date to (ii) Annualized EBITDAX as of such date, and (b) as of the last day of any other fiscal quarter, the ratio of (i) Consolidated
Funded Indebtedness as of such date to (ii) Consolidated EBITDAX for the period of four consecutive fiscal quarters then ending on such date. 

“Consolidated Net Income” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, the net
income of the Borrower and its Subsidiaries (excluding extraordinary gains and extraordinary losses) for that period; provided that there shall be excluded from Consolidated Net Income the undistributed earnings of any Subsidiary
(a) that is subject to any Contractual Obligation (other than under any Loan Document) that limits the ability of such Subsidiary to make Restricted Payments to any Loan Party or (b) that is or has been subject to an event specified in
Section 8.01(e), (f), (g) or (h). 
 “Consolidated Subsidiaries” means each Subsidiary of a
Person the financial statements of which shall be consolidated with the financial statements of such Person in accordance with GAAP. 

  
 10 

 “Contractual Obligation” means, as to any Person, any provision of any security
issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“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 (provided that individual natural persons who are members of a board of managers or board of directors of a Person shall not be deemed to
Control such Person solely because of such membership). “Controlling” and “Controlled” have meanings correlative thereto. 

“Control Agreement” means a control agreement in form and substance satisfactory to the Administrative Agent necessary to
cause the Administrative Agent to have “control” (within the meaning of Section 9-104 of the UCC) over such deposit or securities account. 

“Credit Extension” means each of the following: (a) a Committed Borrowing and (b) an L/C Credit Extension. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights
of creditors generally. 
 “Default” means any event or condition that constitutes an Event of Default or that, with the
giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default Rate” means (a) when
used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Committed Loans plus (iii) 2% per annum;
provided, however, that with respect to a Eurodollar Rate Committed Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Committed Loan plus 2% per
annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum. 

“Defaulting Lender” means, subject to Section 2.14(b), any Lender that (a) has failed to (i) fund all or any
portion of its Committed Loans within two Business Days of the date such Committed Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of the
failure to satisfy one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing), or (ii) pay to the Administrative Agent, the L/C Issuer
or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or
the L/C Issuer in writing that it does not intend to comply with its funding obligations hereunder or generally under other agreements in which it commits to extend credit, or has made a public statement to either effect (unless such writing or
public statement relates to such Lender’s 

  
 11 

 
obligation to fund a Loan hereunder and states that such position is based on the failure to satisfy a condition precedent to funding (which condition precedent, together with any applicable
default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the
Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written
confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver,
custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or
federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company
thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on
its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under
any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender
(subject to Section 2.14(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower, the L/C Issuer and each other
Lender promptly following such determination. 
 “Designated Equityholders” means any of the following:
(a) Blackstone/GSO, (b) any fund, investment account, or other investment vehicle managed, advised, sub-advised or sponsored by Blackstone/GSO or an Affiliate of such Person, (c) any Affiliate of
Blackstone/GSO, (d) Tom L. Ward, (e) trusts, the sole beneficiaries and trustees of which are the individual listed in clause (d) above or his immediate family members, and (f) corporations, partnerships and other entities (i) of
which the individual listed in clause (d) above or his immediate family members are the beneficial owners of all capital stock and other equity or voting interests, and (ii) that are controlled by such individual and his immediate family
members. 
 “Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is
the subject of any Sanctions. 
 “Disposition” or “Dispose” means the sale, transfer, license, lease or
other disposition (including any sale and leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims
associated therewith. 
 “Disqualified Capital Stock” means Equity Interests (a) which are mandatorily redeemable, in
whole or in part, or required to be repurchased, paid, repaid or redeemed, in whole or in part, by any Loan Party or any of its Subsidiaries (other than, in each case, any such 

  
 12 

 
redemption, repayment or purchase in exchange for additional shares of Equity Interests), or which requires the payment of cash dividends, principal or interest payments, in each case, prior to
the date which is six (6) months after the Maturity Date; (b) which is secured by the assets of any Loan Party or any of its Subsidiaries; or (c) which is convertible or exchangeable at any time prior to the date that is six
(6) months after the Maturity Date into Indebtedness of any Loan Party or any of its Subsidiaries. 
 “Dollar” and
“$” mean lawful money of the United States. 
 “Domestic Subsidiary” means any Subsidiary that is
organized under the laws of any political subdivision of the United States other than such a Subsidiary that is (i) a CFC Holding Company or (ii) owned directly or indirectly by a CFC. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii) and
(v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)). 
 “Environmental
Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions having the
force and effect of law relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public
systems. 
 “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages,
costs of environmental remediation, fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law,
(b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the
environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit
interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other
ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of
determination. 
 “Equity Investment” means the contribution of cash by Blackstone/GSO or its Affiliates in exchange for
common Equity Interests in the Borrower. 
 “ERISA” means the Employee Retirement Income Security Act of 1974. 

  
 13 

 “ERISA Affiliate” means any trade or business (whether or not incorporated)
under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Borrower or
any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as
such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a
notice of intent to terminate a Pension Plan or the treatment of a Pension Plan amendment as a termination under Section 4041 of ERISA or the termination of a Multiemployer Plan under Section 4041A of ERISA; (e) the institution by the PBGC
of proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the
determination that any Pension Plan is considered an at-risk plan or that a Multiemployer Plan is in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303,
304 and 305 of ERISA, as applicable; (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate; or (i) a
failure by the Borrower or any ERISA Affiliate to meet all applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or the failure by the Borrower or any ERISA Affiliate to make any required
contribution to a Multiemployer Plan. 
 “Eurodollar Rate” means: 

(a) for any Interest Period with respect to a Eurodollar Rate Committed Loan, the rate per annum equal to the London Interbank
Offered Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such
quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such
Interest Period) with a term equivalent to such Interest Period; and; 
 (b) for any interest calculation with respect to a
Base Rate Committed Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; 

provided that (i) to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate
shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as
otherwise reasonably determined by the Administrative Agent and (ii) if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for the purposes of this Agreement. 

  
 14 

 “Eurodollar Rate Committed Loan” means a Committed Loan that bears interest at a
rate based on clause (a) of the definition of “Eurodollar Rate.” 
 “Event of Default” has the
meaning specified in Section 8.01. 
 “Excluded Taxes” means any of the following Taxes imposed
on or with respect to Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof)
or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Committed Loan or Commitment
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Committed Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 10.13) pursuant to
Section 3.06(b) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(a), amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and
(d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 
 “Existing Credit Agreement” has the
meaning assigned to such term in the recitals to this Agreement. 
 “Existing Indebtedness” has the meaning assigned to
such term in the recitals to this Agreement. 
 “Existing Lenders” has the meaning assigned to such term in the recitals to
this Agreement. 
 “FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental
agreement entered into in connecting with the implementation of such Sections of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreement. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day
is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business 

  
 15 

 
Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole
multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent. 

“Fee Letters” means collectively the (a) fee letter, dated March 31, 2014 among the Borrower, the Administrative
Agent and the Arranger, as amended, supplemented or modified from time to time and (b) the fee letter, dated November 19, 2014 among the Borrower, the Administrative Agent and the Arranger, as amended, supplemented or modified from time to
time. 
 “Finance Co” shall mean any direct, wholly-owned Subsidiary of the Borrower incorporated to become or otherwise
serving as a co-issuer or co-borrower of Indebtedness permitted by this Agreement, which Subsidiary meets the following conditions at all times: (a) the provisions
of Section 6.12 have been complied with in respect of such Subsidiary, and such Subsidiary is a Loan Party, (b) such Subsidiary shall be a corporation, (c) such Subsidiary shall be a Domestic Subsidiary and
(d) such Subsidiary has not (i) incurred, directly or indirectly any Indebtedness or any other obligation or liability whatsoever other than the Indebtedness that it was formed to co-issue or co-borrow (including, for the avoidance of doubt, any additional series, tranche or issuance of such type of Indebtedness) and for which it serves as co-issuer or co-borrower, (ii) engaged in any business, activity or transaction, or owned any property, assets or Equity Interests other than (A) performing its obligations and activities incidental to the co-issuance or co-borrowing of the Indebtedness that it was formed to co-issue or co-borrower
and (B) other activities incidental to the maintenance of its existence, including legal, tax and accounting administration, (iii) consolidated with or merged with or into any Person, or (iv) failed to hold itself out to the public as
a legal entity separate and distinct from all other Persons. 
 “First-Tier Foreign Subsidiary” means any Foreign
Subsidiary the Equity Interests of which are owned directly by the Borrower or a Domestic Subsidiary. 
 “Foreign Lender”
means a Lender that is not a U.S. Person. 
 “Foreign Subsidiary” means any Subsidiary that is not a U.S. Person. 

“FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to the L/C Issuer, such Defaulting
Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the
terms hereof. 
 “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

  
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 “GAAP” means generally accepted accounting principles in the United States set
forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be
approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government (including any supra-national bodies such as the European Union or the European Central Bank). 
 “Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation,
(iii) to maintain a specified level of working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness
or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect
thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right,
contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in
respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a
corresponding meaning. 
 “Guarantors” means, collectively, each Subsidiary of the Borrower that has become party to the
Guaranty on the Closing Date or at any time thereafter, including pursuant to the requirements of Section 6.12. 

“Guaranty” means the Guaranty made by the Guarantors in favor of the Administrative Agent and the Secured Parties,
substantially in the form of Exhibit E. 
 “Hazardous Materials” means all explosive or radioactive substances or
wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other
substances or wastes of any nature regulated pursuant to any Environmental Law. 

  
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 “Hydrocarbons” means oil, gas, casinghead gas, drip gasoline, natural gasoline,
condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined or separated therefrom. 
 “Immaterial
Title Deficiencies” means, with respect to Borrowing Base Properties, defects or clouds on title, discrepancies in reported net revenue and working interest ownership percentage and other Liens, defects, discrepancies and similar matters
which do not, individually or in the aggregate, affect Borrowing Base Properties with a Recognized Value greater than three percent (3%) of the Recognized Value of all such Borrowing Base Properties. 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for borrowed money and
all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 
 (b)
all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 

(c) net obligations of such Person under any Swap Contract; 

(d) all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts
payable in the ordinary course of business and, in each case, not past due for more than 90 days or that are being diligently contested in good faith and for which adequate reserves are being maintained in accordance with GAAP); 

(e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person
(including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(f) Attributable Indebtedness in respect of capital leases and Synthetic Lease Obligations; 

(g) all obligations of such Person, contingent or otherwise, with respect to Disqualified Capital Stock to purchase, redeem,
retire, defease or otherwise make any payment in respect of any Equity Interest in such Person or any other Person on a date prior to the date that is six (6) months after the Maturity Date, valued, in the case of a redeemable preferred
interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and 

(h) all Guarantees of such Person in respect of any of the foregoing. 

  
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 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any capital lease or
Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. 

“Indemnified Taxes” means (a) Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indemnitees” has the meaning specified in Section 10.04(b). 

“Information” has the meaning specified in Section 10.07. 

“Initial Reserve Report” means collectively (a) the most recently delivered Reserve Report under the Existing Credit
Agreement and (b) the reserve report with respect to the Acquired Assets, prepared by Lee Keeling and Associates, Inc., dated as of October 1, 2014. 

“Interest Payment Date” means, (a) as to any Committed Loan other than a Base Rate Committed Loan, the last day of each
Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Committed Loan exceeds three months, the respective dates that fall every three months after the
beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Committed Loan, the last Business Day of each March, June, September and December and the Maturity Date. 

“Interest Period” means, as to each Eurodollar Rate Committed Loan, the period commencing on the date such Eurodollar Rate
Committed Loan is disbursed or converted to or continued as a Eurodollar Rate Committed Loan and ending on the date one, two, three or six months thereafter (in each case, subject to availability), as selected by the Borrower in its Committed Loan
Notice, or such other period that is twelve months or less requested by the Borrower and consented to by all the Lenders; provided that: 

(i) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless, in the case of a Eurodollar Rate Committed Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(ii) any Interest Period pertaining to a Eurodollar Rate Committed Loan that begins on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(iii) no Interest Period shall extend beyond the Maturity Date. 

  
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 “Investment” means, as to any Person, (a) the purchase or other acquisition
of capital stock or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another
Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other Person, or (c) the purchase or other acquisition (in one transaction or a
series of transactions) of assets of another Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in
the value of such Investment. 
 “IRS” means the United States Internal Revenue Service. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document,
agreement and instrument entered into by the L/C Issuer and any Loan Party or in favor of the L/C Issuer and relating to such Letter of Credit. 

“Junior Lien” means any Lien solely on the Collateral (other than the Liens securing the Obligations) that are subordinated
to the Liens securing the Obligations pursuant to an intercreditor agreement in form and substance reasonably acceptable to the Administrative Agent. 

“Laws” means, collectively, any law, statute, code, ordinance, order, determination, rule, regulation, judgment, decree,
injunction, franchise, permit, certificate, license, rules of common law, authorization or other directive or requirement, whether now or hereinafter in effect, of any Governmental Authority. 

“L/C Advance” means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in
accordance with its Applicable Percentage. 
 “L/C Borrowing” means an extension of credit resulting from a drawing under
any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Committed Borrowing. 
 “L/C Credit
Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof. 

“L/C Issuer” means Bank of America in its capacity as issuer of Letters of Credit hereunder, any such other consenting Lender
nominated by the Borrower and approved by the Administrative Agent or any successor issuer of Letters of Credit hereunder. 
 “L/C
Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of
computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in 

  
 20 

 
accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be
drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“Lender” has the meaning specified in the introductory paragraph hereto. 

“Lender Counterparty” means any Person that was a Lender or any Affiliate of a Lender at the time entered into a Swap
Contract with any Loan Party, in each case, only to the extent that at such time such Person has (a) a credit rating of at least BBB by S&P or “Baa” by Moody’s, (b) provided a Guarantee by another Person meeting the
foregoing credit rating requirements or (c) otherwise made arrangements satisfactory to the Administrative Agent. 
 “Lender
Swap Obligations” means all obligations arising from time to time under Swap Contracts entered into from time to time between either Borrower or any Guarantor and a Lender Counterparty; provided that if such Lender Counterparty
ceases to be a Lender hereunder or an Affiliate of a Lender hereunder, Lender Swap Obligations shall only include such obligations to the extent arising from transactions entered into at the time such Lender Counterparty was a Lender hereunder or an
Affiliate of a Lender hereunder. 
 “Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 

“Letter of Credit” means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a
standby letter of credit. 
 “Letter of Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer. 
 “Letter of Credit Expiration
Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day). 

“Letter of Credit Fee” has the meaning specified in Section 2.03(h). 

“Letter of Credit Sublimit” means $50,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the
Aggregate Commitments. 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention
agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Loan Documents” means this Agreement, each Note, each Issuer Document, any agreement creating or perfecting rights in Cash
Collateral pursuant to the provisions of Section 2.13 of this Agreement, the Fee Letters, the Security Documents, and all other material certificates, documents or instruments delivered in connection with this Agreement, as
the foregoing may be amended from time to time. 

  
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 “Loan Parties” means, collectively, the Borrower and each Guarantor. 

“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London
interbank eurodollar market. 
 “Majority Lenders” means, as of any date of determination, two or more Lenders having at
least 50% of the Aggregate Commitments or, if the commitment of each Lender to make Committed Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, two or
more Lenders holding in the aggregate at least 50% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations being deemed “held” by such Lender for purposes of
this definition); provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Majority Lenders. 

“Management Services Agreement” means that certain Management Services Agreement, dated as of December 31, 2013, by and
between TLW Management Company, LLC, as Service Provider, and the Borrower. 
 “Material Acquisition” means an acquisition
of Mineral Interests or Equity Interests of a Person owning Mineral Interests (which upon such acquisition of such Person shall become a Guarantor pursuant to the terms hereof) for consideration exceeding the greater of (a) $50,000,000 or (b)
10% of the Borrowing Base (without giving effect to such acquisition). 
 “Material Adverse Change” means any circumstance
or event that has had a Material Adverse Effect. 
 “Material Adverse Effect” means (a) a material adverse change in,
or a material adverse effect on, the operations, business, properties or financial condition of the Borrower and its Subsidiaries, taken as a whole; (b) a material impairment of the rights and remedies of the Administrative Agent or any Lender
under any Loan Document, or of the ability of the Borrower or any Guarantors to perform their obligations under any Loan Document; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan
Party of any Loan Document to which it is a party. 
 “Maturity Date” means December 31, 2019; provided,
however, that if such date is not a Business Day, the Maturity Date shall be the immediately preceding Business Day. 

“Maximum Facility Amount” means $1,000,000,000. 

“Mineral Interests” means rights, estates, titles, and interests in and to oil and gas leases and any oil and gas interests,
royalty and overriding royalty interest, production payment, net profits interests, oil and gas fee interests, and other rights therein, including, without limitation, any reversionary or carried interests relating to the foregoing, together with
rights, titles, and interests created by or arising under the terms of any unitization, communitization, and pooling 

  
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agreements or arrangements, and all properties, rights and interests covered thereby, whether arising by contract, by order, or by operation of Laws, which now or hereafter include all or any
part of the foregoing. 
 “Minimum Collateral Amount” means, at any time, (a) with respect to Cash Collateral
consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 103% of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued
and outstanding at such time, (b) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.16(a)(i), (a)(ii) or (a)(iii), an amount equal to 103%
of the Outstanding Amount of all LC Obligations, and (c) otherwise, an amount determined by the Administrative Agent and the L/C Issuer in their sole discretion. 

“Monthly Date” means the last day of each calendar month or, if such day is not a Business Day, the next succeeding Business
Day. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Mortgages” means all mortgages, deeds of trust, security agreements, pledge agreements and similar documents, instruments
and agreements creating, evidencing, perfecting or otherwise establishing the Liens required by Section 6.14 hereof in the Proved Mineral Interests of any Loan Party and the Wheeler Midstream Gathering System as may
heretofore or may hereafter be granted or assigned to the Administrative Agent to secure payment of the Obligations or any part thereof. All Mortgages shall be in form and substance reasonably satisfactory to the Administrative Agent. 

“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the
Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

“Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including the Borrower or any ERISA
Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 
 “Net
Cash Proceeds” means the remainder of the gross cash proceeds received by any Loan Party from any Asset Disposition or Swap Termination less (a) commissions, legal, accounting and other professional fees and expenses, and other usual
and customary transaction costs, including, without limitation, indemnification and other post-closing obligations and reserves related to any such Asset Disposition or Swap Termination, in each case only to the extent paid or payable by a Loan
Party in cash and related to such Asset Disposition or Swap Termination, respectively, (b) taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements) and
(c) debt (other than with respect the Obligations) which is secured by a Lien upon any of the assets being sold and which must be repaid as a result of such sale. 

“Note” means a promissory note made by the Borrower in favor of a Lender evidencing Committed Loans made by such Lender,
substantially in the form of Exhibit B. 

  
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 “Obligations” means the Lender Swap Obligations and all advances to, and debts,
liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Committed Loan, Letter of Credit or Secured Cash Management Agreement, whether direct or indirect (including those
acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under
any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or
organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity. 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes
imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to any Loan Document, except any such Taxes that are
Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06). 

“Outstanding Amount” means (a) with respect to Committed Loans on any date, the aggregate outstanding principal amount
thereof after giving effect to any borrowings and prepayments or repayments of Committed Loans occurring on such date; and (b) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect
to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts. 

“Participant” has the meaning specified in Section 10.06(d). 

  
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 “Participant Register” has the meaning specified in Section 10.06(d).

 “Patriot Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)). 
 “PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Act” means the Pension Protection Act of 2006. 

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any
installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act
and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 
 “Pension
Plan” means any employee pension benefit plan (including a Multiple Employer Plan, but excluding a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA Affiliate and is either covered by Title IV of
ERISA or is subject to the minimum funding standards under Section 412 of the Code. 
 “Permits” has the meaning
specified in Section 5.19. 
 “Permitted Additional Debt” means Junior Lien term loans or notes
or unsecured Indebtedness, in each case, issued by the Borrower and/or Finance Co; provided, however, that, the incurrence thereof is subject to the following conditions: (a) the maturity date of any such Indebtedness shall be no
earlier than the date that is six months after the Maturity Date, (b) the documentation governing such Indebtedness shall not require any scheduled amortization prior to its maturity date, (c) the terms and conditions of such Indebtedness,
taken as a whole, shall be no more restrictive than the terms and conditions of this Agreement, (d) the Borrower shall be in compliance with the financial covenant set forth in Section 7.13(a) after giving pro forma effect to such
incurrence, as of the last day of the most recent fiscal quarter of the Borrower for which financial statements have been delivered pursuant to Section 6.01(a) or (b), (e) no Subsidiary that is not a Loan Party shall guarantee
such Indebtedness, (f) if such Indebtedness is subordinated, such Indebtedness shall have subordination terms customary for Indebtedness of such type and (g) no Default or Event of Default shall have occurred and be continuing immediately
after giving effect to the issuance of such Indebtedness; provided, further that the Borrower shall have delivered a certificate of a Responsible Officer of the Borrower to the Administrative Agent designating any such debt as
Permitted Additional Debt. 
 “Permitted Encumbrances” means with respect to any asset: 

(a) Liens securing the Obligations; 

(b) minor defects in title which do not secure the payment of money and otherwise have no material adverse effect on the value
or the operation of the subject property, and for the purposes of this Agreement, a minor defect in title shall include, but not be limited to, easements, zoning restrictions,
rights-of-way, servitudes, permits, surface leases and other similar rights in respect of surface operations, and easements for

  
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pipelines, streets, alleys, highways, telephone lines, power lines, railways and other easements and rights-of-way,
on, over or in respect of any of the properties of any Loan Party that are customarily granted in the oil and gas industry; 

(c) (i) contractual or statutory Liens securing obligations for labor, services, materials and supplies furnished to Mineral
Interests, or (ii) Liens on pipeline or pipeline facilities which arise out of operation of law, or (iii) Liens arising in the ordinary course of business under operating agreements, joint venture agreements, partnership agreements, oil
and gas leases, farm-out agreements, division orders, contracts for the sale, purchase, transportation, processing or exchange of oil, gas or other hydrocarbons, unitization and pooling declarations and
agreements, area of mutual interest agreements, development agreements, joint ownership arrangements and other agreements which are customary in the oil and gas business, provided that, in the case of any Lien described in the foregoing
clauses (i), (ii) or (iii), such Lien secures obligations that are not Indebtedness and are not delinquent for more than ninety (90) days or which are being contested in good faith by appropriate proceedings diligently
conducted and for which adequate reserves have been maintained in accordance with GAAP, and such Lien has no material adverse effect on the value or operation of the property encumbered thereby; 

(d) contractual or statutory landlord’s liens, operators’, vendors’, carriers’, warehousemen’s,
repairmen’s, mechanics’, suppliers’, workers’, materialmen’s, construction or other like Liens arising in the ordinary course of business and related facilities and assets which are not overdue for a period of more than
ninety (90) days or which are being contested in good faith and by appropriate proceedings diligently conducted and for which adequate reserves have been maintained in accordance with GAAP; 

(e) Liens for Taxes or assessments not yet due or not yet delinquent, or, if delinquent, are not delinquent for a period of
more than ninety (90) days or which are being contested in good faith and by appropriate proceedings diligently conducted and for which adequate reserves have been maintained in accordance with GAAP; 

(f) lease burdens payable to third parties which are deducted in the calculation of discounted present value in any Reserve
Report including, without limitation, any royalty, overriding royalty, net profits interest, production payment, carried interest or reversionary working interest; 

(g) rights of first refusal, purchase options and similar rights granted pursuant to joint operating agreements, joint
ownership agreements, stockholders agreements, organic documents and other similar agreements and documents that have been disclosed to the Administrative Agent in writing; 

(h) Liens incurred in the ordinary course of business on cash or securities pledged in connection with workmen’s
compensation, unemployment insurance or other forms of governmental insurance or benefits, or to secure performance of tenders, statutory obligations, leases and contracts (other than for Indebtedness), entered into in the ordinary course of
business (including lessee and operator obligations under statute, 

  
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governmental regulations or instruments related to the ownership, exploration and production of oil, gas and minerals on state, federal or foreign lands or waters) or to secure obligations on
surety or appeal bonds; 
 (i) pre-judgment Liens and Liens securing judgments for
the payment of money not constituting an Event of Default under Section 8.01(h); 
 (j) Liens resulting from the
deposit of funds or evidences of Indebtedness in trust for the purpose of defeasing Indebtedness of the Borrower or any of its Subsidiaries to the extent any such defeasance is not prohibited by this Agreement; 

(k) customary Liens for the fees, costs and expenses of trustees and escrow agents pursuant to the indenture, escrow agreement
or other similar agreement establishing such trust or escrow arrangement; 
 (l) Liens pursuant to merger agreements, stock
purchase agreements, asset sale agreements and similar agreements (i) limiting the transfer of properties and assets pending consummation of the subject transaction and (ii) in respect of earnest money deposits, good faith deposits,
purchase price adjustment escrows and similar deposits and escrow arrangements made or established thereunder; 
 (m) rights
reserved to or vested in any municipality or governmental, statutory or public authority by the terms of any right, power, franchise, grant, license or permit, or by any provision of law, to terminate such right, power, franchise, grant, license or
permit or to purchase, condemn, expropriate or recapture or to designate a purchaser of any of the property of such Person; rights reserved to or vested in any municipality or governmental, statutory or public authority to control or regulate any
property of such Person, or to use such property in a manner which does not materially impair the use of such property for the purposes for which it is held by such Person; and any obligation or duties affecting the property of such Person to any
municipality or governmental, statutory or public authority with respect to any franchise, grant, license or permit; and 

(n) Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar rights and remedies (including any such banker’s liens, rights of set-off or similar rights and remedies that are contractually agreed upon in deposit
account agreements, securities account agreements or commodities account agreements entered into in the ordinary course of business) and burdening only deposit accounts or other funds maintained with a creditor depository institution,
provided that no such deposit account is a dedicated cash collateral account. 
 “Permitted Tax Distribution” means
distributions of available cash, if any, made on a quarterly basis during the calendar year and following the end of such calendar year to each member of the Borrower in an amount equal to the excess, if any, of such member’s Assumed Tax
Liability for such calendar year, as calculated by the Board at the time of each such distribution based upon the Assumed Income Tax Rate, over all prior distributions with respect to the member for such calendar year. 

  
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 “Person” means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any
employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan, but excluding a Multiemployer Plan), maintained for employees of the Borrower or any ERISA Affiliate or any such Plan to which the Borrower or any
ERISA Affiliate is required to contribute on behalf of any of its employees. 
 “Platform” has the meaning specified in
Section 6.02. 
 “Proved Mineral Interests” means, collectively, Proved Producing Mineral
Interests, Proved Non-producing Mineral Interests, and Proved Undeveloped Mineral Interests. 

“Proved Non-producing Mineral Interests” means all Mineral Interests which constitute
proved developed non-producing reserves. 
 “Proved Producing Mineral Interests”
means all Mineral Interests which constitute proved developed producing reserves. 
 “Proved Undeveloped Mineral Interests”
means all Mineral Interests which constitute proved undeveloped reserves. 
 “Public Lender” has the meaning specified in
Section 6.02. 
 “Recipient” means the Administrative Agent, any Lender, the L/C Issuer or any
other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder. 
 “Recognized
Value” means, with respect to Mineral Interests, the discounted present value of the estimated net cash flow to be realized from the production of Hydrocarbons from such Mineral Interests as set forth in the most recently delivered Reserve
Report for purposes of determining the portion of the Borrowing Base which it attributes to such Mineral Interests in accordance with Section 2.15 hereof. 

“Redetermination” means (a) any Scheduled Redetermination, (b) any Special Redetermination, or (c) any
redetermination pursuant to Section 2.15(d). 
 “Redetermination Date” means (a) with respect to any Scheduled
Redetermination, each April 1 and October 1, commencing April 1, 2015, (b) with respect to any Special Redetermination (other than pursuant to Section 2.15(e)), the first day of the first month which is not less than twenty
(20) Business Days following the date of a request for a Special Redetermination, and (c) with respect to any redetermination pursuant to Section 2.15(d) or (e), the date upon which any Loan Party completes any Asset
Disposition, Swap Termination or Wheeler Midstream Gathering System Disposition. 
 “Register” has the meaning specified in
Section 10.06(c). 

  
 28 

 “Related Parties” means, with respect to any Person, such Person’s
Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Removal Effective Date” has the meaning specified in Section 9.06(b). 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day
notice period has been waived. 
 “Request for Credit Extension” means (a) with respect to a Committed Borrowing,
conversion or continuation of Committed Loans, a Committed Loan Notice, and (b) with respect to an L/C Credit Extension, a Letter of Credit Application. 

“Required Lenders” means, as of any date of determination, two or more Lenders having at least
66-2/3% of the Aggregate Commitments or, if the commitment of each Lender to make Committed Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to
Section 8.02, two or more Lenders holding in the aggregate at least 66-2/3% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded
participation in L/C Obligations being deemed “held” by such Lender for purposes of this definition); provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be
excluded for purposes of making a determination of Required Lenders. 
 “Reserve Report” means an unsuperseded engineering
analysis of the Mineral Interests owned by the Loan Parties, in form and substance reasonably acceptable to the Administrative Agent, prepared in accordance with customary and prudent practices in the petroleum engineering industry and Financial
Accounting Standards Board Statement 69. Each Reserve Report shall be prepared by the Borrower’s in-house staff, provided that each Reserve Report required to be delivered pursuant to Section
2.15(a) that is prepared as of February 28 shall be audited, or at Borrower’s election prepared, by the Approved Petroleum Engineer. Notwithstanding the foregoing, in connection with any Special Redetermination requested by the
Borrower, the Reserve Report shall be in form and scope mutually acceptable to the Borrower and the Administrative Agent. Until superseded, the Initial Reserve Report shall be considered the Reserve Report. 

“Resignation Effective Date” has the meaning specified in Section 9.06(a). 

“Responsible Officer” means (a) the chief executive officer, chief operating officer, president, chief financial
officer, senior vice president, vice president, treasurer, assistant treasurer or controller of a Loan Party, (b) with respect to the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any
assistant secretary of a Loan Party and (c) solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative
Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of
a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to
have acted on behalf of such Loan Party. 

  
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 “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other Equity Interest of the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on
account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to the Borrower’s stockholders, partners or members (or the
equivalent Person thereof). 
 “S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and any successor thereto. 
 “Sanction” means any economic
or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union or Her Majesty’s
Treasury of the United Kingdom. 
 “Scheduled Redetermination” means any Redetermination of the Borrowing Base pursuant to
Section 2.15(b). 
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to
any of its principal functions. 
 “Secured Cash Management Agreement” means any Cash Management Agreement that is entered
into by and between any Borrower and any Cash Management Bank. 
 “Secured Parties” means, collectively, the Administrative
Agent, the L/C Issuer, the Lenders, any Person that is owed Lender Swap Obligations, any Person that is party to a Secured Cash Management Agreement, and each co-agent or
sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05. 

“Security Documents” means the instruments listed in Schedule 4.01 and all other security agreements, deeds of trust,
mortgages, chattel mortgages, pledges, Guarantees, financing statements, continuation statements, extension agreements and other agreements or instruments now, heretofore, or hereafter delivered by any Loan Party to Administrative Agent in
connection with this Agreement or any transaction contemplated hereby to secure or Guarantee the payment of any part of the Obligations or the performance of any Loan Party’s other duties and obligations under the Loan Documents. 

“Sellers” has the meaning assigned to such term in the recitals to this Agreement. 

“Solvent” and “Solvency” mean, with respect to any Person on a particular date, that on such date
(a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the
amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend 

  
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to, and does not believe that it will, incur debts or liabilities (including contingent liabilities) beyond such Person’s ability to pay such debts and liabilities as they mature,
(d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital, and (e) such Person is able to pay
its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and
circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Special Redetermination” means any Redetermination of the Borrowing Base pursuant to Section 2.15(c). 

“Specified Acquisition Agreement Representations” means such of the representations and warranties made by the Sellers in the
Acquisition Agreement with respect to the Acquired Assets as are material to the interests of the Lenders, but only to the extent that the Borrower has the right to terminate its obligations under the Acquisition Agreement or the right to decline to
consummate the Acquisition as a result of a breach of such representations and warranties in the Acquisition Agreement. 

“Specified Representations” means the representations and warranties set forth in Sections 5.01(a),
5.01(b)(ii), 5.02(a), 5.04, 5.14 (in the case of clause (a) thereof, only as such representation pertains to margin regulations), 5.21, 5.22 and 5.23. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
(a) of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person or (b) more than 50% owned by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any
kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other similar master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

  
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 “Swap Termination” means any Disposition, termination, sale or unwind of any
hedge position under any Swap Contract prior to its maturity or the creation of any off-setting position (whether evidenced by a floor, put or Swap Contract) with respect to any such position. 

“Swap Termination Value” means, with respect to any Swap Termination in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts and any substantially contemporaneous replacement Swap Contract entered into, (a) for purposes of Section 2.15(d), the value (as
determined by the Administrative Agent) allocated to such Swap Contract in connection with the most recent determination of the Borrowing Base, or (b) for any other purpose, (i) for any date on or after the date such Swap Contract has been
closed out and termination value(s) determined in accordance therewith, such termination value(s), and (ii) for any date prior to the date referenced in clause (b)(i), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as contemplated by such Swap Contracts. 

“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on
the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Threshold Amount” means $25,000,000. 

“Total Outstandings” means the aggregate Outstanding Amount of all Committed Loans and all L/C Obligations. 

“Type” means with respect to a Committed Loan, its character as a Base Rate Committed Loan or a Eurodollar Rate Committed
Loan. 
 “UCC” means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection
or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New
York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or
non-perfection or priority. 
 “UCP” means, with respect to any Letter of Credit,
the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance). 

“United States” and “U.S.” mean the United States of America. 

  
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 “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).

 “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30)
of the Code. 
 “U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 3.01(e)(ii)(B)(3).

 “Utilization Percentage” has the meaning specified in the definition of “Applicable Rate.” 

“Voting Securities” means, with respect to any Person, Equity Interests of any class or kind having the power to vote for the
election of the members of the governing body of such Person. 
 “Wheeler Midstream Gathering System” has the meaning
assigned to such term in the recitals to this Agreement. 
 “Wheeler Midstream Gathering System Disposition” means
(a) a Disposition by any Loan Party of any Wheeler Midstream Gathering System assets (excluding Dispositions of the type described in Section 7.05(a) and Dispositions of equipment (but not real property) described in Section
7.05(c) (in the case of Section 7.05(c), solely to the extent such replacement equipment is used in the Wheeler Midstream Gathering System) or (b) the Loan Parties ceasing to own, directly or indirectly, 100% of the Person that owns
the Wheeler Midstream Gathering System. 
 1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan
Document, unless otherwise specified herein or in such other Loan Document: 
 (a) The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word
“shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) 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, or consent requirements of the Administrative Agent or Lenders with respect to, such amendments, supplements or
modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,”
“herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision
thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear,
(v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless

  
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otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall
be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

(b) In the computation of periods of time from a specified date to a later specified date, the word “from”
means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.” 

(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect
the interpretation of this Agreement or any other Loan Document. 
 1.03 Accounting Terms. (a) Generally. All accounting terms
not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in
conformity with, GAAP applied on a consistent basis, as in effect from time to time, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the
computation of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 on financial liabilities
shall be disregarded. 
 (b) Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio
or requirement set forth in any Loan Document, and either the Borrower or the Majority Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the
original intent thereof in light of such change in GAAP (subject to the approval of the Majority Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior
to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 
 1.04 Rounding. Any
financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such
ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 

1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or
standard, as applicable). 
 1.06 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at
any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms 

  
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or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the
maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 

1.07 Petroleum Terms. As used herein, the terms “proved reserves,” “proved developed reserves,”
“proved developed producing reserves,” “proved developed non-producing reserves,” and “proved undeveloped reserves” have the meaning given such terms from
time to time and at the time in question by the Society of Petroleum Engineers of the American Institute of Mining Engineers. 
 ARTICLE
II 
 THE COMMITMENTS AND CREDIT EXTENSIONS 

2.01 Committed Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan,
a “Committed Loan”) to the Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided,
however, that after giving effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the lesser of (a) the Maximum Facility Amount, (b) the Aggregate Commitments and (c) the Borrowing Base then in
effect and (ii) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such Lender’s Commitment. Within
the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01, prepay under Section 2.04, and reborrow under
this Section 2.01. Committed Loans may be Base Rate Committed Loans or Eurodollar Rate Committed Loans, as further provided herein. 

2.02 Committed Borrowings, Conversions and Continuations of Committed Loans. 

(a) Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurodollar Rate
Committed Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) a Committed Loan Notice; provided that any telephone notice must be confirmed
immediately by delivery to the Administrative Agent of a Committed Loan Notice. Each such Committed Loan Notice must be received by the Administrative Agent not later than (i) 12:00 noon three Business Days prior to the requested date of any
Committed Borrowing of, conversion to or continuation of Eurodollar Rate Committed Loans or of any conversion of Eurodollar Rate Committed Loans to Base Rate Committed Loans, and (ii) 12:00 noon on the requested date of any Committed Borrowing of
Base Rate Committed Loans; provided, however, that if the Borrower wishes to request Eurodollar Rate Committed Loans having an Interest Period other than one, two, three or six months in duration as provided in the definition of
“Interest Period,” the applicable notice must be received by the Administrative Agent not later than 12:00 noon four Business Days prior to the requested date of such Committed Borrowing, conversion or continuation, whereupon the
Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is acceptable to all 

  
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of them. Not later than 12:00 noon, three Business Days before the requested date of such committed Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower
(which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders. Each Committed Borrowing of, conversion to or continuation of Eurodollar Rate Committed Loans shall be in a principal amount of
$1,000,000 or a whole multiple of $500,000 in excess thereof. Except as provided in Section 2.03(c), each Committed Borrowing of or conversion to Base Rate Committed Loans shall be in a principal amount of $500,000 or a whole multiple of
$100,000 in excess thereof. Each Committed Loan Notice shall specify (A) whether the Borrower is requesting a Committed Borrowing, a conversion of Committed Loans from one Type to the other, or a continuation of Eurodollar Rate Committed Loans,
(B) the requested date of the Committed Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (C) the principal amount of Committed Loans to be borrowed, converted or continued, (D) the Type of
Committed Loans to be borrowed or to which existing Committed Loans are to be converted, and (E) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Committed Loan in a Committed
Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Committed Loans shall be made as, or converted to, Base Rate Committed Loans. Any such automatic conversion to Base Rate
Committed Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Committed Loans. If the Borrower requests a Committed Borrowing of, conversion to, or continuation of
Eurodollar Rate Committed Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 

(b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable
Percentage of the applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Committed
Loans described in the preceding subsection (a). In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Administrative Agent in immediately available funds at the Administrative
Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction or waiver as provided under this Agreement of the applicable conditions set forth in
Section 4.02 (and, if such Committed Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall promptly make all funds so received available to the Borrower in like
funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with
instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; provided, however, that if, on the date the Committed Loan Notice with respect to such Committed Borrowing is given by the Borrower,
there are L/C Borrowings outstanding, then the proceeds of such Committed Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above. 

(c) Except as otherwise provided herein, a Eurodollar Rate Committed Loan may be continued or converted only on the last day of an Interest
Period for such Eurodollar Rate Committed Loan. During the existence of a Default, no Committed Loans may be requested as, converted to or continued as Eurodollar Rate Committed Loans without the consent of the Majority Lenders. 

  
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 (d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest
rate applicable to any Interest Period for Eurodollar Rate Committed Loans upon determination of such interest rate. At any time that Base Rate Committed Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of
any change in Bank of America’s prime rate used in determining the Base Rate promptly following the public announcement of such change. 

(e) After giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of
Committed Loans as the same Type, there shall not be more than ten Interest Periods in effect with respect to Committed Loans. 
 2.03
Letters of Credit. 
 (a) The Letter of Credit Commitment. 

(i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of
the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the
Borrower or the other Loan Parties, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally
agree to participate in Letters of Credit issued for the account of the Borrower or the other Loan Parties and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit,
(x) the Total Outstandings shall not exceed the lesser of (1) the Aggregate Commitments and (2) the Borrowing Base then in effect, (y) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such
Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit then in
effect. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the
preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain
Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. 
 (ii) The L/C
Issuer shall not issue any Letter of Credit, if: 
 (A) subject to Section 2.03(b)(iii), the expiry date of such
requested Letter of Credit would occur more than twelve months after the date of issuance or last extension, unless the Majority Lenders have approved such expiry date; or 

(B) the expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the
Lenders have approved such expiry date or the Borrower shall have Cash Collateralized 103% of the full amount then available for drawing under such Letter of Credit upon the issuance of such Letter of Credit and the expiry date of such requested
Letter of Credit would not occur more than twelve months after the date of issuance. 

  
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 (iii) The L/C Issuer shall not be under any obligation to issue any Letter of
Credit if: 
 (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to
enjoin or restrain the L/C Issuer from issuing the Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer
shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the L/C Issuer with respect to the Letter of Credit any restriction, reserve or
capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and
which the L/C Issuer in good faith deems material to it; 
 (B) the issuance of the Letter of Credit would violate one or
more policies of the L/C Issuer applicable to letters of credit generally; 
 (C) except as otherwise agreed by the
Administrative Agent and the L/C Issuer, the Letter of Credit is in an initial stated amount less than $100,000, in the case of a commercial Letter of Credit, or $500,000, in the case of a standby Letter of Credit; 

(D) such Letter of Credit is to be denominated in a currency other than Dollars; 

(E) such Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing
thereunder; 
 (F) any Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements,
including the delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Lender to eliminate the L/C Issuer’s Fronting Exposure (after giving effect to Section 2.14(a)(iv)) with respect
to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which the L/C Issuer has Fronting Exposure, as it may elect in its sole discretion. 

  
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 (iv) The L/C Issuer shall be under no obligation to amend any Letter of Credit if
(A) the L/C Issuer would have no obligation at such time to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not accept the proposed amendment to the Letter of
Credit. 
 (v) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the
documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in connection
with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article IX included the L/C Issuer with
respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer. 
 (b)
Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 
 (i) Each Letter of
Credit shall be issued, extended or amended, as the case may be, upon the request of the Borrower delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed
by a Responsible Officer of the Borrower. Such Letter of Credit Application may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the L/C Issuer, by personal delivery or by any
other means acceptable to the L/C Issuer. Such Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent not later than 12:00 noon at least two Business Days (or such later date and time as the Administrative Agent
and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of
Credit Application shall specify in form and detail reasonably satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date
thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of
any drawing thereunder; (G) the purpose and nature of the requested Letter of Credit; and (H) such other matters as the L/C Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such
Letter of Credit Application shall specify in form and detail reasonably satisfactory to the L/C Issuer: (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of
the proposed amendment; and (D) such 

  
 39 

 
other matters as the L/C Issuer may require. Additionally, the Borrower shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining to such
requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may reasonably require. 

(ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by
telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has
received written notice from any Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained
in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or the applicable Loan Party) or enter into
the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby
irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of Credit.

 (iii) If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and
absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension
Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a
day (the “Non-Extension Notice Date”) in each such twelvemonth period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower
shall not be required to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the
extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined
that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section
2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the
Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in
Section 4.02 is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension. 

(iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with
respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

  
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 (c) Drawings and Reimbursements; Funding of Participations. 

(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C
Issuer shall notify the Borrower and the Administrative Agent thereof. On the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”) made not later than 11:00 am on such date (and otherwise,
on the Business Day after any such payment), the Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse the L/C Issuer by such time, the
Administrative Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof. In such event, the
Borrower shall be deemed to have requested a Committed Borrowing of Base Rate Committed Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in
Section 2.02 for the principal amount of Base Rate Committed Loans, but subject to the amount of the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02
(other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that
the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 
 (ii) Each
Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer at the Administrative Agent’s Office in
an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each
Lender that so makes funds available shall be deemed to have made a Base Rate Committed Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer. 

(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Committed
Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the L/C Issuer an L/C 

  
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Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the
Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C
Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.03. 

(iv) Until each Lender funds its Committed Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C
Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for the account of the L/C Issuer. 

(v) Each Lender’s obligation to make Committed Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under
Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender
may have against the L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing;
provided, however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other than
delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter
of Credit, together with interest as provided herein. 
 (vi) If any Lender fails to make available to the Administrative
Agent for the account of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), then, without limiting the other
provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on
which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any
administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s
Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any
amounts owing under this clause (vi) shall be conclusive absent manifest error. 

  
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 (d) Repayment of Participations. 

(i) At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such
Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon
(whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable Percentage thereof in the same funds as
those received by the Administrative Agent. 
 (ii) If any payment received by the Administrative Agent for the account of
the L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by the L/C Issuer in its
discretion), each Lender shall pay to the Administrative Agent for the account of the L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is
returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under this clause (ii) shall survive the payment in full of the Obligations and the termination of
this Agreement. 
 (e) Obligations Absolute. The obligation of the Borrower to reimburse the L/C Issuer for each
drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: 

(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document; 

(ii) the existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at
any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the
transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; 

  
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 (iv) waiver by the L/C Issuer of any requirement that exists for the L/C
Issuer’s protection and not the protection of the Borrower or any waiver by the L/C Issuer which does not in fact materially prejudice the Borrower; 

(v) honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of
a draft; 
 (vi) any payment made by the L/C Issuer in respect of an otherwise complying item presented after the date
specified as the expiration date of, or the date by which documents must be received under such Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable; 

(vii) any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not
strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such
Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or 
 (viii) any other
circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any of its Subsidiaries. 

The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in
the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer
and its correspondents unless such notice is given as aforesaid. 
 (f) Role of L/C Issuer. Each Lender and the
Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to
ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any
correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Majority Lenders, as applicable;
(ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer
Document. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to 

  
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its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may
have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be
liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.03(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a
claim against the L/C Issuer, and the L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by
the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the
terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any
notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits
thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. The L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide
Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary. 

(g) Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of
Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit. Notwithstanding the foregoing, the L/C Issuer shall not be responsible
to the Borrower for, and the L/C Issuer’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be
applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice
statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade – International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice,
whether or not any Letter of Credit chooses such law or practice. 
 (h) Letter of Credit Fees. The Borrower shall pay
to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the
daily amount available to be drawn under such Letter of Credit; provided, however, any Letter of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting
Lender has not provided Cash Collateral satisfactory to the L/C Issuer pursuant to this Section 2.03 shall be (1) payable, to the maximum extent permitted by applicable Law, to the other Lenders

  
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in accordance with the upward adjustments in their respective Applicable Percentages allocable to such Letter of Credit pursuant to Section 2.14(a)(iv), (2) retained by the Borrower to the
extent that the Borrower has provided Cash Collateral to cover Fronting Exposure that has not been reallocated pursuant to Section 2.14(a)(iv), and (3) with the balance of such fee, if any, payable to the L/C Issuer for its own account.
For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be
(i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and
thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the
Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, at any time that the Borrower is required to pay interest in respect of any Obligation
at the Default Rate, all Letter of Credit Fees shall accrue at the Default Rate. 
 (i) Fronting Fee and Documentary and
Processing Charges Payable to L/C Issuer. The Borrower shall pay directly to the L/C Issuer for its own account a fronting fee (i) with respect to each commercial Letter of Credit, at a rate of 0.125% per annum, computed on the amount of
such Letter of Credit, and payable upon the issuance thereof, (ii) with respect to any amendment of a commercial Letter of Credit increasing the amount of such Letter of Credit, at a rate separately agreed between the Borrower and the L/C
Issuer, computed on the amount of such increase, and payable upon the effectiveness of such amendment, and (iii) with respect to each standby Letter of Credit, at a rate of 0.125% per annum, computed on the daily amount available to be drawn
under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable on the tenth Business Day after the end of each March, June, September and December in respect of the most recently-ended quarterly period (or
portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the daily
amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the Borrower shall pay directly to the L/C Issuer for its own
account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and
charges are due and payable on demand and are nonrefundable. 
 (j) Conflict with Issuer Documents. In the event of
any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control. 
 (k) Letters
of Credit Issued for Loan Parties. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Loan Party the Borrower shall be obligated to reimburse the L/C Issuer
hereunder for any and all drawings under such Letter of Credit. The Borrower hereby 

  
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acknowledges that the issuance of Letters of Credit for the account of Loan Parties inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from
the businesses of such Loan Party. 
 2.04 Prepayments. 

(a) The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Committed Loans in whole or
in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than 12:00 p.m. (A) three Business Days prior to any date of prepayment of Eurodollar Rate Committed Loans and
(B) on the date of prepayment of Base Rate Committed Loans; (ii) any prepayment of Eurodollar Rate Committed Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof; and (iii) any
prepayment of Base Rate Committed Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the
date and amount of such prepayment and the Type(s) of Committed Loans to be prepaid and, if Eurodollar Rate Committed Loans are to be prepaid, the Interest Period(s) of such Committed Loans. The Administrative Agent will promptly notify each Lender
of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice
shall be due and payable on the date specified therein, provided that any such notice may be contingent upon the consummation of a refinancing, acquisition, merger or disposition transaction and if such refinancing, acquisition, merger or
disposition is not consummated on the date of repayment specified in such notice, such notice may be rescinded, or the date of repayment specified therein may be extended, upon further notice from the Borrower to the Administrative Agent. Any
prepayment of a Eurodollar Rate Committed Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to
Section 2.14, each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable Percentages. 

(b) If for any reason the Total Outstandings at any time exceed the Aggregate Commitments then in effect, the Borrower shall immediately
prepay Committed Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this
Section 2.04(b) unless after the prepayment in full of the Committed Loans the Total Outstandings exceed the Aggregate Commitments then in effect. 

(c) Except with respect to (i) a Special Redetermination pursuant to Section 2.15(c) or Section 2.15(e) or (ii) a
Borrowing Base adjustment pursuant to Section 2.15(d), in the event a Borrowing Base Deficiency exists after giving effect to any Redetermination, the Borrower shall, within ten (10) days following notice thereof from the Administrative
Agent, provide written notice (the “Election Notice”) to the Administrative Agent stating the action or combination of actions specified below which the Borrower proposes to take to remedy such Borrowing Base Deficiency, and the
Borrower shall thereafter, at its option, take one or more of the following actions in order to remedy such Borrowing Base Deficiency (1) eliminate such Borrowing Base Deficiency by making a single mandatory prepayment of the Loans in an amount
equal to the 

  
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amount of such Borrowing Base Deficiency after giving effect to any other actions taken by the Borrower provided below within thirty (30) days after the date on which the Borrower provides
the Election Notice to the Administrative Agent (the “Election Date”), (2) eliminate such Borrowing Base Deficiency by making six (6) consecutive mandatory prepayments of the Loans, each of which shall be in an amount equal to one-sixth (1/6th) of the amount of such Borrowing Base Deficiency (or portion thereof remaining after giving effect to any other actions taken by the Borrower described in part (1) and (3) hereof), commencing
on the first Monthly Date following the applicable Election Date and continuing on each of the five next succeeding Monthly Dates thereafter, and in connection therewith, the Loan Parties shall (A) dedicate a sufficient amount (as determined by
the Administrative Agent in its sole discretion) of the monthly cash flow from the Loan Parties’ oil and gas properties to satisfy such payments, and (B) execute and deliver such collateral assignments and/or security agreements in form
and substance satisfactory to the Administrative Agent which the Administrative Agent may, in its discretion, require with respect thereto, or (3) within thirty (30) days following the applicable Election Date, submit additional oil and
gas properties owned by the Loan Parties for consideration in connection with the redetermination of the Borrowing Base which, after giving effect to any other actions taken by the Borrower provided above, Administrative Agent deems sufficient, in
its sole discretion to eliminate such Borrowing Base Deficiency. If a Borrowing Base Deficiency on any Election Date cannot be eliminated pursuant to this Section 2.04(c) by prepayment of the Loans in full (as a result of outstanding L/C
Obligations on such Election Date), on up to six Monthly Dates immediately following such Election Date, the Borrower shall also deposit cash with the Administrative Agent, to be held by the Administrative Agent to secure outstanding L/C Obligations
in the manner contemplated by Section 2.03, in an amount on each such Monthly Date at least equal to one sixth (1/6th) of the balance of such Borrowing Base Deficiency (i.e.,
one-sixth of the difference between the Borrowing Base Deficiency on such Election Date and the remaining outstanding principal amount of the Loans on such Election Date), until the aggregate amount of cash so
deposited with the Administrative Agent equals the balance of such Borrowing Base Deficiency. In the event a Borrowing Base Deficiency shall occur (or an increase in any pre-existing Borrowing Base Deficiency
shall occur) as a result of a Special Redetermination pursuant to Section 2.15(c), the Borrower shall be required to make a mandatory prepayment of the Loans within thirty (30) days following receipt of notice of such Borrowing Base
Deficiency (or increase in any pre-existing Borrowing Base Deficiency) in an amount equal to the amount of such Borrowing Base Deficiency (or increase in any
pre-existing Borrowing Base Deficiency). 
 (d) Within one Business Day of the consummation by any
Loan Party of any Asset Disposition or Swap Termination given value in the most recently determined Borrowing Base, or of the consummation of a Wheeler Midstream Gathering System Disposition, the Borrower shall make a mandatory prepayment of the
Committed Loans in an amount, if any, required to eliminate any Borrowing Base Deficiency existing after giving effect to such Asset Disposition, Swap Termination or Wheeler Midstream Gathering System Disposition, in each case as contemplated by
Section 2.15(d) or Section 2.15(e). Notwithstanding the foregoing, in the event a Default is in existence on the date of the consummation of any Asset Disposition, Swap Termination or Wheeler Midstream Gathering System Disposition, all
Net Cash Proceeds from such Asset Disposition, Swap Termination or Wheeler Midstream Gathering System Disposition shall be applied as a mandatory prepayment of the Committed Loans. 

(e) Upon any incurrence of Permitted Additional Debt, the Borrowing Base shall be automatically reduced by an amount equal to 25% of amount of
Permitted Additional Debt incurred. 

  
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 2.05 Termination or Reduction of Commitments. The Borrower may, upon notice to the
Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 12:00 noon five
Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $1,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrower shall not terminate or
reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments, and (iv) if, after giving effect to any reduction of the Aggregate
Commitments or the Letter of Credit Sublimit exceeds the amount of the Aggregate Commitments, such Sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of
termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination
of the Aggregate Commitments shall be paid on the effective date of such termination. 
 2.06 Repayment of Committed Loans. The
Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Committed Loans outstanding on such date. 
 2.07
Interest. 
 (a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Committed Loan shall bear
interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; and (ii) each Base Rate Committed Loan shall bear interest
on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 

(i) While any Event of Default under Section 8.01(a) (with respect to payments of principal only) or 8.01(f)
exists, the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(ii) Upon the request of the Majority Lenders, while any other Event of Default exists, the Borrower shall pay interest on all
outstanding Obligations hereunder at a fluctuating interest rate per annum equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iii) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon
demand. 
 (b) Interest on each Committed Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at
such other times as may be specified herein. 

  
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Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 2.08 Fees. 
 In
addition to certain fees described in subsections (h) and (i) of Section 2.03: 

(a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with
its Applicable Percentage, a commitment fee equal to the Applicable Rate times the actual daily amount by which the lesser of (x) the Borrowing Base and (y) Aggregate Commitments exceeds the sum of (i) the Outstanding Amount of
Committed Loans and (ii) the Outstanding Amount of L/C Obligations subject to adjustment as provided in Section 2.15. The commitment fee shall accrue at all times during the Availability Period, including at any time
during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after
the Closing Date, and on the last day of the Availability Period. The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and
multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. 

(b) Other Fees. 

(i) The Borrower shall pay to the Arranger and the Administrative Agent for their own respective accounts fees in the amounts
and at the times specified in the Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

(ii) The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at
the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 
 2.09
Computation of Interest and Fees. All computations of interest for Base Rate Committed Loans (including Base Rate Committed Loans determined by reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the
case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable,
being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Committed Loan for the day on which the Committed Loan is made, and shall not accrue on a Committed Loan, or any
portion thereof, for the day on which the Committed Loan or such portion is paid, provided that any Committed Loan that is repaid on the same day on which it is made shall, subject to Section 2.11(a), bear interest for one day. Each
determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 

  
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 2.10 Evidence of Debt. (a) The Credit Extensions made by each Lender shall be evidenced by
one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of
the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder
to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and
records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a
Note, which shall evidence such Lender’s Committed Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Committed Loans and
payments with respect thereto. 
 (b) In addition to the accounts and records referred to in subsection (a), each Lender and the
Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records
maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. 

2.11 Payments Generally; Administrative Agent’s Clawback. 

(a) General. All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any
counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at
the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other
applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding
Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of
time shall be reflected in computing interest or fees, as the case may be. 
 (b) 

(i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice
from a Lender prior to the proposed date of any Committed Borrowing of Eurodollar Rate Committed Loans (or, in the case of any Committed Borrowing of Base Rate Committed Loans, prior to 12:00 noon on the date of such Committed Borrowing) that such
Lender will not make available to the Administrative Agent such Lender’s share of such Committed Borrowing, the 

  
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Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a Committed Borrowing of
Base Rate Committed Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Committed Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the
Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus
any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Committed Loans.
If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such
period. If such Lender pays its share of the applicable Committed Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing. Any payment by the Borrower
shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii) Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received
notice from the Borrower prior to the time at which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the
Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may be, the amount due. In such event, if the Borrower has not in fact made such
payment, then each of the Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in immediately available funds with
interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation. 
 A notice of the Administrative Agent to any Lender or the Borrower
with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error. 
 (c) Failure to
Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Committed Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made
available to the Borrower 

  
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by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the
Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest. 
 (d)
Obligations of Lenders Several. The obligations of the Lenders hereunder to make Committed Loans, to fund participations in Letters of Credit and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of
any Lender to make any Committed Loan, to fund any such participation or to make any payment under Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and
no Lender shall be responsible for the failure of any other Lender to so make its Committed Loan, to purchase its participation or to make its payment under Section 10.04(c). 

(e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Committed Loan in any particular
place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Committed Loan in any particular place or manner. 

2.12 Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of the Committed Loans made by it, or the participations in L/C Obligations held by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such
Committed Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact,
and (b) purchase (for cash at face value) participations in the Committed Loans and subparticipations in L/C Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall
be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Committed Loans and other amounts owing them, provided that: 

(i) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is
recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii) the provisions of this Section 2.12 shall not be construed to apply to (x) any payment made
by or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral provided for in
Section 2.13, or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Committed Loans or subparticipations in L/C Obligations to any assignee or
participant, other than an assignment to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 2.12 shall apply). 

  
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 Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of such Loan Party in the amount of such participation. 
 2.13 Cash Collateral. 

(a) Certain Credit Support Events. If (i) the L/C Issuer has honored any full or partial drawing request under any Letter of
Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (iii) the Borrower shall be required to provide Cash Collateral pursuant to
Section 8.02(c), or (iv) there shall exist a Defaulting Lender, the Borrower shall immediately (in the case of clause (iii) above) or within one Business Day (in all other cases), following any request by
the Administrative Agent or the L/C Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause (iv) above, after giving
effect to Section 2.14 (a)(iv) and any Cash Collateral provided by the Defaulting Lender). If at any time the Administrative Agent determines that any funds held as Cash Collateral are subject to any right or claim of any
Person other than the Administrative Agent or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, the Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative
Agent, as additional funds to be deposited as Cash Collateral, an amount equal to the excess of (x) such aggregate Outstanding Amount over (y) the total amount of funds, if any, then held as Cash Collateral that the Administrative Agent
determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Laws, to reimburse the L/C
Issuer. 
 (b) Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender,
hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts
and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.13(c). If
at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or the L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less
than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. All Cash Collateral
(other than credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. The Borrower shall pay on demand therefor from
time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral. 

(c) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this
Section 2.13 or Sections 2.03, 2.04, 2.05, 

  
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2.06, 2.14 or 8.02 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as
to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein. 

(d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations
shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its
assignee following compliance with Section 10.06(b)(vi))) or (ii) the good faith determination by the Administrative Agent and the L/C Issuer that there exists excess Cash Collateral; provided, however, (x) any such
release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the Loan Documents and the other applicable provisions of the Loan Documents, and
(y) the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations. 

2.14 Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then,
until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 
 (i) Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 10.01 and in the definitions of
“Majority Lenders” and “Required Lenders”. 
 (ii) Defaulting Lender Waterfall. Any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the
Administrative Agent from a Defaulting Lender pursuant to Section 10.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing
by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the L/C Issuer hereunder; third, to Cash Collateralize the L/C Issuer’s
Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.13; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect
of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit
account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the L/C Issuer’s future Fronting Exposure
with respect to such Defaulting Lender with 

  
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respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.13; sixth, to the payment of any amounts owing to the Lenders, the
L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a
result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a
payment of the principal amount of any Committed Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Committed Loans were made or the related Letters of Credit were issued
at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Committed Loans of, and L/C Obligations owed to, all
non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded
participations in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to Section 2.14(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting
Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.14(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably
consents hereto. 
 (iii) Certain Fees. Each Defaulting Lender (x) shall not be entitled to receive any
commitment fee pursuant to Section 2.08(a) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that
Defaulting Lender) and (y) shall be limited in its right to receive Letter of Credit Fees as provided in Section 2.03(h). 

(iv) Reallocation of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a
Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to
Section 2.03, the “Applicable Percentage” of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender;
provided, that, (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Default or Event of Default exists; and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of (1) the Commitment of that
non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Committed Loans of that Lender. 

(b) Defaulting Lender Cure. If the Borrower, the Administrative Agent and the L/C Issuer agree in writing that a Lender is no longer a
Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and 

  
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subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of
outstanding Committed Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Committed Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata
basis by the Lenders in accordance with their Applicable Percentages (without giving effect to Section 2.14(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively
with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

2.15 Borrowing Base. 

(a) Reserve Report; Proposed Borrowing Base. On or before February 28 and August 31 of each year, commencing
February 28, 2015, the Borrower shall deliver to the Administrative Agent for distribution to each Lender a Reserve Report prepared as of the immediately preceding December 31 and June 30, respectively. Simultaneously with the
delivery to the Administrative Agent of each Reserve Report, the Borrower shall notify the Administrative Agent of the amount of the Borrowing Base which the Borrower requests become effective on the next Redetermination Date (or such date promptly
following such Redetermination Date as the Required Lenders shall elect). 
 (b) Scheduled Redeterminations of the Borrowing Base;
Procedures and Standards. Based in part on the Reserve Reports made available to the Lenders pursuant to Section 2.15(a), the Administrative Agent shall redetermine, and the Lenders shall approve, in their sole discretion and in each case
as set forth below, the Borrowing Base on or prior to the next Redetermination Date beginning with the Redetermination Date occurring on April 1, 2015 (or such date promptly thereafter as is reasonably possible based on the engineering and
other information available to the Administrative Agent). Any Borrowing Base which becomes effective as a result of any Redetermination of the Borrowing Base shall be subject to the following restrictions: (a) such Borrowing Base shall not
exceed the Borrowing Base requested by the Borrower pursuant to Section 2.15(a) or 2.15(c) (as applicable), (b) such Borrowing Base shall not exceed the lesser of the (i) Maximum Facility Amount or (ii) the Aggregate
Commitments then in effect, (c) to the extent such Borrowing Base represents an increase from the Borrowing Base in effect prior to such Redetermination, such Borrowing Base shall be approved by all Lenders (other than any Defaulting Lenders),
and (d) any Borrowing Base which represents a decrease in the Borrowing Base in effect prior to such Redetermination, or a reaffirmation of such prior Borrowing Base, shall be approved by the Required Lenders. Each Redetermination shall be made
by the Lenders in accordance with their normal and customary procedures for evaluating oil and gas reserves and other related assets as such exist at that particular time and will otherwise be in their sole discretion. Without limiting such
discretion, the Borrower acknowledges and agrees that each Lender may consider such credit factors as it deems appropriate which are consistent with its normal and customary procedures for evaluating oil and gas reserves and shall have no obligation
in connection with any Redetermination to approve any increase from the Borrowing Base in effect prior to such Redetermination. The 

  
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Administrative Agent shall propose such redetermined Borrowing Base to the Lenders within 15 days following receipt by the Administrative Agent of a Reserve Report pursuant to
Section 2.15(a). Such proposed Borrowing Base shall be determined by the Administrative Agent (1) in accordance with its normal and customary procedures for evaluating oil and gas reserves and other related assets as
such exist at that particular time and (2) otherwise in its sole discretion. After having received notice of such proposed Borrowing Base by the Administrative Agent, the Required Lenders (or all Lenders other than Defaulting Lenders in the
event of a proposed increase) shall have fifteen (15) days to agree or disagree with such proposal. If at the end of such fifteen (15) day period, the Required Lenders (or all Lenders other than Defaulting Lenders in the event of a
proposed increase) have not communicated their approval or disapproval of the proposed Borrowing Base, such silence shall be deemed an approval and the Administrative Agent’s proposal shall be the new Borrowing Base. If, however, the Required
Lenders (or any Lender other than a Defaulting Lender in the event of a proposed increase) notify Administrative Agent within such fifteen (15) day period of their disapproval, the Required Lenders (or all Lenders other than Defaulting Lenders
in the event of a proposed increase) shall, within a reasonable period of time, agree on a new Borrowing Base. Promptly following any Redetermination of the Borrowing Base, the Administrative Agent shall notify the Borrower of the amount of the
Borrowing Base as redetermined, which Borrowing Base shall be effective as of the date specified in such notice, and shall remain in effect for all purposes of this Agreement until the next Redetermination. 

(c) Special Redetermination. In addition to Scheduled Redeterminations, the Borrower and the Required Lenders shall each be permitted
to make (i) Special Redeterminations pursuant to Section 2.15(e) and Section 5.18 and (ii) other Special Redeterminations of the Borrowing Base; provided, that, the Required Lenders shall be
permitted to make only one (1) Special Redetermination pursuant to this Section 2.15(c)(ii) in any calendar year (and no Special Redetermination shall in any case be made at the request of the Required Lenders prior to June 30,
2015) and the Borrower shall be permitted to make only two (2) Special Redeterminations pursuant to this Section 2.15(c) in any calendar year; provided, that in connection with a Material Acquisition, the Borrower shall be
permitted to request an additional Special Redetermination. Any request for a Special Redetermination shall be made pursuant to a written notice (i) from the Administrative Agent to the Borrower, in respect of a Special Redetermination
requested by the Required Lenders and (ii) from the Borrower to the Administrative Agent, in respect of a Special Redetermination requested by the Borrower, and, in the case of a request by the Borrower, such notice shall be accompanied by a
Reserve Report and a notification of the Borrowing Base requested by the Borrower in connection with such Special Redetermination. Any Special Redetermination shall be made by the Administrative Agent and the Lenders in accordance with the
procedures and standards set forth in Section 2.15(b). A Reserve Report shall not be required to be delivered to the Administrative Agent and the Lenders in connection with any Special Redetermination requested by the
Required Lenders pursuant to this Section 2.15(c); provided, however that in the absence of a current Reserve Report, the Administrative Agent may make adjustments to its analysis of the latest Reserve Report and the Borrowing
Base in its sole discretion. 
 (d) Swap Contract and Asset Disposition Adjustment. In addition to Scheduled Redeterminations and
Special Redeterminations, the Borrowing Base shall reduce simultaneously with (i) the completion by any Loan Party of any Asset Disposition or (ii) any 

  
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Swap Termination the value of which Swap Contract was used in the most recent determination of the Borrowing Base, in each case by (x) the Borrowing Base value of the Borrowing Base
Properties which are subject to such Asset Disposition (which shall be the Borrowing Base value assigned thereto by Administrative Agent in the most recent Redetermination, and which, in the case of any exchange, shall be the net reduction in the
Borrowing Base value realized or resulting from such exchange) or (y) the Swap Termination Value of such Swap Contract, as applicable; provided, however, so long as no Borrowing Base Deficiency exists immediately prior to such
Asset Disposition or such Swap Termination, as applicable, such reduction in the Borrowing Base shall not occur unless and until the aggregate Borrowing Base value of all Borrowing Base Properties subject to Asset Dispositions and the Swap
Termination Value in respect of Swap Terminations since the most recent Redetermination (the “Aggregate Disposition Value”) equals or exceeds 10% of the total amount of the Borrowing Base in effect at the most recent
Redetermination; provided, further, that if an Asset Disposition or Swap Termination would result in the Aggregate Disposition Value exceeding 10% of the Borrowing Base in effect at the most recent Redetermination, Required Lenders may
require a Special Redetermination according to Section 2.15(c) as a condition to such Asset Disposition or Swap Termination, which shall be in addition to the number of allowed Special Redeterminations under Section 2.15(c). 

(e) Wheeler Midstream Gathering System Disposition Adjustment. If a Wheeler Midstream Gathering System Disposition shall occur, the
Required Lenders may require a Special Redetermination according to Section 2.15(c), which shall be in addition to the number of allowed Special Redeterminations otherwise allowed under Section 2.15(c). 

(f) Borrowing Base Deficiency. If a Borrowing Base Deficiency exists after giving effect to any Redetermination, the Borrower shall be
obligated to eliminate such Borrowing Base Deficiency by making mandatory prepayments of the Committed Loans or by taking such other action required by Section 2.04. 

(g) Initial Borrowing Base. Notwithstanding anything to the contrary contained herein, the Borrowing Base in effect during the period
commencing on the Closing Date and ending on the effective date of the first Redetermination after the Closing Date shall be $510,000,000. 

ARTICLE III 
 TAXES,
YIELD PROTECTION AND ILLEGALITY 
 3.01 Taxes. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) Any and all payments by or on account of any obligation of any Loan Party hereunder or under any Loan Document shall be
made without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the Administrative Agent or a Loan Party) require the deduction or withholding of any
Tax from any such payment by the Administrative Agent or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to be delivered
pursuant to subsection (e) below. 

  
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 (ii) If any Loan Party or the Administrative Agent shall be required by the Code
to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative
Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority
in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or
the making of all required deductions (including deductions of Indemnified Taxes applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have
received had no such withholding or deduction been made. 
 (iii) If any Loan Party or the Administrative Agent shall be
required by any applicable Laws other than the Code to withhold or deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make such deductions as are determined by it
to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount withheld
or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as
necessary so that after any required withholding or the making of all required deductions (including deductions of Indemnified Taxes applicable to additional sums payable under this Section 3.01) the applicable Recipient
receives an amount equal to the sum it would have received had no such withholding or deduction been made. 
 (b) Payment of Other Taxes
by the Borrower. Without limiting the provisions of subsection (a) above, the Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or at the option of the Administrative Agent timely
reimburse it for the payment of, any Other Taxes. 
 (c) Tax Indemnifications. (i) The Borrower shall, and does hereby,
indemnify each Recipient, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this
Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether
or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or the L/C Issuer (with a copy to
the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error. 

  
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 (ii) Each Lender and the L/C Issuer shall, and does hereby, severally indemnify,
and shall make payment in respect thereof within 10 days after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender or the L/C Issuer (but only to the extent that the Borrower has not already
indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (y) the Administrative Agent and the Borrower, as applicable, against any Taxes attributable to such Lender’s failure
to comply with the provisions of Section 10.06(d) relating to the maintenance of a Participant Register and (z) the Administrative Agent and the Borrower, as applicable, against any Excluded Taxes attributable to such Lender or the L/C
Issuer, in each case, that are payable or paid by the Administrative Agent or the Borrower in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender and the L/C
Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the
Administrative Agent under this clause (ii). 
 (d) Evidence of Payments. Upon request by the Borrower or the Administrative
Agent, as the case may be, after any payment of Taxes by the Borrower or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent or
the Administrative Agent shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or
other evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be. 
 (e) Status of
Lenders; Tax Documentation. 
 (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with
respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation
reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative
Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject
to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

  
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 (ii) Without limiting the generality of the foregoing, if the Borrower is a U.S.
person, 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the
date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9
certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Lender shall, to the
extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S.
federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(2) executed originals of IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a
“10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed originals of IRS Form W-8BEN; or 

(4) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form
W-8IMY, accompanied by IRS Form W8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit
G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as

  
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applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such
Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner; 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at
the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of
this Agreement. For purposes of determining withholding Taxes imposed under FATCA, from and after the Closing Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the
Committed Loans as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 

(iii) Each Lender agrees that if any form or certification it previously delivered pursuant to this
Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(iv) Notwithstanding anything to the contrary herein or in any other Loan Document, the obligation of the Administrative Agent
and the Loan Parties to withhold based upon the information and documentation the Administrative Agent has received pursuant to this clause (e), shall be subject to the standards of knowledge set forth in U.S.

  
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Treasury Regulation Section 1.1441-7T (or any successor provision) and, in the case of withholding under any
non-U.S. law, any comparable provision applicable to withholding agents under such non-U.S. law. 

(f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to
file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the
case may be. If any Recipient determines, in its sole discretion exercised in good faith that it has received a refund of any Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts
pursuant to this Section 3.01, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this
Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such
Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the Recipient, agrees to repay the amount paid over to the
Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the
contrary in this subsection (f), in no event will the applicable Recipient be required to pay any amount to the Borrower pursuant to this subsection (f) the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or
additional amounts with respect to such Tax had never been paid. This subsection (f) shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems
confidential) to the Borrower or any other Person. 
 (g) Survival. Each party’s obligations under this
Section 3.01 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments and the repayment,
satisfaction or discharge of all other Obligations. 
 (h) Defined Terms. For purposes of this
Section 3.01, the term “Lender” includes any L/C Issuer and the term “applicable Laws” includes FATCA. 

3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is
unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Committed Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any
Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the
Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Committed Loans or to convert Base Rate Committed Loans to Eurodollar Rate Committed Loans shall be suspended, and (ii) if such notice asserts the
illegality of such Lender making or 

  
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maintaining Base Rate Committed Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Committed Loans
of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the
Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert
all Eurodollar Rate Committed Loans of such Lender to Base Rate Committed Loans (the interest rate on which Base Rate Committed Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without
reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Committed Loans to such day, or immediately, if such Lender
may not lawfully continue to maintain such Eurodollar Rate Committed Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during
the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender
to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. 

3.03 Inability to Determine Rates. If in connection with any request for a Eurodollar Rate Committed Loan or a conversion to or
continuation thereof, (a) the Administrative Agent determines that (i) Dollar deposits are not being offered to banks in the London interbank market for the applicable amount and Interest Period of such Eurodollar Rate Committed Loan, or
(ii) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Committed Loan or in connection with an existing or proposed Base Rate Committed
Loan, or (b) the Administrative Agent or the Majority Lenders determine that for any reason the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Committed Loan does not adequately and fairly reflect
the cost to such Lenders of funding such Eurodollar Rate Committed Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Committed
Loans shall be suspended (to the extent of the affected Eurodollar Rate Committed Loans or Interest Periods) and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base
Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent upon the instruction of the Majority Lenders revokes such notice. Upon receipt of such notice, the
Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Committed Loans (to the extent of the affected Eurodollar Rate Committed Loans or Interest Periods) or, failing that, will be deemed to have
converted such request into a request for a Committed Borrowing of Base Rate Committed Loans in the amount specified therein. 

  
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 3.04 Increased Costs; Reserves on Eurodollar Rate Committed Loans. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e)) or the L/C Issuer; 

(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto; or 
 (iii) impose on any Lender or the L/C Issuer or the London interbank market any other condition,
cost or expense affecting this Agreement or Eurodollar Rate Committed Loans made by such Lender or any Letter of Credit or participation therein; 
 and the
result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Committed Loan the interest on which is determined by reference to the Eurodollar Rate (or, in the case of clause
(ii) above, any Loan) (or of maintaining its obligation to make any such Committed Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its
obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such
Lender or the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or
reduction suffered. 
 (b) Capital Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such
Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such
Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Committed Loans made by, or
participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company could have achieved
but for such Change in Law (taking into consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect to capital adequacy), then from time to time the
Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction
suffered. 
 (c) Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting forth the amount or amounts
necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section 3.04

  
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and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate
within 10 days after receipt thereof. 
 (d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to
demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided that the Borrower
shall not be required to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this Section 3.04 for any increased costs incurred or reductions suffered more than nine months prior to the date that
such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that,
if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 

(e) Reserves on Eurodollar Rate Committed Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required to
maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar
Rate Committed Loan equal to the actual costs of such reserves allocated to such Committed Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on
which interest is payable on such Committed Loan, provided the Borrower shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give
notice 10 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 10 days from receipt of such notice. 

3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall
promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Committed Loan other than a Base Rate Committed Loan on a day
other than the last day of the Interest Period for such Committed Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(b) any failure by the Borrower (for a reason other than the failure of such Lender to make a Committed Loan) to prepay,
borrow, continue or convert any Committed Loan other than a Base Rate Committed Loan on the date or in the amount notified by the Borrower; or 

(c) any assignment of a Eurodollar Rate Committed Loan on a day other than the last day of the Interest Period therefor as a
result of a request by the Borrower pursuant to Section 10.13; 

  
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 including any loss of anticipated profits and any loss or expense arising from the liquidation or reemployment of
funds obtained by it to maintain such Committed Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the
foregoing. 
 For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender
shall be deemed to have funded each Eurodollar Rate Committed Loan made by it at the Eurodollar Rate for such Committed Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a
comparable period, whether or not such Eurodollar Rate Committed Loan was in fact so funded. 
 3.06 Mitigation Obligations; Replacement
of Lenders. 
 (a) Designation of a Different Lending Office. If any Lender requests compensation under
Section 3.04 or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the account of any Lender or the L/C Issuer pursuant to
Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of the Borrower such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a
different Lending Office for funding or booking its Committed Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation
or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to
Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or
the L/C Issuer, as the case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such designation or assignment. 

(b) Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is
required to pay any Indemnified Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, and in each case, such Lender has declined or is unable to
designate a different Lending Office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 10.13. 

3.07 Survival. All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate
Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 

  
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 ARTICLE IV 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 

4.01 Conditions of Initial Credit Extension. The obligation of the L/C Issuer and each Lender to make its initial Credit Extension
hereunder is subject to satisfaction (or waiver in accordance with Section 10.01) of the following conditions precedent: 

(a) The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly
by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date): 

(i) executed counterparts of this Agreement sufficient in number for distribution to the Administrative Agent, each Lender and
the Borrower; 
 (ii) a Note executed by the Borrower in favor of each Lender requesting a Note; 

(iii) executed counterparts of the Security Documents listed on Schedule 4.01 (other than the Mortgages described
below); 
 (iv) such certificates of resolutions or other action, incumbency certificates and/or other certificates of
Responsible Officers of each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this
Agreement and the other Loan Documents to which such Loan Party is a party; 
 (v) such documents and certifications as the
Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each of the Borrower and the other Loan Parties is validly existing and in good standing in its jurisdiction of organization; 

(vi) (A) a favorable opinion of Vinson & Elkins LLP, counsel to the Loan Parties, addressed to the Administrative
Agent and each Lender, as to the matters set forth in Exhibit F and such other matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request and (B) a favorable opinion of McAfee &
Taft, Oklahoma counsel to the Loan Parties, addressed to the Administrative Agent and each Lender as to the enforceability of the Mortgages in Oklahoma and such other matters concerning the Loan Parties and the Loan Documents as the Administrative
Agent may reasonably request; 
 (vii) certificates evidencing that insurance has been obtained and is in effect in such
types and amounts as shall be reasonably satisfactory to the Administrative Agent, naming Administrative Agent as additional insured on liability policies and loss payee with regard to property and casualty policies; 

(b) (i) Any fees required to be paid on the Closing Date pursuant to the Fee Letters and (ii) all reasonable fees, charges
and disbursements of counsel and any local counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent), plus such additional amounts of such fees (including all filing and recording fees and taxes),
charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by such counsel through the closing proceedings (provided that such estimate shall not thereafter

  
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preclude a final settling of accounts between the Borrower and the Administrative Agent), in each case to the extent invoiced at least one Business Day prior to the Closing Date (except as
otherwise reasonably agreed by the Borrower), shall have been or will be simultaneously paid with the initial Credit Extension hereunder. 

(c) To the extent not identified as a post-closing obligation on Schedule 6.20, the Lenders shall have received
satisfactory evidence that the Administrative Agent (on behalf of the Lenders) shall have a valid and perfected first priority Lien and security interest, subject only to Permitted Encumbrances, in Collateral including Mortgages covering Proved
Mineral Interests that have a Recognized Value of not less than the 80% of the Recognized Value of all Proved Mineral Interests (provided that any Loan Document or Mortgage that secures a maximum principal sum less than the Recognized Value
of the Proved Mineral Interests shall be deemed to cover and encumber a Recognized Value equal to the maximum principal sum secured) owned by the Loan Parties on the Closing Date and included in the Borrowing Base in effect on the Closing Date and
covering the Wheeler Midstream Gathering System, duly executed and delivered by the applicable Loan Parties, together with such other searches, assignments, conveyances, agreements and other writings as may be reasonably requested by the
Administrative Agent, including, without limitation, UCC financing statements and/or amendments to financing statements, in form and substance reasonably satisfactory to the Administrative Agent. 

(d) The Lenders shall have received certification as to the Solvency of the Borrower and its Subsidiaries, taken as a whole,
after giving effect to the Acquisition, from the Chief Financial Officer of the Borrower. 
 (e) After giving effect to the
consummation of the Acquisition, the payment of the full purchase price and applicable transactions costs for the Acquisition, all fees and expenses in connection with the closing of this Agreement and the other Loan Documents, and other
organizational costs incurred prior to the Closing Date, Availability shall equal or exceed 15% of the Borrowing Base. 
 (f)
The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower (a) attaching a true and complete copy of the Acquisition Agreement and (b) certifying that the Acquisition shall have been, or shall
contemporaneously with the Closing Date be, consummated as set forth in Section 4.01(g). 
 (g) (i)
The Acquisition shall have been consummated (or shall be consummated simultaneously with the initial Credit Extension hereunder) in accordance with the Acquisition Agreement, and no provision of the Acquisition Agreement shall have been waived,
amended, supplemented or otherwise modified in a manner that is materially adverse to the Lenders without the prior written consent of the Administrative Agent, such consent not to be unreasonably withheld, delayed or conditioned (it being
understood that any waiver, amendment, supplement or other modification (x) to the definition of “Material Adverse Effect” in the Acquisition Agreement or (y) to the “Xerox” provisions in Section 15.5 of the
Acquisition Agreement, shall in each case be 

  
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deemed to be materially adverse to the interests of the Lenders); provided that any amendment, supplement, modification or other purchase price adjustment (a) increasing the amount of
the consideration required to consummate the Acquisition shall not be materially adverse to the Lenders so long as such increased consideration is funded with equity or borrowings under the Credit Agreement (subject to Section 4.01(f)) and
(b) reducing the amount of the consideration required to consummate the Acquisition shall not be materially adverse to the Lenders so long as (x) such decrease is not more than ten percent (10%) of the required consideration set forth in
the Acquisition Agreement or (y) such reduction is applied to reduce the Equity Investment and the Borrowing Base on a pro rata basis (subject to Section 4.01(f)) and (ii) the Borrower shall have received additional proceeds to
include at least $375,000,000 in cash proceeds from the Equity Investment. 
 (h) The Administrative Agent and the Lenders
shall have received, at least three Business Days prior to the Closing Date, the documentation and other information that are required by regulatory authorities under applicable “know-your-customer” rules and regulations, including the
Patriot Act, that have been requested in writing at least seven calendar days before the Closing Date. 
 (i) The
Administrative Agent shall have received, to the extent related to the Acquired Assets, (i) monthly production and accounting lease operating statements for the fiscal year ended December 31, 2013 and through July 31, 2014, (ii) the
Borrower’s capital budget for the fiscal year ended 2015 (including overhead), (iii) Imbalances (as defined in the Acquisition Agreement) as of July 31, 2014, and (iv) estimated plugging and abandonment and other asset retirement
liability for the fiscal year ended 2015. The information provided to the Administrative Agent pursuant to this Section 4.01(i) need not be prepared in compliance with GAAP or Regulation S-X of the
Securities Act of 1933, as amended, or include adjustments for purchase accounting (including adjustments of the type contemplated by FASB ASC 805. 

(j) The Administrative Agent shall have received customary quarterly financial projections for oil and gas transactions of a
similar nature (including balance sheets, income statements and statements of cash flow) of the Borrower and its Subsidiaries for the first fiscal year after the Closing Date and customary annual financial projections for oil and gas transactions of
a similar nature (including balance sheets, income statements and statements of cash flow) of the Borrower and its Subsidiaries for each fiscal year thereafter for the term of this Agreement. 

(k) The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying that no
fact, event or circumstance shall have occurred or arisen since November 19, 2014 (other than Casualty Losses) that has had, or would reasonably be expected to have, an Acquisition Material Adverse Effect. 

(l) The (x) Specified Representations and (y) Specified Acquisition Agreement Representations shall be true and
correct on and as of the Closing Date in all material respects (except that those Specified Representations and Specified Acquisition Agreement Representations that are qualified by materiality or with respect to a Material Adverse Effect shall be
true and correct in all respects). 
 (m) The Administrative Agent shall have received the Initial Reserve Report. 

  
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 Without limiting the generality of the provisions of the last paragraph of
Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the
proposed Closing Date specifying its objection thereto. 
 4.02 Conditions to all Credit Extensions. The obligation of each Lender to
honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type, or a continuation of Eurodollar Rate Committed Loans) is subject to the following conditions precedent;
provided that clauses (a) and (b) below shall not apply to any Credit Extension on the Closing Date: 

(a) The representations and warranties of the Borrower and each other Loan Party contained in Article V or any other
Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (except with respect to representations and warranties which are expressly
qualified by materiality, which shall be true and correct in all respects) on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall
be true and correct in all material respects (except with respect to representations and warranties which are expressly qualified by materiality, which shall be true and correct in all respects) as of such earlier date, and except that for purposes
of this Section 4.02, the representations and warranties contained in the first sentence of subsection (a) of Section 5.05 shall be deemed to refer to the most recent statements
furnished pursuant to clauses (a) and (b), respectively, of Section 6.01. 
 (b)
No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof. 

(c) After giving effect to such Credit Extension, the Total Outstandings shall not exceed the Borrowing Base then in effect.

 (d) The Administrative Agent and, if applicable, the L/C Issuer shall have received a Request for Credit Extension in
accordance with the requirements hereof. 
 Other than on the Closing Date, each Request for Credit Extension (other than a Committed Loan
Notice requesting only a conversion of Committed Loans to the other Type or a continuation of Eurodollar Rate Committed Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections
4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension. 

