Exhibit 10.2


 


EXECUTION COPY


 


 


$1,100,000,000


 


SIXTH AMENDED AND RESTATED REVOLVING CREDIT
AGREEMENT


 


Dated as of December 14,
2022


 


among


 


CONSUMERS ENERGY COMPANY,

as the Company,


 


THE FINANCIAL INSTITUTIONS NAMED HEREIN,

as the Banks,


 


JPMORGAN CHASE BANK, N.A.,

as Agent,


 


BARCLAYS BANK PLC and MUFG BANK, LTD., 


as Co-Syndication Agents,


 


MIZUHO BANK, LTD., BANK OF AMERICA, N.A.
and WELLS FARGO BANK, 

NATIONAL ASSOCIATION,

as Co-Documentation Agents,


 


and


 


BARCLAYS BANK PLC,


as Sustainability Structuring Agent


 


 


JPMORGAN CHASE BANK, N.A., BARCLAYS BANK PLC,
MUFG BANK, LTD., 

MIZUHO BANK, LTD., BOFA SECURITIES, INC. and WELLS FARGO SECURITIES, LLC,

as Joint Lead Arrangers and Joint Bookrunners


 


 






     


     


    

 


TABLE OF CONTENTS


 





	 	Page
	 	 
	ARTICLE I DEFINITIONS	1
	1.1	Definitions	1
	1.2	Interpretation	27
	1.3	Accounting Terms	28
	1.4	Amendment and Restatement of Existing Credit Agreement	29
	1.5	Interest Rates; Benchmark Notification	30
	1.6	Divisions	30
	1.7	Applicable Pricing Adjustments	30
	 	 	 
	ARTICLE II THE ADVANCES	32
	2.1	Commitment	32
	2.2	Repayment	33
	2.3	Ratable Loans	33
	2.4	Types of Advances	33
	2.5	Fees and Changes in Commitments	33
	2.6	Minimum Amount of Advances	33
	2.7	Principal Payments	33
	2.8	Method of Selecting Types and Interest Periods for New Advances	34
	2.9	Conversion and Continuation of Outstanding Advances	35
	2.10	Interest Rates, Interest Payment Dates	35
	2.11	Rate after Maturity	36
	2.12	Method of Payment; Sharing Set-Offs	36
	2.13	Bonds; Record-keeping; Telephonic Notices	37
	2.14	Lending Installations	37
	2.15	Non-Receipt of Funds by the Agent	38
	2.16	Expansion Option	38
	2.17	Extension of Termination Date	39
	 	 	 
	ARTICLE III LETTER OF CREDIT FACILITY	42
	3.1	Issuance	42
	3.2	Participations	42
	3.3	Notice; Amount of Facility LC	42
	3.4	LC Fees	43
	3.5	Administration; Reimbursement by Banks	43
	3.6	Reimbursement by Company	44
	3.7	Obligations Absolute	44
	3.8	Actions of LC Issuers	44
	3.9	Indemnification	45
	3.10	Banks’ Indemnification	45
	3.11	Rights as a Bank	45
	3.12	LC Issuer Agreements	46



 






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	ARTICLE IV CHANGE IN CIRCUMSTANCES	46
	4.1	Yield Protection	46
	4.2	Replacement of Banks	47
	4.3	Alternate Rate of Interest	48
	4.4	Funding Indemnification	51
	4.5	Taxes	51
	4.6	Bank Certificates, Survival of Indemnity	53
	4.7	Defaulting Banks	54
	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES	56
	5.1	Incorporation and Good Standing	56
	5.2	Corporate Power and Authority: No Conflicts	56
	5.3	Governmental Approvals	57
	5.4	Legally Enforceable Agreements	57
	5.5	Financial Statements	57
	5.6	Litigation	57
	5.7	Margin Stock	58
	5.8	ERISA	58
	5.9	Insurance	58
	5.10	Taxes	58
	5.11	Investment Company Act	58
	5.12	Bonds	58
	5.13	Disclosure	58
	5.14	Anti-Corruption Laws and Sanctions	59
	5.15	Delivery of Documents	59
	5.16	Affected Financial Institution	59
	5.17	Diverse Supplier Spend Percentage and Renewable Generation Amount	59
	 	 	 
