FORM OF NOTE
FOR VALUE RECEIVED, Northern Oil and Gas, Inc.,
a Nevada corporation (the “ Borrower ”) hereby
promises to pay to
[ ] (the
“ Lender ”), or its registered assigns, at the
principal office of CIT Capital USA Inc. (the “
Administrative Agent ”), at 505 Fifth Avenue,
10 th
Floor, New York, NY 10017, the
principal sum of [_______________] dollars ($[____________]) (or
such lesser amount as shall equal the aggregate unpaid principal
amount of the Loans made by the Lender to the Borrower under the
Credit Agreement, as hereinafter defined), in lawful money of the
United States of America and in immediately available funds, on the
dates and in the principal amounts provided in the Credit
Agreement, and to pay interest on the unpaid principal amount of
each such Loan, at such office, in like money and funds, for the
period commencing on the date of such Loan until such Loan shall be
paid in full, at the rates per annum and on the dates provided in
the Credit Agreement.
The date, amount, Type, interest rate, Interest
Period and maturity of each Loan made by the Lender to the
Borrower, and each payment made on account of the principal
thereof, shall be recorded by the Lender on its books and, prior to
any transfer of this Note, may be endorsed by the Lender on the
schedules attached hereto or any continuation thereof or on any
separate record maintained by the Lender. Failure to
make any such notation or to attach a schedule shall not affect any
Lender’s or the Borrower’s rights or obligations in
respect of such Loans or affect the validity of s
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