  
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 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Administrative Agent and each Lender that: 

5.01 Existence, Qualification and Power. Each Loan Party (a) is duly organized or formed, validly existing and, as applicable, in
good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets
and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each
jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clauses (b)(i) or (c), to the extent that failure to do so
could not reasonably be expected to have a Material Adverse Effect. 
 5.02 Authorization; No Contravention. The execution, delivery
and performance by each Loan Party of each Loan Document to which such Person is party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such
Person’s Organization Documents; (b) conflict in any material respect with or result in any material breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any material Contractual
Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries, (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person
or its property is subject or (c) violate any Law to which such Person or its property is subject. 
 5.03 Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery
or performance by, or enforcement against, any Loan Party of this Agreement, the Acquisition or any other Loan Document other than (a) those obtained prior to the Closing Date, (b) those that may be required in connection with the
Acquisition that are obtained on or prior to the closing of the Acquisition and (c) recordings and filings necessary to perfect the Liens created pursuant to the Security Documents. 

5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and
delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is
party thereto in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law. 

  
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 5.05 Financial Statements; No Material Adverse Effect. 

(a) The unaudited consolidated balance sheet of the Borrower and its Subsidiaries dated September 30, 2014 and the related consolidated
statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein, and (ii) fairly present, in all material respects, the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case
of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. All material indebtedness and other liabilities, direct or contingent, of the Borrower and its
Consolidated Subsidiaries as of the date of such financial statements, including liabilities for taxes, material commitments and Indebtedness are reflected in such financial statements. 

(b) Since December 31, 2013, there has been no event or circumstance, either individually or in the aggregate, that has had or could
reasonably be expected to have a Material Adverse Effect. 
 5.06 Litigation. There are no actions, suits, proceedings, claims or
disputes pending or, to the knowledge of the Borrower after due and diligent investigation, threatened, at law, in equity, or in arbitration or before any Governmental Authority, by or against the Borrower or any of its Subsidiaries or against any
of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) except as specifically disclosed in Schedule 5.06, either
individually or in the aggregate, if determined adversely, could reasonably be expected to have a Material Adverse Effect. 
 5.07 No
Default. Neither any Loan Party nor any Subsidiary thereof is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No
Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 

5.08 Ownership of Property; Liens. Each of the Borrower and its Subsidiaries has good and defensible title in fee simple to, or valid
leasehold interests in, all real property necessary or used in the ordinary conduct of its business, subject to Permitted Encumbrances and except for such defects in title as could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. The property of the Borrower and its Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01. 

5.09 Environmental Compliance. The Borrower and its Subsidiaries conduct in the ordinary course of business a review of the effect of
existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Borrower has reasonably concluded
that, except as specifically disclosed in Schedule 5.09, such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 5.10 Insurance. The properties of the Borrower and its Subsidiaries are insured with
financially sound and reputable insurance companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in
localities where the Borrower or the applicable Subsidiary operates. 
 5.11 Taxes. For U.S. federal income tax purposes, the
Borrower is classified as a partnership. The Borrower and its Subsidiaries have filed all U.S. Federal income tax returns and all material state and other tax returns and reports required to be filed, and have paid all material Federal, state and
other Taxes imposed upon them or their properties, income or assets otherwise due and payable, except those Taxes which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been
provided in accordance with GAAP. There is no proposed Tax assessment against the Borrower or any of its Subsidiaries that if required to be paid would reasonably be expected to have a Material Adverse Effect. Neither any Loan Party nor any
Subsidiary thereof is party to any Tax sharing agreement. 
 5.12 ERISA Compliance. 

(a) Except as would not reasonably be expected to result in material liability to a Loan Party, (i) each Plan is in compliance in all
material respects with the applicable provisions of ERISA, the Code and other Federal or state laws, (ii) each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code may rely upon an opinion letter for a prototype
plan or has received a favorable determination letter from the Internal Revenue Service to the effect that the form of such Pension Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal
Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is currently being processed by the Internal Revenue Service, and (iii) to the knowledge of the Borrower, nothing has
occurred that would prevent, or cause the loss of such tax-qualified status. 
 (b) There are no
pending or, to the best knowledge of the Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no
prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect. 

(c) Except as would not reasonably be expected to result in material liability to a Loan Party, (i) no ERISA Event has occurred, and the
Borrower is not aware of any fact, event or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) the Borrower and each ERISA Affiliate has met all applicable
requirements under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent valuation date for any
Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and the Borrower does not know of any facts or circumstances that could reasonably be expected to cause the funding target
attainment percentage for any such plan to drop below 60% as of the most recent valuation date; (iv) neither the Borrower nor any ERISA Affiliate has incurred any 

  
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liability to the PBGC other than for the payment of premiums, and there are no premium payments which have become due that are unpaid; (v) neither the Borrower nor any ERISA Affiliate has
engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists
that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan. 
 5.13
Subsidiaries; Equity Interests. As of the Closing Date, the Borrower has no Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.13, and all of the outstanding Equity Interests in such Subsidiaries have
been validly issued, are fully paid and nonassessable and are owned by a Loan Party in the amounts specified on Part (a) of Schedule 5.13 free and clear of all Liens (other than pursuant to the Security Documents or
inchoate Liens arising by operation of law). Except as set forth on Part (b) of Schedule 5.13, as of the Closing Date, as such Schedule is supplemented by each report required to be delivered pursuant to Section 6.02(b), as
of the date of such report, the Borrower has no equity investments in any other corporation or entity. All of the outstanding Equity Interests in the Borrower have been validly issued, and are fully paid and nonassessable. 

5.14 Use of Proceeds; Margin Regulations; Investment Company Act. 

(a) The proceeds of the Committed Loans are to be used solely for the purposes set forth in and permitted by
Section 6.11 and Section 7.10. 
 (b) The Borrower is not engaged and will not engage,
principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

(c) None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is or is required to be registered as an “investment
company” under the Investment Company Act of 1940. 
 5.15 Disclosure. The Borrower has disclosed to the Administrative Agent
and the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a
Material Adverse Effect. The reports, financial statements, certificates or other information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions
contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) taken as a whole, do not contain any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information,
the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time, it being understood that projected results may differ materially from actual results. 

  
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 5.16 Compliance with Laws. Each Loan Party and each Subsidiary thereof is in compliance in
all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is
being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

5.17 Taxpayer Identification Number. Except for changes after the Closing Date which are promptly disclosed in writing to the
Administrative Agent, the taxpayer identification number set forth on Schedule 10.02 is the true and correct U.S. taxpayer identification number of Borrower, for U.S. federal income tax purposes. 

5.18 Mineral Interests. Except to the extent disposed of since the date of the most recently delivered Reserve Report, each Loan Party
has good and defensible title to all of its Borrowing Base Properties evaluated in such Reserve Report, free and clear of all Liens except Permitted Encumbrances and Immaterial Title Deficiencies. Subject only to Immaterial Title Deficiencies and
Permitted Encumbrances, all Borrowing Base Properties are valid, subsisting, and in full force and effect, and all material rentals, royalties, and other amounts due and payable in respect thereof have been duly paid, except for delay rentals with
respect to which the applicable Loan Party has determined in good faith that payment and discharge thereof is not in such Loan Party’s best interest. Without regard to any consent or non-consent
provisions of any joint operating agreement covering any Proved Mineral Interests of any Loan Party, but subject to Immaterial Title Deficiencies and Permitted Encumbrances, each Loan Party’s share of (a) the costs for each of its
Borrowing Base Properties evaluated in the most recently delivered Reserve Report (except to the extent such Borrowing Base Properties were disposed of since the date of such Reserve Report or such costs were altered by any operating agreements,
joint venture agreements, partnership agreements, oil and gas leases, farm-out agreements, division orders, contracts for the sale, purchase, transportation, processing or exchange of oil, gas or other
hydrocarbons, unitization and pooling declarations and agreements, area of mutual interest agreements, development agreements, joint ownership arrangements and other agreements which are customary in the oil and gas business which have been
disclosed to the Administrative Agent) is not greater than the decimal fraction set forth in such Reserve Report, before and after payout, as the case may be, and described therein by the respective designations “working interests,”
“WI,” “gross working interest,” “GWI,” or similar terms, and (b) production from, allocated to, or attributed to each of its Borrowing Base Properties evaluated in the most recently delivered Reserve Report (except
to the extent such Borrowing Base Properties were disposed of since the date of such Reserve Report or such allocations were altered by any operating agreements, joint venture agreements, partnership agreements, oil and gas leases, farm-out agreements, division orders, contracts for the sale, purchase, transportation, processing or exchange of oil, gas or other hydrocarbons, unitization and pooling declarations and agreements, area of mutual
interest agreements, development agreements, joint ownership arrangements and other agreements which are customary in the oil and gas business which have been disclosed to the Administrative Agent) is not less than the decimal fraction set forth in
such Reserve Report, before and after payout, as the case may be, and described therein by the designations “net revenue interest,” “NRI,” or similar terms. Each well drilled in respect of each Borrowing Base
Property evaluated in the most recently delivered Reserve Report (except to the extent disposed 

  
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of since the date of such Reserve Report) which is categorized as proved developed producing reserves and described in such Reserve Report (i) is capable of, and, with the exception of wells
which are presently not producing Hydrocarbons as a result of maintenance or repair in the ordinary course of business or due to circumstances outside any Loan Party’s control, is presently, producing Hydrocarbons in commercially profitable
quantities, and each Loan Party is receiving payments for its share of production, and no material amount of funds in respect of any thereof are held in suspense, and (ii) has been drilled, bottomed, completed, and operated in compliance with
all applicable Laws in all material respects and no such well which is currently producing Hydrocarbons is subject to any material penalty in production by reason of such well having produced in excess of its allowable production. The breach of any
representation or warranty set forth in Section 5.08 (as it relates to Borrowing Base Properties) or this Section 5.18 shall not automatically cause an Event of Default under Section 8.01(d)
hereof. Instead, upon becoming aware that any Loan Party has breached, or caused the breach of, any representation or warranty set forth in Section 5.08 (as it relates to Borrowing Base Properties) or this
Section 5.18, the Required Lenders may cause to be made a Special Redetermination of the Borrowing Base according to Section 2.15(c) hereof, in which case that portion of the Borrowing Base Properties as to which the
representations and warranties of Section 5.08 (as it relates to Borrowing Base Properties) or this Section 5.18 have been breached shall be excluded from the Mineral Interests evaluated for
purposes of the Borrowing Base; provided, however, an Event of Default shall occur if, upon redetermination of the Borrowing Base, the Borrowing Base as so redetermined has been reduced by more than twenty-five percent (25%) from the
Borrowing Base in effect immediately prior to such Redetermination or the Borrower fails to pay in full when due any mandatory prepayment required by Section 2.04 hereof as a result of such Borrowing Base Deficiency. In
lieu of the foregoing requirement of a Special Redetermination, within 60 days of notice from the Administrative Agent that such title defects or exceptions exist with respect to Borrowing Base Properties (or such longer period as the Majority
Lenders may agree), the Borrower may either (i) cure any such title defects or exceptions (including defects or exceptions as to priority) which are not permitted by this Section 5.18 and raised by such information,
(ii) substitute acceptable Proved Mineral Interests by subjecting them to a Mortgage, with such Proved Mineral Interests having an equivalent value to the Proved Mineral Interests substituted therefor, or (iii) deliver title information in
form and substance reasonably acceptable to the Administrative Agent so that the Administrative Agent shall have received, together with title information previously delivered to the Administrative Agent, reasonably satisfactory title information on
at least 75% of the Recognized Value of all Proved Mineral Interests. 
 5.19 Licenses and Permits, Etc. Each Loan Party possesses
such valid franchises, certificates of convenience and necessity, operating rights, licenses, permits, consents, authorizations, exemptions and orders (“Permits”) of Governmental Authorities, as are necessary to carry on its
business as now conducted and as proposed to be conducted other than such Permits, or renewals thereof, that have been timely applied for but not obtained and which are reasonably expected to be issued in the ordinary course, and except to the
extent a failure to obtain any such item would not reasonably be expected to result in a Material Adverse Effect. 
 5.20 Gas Balancing
Agreements and Advance Payment Contracts. Except as set forth on Schedule 5.20, on the date of this Agreement, on a net basis there are no gas imbalances, take or pay or other prepayments with respect to any of the Borrower’s and the
other Loan 

  
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Parties’ Mineral Interests which would require the Borrower or any of the other Loan Parties to deliver, in the aggregate, five percent (5%) or more of the monthly production of Hydrocarbons
produced from such Mineral Interests at some future time without then or thereafter receiving full payment therefor. 
 5.21
Solvency. Upon giving effect to the execution of this Agreement and the other Loan Documents by each Loan Party, any rights of contribution, reimbursement and subrogation of such Loan Party, and the consummation of the transactions
contemplated hereby and in connection with the Acquisition, the Borrower and the other Loan Parties, on a consolidated basis, will be Solvent. 

5.22 Security Documents. The provisions of the Security Documents are effective to create in favor of Administrative Agent for the
benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section 7.01) on all right, title and interest of the respective Loan Parties in the Collateral described
therein. Except for filings completed prior to the Closing Date and as contemplated hereby (including those to be made after the Closing Date pursuant to Schedule 6.20) and by the Security Documents from time to time, no filing or other
action will be necessary to perfect or protect such Liens. 
 5.23 Anti-Terrorism Laws. No Subsidiary or Loan Party, nor, to the
knowledge of any Subsidiary or Loan Party, any Related Party in its capacity acting on behalf of any Subsidiary or Loan Party (i) is currently the subject of any Sanctions or (ii) is located, organized or residing in any Designated
Jurisdiction. No Credit Extension, nor the proceeds from any Credit Extension has been used, directly or indirectly, (x) to lend, contribute, provide or has otherwise made available to fund any activity or business in any Designated
Jurisdiction or to fund any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions, or in any other manner that will result in any violation by any Person (including
any Lender, the Arranger, the Administrative Agent or the L/C Issuer) of Sanctions or (y) for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 or any other anti-corruption laws
applicable to the Loan Parties. The Borrower and its Subsidiaries have conducted their businesses in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010. 

5.24 Swap Contracts. The Borrower has entered into Swap Contracts with the purpose and effect of fixing prices on projected production
of Hydrocarbons produced from the Loan Parties’ Mineral Interests covering the volumes and periods set forth on Schedule 5.24. 

  
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 ARTICLE VI 

AFFIRMATIVE COVENANTS 
 So
long as any Lender shall have any Commitment hereunder, any Committed Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless such Letter of Credit shall have been Cash
Collateralized (or as to which other arrangements satisfactory to the Administrative Agent and the L/C Issuer shall have been made)), the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02,
and 6.03) cause each Subsidiary to: 
 6.01 Financial Statements. Deliver to the Administrative Agent for delivery to each
Lender: 
 (a) as soon as available, but in any event within 120 days after the end of each fiscal year of the Borrower, a
consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, changes in shareholders’ equity, and cash flows for such fiscal year, setting
forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent
certified public accountant of nationally recognized standing reasonably acceptable to the Administrative Agent, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any
“going concern” or like qualification or exception (other than with respect to, or resulting from, the occurrence of the Maturity Date within one year from the date such opinion is delivered) or any qualification or exception as to the
scope of such audit; and 
 (b) as soon as available, but in any event within 45 days after the end of each of the first
three (3) fiscal quarters of each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, the related consolidated statements of income or operations for such fiscal
quarter and for the portion of the Borrower’s fiscal year then ended, and the related consolidated statements of changes in shareholders’ equity, and cash flows for the portion of the Borrower’s fiscal year then ended, in each case
setting forth in comparative form, as applicable and to the extent available, the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, such
consolidated statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of the Borrower as fairly presenting in all material respects the financial condition, results of operations, shareholders’
equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; and 

(c) as soon as available, but in any event at least 15 days before the end of each fiscal year of the Borrower, budgets and
forecasts prepared by management of the Borrower, in form reasonably satisfactory to the Administrative Agent, of consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a monthly
basis for the immediately following fiscal year (including the fiscal year in which the Maturity Date occurs). 
 As to any information
contained in materials furnished pursuant to Section 6.02, the Borrower shall not be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in
derogation of the obligation of the Borrower to furnish the information and materials described in clauses (a) and (b) above at the times specified therein. 

  
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 6.02 Certificates; Other Information. Deliver to the Administrative Agent for delivery to
each Lender, in form and detail reasonably satisfactory to the Administrative Agent and the Majority Lenders: 
 (a)
concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of the
Borrower (which delivery may, unless the Administrative Agent, or a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all
purposes) (i) setting forth in reasonable detail the calculations required to establish whether the Borrower was in compliance with the requirements of Section 7.13(a) as of the last day of the fiscal quarter to which such financial
statements relate, (ii) stating whether there exists on the date of such certificate any Default and, if any Default then exists, setting forth the details thereof and the action which the Borrower are taking or propose to take with respect
thereto, (iii) stating whether or not such financial statements fairly reflect in all material respects the results of operations and financial condition of the Loan Parties as of the date of such financial statements and for the period covered
thereby, (iv) setting forth (A) whether as of the date of such certificate, on a net basis there are any gas imbalances, take or pay or other prepayments with respect to any of the Borrower’s and the other Loan Parties’ Mineral
Interests which would require the Borrower or any of the other Loan Parties to deliver, in the aggregate, five percent (5%) or more of the monthly production of Hydrocarbons produced from such Mineral Interests at some future time without then or
thereafter receiving full payment therefor and, if so, setting forth the amount thereof, (v) a report in form and substance satisfactory to the Administrative Agent of the Swap Contracts to which each Loan Party is a party on the date of such
certificate, and (vi) a report of all changes in the information included in Part (b) of Schedule 5.13 as may be necessary for Part (b) of Schedule 5.13 to be accurate and complete as of the date of such report; 

(b) promptly after any request by the Administrative Agent or any Lender, copies of any detailed audit reports, management
letters or recommendations submitted to the board of managers (or the audit committee of the board of managers) of the Borrower by independent accountants in connection with the accounts or books of the Borrower or any Subsidiary, or any audit of
any of them; 
 (c) if any Loan Party becomes a publicly traded company, then promptly after the same are available, copies
of each annual report, proxy or financial statement or other report or communication sent to the stockholders of such Loan Party, and copies of all annual, regular, periodic and special reports and registration statements which such Loan Party may
file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto; 

(d) on or before February 28 and August 31 of each year, commencing February 28, 2015, a Reserve Report prepared
as of the immediately preceding December 31 and June 30, respectively; and 
 (e) promptly, such additional
information regarding the business, financial or corporate affairs of the Borrower or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request. 

  
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 Documents required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(d) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower
posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or
intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Borrower shall deliver paper
copies of such documents to the Administrative Agent or any Lender upon its reasonable request to the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender
and (ii) the Borrower shall notify the Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft
copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the
Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arranger will make available to the Lenders and the L/C
Issuer materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the
“Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the
Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrower hereby agrees that (w) all
Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof;
(x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arranger, the L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (provided, however,
that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a
portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for
posting on a portion of the Platform not designated “Public Side Information.” Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC”. 

  
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 6.03 Notices. Promptly notify the Administrative Agent for delivery to each Lender: 

(a) of the occurrence of any Default; 

(b) of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including:
(i) breach or non-performance of, or any default under, a Contractual Obligation of the Borrower or any of its Subsidiaries; (ii) any dispute, litigation, investigation, proceeding or suspension
between the Borrower or any of its Subsidiaries and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting the Borrower or any of its Subsidiaries, including pursuant to
any applicable Environmental Laws; 
 (c) of the occurrence of any ERISA Event; 

(d) of any material change in accounting policies or financial reporting practices by the Borrower or any of its Subsidiaries;

 (e) of the occurrence of any Asset Disposition or Swap Termination that, together with all other Asset Dispositions or
Swap Terminations since the most recent Redetermination, would have an Aggregate Disposition Value equal to or in excess of 10% of the total amount of the Borrowing Base in effect at the most recent Redetermination; 

(f) of any Wheeler Midstream Gathering System Disposition, at least fifteen (15) days prior to the consummation of such
transaction; and 
 (g) of any acquisition described in Section 6.13, at least five (5) days
prior to the consummation of such acquisition. 
 Each notice pursuant to this Section 6.03 shall be accompanied
by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and, if applicable, stating what action the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to
Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

6.04 Payment of Obligations. Pay and discharge as the same shall become due and payable, all its material obligations and liabilities,
including (a) all material Tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate
reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary; (b) all material lawful claims which, if unpaid, would by law become a Lien upon its property; and (c) all Indebtedness, as and when due and payable,
but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness. 

  
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 6.05 Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and
effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05; (b) take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew
all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect. 

6.06 Maintenance of Properties. (a) Maintain, preserve and protect all of its material properties and equipment necessary in the
operation of its business in good working order and condition, ordinary wear and tear excepted; and (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected
to have a Material Adverse Effect. 
 6.07 Maintenance of Insurance. Maintain with financially sound and reputable insurance
companies not Affiliates of the Borrower, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as
are customarily carried under similar circumstances by such other Persons. 
 6.08 Compliance with Laws. Comply in all material
respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is
being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

6.09 Books and Records. Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP
consistently applied shall be made of all financial transactions and matters involving the assets and business of the Borrower or such Subsidiary, as the case may be. 

6.10 Inspection Rights. Permit representatives and independent contractors of the Administrative Agent to visit and inspect any of its
properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the
expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided, however, that when an Event of Default exists the
Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice. 

6.11 Use of Proceeds. Use the proceeds of the Credit Extensions for purposes not in contravention of
Section 7.10. 

  
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 6.12 Additional Guarantors. Notify the Administrative Agent at the time that any Person
becomes a Domestic Subsidiary, and promptly thereafter (and in any event within fifteen (15) Business Days), cause such Person to (a) become a Guarantor by executing and delivering to the Administrative Agent a counterpart of the Guaranty
or such other document as the Administrative Agent shall deem appropriate for such purpose, and (b) deliver to the Administrative Agent documents of the types referred to in clauses (iii) and (iv) of
Section 4.01(a) and favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (a)), all
in form, content and scope reasonably satisfactory to the Administrative Agent. 
 6.13 Environmental Review. In connection with any
acquisition by any Loan Party, if such acquisition or a series of related acquisitions involves assets valued at greater than an amount equal to 10% of the then-current Borrowing Base, other than (a) undeveloped Mineral Interests, or
(b) an acquisition of additional interests in assets in which any Loan Party previously held an interest, the Borrower shall provide to the Administrative Agent any environmental report or reports it has received or created relating to such
assets. 
 6.14 Security. 

(a) The Obligations shall be secured by first and prior Liens (subject only to Permitted Encumbrances and Immaterial Title Deficiencies)
covering and encumbering (i) Mineral Interests owned by the Loan Parties constituting not less than 80% of the Recognized Value of all of the Loan Parties’ Proved Mineral Interests (provided that any Loan Document or Mortgage that
secures a maximum principal sum less than the Recognized Value of the Proved Mineral Interests shall be deemed to cover and encumber a Recognized Value equal to the maximum principal sum secured) included in the then-current Borrowing Base,
(ii) the Wheeler Midstream Gathering System and (iii) all other Collateral owned by the Loan Parties, including, without limitation, the issued and outstanding Equity Interests directly owned by the Borrower or any other Loan Party in each
existing and future (x) Domestic Subsidiary of the Borrower or any other Loan Party, (y) Foreign Subsidiary of the Borrower or any other Loan Party and (z) CFC Holding Company; provided that no more than 66% of the Voting
Securities of a First-Tier Foreign Subsidiary that is a CFC or that is a disregarded entity that owns no material assets other than stock of a CFC and no more than 66% of the Voting Securities of a CFC Holding Company shall be required to be pledged
and no Equity Interests of a Foreign Subsidiary that is not a First-Tier Foreign Subsidiary shall be required to be pledged; provided further that the requirements of clauses (i) and
(ii) shall not be required to be complied with until the earlier of (x) the date that the second item set forth on Schedule 6.20 have been satisfied and (y) the date that is 60 days after the Closing Date. The Borrower hereby
consents and authorizes Administrative Agent, and its agents, to file any and all necessary financing statements under the Uniform Commercial Code (as in effect in each applicable jurisdiction from time to time), assignments or continuation
statements as necessary from time to time (in Administrative Agent’s discretion) to perfect (or continue perfection of) the Liens granted pursuant to the Loan Documents. 

(b) On or before each Redetermination Date, and at such other times as the Administrative Agent or the Majority Lenders shall reasonably
request, the Borrower shall, and 

  
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shall cause each other Loan Party that owns Borrowing Base Properties to, deliver to the Administrative Agent, for the ratable benefit of each Secured Party, Mortgages duly executed by such Loan
Party, together with such other assignments, conveyances, agreements and other writings as may be reasonably requested by the Administrative Agent or the Required Lenders, including, without limitation, UCC financing statements and/or amendments to
financing statements as the Administrative Agent shall deem necessary or appropriate to grant, evidence and perfect the Liens required by Section 6.14(a) with respect to Mineral Interests then held by such Loan Party which are not the subject
of existing first and prior, perfected Liens securing the Obligations as required by Section 6.14(a). 
 (c) Promptly upon (and in
any event within fifteen (15) Business Days after) the creation or acquisition by the Borrower of any Subsidiary required to become a Guarantor, such Subsidiary and the Borrower or the applicable Loan Party (as applicable) shall execute and
deliver to the Administrative Agent supplements to the Security Documents pursuant to which (x) such Subsidiary shall grant to Administrative Agent a security interest in all Collateral owned by such Subsidiary and (y) the Equity Interests
owned by the Borrower or other Loan Party in such Loan Party shall be pledged to the Administrative Agent (to the extent no material adverse tax consequences would result therefrom), together with (i) to the extent such Equity Interests are
certificated, all certificates (or other evidence acceptable to the Administrative Agent) evidencing such Equity Interests, which shall be duly endorsed or accompanied by stock powers executed in blank (as applicable), and/or (ii) such UCC
financing statements and/or amendments to financing statements as the Administrative Agent shall deem necessary or appropriate to grant, evidence and perfect the Liens required by Section 6.14(a). 

6.15 Title Information; Opinions. At any time any Loan Party is required to execute and deliver Mortgages to the Administrative Agent
pursuant to Section 6.14(b), to the extent requested by the Administrative Agent, the Borrower shall also deliver to the Administrative Agent (i) such evidence of title with respect to the Borrowing Base Properties subject to such
Mortgages as the Administrative Agent shall reasonably deem necessary or appropriate to complete a review of title to such Borrowing Base Properties so that, after giving effect to such review, the Administrative Agent (or its counsel) shall have
completed a review of title to Borrowing Base Properties representing not less than 75% of the Recognized Value of all Borrowing Base Properties at such time, and (ii) opinions of counsel regarding the validity and perfection of the Liens
created by such Mortgages. This covenant shall be subject to the Borrower’s rights of substitution set forth in the final sentence of Section 5.18. 

6.16 Environmental Law Compliance. The Borrower will, and will cause each other Loan Party to, comply with all Environmental Laws
(including, without limitation, (a) all licensing, permitting, notification and similar requirements of Environmental Laws, and (b) all provisions of all Environmental Laws regarding storage, discharge, release, transportation, treatment
and disposal of Hazardous Materials), in each case a violation of which would result in a Material Adverse Change. The Borrower will, and will cause each other Loan Party to, promptly pay and discharge when due all legal debts, claims, liabilities
and obligations with respect to any clean-up or remediation measures necessary to comply with Environmental Laws, except to the extent the failure to so pay and discharge such items would not reasonably be
expected to have a Material Adverse Effect; provided, however, no payment of such debts, claims, liabilities and obligations shall be required if (i) the amount, applicability or validity 

  
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thereof is currently being contested in good faith by appropriate proceedings and no material part of the property or assets of any Loan Party is subject to any pending levy or execution, and
(ii) the Loan Parties, as and to the extent required in accordance with GAAP, shall have set aside on their books reserves (segregated to the extent required by GAAP) deemed by them to be adequate with respect thereto. 

6.17 Compliance with Agreements. Observe, perform or comply with any agreement with any Person or any term or condition of any
instrument, if such agreement or instrument is materially significant to such Loan Party or to Loan Parties on a Consolidated basis or materially significant to any Guarantor, unless any such failure to so observe, perform or comply is remedied
within the applicable period of grace (if any) provided in such agreement or instrument or unless such failure to so observe, perform or comply would not reasonably be expected to have a Material Adverse Effect. 

6.18 Operation of Properties and Equipment. (a) The Borrower will, and will cause each other Loan Party to, maintain, develop and
operate (or use commercially reasonable efforts to cause the operator to maintain and operate to the extent any such Loan Party is not the operator) its Mineral Interests in a good and workmanlike manner, and observe and comply with all of the terms
and provisions, express or implied, of all oil and gas leases relating to such Mineral Interests so long as such Mineral Interests are capable of producing Hydrocarbons and accompanying elements in paying quantities, except to the extent the failure
to so comply would not reasonably be expected to have a Material Adverse Effect. 
 (b) The Borrower will, and will cause
each other Loan Party to, comply with all contracts and agreements applicable to or relating to its Mineral Interests or the production and sale of Hydrocarbons and accompanying elements therefrom (including all gas balancing, take or pay,
production sales and advance payment arrangements), except to the extent the failure to so comply would not reasonably be expected to have a Material Adverse Effect. 

(c) Subject to Dispositions permitted under the Loan Documents, the Borrower will, and will cause each other Loan Party to, at
all times maintain, preserve and keep all operating equipment material to the conduct of its business in proper repair, working order and condition, ordinary wear and tear excepted, and make all necessary or appropriate repairs, renewals,
replacements, additions and improvements thereto so that the efficiency of such operating equipment shall at all times be properly preserved and maintained; provided, that, no item of operating equipment need be so repaired, renewed,
replaced, added to or improved if the Borrower shall in good faith determine that such action is not necessary or desirable for the continued efficient and profitable operation of the business of such Loan Party. 

(d) Promptly notify Administrative Agent of any material claim (or any conclusion by such Loan Party) that such Loan Party is
obligated to account for any royalties, or overriding royalties or other payments out of production, on a basis (other than delivery in kind) less favorable to such Loan Party than proceeds received by Loan Party (calculated at the well) from sale
of production. 

  
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 (e) Promptly perform or make reasonable and customary efforts to cause to be
performed, in accordance with industry standards, all material obligations required by each and all of the assignments, deeds, leases, sub-leases, contracts and agreements affecting its interests in its
Borrowing Base Properties and other material Mineral Interests. 
 (f) To the extent Borrower is not the operator of any
Borrowing Base Property, use commercially reasonable efforts to cause the operator to comply with the requirements of this Section 6.18. 

6.19 Further Assurances. 

(a) From time to time execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and
take all such actions, as the Administrative Agent or the Majority Lenders may reasonably request for the purposes of implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of more fully perfecting or renewing
the rights of the Administrative Agent and the Lenders with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds or products thereof or with respect to any other property hereafter acquired by any Loan
Party, which may be deemed to be part of the Collateral) pursuant hereto or thereto. 
 (b) Upon the exercise by the Administrative Agent or
any Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents which requires any consent, approval, recording, qualification or authorization of any Governmental Authority, execute and deliver, or cause
the execution and delivery of, all applications, certifications, instruments and other documents and papers that the Administrative Agent or such Lender may be required to obtain from the Borrower or any of its Subsidiaries for such governmental
consent, approval, recording, qualification or authorization. 
 6.20 Post-Closing Covenant. The Borrower will (a) deliver or
cause to be delivered to the Administrative Agent each of the agreements, documents, instruments or certificates described on Schedule 6.20, all in form and substance reasonably satisfactory to Administrative Agent; (b) perform each of
the actions described on Schedule 6.20 in a manner reasonably satisfactory to the Administrative Agent; and (c) cause all such matters described in clauses (a) and (b) to be completed within the time periods set forth
opposite each such item or action on such Schedule 6.20 (in each case, unless otherwise agreed to by the Administrative Agent in its sole discretion). 

  
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 ARTICLE VII 

NEGATIVE COVENANTS 
 So
long as any Lender shall have any Commitment hereunder, any Committed Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding(unless such Letter of Credit shall have been cash
collateralized (or as to which other arrangements satisfactory to the Administrative Agent and the L/C Issuer shall have been made)), the Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly: 

7.01 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or
hereafter acquired, other than the following: 
 (a) Liens securing the Obligations; 

(b) Permitted Encumbrances; 

(c) deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations,
surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(d) Liens securing Indebtedness permitted under Section 7.03(d); provided that (i) such Liens do not at any
time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed 100% of the cost of acquiring, constructing or improving such fixed or capital assets; 

(e) financing statement filings in respect of operating leases intended by the parties to be true leases; 

(f) Liens on property of a Person existing at the time such person or such property is acquired or such Person is merged with
or into or consolidated with any Loan Party to the extent permitted hereunder (and not created in anticipation or contemplation thereof); provided that such Liens do not extend to property not subject to such Liens at the time of acquisition
(other than improvements thereon and proceeds thereof) and are no more favorable to the lienholders than such existing Lien; provided further that if such Liens secure Indebtedness, such Indebtedness is permitted by Section
7.03(d); and 
 (g) Junior Liens securing Indebtedness permitted under Section 7.03(j). 

7.02 Investments. Make any Investments, except: 

(a) Investments held by the Borrower or such Subsidiary in the form of cash or cash equivalents; 

(b) Loans or advances to officers, directors, managers and employees of the Borrower and Subsidiaries in an aggregate amount
not to exceed $500,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes; 

(c) Investments of the Borrower in any Guarantor and Investments of any Guarantor in the Borrower or in another Guarantor; 

(d) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the
grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss; 

  
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 (e) Guarantees permitted by Section 7.03; 

(f) Investments made in connection with the purchase, lease or other acquisition of tangible assets of any Person, and
investments made in connection with the purchase, lease or other acquisition of all or substantially all of the business of any Person, or all of the Equity Interests of any Person, or any division, line of business or business unit of any Person
(including by the merger or consolidation of such Person into the Borrower or any Guarantor); provided that (i) any newly acquired Subsidiary shall promptly comply with the requirements of Section 6.12 and
(ii) no Default exists before and after giving effect to such Investment; 
 (g) Investments permitted by
Section 7.04; 
 (h) Investments consisting of Swap Contracts to the extent permitted under
Section 7.11. 
 (i) Investments existing on the date hereof and set forth on Schedule 7.02;
and 
 (j) other Investments; provided that, immediately before and after giving effect to such Investment,
Availability shall be no less than 10% of the Borrowing Base then in effect and no Default or Event of Default shall have occurred and be continuing. 

7.03 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 

(a) Indebtedness under the Loan Documents; 

(b) Guarantees of the Borrower or any Guarantor in respect of Indebtedness otherwise permitted hereunder of the Borrower or any
other Guarantor; 
 (c) obligations (contingent or otherwise) of the Borrower or any of its Subsidiaries existing or arising
under any Swap Contract permitted by Section 7.11; 
 (d) Indebtedness in respect of capital leases
and Synthetic Lease Obligations and Indebtedness incurred to finance the acquisition, construction or improvement of any fixed or capital assets (whether or not constituting purchase money obligations) within the limitations set forth in Section
7.01(d) or Indebtedness secured by Liens referred to in Section 7.01(f); provided, however, that the aggregate amount of all such Indebtedness at any one time outstanding shall not exceed $50,000,000; 

(e) endorsements of negotiable instruments for collection in the ordinary course of business; 

(f) intercompany Indebtedness between the Borrower and a Subsidiary that is a Guarantor or between Subsidiaries that are
Guarantors; 
 (g) Indebtedness of a Subsidiary of the Borrower owed to the Borrower or another Loan Party, which
Indebtedness shall be pledged to the Administrative Agent pursuant to the Loan Documents and be otherwise permitted under the provisions of Section 7.02; 

  
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 (h) Indebtedness consisting of obligations to pay insurance premiums; 

(i) Indebtedness in respect of workers’ compensation claims, self-insurance obligations, bankers’ acceptance and
performance and surety bonds provided by the Borrower or any of its Subsidiaries in the ordinary course of business; 
 (j)
Permitted Additional Debt; provided that the aggregate outstanding principal amount of such Indebtedness that is secured by a Junior Lien shall not exceed $300,000,000 at any time; and 

(k) unsecured Indebtedness in an aggregate principal amount not to exceed $50,000,000 at any time outstanding. 

7.04 Fundamental Changes. Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one
transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists or would result therefrom: 

(a) any Subsidiary may merge with (i) the Borrower, provided that the Borrower shall be the continuing or surviving
Person, or (ii) any one or more other Subsidiaries, provided that a Guarantor shall be the continuing or surviving Person; 

(b) any Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the
Borrower or to another Subsidiary; provided that if the transferor in such a transaction is a Guarantor, then the transferee must either be the Borrower or a Guarantor; and 

(c) in connection with any acquisition permitted under Section 7.02, any Subsidiary of the Borrower
may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it; provided that (i) the Person surviving such merger shall be a wholly-owned Subsidiary of the Borrower and comply with
all actions under Section 6.12 and (ii) in the case of any such merger to which any Loan Party (other than the Borrower) is a party, such Loan Party is the surviving Person. 

7.05 Dispositions. Make any Disposition except: 

(a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 (b) Dispositions of inventory (including Hydrocarbons and seismic data) in the ordinary course of business; 

(c) Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the
purchase price of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property; 

  
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 (d) Dispositions of property by any Subsidiary to the Borrower or to any
Guarantor, or by the Borrower to any Guarantor; 
 (e) Dispositions of claims against customers, working interest owners,
other industry partners or any other Person in connection with workouts or bankruptcy, insolvency or other similar proceedings with respect thereto; 

(f) Disposition of defaulted receivables in the ordinary course of business for collection; 

(g) Disposition of funds collected for the beneficial interest of, or of the interests owned by, third party royalty or working
interest owners; 
 (h) Dispositions of interests in oil and gas leases, or portions thereof (if released or abandoned but
not otherwise sold or transferred) so long as no well situated on any such lease, or located on any unit containing all or any part thereof, is capable (or is subject to being made capable through commercially feasible operations) of producing oil,
gas, or other Hydrocarbons in commercial quantities; 
 (i) any Disposition of Borrowing Base Properties or any Swap
Termination; provided, that prior to or contemporaneously therewith: (i) the Borrowing Base shall have been reduced or redetermined to the extent provided in Section 2.15(d), unless such reduction is not required pursuant to the
first proviso in such Section 2.15(d) and (ii) the Loan Parties shall have made all mandatory prepayments required by Section 2.04 in connection with such Asset Disposition or Swap Termination (including after
giving effect to any such reduction in the Borrowing Base pursuant to Section 2.15(d)); 
 (j) Dispositions permitted
by Section 7.02 and Section 7.04; 
 (k) Dispositions of property (other
than Borrowing Base Properties or Swap Contracts) not otherwise permitted in the preceding clauses of this Section 7.05; and 

(l) Dispositions permitted by Section 7.01 and Section 7.06; 

provided, however, that (i) any Disposition pursuant to clauses (a) through (d), (g) through (i),
(k) and (l) shall be for fair market value as determined by the Board of the Borrower acting reasonably in good faith, (ii) no Disposition shall be permitted under clauses (i) or (k) if any Default shall
have occurred and be continuing at the time thereof or would result therefrom. 

  
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 7.06 Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment,
or incur any obligation (contingent or otherwise) to do so, except that, so long as no Default shall have occurred and be continuing at the time of any action described below or would result therefrom: 

(a) Each Subsidiary of the Borrower may make Restricted Payments to another Subsidiary of the Borrower or the Borrower, ratably
according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made; 

(b) the Borrower and each Subsidiary may declare and make dividend payments or other distributions payable solely in the common
stock or other common Equity Interests of such Person; 
 (c) the Borrower and each Subsidiary may purchase, redeem or
otherwise acquire Equity Interests issued by it with the proceeds received from the substantially concurrent issue of new shares of its common stock or other common Equity Interests; 

(d) the Borrower may make Permitted Tax Distributions; and 

(e) the Borrower may make Restricted Payments consisting of cash dividends to any Person in respect of the Equity Interests of
Borrower owned by such Person; provided that, after giving effect to such Restricted Payment, Availability shall be no less than 10% of the Borrowing Base then in effect; and 

(f) the Borrower may make Restricted Payments for the payments of fees to management pursuant to (i) the Management
Services Agreement as in effect on the date hereof and (ii) Section 16.14 of the Borrower LLC Agreement as in effect on the date hereof. 

7.07 Change in Nature of Business. Allow any material change to be made in the character of their business as an oil and gas
exploration and production company and any business substantially related or incidental thereto. 
 7.08 Transactions with
Affiliates. Enter into any transaction of any kind with any Affiliate of the Borrower, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Borrower or such Subsidiary as
would be obtainable by the Borrower or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate, provided that this Section 7.08 shall not apply to:
(a) transactions among the Loan Parties; (b) any Restricted Payment permitted by Section 7.06; (c) Investments permitted under Section 7.02(b); (d) the payment of annual monitoring fees to the holders
of Equity Interests of in an aggregate amount not to exceed the amount set forth in the Management Services Agreement, as in effect on the date hereof; and (e) reasonable and customary director, officer and employee compensation (including
bonuses) and other benefits (including retirement, health, stock option and other benefit plans) and indemnification arrangements. 
 7.09
Burdensome Agreements. Enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that (a) limits the ability (i) of any Subsidiary to make Restricted Payments to the Borrower or any Guarantor or to
otherwise transfer property to the Borrower or any Guarantor, (ii) of the Borrower or any Subsidiary to Guarantee the Indebtedness of the Borrower or (iii) of the Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens
on property of such Person in favor of the Administrative Agent and the Lenders; 

  
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provided, however, that this clause (iii) shall not prohibit any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section
7.03(d) solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness; or (b) requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure another
obligation of such Person. The foregoing shall not prevent (i) restrictions on the transfer of Equity Interests not pledged as Collateral in joint ventures, (ii) customary non-assignment provisions
in leases and other agreements entered into in the ordinary course of business, (iii) any restriction with respect to assets imposed pursuant to any agreement otherwise permitted hereunder entered into for the Disposition of such assets prior
to the closing of such Disposition and (iv) restrictions on the transfer or pledge of interests in any personal property specifically excluded from the definition of “Collateral” by the Loan Documents. 