	ARTICLE VI AFFIRMATIVE COVENANTS	59
	6.1	Payment of Taxes, Etc	59
	6.2	Maintenance of Insurance	60
	6.3	Preservation of Corporate Existence, Etc	60
	6.4	Compliance with Laws, Etc	60
	6.5	Visitation Rights	60
	6.6	Keeping of Books	60
	6.7	Reporting Requirements	60
	6.8	Use of Proceeds	63
	6.9	Maintenance of Properties, Etc	63
	6.10	Bonds	63
	 	 	 
	ARTICLE VII NEGATIVE COVENANTS	64
	7.1	Liens	64
	7.2	Sale of Assets	65
	7.3	Mergers, Etc	65
	7.4	Compliance with ERISA	65
	7.5	Organizational Documents	65
	7.6	Change in Nature of Business	66



 






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	7.7	Transactions with Affiliates	66
	 	 	 
	ARTICLE VIII FINANCIAL COVENANT	66
	 	 
	ARTICLE IX EVENTS OF DEFAULT	66
	9.1	Events of Default	66
	9.2	Remedies	68
	9.3	Application of Payments	69
	 	 	 
	ARTICLE X WAIVERS, AMENDMENTS AND REMEDIES	70
	10.1	Amendments	70
	10.2	Preservation of Rights	72
	 	 	 
	ARTICLE XI CONDITIONS PRECEDENT	72
	11.1	Effectiveness of this Agreement	72
	11.2	Each Credit Extension	73
	 	 	 
	ARTICLE XII GENERAL PROVISIONS	74
	12.1	Successors and Assigns	74
	12.2	Survival of Representations	76
	12.3	Governmental Regulation	76
	12.4	Taxes	76
	12.5	Choice of Law	77
	12.6	Headings	77
	12.7	Entire Agreement	77
	12.8	Expenses; Indemnification	77
	12.9	Severability of Provisions	78
	12.10	Setoff	78
	12.11	Ratable Payments	78
	12.12	Nonliability	79
	12.13	Other Agents	79
	12.14	USA Patriot Act	79
	12.15	Electronic Delivery	80
	12.16	Confidentiality	81
	12.17	No Advisory or Fiduciary Responsibility	82
	12.18	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	83
	12.19	Maximum Rate	83
	12.20	Acknowledgment Regarding Any Supported QFCs	83
	 	 	 
	ARTICLE XIII THE AGENT	84
	13.1	Appointment	84
	13.2	Powers	84
	13.3	General Immunity	84
	13.4	No Responsibility for Recitals, Etc	84
	13.5	Action on Instructions of Banks	84
	13.6	Employment of Agents and Counsel	85
	13.7	Reliance on Documents; Counsel	85



 






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	13.8	Agent’s Reimbursement and Indemnification	85
	13.9	Rights as a Bank	85
	13.10	Bank Credit Decision	85
	13.11	Successor Agent	86
	13.12	Additional ERISA Matters	87
	13.13	Erroneous Payments	88
	 	 	 
	ARTICLE XIV NOTICES	89
	14.1	Giving Notice	89
	14.2	Change of Address	90
	 	 	 
	ARTICLE XV COUNTERPARTS	90


 


	SCHEDULES	 
	 	 
	Schedule 1	Pricing
Schedule
	Schedule 2	Commitment
Schedule
	Schedule 3	Diverse Spend Table
	Schedule 3.1	Existing LCs
	 	 
