On April 15, 2020, Ultra Petroleum Corp. elected to utilize a 30-day grace period with respect to, and not to make, the approximate $13.2 million semi-annual interest payment that was due on April 15, 2020 under the Company’s outstanding 6.875% Senior Notes Due 2022 and 7.125% Senior Notes Due 2025. Under the indenture dated April 12, 2017 governing the Unsecured Notes as a single class, the Company has a 30-day grace period after the interest payment date before an event of default would occur on May 15, 2020. Failure to make the interest payments on the Unsecured Notes when due at the end of such grace period would constitute an event of default under the Company’s (i) Credit Agreement with Bank of Montreal, as administrative agent, and certain lenders thereto; (ii) Term Loan Credit Agreement with Barclays Bank PLC, as administrative agent, and certain lenders thereto; (iii) the 9.00% Cash /2.00% PIK Senior Secured Second Lien Notes due July 2024; and (iv) the Unsecured Notes Indenture. The occurrence of an event of default under the Credit Agreement or the Term Loan Agreement would allow the respective administrative agents to declare the Company’s obligations under the Credit Agreement and Term Loan Agreement immediately due and payable and to exercise such administrative agents’ and lenders’ rights under the Credit Agreement and Term Loan Agreement. The occurrence of an event of default under the Second Lien Notes or the Unsecured Notes Indenture would give the trustee or the holders of at least 25% of principal amount of the outstanding notes the option to declare all of the notes due and payable immediately upon such event of default.