7.10 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally
or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose. The
proceeds of any Credit Extension will not be used for any purpose other than (a) working capital (including the issuance of Letters of Credit) for the Loan Parties, (b) for other lawful corporate purposes, including to finance permitted
acquisitions of Mineral Interests (or the equity of entities holding such Mineral Interests) (including the Acquisition) and other assets related to the exploration, production, operation and development of Mineral Interests allowed by
Section 7.07. None of such proceeds (including, without limitation, proceeds of Letters of Credit issued hereunder) will be used in violation of applicable Law. Letters of Credit will be issued hereunder only for general
company purposes of the Borrower and the other Loan Parties. Without limiting the foregoing, no Letter of Credit will be issued hereunder to secure any Loan Party’s obligations with respect to Swap Contracts other than (i) Lender Swap
Obligations, or (ii) Swap Contracts with a counterparty other than a Lender or an Affiliate of a Lender provided that such Swap Contracts otherwise comply with the terms and provisions of this Agreement, including, without limitation,
Section 7.03 and Section 7.11. 
 7.11 Swap Contracts. Enter into, nor permit any
other Loan Party to enter into, any Swap Contracts other than (i) Swap Contracts with respect to commodities that would not cause the volume of Hydrocarbons with respect to which a settlement payment is calculated under such Swap Contracts
(when aggregated with other commodity Swap Agreements then in effect) to exceed eighty-five percent (85%) of the Loan Parties’ anticipated production from Proved Mineral Interests for each month during the sixty (60) month period starting
on the date such Swap Agreement is executed, (ii) the purchase of a floor or put that has the effect of setting a minimum commodity price for up to one hundred percent (100%) of such anticipated production from Proved Mineral Interests
(inclusive of any floor or put included in clause (i) of this Section 7.11), (iii) Swap Contracts effectively converting interest rates from fixed to floating, the notional amounts of which (when aggregated with
all other Swap Contracts of the Borrower and the other Loan Parties then in effect effectively converting interest rates from fixed to floating) do not exceed 100% of the then outstanding principal amount of the Borrower’s Indebtedness for
borrowed money which bears interest at a fixed rate and (iv) Swap Contracts effectively converting interest rates from floating to fixed, the notional amounts of which (when aggregated with all other Swap Contracts of the Borrower and the other
Loan Parties then in effect 

  
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effectively converting interest rates from floating to fixed) do not exceed 100% of the then outstanding principal amount of the Borrower’s Indebtedness for borrowed money which bears
interest at a floating rate. 
 7.12 Amendments to Organization Documents. Enter into or permit any modification or amendment of, or
waive any material right or obligation of any Person under its Organization Documents in manner materially adverse to the Lenders. 
 7.13
Financial Covenant. 
 (a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio, as of the last day of each
fiscal quarter commencing on March 31, 2015 to be greater than 4.0 to 1.0. 
 (b) Right to Cure. In the event the Borrower fails
to comply with the requirements of Section 7.13(a) (the “Financial Covenant”), then until the expiration of the tenth (10th) Business Day subsequent to the date the Compliance Certificate for calculating such Financial
Covenant is required to be delivered pursuant to Section 6.02(b) (the “Cure Period”), the Borrower shall be permitted to cure such failure to comply by requesting that such Financial Covenant be recalculated by increasing
Consolidated EBITDAX for the fiscal quarter most recently ended by an amount equal to the proceeds of common equity issued by the Borrower or by contributions to the common equity of the Borrower received by the Borrower on or after the first day of
such fiscal quarter and prior to the expiration of the Cure Period; provided that the Borrower may not cure Financial Covenant defaults by an equity cure more than (i) two times during any period of four consecutive fiscal quarters or
(ii) five times prior to the Maturity Date. Such increase in Consolidated EBITDAX shall be taken into account in calculating the Financial Covenant for any four quarter period that includes the last fiscal quarter of the four quarter period
with respect to which such cure right was exercised. If after giving effect to the foregoing recalculations, the Borrower would then be in compliance with the Financial Covenant, the Borrower shall be deemed to have satisfied the requirements of
such Financial Covenant as of the relevant earlier required date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of any such covenant that had occurred
shall be deemed cured for the purpose of this Agreement and the other Loan Documents. 
 7.14 Accounting. Change its fiscal year or
make any change (a) in accounting treatment or material reporting practices, except as required or permitted by GAAP and disclosed to the Administrative Agent, or (b) in tax reporting treatment, except as required or permitted by law and
disclosed to the Administrative Agent. 
 7.15 Limitation on Prepayment or Redemption of Indebtedness. 

(a) Pay, prepay, purchase or redeem the principal of any Indebtedness for borrowed money or any Indebtedness evidenced by bonds, debentures,
notes, loan agreements or other similar instruments prior to the scheduled maturity thereof, except (i) payment of Indebtedness created under the Loan Documents; (ii) payment of Indebtedness with the proceeds of the issuance of
Indebtedness to refinance such Indebtedness as permitted by Section 7.03, (iii) the repayment of Indebtedness owed by one Loan Party to any other Loan Party; (iv) payment of

  
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secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; and (v) prepayment of Indebtedness so long as at the
time such prepayment is made and after giving effect to such prepayment, Availability shall be no less than 10% of the Borrowing Base then in effect and no Default or Event of Default shall have occurred and be continuing immediately before and
after giving effect to the prepayment of such Indebtedness. 
 (b) Amend, modify, waive or otherwise change, consent or agree to any
amendment, modification, waiver or other change to, any of the terms of any Indebtedness of a Loan Party (other than Indebtedness incurred under the Loan Documents) if the effect thereof would be materially adverse to the Lenders. 

7.16 Limitation on Volumetric Production Payments. Incur or assume any obligations relating to dollar denominated production payments
or volumetric production payments. 
 7.17 Anti-Corruption Laws. Use the proceeds of any Credit Extension, directly or indirectly,
(a) to lend, contribute, provide or otherwise make available to fund any activity or business in any Designated Jurisdiction or to fund any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who
is the subject of any Sanctions, or in any other manner that will result in any violation by any Person (including any Lender, the Arranger, the Administrative Agent or the L/C Issuer) of Sanctions or (b) for any purpose which would breach the
United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 or any other anti-corruption laws applicable to the Loan Parties. 

ARTICLE VIII 
 EVENTS OF
DEFAULT AND REMEDIES 
 8.01 Events of Default. Any of the following shall constitute an Event of Default: 

(a) Non-Payment. The Borrower or any other Loan Party fails to pay (i) when
and as required to be paid herein, any amount of principal of any Committed Loan or any L/C Obligation, or (ii) within three Business Days after the same becomes due, any interest on any Committed Loan or on any L/C Obligation, or any fee due
hereunder, or (iii) within five Business Days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or 

(b) Specific Covenants. The Borrower fails to perform or observe any term, covenant or agreement contained in any of
Section 6.03, 6.05(a) or (b), 6.07, 6.11, 6.12, 6.20 or Article VII; or 

(c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in
subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) days after the earlier to occur of (i) notice thereof from the Administrative
Agent to the Borrower (which notice will be given at the request of any Lender) or (ii) a Responsible Officer of the Borrower becoming aware of such default; or 

  
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 (d) Representations and Warranties. Any representation, warranty,
certification or statement of fact made or deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in
any material respect when made or deemed made; or 
 (e) Cross-Default. (i) The Borrower or any Subsidiary
(A) fails to make any payment when due (subject to any applicable grace period), whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise, in respect of any Indebtedness or Guarantee (other than Indebtedness
hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than
the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event
occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary
or beneficiaries) to cause, with the giving of notice and lapse of time, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease
or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined
in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which the Borrower or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined)
under such Swap Contract as to which the Borrower or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the Borrower or such Subsidiary as a result thereof is greater than the Threshold
Amount; or 
 (f) Insolvency Proceedings, Etc. Any Loan Party or any of its Subsidiaries institutes or consents to the
institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment
continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues
undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or 
 (g)
Inability to Pay Debts; Attachment. (i) The Borrower or any Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution
or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within thirty (30) days after its issue or levy; or 

  
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 (h) Judgments. There is entered against the Borrower or any Subsidiary
(i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the
insurer is rated at least “A” by A.M. Best Company, has been notified of the potential claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or
could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 10
consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

(i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or
could reasonably be expected to result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) any Loan Party or any ERISA
Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of
the Threshold Amount; or 
 (j) Invalidity of Loan Documents. Any Loan Document, at any time after its execution and
delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in any manner the validity or enforceability of
any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate, impair or rescind any Loan Document; 

(k) Collateral Documents. Any Collateral Document after delivery thereof pursuant to
Section 4.01 or 6.12 shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority Lien (subject to Liens permitted by Section 7.01) on
the Collateral purported to be covered thereby; or 
 (l) Change of Control. There occurs any Change of Control. 

8.02 Remedies upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request
of, or may, with the consent of, the Majority Lenders, take any or all of the following actions: 
 (a) declare the
commitment of each Lender to make Committed Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated; 

  
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 (b) declare the unpaid principal amount of all outstanding Committed Loans, all
interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived by the Borrower; 
 (c) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal
to the then Outstanding Amount thereof); and 
 (d) exercise on behalf of itself, the Lenders and the L/C Issuer all rights
and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents; 
 provided, however, that upon the occurrence of any
event described in Section 8.01(f) above, the obligation of each Lender to make Committed Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding
Committed Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case
without further act of the Administrative Agent or any Lender. 
 8.03 Application of Funds. After the exercise of remedies provided
for in Section 8.02 (or after the Committed Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to
Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of Sections 2.13 and 2.14, be applied by the Administrative Agent in the following order: 

First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees,
charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest
and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably among them in proportion
to the respective amounts described in this clause Second payable to them; 
 Third, to payment of that portion of the
Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Committed Loans, L/C Borrowings and other Obligations, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this
clause Third payable to them; 
 Fourth, to the Lenders, the Lender Counterparties, Cash Management Banks, and the L/C Issuer,
ratably among the (a) Obligations in respect of Lender Swap Obligations, (b) Obligations under Secured Cash Management Agreements and (c) Obligations other than Obligations in respect of Lender Swap Obligations or under Secured Cash Management
Agreements (to be applied first to satisfy funded Obligations of the Lenders and the L/C Issuer and then to Cash 

  
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Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to
Sections 2.03 and 2.13); and 
 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in
full, to the Borrower or as otherwise required by Law. 
 Subject to Section 2.03(c), and 2.13, amounts used to Cash
Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all
Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 

ARTICLE IX 

ADMINISTRATIVE AGENT 
 9.01
Appointment and Authority. 
 (a) Each of the Lenders and the L/C Issuer hereby irrevocably appoints Bank of America to act on its
behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and neither the Borrower nor any other
Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the
Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect
only an administrative relationship between contracting parties. 
 (b) The Administrative Agent shall also act as the “collateral
agent” under the Loan Documents, and each of the Lenders and the L/C Issuer hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and the L/C Issuer for purposes of acquiring, holding and
enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as
“collateral agent” and any co-agents, sub-agents and attorneys-in-fact
appointed by the Administrative Agent pursuant to Section 9.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights
and remedies thereunder at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this Article IX and Article X (including Section 10.04(c), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the
Loan Documents) as if set forth in full herein with respect thereto. 

  
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 9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall
have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act
as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any
duty to account therefor to the Lenders. 
 9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or
obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Majority Lenders (or such other number or percentage of the Lenders as
shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or
termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and 
 (c) shall not, except as
expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the
Person serving as the Administrative Agent or any of its Affiliates in any capacity. 
 (d) The Administrative Agent shall
not be liable for any action taken or not taken by it (i) with the consent or at the request of the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good
faith shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct, as determined by a court of competent jurisdiction by a final and
nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Borrower, a Lender or the L/C Issuer. 

  
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 (e) The Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents,
(v) the value or the sufficiency of any Collateral or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent. 
 9.04 Reliance by Administrative Agent. 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the
proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance
with any condition hereunder to the making of a Committed Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent
may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Committed Loan or the issuance
of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts. 
 9.05 Delegation of Duties. The Administrative Agent may
perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The
Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article
shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any subagents except to the extent that
a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

9.06 Resignation of Administrative Agent. (a) The Administrative Agent may at any time give notice of its resignation to the Lenders,
the L/C Issuer and the Borrower. Upon receipt 

  
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of any such notice of resignation, the Majority Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States,
or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative
Agent gives notice of its resignation, (or such earlier day as shall be agreed by the Majority Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the
Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation
Effective Date. 
 (a) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause
(d) of the definition thereof, the Majority Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrower,
appoint a successor. If no such successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the Majority Lenders) (the
“Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

(b) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or
removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C
Issuer under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) except for any indemnity payments or other
amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly,
until such time, if any, as the Majority Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the
retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or
under the other Loan Documents (if not already discharged therefrom as provided above in this Section 9.06). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and
Section 10.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its subagents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of
them while the retiring or removed Administrative Agent was acting as Administrative Agent. 

  
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 (c) Any resignation or removal by Bank of America as Administrative Agent
pursuant to this Section 9.06 shall also constitute its resignation as L/C Issuer. If Bank of America resigns as the L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with
respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base Rate Committed Loans or fund risk
participations in Unreimbursed Amounts pursuant to Section 2.03(c). Upon the appointment by the Borrower of a successor L/C Issuer hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (a) such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, (b) the retiring L/C Issuer shall be discharged from all of its duties and obligations hereunder or under the other Loan
Documents, and (c) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively
assume the obligations of Bank of America with respect to such Letters of Credit. 
 9.07
Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or
any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the L/C Issuer also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in
taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, the Arranger or
co-syndication agents listed on the cover page hereof shall have no powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in their capacity, as applicable, as the
Administrative Agent, a Lender or the L/C Issuer hereunder. 
 9.09 Administrative Agent May File Proofs of Claim; Credit Bidding. In
case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Committed Loan or L/C Obligation shall then be due
and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Committed
Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be 

  
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necessary or advisable in order to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under Sections 2.03(i) and (j), 2.08
and 10.04) allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or other property payable
or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer
to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.08 and 10.04. 

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any
Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender
or the L/C Issuer or in any such proceeding. 
 The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction
of the Required Lenders, to credit bid all or any portion of the Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations (as defined in the Security Documents) pursuant to a deed in
lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of
the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of
collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and purchase, the
Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis
that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or
debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase). In connection with any such bid (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles to make a bid,
(ii) to adopt documents providing for the governance of the acquisition vehicle or vehicles, provided, that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the
assets or Equity Interests thereof shall be governed, directly or indirectly, by the vote of the Majority Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Majority Lenders

  
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contained in clauses (a) through (i) of Section 10.01 of this Agreement, (iii) the Administrative Agent shall be authorized to assign the
relevant Obligations to any such acquisition vehicle pro rata by the Lenders, as a result of which each of the Lenders shall be deemed to have received a pro rata portion of any Equity Interests and/or debt instruments issued by such an acquisition
vehicle on account of the assignment of the Obligations to be credit bid, all without the need for any Secured Party or acquisition vehicle to take any further action, and (iv) to the extent that Obligations that are assigned to an acquisition
vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle or
otherwise), such Obligations shall automatically be reassigned to the Lenders pro rata and the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the Obligations that had been assigned to the acquisition vehicle
shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action. 
 9.10
Collateral and Guaranty Matters. The Lenders and the L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion, 

(a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon
termination of the Aggregate Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration or termination of all Letters of Credit (other than Letters of Credit as to which other
arrangements satisfactory to the Administrative Agent and the L/C Issuer shall have been made), (ii) that is Disposed of as part of or in connection with any Disposition permitted hereunder or under any other Loan Document, or (iii) subject to
Section 10.01, if approved, authorized or ratified in writing by the Majority Lenders; and 
 (b)
to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder. 

Upon request by the Administrative Agent at any time, the Majority Lenders will confirm in writing the Administrative Agent’s authority
to release its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10. 

  
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 ARTICLE X 

MISCELLANEOUS 
 10.01
Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the
Majority Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however, that no such amendment, waiver or consent shall: 
 (a) extend or increase the
Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written consent of such Lender; 

(b) postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of
principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 

(c) reduce the principal of, or the rate of interest specified herein on, any Committed Loan or L/C Borrowing, or (subject to
clause (iii) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby;
provided, however, that only the consent of the Majority Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the Default
Rate; 
 (d) (i) change Section 2.12 or Section 8.03 in a manner that
would alter the pro rata sharing of payments required thereby without the written consent of each Lender or (ii) waive, amend or modify the Loan Documents in any manner adverse to the rights of any Lender Counterparty to share in the Collateral
and the proceeds thereof in accordance with Section 8.03 without the written consent of such Lender Counterparty; 

(e) change any provision of this Section 10.01 or the definition of “Majority Lenders”,
“Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written
consent of each Lender; or 
 (f) release all or substantially all of the value of the Guaranty without the written consent
of each Lender; or 
 (g) release all or substantially all of the Collateral in any transaction or series of related
transactions without the written consent of each Lender; or 
 (h) (x) increase the Borrowing Base without the consent of
each Lender (other than a Defaulting Lender); or (y) change the requirements for redetermination of the Borrowing Base or change Section 2.14 or 7.05 in a manner that increases the value of Borrowing Base
Properties or Swap Contracts that may be Disposed of without a redetermination of the Borrowing Base, in each case without the written consent of Required Lenders; 

and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the
Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and
signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and 

  
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(iii) the Fee Letters may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the
consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification
requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 

10.02 Notices; Effectiveness; Electronic Communications. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile
or electronic mail as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to the Borrower, the Administrative Agent or the L/C Issuer, to the address, facsimile number, electronic mail address
or telephone number specified for such Person on Schedule 10.02; and 
 (ii) if to any other Lender, to the address,
facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect
for the delivery of notices that may contain material non-public information relating to the Borrower). 

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have
been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of
business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection
(b). 
 (b) Electronic Communications. Notices and other communications to the Lenders and the L/C Issuer hereunder may be
delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not
apply to notices to any Lender or the L/C Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent, the L/C issuer, or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided
that approval of such procedures may be limited to particular notices or communications. 

  
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 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement) and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at
its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for
both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of
business on the next Business Day for the recipient. 
 (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS
AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO
WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN
CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender, the L/C Issuer or
any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of Borrower
Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet. 
 (d)
Change of Address, Etc. Each of the Borrower, the Administrative Agent and the L/C Issuer may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other
Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Borrower, the Administrative Agent and the L/C Issuer. In addition, each Lender agrees to notify the Administrative Agent
from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and
(ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar
designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state
securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information
with respect to the Borrower or its securities for purposes of United States Federal or state securities laws. 

  
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 (e) Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent,
the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices, Committed Loan Notices and Letter of Credit Applications) purportedly given by or on behalf of the Borrower even if (i) such
notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.
The Borrower shall indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given
by or on behalf of the Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 

10.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, the L/C Issuer or the Administrative Agent to exercise,
and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from
exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer from exercising the rights and remedies that inure
to its benefit (solely in its capacity as L/C Issuer, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the
terms of Section 2.12), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and
provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Majority Lenders shall have the rights otherwise ascribed to the Administrative
Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.12, any
Lender may, with the consent of the Majority Lenders, enforce any rights and remedies available to it and as authorized by the Majority Lenders. 

  
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 10.04 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Borrower shall pay (i) all reasonable
out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the
Administrative Agent and, if appropriate or necessary, of special counsel and local counsel to the Lenders in each necessary jurisdiction retained by the Administrative Agent), in connection with the syndication of the credit facilities provided for
herein, the preparation, due diligence, negotiation, execution, syndication, closing, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether
or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with
the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the
Administrative Agent, any Lender or the L/C Issuer (including the reasonable fees, charges and disbursements of any outside counsel for the Administrative Agent, any Lender or the L/C Issuer), in connection with the enforcement or protection of its
rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section 10.04, or (B) in connection with the Committed Loans made or Letters of Credit issued hereunder,
including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Committed Loans or Letters of Credit. 

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any
sub-agent thereof), the Arranger, each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any outside counsel for any Indemnitee), incurred by any Indemnitee or asserted against any
Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any
Committed Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not
strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials at, on, under or emanating or from any property owned, leased or operated by the Borrower or any of its Subsidiaries, or
any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any
other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE,
CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined

  
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by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, (y) result from a claim brought
by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such other Loan Party has obtained a final and nonappealable
judgment in its favor on such claim as determined by a court of competent jurisdiction or (z) arise from any dispute solely between and among Indemnitees to the extent such disputes do not arise from any act or omission of the Borrower or any
of its Subsidiaries or Affiliates (other than claims against an Indemnitee acting in its capacity as an agent, arranger or similar role under this Agreement). This Section 10.04(b) shall not apply with respect to Taxes other than any Taxes
that represent losses, claims, damages, etc. arising from any non-Tax claim. 
 (c) Reimbursement
by Lenders. To the extent that the Borrower for any reason fail to indefeasibly pay any amount required under subsection (a) or (b) of this Section 10.04 to be paid by it to the Administrative Agent
(or any sub-agent thereof), the L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such
sub-agent), the L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is
sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or the L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or L/C
Issuer in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.11(d). 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other
Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Committed Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection
(b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of
such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 
 (e) Payments. All
amounts due under this Section 10.04 shall be payable not later than ten Business Days after demand therefor. 

(f) Survival. The agreements in this Section 10.04 shall survive the resignation of the Administrative Agent,
the replacement of any Lender, the termination of the Aggregate Commitments, the repayment, satisfaction or discharge of all the other Obligations, and the termination of this Agreement. 

  
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 10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower
is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any
other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force
and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so
recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders
and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 

10.06 Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the
Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this
Section 10.06, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section 10.06, or (iii) by way of pledge or assignment of a security
interest subject to the restrictions of subsection (f) of this Section 10.06 (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this
Section 10.06 and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of
this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Commitment and the Committed Loans (including for purposes of this subsection (b), participations in L/C Obligations) at the time owing to it);
provided that any such assignment shall be subject to the following conditions: 
 (i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Committed
Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

  
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 (B) in any case not described in subsection (b)(i)(A) of this
Section 10.06, the aggregate amount of the Commitment (which for this purpose includes Committed Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Committed
Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the
Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to
be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee
and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met. 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Committed Loans or the Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by subsection
(b)(i)(B) of this Section 10.06 and, in addition: 
 (A) the consent of the Borrower (such
consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an
Approved Fund, provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice
thereof; 
 (B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be
required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and 

(C) the consent of the L/C Issuer shall be required if such assignment is to a Person that is not a Lender, an Affiliate of
such Lender or an Approved Fund with respect to such Lender. 
 (iv) Assignment and Assumption. The parties to each
assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole
discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

  
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 (v) No Assignment to Certain Persons. No such assignment shall be made
(A) to the Loan Parties or any of their respective Subsidiaries or Affiliates, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons
described in this clause (B) or (C) to a natural person. 
 (vi) Certain Additional Payments. In
connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall
make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Committed Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable
assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and
(y) acquire (and fund as appropriate) its full pro rata share of all Committed Loans and participations in Letters of Credit in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights
and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of
this Agreement until such compliance occurs. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to
subsection (c) of this Section 10.06, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, the Borrower (at its expense) shall execute
and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection (b) shall be treated for purposes of this Agreement as a sale by
such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section 10.06. 

(c) Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for
tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a 

  
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register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Committed Loans and L/C Obligations owing to,
each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in
the Register pursuant to the terms hereof as a Lender hereunder for` all purposes of this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation,
and revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell
participations to any Person (other than a natural person, a Defaulting Lender or the Borrower or any of its Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of its Commitment and/or the Committed Loans (including such Lender’s participations in L/C Obligations) owing to it); provided that (i) such Lender’s obligations under this
Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree
to any amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant. Subject to subsection (e) of this Section, the Borrower agrees that each Participant
shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations therein, including the requirements under Section 3.01(e)) to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a
Lender, provided such Participant agrees to be subject to Section 2.12 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and .stated interest) of each Participant’s interest in the
Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be
conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement 

  
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notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a
Participant Register. 
 (e) Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment
under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made
with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower is notified of the participation
sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as though it were a Lender. 

(f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from
any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (g) Resignation as L/C
Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its Commitment and Committed Loans pursuant to subsection (b) above, Bank of America may, upon thirty
(30) days’ notice to the Borrower and the Lenders, resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder;
provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers,
privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to
make Base Rate Committed Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). Upon the appointment of a successor L/C Issuer, (a) such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring L/C Issuer, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other
arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit. 

10.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to
maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, trustees,
advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by
any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or 

  
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regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or
any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this
Section 10.07, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or
its advisors) to any swap, derivative or credit insurance transaction relating to the Borrower and its obligations, (g) on a confidential basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the
credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers of other market identifiers with respect to the credit facilities provided hereunder,
(h) with the consent of the Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 10.07 or (y) becomes available to the
Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower. For purposes of this Section 10.07, “Information”
means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their its businesses, other than any such information that is available to the Administrative Agent, any Lender
or the L/C Issuer on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries; provided that, in the case of information received from the Borrower or any Subsidiary after the date hereof, such information is
clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section 10.07 shall be considered to have complied with its obligation to do
so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the Information may include material non-public information concerning the Borrower or its Subsidiaries, as the case may be, (b) it has developed compliance procedures regarding the use of material
non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state
securities Laws. 
 10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer
and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final,
in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and
all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or the L/C Issuer, irrespective of whether or not such Lender or the L/C Issuer shall have made any
demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or the L/C Issuer different from the branch or
office holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over 

  
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immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.14 and, pending such payment, shall be segregated by such
Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable
detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and their respective Affiliates under this Section 10.08 are in addition to
other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Borrower and the Administrative Agent promptly after any such
setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to
be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall
receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Committed Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest
contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium
rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations
hereunder. 
 10.10 Counterparts; Integration; Effectiveness. 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. This Agreement, and the other Loan Documents constitute the entire contract among the
parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement
shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement. 

10.11 Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or
other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent
and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any
Credit Extension, and shall continue in full force and effect as long as any Committed Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any 

  
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Letter of Credit shall remain outstanding (unless such Letter of Credit shall have been cash collateralized (or as to which other arrangements satisfactory to the Administrative Agent and the L/C
Issuer shall have been made)). 
 10.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be
illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in
good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the
enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent or the L/C Issuer, then such provisions shall be deemed to be in effect
only to the extent not so limited. 
 10.13 Replacement of Lenders. If (i) any Lender does not consent to any proposed increase
in the Borrowing Base which has been approved by at least the Required Lenders, (ii) any Lender is a Defaulting Lender, (iii) in connection with any consent to or approval of any proposed amendment, waiver, consent or release with respect
to any Loan Document that requires the consent of each Lender or the consent of each Lender affected thereby, the consent of the Required Lenders shall have been obtained but any Lender has not so consented to or approved such proposed amendment,
waiver, consent or release, (iv) in connection with any consent to or approval of any proposed amendment, waiver, consent or release with respect to any Loan Document that requires the consent of the Required Lenders, the consent of the
Majority Lenders shall have been obtained but any Lender has not so consented to or approved such proposed amendment, waiver, consent or release, or (v) any Lender requests compensation under Section 3.04, or if the
Borrower is required to pay any additional amounts or indemnification to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, then the Borrower may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by,
Section 10.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment), provided that: 
 (a) the Borrower shall have paid to the Administrative Agent the assignment fee
specified in Section 10.06(b); 
 (b) such Lender shall have received payment of an amount equal to 100% of the
outstanding principal of its Committed Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 

  
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 (c) in the case of any such assignment resulting from a claim for compensation
under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 

(d) such assignment does not conflict with applicable Laws. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 10.14 Governing Law;
Jurisdiction; Etc. 
 (a) GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR
CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED
HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) SUBMISSION TO
JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR
OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN
THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION 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, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.
NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

  
 121 

 (c) WAIVER OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND
UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN
ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION 10.14. EACH OF 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. 
 (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE
MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

10.15 Waiver of Jury Trial. 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 OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (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 AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.15. 

10.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower and each other Loan Party acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided
by the Administrative Agent and the Arranger, are arm’s-length commercial transactions between the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative
Agent and the Arranger, on the other hand, (B) each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower and each
other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent and the Arranger each is and has
been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower, any other Loan Party or any of their respective
Affiliates, or any other Person and (B) neither the Administrative Agent nor the Arranger has any 

  
 122 

 
obligation to the Borrower, any other Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and
in the other Loan Documents; and (iii) the Administrative Agent and the Arranger and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the other Loan
Parties and their respective Affiliates, and neither the Administrative Agent nor the Arranger has any obligation to disclose any of such interests to the Borrower, any other Loan Party or any of their respective Affiliates. To the fullest extent
permitted by law, each of the Borrower and the other Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent and the Arranger with respect to any breach or alleged breach of agency or fiduciary duty in
connection with any aspect of any transaction contemplated hereby. 
 10.17 Electronic Execution of Assignments and Certain Other
Documents. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated
hereby (including without limitation Assignment and Assumptions, amendments or other Committed Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations
on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any
other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any
form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it. 
 10.18 PATRIOT
Act. Each Lender that is subject to the Patriot Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and
record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance
with the Patriot Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its
ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act. 

10.19 Time of the Essence. Time is of the essence of the Loan Documents. 

10.20 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

  
 123 

 10.21 Amendment and Restatement. (a) On the Closing Date, the Existing Credit Agreement
shall be amended and restated in its entirety by this Agreement, and the Existing Credit Agreement shall thereafter be of no further force and effect, except that the Borrower, the Administrative Agent and the Lenders agree that (i) the
incurrence by the Borrower of “Indebtedness” under and as defined in the Existing Credit Agreement (whether or not such “Indebtedness” is contingent as of the Closing Date) shall continue to exist under and be
evidenced by this Agreement and the other Loan Documents, (ii) the Existing Lenders that are Lenders hereunder hereby waive any breakage costs incurred on the Closing Date under Section 3.05 of the Existing Credit
Agreement, (iii) the Existing Credit Agreement shall continue to evidence the representations and warranties made by the Borrower prior to the Closing Date, (iv) except as expressly stated herein or otherwise amended, the other Loan
Documents are ratified and confirmed as remaining unmodified and in full force and effect with respect to all Obligations and (v) the Existing Credit Agreement shall continue to evidence any action or omission performed or required to be
performed pursuant to the Existing Credit Agreement prior to the Closing Date (including any failure, prior to the Closing Date, to comply with the covenants contained in the Existing Credit Agreement). The amendments and restatements set forth
herein shall not cure any breach thereof or any “Default” or “Event of Default” under and as defined in the Existing Credit Agreement existing prior to the Closing Date. This Agreement is not in any way intended to
constitute a novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence payment of all or any portion of such obligations and liabilities. 

(b) The terms and conditions of this Agreement and the Administrative Agent’s, the Lenders’ and the L/C Issuer’s rights and
remedies under this Agreement and the other Loan Documents shall apply to all of the Indebtedness incurred under the Existing Credit Agreement and the Letters of Credit issued thereunder. 

(c) On and after the Closing Date, (i) all references to the Existing Credit Agreement (or to any amendment or any amendment and
restatement thereof) in the Loan Documents (other than this Agreement) shall be deemed to refer to the Existing Credit Agreement, as amended and restated hereby (as it may be further amended, modified or restated) and (ii) all references to any
section (or subsection) of the Existing Credit Agreement or in any Loan Document (but not herein) shall be amended to become, mutatis mutandis, references to the corresponding provisions of this Agreement. 

(d) Except as expressly provided herein or in any other Loan Document, all terms and conditions of the Loan Documents remain in full force and
effect unless specifically amended hereby or by any other Loan Document. 

  
 124 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as
of the date first above written. 
  

			
	TAPSTONE ENERGY, LLC, as the Borrower
		
	By:	 	 /s/ Tom L. Ward

		 	Tom L. Ward
		 	Chairman and Chief Executive Officer

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 /s/ Ronald E. McKaig

	Name:	 	Ronald E. McKaig
	Title:	 	Managing Director

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
					
	BANK OF AMERICA, N.A., as a Lender and L/C Issuer
		
	By:	 	 /s/ Ronald E. McKaig

		 	Name:	 	Ronald E. McKaig
		 	Title:	 	Managing Director

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	 MUFG UNION BANK, N.A.,
 as a
Lender

		
	By:	 	 /s/ Haylee Dallas

	Name:	 	Haylee Dallas
	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	 ROYAL BANK OF CANADA,
 as a
Lender

		
	By:	 	 /s/ Don J. McKinnerney

	Name:	 	Don J. McKinnerney
	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	SUNTRUST BANK,
	as a Lender
		
	By:	 	 /s/ John Kovarik

	Name:	 	John Kovarik
	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	 JPMORGAN CHASE BANK, N,A.,

as a Lender

		
	By:	 	 /s/ Darren Vanek

	Name:	 	Darren Vanek
	Title:	 	Senior Vice President

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	 CAPITAL ONE, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	 /s/ Michael Higgins

	Name:	 	Michael Higgins
	Title:	 	Director

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	 ABN AMRO CAPITAL USA LLC
 as
a Lender

		
	By:	 	 /s/ Casey Lowary

	Name:	 	Casey Lowary
	Title:	 	Executive Director
		
	By:	 	 /s/ Darrell Holley

	Name:	 	Darrell Holley
	Title:	 	Managing Director

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as a Lender

		
	By:	 	 /s/ Kirk L. Tashjian

	Name:	 	Kirk L. Tashjian
	Title:	 	Vice President
		
	By:	 	 /s/ Dusan Lazarov

	Name:	 	Dusan Lazarov
	Title:	 	Director

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	 COMERICA BANK,
 as a
Lender

		
	By:	 	 /s/ John S. Lesikar

		 	John S. Lesikar
		 	Vice President

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	 BOKF, NA, DBA BANK OF OKLAHOMA,

as a Lender

		
	By:	 	 /s/ Mike Weatherholt

	Name:	 	Mike Weatherholt
	Title:	 	Vice President
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	 THE HUNTING NATIONAL BANK,

as a Lender

		
	By:	 	 /s/ Jeffrey H. Rathkamp

	Name:	 	Jeffrey H. Rathkamp
	Title:	 	Senior Vice President

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	 WHITNEY BANK,
 as a
Lender

		
	By:	 	 /s/ Liana Tchernysheva

		 	Liana Tchernysheva
		 	Senior Vice President

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	GOLDMAN SACHS LENDING PARTNERS LLC, as a Lender
		
	By:	 	 /s/ Rebecca Kratz

	Name:	 	Rebecca Kratz
	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT] 

 SCHEDULE 1 

WHEELER MIDSTREAM GATHERING SYSTEM 

[See attached] 

											
	MILLS CENTRAL TANK BATTERY	 	STILES WEST CENTRAL TANK BATTERY	 	STILES EAST CENTRAL TANK BATTERY
			
	PEAK FLOW CAPACITY	 	PEAK FLOW CAPACITY	 	PEAK FLOW CAPACITY
			
	4,000 BOPD & 10,000 BWPD (14kBPD Total liquids) at 50 psig inlet pressure	 	4,000 BOPD & 10,000 BWPD (14kBPD Total liquids) at 50 psig inlet pressure	 	4,000 BOPD & 10,000 BWPD (14kBPD Total liquids) at 50 psig inlet pressure
			
	BASIC INVENTORY	 	BASIC INVENTORY	 	BASIC INVENTORY
						
	 Quantity
	  	 Description
	 	 Quantity
	  	 Description
	 	 Quantity
	  	 Description

	1	  	3-Phase Separator 60” OD x 20’, 1000psi, 14,000 BPD, Horizontal	 	1	  	3-Phase Separator 60” OD x 20’, 1000psi, 14,000 BPD, Horizontal	 	1	  	3-Phase Separator 60” OD x 20’, 1000psi, 14,000 BPD, Horizontal
	2	  	Exterran oil Stabilizer 2,000 BOPD	 	2	  	Exterran oil Stabilizer 2,000 BOPD	 	2	  	Exterran oil Stabilizer 2,000 BOPD
	1	  	Flash Gas Compressor 30hp, 1200psi Electric Drive	 	1	  	Flash Gas Compressor 30hp, 1200psi Electric Drive	 	1	  	Flash Gas Compressor 30hp, 1200psi Electric Drive
	1	  	Fuel Gas Skid Regulator 1200psig to 125psig	 	1	  	Fuel Gas Skid Regulator 1200psig to 125psig	 	1	  	Fuel Gas Skid Regulator 1200psig to 125psig
	1	  	Zeeco Dual Tip Flare 24 mmscfd @ 40 psig	 	1	  	Zeeco Dual Tip Flare 24 mmscfd @ 40 psig	 	1	  	Zeeco Dual Tip Flare 24 mmscfd @ 40 psig
	2	  	Flare Knockout Drums 24”x10’ Horizontal	 	2	  	Flare Knockout Drums 24”x10’ Horizontal	 	2	  	Flare Knockout Drums 24”x10’ Horizontal
	1	  	NGL Storage Tank 30,000 GAL 125 psig	 	1	  	NGL Storage Tank 30,000 GAL 125 psig	 	1	  	NGL Storage Tank 30,000 GAL 125 psig
	2	  	LACT Units 600 BBL/HR @ 75 psig	 	2	  	LACT Units 600 BBL/HR @ 75 psig	 	2	  	LACT Units 600 BBL/HR @ 75 psig
	6	  	1,000 BBL oil tanks	 	6	  	1,000 BBL oil tanks	 	6	  	1,000 BBL oil tanks
	10	  	1,000 BBL water tanks	 	10	  	1,000 BBL water tanks	 	10	  	1,000 BBL water tanks
	11	  	Coriolis Meter	 	11	  	Coriolis Meter	 	11	  	Coriolis Meter
	2	  	Pig trap launcher	 	2	  	Pig trap launcher	 	2	  	Pig trap launcher
	1	  	Sullair Twin Air Compressor Skid/House	 	1	  	Sullair Twin Air Compressor Skid/House	 	1	  	Sullair Twin Air Compressor Skid/House
	1	  	100 KW Generator	 	1	  	100 KW Generator	 	1	  	100 KW Generator
			
	MILLS SOUTH COMPRESSOR STATION	 	STILES COMPRESSOR STATION - BASIC
INVENTORY	 	BARTZ COMPRESSOR STATION - BASIC
INVENTORY
			
	PEAK FLOW CAPACITY	 	PEAK FLOW CAPACITY	 	PEAK FLOW CAPACITY
			
	30 MMSCFD at 65 psig inlet pressure and 1,050 psig outlet pressure	 	36 MMSCFD at 65 psig inlet pressure and 1,050 psig outlet pressure	 	30 MMSCFD at 65 psig inlet pressure and 1,050 psig outlet pressure
			
	BASIC INVENTORY	 	BASIC INVENTORY	 	BASIC INVENTORY
						
	 Quantity
	  	 Description
	 	 Quantity
	  	 Description
	 	 Quantity
	  	 Description

	5	  	Enerflex Cat 3516 w/ Ariel JGT/4 3-stage Compressor 1,380hp 6MMSCFD rate	 	6	  	Enerflex Cat 3516 w/ Ariel JGT/4 3-stage Compressor 1,380hp 6MMSCFD rate	 	5	  	Enerflex Cat 3516 w/ Ariel JGT/4 3-stage Compressor 1,380hp 6MMSCFD rate
	1	  	SFI Dehy 40MMSCFD, 1440 psi, 1MMBTU reboiler	 	1	  	SFI Dehy 40MMSCFD, 1440 psi, 1MMBTU reboiler	 	1	  	SFI Dehy 40MMSCFD, 1440 psi, 1MMBTU reboiler
	1	  	SFI Filter Separator 16” x 9’6” 1440 psi, 1440 psi horizontal	 	1	  	SFI Filter Separator 16” x 9’6” 1440 psi, 1440 psi horizontal	 	1	  	SFI Filter Separator 16” x 9’6” 1440 psi, 1440 psi horizontal
	1	  	Zeeco Dual Tip Flare 24 mmscfd @ 40 psig	 	1	  	Zeeco Dual Tip Flare 24 mmscfd @ 40 psig	 	1	  	Zeeco Dual Tip Flare 24 mmscfd @ 40 psig
	1	  	SFI Utility Skid W/ Glycol & Oil Tanks	 	1	  	SFI Utility Skid W/ Glycol & Oil Tanks	 	1	  	SFI Utility Skid W/ Glycol & Oil Tanks
	1	  	Sullair Twin Air Compressor Skid/House	 	1	  	Sullair Twin Air Compressor Skid/House	 	1	  	Sullair Twin Air Compressor Skid/House
	2	  	AG Equipment 2200 Gal Start Air Tanks	 	2	  	AG Equipment 2200 Gal Start Air Tanks	 	2	  	AG Equipment 2200 Gal Start Air Tanks
	1	  	480 Volt, 600 amp MCC Panel	 	1	  	480 Volt, 600 amp MCC Panel	 	1	  	480 Volt, 600 amp MCC Panel
	1	  	Cummins/Onan Generator 100KW 480 volts	 	1	  	Cummins/Onan Generator 100KW 480 volts	 	1	  	Cummins/Onan Generator 100KW 480 volts
	1	  	Cameron MIST Trap 24”x5’9” horizontal	 	1	  	Cameron MIST Trap 24”x5’9” horizontal	 	1	  	Cameron MIST Trap 24”x5’9” horizontal
	1	  	Energy WeldFab Slug Catcher 72” OD x 20’ 600 psi ASME Code Horizontal	 	1	  	Energy WeldFab Slug Catcher 72” OD x 20’ 600 psi ASME Code Horizontal	 	1	  	Energy WeldFab Slug Catcher 72” OD x 20’ 600 psi ASME Code Horizontal
	1	  	Various Fisher Control Valves and Regulator	 	1	  	Various Fisher Control Valves and Regulator	 	1	  	Various Fisher Control Valves and Regulator
	1	  	SFI Fuel Gas Metering Skid	 	1	  	SFI Fuel Gas Metering Skid	 	1	  	SFI Fuel Gas Metering Skid
	4	  	Smith Pipe 400 BBL Tank 12’x20’	 	4	  	Smith Pipe 400 BBL Tank 12’x20’	 	4	  	Smith Pipe 400 BBL Tank 12’x20’
	3	  	SFI Sump Tank 30”x36” w/ pneumatic pump	 	3	  	SFI Sump Tank 30”x36” w/ pneumatic pump	 	3	  	SFI Sump Tank 30”x36” w/ pneumatic pump
	1	  	Portable PLC Metal Building 10’x20’	 	1	  	Portable PLC Metal Building 10’x20’	 	1	  	Portable PLC Metal Building 10’x20’
	1	  	Storage container 10’x40’	 	1	  	Storage container 10’x40’	 	1	  	Storage container 10’x40’
			
	KELTON COMPRESSOR STATION - BASIC
INVENTORY	 	 	 	 
			
	PEAK FLOW CAPACITY	 	 	 	 
			
	30 MMSCFD at 65 psig inlet pressure and 1,050 psig outlet pressure	 		 	
					
	BASIC INVENTORY	 	 	  	 	 	 	  	 
						
	 Quantity
	  	 Description
	 	 	  	 	 	 	  	 
	5	  	Enerflex Cat 3516 w/ Ariel JGT/4 3-stage Compressor 1,380hp 6MMSCFD rate	 		  		 		  	
	1	  	SFI Dehy 30MMSCFD, 1440 psi, 1MMBTU reboiler	 		  		 		  	
	1	  	SFI Filter Separator 16” x 9’6” 1440 psi, 1440 psi horizontal	 		  		 		  	
	1	  	FlareKing Flare Stack 4MMSCFD @ 5 psi	 		  		 		  	
	1	  	SFI Utility Skid w/ Glycol & Oil Tanks	 		  		 		  	
	2	  	AG Equipment 2200 Gal Start Air Tanks	 		  		 		  	
	1	  	MCC Panel	 		  		 		  	
	1	  	Cameron MIST Trap 24”x5’9” horizontal	 		  		 		  	
	1	  	Energy WeldFab Slug Catcher 72” OD x 20’ 600 psi ASME Code Horizontal	 		  		 		  	
	1	  	Various Fisher Control Valves and Regulator	 		  		 		  	
	1	  	SFI Fuel Gas Metering Skid	 		  		 		  	
	4	  	Smith Pipe 400 BBL Tank 12’x20’	 		  		 		  	
	3	  	SFI Sump Tank 30”x36” w/ pneumatic pump	 		  		 		  	
	1	  	Portable PLC Metal Building 10’x20’	 		  		 		  	
	1	  	Storage container 10’x40’	 		  		 		  	