	EXHIBITS	 
	 	 
	Exhibit A	Form of Opinion
from Melissa M. Gleespen, Esq., Vice President, Chief Compliance Officer and Corporate Secretary of the Company
	Exhibit B	Form of
Compliance and Applicable Pricing Adjustment Certificate
	Exhibit C	Form of
Assignment and Assumption Agreement
	Exhibit D	Terms
of Subordination (Junior Subordinated Debt)
	Exhibit E	Intentionally Omitted
	Exhibit F	Form of Increasing
Bank Supplement
	Exhibit G	Form of Augmenting
Bank Supplement



 






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SIXTH AMENDED AND RESTATED REVOLVING CREDIT
AGREEMENT


 


This SIXTH AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT, dated as of December 14, 2022, is among CONSUMERS ENERGY COMPANY, a Michigan corporation (the “Company”),
the financial institutions listed on the signature pages hereof (together with their respective successors and assigns and any other
Person that shall have become a Bank hereunder pursuant to Section 2.16, the “Banks”) and JPMORGAN CHASE
BANK, N.A., as Agent.


 


W I T N E S S E T H:


 


WHEREAS, the Company, the
banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent thereunder, are currently party to the Fifth Amended and Restated
Revolving Credit Agreement, dated as of June 5, 2018 (as amended, supplemented or otherwise modified prior to the date hereof, the
 “Existing Credit Agreement”);


 


WHEREAS, the Company, the
Banks and the Agent have agreed to enter into this Agreement in order to (i) amend and restate the Existing Credit Agreement in
its entirety; (ii) re-evidence the “Obligations” under, and as defined in, the Existing Credit Agreement, which shall
be repayable in accordance with the terms of this Agreement; and (iii) set forth the terms and conditions under which the Banks
will, from time to time, make loans and extend other financial accommodations to or for the benefit of the Company in an aggregate amount
not to exceed $1,100,000,000 at any time outstanding;


 


NOW THEREFORE, the parties
hereto agree as follows:


 


ARTICLE I

DEFINITIONS


 


1.1            Definitions.
As used in this Agreement:


 


“Accounting Changes”
 – see Section 1.3.


 


“Additional Commitment
Bank” - see Section 2.17(d).


 


“Additional LC Issuer”
 – see Section 3.1.


 


“Adjusted Daily
Simple SOFR” means an interest rate per annum equal to (a) the Daily Simple SOFR, plus (b) 0.10%; provided
that if the Adjusted Daily Simple SOFR as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor
for the purposes of this Agreement.


 


“Adjusted Term SOFR
Rate” means, for any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such Interest Period,
plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall
be deemed to be equal to the Floor for the purposes of this Agreement.


 






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“Administrative
Questionnaire” means an administrative questionnaire, substantially in the form supplied by the Agent, completed by a Bank
and furnished to the Agent in connection with this Agreement.


 


“Advance”
means a group of Loans made by the Banks hereunder of the same Type, made, converted or continued on the same day and, in the case of
Term Benchmark Loans, having the same Interest Period.


 


“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.


 


“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling (including all directors and officers of such
Person), controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another entity
if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such entity,
whether through the ownership of voting securities, by contract or otherwise.


 


“Agent”
means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Banks pursuant to Article XIII, and not
in its individual capacity as a Bank, and any successor Agent appointed pursuant to Article XIII.


 


“Aggregate Commitment”
means the aggregate amount of the Commitments of all Banks.


 


“Aggregate Outstanding
Credit Exposure” means, at any time, the aggregate of the Outstanding Credit Exposure of all the Banks.


 


“Agreement”
means this Sixth Amended and Restated Revolving Credit Agreement, as amended from time to time.


 


“Alternate Base
Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted Term SOFR Rate for a one month Interest Period on such
date (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business
Day) plus 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate
shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate,
respectively. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 0%, such
rate shall be deemed to be 0% for purposes of this Agreement.


 


“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Company or any of its Subsidiaries from
time to time concerning or relating to bribery, anti-money laundering or corruption.