																							
	 Type
	 	 Location
	 	 Property
	 	 Field
Name
	 	 Material
	 	 Material Description
	 	 Quantity
	 	 BUn
	 	 Material Group
Desc.
	 	 SerNo.
	 	 Name 1
	 	 Equipment

	STILES RANCH WATER FACILITY	 	4248322111	 	CF046401	 	STILES RANCH	 	40646762	 	DR, FREQ:HX7+D460KCB VARIABLE SPEED DRIV>	 	1.00	 	EA	 	PUMPS	 		 		 	70087800
												
	STILES RANCH WATER FACILITY	 	4248322111	 	CF046401	 	STILES RANCH	 	40646761	 	MTR,ELEC:F6004FLG3BMH INDUCTION MOTOR, 1>	 	1.00	 	EA	 	PUMPS	 		 		 	70087795
												
	STILES RANCH WATER FACILITY	 	4248322111	 	CF046401	 	STILES RANCH	 	40061856	 	 PIPE,PLASTIC:12in,50ft,

PE,1.159in,11,20>
	 	10,000.000	 	FOT	 	PIPE	 		 	RAINMAKER SALES, INC	 	90106056
												
	STILES RANCH WATER FACILITY	 	4248322111	 	CF046401	 	STILES RANCH	 	40065356	 	 PIPE,PLASTIC:16in,50ft,

PE,1.778in,9,AST>
	 	6,750.00	 	EA	 	PIPELINES	 		 	MCJUNKIN RED MAN CORPORATE HEA	 	90110064
												
	STILES RANCH WATER FACILITY	 	4248322111	 	CF046401	 	STILES RANCH	 	40646701	 	PMP:WATER TRANSFER HIGH HEAD PUMP,11500>	 	1.00	 	EA	 	PUMPS	 	PP23656	 		 	70087792
												
	STILES RANCH WATER FACILITY	 	4248322111	 	CF046401	 	STILES RANCH	 	40059922	 	 TANK:FRAC,31,000BBL,

126.8X14ft,STL
	 	2.00	 	EA	 	EQPT-SURFACE/SUBFCE	 		 	CHIEF INDUSTRIES INC.	 	90103157
												
	STILES RANCH WATER FACILITY	 	4248322111	 	CF046401	 	STILES RANCH	 	40059922	 	 TANK:FRAC,31,00BBL,

126.8X14ft,STL
	 	1.00	 	EA	 	EQPT-SURFACE/SUBFCE	 		 	CHIEF INDUSTRIES INC.	 	90103158

											
	STILES RANCH GATHERING SYSTEM - MAIN TRUNK
LINES	 	STILES RANCH GATHERING SYSTEM - LATERAL
LINES TO WELLS
						
	 	 	 Quantity
	 	 	 	 Description
	 	 Quantity
	 	 
	High Pressure Discharge (1050 psi)	 		 		 	Gas Lift (1050 psi)	 		 	
	X52 6.625” OD 0.219” WT	 	835 ft	 		 	X52 4.5” OD 0.219” WT	 	20,000 ft*	 	
						
	Gas Lift (1050 psi)	 		 		 	Intermediate Pressure (450 psi)	 		 	
	X52 4.5” OD 0.219” WT	 	1,000 ft	 		 	X52 4.5” OD 0.219” WT	 	17,000 ft*	 	
	X52 6.625” OD 0.219” WT	 	70,030 ft	 		 		 		 	
		 		 		 	Low Pressure (75 psi)	 		 	
	Intermediate Pressure (450 psi)	 		 		 	X52 4.5” OD 0.219” WT	 	20,000 ft*	 	
	X52 6.625” OD 0.219” WT	 	69,294 ft	 		 		 		 	
		 		 		 	Liquid (200 psi)	 		 	
	Low Pressure (75 psi)	 		 		 	X52 4.5” OD 0.219” WT	 	10,000 ft*	 	
	X52 6.625” OD 0.219” WT	 	1,000 ft	 		 	X52 6.625” OD 0.219” WT	 	5,000 ft*	 	
	X52 8.625” OD 0.219” WT	 	17,245 ft	 		 		 		 	
	X52 10.750” OD 0.250” WT	 	52,885 ft	 		 	* estimate	 		 	
						
	Liquid (200 psi)	 		 		 	 Total Pipe Length
	 	72,000 ft*	 	13.6 mi*
	X52 6.625” OD 0.219” WT	 	44,864 ft	 		 		 		 	
	X52 8.625” OD 0.219” WT	 	29,871 ft	 		 		 		 	
						
	 Total Pipe Length
	 	287,024 ft	 	54.4 mi 	 		 		 	
		
	MILLS RANCH GATHERING SYSTEM - MAIN TRUNK
LINES	 	MILLS RANCH GATHERING SYSTEM - LATERAL
LINES TO WELLS
						
	 Description
	 	 Quantity
	 	 	 	 Description
	 	 Quantity
	 	 
	High Pressure Discharge (1050 psi)	 		 		 	Gas Lift (1050 psi)	 		 	
	X52 10.75” OD 0.365” WT	 	2,259 ft	 		 	X52 4.5” OD 0.219” WT	 	6,000 ft*	 	
	X52 10.75” OD 0.25” WT	 	24,755 ft	 		 		 		 	
		 		 		 	Intermediate Pressure (450 psi)	 		 	
	Gas Lift (1050 psi)	 		 		 	X52 4.5” OD 0.219” WT	 	4,000 ft*	 	
	X52 4.5” OD 0.219” WT	 	2,764 ft	 		 		 		 	
	X52 6.625” OD 0.219” WT	 	27,117 ft	 		 	Low Pressure (75 psi)	 		 	
		 		 		 	X52 4.5” OD 0.219” WT	 	7,000 ft*	 	
	Intermediate Pressure (450 psi)	 		 		 		 		 	
	X52 6.625” OD 0.219” WT	 	23,094 ft	 		 	Liquid (200 psi)	 		 	
		 		 		 	X52 4.5” OD 0.219” WT	 	5,000 ft*	 	
	Low Pressure (75 psi)	 		 		 	X52 6.625” OD 0.219” WT	 	1,000 ft*	 	
	X52 8.625” OD 0.219” WT	 	13,139 ft	 		 		 		 	
	X52 8.625” OD 0.250” WT	 	405 ft	 		 	* estimate	 		 	
	X52 10.750” OD 0.250” WT	 	12,569 ft	 		 		 		 	
	X52 10.750” OD 0.365” WT	 	1,004 ft	 		 	 Total Pipe Length
	 	23,000 ft*	 	  4.4 mi*
						
	Liquid (200 psi)	 		 		 		 		 	
	X52 6.625” OD 0.219” WT	 	27,117 ft	 		 		 		 	
	 Total Pipe Length
	 	134,223 ft	 	25.4 mi 	 		 		 	
				
	STILES RANCH GATHERING SYSTEM - PURCHASED
EXISTING LP SYSTEM	 	 	 	 	 	 
						
	 Description
	 	 Quantity
	 	 	 	 	 	 	 	 
	Low Pressure (75 psi)	 		 		 		 		 	
	Various diameter and grades	 	190,000 ft*	 		 		 		 	
						
	* estimate	 		 		 		 		 	
						
	 Total Pipe Length
	 	190,000 ft *	 	36.0 mi*	 		 		 	

													
	 CONTRACT TYPE
	 	 GRANTOR
	 	 GRANTEE
	 	 DATE
	 	 DESCRIPTION
	 	 VOL
	 	 PAGE

	SURFACE SITE LEASE AGREEMENT	 	KIM RIZLEY	 	APACHE MIDSTREAM, LLC	 	4/5/2013	 	NW/4 OF SECTION 55-BLOCK A7-H&GN SURVEY	 	694	 	778
	SURFACE SITE LEASE AGREEMENT	 	MATTHEW D. MOORE, ET AL	 	APACHE CORPORATION	 	2/1/2013	 	7.542 ACRES IN THE W/2 OF SEC. 55, BLOCK A-7, H&GN SURVEY	 	695	 	483
	SURFACE SITE LEASE AGREEMENT	 	MATTHEW D. MOORE, ET AL	 	APACHE CORPORATION	 	2/1/2013	 	7.542 ACRES IN THE W/2 OF SEC. 62, BLOCK A-7, H&GN SURVEY	 	695	 	486
	SURFACE SITE LEASE AGREEMENT	 	MATTHEW D. MOORE, ET AL	 	APACHE CORPORATION	 	2/1/2013	 	7.542 ACRES IN THE W/2 OF SEC. 55, BLOCK A-7, H&GN SURVEY	 	695	 	478
	SURFACE SITE LEASE AGREEMENT	 	MATTHEW D. MOORE, ET AL	 	APACHE CORPORATION	 	2/1/2013	 	7.542 ACRES IN THE W/2 OF SEC. 62, BLOCK A-7, H&GN SURVEY	 	695	 	486
	VALVE SITE AGREEMENT	 	STILES LAND ASSETS, LTD	 	APACHE MIDSTREAM, LLC	 	11/7/2013	 	0.06 ACRES IN THE NW/4 NW/4 NW/4 OF SEC. 3, BLOCK A-3, H&GN SURVEY	 	695	 	883
	JOINT USE AGREEMENT	 	PLAINS PIPELINE, LP	 	APACHE MIDSTREAM, LLC	 	4/17/2014	 	NW/4 OF SECTION 18, BLOCK A-3, H&GN SURVEY	 	694	 	839
	SURFACE LEASE AND AGREEMENT	 	STILES LAND ASSETS, LTD	 	APACHE MIDSTREAM, LLC	 	5/14/2013	 	7.0 ACRES IN THE SW/4 OF SEC. 3, BLOCK A-3, H&GN SURVEY	 	N/A	 	N/A
	SURFACE LEASE AND AGREEMENT	 	STILES LAND ASSETS, LTD	 	APACHE MIDSTREAM, LLC	 	5/14/2013	 	6.94 ACRES IN THE SW/4 OF SEC. 18, BLOCK A-3, H&GN SURVEY	 	N/A	 	N/A
	VALVE SITE AGREEMENT	 	STILES LAND ASSETS, LTD	 	APACHE MIDSTREAM, LLC	 	10/9/2013	 	PIPELINE VALVE SITE BEING 0.05 ACRES IN SECS. 1 AND 2, AB&M SURVEY	 	695	 	468
	SURFACE LEASE AND AGREEMENT	 	STILES LAND ASSETS, LTD	 	APACHE MIDSTREAM, LLC	 	5/14/2013	 	9.0 ACRES IN THE NE/4 OF SEC. 1, AB&M SURVEY	 	N/A	 	N/A*

 SCHEDULE 2.01 

COMMITMENTS 
  

													
	 Lender
	  	Applicable
Percentage	 	 	Initial Borrowing
Base	 	  	Commitment	 
	 Bank of America, N.A.
	  	 	11.764705882	% 	 	$	60,000,000.00	  	  	$	117,647,058.81	  
	 MUFG Union Bank, N.A.
	  	 	10.392156863	% 	 	$	53,000,000.00	  	  	$	103,921,568.63	  
	 Royal Bank of Canada
	  	 	10.392156863	% 	 	$	53,000,000.00	  	  	$	103,921,568.63	  
	 SunTrust Bank
	  	 	10.392156863	% 	 	$	53,000,000.00	  	  	$	103,921,568.63	  
	 JPMorgan Chase Bank, NA
	  	 	10.392156863	% 	 	$	53,000,000.00	  	  	$	103,921,568.63	  
	 Capital One, National Association
	  	 	8.431372549	% 	 	$	43,000,000.00	  	  	$	84,313,725.49	  
	 ABN AMRO Capital USA LLC
	  	 	8.431372549	% 	 	$	43,000,000.00	  	  	$	84,313,725.49	  
	 Deutsche Bank AG New York Branch
	  	 	8.431372549	% 	 	$	43,000,000.00	  	  	$	84,313,725.49	  
	 Comerica Bank
	  	 	5.882352941	% 	 	$	30,000,000.00	  	  	$	58,823,529.41	  
	 BOKF, NA, DBA Bank of Oklahoma
	  	 	4.509803922	% 	 	$	23,000,000.00	  	  	$	45,098,039.22	  
	 The Huntington National Bank
	  	 	4.509803922	% 	 	$	23,000,000.00	  	  	$	45,098,039.22	  
	 Whitney Bank
	  	 	4.509803922	% 	 	$	23,000,000.00	  	  	$	45,098,039.22	  
	 Goldman Sachs Lending Partners LLC
	  	 	1.960784314	% 	 	$	10,000,000.00	  	  	$	19,607,843.13	  
		  	  
	  
	 	 	  
	  
	 	  	  
	  
	 
	 Total
	  	 	100	% 	 	$	510,000,000.00	  	  	$	1,000,000,000.00	  

 SCHEDULE 4.01 

SECURITY DOCUMENTS 
 Amended and Restated
Security Agreement dated as of December 31, 2014 (as from time to time amended, supplemented and restated) by TAPSTONE ENERGY, LLC, TapStone Management, LLC, TapStone Manager, LLC, TAPSTONE MIDSTREAM, LLC and each other Guarantor that may
become party thereto in favor of Bank of America, N.A., as Administrative Agent 
 Amended and Restated Guaranty (as from time to time amended, supplemented
and restated) by TapStone Management, LLC, TapStone Manager, LLC, TAPSTONE MIDSTREAM, LLC and each other Grantor that may become party thereto in favor of Bank of America, N.A., as Administrative Agent 

Mortgage of Oil and Gas Property, Security Agreement, Assignment of Production and Financing Statement, made and entered into as of March 31, 2014 (as
from time to time amended, supplemented and restated) by TAPSTONE ENERGY, LLC, to Bank of America, N.A., as Administrative Agent, as amended by the Amendment to Mortgage of Oil and Gas Property, Security Agreement, Assignment of Production and
Financing Statement, made and entered into as of December 31, 2014, by TAPSTONE ENERGY, LLC, to Bank of America, N.A., as Administrative Agent 

Mortgage, Open-End Mortgage, Security Agreement, Assignment of Production, Fixture Filing and Financing Statement,
made and entered into as of December 31, 2014 (as from time to time amended, supplemented and restated) by TAPSTONE ENERGY, LLC, to Bank of America, N.A., as Administrative Agent 

Deed of Trust, Mortgage, Security Agreement, Assignment of Production, Fixture Filing and Financing Statement, made and entered into as of December 31,
2014 (as from time to time amended, supplemented and restated) by TAPSTONE ENERGY, LLC, to Bank of America, N.A., as Administrative Agent 
 Deed of Trust,
Mortgage, Security Agreement, Assignment of Leases and Rents, Fixture Filing and Financing Statement, made and entered into as of December 31, 2014 (as from time to time amended, supplemented and restated) by TAPSTONE MIDSTREAM, LLC, to Bank of
America, N.A., as Administrative Agent 
 Bank Accounts Control Agreement, dated as of May 1, 2014, by and among TAPSTONE ENERGY, LLC, as Debtor, Bank
of America, N.A., as Administrative Agent and BOKF, NA, as Bank 

 SCHEDULE 5.06 

LITIGATION 
 NONE 

 SCHEDULE 5.09 

ENVIRONMENTAL MATTERS 
 NONE 

 SCHEDULE 5.13 

SUBSIDIARIES; OTHER EQUITY INVESTMENTS; 

EQUITY INTERESTS IN THE BORROWER 
 Part
A. 
  

					
	 Name of Subsidiary
	 	 Jurisdiction of

Formation
	 	 Percentage of Equity Interests Owned

by the Borrower or Subsidiary

	 TapStone Manager, LLC
	 	Delaware	 	100.00% owned by Borrower
	 TapStone Management Company, LLC
	 	Delaware	 	 99% owned by Borrower
 1% owned by TapStone
Manager, LLC

	 TAPSTONE MIDSTREAM, LLC
	 	Delaware	 	100.00% owned by the Borrower

 Part B. 
 NONE 

 SCHEDULE 5.20 

GAS BALANCING AGREEMENTS 

AND ADVANCE PAY CONTRACTS 
 NONE

 SCHEDULE 5.24 

SWAP CONTRACTS 
  

																																																									
	 	 	Oil	 	 	Gas	 	 	EP Mix	 	 	Propane	 	 	Normal
Butane	 	 	Isobutane	 	 	 Natural

Gasoline
	 
	 	 	Bbls/
Day	 	 	$/Bbl	 	 	MMBtus/
Day	 	 	$/MMBtus	 	 	Bbls/
Day	 	 	$/Gal	 	 	Bbls/
Day	 	 	$/Gal	 	 	Bbls/
Day	 	 	$/Gal	 	 	Bbls/
Day	 	 	$/Gal	 	 	Bbls/
Day	 	 	$/Gal	 
	 Jan-15
	 	 	2,400	  	 	$	74.000	  	 	 	55,202	  	 	$	3.930	  	 	 	2,182	  	 	$	0.150	  	 	 	1,454	  	 	$	0.740	  	 	 	485	  	 	$	0.915	  	 	 	242	  	 	$	0.930	  	 	 	485	  	 	$	1.485	  
	 Feb-15
	 	 	2,400	  	 	$	74.000	  	 	 	55,202	  	 	$	3.930	  	 	 	2,182	  	 	$	0.150	  	 	 	1,454	  	 	$	0.740	  	 	 	485	  	 	$	0.915	  	 	 	242	  	 	$	0.930	  	 	 	485	  	 	$	1.485	  
	 Mar-15
	 	 	2,400	  	 	$	74.000	  	 	 	55,202	  	 	$	3.930	  	 	 	2,182	  	 	$	0.150	  	 	 	1,454	  	 	$	0.740	  	 	 	485	  	 	$	0.915	  	 	 	242	  	 	$	0.930	  	 	 	485	  	 	$	1.485	  
	 Apr-15
	 	 	2,053	  	 	$	74.000	  	 	 	50,434	  	 	$	3.930	  	 	 	1,948	  	 	$	0.150	  	 	 	1,298	  	 	$	0.740	  	 	 	433	  	 	$	0.915	  	 	 	216	  	 	$	0.930	  	 	 	433	  	 	$	1.485	  
	 May-15
	 	 	2,053	  	 	$	74.000	  	 	 	50,434	  	 	$	3.930	  	 	 	1,948	  	 	$	0.150	  	 	 	1,298	  	 	$	0.740	  	 	 	433	  	 	$	0.915	  	 	 	216	  	 	$	0.930	  	 	 	433	  	 	$	1.485	  
	 Jun-15
	 	 	2,053	  	 	$	74.000	  	 	 	50,434	  	 	$	3.930	  	 	 	1,948	  	 	$	0.150	  	 	 	1,298	  	 	$	0.740	  	 	 	433	  	 	$	0.915	  	 	 	216	  	 	$	0.930	  	 	 	433	  	 	$	1.485	  
	 Jul-15
	 	 	1,798	  	 	$	74.000	  	 	 	46,647	  	 	$	3.930	  	 	 	1,765	  	 	$	0.150	  	 	 	1,177	  	 	$	0.740	  	 	 	392	  	 	$	0.915	  	 	 	196	  	 	$	0.930	  	 	 	392	  	 	$	1.485	  
	 Aug-15
	 	 	1,798	  	 	$	74.000	  	 	 	46,647	  	 	$	3.930	  	 	 	1,765	  	 	$	0.150	  	 	 	1,177	  	 	$	0.740	  	 	 	392	  	 	$	0.915	  	 	 	196	  	 	$	0.930	  	 	 	392	  	 	$	1.485	  
	 Sep-15
	 	 	1,798	  	 	$	74.000	  	 	 	46,647	  	 	$	3.930	  	 	 	1,765	  	 	$	0.150	  	 	 	1,177	  	 	$	0.740	  	 	 	392	  	 	$	0.915	  	 	 	196	  	 	$	0.930	  	 	 	392	  	 	$	1.485	  
	 Oct-15
	 	 	1,618	  	 	$	74.000	  	 	 	43,958	  	 	$	3.930	  	 	 	1,634	  	 	$	0.150	  	 	 	1,089	  	 	$	0.740	  	 	 	363	  	 	$	0.915	  	 	 	182	  	 	$	0.930	  	 	 	363	  	 	$	1.485	  
	 Nov-15
	 	 	1,618	  	 	$	74.000	  	 	 	43,958	  	 	$	3.930	  	 	 	1,634	  	 	$	0.150	  	 	 	1,089	  	 	$	0.740	  	 	 	363	  	 	$	0.915	  	 	 	182	  	 	$	0.930	  	 	 	363	  	 	$	1.485	  
	 Dec-15
	 	 	1,618	  	 	$	74.000	  	 	 	43,958	  	 	$	3.930	  	 	 	1,634	  	 	$	0.150	  	 	 	1,089	  	 	$	0.740	  	 	 	363	  	 	$	0.915	  	 	 	182	  	 	$	0.930	  	 	 	363	  	 	$	1.485	  
	 Jan-16
	 	 	1,488	  	 	$	75.500	  	 	 	42,114	  	 	$	3.865	  	 	 	1,540	  	 	$	0.1725	  	 	 	1,027	  	 	$	0.750	  	 	 	342	  	 	$	0.915	  	 	 	171	  	 	$	0.925	  	 	 	342	  	 	$	1.515	  
	 Feb-16
	 	 	1,488	  	 	$	75.500	  	 	 	42,114	  	 	$	3.865	  	 	 	1,540	  	 	$	0.1725	  	 	 	1,027	  	 	$	0.750	  	 	 	342	  	 	$	0.915	  	 	 	171	  	 	$	0.925	  	 	 	342	  	 	$	1.515	  
	 Mar-16
	 	 	1,488	  	 	$	75.500	  	 	 	42,114	  	 	$	3.865	  	 	 	1,540	  	 	$	0.1725	  	 	 	1,027	  	 	$	0.750	  	 	 	342	  	 	$	0.915	  	 	 	171	  	 	$	0.925	  	 	 	342	  	 	$	1.515	  
	 Apr-16
	 	 	1,369	  	 	$	75.500	  	 	 	40,097	  	 	$	3.865	  	 	 	1,445	  	 	$	0.1725	  	 	 	964	  	 	$	0.750	  	 	 	321	  	 	$	0.915	  	 	 	161	  	 	$	0.925	  	 	 	321	  	 	$	1.515	  
	 May-16
	 	 	1,369	  	 	$	75.500	  	 	 	40,097	  	 	$	3.865	  	 	 	1,445	  	 	$	0.1725	  	 	 	964	  	 	$	0.750	  	 	 	321	  	 	$	0.915	  	 	 	161	  	 	$	0.925	  	 	 	321	  	 	$	1.515	  
	 Jun-16
	 	 	1,369	  	 	$	75.500	  	 	 	40,097	  	 	$	3.865	  	 	 	1,445	  	 	$	0.1725	  	 	 	964	  	 	$	0.750	  	 	 	321	  	 	$	0.915	  	 	 	161	  	 	$	0.925	  	 	 	321	  	 	$	1.515	  
	 Jul-16
	 	 	1,255	  	 	$	75.500	  	 	 	37,932	  	 	$	3.865	  	 	 	1,350	  	 	$	0.1725	  	 	 	900	  	 	$	0.750	  	 	 	300	  	 	$	0.915	  	 	 	150	  	 	$	0.925	  	 	 	300	  	 	$	1.515	  
	 Aug-16
	 	 	1,255	  	 	$	75.500	  	 	 	37,932	  	 	$	3.865	  	 	 	1,350	  	 	$	0.1725	  	 	 	900	  	 	$	0.750	  	 	 	300	  	 	$	0.915	  	 	 	150	  	 	$	0.925	  	 	 	300	  	 	$	1.515	  
	 Sep-16
	 	 	1,255	  	 	$	75.500	  	 	 	37,932	  	 	$	3.865	  	 	 	1,350	  	 	$	0.1725	  	 	 	900	  	 	$	0.750	  	 	 	300	  	 	$	0.915	  	 	 	150	  	 	$	0.925	  	 	 	300	  	 	$	1.515	  
	 Oct-16
	 	 	1,170	  	 	$	75.500	  	 	 	36,384	  	 	$	3.865	  	 	 	1,279	  	 	$	0.1725	  	 	 	853	  	 	$	0.750	  	 	 	284	  	 	$	0.915	  	 	 	142	  	 	$	0.925	  	 	 	284	  	 	$	1.515	  
	 Nov-16
	 	 	1,170	  	 	$	75.500	  	 	 	36,384	  	 	$	3.865	  	 	 	1,279	  	 	$	0.1725	  	 	 	853	  	 	$	0.750	  	 	 	284	  	 	$	0.915	  	 	 	142	  	 	$	0.925	  	 	 	284	  	 	$	1.515	  
	 Dec-16
	 	 	1,170	  	 	$	75.500	  	 	 	36,384	  	 	$	3.865	  	 	 	1,279	  	 	$	0.1725	  	 	 	853	  	 	$	0.750	  	 	 	284	  	 	$	0.915	  	 	 	142	  	 	$	0.925	  	 	 	284	  	 	$	1.515	  

 SCHEDULE 6.20 

POST-CLOSING OBLIGATIONS 
  

					
	 Item Number
	  	 Item
	  	 Deadline

	 1.
	  	Delivery to the Administrative Agent of insurance endorsements naming Administrative Agent as additional insured on liability policies and loss payee with regard to property and casualty policies	  	Within 60 days after the Closing Date
	 2.
	  	Delivery of title information in form and substance reasonably acceptable to the Administrative Agent so that the Administrative Agent shall have received, together with title information previously delivered to the Administrative
Agent, reasonably satisfactory title information on at least 75% of the Recognized Value of all Proved Mineral Interests	  	Within 60 days after the Closing Date

 SCHEDULE 7.02 

EXISTING INVESTMENTS 
 NONE 

 SCHEDULE 10.02 

ADDRESSES FOR NOTICES 
 For the
Administrative Agent and the L/C Issuer: 
 ADMINISTRATIVE AGENT: 

Administrative Agent’s Office: 
 (for
payments and Requests for Credit Extensions): 
 Bank of America, N.A. 

101 North Tryon Street 
 One Independence Center 

Mail Code: NC1-001-05-46 

Charlotte, NC 28255-0001 
 Attention: Elizabeth Russell 

Telephone: 980-386-8451 

Telecopier: 704-409-0004 

Electronic Mail: libby.russell@baml.com 
 Remittance
Instructions: 
 Bank of America, N.A. 
 ABA #: 026-009-593 New York, NY 
 Account #: 1366212250600 

Attn: Corporate Credit Services, Charlotte NC 
 Ref: Tapstone
Energy, LLC 
 Other Notices as Administrative Agent: 

(for financial statements, compliance certificates, maturity extension and commitment change notices, etc.) 

Bank of America, N.A. 
 Agency Management 

Gateway Village, 900 West Trade Street 
 Mail Code: NC1-026-06-03 
 Charlotte, NC 28255-0001

 Attention: Erik M. Truette 
 Telephone: 980-387-5451 
 Telecopier: 704-409-0015 
 Electronic Mail: erik.m.truette@baml.com 

 L/C ISSUER: 

Bank of America, N.A. 
 Trade Operations 

One Fleet Way 
 Mail Code: PA6-580-02-30 
 Scranton, PA 18507 

Attention: Charles P. Herron 
 Telephone: 570-496-9564 
 Telecopier: 800-755-8743 
 Electronic Mail: charles.p.herron@baml.com 

For each Loan Party: 
 210 Park Ave. 

Suite 1350 
 Oklahoma City, OK 73102 

Attention: David Edwards, Chief Financial Officer 
 E-mail: dedwards@tapstoneenergy.com 
 Telephone: (405) 702-1600 

Fax: (888)-270-2953 

Website URL: www.tapstoneenergy.com 
 Borrower’s TIN:

 46-3702293 

 EXHIBIT A 

FORM OF COMMITTED LOAN NOTICE 

Date:             ,      

 

	To:	Bank of America, N.A., as Administrative Agent 

 Ladies and Gentlemen: 

Reference is made to that certain Amended and Restated Credit Agreement, dated as of December 31, 2014 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among TAPSTONE ENERGY, LLC, a Delaware limited liability company (the
“Borrower”), the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent and L/C Issuer. 

The undersigned hereby requests (select one): 
  

			
	☐ A Borrowing of Committed Loans	  	☐ A conversion or continuation of Committed Loans

  

	 	1.	On                      (a Business Day). 

 

	 	2.	In the amount of $        . 

  

	 	3.	Comprised of                     . 
[Type of Committed Loan requested] 

 

	 	4.	For Eurodollar Rate Committed Loans: with an Interest Period of      months. 

The Committed Borrowing, if any, requested herein complies with the provisos to the first sentence of Section 2.01
of the Agreement. 
  

			
	TAPSTONE ENERGY, LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 A-1 

Form of Committed Loan Notice 

 EXHIBIT B 

FORM OF NOTE 

$             

FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to
                     or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter
defined), the unpaid principal amount of each Committed Loan from time to time made by the Lender to the Borrower under that certain Amended and Restated Credit Agreement dated as of December 31, 2014 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrower, the Lenders from time to time party thereto and Bank of America,
N.A., as Administrative Agent and L/C Issuer. 
 The Borrower promises to pay interest on the unpaid principal amount of each Committed Loan
from the date of such Committed Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account
of the Lender in Dollars in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until
the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 
 This Note is
one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This Note is also entitled to the benefits of the Guaranty and the
Security Documents. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as
provided in the Agreement. Committed Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and endorse
thereon the date, amount and maturity of its Committed Loans and payments with respect thereto. 
 The Borrower, for itself, its successors
and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note. 

  
 B-1 

Form of Committed Loan Notice 

 THIS NOTE, AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT
OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

 

			
	TAPSTONE ENERGY, LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 B-2 

Form of Committed Loan Notice 

 COMMITTED LOANS AND PAYMENTS WITH RESPECT THERETO 

 

													
	 Date
	 	 Type of

Committed
Loan Made
	 	 Amount of

Committed

Loan Made
	 	 End of

Interest

Period
	 	 Amount of

Principal or

Interest

Paid This

Date
	 	 Outstanding

Principal
 Balance

This Date
	 	 Notation

Made By

							
		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

  
 B-3 

Form of Committed Loan Notice 

 EXHIBIT C 

FORM OF COMPLIANCE CERTIFICATE 

Statement Date:             ,          

To: Bank of America, N.A., as Administrative Agent 
 Ladies and
Gentlemen: 
 Reference is made to that certain Amended and Restated Credit Agreement, dated as of December 31, 2014 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among TAPSTONE ENERGY, LLC, a Delaware limited liability company
(the “Borrower”), the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent and L/C Issuer. 

The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the
                     of the Borrower, and that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on
the behalf of the Borrower, and that: 
 [Use following paragraph 1 for fiscal
year-end financial statements] 
 1. The Borrower has delivered the year-end audited financial statements required by Section 6.01(a) of the Agreement for the fiscal year of the Borrower ended as of the above date, together with the report and opinion of an independent
certified public accountant required by such section. Such financial statements fairly reflect in all material respects the financial condition, results of operations and cash flows of the Loan Parties as of the date of such financial statements and
for the period covered thereby. 
 [Use following paragraph 1 for fiscal
quarter-end financial statements] 
 1. The Borrower has delivered the
unaudited financial statements required by Section 6.01(b) of the Agreement for the fiscal quarter of the Borrower ended as of the above date. Such financial statements fairly reflect in all material respects the financial
condition, results of operations and cash flows of the Loan Parties as of the date of such financial statements and for the period covered thereby in accordance with GAAP, subject only to normal year-end audit
adjustments and the absence of footnotes. 
 2. Annex I attached hereto sets forth any gas imbalances, take or pay or other prepayments with
respect to any of the Borrower’s and the other Loan Parties’ Mineral Interests that exist on the date hereof which would require the Borrower or any of the other Loan Parties to deliver, in the aggregate, five percent (5%) or more of the
monthly production of Hydrocarbons produced from such Mineral Interests at some future time without then or thereafter receiving full payment therefore. 

  
 C-1 

Form of Compliance Certificate 

 3. Annex II attached hereto contains a summary of the Swap Contracts to which each Loan Party is
a party on the date hereof. 
 [4. A report of all changes in the information included in Part (b) of Schedule 5.13 as may be necessary
for Part (b) of Schedule 5.13 to be accurate and complete as of the date of such report is attached hereto.] [To be included if any Loan Party has acquired additional Subsidiaries or Equity Interests in any Person] 

[5.] 
 [select one:]

 [To the best knowledge of the undersigned, no Default has occurred and is continuing.] 

—or— 

[To the best knowledge of the undersigned, the following is a list of each such Default and its nature and status:] 

[6.] The financial covenant analyses and information set forth on Schedules 1 and 2 attached hereto are true and accurate in all
material respects on and as of the date of this Certificate. 

  
 C-2 

Form of Committed Loan Notice 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
            ,         . 
  

			
	TAPSTONE ENERGY, LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 C-3 

Form of Committed Loan Notice 

 For the Quarter/Year ended
                                 (“Statement Date”) 

SCHEDULE 1 
 to the
Compliance Certificate 
 ($ in 000’s) 

Section 7.13 (a) - Consolidated Leverage Ratio. 
  

							
			
	A.	  	 Consolidated Funded Indebtedness at Statement Date:
	  	$	            	  
			
	B.	  	 Annualized EBITDAX or Consolidated EBITDAX for the period of four consecutive fiscal quarters
ending, as applicable1, on Statement Date (from Schedule 2):
	  	$	            	  
			
	C.	  	 Consolidated Leverage Ratio (Line III.A ÷ Line III.B):
	  	 	4.0 to 1.0	  

  

	1 	For the fiscal quarters ended as of each of March 31, 2015, June 30, 2015 and September 30, 2015, use the Annualized EBITDAX as of such date; for all other fiscal quarters, use the Consolidated EBITDAX as
of such date. 

  
 C-4 

Form of Committed Loan Notice 

 For the Quarter/Year
ended                                 (“Statement Date”) 

SCHEDULE 2 
 to the
Compliance Certificate 
 ($ in 000’s) 

Consolidated EBITDAX 
 (in
accordance with the definition of Consolidated EBITDAX 
 as set forth in the Agreement) 

 

																					
	 Consolidated
EBITDAX2
	  	Quarter
Ended	 	  	Quarter
Ended	 	  	Quarter
Ended	 	  	Quarter
Ended	 	  	Annualized
EBITDAX or
Twelve
Months
Ended	 
	 Consolidated Net Income
	  				  				  				  				  			
	 plus (to the extent deducted in calculating Consolidated Net Income, without duplication):3
	  				  				  				  				  			
	 Consolidated Interest Charges
	  				  				  				  				  			
	 any provision for Federal, state, local and foreign income or franchise taxes payable
	  				  				  				  				  			
	 depreciation, depletion, amortization and exploration expenses
	  				  				  				  				  			
	 transaction fees and expenses incurred in connection with the negotiation, execution and closing
of (1) the Credit Agreement and the closing of the Acquisition (including in connection with hedging transactions in connection therewith), (2) of any acquisition, Disposition or Investment otherwise permitted by the Credit Agreement, or
(3) any amendment, refinancing or other modification of any Loan Document4
	  				  				  				  				  			
	 any other non-cash charges,
non-cash expenses or non-cash losses (excluding any such charge, expense or loss incurred in the ordinary course of business that constitutes an accrual of or reserve
for cash charges for any future period) including non-cash losses or charges resulting from the requirements of FAS 133
	  				  				  				  				  			
	 minus (to the extent included in calculating Consolidated Net Income, without
duplication):
	  				  				  				  				  			
	 Federal, state, local and foreign income or franchise tax credits
	  				  				  				  				  			
	 any unrealized non-cash gains in respect of any Swap
Contracts resulting from the requirements of FAS 133
	  				  				  				  				  			
	 all non-cash items increasing Consolidated Net
Income
	  				  				  				  				  			
	 = Consolidated EBITDAX
	  				  				  				  				  			

  

	2 	If the Borrower or any Consolidated Subsidiary shall acquire or Dispose of any assets with a fair market value of $15,000,000 or more, make any Investment in an amount in excess of $15,000,000 during such period or
merge or consolidate with a Person that is not a Loan Party as permitted by the Agreement, then Consolidated EBITDAX shall be calculated after giving pro forma effect to such acquisition, Disposition, Investment, merger or
consolidation as if such acquisition, Disposition, Investment, merger or consolidation had occurred on the first day of such period. 

	3 	Cash payments made in respect of such non-cash charges, expenses or losses (other than any such excluded charge, expense or loss as described on this Schedule 2) shall be
subtracted from Consolidated Net Income in calculating Consolidated EBITDAX for the period in which such payments are made 

	4 	Include only to the extent such transaction fees and expenses are (A) expensed and recognized in the applicable period and (B) do not exceed 10% of total Consolidated EBITDAX (which total Consolidated EBITDAX
shall be determined on a pro forma basis in accordance with the Credit Agreement but without including any such transaction fees and expenses) for the applicable period. 

  
 C-5 

Form of Committed Loan Notice 

 EXHIBIT D-1 

ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [the][each] Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each] Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed
that the rights and obligations of [the Assignors][the Assignees] hereunder are several and not joint.] Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto (the “Standard Terms and Conditions”) are hereby agreed to and
incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed
consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in
accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and
obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified
below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below (including, without limitation, the Letters of Credit included in such facilities) and (ii) to
the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any
Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above
(the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such
sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 

 

									
	1.	 	Assignor[s]:	 	  
	 		 	
					
		 		 	  
	 		 	
		 	[for each Assignor, indicate [is][is not] a Defaulting Lender]

  
 D-1 - 1 

Form of Assignment and Assumption 

									
	2.	 	Assignee[s]:	 	  
	 		 	
					
		 		 	  
	 		 	
		 	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]

  

	3.	Borrower(s): TAPSTONE ENERGY, LLC 

  

	4.	Administrative Agent: Bank of America, N.A., as the administrative agent under the Credit Agreement 

  

	5.	Credit Agreement: Amended and Restated Credit Agreement, dated as of December 31, 2014 among TAPSTONE ENERGY, LLC, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative
Agent, and L/C Issuer 

  

	6.	Assigned Interest[s]: 

  

																	
	 Assignor[s]1
	  	Assignee[s]2	 	  	Aggregate Amount
of Commitment for
all Lenders3	 	  	Amount of
Commitment
Assigned	 	  	Percentage Assigned
of Commitment4	 
		  				  	$	            	  	  	$	            	  	  	 	    	% 
		  				  	$	            	  	  	$	            	  	  	 	    	% 
		  				  	$	            	  	  	$	            	  	  	 	    	% 

  

	[7.	Trade Date:                     ]5 

Effective Date:             , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT
AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
  

	1 	List each Assignor, as appropriate. 

	2 	List each Assignee, as appropriate. 

	3 	Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

	4 	Set forth, to at least 9 decimals, as a percentage of the Commitment of all Lenders thereunder. 

	5 	To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. 

  
 D-1 - 2 

Form of Assignment and Assumption 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:

  
 D-1 - 3 

Form of Assignment and Assumption 

 
			
	ASSIGNEE
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:

  

			
	[Consented to and]6 Accepted:
	
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	  

	Title:	 	
	
	[Consented to:]7
		
	By:	 	  

		 	Title:

  

	6 	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	7 	To be added only if the consent of the Borrower and/or other parties (e.g. L/C Issuer) is required by the terms of the Credit Agreement. 

  
 D-1 - 4 

Form of Assignment and Assumption 

 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 

TAPSTONE CREDIT AGREEMENT 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1. Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][[the
relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this
Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any
other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or
Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan
Document. 
 1.2. Assignee. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and
has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee
under Section 10.06(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under Section 10.06(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be
bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire
assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has
received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such
other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance
upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned
Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that
(i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not 

  
 D-1 - 1 

Form of Assignment and Assumption 

 
taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed
by it as a Lender. 
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of
[the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts
which have accrued from and after the Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding upon,
and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of New York. 

  
 D-1 - 2 

Form of Assignment and Assumption 

 EXHIBIT D-2 

FORM OF ADMINISTRATIVE QUESTIONNAIRE 

[See attached.] 

  
 D-2- 1 

Form of Administrative Questionnaire 

 

 
 ADMINISTRATIVE DETAILS REPLY FORM – (US DOLLAR ONLY) 

CONFIDENTIAL 
  

1. Borrower or Deal Name             Tapstone Energy
LLC                         

E-mail this document with your commitment letter to:   Erik Truette – Agency
Management             
 E-mail address of
recipient:       erik.m.truette@baml.com         
  

 

					
	2. Legal Name of Lender of Record for Signature Page:	 	  

							
	     Markit Entity Identifier (MEI) #
	 	  
	 		 	

			
	     Fund Manager Name (if applicable)
	 	  

			
	     Legal Address from Tax Document of Lender of
Record:

	     Country
	 	  

	     Address
	 	  

											
	     City
	 	  
	 	 State/Province
	 	  
	 	 Country
	 	  

  

 

 3. Domestic Funding Address: 

			
	Street Address	 	  

	Suite/ Mail Code	 	  

							
	City	 	  
	 	State	 	  

							
	Postal Code	 	  
	 	Country	 	  

 

 4. Eurodollar Funding Address: 

			
	Street Address	 	  

	Suite/ Mail Code	 	  

							
	City	 	  
	 	State	 	  

							
	Postal Code	 	  
	 	Country	 	  

 
 

  
  

5. Credit Contact Information: 
 Syndicate level
information (which may contain material non-public information about the Borrower and its related parties or their respective securities will be made available to the Credit Contact(s). The Credit Contacts
identified must be able to receive such information in accordance with his/her institution’s compliance procedures and applicable laws, including Federal and State securities laws. 

Primary Credit Contact: 

			
	 First Name
	 	  

	 Middle Name
	 	  

	 Last Name
	 	  

	 Title
	 	  

	 Street Address
	 	  

	 Suite/Mail Code
	 	  

	 City
	 	  

	 State
	 	  

	 Postal Code
	 	  

	 Country
	 	  

	 Office Telephone #
	 	  

	 Office Facsimile #
	 	  

	 Work E-Mail Address
	 	  

	 IntraLinks/SyndTrak
	 	
	 E-Mail Address
	 	  

 Secondary Credit Contact: 

			
	 First Name
	 	  

	 Middle Name
	 	  

	 Last Name
	 	  

	 Title
	 	  

	 Street Address
	 	  

	 Suite/Mail Code
	 	  

	 City
	 	  

	 State
	 	  

	 Postal Code
	 	  

	 Country
	 	  

	 Office Telephone #
	 	  

	 Office Facsimile #
	 	  

	 Work E-Mail Address
	 	  

	 IntraLinks/SyndTrak
	 	

  

			
	1  	 	REV April 2013
	 	 	Agency Procedure 12.01

  
 D-2 - 1 

Form of Administrative Questionnaire 

 

     
 ADMINISTRATIVE DETAILS REPLY FORM – (US DOLLAR ONLY) 

CONFIDENTIAL 
  

 

			
	E-Mail Address	  	  

 

			
	Primary Operations Contact:

											
	First	 	  
	 	Ml	 	  
	 	Last	 	  

			
	Title	 	  

			
	Street Address	 	  

	Suite/ Mail Code	 	  

							
	City	 	  
	 	State	 	  

							
	Postal Code	 	  
	 	Country	 	  

							
	Telephone	 	  
	 	Facsimile	 	  

			
	E-Mail Address	 	  

			
	IntraLinks/SyndTrak E-Mail
	Address	 	  

 

			
	Secondary Operations Contact:

											
	First	 	  
	 	Ml	 	  
	 	Last	 	  

			
	Title	 	  

			
	Street Address	 	  

	Suite/ Mail Code	 	  

							
	City	 	  
	 	State	 	  

							
	Postal Code	 	  
	 	Country	 	  

							
	Telephone	 	  
	 	Facsimile	 	  

			
	E-Mail Address	 	  

			
	IntraLinks/SyndTrak E-Mail
	Address	 	  

 
 

  
 Does Secondary
Operations Contact need copy of notices?       YES         NO 

 

			
	Letter of Credit Contact:

											
	First	 	  
	 	Ml	 	  
	 	Last	 	  

			
	Title	 	  

			
	Street Address	 	  

	Suite/ Mail Code	 	  

							
	City	 	  
	 	State	 	  

							
	Postal Code	 	  
	 	Country	 	  

							
	Telephone	 	  
	 	Facsimile	 	  

			
	E-Mail Address	 	  

 

			
	Draft Documentation Contact or Legal Counsel:

											
	First	 	  
	 	Ml	 	  
	 	Last	 	  

			
	Title	 	  

			
	Street Address	 	  

	Suite/ Mail Code	 	  

							
	City	 	  
	 	State	 	  

							
	Postal Code	 	  
	 	Country	 	  

							
	Telephone	 	  
	 	Facsimile	 	  

			
	E-Mail Address	 	  

 
 

  
 6. Lender’s Fed Wire Payment
Instructions: 
 Pay to: 
  

			
	 Bank Name
	  	  

			
	 ABA #
	  	  

							
	City	 	  
	  	State	  	  

			
	Account #	  	  

			
	Account Name	  	  

			
	Attention	  	  

 
  

7. Lender’s Standby Letter of Credit, Commercial Letter of Credit, and Bankers’ Acceptance Fed Wire Payment Instructions (if applicable): 

Pay to: 
  

			
	 Bank Name
	  	  

			
	 ABA #
	  	  

							
	City	 	  
	  	State	  	  

			
	Account #	  	  

			
	Account Name	  	  

			
	Attention	  	  

Can the Lender’s Fed Wire Payment Instructions in Section 6 be
used?        YES         NO 

  

			
	2  	 	REV April 2013
	 	 	Agency Procedure 12.01

  
 D-1 - 2 

Form of Assignment and Assumption 

 

     
 ADMINISTRATIVE DETAILS REPLY FORM – (US DOLLAR ONLY) 

CONFIDENTIAL 
  

 

  

8. Lender’s Organizational Structure and Tax Status 

Please refer to the enclosed withholding tax instructions below and then complete this section accordingly: 

Lender Taxpayer Identification Number
(TIN):              -                    
                 
 Tax Withholding Form Delivered to
Bank of America (check applicable one): 
     
W-9             W-8BEN             W-8ECI             W-8EXP             W-8IMY 

 

 Tax Contact: 

											
	First	 	  
	 	Ml	 	  
	 	Last	 	  

			
	Title	 	  

			
	Street Address	 	  

	Suite/ Mail Code	 	  

							
	City	 	  
	 	State	 	  

							
	Postal Code	 	  
	 	Country	 	  

							
	Telephone	 	  
	 	Facsimile	 	  

			
	E-Mail Address	 	  

 

 
 

  
 NON–U.S. LENDER INSTITUTIONS

 1. Corporations: 
 If your institution is incorporated
outside of the United States for U.S. federal income tax purposes, and is the beneficial owner of the interest and other income it receives, you must complete one of the following three tax forms, as applicable to your institution: a.) Form W-8BEN (Certificate of Foreign Status of Beneficial Owner), b.) Form W-8ECI (Income Effectively Connected to a U.S. Trade or Business), or c.) Form W-8EXP (Certificate of Foreign Government or Governmental Agency). 
 A U.S. taxpayer identification number is required
for any institution submitting a Form W8 ECI. It is also required on Form W-8BEN for certain institutions claiming the benefits of a tax treaty with the U.S. Please refer to the instructions when completing
the form applicable to your institution. In addition, please be advised that U.S. tax regulations do not permit the acceptance of faxed forms. An original tax form must be submitted. 

2. Flow-Through Entities 
 If your institution is organized
outside the U.S., and is classified for U.S. federal income tax purposes as either a Partnership, Trust, Qualified or Non-Qualified Intermediary, or other non-U.S.
flow-through entity, an original Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. branches for United States Tax Withholding) must be completed by the intermediary
together with a withholding statement. Flow-through entities other than Qualified Intermediaries are required to include tax forms for each of the underlying beneficial owners. 

Please refer to the instructions when completing this form. In addition, please be advised that U.S. tax regulations do not permit the acceptance of faxed
forms. Original tax form(s) must be submitted. 
 U.S. LENDER INSTITUTIONS: 

If your institution is incorporated or organized within the United States, you must complete and return Form W-9
(Request for Taxpayer Identification Number and Certification). Please be advised that we require an original form W-9. 

Pursuant to the language contained in the tax section of the Credit Agreement, the applicable tax form for your institution must be completed and
returned on or prior to the date on which your institution becomes a lender under this Credit Agreement. Failure to provide the proper tax form when requested will subject your institution to U.S. tax withholding. 

  

			
	3  	 	REV April 2013
	 	 	Agency Procedure 12.01

  
 D-1 - 3 

Form of Assignment and Assumption 

 

     
 ADMINISTRATIVE DETAILS REPLY FORM – (US DOLLAR ONLY) 

CONFIDENTIAL 
  

 

 * Additional guidance and instructions as to where to submit this documentation can be found at this link:

  
 

 
  
  

9. Bank of America’s Payment Instructions: 
  

			
	Pay to:	  	 Bank of America, N.A.
 ABA # 026009593

New York, NY
 Account # 1366212250600

Attn: Corporate Credit Services
 Ref: Tapstone Energy
LLC

  

			
	4  	 	REV April 2013
	 	 	Agency Procedure 12.01

  
 D-1 - 4 

Form of Assignment and Assumption 

 EXHIBIT E 

FORM OF GUARANTY 
 [See
attached.] 

  
 E-1 

Form of Administrative Questionnaire 

 Execution Version 

AMENDED AND RESTATED GUARANTY 

THIS AMENDED AND RESTATED GUARANTY (as from time to time amended, supplemented or restated, this “Guaranty”) is made as of
December 31, 2014, by each of the undersigned guarantors and the Additional Guarantors (as hereinafter defined) (whether one or more “Guarantor”, and if more than one jointly and severally), in favor of BANK OF AMERICA, N.A.,
as administrative agent (in such capacity, the “Administrative Agent”) for itself, the L/C Issuer, and the Lenders from time to time party to the Amended and Restated Credit Agreement of even date herewith among TAPSTONE ENERGY,
LLC, a Delaware limited liability company (the “Borrower”), the Administrative Agent, the L/C Issuer and the Lenders from time to time party thereto (as amended, supplemented, restated, increased, renewed, extended, refinanced or
otherwise modified from time to time, the “Credit Agreement”; other terms used and not defined herein having the meanings given to such terms in the Credit Agreement), certain of the Lenders and their Affiliates party to Secured
Cash Management Agreements, and the Lender Counterparties (the Administrative Agent, the L/C Issuer, the Lenders, the Lenders and affiliates of Lenders party to Secured Cash Management Agreements and the Lender Counterparties are herein collectively
called the “Lender Parties”). 
 FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in consideration
of any credit and/or financial accommodation heretofore or hereafter from time to time made or granted to the Borrower, by the Administrative Agent, the L/C Issuer, or the Lenders, pursuant to the Credit Agreement, Secured Cash Management Agreements
with Lenders or Affiliates of Lenders or by the Lender Counterparties pursuant to Swap Contracts, the undersigned hereby furnishes its guaranty of the Guaranteed Obligations (as hereinafter defined) as follows: 

1. Guaranty. The Guarantor hereby absolutely and unconditionally guarantees, as a guaranty of payment and performance and not
merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of the Obligations (including that portion of the Obligations
constituting Lender Swap Obligations and that portion of the Obligations constituting obligations in respect of Secured Cash Management Agreements), in each case whether recovery upon such indebtedness and liabilities may be or hereafter become
unenforceable or shall be an allowed or disallowed claim under any proceeding or case commenced by or against any Guarantor or the Borrower under any Debtor Relief Laws and including interest that accrues and expenses that are incurred or arise
after the commencement by or against the Borrower or any Guarantor of any proceeding under any Debtor Relief Laws (collectively, the “Guaranteed Obligations”). The Lender Parties’ respective books and records showing the amount
of the Guaranteed Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon the Guarantor and conclusive absent manifest error for the purpose of establishing the amount of the Guaranteed Obligations. This
Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise 

  
 [AMENDED
AND RESTATED GUARANTY] 

 
constitute a defense to the obligations of the Guarantor under this Guaranty, and the Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to
any or all of the foregoing. Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder and under the other Loan Documents shall in no event exceed the amount which can be
guaranteed by such Guarantor under applicable federal and state laws relating to the insolvency of debtors (after giving effect to the right of contribution established in Section 6). 

2. No Setoff or Deductions; Taxes; Payments. The Guarantor represents and warrants that it is organized and resident in the
United States of America. The Guarantor shall make all payments hereunder without setoff or counterclaim and shall, to the extent permitted by applicable Laws, be made free and clear of and without reduction or withholding for any Taxes. If,
however, applicable Laws require the Guarantor or the Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted in accordance with such Laws as determined by the Guarantor or the Administrative Agent, as the case may
be, upon the basis of the information and documentation to be delivered pursuant to the Credit Agreement. If the Guarantor or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United States
Federal backup withholding and withholding taxes, from any such payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information and
documentation it has received pursuant to the Credit Agreement, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent
that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the Guarantor shall be increased as necessary so that after any required withholding or the making of all required deductions the Lender
Party receives an amount equal to the sum it would have received had no such withholding or deduction been made. The obligations of the Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of
this Guaranty. 
 3. Rights of Lender Parties. The Guarantor consents and agrees, to the extent permitted by the other Loan
Documents, that the Lender Parties may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or
otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this
Guaranty or any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the Lender Parties in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or
other guarantors of any of the Guaranteed Obligations. Without limiting the generality of the foregoing, the Guarantor consents to the taking of, or failure to take, any action by the Lender Parties (to the extent permitted by the other Loan
Documents) which might in any manner or to any extent vary the risks of the Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of the Guarantor. 

4. Certain Waivers. The Guarantor waives (a) any defense arising by reason of any disability or other defense of the
Borrower or any other Guarantor, or the cessation from any 

  

					
		 	2	  	[AMENDED AND RESTATED GUARANTY]

 
cause whatsoever (including any act or omission of the Lender Parties) of the liability of the Borrower (other than payment); (b) any defense based on any claim that the Guarantor’s
obligations exceed or are more burdensome than those of the Borrower; (c) the benefit of any statute of limitations affecting the Guarantor’s liability hereunder; (d) any right to require the Lender Parties to proceed against the
Borrower, proceed against or exhaust any security for the Guaranteed Obligations, or pursue any other remedy in the Lender Parties’ power whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by
the Lender Parties; and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties. The Guarantor
expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or
nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations. 

5. Obligations Independent. The obligations of the Guarantor hereunder are those of primary obligor, and not merely as surety,
and are independent of the Guaranteed Obligations and the obligations of any other guarantor, and a separate action may be brought against the Guarantor to enforce this Guaranty whether or not the Borrower or any other person or entity is joined as
a party. 
 6. Subrogation; Contribution. The Guarantor shall not exercise any right of subrogation, contribution, indemnity,
reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full and any commitments of
the Lender Parties or facilities provided by the Lender Parties with respect to the Guaranteed Obligations are terminated. If any amounts are paid to the Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust
for the benefit of the Lender Parties and shall forthwith be paid to the Administrative Agent to be applied as set forth in the Credit Agreement to reduce the amount of the Guaranteed Obligations, whether matured or unmatured. 

After all Guaranteed Obligations have been paid in full in cash and otherwise performed in full (other than contingent indemnity obligations),
and all obligations under each other Loan Document to which Guarantor is a party have been paid and performed in full, the Guarantors that have made payments in respect of the Guaranteed Obligations shall be entitled to contribution from the other
Guarantors, to the end that all such payments upon the Guaranteed Obligations shall be shared among all such Guarantors in proportion to their respective Net Worths; provided that the contribution obligations of each such Guarantor shall be
limited to the maximum amount that it can pay at such time without rendering its contribution obligations voidable under applicable law relating to fraudulent conveyances or fraudulent transfers. “Net Worth” means, at any time and
for any Guarantor, the fair value of such Guarantor’s assets (other than such right of contribution), minus; the fair value of such Guarantor’s liabilities (other than its liabilities under its guaranty of the Guaranteed
Obligations). 

  

					
		 	3	  	[AMENDED AND RESTATED GUARANTY]

 7. Termination; Reinstatement. This Guaranty is a continuing and irrevocable
guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations and any other amounts payable under this Guaranty are paid in full in cash (other than contingent indemnity
obligations) and any commitments of the Lender Parties or facilities provided by the Lender Parties with respect to the Guaranteed Obligations are terminated. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be
revived, as the case may be, if any payment by or on behalf of the Borrower or the Guarantor is made, or any Lender Party exercises its right of setoff, in respect of the Guaranteed Obligations and such payment or the proceeds of such setoff or any
part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any Lender Party in its discretion) to be repaid to a trustee, receiver or any other
party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not such Lender Party is in possession of or has released this Guaranty and
regardless of any prior revocation, rescission, termination or reduction. The obligations of the Guarantor under this paragraph shall survive termination of this Guaranty. 

8. Subordination. Each Guarantor hereby subordinates the payment of all obligations and indebtedness of the Borrower or any
other Guarantor owing to such Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of the Borrower or other Guarantor to such Guarantor as subrogee of the Lender Parties or resulting from such
Guarantor’s performance under this Guaranty, to the payment in full in cash of all Guaranteed Obligations (other than contingent indemnity obligations). If the Administrative Agent so requests upon and during the continuance of an Event of
Default, any such obligation or indebtedness of the Borrower or other Guarantor to such Guarantor shall be enforced and performance received by such Guarantor as trustee for the Lender Parties and the proceeds thereof shall be paid over to the
Administrative Agent, for the benefit of the Lender Parties, to be applied to the Guaranteed Obligations as provided in the Credit Agreement, but without reducing or affecting in any manner the liability of such Guarantor under this Guaranty. 

9. Stay of Acceleration. In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed,
in connection with any case commenced by or against the Guarantor or the Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Guarantor immediately upon demand by the Administrative Agent to the
extent permitted by Law. 
 10. Expenses. The Guarantor shall pay on demand all reasonable out-of-pocket expenses (including the reasonable fees, charges and disbursements of any external counsel) in any way relating to the enforcement or protection of the Lender Parties’ rights under this
Guaranty or in respect of the Guaranteed Obligations, including any incurred during any “workout” or restructuring in respect of the Guaranteed Obligations and any incurred in the preservation, protection or enforcement of any
rights of the Lender Parties in any proceeding under any Debtor Relief Laws. The obligations of the Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty. 

11. Miscellaneous. No provision of this Guaranty may be waived, amended, supplemented or modified, except by a written
instrument executed by the Administrative Agent 

  

					
		 	4	  	[AMENDED AND RESTATED GUARANTY]

 
(with the consent of the Majority Lenders, Required Lenders or Lenders, as may be required under the Credit Agreement) and the Guarantor. No failure by any Lender Party to exercise, and no delay
in exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise thereof or the exercise of any other
right, power or remedy. The remedies herein provided are cumulative and not exclusive of any remedies provided by law or in equity. The unenforceability or invalidity of any provision of this Guaranty shall not affect the enforceability or validity
of any other provision herein. Unless otherwise agreed by the Administrative Agent and the Guarantor in writing, this Guaranty is not intended to supersede or otherwise affect any other guaranty now or hereafter given by the Guarantor for the
benefit of the Lender Parties or any term or provision thereof. 
 12. Condition of Borrower. The Guarantor acknowledges and
agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrower and any other guarantor such information concerning the financial condition, business and operations of the Borrower and any such other guarantor
as the Guarantor requires, and that no Lender Party has any duty, and the Guarantor is not relying on any Lender Party at any time, to disclose to the Guarantor any information relating to the business, operations or financial condition of the
Borrower or any other guarantor (the guarantor waiving any duty on the part of the Lender Parties to disclose such information and any defense relating to the failure to provide the same). 

13. Setoff. If and to the extent any payment is not made when due hereunder, the Lender Parties may setoff and charge from time
to time any amount so due against any or all of the Guarantor’s accounts or deposits with the Lender Parties. 
 14.
Covenants. The Guarantor hereby agrees to observe and comply with each of the covenants and agreements made in the Credit Agreement, insofar as they refer to the Guarantor, or the assets, obligations, conditions, agreements, business,
or actions of the Guarantor or to the Loan Documents to which the Guarantor is a party to the extent set forth therein. 
 15.
Representations and Warranties. The Guarantor represents and warrants that each of the representations and warranties contained in Article V of the Credit Agreement are true in all material respects, as of the date hereof
insofar as they refer to the Guarantor, to the assets, operations, conditions, agreements, business or actions of the Guarantor, or to the Loan Documents to which the Guarantor is a party, except to the extent that any such representation and
warranty specifically refers to an earlier date, in which case such representation and warranty is true and correct in all material respects as of such earlier date. 

16. Indemnification and Survival. Without limitation on any other obligations of the Guarantor or remedies of any Lender Party
under this Guaranty, the Guarantor shall, to the fullest extent permitted by law, indemnify, defend and save and hold harmless each Lender Party from and against, and shall pay on demand, any and all damages, losses, liabilities and expenses
(including the reasonable fees, charges and disbursements of any external counsel) that may be suffered or incurred by such Lender Party in connection with or as a result of any failure of any Guaranteed Obligations to be the legal, valid and
binding obligations of the Borrower enforceable against the Borrower in accordance with their terms, except to the extent any such failure results from such Lender Party’s gross negligence or willful misconduct. The obligations of the Guarantor
under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty. 

  

					
		 	5	  	[AMENDED AND RESTATED GUARANTY]

 17. Additional Guarantors. Upon the execution and delivery by any Person of a
guaranty supplement in substantially the form of Exhibit A hereto (each, a “Guaranty Supplement”), (i) such Person shall be referred to as an “Additional Guarantor” and shall become and be a Guarantor hereunder, and each
reference in this Guaranty to a “Guarantor” shall also mean and be a reference to such Additional Guarantor, and each reference in any other Loan Document to a “Guarantor” shall also mean and be a reference to such Additional
Guarantor, and (ii) each reference herein to “this Guaranty,” “hereunder,” “hereof” or words of like import referring to this Guaranty, and each reference in any other Loan Document to the “Guaranty,”
“thereunder,” “thereof” or words of like import referring to this Guaranty, shall mean and be a reference to this Guaranty as supplemented by such Guaranty Supplement. 

18. Loan Document. This Guaranty is a Loan Document and is subject to the provisions of the Credit Agreement governing Loan
Documents. The Guarantor hereby ratifies, confirms and approves the Credit Agreement and the other Loan Documents to the extent that any provisions thereof relate to such Guarantor. 

19. Assignment; Notices. This Guaranty shall (a) bind the Guarantor and its successors and assigns, provided that the
Guarantor may not assign its rights or obligations under this Guaranty without the prior written consent of the Administrative Agent (and any attempted assignment without such consent shall be void), and (b) inure to the benefit of the Lender
Parties and their successors and assigns and the Lender Parties may, subject to Section 10.06 of the Credit Agreement, without affecting the Guarantor’s obligations hereunder, assign, sell or grant participations in
the Guaranteed Obligations and this Guaranty, in whole or in part. The Guarantor agrees that each Lender Party may, subject to Section 10.07 of the Credit Agreement, disclose to any assignee of or participant in, or any
prospective assignee of or participant in, any of its rights or obligations of all or part of the Guaranteed Obligations any and all information in such Lender Party’s possession concerning the Guarantor, this Guaranty and any security for this
Guaranty. All notices and other communications to the Guarantor under this Guaranty shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier to the Guarantor at its
address set forth below or at such other address in the United States as may be specified by the Guarantor in a written notice delivered to the Administrative Agent at such office as the Administrative Agent may designate for such purpose from time
to time in a written notice to the Guarantor. 
 20. Governing Law. THIS GUARANTY AND ANY CLAIMS, CONTROVERSY, DISPUTE OR
CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS GUARANTY AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 21. Submission to Jurisdiction. EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION,
LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW 

  

					
		 	6	  	[AMENDED AND RESTATED GUARANTY]

 
OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY
APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION 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, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE
HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST ANY GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

22. Waiver of Venue. EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION 21. EACH OF 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. 

23. Service of Process. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 19. NOTHING IN THIS GUARANTY WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

24. Waiver of Jury Trial. 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 GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (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

  

					
		 	7	  	[AMENDED AND RESTATED GUARANTY]

 
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY AND THE OTHER LOAN DOCUMENTS BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 26. FINAL AGREEMENT. THIS GUARANTY REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

27. RESTATEMENT. The Guarantors and the Administrative Agent entered into that certain Guaranty dated as of March 31, 2014 (as
amended before the date hereof, the “Existing Guaranty”). This Guaranty is a restatement of, and an amendment to, the Existing Guaranty, and this Guaranty does not in any way constitute a novation of the Existing Guaranty. 

[Remainder of page intentionally left blank.] 

  

					
		 	8	  	[AMENDED AND RESTATED GUARANTY]

 Executed as of the date first written above. 

 

			
	TAPSTONE MANAGER, LLC
		
	By:	 	  

	Name:	 	Tom L. Ward
	Title:	 	Chairman and Chief Executive Officer
	
	TAPSTONE MANAGEMENT COMPANY, LLC
		
	By:	 	  

	Name:	 	Tom L. Ward
	Title:	 	Chairman and Chief Executive Officer
	
	TAPSTONE MIDSTREAM, LLC
		
	By:	 	  

	Name:	 	Tom L. Ward
	Title:	 	Chairman and Chief Executive Officer

 Address of each Guarantor: 

210 Park Ave 
 Suite 1350 

Oklahoma City, OK 73102 

  
 [AMENDED
AND RESTATED GUARANTY SIGNATURE PAGE] 

			
	ACCEPTED AND AGREED AS OF THE DATE FIRST-ABOVE STATED.
	
	BANK OF AMERICA, N.A.
		
	By:	 	  

	Name:	 	Ronald E. McKaig
	Title:	 	Managing Director

  

					
		 	2	  	[AMENDED AND RESTATED GUARANTY]

 EXHIBIT A 

FORM OF GUARANTY SUPPLEMENT 

            , 20     

THIS GUARANTY SUPPLEMENT is made as of [            ],
20[    ] (this “Supplement”) and is delivered pursuant to that certain Amended and Restated Guaranty, dated as of December 31, 2014 (as it may be amended, supplemented or otherwise modified, the
“Guaranty”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by the initial Guarantors party thereto in favor of BANK OF AMERICA, N.A., as administrative agent
(“Administrative Agent”). 
 1. Guaranty. Pursuant to Section 17 of the Guaranty, the undersigned
hereby: 
 (a) agrees that this Supplement may be attached to the Guaranty and that by the execution and delivery hereof, the undersigned
becomes a Guarantor under the Guaranty and the Loan Documents and agrees to be bound by all of the terms thereof; 
 (b) represents and
warrants that each of the representations and warranties set forth in the Guaranty, the Credit Agreement and each other Loan Document and applicable to the undersigned is true and correct in all material respects both before and after giving effect
to this Supplement, except to the extent that any such representation and warranty relates solely to any earlier date, in which case such representation and warranty is true and correct in all material respects as of such earlier date; and 

(c) agrees to absolutely and unconditionally guarantee, as a guaranty of payment and performance and not merely as a guaranty of collection,
prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all Guaranteed Obligations as provided by Section 1 of the Guaranty. 

2. Further Assurances. The undersigned agrees from time to time, upon request of the Administrative Agent, to take such
additional actions and to execute and deliver such additional documents and instruments as the Administrative Agent may request to effect the transactions contemplated by, and to carry out the intent of, this Supplement. Any notice or other
communication herein required or permitted to be given shall be given in pursuant to Section 19 of the Guaranty, and for all purposes thereof, the notice address of the undersigned shall be the address as set forth on the signature page hereof.

 3. Governing Law. THIS SUPPLEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR
TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS SUPPLEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
 Exhibit A - Page
1    [AMENDED AND RESTATED GUARANTY SIGNATURE PAGE] 

 Executed as of the date first written above. 

 

			
	[NAME OF SUBSIDIARY]
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	Address for Notices:
	
	  

	  

	  

	Attention:	 	
	Telephone:	 	
	Telecopier:	 	

  

			
	ACKNOWLEDGED AND ACCEPTED,
as of the date above first written:
	
	BANK OF AMERICA, N.A.,
as Administrative Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		 	Exhibit A - Page 2	  	[AMENDED AND RESTATED GUARANTY]

 EXHIBIT F 

OPINION MATTERS 
 The
matters contained in the following Sections of the Credit Agreement should be covered by the legal opinion: 
 Section 5.01(a) and
(b) 
 Section 5.02  

Section 5.03  

Section 5.04  

Section 5.14(c)  

  
 F - 1 

Opinion Matters 

 EXHIBIT G-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Amended and Restated Credit Agreement, dated as of December 31, 2014 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein being used herein as therein defined), among TAPSTONE ENERGY, LLC, a Delaware limited liability company (the
“Borrower”), the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent and L/C Issuer. 

Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten
percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its
non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the
undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower
and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:
		
	Date:	 	            , 20[    ]

  
 G - 1 

Form of U.S. Tax Compliance Certificate 

 EXHIBIT G-2 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Amended and Restated Credit Agreement, dated as of December 31, 2014 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein being used herein as therein defined), among TAPSTONE ENERGY, LLC, a Delaware limited liability company (the
“Borrower”), the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent and L/C Issuer. 

Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within
the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person
status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information
provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:
		
	Date:	 	            , 20[    ]

  
 G - 2 

Form of U.S. Tax Compliance Certificate 

 EXHIBIT G-3 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Amended and Restated Credit Agreement, dated as of December 31, 2014 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein being used herein as therein defined), among TAPSTONE ENERGY, LLC, a Delaware limited liability company (the
“Borrower”), the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent and L/C Issuer. 

Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the
undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating
Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form
W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such
Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:
		
	Date:	 	            , 20[    ]

  
 G - 3 

Form of U.S. Tax Compliance Certificate 

 EXHIBIT G-4 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Amended and Restated Credit Agreement, dated as of December 31, 2014 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein being used herein as therein defined), among TAPSTONE ENERGY, LLC, a Delaware limited liability company (the
“Borrower”), the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent and L/C Issuer. 

Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s)
evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a
loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the
meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY
accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a
properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
 [Signature page follows] 

  
 G - 4 

Form of U.S. Tax Compliance Certificate 

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:
		
	Date:	 	            , 20[    ]

  
 G - 5 

Form of U.S. Tax Compliance CertificateExhibit 4.10

 

PACIFIC ETHANOL, INC.

 

AND

 

[TRUSTEE]

 

Trustee

 

_______________

 

INDENTURE

 

DATED AS OF ___________, 20__

 

_______________

 

SENIOR DEBT SECURITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

PACIFIC ETHANOL, INC.

RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939, AS AMENDED,

AND INDENTURE, DATED AS OF ________, 20__

 

	
        TRUST INDENTURE ACT SECTION	 	
        INDENTURE SECTION
	 	 	 
	Section 310(a)(1)	 	6.9
	(a)(2)	 	6.9
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	6.9
	(b)	 	6.8
	Section 311	 	6.13
	Section 312(a)	 	7.1, 7.2(a)
	(b)	 	7.2(b)
	(c)	 	7.2(c)
	Section 313(a)	 	7.3
	(b)	 	*
	(c)	 	*
	(d)	 	7.3
	Section 314(a)	 	7.4
	(a)(4)	 	10.5
	(b)	 	Not Applicable
	(c)(1)	 	1.3
	(c)(2)	 	1.3
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	1.3
	Section 315(a)	 	6.1(a)
	(b)	 	6.2
	(c)	 	6.1(b)
	(d)	 	6.1(c)
	(d)(1)	 	6.1(a)(1)
	(d)(2)	 	6.1(c)(2)
	(d)(3)	 	6.1(c)(3)
	(e)	 	5.14
	Section 316(a)	 	1.1, 1.2
	(a)(1)(A)	 	5.2, 5.12
	(a)(1)(B)	 	5.13
	(a)(2)	 	Not Applicable
	(b)	 	5.8
	(c)	 	1.5(f)
	Section 317(a)(1)	 	5.3
	(a)(2)	 	5.4
	(b)	 	10.3
	Section 318(a)	 	1.8

NOTE: This reconciliation and tie shall not,
for any purpose, be deemed to be a part of the Indenture.

 

* Deemed included pursuant to Section 318(c)
of the Trust Indenture Act

 

 

 

    	 	 	 

     

    

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE ONE	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	1.1	Definitions	1
	1.2	Incorporation by Reference of Trust Indenture Act	8
	1.3	Compliance Certificates and Opinions	9
	1.4	Form of Documents Delivered to Trustee	9
	1.5	Acts of Holders; Record Dates	10
	1.6	Notices, Etc., to Trustee and Company	11
	1.7	Notice to Holders; Waiver	11
	1.8	Conflict with Trust Indenture Act	12
	1.9	Effect of Headings and Table of Contents	12
	1.10	Successors and Assigns	12
	1.11	Separability Clause	12
	1.12	Benefits of Indenture	12
	1.13	Governing Law	12
	1.14	Legal Holidays	12
	1.15	Securities in a Composite Currency, Currency Unit or Foreign Currency	13
	1.16	Payment in Required Currency; Judgment Currency	13
	1.17	Language of Notices, Etc	14
	1.18	Incorporators, Shareholders, Officers and Directors of the Company Exempt from Individual Liability	14
	 	 	 
	ARTICLE TWO	SECURITY FORMS	14
	2.1	Forms Generally	14
	2.2	Form of Face of Security	15
	2.3	Form of Reverse of Security	17
	2.4	Global Securities	21
	2.5	Form of Trustee’s Certificate of Authentication	22
	 	 	 
	ARTICLE THREE	THE SECURITIES	22
	3.1	Amount Unlimited; Issuable in Series	22
	3.2	Denominations	25
	3.3	Execution, Authentication, Delivery and Dating	25
	3.4	Temporary Securities	27
	3.5	Registration, Registration of Transfer and Exchange	27
	3.6	Mutilated, Destroyed, Lost and Stolen Securities	30
	3.7	Payment of Interest; Interest Rights Preserved	31
	3.8	Persons Deemed Owners	32
	3.9	Cancellation	32
	3.10	Computation of Interest	32
	3.11	CUSIP or CINS Numbers	32

 

 

 

    	 	i	 

     

    

 

	 	 	Page
	ARTICLE FOUR	SATISFACTION AND DISCHARGE	32
	4.1	Satisfaction and Discharge of Indenture	32
	4.2	Application of Trust Money	34
	 	 	 
	ARTICLE FIVE	REMEDIES	34
	5.1	Events of Default	34
	5.2	Acceleration of Maturity; Rescission and Annulment	35
	5.3	Collection of Indebtedness and Suits for Enforcement by Trustee	36
	5.4	Trustee May File Proofs of Claim	36
	5.5	Trustee May Enforce Claims Without Possession of Securities	37
	5.6	Application of Money Collected	37
	5.7	Limitation on Suits	38
	5.8	Unconditional Right of Holders to Receive Principal, Premium and Interest	38
	5.9	Restoration of Rights and Remedies	38
	5.10	Rights and Remedies Cumulative	39
	5.11	Delay or Omission Not Waiver	39
	5.12	Control by Holders	39
	5.13	Waiver of Past Defaults	39
	5.14	Undertaking for Costs	40
	5.15	Waiver of Stay or Extension Laws	40
	 	 	 
	ARTICLE SIX	THE TRUSTEE	40
	6.1	Certain Duties and Responsibilities	40
	6.2	Notice of Defaults	41
	6.3	Certain Rights of Trustee	41
	6.4	Not Responsible for Recitals or Issuance of Securities	43
	6.5	May Hold Securities	43
	6.6	Money Held in Trust	43
	6.7	Compensation and Reimbursement	43
	6.8	Disqualification; Conflicting Interests	44
	6.9	Corporate Trustee Required; Eligibility	44
	6.10	Resignation and Removal; Appointment of Successor	44
	6.11	Acceptance of Appointment by Successor	46
	6.12	Merger, Conversion, Consolidation or Succession to Business	47
	6.13	Preferential Collection of Claims Against Company	47
	6.14	Appointment of Authenticating Agent	47
	 	 	 
	ARTICLE SEVEN	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	49
	7.1	Company to Furnish Trustee Names and Addresses of Holders	49
	7.2	Preservation of Information; Communications to Holders	49
	7.3	Reports by Trustee	50
	7.4	Reports by Company	51

 

 

 

    	 	ii	 

     

    

 

	 	 	Page
	ARTICLE EIGHT	CONSOLIDATION, AMALGAMATION, MERGER AND SALE	51
	8.1	Company May Consolidate, Etc., Only on Certain Terms	51
	8.2	Successor Substituted	52
	 	 	 
	ARTICLE NINE	AMENDMENT, SUPPLEMENT AND WAIVER	52
	9.1	Without Consent of Holders	52
	9.2	With Consent of Holders	54
	9.3	Execution of Supplemental Indentures	56
	9.4	Effect of Supplemental Indentures	56
	9.5	Conformity with Trust Indenture Act	56
	9.6	Reference in Securities to Supplemental Indentures	56
	 	 	 
	ARTICLE TEN	COVENANTS	56
	10.1	Payment of Principal, Premium and Interest	56
	10.2	Maintenance of Office or Agency	56
	10.3	Money for Securities Payments to Be Held in Trust	57
	10.4	Existence	58
	10.5	Statement by Officers as to Default	58
	10.6	Additional Amounts	59
	 	 	 
	ARTICLE 

ELEVEN	REDEMPTION OF SECURITIES	59
	11.1	Applicability of Article	59
	11.2	Election to Redeem; Notice to Trustee	59
	11.3	Selection by Trustee of Securities to Be Redeemed	60
	11.4	Notice of Redemption	60
	11.5	Deposit of Redemption Price	61
	11.6	Securities Payable on Redemption Date	61
	11.7	Securities Redeemed in Part	61
	 	 	 
	ARTICLE 

TWELVE	SINKING FUNDS	62
	12.1	Applicability of Article	62
	12.2	Satisfaction of Sinking Fund Payments with Securities	62
	12.3	Redemption of Securities for Sinking Fund	62
	 	 	 
	ARTICLE THIRTEEN  	DEFEASANCE	63
	13.1	Option to Effect Legal Defeasance or Covenant Defeasance	63
	13.2	Legal Defeasance and Discharge	63
	13.3	Covenant Defeasance	63
	13.4	Conditions to Legal or Covenant Defeasance	64
	13.5	Deposited Money and U.S. Government Obligations to be Held in Trust, Other Miscellaneous Provisions	65
	13.6	Repayment	66
	13.7	Reinstatement	66

 

 

 

    	 	iii	 

     

    

INDENTURE

 

INDENTURE, dated as
of __________, 20__, between PACIFIC ETHANOL, INC., a corporation duly organized and existing under the laws of the State of Delaware (herein
called the “Company”) and [TRUSTEE], a banking corporation organized under the laws of the United States, as
trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company
has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured
senior debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be issued in
one or more series as provided in this Indenture;

 

WHEREAS, all things
necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done; and

 

WHEREAS, this Indenture
is subject to the provisions of the Trust Indenture Act that are required to be a part of this Indenture and, to the extent applicable,
shall be governed by such provisions.

 

NOW, THEREFORE, in
consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed,
for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows:

 

ARTICLE
One

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

1.1       Definitions. For all purposes of this Indenture, except as otherwise expressly provided
or unless the context otherwise requires:

 

(a)       the terms defined in this Article have the meanings assigned to them in this Article and include
the plural as well as the singular;

 

(b)       all terms used in this Indenture that are defined in the Trust Indenture Act, defined by a
Trust Indenture Act reference to another statute or defined by an SEC rule under the Trust Indenture Act have the meanings so assigned
to them;

 

(c)       all accounting terms not otherwise defined herein have the meanings assigned to them in accordance
with GAAP;

 

(d)       the words “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision;

 

(e)       the words “Article” and “Section” refer to an Article
and Section, respectively, of this Indenture; and

 

 

 

    	 	1	 

     

    

 

(f)       the word “includes” and its derivatives means “includes, but is
not limited to” and corresponding derivative definitions.

 

Certain terms, used
principally in Article Six, are defined in that Article.

 

“Act,”
when used with respect to any Holder, has the meaning specified in Section 1.5.

 

“Additional
Defeasible Provision” means a covenant or other provision contained that is (a) made part of this Indenture pursuant
to a supplemental indenture hereto, a Board Resolution or an Officer’s Certificate delivered pursuant to Section 3.1,
and (b) pursuant to the terms set forth in such supplemental indenture, Board Resolution or Officer’s Certificate, made subject
to the provisions of Article Thirteen.

 

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

 

“Authenticating
Agent” means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Securities.

 

“Banking Day”
means, in respect of any city, any date on which commercial banks are open for business in that city.

 

“Bankruptcy
Law” means any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law.

 

“Board of
Directors” means the board of directors of the Company or any duly authorized committee of that board to which the powers
of that board have been lawfully delegated.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company, the principal financial officer
of the Company, any other authorized officer of the Company, or a person duly authorized by any of them, in each case as applicable,
to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered
to the Trustee. Where any provision of this Indenture refers to action to be taken pursuant to a Board Resolution (including the
establishment of any series of the Securities and the forms and terms thereof), such action may be taken by any committee, officer
or employee of the Company authorized to take such action by the Board of Directors as evidenced by a Board Resolution.

 

“Business
Day,” when used with respect to any Place of Payment or other location, means, except as otherwise provided as contemplated
by Section 3.1 with respect to any series of Securities, each Monday, Tuesday, Wednesday, Thursday and Friday which
is not a day on which banking institutions in that Place of Payment or other location are authorized or obligated by law, executive
order or regulation to close.

 

 

 

    	 	2	 

     

    

“CINS”
means the CUSIP International Numbering System.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Company”
means the Person named as the “Company” in the first paragraph of this instrument until a successor or resulting corporation
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean
such successor or resulting corporation.

 

“Company Request”
or “Company Order” means, in the case of the Company, a written request or order signed in the name of the Company
by its Chairman of the Board, its Chief Executive Officer, its Chief Financial Officer, its Chief Operating Officer, its President,
any of its Vice Presidents or any other duly authorized officer of the Company or any person duly authorized by any of them, and
delivered to the Trustee.

 

“Corporate
Trust Office” means the office of the Trustee at its address specified in Section 1.6 or such other address
as to which the Trustee may give notice to the Company.

 

“corporation”
includes corporations, companies, associations, partnerships, limited partnerships, limited liability companies, joint-stock companies
and trusts.

 

“Covenant
Defeasance” has the meaning specified in Section 13.3.

 

“CUSIP”
means the Committee on Uniform Securities Identification Procedures.

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Debt”
means any obligation created or assumed by any Person for the repayment of money borrowed and any purchase money obligation created
or assumed by such Person and any guarantee of the foregoing.

 

“Default”
means, with respect to a series of Securities, any event that is, or after notice or lapse of time or both would be, an Event of
Default.

 

“Defaulted
Interest” has the meaning specified in Section 3.7.

 

“Definitive
Security” means a security other than a Global Security or a temporary Security.

 

“Depositary”
means, with respect to the Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities,
a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated
by Section 3.1, until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter shall mean or include each Person which is a Depositary hereunder, and if at any time there is more than one such
Person, shall be a collective reference to such Persons.

 

 

 

    	 	3	 

     

    

 

“Dollar”
or “$” means the coin or currency of the United States of America, which at the time of payment is legal tender
for the payment of public and private debts.

 

“Event of
Default” has the meaning specified in Section 5.1.

 

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

 

“Foreign Currency”
means a currency used by the government of a country other than the United States of America.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect from time to time, including those
set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants
and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity
as approved by a significant segment of the accounting profession. All ratios and computations based on GAAP contained in this
Indenture will be computed in conformity with GAAP.

 

“Global Security”
means a Security in global form that evidences all or part of a series of Securities and is authenticated and delivered to, and
registered in the name of, the Depositary for the Securities of such series or its nominee.

 

“Holder”
means a Person in whose name a Security is registered in the Security Register.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument,
and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be part of and govern this instrument
and any such supplemental indenture, respectively. The term “Indenture” also shall include the terms of a particular
series of Securities established as contemplated by Section 3.1.

 

“interest,”
when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest
payable after Maturity.

 

“Interest
Payment Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such
Security.

 

“Judgment
Currency” has the meaning specified in Section 1.16.

 

“Legal Defeasance”
has the meaning specified in Section 13.2.

 

“mandatory
sinking fund payment” has the meaning specified in Section 12.1.

 

 

 

    	 	4	 

     

    

 

“Maturity,”
when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes
due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption
or otherwise.

 

“Notice of
Default” means a written notice of the kind specified in Section 5.1(e).

 

“Officer’s
Certificate” means, in the case of the Company, a certificate signed by the Chairman of the Board, the Chief Executive
Officer, the Chief Financial Officer, the Chief Operating Officer, the President, any Vice President or any other duly authorized
officer of the Company, or a person duly authorized by any of them, and delivered to the Trustee.

 

“Opinion of
Counsel” means a written opinion of counsel, who may be an employee of or counsel for the Company and who shall be reasonably
acceptable to the Trustee.

 

“optional
sinking fund payment” has the meaning specified in Section 12.1.

 

“Original
Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be
due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2.

 

“Outstanding,”
when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:

 

(a)       Securities
theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

 

(b)       Securities
for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent
(other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying
Agent) for the Holders of such Securities; provided, however, that, if such Securities are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(c)       Securities
which have been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are
valid obligations of the Company; and

 

(d)       Securities,
except to the extent provided in Section 13.2 and Section 13.3, with respect to which the Company has effected
Legal Defeasance or Covenant Defeasance as provided in Article Thirteen, which Legal Defeasance or Covenant Defeasance then continues
in effect;

 

 

 

    	 	5	 

     

    

provided, however,
that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of an Original Issue Discount
Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable as
of the date of such determination upon acceleration of the Maturity thereof on such date pursuant to Section 5.2,
(ii) the principal amount of a Security denominated in one or more currencies or currency units other than U.S. dollars shall
be the U.S. dollar equivalent of such currencies or currency units, determined in the manner provided as contemplated by Section 3.1
on the date of original issuance of such Security or by Section 1.15, if not otherwise so provided pursuant to
Section 3.1, of the principal amount (or, in the case of an Original Issue Discount Security, the U.S. dollar equivalent
(as so determined) on the date of original issuance of such Security of the amount determined as provided in clause (i) above)
of such Security, and (iii) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company
or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities
which the Trustee knows to be so owned shall be so disregarded. Securities so owned as described in clause (iii) of the immediately
preceding sentence which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the Trustee the pledgee’s right to act with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 

“Paying Agent”
means any Person authorized by the Company to pay the principal of and any premium or interest on any Securities on behalf of the
Company.