 






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“Applicable Diversity
Adjustment” means, for any fiscal year, with reference to the Diverse Supplier Spend Percentage as reported by the Company
using PowerAdvocate or another similar reporting tool, and both (i) reported in the certificate delivered pursuant to Section 6.7(c) and
(ii) certified by the Sustainability Metric Auditor, in each case for the end of the most recent previously ended fiscal year:


 


(i)             if
the annual Diverse Supplier Spend Percentage is greater than or equal to the Diverse Supplier Spend Target for the applicable fiscal
year, a 0.025% reduction in the specified Applicable Margins and a 0.005% reduction in the specified Commitment Fee Rate;


 


(ii)            if
the annual Diverse Supplier Spend Percentage is less than the Diverse Supplier Spend Threshold for the applicable fiscal year (other
than as a result of a Diverse Spend Trigger Event), a 0.025% increase in the specified Applicable Margins and a 0.005% increase in the
specified Commitment Fee Rate; and


 


(iii)           if
the annual Diverse Supplier Spend Percentage is greater than or equal to the Diverse Supplier Spend Threshold for the applicable fiscal
year but less than the Diverse Supplier Spend Target for such fiscal year, or if a Diverse Spend Trigger Event has occurred and is continuing,
no change in the specified Applicable Margins or Commitment Fee Rate.


 


“Applicable Margin”
means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect
to Advances of such Type as set forth in Schedule 1. Pursuant to the terms of Section 1.7, the Applicable Margin for
Term Benchmark Loans or RFR Loans and Floating Rate Loans set forth in Schedule 1 may be increased or decreased by the Applicable
Pricing Adjustment as in effect from time to time (but in no event shall any Applicable Margin be less than 0.0%).


 


“Applicable Pricing
Adjustment” means, for any fiscal year, the net sum of the Applicable Diversity Adjustment and the Applicable Renewable Generation
Adjustment for such fiscal year.


 


“Applicable Renewable
Generation Adjustment” means, for any fiscal year, with reference to the Company’s Renewable Generation Amount reflected
in the Company’s Annual Report on Form 10-K filed with the SEC, and both (x) reported in the compliance certificate delivered
pursuant to Section 6.7(c) and (y) certified by the Sustainability Metric Auditor, in each case for the end of the most
recent previously ended fiscal year:


 


(i)             if
the annual Renewable Generation Amount is greater than or equal to 110% of the applicable Baseline Renewable Generation Amount, a 0.025%
reduction in the specified Applicable Margins and a 0.005% reduction in the specified Commitment Fee Rate;


 


(ii)            if
the annual Renewable Generation Amount is less than 90% of the applicable Baseline Renewable Generation Amount, a 0.025% increase in
the specified Applicable Margins and a 0.005% increase in the specified Commitment Fee Rate; and


 


(iii)            if
the annual Renewable Generation Amount is greater than or equal to 90% of the Baseline Renewable Generation Amount but less than 110%
of the Baseline Renewable Generation Amount, no change in the specified Applicable Margins or Commitment Fee Rate.


 


“Arranger”
means each of JPMorgan Chase Bank, N.A., Barclays Bank PLC, MUFG Bank, Ltd., Mizuho Bank, Ltd., BofA Securities, Inc.
and Wells Fargo Securities, LLC.


 






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“Assignment Agreement”
 – see Section 12.1(e).


 


“Augmenting Bank”
 – see Section 2.16.


 


“Available Aggregate
Commitment” means, at any time, the Available Commitment then in effect minus the Aggregate Outstanding Credit Exposure
at such time.


 


“Available Commitment”
means, at any time, the lesser of (i) the Aggregate Commitment and (ii) the face amount of the Bonds.


 


“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark (or
component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable,
that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency
of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any
tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (e) of Section 4.3.


 


“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected
Financial Institution.


 


“Bail-In Legislation”
means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from
time to time which is described in the EU Bail-In Legislation Schedule. and (b) with respect to the United Kingdom, Part I
of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United
Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates
(other than through liquidation, administration or other insolvency proceedings).