 

“Periodic
Offering” means an offering of Securities of a series from time to time, the specific terms of which Securities, including,
without limitation, the rate or rates of interest or formula for determining the rate or rates of interest thereon, if any, the
Stated Maturity or Stated Maturities thereof, the original issue date or dates thereof, the redemption provisions, if any, with
respect thereto, and any other terms specified as contemplated by Section 3.1 with respect thereto, are to be determined
by the Company upon the issuance of such Securities.

 

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

 

“Place of
Payment,” when used with respect to the Securities of any series, means, unless otherwise specifically provided for with
respect to such series as contemplated by Section 3.1, the office or agency of the Company in the City of New York
and such other place or places where, subject to the provisions of Section 10.2, the principal of and any premium and
interest on the Securities of that series are payable as contemplated by Section 3.1.

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under
Section 3.6 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence
the same debt as the mutilated, destroyed, lost or stolen Security.

 

“Redemption
Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant
to this Indenture.

 

 

 

    	 	6	 

     

    

“Redemption
Price,” when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant
to this Indenture.

 

“Regular Record
Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified
for that purpose as contemplated by Section 3.1.

 

“Required
Currency” has the meaning specified in Section 1.16.

 

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

 

“SEC”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time
after the execution of this instrument such commission is not existing and performing the duties now assigned to it under the Trust
Indenture Act, then the body performing such duties at such time.

 

“Securities”
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.

 

“Security
Register” and “Security Registrar” have the respective meanings specified in Section 3.5.

 

“Significant
Subsidiary” means any Subsidiary that would be a “Significant Subsidiary” of the Company within the meaning
of Rule 1-02 under Regulation S-X promulgated by the SEC.

 

“Special Record
Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7.

 

“Stated Maturity,”
when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in
such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and
payable.

 

“Subsidiary”
means (a) a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company
or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries or (b) any partnership or similar business
organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned. For
the purposes of this definition, “voting stock” means capital stock or equity interests which ordinarily have
voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power
by reason of any contingency.

 

 

 

    	 	7	 

     

    

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used
with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series.

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this instrument was executed,
except as provided in Section 9.5; provided, however, that if the Trust Indenture Act of 1939 is amended
after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust
Indenture Act of 1939 as so amended.

 

“U.S. Person”
shall have the meaning assigned to such term in Section 7701(a)(30) of the Code.

 

“U.S. Government
Obligations” means securities which are (a) direct obligations of the United States for the payment of which its full
faith and credit is pledged, or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States,
each of which are not callable or redeemable at the option of the issuer thereof.

 

“Vice President,”
when used with respect to the Company or the Trustee, means any vice president, regardless of whether designated by a number or
a word or words added before or after the title “vice president.”

 

1.2         
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to
a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture. The following
Trust Indenture Act terms used in this Indenture have the following meanings:

 

“commission”
means the SEC.

 

“indenture securities”
means the Securities.

 

“indenture security
holder” means a Holder.

 

“indenture to
be qualified” means this Indenture.

 

“indenture trustee”
or “institutional trustee” means the Trustee.

 

“obligor”
on the indenture securities means the Company or any other obligor on the indenture securities.

 

All terms used in this
Indenture that are defined by the Trust Indenture Act, defined by a Trust Indenture Act reference to another statute or defined
by an SEC rule under the Trust Indenture Act have the meanings so assigned to them.

 

 

 

    	 	8	 

     

    

 

1.3         
Compliance Certificates and Opinions. Upon any application or request by the Company
to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officer’s
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any,
have been complied with, except that in the case of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate
or opinion need be furnished except as required under Section 314(c) of the Trust Indenture Act.

 

Every certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates provided
for in Section 10.5) shall include:

 

(a)       a statement that each individual signing such certificate or opinion has read such covenant
or condition and the definitions herein relating thereto;

 

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

 

(c)       a statement that, in the opinion of each such individual, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether such covenant or condition has been complied
with; and

 

(d)       a statement as to whether, in the opinion of each such individual, such condition or covenant
has been complied with.

 

1.4         
Form of Documents Delivered to Trustee. In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or
opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows or, in the exercise of reasonable care, should know that the certificate
or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such
certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the information with respect to such factual matters is
in the possession of the Company unless such counsel knows that the certificate or opinion or representations with respect to such
matters are erroneous.

 

Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one instrument.

 

 

 

    	 	9	 

     

    

 

1.5         
Acts of Holders; Record Dates.

 

(a)       Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed (either physically or by means of a facsimile or an electronic transmission, provided that such electronic
transmission is transmitted through the facilities of a Depositary) by such Holders in person or by agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the
Trustee and the Company if made in the manner provided in this Section.

 

(b)       The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of
such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a
signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner which the Trustee deems sufficient.

 

(c)       The
ownership, principal amount and serial numbers of Securities held by any Person, and the date of commencement of such Person’s
holding of same, shall be proved by the Security Register.

 

(d)       Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration
of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the
Trustee or the Company in reliance thereon, regardless of whether notation of such action is made upon such Security.

 

(e)       Without
limiting the foregoing, a Holder entitled to give or take any action hereunder with regard to any particular Security may do so
with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which
may do so pursuant to such appointment with regard to all or any different part of such principal amount.

 

(f)       The Company may set any day as the record date for the purpose of determining the Holders
of Outstanding Securities of any series entitled to give or take any request, demand, authorization, direction, notice, consent,
waiver or other Act provided or permitted by this Indenture to be given or taken by Holders of Securities of such series, but the
Company shall have no obligation to do so. With regard to any record date set pursuant to this paragraph, the Holders of Outstanding
Securities of the relevant series on such record date (or their duly appointed agents), and only such Persons, shall be entitled
to give or take the relevant action, regardless of whether such Holders remain Holders after such record date.

 

 

 

    	 	10	 

     

    

 

1.6         
Notices, Etc., to Trustee and Company.

 

(a)       Any notice or communication by the Company or the Trustee to the others is duly given if in
writing and delivered in Person or mailed by first class mail (registered or certified, return receipt requested), telecopier or
overnight air courier guaranteeing next day delivery, to the others’ address:

 

If to the Company:

Pacific Ethanol, Inc.

400 Capitol Mall, Suite 2060

Sacramento, CA 95814

Facsimile: (916) 446-3937

Attention: General Counsel

If to the Trustee:

[Trustee]

_________________

_________________

Facsimile: ________

 

(b)       
The Company or the Trustee, by notice to the others, may designate additional or different
addresses for subsequent notices or communications.

 

(c)        
All notices and communications (other than those sent to Holders) shall be deemed to have
been duly given: at the time delivered by hand, if personally delivered; three Business Days after being deposited in the mail,
postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier,
if sent by overnight air courier guaranteeing next day delivery.

 

1.7         
Notice to Holders; Waiver. Where this Indenture provides for notice to Holders of any
event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders
is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other Holders. Any notice mailed to a Holder in the manner herein prescribed
shall be conclusively deemed to have been received by such Holder, regardless of whether such Holder actually receives such notice.

 

 

 

    	 	11	 

     

    

 

Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

In case by reason of
the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose
hereunder.

 

1.8         
Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts
with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the latter
provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that
may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or excluded, as
the case may be.

 

1.9         
Effect of Headings and Table of Contents. The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the construction hereof.

 

1.10        Successors and Assigns. All covenants and agreements in this Indenture by the Company
shall bind its successors and assigns, whether so expressed or not.

 

1.11        Separability Clause. In case any provision in this Indenture or in the Securities shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way
be affected or impaired thereby.

 

1.12        Benefits of Indenture. Nothing in this Indenture or in the Securities express or implied,
shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal
or equitable right, remedy or claim under this Indenture.

 

1.13        Governing
Law. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

 

1.14       
Legal Holidays. In any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this
Indenture or of the Securities (other than a provision of the Securities of any series that specifically states that such provision
shall apply in lieu of this Section 1.14)) payment of interest or principal and any premium need not be made at such
Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force
and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall
accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be.

 

 

 

    	 	12	 

     

    

 

1.15       
Securities in a Composite Currency, Currency Unit or Foreign Currency. Unless otherwise
specified in an Officer’s Certificate delivered pursuant to Section 3.1 of this Indenture with respect to a particular
series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage
in aggregate principal amount of Securities of all series or all series affected by a particular action at the time Outstanding
and, at such time, there are Outstanding Securities of any series which are denominated in a coin, currency or currencies other
than Dollars (including, but not limited to, any composite currency, currency units or Foreign Currency), then the principal amount
of Securities of such series which shall be deemed to be Outstanding for the purpose of taking such action shall be that amount
of Dollars that could be obtained for such amount at the Market Exchange Rate. For purposes of this Section 1.15, the
term “Market Exchange Rate” shall mean the noon Dollar buying rate in The City of New York for cable transfers
of such currency or currencies as published by the Federal Reserve Bank of New York, as of the most recent available date. If such
Market Exchange Rate is not so available for any reason with respect to such currency, the Trustee shall use, in its sole discretion
and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date,
or quotations or rates of exchange from one or more major banks in The City of New York or in the country of issue of the currency
in question, which for purposes of euros shall be Brussels, Belgium, or such other quotations or rates of exchange as the Trustee
shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect
of Securities of a series denominated in a currency other than Dollars in connection with any action taken by Holders of Securities
pursuant to the terms of this Indenture.

 

All decisions and determinations
of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall
be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes
and irrevocably binding upon the Issuer and all Holders.

 

1.16       
Payment in Required Currency; Judgment Currency. The Company agrees, to the fullest
extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is
necessary to convert the sum due in respect of the principal of or interest on the Securities of any series (the “Required
Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate
of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City
of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless
such day is not a Banking Day, then, to the extent permitted by applicable law, the rate of exchange used shall be the rate at
which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with
the Judgment Currency on the Banking Day next preceding the day on which final unappealable judgment is entered and (b) its obligations
under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery
pursuant to any judgment (regardless of whether entered in accordance with subclause (a)), in any currency other than the Required
Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount
of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional
cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall
short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being
obtained for any other sum due under this Indenture.

 

 

 

    	 	13	 

     

    

 

1.17       
Language of Notices, Etc. Any request, demand, authorization, direction, notice, consent,
waiver or Act required or permitted under this Indenture shall be in the English language, except that any published notice may
be in an official language of the country of publication.

 

1.18       
Incorporators, Shareholders, Officers and Directors of the Company Exempt from Individual
Liability. No recourse under or upon any obligation, covenant or agreement of or contained in this Indenture or of or contained
in any Security or for any claim based thereon or otherwise in respect thereof, or in any Security or because of the creation of
any indebtedness represented thereby, shall be had against any incorporator, stockholder, member, officer, manager or director,
as such, past, present or future, of the Company or any successor Person, either directly or through the Company or any successor
Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise,
it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a part
of the consideration for, the execution of this Indenture and the issue of the Securities.

 

ARTICLE
Two

SECURITY FORMS

 

2.1         
Forms Generally. The Securities of each series shall be in substantially the form set
forth in this Article Two, or in such other form or forms as shall be established by or pursuant to a Board Resolution or in one
or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith,
be determined by the officers executing such Securities as evidenced by their execution thereof.

 

The definitive Securities
shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined
by the officers executing such Securities, as evidenced by their execution thereof. If the form of Securities of any series is
established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by
an authorized officer or other authorized person on behalf of the Company and delivered to the Trustee at or prior to the delivery
of the Company Order contemplated by Section 3.3 for the authentication and delivery of such Securities.

 

The forms of Global
Securities of any series shall have such provisions and legends as are customary for Securities of such series in global form,
including without limitation any legend required by the Depositary for the Securities of such series.

 

 

 

    	 	14	 

     

    

 

2.2         
Form of Face of Security. [If the Security is an Original Issue Discount Security,
insert—FOR PURPOSES OF SECTION 1275 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, THE AMOUNT OF THE ORIGINAL
ISSUE DISCOUNT IS , THE ISSUE DATE IS , 20 [AND] [,] THE YIELD TO MATURITY IS [,] [AND THE ORIGINAL ISSUE DISCOUNT FOR THE
SHORT ACCRUAL PERIOD IS AND THE METHOD USED TO DETERMINE THE YIELD THEREFOR IS ]]

 

[Insert any other legend required by
the Code or the regulations thereunder.]

 

[If a Global Security,—insert
legend required by Section 2.4 of the Indenture] [If applicable, insert —UNLESS THIS SECURITY IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

 

PACIFIC ETHANOL, INC.

 

[TITLE OF SECURITY]

 

	No _______________	U.S. $________

  

[CUSIP No. ]

 

PACIFIC ETHANOL, INC., a company duly incorporated
under the laws of the State of Delaware (herein called the “Company,” which term includes any successor or resulting
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to _______________, or registered
assigns, the principal sum of _______________ United States Dollars on _______________ [If the Security is to bear interest
prior to Maturity, insert—, and to pay interest thereon from _______________ or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, semi-annually on _______________ and _______________ in each year, commencing
_______________, at the rate of _____% per annum, until the principal hereof is paid or made available for payment [if applicable,
insert—, and at the rate of _____% per annum on any overdue principal and premium and on any installment of interest (to
the extent that the payment of such interest shall be legally enforceable)]. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which
shall be the _______________ or _______________ (regardless of whether a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture].

 

 

 

    	 	15	 

     

    

 

[If the Security is not to bear interest
prior to Maturity, insert—The principal of this Security shall not bear interest except in the case of a default in payment
of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal of this Security shall
bear interest at the rate of _____% per annum (to the extent that the payment of such interest shall be legally enforceable), which
shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided for.
Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on
demand shall bear interest at the rate of _____% per annum (to the extent that the payment of such interest shall be legally enforceable),
which shall accrue from the date of such demand for payment to the date payment of such interest has been made or duly provided
for, and such interest shall also be payable on demand.]

 

[If a Global Security, insert—Payment
of the principal of (and premium, if any) and [if applicable, insert—any such] interest on this Security will be made
by transfer of immediately available funds to a bank account in _______________ designated by the Holder in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts [state other
currency].]

 

[If a Definitive Security, insert—Payment
of the principal of (and premium, if any) and [if applicable, insert—any such] interest on this Security will be made
at the office or agency of the Company maintained for that purpose in _______________, in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts] [state other currency] [or subject
to any laws or regulations applicable thereto and to the right of the Company (as provided in the Indenture) to rescind the designation
of any such Paying Agent, at the [main] offices of _______________ in _______________, or at such other offices or agencies
as the Company may designate, by [United States Dollar] [state other currency] check drawn on, or transfer to a [United
States Dollar] account maintained by the payee with, a bank in The City of New York (so long as the applicable Paying Agency
has received proper transfer instructions in writing at least _____ days prior to the payment date)] [if applicable, insert—;
provided, however, that payment of interest may be made at the option of the Company by [United States Dollar] [state
other currency] check mailed to the addresses of the Persons entitled thereto as such addresses shall appear in the Security
Register] [or by transfer to a [United States Dollar] [state other currency] account maintained by the payee with a bank
in The City of New York [state other Place of Payment] (so long as the applicable Paying Agent has received proper transfer
instructions in writing by the record date prior to the applicable Interest Payment Date)].]

 

 

 

    	 	16	 

     

    

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

	Dated:_________________	PACIFIC ETHANOL, INC.
	 	 
	 	 
	 	By:______________________

 

2.3         
Form of Reverse of Security. This Security is one of a duly authorized issue of senior
securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under
an Indenture, dated as of _______________, 20__ (herein called the “Indenture”), between the Company and U.S.
Bank, National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement, of
the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of
the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. As provided in the
Indenture, the Securities may be issued in one or more series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest, if any, at different rates, may be subject to different redemption
provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants
and Events of Default and may otherwise vary as in the Indenture provided or permitted. This Security is one of the series designated
on the face hereof [, limited in aggregate principal amount to $_______________].

 

This security is the
general, unsecured, senior obligation of the Company.

 

[If applicable, insert The Securities
of this series are subject to redemption upon not less than _____ days’ notice by mail, [if applicable, insert, (1) on _______________
in any year commencing with the year _____ and ending with the year _____ through operation of the sinking fund for this series
at a Redemption Price equal to 100% of the principal amount, and (2) ] at any time [on or after _______________, 20__],
as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal
amount): If redeemed [on or before _______________, _____%, and if redeemed] during the 12-month period beginning _______________
of the years indicated,

 

	
        Year
	 	
        Redemption
        Price
	 	
        Year
	 	
        Redemption
        Price

	 	 	 	 	 	 	 

 

 

 

    	 	17	 

     

    

 

and thereafter at a Redemption Price equal
to _____% of the principal amount, together in the case of any such redemption [if applicable, insert—(whether through
operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose
Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant record dates referred to on the face hereof, all as provided in
the Indenture.]

 

[If applicable, insert—The Securities
of this series are subject to redemption upon not less than _____ nor more than _____ days’ notice by mail, (1) on _______________
in any year commencing with the year _____ and ending with the year _____ through operation of the sinking fund for this series
at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount)
set forth in the table below, and (2) at anytime [on or after _______________], as a whole or in part, at the election of the
Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages
of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning _______________ of the
years indicated,

 

	
        Year
	 	
        Redemption
        Price for 

Redemption Through 

Operation of the Sinking

 Fund
	 	
        Redemption
        Price for 

Redemption Otherwise Than 

Through Operation of the 

Sinking Fund

	 	 	 	 	 
	 	 	 	 	 

 

and thereafter at a Redemption Price equal
to __% of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise)
with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business
on the relevant record dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable, insert—Notwithstanding
the foregoing, the Company may not, prior to _______________, redeem any Securities of this series as contemplated by [clause (2)
of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly,
of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted financial practice)
of less than _____% per annum.]

 

[If applicable, insert—The sinking
fund for this series provides for the redemption on _______________ in each year beginning with the year _____ and ending with
the year _____ of [not less than] $_______________ [(“mandatory sinking fund”) and not more than $_______________]
aggregate principal amount of Securities of this series. [Securities of this series acquired or redeemed by the Company otherwise
than through [mandatory] sinking fund payments may be credited against subsequent [mandatory] sinking fund payments
otherwise required to be made [If applicable, insert— in the inverse order in which they become due].]

 

 

 

    	 	18	 

     

    

 

[If the Securities are subject to redemption
in part of any kind, insert—In the event of redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.]

 

[If applicable, insert—The Securities
of this series are not redeemable prior to Stated Maturity.]

 

[If the Security is not an Original
Issue Discount Security, insert—If an Event of Default with respect to Securities of this series shall occur and be continuing,
the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the
Indenture.]

 

[If the Security is an Original Issue
Discount Security, insert—If an Event of Default with respect to Securities of this series shall occur and be continuing,
an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided
in the Indenture. Such amount shall be equal to —insert formula for determining the amount. Upon payment (i) of the amount
of principal so declared due and payable and (ii) of interest on any overdue principal and overdue interest (in each case to the
extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect of the
payment of the principal of and interest, if any, on the Securities of this series shall terminate.]

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each
series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
regardless of whether notation of such consent or waiver is made upon this Security.

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place(s)
and rate, and in the coin or currency, herein prescribed.

 

[If a Global Security, insert—This
Global Security or portion hereof may not be exchanged for Definitive Securities of this series except in the limited circumstances
provided in the Indenture. The holders of beneficial interests in this Global Security will not be entitled to receive physical
delivery of Definitive Securities except as described in the Indenture and will not be considered the Holders thereof for any purpose
under the Indenture.]

 

 

 

    	 	19	 

     

    

 

[If a Definitive Security, insert—As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in
the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in [if
applicable, insert—any place where the principal of and any premium and interest on this Security are payable] [if applicable,
insert—The City of New York [, or, subject to any laws or regulations applicable thereto and to the right of the Company
(limited as provided in the Indenture) to rescind the designation of any such transfer agent, at the [main] offices of _______________
in _______________ or at such other offices or agencies as the Company may designate]], duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.]

 

The Securities of this
series are issuable only in registered form without coupons in denominations of U.S. $________ and any integral multiple thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same.

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, regardless of whether this Security be overdue,
and none of the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

No recourse under or
upon any obligation, covenant or agreement of or contained in the Indenture or of or contained in any Security, or for any claim
based thereon or otherwise in respect thereof, or in any Security, or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, stockholder, member, officer, manager or director, as such, past, present or future, of
the Company or of any successor Person, either directly or through the Company or any successor Person, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment, penalty or otherwise; it being expressly understood
that all such liability is hereby expressly waived and released by the acceptance hereof and as a condition of, and as part of
the consideration for, the Securities and the execution of the Indenture.

 

The Indenture provides
that the Company (a) will be discharged from any and all obligations in respect of the Securities (except for certain obligations
described in the Indenture), or (b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company
deposits, in trust, with the Trustee money or U.S. Government Obligations (or a combination thereof) which through the payment
of interest thereon and principal thereof in accordance with their terms will provide money, in an amount sufficient to pay all
the principal of and interest on the Securities, but such money need not be segregated from other funds except to the extent required
by law.

 

 

 

    	 	20	 

     

    

 

Except as otherwise
defined herein, all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in
the Indenture.

 

[If a Definitive Security, insert as
a separate page—

 

FOR VALUE RECEIVED, the undersigned
hereby sell(s), assign(s) and transfer(s) unto

 

 

 

 

(Please Print or Typewrite Name
and Address of Assignee)

 

the within instrument of PACIFIC ETHANOL,
INC. and does hereby irrevocably constitute and appoint _______________ Attorney to transfer said instrument on the books of the
within-named Company, with full power of substitution in the premises.

 

Please Insert Social Security or Other
Identifying Number of Assignee:

 

	Dated:_______________	 
	 	(Signature)

 

NOTICE: The signature to this assignment
must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement
or any change whatever.]

 

2.4         
Global Securities. Every Global Security authenticated and delivered hereunder shall
bear a legend in substantially the following form:

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY
OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

EVERY SECURITY AUTHENTICATED AND DELIVERED
UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING,
EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

 

 

 

    	 	21	 

     

    

 

If Securities of a
series are issuable in whole or in part in the form of one or more Global Securities, as specified as contemplated by Section 3.1,
then, notwithstanding clause (i) of Section 3.1 and the provisions of Section 3.2, any Global Security
shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall represent
the aggregate amount of Outstanding Securities from time to time endorsed thereon and that the aggregate amount of Outstanding
Securities represented thereby may from time to time be reduced or increased, as the case may be, to reflect exchanges. Any endorsement
of a Global Security to reflect the amount, or any reduction or increase in the amount, of Outstanding Securities represented thereby
shall be made in such manner and upon instructions given by such Person or Persons as shall be specified therein or in a Company
Order. Subject to the provisions of Section 3.3, Section 3.4 and Section 3.5, the Trustee shall
deliver and redeliver any Global Security in the manner and upon instructions given by the Person or Persons specified therein
or in the applicable Company Order. Any instructions by the Company with respect to endorsement or delivery or redelivery of a
Global Security shall be in a Company Order (which need not comply with Section 1.3 and need not be accompanied by
an Opinion of Counsel).

 

The provisions of the
last sentence of Section 3.3 shall apply to any Security represented by a Global Security if such Security was never
issued and sold by the Company and the Company delivers to the Trustee the Global Security together with a Company Order (which
need not comply with Section 1.3 and need not be accompanied by an Opinion of Counsel) with regard to the reduction
or increase, as the case may be, in the principal amount of Securities represented thereby, together with the written statement
contemplated by the last sentence of Section 3.3.

 

2.5         
Form of Trustee’s Certificate of Authentication. The Trustee’s certificate(s)
of authentication shall be in substantially the following form:

 

This is one of the Securities
of the series designated [insert title of applicable series] referred to in the within-mentioned Indenture.

 

	 	 
	 	as Trustee
	 	 
	 	By:____________________________________________
	 	As Authenticating Officer

 

ARTICLE
Three

THE SECURITIES

 

3.1         
Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may
be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth, or determined
in the manner provided, in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior
to the issuance of Securities of any series,

 

 

 

    	 	22	 

     

    

 

(a)       the title of the Securities of the series (which shall distinguish the Securities of the series
from all other Securities and which may be part of a series of Securities previously issued);

 

(b)       any limit upon the aggregate principal amount of the Securities of the series which may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.4, Section 3.5,
Section 3.6, Section 9.6 or Section 11.7 and except for any Securities which, pursuant to Section 3.3,
are deemed never to have been authenticated and delivered hereunder);

 

(c)       the Person to whom any interest on a Security of the series shall be payable, if other than
the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest;

 

(d)       the date or dates on which the principal of the Securities of the series is payable or the
method of determination thereof;

 

(e)       the rate or rates at which the Securities of the series shall bear interest, if any, or the
formula, method or provision pursuant to which such rate or rates are determined, the date or dates from which such interest shall
accrue or the method of determination thereof, the Interest Payment Dates on which such interest shall be payable and the Regular
Record Date for the interest payable on any Interest Payment Date;

 

(f)       the place or places where, subject to the provisions of Section 10.2, the principal
of and any premium and interest on Securities of the series shall be payable, Securities of the series may be surrendered for registration
of transfer, Securities of the series may be surrendered for exchange and notices, and demands to or upon the Company in respect
of the Securities of the series and this Indenture may be served;

 

(g)       the period or periods within which, the price or prices at which and the terms and conditions
upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company;

 

(h)       the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant
to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price
or prices at which and the terms and conditions upon which Securities of the series shall be redeemed or purchased, in whole or
in part, pursuant to such obligation;

 

(i)       if other than denominations of $1,000 and any integral multiple thereof, the denominations
in which Securities of the series shall be issuable;

 

(j)       whether payment of principal of and premium, if any, and interest, if any, on the Securities
of the series shall be without deduction for taxes, assessments or governmental charges paid by Holders of the series;

 

 

 

    	 	23	 

     

    

 

(k)       if other than the principal amount thereof, the portion of the principal amount of Securities
of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2;

 

(l)       if the amount of payments of principal of and any premium or interest on the Securities of
the series may be determined with reference to an index, the manner in which such amounts shall be determined;

 

(m)       if and as applicable, that the Securities of the series shall be issuable in whole or in part
in the form of one or more Global Securities and, in such case, the Depositary or Depositaries for such Global Security or Global
Securities and any circumstances other than those set forth in Section 3.5 in which any such Global Security may be
transferred to, and registered and exchanged for Securities registered in the name of, a Person other than the Depositary for such
Global Security or a nominee thereof and in which any such transfer may be registered;

 

(n)       any deletions from, modifications of or additions to the Events of Default set forth in Section 5.1
or the covenants of the Company set forth in Article Ten with respect to the Securities of such series;

 

(o)       whether and under what circumstances the Company will pay additional amounts on the Securities
of the series held by a Person who is not a U.S. Person in respect of any tax, assessment or governmental charge withheld or deducted
and, if so, whether the Company will have the option to redeem the Securities of the series rather than pay such additional amounts;

 

(p)       if the Securities of the series are to be issuable in definitive form (whether upon original
issue or upon exchange of a temporary Security of such series) only upon receipt of certain certificates or other documents or
satisfaction of other conditions, the form and terms of such certificates, documents or conditions;

 

(q)       if the Securities of the series are to be convertible into or exchangeable for any other security
or property of the Company, including, without limitation, securities of another Person held by the Company or its Affiliates and,
if so, the terms thereof;

 

(r)       if other than as provided in Section 13.2 and Section 13.3, the means
of Legal Defeasance or Covenant Defeasance as may be specified for the Securities of the series;

 

(s)       if other than the Trustee, the identity of the initial Security Registrar and any initial
Paying Agent; and

 

(t)       any other terms of the series (which terms shall not be inconsistent with the provisions of
this Indenture).

 

All Securities of any
one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to
the Board Resolution referred to above and (subject to Section 3.3) set forth, or determined in the manner provided,
in the Officer’s Certificate referred to above or in any such indenture supplemental hereto.

 

 

 

    	 	24	 

     

    

 

All Securities of any
one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of
the Holders, for increases in the aggregate principal amount of such series of Securities and issuances of additional Securities
of such series or for the establishment of additional terms with respect to the Securities of such series.

 

If any of the terms
of the series are established by action taken by or pursuant to a Board Resolution, a copy of an appropriate record of such action
shall be certified by an authorized officer or other authorized person on behalf of the Company and delivered to the Trustee at
or prior to the delivery of the Officer’s Certificate setting forth, or providing the manner for determining, the terms of
the series.

 

With respect to Securities
of a series subject to a Periodic Offering, such Board Resolution or Officer’s Certificate may provide general terms for
Securities of such series and provide either that the specific terms of particular Securities of such series shall be specified
in a Company Order or that such terms shall be determined by the Company or one or more agents thereof designated in an Officer’s
Certificate, in accordance with a Company Order.

 

3.2         
Denominations. The Securities of each series shall be issuable in registered form without
coupons in such denominations as shall be specified as contemplated by Section 3.1. In the absence of any such provisions
with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $1,000 and any
integral multiple thereof.

 

3.3         
Execution, Authentication, Delivery and Dating. The Securities shall be executed on
behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its President, its Chief Financial Officer or
any of its Vice Presidents and need not be attested. The signature of any of these officers on the Securities may be manual or
facsimile.

 

Securities bearing
the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery
of such Securities or did not hold such offices at the date of such Securities.

 

At any time and from
time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities,
and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities; provided, however, that in
the case of Securities offered in a Periodic Offering, the Trustee shall authenticate and deliver such Securities from time to
time in accordance with such other procedures (including, without limitation, the receipt by the Trustee of oral or electronic
instructions from the Company or its duly authorized agents, thereafter promptly confirmed in writing) acceptable to the Trustee
as may be specified by or pursuant to a Company Order delivered to the Trustee prior to the time of the first authentication of
Securities of such series. If the forms or terms of the Securities of the series have been established in or pursuant to one or
more Board Resolutions as permitted by Section 2.1 and Section 3.1, in authenticating such Securities,
and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled
to receive such documents as it may reasonably request. The Trustee shall also be entitled to receive, and (subject to Section 6.1)
shall be fully protected in relying upon, an Opinion of Counsel stating,

 

 

 

    	 	25	 

     

    

 

(a)       if the form or forms of such Securities has been established in or pursuant to a Board Resolution
as permitted by Section 2.1, that each such form has been established in conformity with the provisions of this Indenture;

 

(b)       if the terms of such Securities have been, or in the case of Securities of a series offered
in a Periodic Offering will be, established in or pursuant to a Board Resolution as permitted by Section 3.1, that
such terms have been, or in the case of Securities of a series offered in a Periodic Offering will be, established in conformity
with the provisions of this Indenture, subject, in the case of Securities of a series offered in a Periodic Offering, to any conditions
specified in such Opinion of Counsel; and

 

(c)       that such Securities when authenticated and delivered by the Trustee and issued by the Company
in the manner and subject to any conditions and assumptions specified in such Opinion of Counsel, will constitute valid and legally
binding obligations of the Company enforceable in accordance with their terms, subject to the following limitations: (i) bankruptcy,
insolvency, moratorium, reorganization, liquidation, fraudulent conveyance or transfer and other similar laws of general applicability
relating to or affecting the enforcement of creditors’ rights, or to general equity principles, (ii) the availability of
equitable remedies being subject to the discretion of the court to which application therefor is made; and (iii) such other usual
and customary matters as shall be specified in such Opinion of Counsel.

 

If such form or forms
or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture
or otherwise in a manner which is not reasonably acceptable to the Trustee.

 

Notwithstanding the
provisions of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued
at one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 3.1
or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the time of
authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original
issuance of the first Security of such series to be issued.

 

With respect to Securities
of a series offered in a Periodic Offering, the Trustee may rely, as to the authorization by the Company of any of such Securities,
on the form or forms and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion
of Counsel and the other documents delivered pursuant to Section 2.1 and Section 3.1 and this Section,
as applicable, in connection with the first authentication of Securities of such series.

 

 

 

    	 	26	 

     

    

 

Each Security shall
be dated the date of its authentication.

 

No Security shall be
entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized
officer, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if
any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall
deliver such Security to the Trustee for cancellation as provided in Section 3.9 for all purposes of this Indenture
such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits
of this Indenture.

 

3.4         
Temporary Securities. Pending the preparation of Definitive Securities of any series,
the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the
Definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.

 

If temporary Securities
of any series are issued, the Company will cause Definitive Securities of that series to be prepared without unreasonable delay.
After the preparation of Definitive Securities of such series, the temporary Securities of such series shall be exchangeable for
Definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company
in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary
Securities of any series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal
amount of Definitive Securities of the same series and tenor of authorized denominations. Until so exchanged the temporary Securities
of any series shall in all respects be entitled to the same benefits under this Indenture as Definitive Securities of such series.

 

3.5         
Registration, Registration of Transfer and Exchange. The Company shall cause to be
kept at the office or agency of the Company in the Borough of Manhattan, the City of New York or in any other office or agency
of the Company in a Place of Payment required by Section 10.2 a register (the register maintained in such office being
herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as
it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby
appointed as the initial “Security Registrar” for the purpose of registering Securities and transfers of Securities
as herein provided, and its corporate trust office in New York City, which, at the date hereof, is located at [_____________________],
New York, New York [_____], is the initial office or agency in the Borough of Manhattan where the Securities Register will be maintained.
The Company may at any time replace such Security Registrar, change such office or agency or act as its own Security Registrar.
The Company will give prompt written notice to the Trustee of any change of the Security Registrar or of the location of such office
or agency.

 

 

 

    	 	27	 

     

    

 

Upon surrender for
registration of transfer of any Security of any series at the office or agency maintained pursuant to Section 10.2
for such purpose, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Securities of the same series and tenor, of any authorized denominations and of a like aggregate
principal amount.

 

At the option of the
Holder, Securities of any series (except a Global Security) may be exchanged for other Securities of the same series and tenor,
of any authorized denominations and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at such
office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute and the Trustee shall authenticate
and deliver the Securities, which the Holder making the exchange is entitled to receive.

 

All Securities issued
upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

 

Every Security presented
or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed,
by the Holder thereof or his attorney duly authorized in writing.

 

No service charge shall
be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 3.4, Section 9.6 or Section 11.7 not involving any
transfer.

 

The Company shall not
be required (a) to issue, register the transfer of or exchange Securities of any series during a period beginning at, the opening
of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption
under Section 11.3 and ending at the close of business on the day of such mailing, or (b) to register the transfer
of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being
redeemed in part.

 

Notwithstanding any
other provisions of this Indenture and except as otherwise specified with respect to any particular series of Securities as contemplated
by Section 3.1, a Global Security representing all or a portion of the Securities of a series may not be transferred,
except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series
or a nominee of such successor Depositary. Every Security authenticated and delivered upon registration of, transfer of, or in
exchange for or in lieu of, a Global Security shall be a Global Security except as provided in the two paragraphs immediately following.

 

 

 

    	 	28	 

     

    

 

If at any time the
Depositary for any Securities of a series represented by one or more Global Securities notifies the Company that it is unwilling
or unable to continue as Depositary for such Securities or if at any time the Depositary for such Securities shall no longer be
eligible to continue as Depositary under Section 3.1 or ceases to be a clearing agency registered under the Exchange
Act, the Company shall appoint a successor Depositary with respect to such Securities. If a successor Depositary for such Securities
is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the
Company’s election pursuant to Section 3.1 that such Securities be represented by one or more Global Securities
shall no longer be effective and the Company will execute and the Trustee, upon receipt of a Company Order for the authentication
and delivery of Definitive Securities of such series, will authenticate and deliver, Securities of such series in definitive registered
form without coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Global
Security or Securities representing such Securities in exchange for such Global Security or Securities registered in the names
of such Persons as the Depositary shall direct.

 

The Company may at
any time and in its sole discretion determine that the Securities of any series issued in the form of one or more Global Securities
shall no longer be represented by a Global Security or Securities. In such event, the Company will execute and the Trustee, upon
receipt of a Company Order for the authentication and delivery of the Definitive Securities of such series, will authenticate and
deliver, Securities of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate
principal amount equal to the principal amount of the Global Security or Securities representing such Securities in exchange for
such Global Security or Securities registered in the names of such Persons as the Depositary shall direct.

 

If specified by the
Company pursuant to Section 3.1 with respect to Securities represented by a Global Security, the Depositary for such
Global Security may surrender such Global Security in exchange in whole or in part for Securities of the same series and tenor
in definitive registered form on such terms as are acceptable to the Company, the Trustee and such Depositary. Thereupon, the Company
shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of Securities in definitive
registered form, shall authenticate and deliver, without service charge,

 

(a)       to the Person specified by such Depositary, a new Security or Securities of the same series
and tenor, of any authorized denominations as requested by such Person, in an aggregate principal amount equal to and in exchange
for such Person’s beneficial interest in the Global Security; and

 

(b)       to such Depositary, a new Global Security in a denomination equal to the difference, if any,
between the principal amount of the surrendered Global Security and the aggregate principal amount of Securities authenticated
and delivered pursuant to clause (a) above.

 

Every Person who takes
or holds any beneficial interest in a Global Security agrees that:

 

(a)       the
Company and the Trustee may deal with the Depositary as sole owner of the Global Security and as the authorized representative
of such Person;

 

 

 

    	 	29	 

     

    

 

(b)       such
Person’s rights in the Global Security shall be exercised only through the Depositary and shall be limited to those established
by law and agreement between such Person and the Depositary and/or direct and indirect participants of the Depositary;

 

(c)       the
Depositary and its participants make book-entry transfers of beneficial ownership among, and receive and transmit distributions
of principal and interest on the Global Securities to, such Persons in accordance with their own procedures; and

 

(d)       none
of the Company, the Trustee, nor any agent of any of them will have any responsibility or liability for any aspect of the records
relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising
or reviewing any records relating to such beneficial ownership interests.

 

3.6         
Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security is surrendered
to the Trustee, together with, in proper cases, such security or indemnity as may be required by the Company or the Trustee to
save each of them and any agent of any of them harmless, the Company shall execute and the Trustee shall authenticate and deliver
in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

 

If there shall be delivered
to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such
security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence
of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute
and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new
Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead
of issuing a new Security, pay such Security.

 

Upon the issuance of
any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

 

Every new Security
of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company regardless of whether the destroyed, lost or stolen Security shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of that series duly issued hereunder.

 

The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

 

 

 

    	 	30	 

     

    

 

3.7         
Payment of Interest; Interest Rights Preserved. Except as otherwise provided as contemplated
by Section 3.1 with respect to any series of Securities, interest on any Security which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest.

 

Any interest on any
Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein
called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record
Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case,
as provided in clause (a) or (b) below:

 

(a)       The Company may elect to make payment of any Defaulted Interest to the Persons in whose names
the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of
the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided. Thereupon, the Trustee shall fix a Special Record Date for the
payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed
payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly
notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder
of Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special
Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed,
such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the
following clause (b).

 

(b)       The Company may make payment of any Defaulted Interest on the Securities of any series in
any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed,
and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

Subject to the foregoing provisions of
this Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any
other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

 

 

    	 	31	 

     

    

 

3.8         
Persons Deemed Owners. Except as otherwise provided as contemplated by Section 3.1
with respect to any series of Securities, prior to due presentment of a Security for registration of transfer, the Company, the
Trustee and any agent thereof may treat the Person in whose name such Security is registered as the owner of such Security for
the purpose of receiving payment of principal of and any premium and (subject to Section 3.5 and Section 3.7)
any interest on such Security and for all other purposes whatsoever, regardless of whether such Security be overdue, and none of
the Company, the Trustee nor any agent of any of them shall be affected by notice to the contrary.

 

No holder of any beneficial
interest in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such
Global Security, and such Depositary may be treated by the Company, the Trustee and any agent of thereof as the owner of such Global
Security for all purposes whatsoever.

 

3.9         
Cancellation. All Securities surrendered for payment, redemption, registration of transfer
or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered
to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver
to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder
which the Company has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities
shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted
by this Indenture. All canceled Securities held by the Trustee shall be disposed of in accordance with its customary practices,
and the Trustee shall thereafter deliver to the Company a certificate with respect to such disposition from time to time upon written
request.

 

3.10         
Computation of Interest. Except as otherwise specified as contemplated by Section 3.1
for Securities of any series, interest on the Securities of each series shall be computed on the basis of a year of twelve 30-day
months.

 

3.11         
CUSIP or CINS Numbers. The Company in issuing the Securities may use “CUSIP”
or “CINS” numbers (if then generally in use, and in addition to the other identification numbers printed on the Securities),
and, if so, the Trustee shall use “CUSIP” or “CINS” numbers in notices of redemption as a convenience to
Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such “CUSIP”
or “CINS” numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such “CUSIP” or “CINS” numbers.

 

ARTICLE
Four

SATISFACTION AND DISCHARGE

 

4.1         
Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further
effect and will be discharged with respect to the Securities of any series (except as to any surviving rights of registration of
transfer or exchange of Securities and certain rights of the Trustee, in each case, herein expressly provided for), and the Trustee,
upon Company Request and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge
of this Indenture with respect to such Securities, when:

 

 

 

    	 	32	 

     

    

 

(a)        
either

 

(i)       all such Securities theretofore authenticated and delivered (other than (A) such Securities
which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.6, and (B)
such Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.3) have been delivered
to the Trustee for cancellation; or

 

(ii)       all such Securities not theretofore delivered to the Trustee for cancellation

 

(A)       have
become due and payable, or

 

(B)       will
become due and payable at their Stated Maturity within one year, or

 

(C)       are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the case of (A), (B)
or (C) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose an amount sufficient
to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for
principal (and premium, if any) and interest to the date of such deposit (in the case of Securities which have become due and payable)
or to the Stated Maturity or Redemption Date, as the case may be, together with instructions from the Company irrevocably directing
the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be;

 

(b)       the Company has paid or caused to be paid all other sums payable hereunder by the Company
with respect to such Securities; and

 

(c)       the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, which, taken together, state that all conditions precedent herein provided for relating to the satisfaction and discharge
of this Indenture with respect to such Securities have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture with respect to the Securities of any series, (x) the obligations of the Company to the Trustee under Section 6.7,
the obligations of the Trustee to any Authenticating Agent under Section 6.14 and the right of the Trustee to resign
under Section 6.10 shall survive, and (y) if money shall have been deposited with the Trustee pursuant to clause (a)
of this Section, the obligations of the Company and the Trustee under Section 4.2, Section 6.6 and Section 10.2
and the last paragraph of Section 10.3 shall survive.

 

 

 

    	 	33	 

     

    

 

4.2         
Application of Trust Money. Subject to the provisions of the last paragraph of Section 10.3,
all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and
any premium and interest for whose payment such money has been deposited with the Trustee.

 

ARTICLE
Five

REMEDIES

 

5.1         
Events of Default. “Event of Default,” wherever used herein with
respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether
it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body):

 

(a)       default in the payment of any interest upon any Security of that series when it becomes due
and payable, and continuance of such default for a period of 30 days; or

 

(b)       default in the payment of the principal of (or premium, if any, on) any Security of that series
at its Maturity; or

 

(c)       default in the deposit of any sinking fund payment when due; or

 

(d)       default in the performance, or breach, of the covenant set forth in Section 8.1;
or

 

(e)       default in the performance, or breach, of any covenant in this Indenture (other than the covenant
in Section 8.1 or any other covenant a default in whose performance or whose breach is elsewhere in this Section specifically
dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than that
series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder; or

 

(f)       the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy
Law (i) commences a voluntary case or proceeding, (ii) consents to the entry of any order for relief against it in an involuntary
case or proceeding, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, (iv)
makes a general assignment for the benefit of its creditors, (v) consents to or acquiesces in the institution of a bankruptcy or
an insolvency proceeding against it, (vi) takes any corporate action to authorize or effect any of the foregoing, or (vii) takes
any comparable action under any foreign laws relating to insolvency; or

 

 

 

    	 	34	 

     

    

 

(g)       a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that
(i) is for relief against the Company or any Significant Subsidiary in an involuntary case, (ii) appoints a Custodian of the Company
or any Significant Subsidiary for all or substantially all of its property, or (iii) orders the liquidation or winding up of the
Company or any Significant Subsidiary; and the order or decree remains unstayed and in effect for 30 consecutive days; or

 

(h)       any other Event of Default provided with respect to Securities of that series in accordance
with Section 3.1.

 

5.2         
Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect
to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders
of at least 25% in aggregate principal amount of the Outstanding Securities of that series may declare the principal amount (or,
if the Securities of that series are Original Issue Discount Securities, such portion of the principal amount as may be specified
in the terms of that series), together with any accrued and unpaid interest thereon, of all of the Securities of that series to
be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such
declaration such principal amount (or specified amount), together with any accrued and unpaid interest thereon, shall become immediately
due and payable. Notwithstanding the foregoing, if an Event of Default specified in clause (f) or (g) of Section 5.1
occurs, the Securities of any series at the time Outstanding shall be due and payable immediately without further action or notice.

 

At any time after such
a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment
of the money due has been obtained by the Trustee as hereinafter in this Article Five provided, the Holders of a majority in principal
amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if:

 

(a)       the Company has paid or deposited with the Trustee a sum sufficient to pay:

 

(i)       all overdue interest on all Securities of that series,

 

(ii)       the principal of (and premium, if any, on) any Securities of that series which have become
due otherwise than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such
Securities,

 

(iii)       to the extent that payment of such interest is lawful, interest upon overdue interest at the
rate or rates prescribed therefor in such Securities, and

 

 

 

    	 	35	 

     

    

 

(iv)       all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel; and

 

(b)       
all Events of Default with respect to Securities of that series, other than the non-payment
of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured
or waived as provided in Section 5.13.

 

No such rescission shall affect any subsequent
default or impair any right consequent thereon.

 

5.3         
Collection of Indebtedness and Suits for Enforcement by Trustee. The Company covenants
that if:

 

(a)       default
is made in the payment of any installment of interest on any Security when such interest becomes due and payable and such default
continues for a period of 30 days, or

 

(b)       default is made in the payment of the principal of (or premium, if any, on) any Security at
the Maturity thereof,

 

the Company will, upon demand of the Trustee,
pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal
and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue
principal and any premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

 

If the Company fails
to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute
a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree
and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or decreed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever
situated.

 

If an Event of Default
with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

5.4         Trustee
May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities,
their property or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand
on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding
or otherwise,

 

 

 

    	 	36	 

     

    

 

(a)       to file and prove a claim for the whole amount of principal (and premium, if any) and interest
owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

 

(b)       to collect and receive any moneys or other property payable or deliverable on any such claims
and to distribute the same;

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder
to make such payments to the Trustee and, if the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 6.7.

 

No provision of this
Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, compromise, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof
or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee
may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’
or other similar committee.

 

5.5         Trustee
May Enforce Claims Without Possession of Securities. All rights of action and claims under this Indenture or the Securities
may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of
an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities
in respect of which such judgment has been recovered.

 

5.6         
Application of Money Collected. Any money collected by the Trustee pursuant to this
Article Five shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon
of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment
of all amounts due the Trustee under Section 6.7;

 

SECOND: To the payment
of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which or for the
benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due
and payable on such Securities for principal and any premium and interest, respectively; and

 

 

 

    	 	37	 

     

    

 

THIRD: The balance, if
any, to the Company.

 

5.7         
Limitation on Suits. No Holder of any Security of any series shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless:

 

(a)       such Holder has previously given written notice to the Trustee of a continuing Event of Default
with respect to the Securities of that series;

 

(b)       the Holders of not less than 25% in principal amount of the Outstanding Securities of that
series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name
as Trustee hereunder;

 

(c)       such Holder or Holders have offered to the Trustee reasonable indemnity against the costs,
expenses and liabilities to be incurred in compliance with such request;

 

(d)       the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has
failed to institute any such proceeding; and

 

(e)       no direction inconsistent with such written request has been given to the Trustee during such
60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series;

 

it being understood and intended that no
one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and
for the equal and ratable benefit of all such Holders.

 

5.8         
Unconditional Right of Holders to Receive Principal, Premium and Interest. Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and any premium and (subject to Section 3.5 and Section 3.7) interest
on such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption
Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent
of such Holder.

 

5.9         
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in
such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had
been instituted.

 

 

 

    	 	38	 

     

    

 

5.10         
Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.6, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

5.11         
Delay or Omission Not Waiver. To fullest extent permitted by applicable law, no delay
or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article Five or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

5.12         
Control by Holders. The Holders of not less than a majority in principal amount of
the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities
of such series; provided, however, that:

 

(a)       such direction shall not be in conflict with any rule of law or with this Indenture;

 

(b)       the Trustee may take any other action deemed proper by the Trustee which is not inconsistent
with such direction; and

 

(c)       subject to the provisions of Section 6.1, the Trustee shall have the right to
decline to follow any such direction if the Trustee in good faith shall determine that the proceeding so directed would involve
the Trustee in personal liability.

 

5.13         
Waiver of Past Defaults. By written notice to the Company and the Trustee, the Holders
of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all
the Securities of such series waive any past default hereunder with respect to such series and its consequences, except:

 

(a)       a continuing default in the payment of the principal of or any premium or interest on any
Security of such series, or

 

(b)       a default in respect of a covenant or provision hereof which under Article Nine cannot be
modified or amended without the consent of the Holder of each Outstanding Security of such series affected.

 

Upon any such waiver, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture,
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

 

 

    	 	39	 

     

    

 

5.14         
Undertaking for Costs. All parties to this Indenture agree, and each Holder of any
Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered
or omitted by it as Trustee, the filing by any party litigant, other than the Trustee, in such suit of an undertaking to pay the
costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section 5.14 shall not apply to any suit instituted by the Company, to any
suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10%
in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of
the payment of the principal of (or premium, if any) or interest on any Security on or after the Stated Maturity or Maturities
expressed in such Security (or, in the case of redemption, on or after the Redemption Date).

 

5.15         
Waiver of Stay or Extension Laws. The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage
of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted.

 

ARTICLE
Six

THE TRUSTEE

 

6.1         
Certain Duties and Responsibilities.

 

(a)       Except during the continuance of an Event of Default,

 

(i)       the Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture and as are provided by the Trust Indenture Act, and no implied covenants or obligations shall be read into
this Indenture against the Trustee; and

 

(ii)         in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee
and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether they conform to the requirements of this Indenture.

 

(b)       
In case an Event of Default has occurred and is continuing, the Trustee shall exercise such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent
man would exercise or use under the circumstances in the conduct of his own affairs.

 

 

 

    	 	40	 

     

    

 

(c)       No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act, or its own willful misconduct, except that

 

(i)       this Subsection shall not be construed to limit the effect of Subsection (a) of this Section;

 

(ii)      the Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

 

(iii)       the Trustee shall not be liable with respect to any action taken or omitted to be taken by
it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities
of any series, given pursuant to Section 5.12, relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with
respect to the Securities of such series; and

 

(iv)       no provision of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights
or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it.

 

(d)       Regardless of whether therein expressly so provided, every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this
Section.

 

6.2         
Notice of Defaults. Within 90 days after the occurrence of any Default hereunder with
respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of Securities of such series, as their
names and addresses appear in the Security Register, notice of such Default hereunder known to the Trustee, unless such Default
shall have been cured or waived; provided, however, that, except in the case of a Default in the payment of the principal
of or any premium or interest on any Security of such series or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee may withhold from Holders of Securities notice of any continuing Default or Event of Default
if the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders of Securities of
such series; and, provided, further, that in the case of any Default of the character specified in Section 5.1(c)
with respect to Securities of such series, no such notice to Holders shall be given until at least 90 days after the occurrence
thereof and that in the case of any Default of the character specified in Section 5.1(e) with respect to Securities
of such series, no such notice to Holders shall be given until at least 180 days after the occurrence thereof.

 

6.3         
Certain Rights of Trustee. Subject to the provisions of Section 6.1:

 

 

 

    	 	41	 

     

    

 

(a)        the Trustee may conclusively rely and shall be fully protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed
or presented by the proper party or parties;

 

(b)       
any request or direction of the Company mentioned herein shall be sufficiently evidenced by
a Company Request or Company Order (other than delivery of any Security to the Trustee for authentication and delivery pursuant
to Section 3.3, which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

 

(c)        whenever in the administration of this Indenture the Trustee shall deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence
be herein specifically prescribed) shall be entitled to receive and may, in the absence of bad faith on its part, rely upon an
Officer’s Certificate;

 

(d)       
the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon;

 

(e)        the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have
offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by
it in compliance with such request or direction;

 

(f)        the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry
or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney;

 

(g)       
the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence
on the part of any agent or attorney appointed with due care by it hereunder and shall not be responsible for the supervision of
officers and employees of such agents or attorneys;

 

(h)       
the Trustee may request that the Company deliver an Officer’s Certificate setting forth
the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture,
which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any
person specified as so authorized in any such certificate previously delivered and not superseded;

 

 

 

    	 	42	 

     

    

 

(i)        the Trustee shall be entitled to the rights and protections afforded to the Trustee pursuant
to this Article Six in acting as a Paying Agent or Security Registrar hereunder; and

 

(j)        the Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default
is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.

 

6.4         
Not Responsible for Recitals or Issuance of Securities. The recitals contained herein
and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company
and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. Neither the Trustee nor any Authenticating
Agent makes any representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating
Agent shall not be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

6.5         
May Hold Securities. The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other agent of the Company in its individual or any other capacity, may become the owner or pledgee of Securities
and, subject to Sections 310(b) and 311 of the Trust Indenture Act and Section 6.8, Section 6.9
and Section 6.13, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating
Agent, Paying Agent, Security Registrar or such other agent.

 

6.6         
Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received
by it hereunder except as otherwise agreed in writing with the Company.

 

6.7         
Compensation and Reimbursement. The Company agrees:

 

(a)       to pay to the Trustee from time to time reasonable compensation for all services rendered
by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of
an express trust);

 

(b)       except as otherwise expressly provided herein, to reimburse the Trustee upon its request for
all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture
(including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence or bad faith; and

 

(c)       to indemnify each of the Trustee and its officers, directors, agents and employees for, and
to hold it harmless against, any loss, liability or expense incurred without negligence or willful misconduct on its part, arising
out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses
of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties
hereunder.

 

 

 

    	 	43	 

     

    

 

As security for the
performance of the obligations of the Company under this Section the Trustee shall have a lien prior to the Securities upon all
property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (and premium,
if any) or interest on particular Securities.

 

Without limiting any
rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection with an
Event of Default specified in Section 5.1(f) or Section 5.1(g), the expenses (including the reasonable
charges and expenses of its counsel) and the compensation for the services of the Trustee are intended to constitute expenses of
administration under any applicable Bankruptcy Law.

 

The provisions of this
Section 6.7 shall survive the satisfaction and discharge of this Indenture and the Legal Defeasance of the Securities.

 

6.8         
Disqualification; Conflicting Interests. Reference is made to Section 310(b)
of the Trust Indenture Act. There shall be excluded from the operation of Section 310(b)(1) of the Trust Indenture
Act this Indenture with respect to the Securities of more than one series.

 

6.9         
Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder
which shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or
the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus
required by the Trust Indenture Act, subject to supervision or examination by Federal or State authority. If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. The Trustee shall not be an obligor upon the Securities
or an Affiliate thereof. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect hereinafter specified in this Article Six.

 

6.10         
Resignation and Removal; Appointment of Successor.

 

(a)       No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant
to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable
requirements of Section 6.11.

 

(b)       The Trustee may resign at any time with respect to the Securities of one or more series by
giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.11
shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee
may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such
series.

 

 

 

    	 	44	 

     

    

 

(c)        The Trustee may be removed at any time with respect to the Securities of any series by Act
of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to
the Company.

 

(d)       
If at any time:

 

(i)       
the Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act
after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months,
or

 

(ii)        the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign
after written request therefor by the Company or by any such Holder, or

 

(iii)       the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent
or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee
or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (A) the Company
by a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to Section 5.14, any Holder
who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment
of a successor Trustee or Trustees.

 

(e)        
If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution,
shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood
that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at
any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable
requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence
of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the
successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements
of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede
the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have
been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.11, any
Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

 

 

 

    	 	45	 

     

    

 

(f)        
The Company shall give notice of each resignation and each removal of the Trustee with respect
to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all
Holders of Securities of such series in the manner provided in Section 1.7. Each notice shall include the name of the
successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.

 

6.11         
Acceptance of Appointment by Successor.

 

(a)       In case of the appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective
and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon
payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts
of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such
retiring Trustee hereunder.

 

(b)       In case of the appointment hereunder of a successor Trustee with respect to the Securities
of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities
of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest
in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with
respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of
the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or
trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the
resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but,
on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates.

 

 

 

    	 	46	 

     

    

 

(c)       Upon request of any such successor Trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to
in paragraph (a) or (b) of this Section, as the case may be.

 

(d)       No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible under this Article and the Trust Indenture Act.

 

6.12         
Merger, Conversion, Consolidation or Succession to Business. Any corporation into which
the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified
and eligible under this Article Six, without the execution or filing of any paper or any further act on the part of any of the
parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

6.13         
Preferential Collection of Claims Against Company. Reference is made to Section 311
of the Trust Indenture Act. For purposes of Section 311(b) of the Trust Indenture Act,

 

(a)       the term “cash transaction” means any transaction in which full payment
for goods or securities sold is made within seven days after delivery of the goods or securities in currency or in checks or other
orders drawn upon banks or bankers and payable upon demand;

 

(b)       the term “self-liquidating paper” means any draft, bill of exchange, acceptance
or obligation which is made, drawn, negotiated or incurred by the Company for the purpose of financing the purchase, processing,
manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to,
possession of, or a lien upon, the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods,
wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with
the creation of the creditor relationship with the Company arising from the making, drawing, negotiating or incurring of the draft,
bill of exchange, acceptance or obligation.

 

6.14         
Appointment of Authenticating Agent. The Trustee may appoint an Authenticating Agent
or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.6,
and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes
as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication
and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the
Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized
under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject
to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified
in this Section.

 

 

 

    	 	47	 

     

    

 

Any corporation into
which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all
or substantially all of the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating
Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or
any further act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent
may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable
to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities
of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security Register.
Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section.

 

Except with respect
to an Authenticating Agent appointed at the request of the Company, the Trustee agrees to pay to each Authenticating Agent from
time to time reasonable compensation for its services under this Section 6.14, and the Trustee shall be entitled to
be reimbursed by the Company for such payments, subject to the provisions of Section 6.7.

 

 

 

    	 	48	 

     

    

 

If an appointment with
respect to one or more series is made pursuant to this Section 6.14, the Securities of such series may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following
form:

 

This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	 	As Trustee
	 	 
	 	 
	 	By:_________________________
	 	As Authenticating Agent
	 	 
	 	 
	 	By:___________________________
	 	As Authenticating Officer

 

ARTICLE
Seven

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

7.1         
Company to Furnish Trustee Names and Addresses of Holders. The Company will furnish
or cause to be furnished to the Trustee:

 

(a)       semi-annually, not more than 15 days after each Regular Record Date for a series of Securities,
a list for such series of Securities, in such form as the Trustee may reasonably require, of the names and addresses of the Holders
of Securities of such series as of such Regular Record Date, and

 

(b)       at such other times as the Trustee may request in writing, within 30 days after the receipt
by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such
list is furnished; provided, however, that if and so long as the Trustee shall be the Security Registrar, no such
list need be furnished with respect to such series of Securities.

 

7.2         
Preservation of Information; Communications to Holders.

 

(a)       The Trustee shall preserve, in as current a form as is reasonably practicable, the names and
addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the
names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list
furnished to it as provided in Section 7.1 upon receipt of a new list so furnished.

 

(b)       If three or more Holders (herein referred to as “applicants”) apply in
writing to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Security for a period
of at least six months preceding the date of such application, and such application states that the applicants desire to communicate
with other Holders with respect to their rights under this Indenture or under the Securities and is accompanied by a copy of the
form of proxy or other communication which such applicants propose to transmit, then the Trustee shall, within five business days
after the receipt of such application, at its election, either

 

 

 

    	 	49	 

     

    

 

(i)       afford such applicants access to the information preserved at the time by the Trustee in accordance
with Section 7.2(a), or

 

(ii)      inform such applicants as to the approximate number of Holders whose names and addresses appear
in the information preserved at the time by the Trustee in accordance with Section 7.2(a), and as to the approximate
cost of mailing to such Holders the form of proxy or other communication, if any, specified in such application.

 

If the Trustee shall
elect not to afford such applicants access to such information, the Trustee shall, upon the written request of such applicants,
mail to each Holder whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 7.2(a)
a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender
to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing,
unless within five days after such tender the Trustee shall mail to such applicants and file with the SEC, together with a copy
of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary
to the best interest of the Holders or would be in violation of applicable law. Such written statement shall specify the basis
of such opinion. If the SEC, after opportunity for a hearing upon the objections specified in the written statement so filed, shall
enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections,
the SEC shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter
an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable promptness after the
entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants
respecting their application.

 

(c)       Every Holder of Securities, by receiving and holding the same, agrees with the Company and
the Trustee that none of the Company nor the Trustee nor any agent of any of them shall be held accountable by reason of the disclosure
of any such information as to the names and addresses of the Holders in accordance with Section 7.2(b), regardless
of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under Section 7.2(b).

 

7.3         
Reports by Trustee. Any Trustee’s report required pursuant to Section 313(a)
of the Trust Indenture Act shall be dated as of May 15, and shall be transmitted within 60 days after May 15 of each year (but
in all events at intervals of not more than 12 months), commencing with the year 20__, by mail to all Holders, as their names and
addresses appear in the Security Register. A copy of each such report shall, at the time of such transmission to Holders, be filed
by the Trustee with each stock exchange upon which any Securities are listed, with the SEC and with the Company. The Company will
notify the Trustee when any Securities are listed on any stock exchange.

 

 

 

    	 	50	 

     

    

 

7.4         
Reports by Company. The Company shall:

 

(a)       file with the Trustee, within 15 days after the Company files the same with the SEC, copies
of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as
the SEC may from time to time by rules and regulations prescribe) which the Company may be required to file with the SEC pursuant
to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information,
documents or reports pursuant to either of said Sections, then it shall file with the Trustee and the SEC, in accordance with rules
and regulations prescribed from time to time by the SEC, such of the supplementary and periodic information, documents and reports
which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on
a national securities exchange as may be prescribed from time to time in such rules and regulations;

 

(b)       file with the Trustee and the SEC, in accordance with rules and regulations prescribed from
time to time by the SEC, such additional information, documents and reports with respect to compliance by the Company with the
conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

 

(c)       transmit by mail to all Holders, as their names and addresses appear in the Security Register,
within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to
be filed by the Company pursuant to clauses (a) and (b) of this Section as may be required by rules and regulations prescribed
from time to time by the SEC.

 

ARTICLE
Eight

CONSOLIDATION, AMALGAMATION, MERGER AND SALE

 

8.1         
Company May Consolidate, Etc., Only on Certain Terms. The Company shall not consolidate
or merge with or into any other Person or sell, convey, transfer, lease or otherwise dispose of all or substantially all of the
properties and assets of the Company on a consolidated basis to any other Person, and shall not permit any Person to consolidate
or merge into the Company, unless:

 

(a)        
either: (i) the Company is the surviving corporation; or (ii) the Person formed by or surviving
any such consolidation, amalgamation or merger or resulting from such conversion (if other than the Company) or to which such sale,
assignment, transfer, conveyance or other disposition has been made is a corporation, limited liability company or limited partnership
organized or existing under the laws of the United States, any state of the United States or the District of Columbia;

 

 

 

    	 	51	 

     

    

 

(b)       the Person formed by or surviving any such conversion, consolidation, amalgamation or merger
(if other than the Company) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made
assumes all the obligations of the Company under the Securities and this Indenture pursuant to agreements reasonably satisfactory
to the Trustee; provided that, unless such Person is a corporation, a corporate co-issuer of the Securities will be added to this
Indenture by agreements reasonably satisfactory to the Trustee;

 

(c)       immediately before and after giving pro forma effect to such transaction, no Event of Default,
and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing;
and

 

(d)       the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that such consolidation, amalgamation, merger, conveyance, sale, transfer or lease and such supplemental
indenture, if any, comply with this Article Eight and that all conditions precedent herein provided for relating to such transaction
have been complied with.

 

8.2         
Successor Substituted. Upon any consolidation or merger of the Company with or into
any other Person or any sale, conveyance, transfer, lease or other disposition of all or substantially all of the properties and
assets of the Company on a consolidated basis in accordance with Section 8.1, the successor or resulting Person formed
by or resulting upon such consolidation or merger (if other than the Company) or to which such sale, conveyance, transfer, lease
or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in
the case of a lease, the predecessor Company shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

ARTICLE
Nine

AMENDMENT, SUPPLEMENT AND WAIVER

 

9.1         
Without Consent of Holders. The Company and the Trustee may amend or supplement this
indenture or the Securities without the consent of any holder of a Security:

 

(a)       to cure any ambiguity or to correct or supplement any provision herein that may be inconsistent
with any other provision herein in a manner that does not adversely affect the rights of any Holder of Securities in any material
respect; or

 

(b)       to evidence the succession of another Person to the Company and the assumption by any such
successor of the covenants of the Company herein and, to the extent applicable, to the Securities; or

 

(c)       to provide for uncertificated Securities in addition to or in place of certificated Securities;
provided that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code,
or in the manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of the Code; or

 

 

 

    	 	52	 

     

    

 

(d)       to secure the Securities of any series; or

 

(e)       to add to the covenants of the Company such further covenants, restrictions, conditions or
provisions as the Company shall consider to be appropriate for the benefit of the Holders of all or any series of Securities (and
if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating
that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein
conferred upon the Company and to make the occurrence, or the occurrence and continuance, of a Default in any such additional covenants,
restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided
in this Indenture as herein set forth; provided, that in respect of any such additional covenant, restriction, condition or provision
such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than
that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit
the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate
principal amount of the Securities of such series to waive such an Event of Default; or

 

(f)       to make any change to any provision of this Indenture that does not adversely affect the rights
or interests of any Holder of Securities; or

 

(g)       to provide for the issuance of additional Securities in accordance with the provisions set
forth in this Indenture on the date of this Indenture; or

 

(h)       to add any additional Defaults or Events of Default in respect of all or any series of Securities;
or

 

(i)       to add to, change or eliminate any of the provisions of this Indenture to such extent as shall
be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal,
and with or without interest coupons; or

 

(j)       to change or eliminate any of the provisions of this Indenture; provided that any such change
or elimination shall become effective only when there is no Security Outstanding of any series created prior to the execution of
such supplemental indenture that is entitled to the benefit of such provision; or

 

(k)       to establish the form or terms of Securities of any series as permitted by Section 2.1
and Section 3.1, including to reopen any series of any Securities as permitted under Section 3.1; or

 

(l)       to evidence and provide for the acceptance of appointment hereunder by a successor Trustee
with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements
of Section 6.11(b); or

 

 

 

    	 	53	 

     

    

 

(m)       to conform the text of this Indenture (and/or any supplemental indenture) or any debt securities
issued thereunder to any provision of a description of such debt securities appearing in a prospectus or prospectus supplement
or an offering memorandum or offering circular to the extent that such provision was intended to be a verbatim recreation of a
provision of the indenture (and/or any supplemental indenture) or any debt securities issued thereunder; or

 

(n)       to modify, eliminate or add to the provisions of this Indenture to such extent as shall be
necessary to effect the qualification of this Indenture under the Trust Indenture Act or under any similar federal statute subsequently
enacted, and to add to this Indenture such other provisions as may be expressly required under the Trust Indenture Act.

 

After an amendment
under this Section 9.1 becomes effective, the Company shall mail to Holders a notice briefly describing such amendment.
The failure to give such notice to Holders, or any defect therein, shall not impair or affect the validity of an amendment under
this Section 9.1.

 

Upon the request of
the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, the Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make
any further appropriate agreements and stipulations that may be therein contained and to accept the conveyance, transfer, assignment,
mortgage, charge or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such supplemental
indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

9.2         
With Consent of Holders. The Company and the Trustee may amend or supplement this Indenture
and the Securities with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of
each series of Securities affected by such amendment or supplemental indenture, with each such series voting as a separate class
(including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for Securities)
and, subject to Section 5.8 and Section 5.13 hereof, any existing Default or Event of Default or compliance
with any provision of this Indenture or the Securities may be waived with respect to each series of Securities with the consent
of the Holders of a majority in principal amount of the Outstanding Securities of such series voting as a separate class (including
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities).

 

Upon the request of
the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities
as aforesaid, and upon receipt by the Trustee of the documents described in Section 6.3 hereof, the Trustee will join
with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but will not be obligated to, enter into such amended or supplemental Indenture.

 

 

 

    	 	54	 

     

    

 

It is not be necessary
for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed
amendment or waiver, but it is sufficient if such consent approves the substance of the proposed amendment or waiver.

 

After an amendment,
supplement or waiver under this Section 9.2 becomes effective, the Company will mail to the Holders of Securities affected
thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any
defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver.
Subject to Section 5.8 and Section 5.13 hereof, the application of or compliance with, either generally
or in any particular instance, of any provision of this Indenture or the Securities may be waived as to each series of Securities
by the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series. However, without the consent
of each Holder affected, an amendment or waiver under this Section 9.2 may not (with respect to any Securities held
by a non-consenting Holder):

 

(a)       change the Stated Maturity of the principal of, or any installment of principal of or interest
on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption
thereof, or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.2, or change any Place of Payment where, or the coin
or currency in which, any Security or any premium or the interest thereon is payable, or impair the right to institute suit for
the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption
Date), or

 

(b)       reduce the percentage in principal amount of the Outstanding Securities of any series, the
consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver
(of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in
this Indenture, or

 

(c)       modify any of the provisions of this Section 9.2, Section 5.8, Section 5.13
or Section 10.6, except to increase any such percentage or to provide that certain other provisions of this Indenture
cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, provided, however,
that this clause (c) shall not be deemed to require the consent of any Holder with respect to changes in the references to “the
Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements
of Section 6.11(b) and Section 9.1(h); or

 

(d)       waive a redemption payment with respect to any Security; provided, however, that any purchase
or repurchase of Securities shall not be deemed a redemption of the Securities; or

 

(e)       make any change in the foregoing amendment and waiver provisions.

 

 

 

    	 	55	 

     

    

 

A supplemental indenture
that changes or eliminates any covenant or other provision of this Indenture that has expressly been included solely for the benefit
of one or more particular series of Securities, or that modifies the rights of the Holders of Securities of such series with respect
to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities
of any other series.

 

It shall not be necessary
for any Act of Holders under this Section 9.2 to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.

 

9.3         
Execution of Supplemental Indentures. In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise.

 

9.4         
Effect of Supplemental Indentures. Upon the execution of any supplemental indenture
under this Article Nine, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a
part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby.

 

9.5         
Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant
to this Article Nine shall conform to the requirements of the Trust Indenture Act as then in effect.

 

9.6         
Reference in Securities to Supplemental Indentures. Securities of any series authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article Nine may, and shall if required by the
Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company
shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any
such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange
for Outstanding Securities of such series.

 

ARTICLE
Ten

COVENANTS

 

10.1         
Payment of Principal, Premium and Interest. The Company covenants and agrees for the
benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the
Securities of that series in accordance with the terms of the Securities and this Indenture.

 

10.2         
Maintenance of Office or Agency. The Company will maintain in the Borough of Manhattan,
The City of New York, an office or agency (which may be an office of the Trustee or Registrar or agent of the Trustee or Registrar)
where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered
for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee.

 

 

 

    	 	56	 

     

    

 

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

 

Except as otherwise
specified with respect to a series of Securities as contemplated by Section 3.1, the Company hereby initially designates
the office of the Trustee located at [_____________], New York, New York [_____], as the Company’s office or agency for each
such purpose for each series of Securities.

 

10.3         
Money for Securities Payments to Be Held in Trust. If the Company shall at any time
act as its own Paying Agent, with respect to any series of Securities, it will, on or before each due date of the principal of
and any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid
to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to
act.

 

Whenever the Company
shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of and any
premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal and any
premium or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium
or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure
so to act. For purposes of this Section 10.3, should a due date for principal of and any premium or interest on, or
sinking fund payment with respect to any series of Securities not be on a Business Day, such payment shall be due on the next Business
Day without any interest for the period from the due date until such Business Day.

 

The Company will cause
each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which
such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:

 

(a)       hold all sums held by it for the payment of the principal of and any premium or interest on
Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons
or otherwise disposed of as herein provided;

 

 

 

    	 	57	 

     

    

 

(b)       give the Trustee notice of any Default by the Company (or any other obligor upon the Securities
of that series) in the making of any payment of principal and any premium or interest on the Securities of that series; and

 

(c)       at any time during the continuance of any such Default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

 

The Company may at
any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be
held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon
such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to
such money.

 

Subject to any applicable
escheat or abandoned property laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust
for the payment of the principal of and any premium or interest on any Security of any series and remaining unclaimed for one year
after such principal and any premium or interest has become due and payable shall be paid to the Company on Company Request, or
(if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect
to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause
to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money
then remaining will be repaid to the Company.

 

10.4         
Existence. Subject to Article Eight, the Company will do or cause to be done all things
necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises; provided,
however, that the Company shall not be required to preserve any such right or franchise if the Company shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Company.

 

10.5         
Statement by Officers as to Default. Annually, within 150 days after the close of each
fiscal year beginning with the first fiscal year during which one or more series of Securities are Outstanding, the Company will
deliver to the Trustee a brief certificate (which need not include the statements set forth in Section 1.3) from the
principal executive officer, principal financial officer or principal accounting officer of the Company as to his or her knowledge
of the Company’s compliance (without regard to any period of grace or requirement of notice provided herein) with all conditions
and covenants under the Indenture and, if the Company shall be in Default, specifying all such Defaults and the nature and status
thereof of which such officer has knowledge.

 

 

 

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10.6         
Additional Amounts. If the Securities of a series provide for the payment of additional
amounts (as provided in Section 3.1(o)), at least 10 days prior to the first Interest Payment Date with respect to
that series of Securities and at least 10 days prior to each date of payment of principal of, premium, if any, or interest on the
Securities of that series if there has been a change with respect to the matters set forth in the below-mentioned Officer’s
Certificate, the Company shall furnish to the Trustee and the principal Paying Agent, if other than the Trustee, an Officer’s
Certificate instructing the Trustee and such Paying Agent whether such payment of principal of, premium, if any, or interest on
the Securities of that series shall be made to holders of the Securities of that series without withholding or deduction for or
on account of any tax, assessment or other governmental charge described in the Securities of that series. If any such withholding
or deduction shall be required, then such Officer’s Certificate shall specify by country the amount, if any, required to
be withheld or deducted on such payments to such holders and shall certify the fact that additional amounts will be payable and
the amounts so payable to each holder, and the Company shall pay to the Trustee or such Paying Agent the additional amounts required
to be paid by this Section. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless
against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in
connection with actions taken or omitted by any of them in reliance on any Officer’s Certificate furnished pursuant to this
Section 10.6.

 

Whenever in this Indenture
there is mentioned, in any context, the payment of the principal of or any premium, interest or any other amounts on, or in respect
of, any Securities of any series, such mention shall be deemed to include mention of the payment of additional amounts provided
by the terms of such series established hereby or pursuant hereto to the extent that, in such context, additional amounts are,
were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of additional amounts (if
applicable) in any provision hereof shall not be construed as excluding the payment of additional amounts in those provisions hereof
where such express mention is not made.

 

ARTICLE
Eleven

REDEMPTION OF SECURITIES

 

11.1         
Applicability of Article. Securities of any series which are redeemable before their
Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1
for Securities of any series) in accordance with this Article Eleven.

 

11.2         
Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities
shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of less than all the Securities
of any series, the Company shall, at least 15 days prior to the last date for the giving of notice of such redemption (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of
Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any
redemption of Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture or (b) pursuant to an election of the Company that is subject to a condition specified in the terms
of the Securities of the series to be redeemed, the Company shall furnish the Trustee with an Officer’s Certificate evidencing
compliance with such restriction or condition.

 

 

 

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11.3         
Selection by Trustee of Securities to Be Redeemed. If less than all the Securities
of any series are to be redeemed (unless all of the Securities of such series and of a specified tenor are to be redeemed), the
particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities of such series not previously called for redemption, by lot, pro rata or by another method as the Trustee
shall deem fair and appropriate, including any method required by the Depository with respect to any Global Securities (and in
such manner as is not prohibited by applicable legal requirements) and which may provide for the selection for redemption of portions
(equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal
amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series.

 

The Trustee shall promptly
notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected for partial
redemption, the principal amount thereof to be redeemed. If the Securities of any series to be redeemed consist of Securities having
different dates on which the principal is payable or different rates of interest, or different methods by which interest may be
determined or have any other different tenor or terms, then the Company may, by written notice to the Trustee, direct that the
Securities of such series to be redeemed shall be selected from among the groups of such Securities having specified tenor or terms
and the Trustee shall thereafter select the particular Securities to be redeemed in the manner set forth in the preceding paragraph
from among the group of such Securities so specified.

 

For all purposes of
this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in
the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which
has been or is to be redeemed.

 

11.4         
Notice of Redemption. Notice of redemption shall be given by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed,
at his address appearing in the Security Register.

 

All notices of redemption
shall state:

 

(a)       the Redemption Date,

 

(b)       the Redemption Price, or if not then ascertainable, the manner of calculation thereof,

 

 

 

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(c)       if less than all the Outstanding Securities of any series are to be redeemed, the identification
(and, in the case of partial redemption, the principal amounts) of the particular Securities to be redeemed,

 

(d)       that on the Redemption Date the Redemption Price will become due and payable upon each such
Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date,

 

(e)       the place or places where such Securities are to be surrendered for payment of the Redemption
Price, and

 

(f)       that the redemption is for a sinking fund, if such is the case.

 

Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the
name and at the expense of the Company.

 

11.5         
Deposit of Redemption Price. Prior to any Redemption Date, the Company shall deposit
with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided
in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall
be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date.

 

11.6         
Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid,
the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified,
and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided,
however, that unless otherwise specified with respect to Securities of any series as contemplated in Section 3.1,
installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant record dates according to their
terms and the provisions of Section 3.7.

 

If any Security called
for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid,
bear interest from the Redemption Date at the rate prescribed therefor in the Security.

 

11.7         
Securities Redeemed in Part. Any Security which is to be redeemed only in part shall
be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney
duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such
Security without service charge, a new Security or Securities of the same series and tenor, of any authorized denomination as requested
by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security
so surrendered.

 

 

 

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ARTICLE
Twelve

SINKING FUNDS

 

12.1         
Applicability of Article. The provisions of this Article Twelve shall be applicable
to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 3.1
for Securities of such series.

 

The minimum amount
of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any
series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities
of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2.
Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities
of such series.

 

12.2         
Satisfaction of Sinking Fund Payments with Securities. The Company (a) may deliver
Outstanding Securities of a series (other than any previously called for redemption) and (b) may apply as a credit Securities of
a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the
application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction
of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the
terms of such Securities as provided for by the terms of such series; provided that such Securities have not been previously so
credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such
Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

12.3         
Redemption of Securities for Sinking Fund. Not less than 45 days prior to each sinking
fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company will
deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series
pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 12.2
and stating the basis for such credit and that such Securities have not been previously so credited, and will also deliver to the
Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.3 and cause
notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.4.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in
Section 11.6 and Section 11.7.

 

 

 

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ARTICLE
Thirteen

DEFEASANCE

 

13.1         
Option to Effect Legal Defeasance or Covenant Defeasance. The Company may, at the option
of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate, and at any time, elect to have
either Section 13.2 or Section 13.3 hereof be applied to all outstanding Securities upon compliance with
the conditions set forth below in this Article Thirteen.

 

13.2         
Legal Defeasance and Discharge. Upon the Company’s exercise under Section 13.1
hereof of the option applicable to this Section 13.2, the Company will, subject to the satisfaction of the conditions
set forth in Section 13.4 hereof, be deemed to have been discharged from their obligations with respect to all outstanding
Securities on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this
purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the entire Debt represented by the
outstanding Securities, which will thereafter be deemed to be “outstanding” only for the purposes of Section 13.5
hereof and the other sections of this Indenture referred to in clauses (a) and (b) below, and to have satisfied all their other
obligations under such Securities and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or
discharged hereunder:

 

(a)       the rights of Holders of Outstanding Securities to receive payments in respect of the principal
of, or interest or premium, if any, on such Securities when such payments are due from the trust referred to in Section 13.4
hereof;

 

(b)       the Company’s obligations with respect to such Securities under Section 3.4,
Section 3.5, Section 3.6, Section 10.2 and Section 10.3 hereof;

 

(c)       the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s
obligations in connection therewith; and

 

(d)       this Article Thirteen.

 

Subject to compliance
with this Article Thirteen, the Company may exercise its option under this Section 13.2 notwithstanding the prior exercise
of its option under Section 13.3 hereof.

 

13.3         
Covenant Defeasance. Upon the Company’s exercise under Section 13.1
hereof of the option applicable to this Section 13.3, the Company will, subject to the satisfaction of the conditions
set forth in Section 13.4 hereof, be released from each of their obligations under the covenants contained in Section 7.4,
Section 8.1 and Section 10.4 hereof as well as any Additional Defeasible Provisions (such release and termination
hereinafter referred to as “Covenant Defeasance”), and the Securities will thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood
that such Securities will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that,
with respect to the outstanding Securities, the Company may omit to comply with and will have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein
to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document
and such omission to comply will not constitute a Default or an Event of Default under Section 5.1 hereof, but, except
as specified above, the remainder of this Indenture and such Securities will be unaffected thereby. In addition, upon the Company’s
exercise under Section 13.1 hereof of the option applicable to this Section 13.3 hereof, subject to the
satisfaction of the conditions set forth in Section 13.4 hereof, Section 5.1(c) and Section 5.1(e)
hereof and will not constitute Events of Default.

 

 

 

    	 	63	 

     

    

 

13.4         
Conditions to Legal or Covenant Defeasance. In order to exercise either Legal Defeasance
or Covenant Defeasance under either Section 13.2 or Section 13.3 hereof:

 

(a)       the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders
of the Securities, cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination of cash in U.S. dollars and
non-callable U.S. Government Obligations, in such amounts as will be sufficient, in the opinion of a nationally recognized investment
bank, appraisal firm, or firm of independent public accountants to pay the principal of, or interest and premium, if any, on the
Outstanding Securities on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the
Company must specify whether the Securities are being defeased to such stated date for payment or to a particular redemption date;

 

(b)       in the case of an election under Section 13.2 hereof, the Company must deliver
to the Trustee an Opinion of Counsel confirming that:

 

(i)       the Company has received from, or there has been published by, the Internal Revenue Service
a ruling; or

 

(ii)      since the Issue Date, there has been a change in the applicable federal income tax law,

 

in either case to the effect that, and
based thereon such Opinion of Counsel will confirm that, the Holders of the Outstanding Securities will not recognize income, gain
or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(c)       in the case of an election under Section 13.3 hereof, the Company must deliver
to the Trustee an Opinion of Counsel confirming that the Holders of the Outstanding Securities will not recognize income, gain
or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

 

 

    	 	64	 

     

    

 

(d)       no Default or Event of Default has occurred and is continuing on the date of such deposit
(other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit);

 

(e)       the deposit will not result in a breach or violation of, or constitute a default under, any
other instrument to which the Company is a party or by which the Company is bound;

 

(f)       such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of,
or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any of
its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound;

 

(g)       the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit
was not made by the Company with the intent of preferring the Holders of Securities over the other creditors of the Company with
the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others;

 

(h)       the Company must deliver to the Trustee an Officer’s Certificate, stating that all conditions
precedent set forth in clauses (a) through (g) of this Section 13.4 have been complied with; and

 

(i)       the Company must deliver to the Trustee an Opinion of Counsel (which Opinion of Counsel may
be subject to customary assumptions, qualifications and exclusions), stating that all conditions precedent set forth in clauses
(b), (c) and (e) of this Section 13.4 have been complied with; provided that the Opinion of Counsel with respect to
clause (e) of this Section 13.4 may be to the knowledge of such counsel.

 

13.5         
Deposited Money and U.S. Government Obligations to be Held in Trust, Other Miscellaneous
Provisions. Subject to Section 13.6 hereof, all money and non-callable U.S. Government Obligation (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 13.5,
the “Trustee”) pursuant to Section 13.4 hereof in respect of the Outstanding Securities will be
held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the
Holders of such Securities of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but
such money need not be segregated from other funds except to the extent required by law.

 

The Company will pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable U.S. Government
Obligations deposited pursuant to Section 13.4 hereof or the principal and interest received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Securities.

 

Notwithstanding anything
in this Article Thirteen to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of
the Company any money or non-callable U.S. Government Obligations held by it as provided in Section 13.4 hereof which,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee (which may be the opinion delivered under Section 13.4(a) hereof), are in excess of the amount thereof
that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

 

 

    	 	65	 

     

    

 

13.6         
Repayment. Any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of, premium, if any, or interest on any Security and remaining unclaimed
for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its
request or (if then held by the Company) will be discharged from such trust; and the Holder of such Security will thereafter be
permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee
or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published
once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed
and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication,
any unclaimed balance of such money then remaining will be repaid to the Company.

 

13.7         
Reinstatement. If the Trustee or Paying Agent is unable to apply any United States
dollars or non-callable U.S. Government Obligations in accordance with Section 13.2 or Section 13.3 hereof,
as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company’s obligations under this Indenture and the Securities will be revived and
reinstated as though no deposit had occurred pursuant to Section 13.2 or Section 13.3 hereof until such
time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 13.2 or Section 13.3
hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest
on any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such
Securities to receive such payment from the money held by the Trustee or Paying Agent.

 

This instrument may
be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed
and attested, all as of the day and year first above written.

 

	 	PACIFIC ETHANOL, INC.
	 	 
	 	 
	 	By:__________
	 	Name:__________
	 	Title:__________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	66	 

     

    

 

	 	[TRUSTEE]
	 	By:_________________
	 	Name:_______________
	 	Title:________________

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