 


“Bank Notice Date”
see Section 2.17(b).


 


“Bankruptcy Code”
means Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect, or any successor statute.


 


“Bankruptcy Event”
means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator,
trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation
of its business appointed for it, or, in the good faith determination of the Agent, has taken any action in furtherance of, or indicating
its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result
solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority
or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person 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 Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements
made by such Person.


 






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“Banks”
 – see the preamble.


 


“Baseline Renewable
Generation Amount” means, for any fiscal year, the average of the Company’s annual Renewable Generation Amount for the
end of each of the Company’s three preceding fiscal years, in each case as reported on the Company’s annual report on Form 10-K
for such fiscal year; provided, that (x) if during any such fiscal year the Company shall have made a Material Disposition,
the annual Renewable Generation Amount for the end of such fiscal year shall be calculated after giving effect thereto on a pro forma
basis as if such Material Disposition occurred on the first day of such fiscal year and (y) if during any such fiscal year the Company
shall have made any acquisition, the assets so acquired shall not be included in any calculation of the Renewable Generation Amount until
the fiscal year immediately following the fiscal year during which such acquisition was consummated. As used in this definition, “Material
Disposition” means any sale, transfer or disposition of property or series of related sales, transfers, or dispositions of property
that independently contributed to the measured Renewable Generation Amount during the fiscal year of such disposition in a proportion
greater than five percent (5%) of the Baseline Renewable Generation Amount at the time of disposition.


 


“Benchmark”
means, initially, with respect to any (i) RFR Loan (following a Benchmark Transition Event and Benchmark Replacement Date with respect
to the Term SOFR Rate), Daily Simple SOFR or (ii) Term Benchmark Loan, the Term SOFR Rate; provided that if a Benchmark Transition
Event and the related Benchmark Replacement Date have occurred with respect to the Daily Simple SOFR or Term SOFR Rate, as applicable,
or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark
Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 4.3.


 


“Benchmark Replacement”
means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Agent for the applicable
Benchmark Replacement Date:


 


(1) Adjusted
Daily Simple SOFR, and


 


(2) the
sum of: (a) the alternate benchmark rate that has been selected by the Agent and the Company as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement
benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated
credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment;


 






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If the Benchmark Replacement as determined pursuant
to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes
of this Agreement and the other Credit Documents.


 


“Benchmark Replacement
Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for
any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or
method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected
by the Agent and the Company for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the
applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any
evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated
credit facilities at such time.


 


“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement and/or any Term Benchmark Loan, any technical, administrative
or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day”,
the definition of “U.S. Government Securities Business Day”, the definition of “Interest Period,” timing and
frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation
notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters)
that the Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration
thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent decides that adoption of any portion
of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration of
such Benchmark exists, in such other manner of administration as the Agent decides is reasonably necessary in connection with the administration
of this Agreement and the other Credit Documents).


 


“Benchmark Replacement
Date” means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current
Benchmark:


 


(1) in the case of clause
(1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement
or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published
component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such
component thereof); or


 


(2) in the case of clause
(3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component
used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark
(or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference
to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or
such component thereof) continues to be provided on such date.


 






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For the avoidance of doubt, (i) if the event
giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark
Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon
the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark
(or the published component used in the calculation thereof).


 


“Benchmark Transition
Event” means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current
Benchmark:


 


(1) a public statement
or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation
thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component
thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide any Available Tenor of such Benchmark (or such component thereof);


 


(2) a public statement
or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in
the calculation thereof), the Board, the NYFRB, the CME Term SOFR Administrator, an insolvency official with jurisdiction over the administrator
for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component),
in each case, or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such
component), in each case which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide
all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement
or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component
thereof); or


 


(3) a public statement
or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in
the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a
specified future date will no longer be, representative.


 


For the avoidance of doubt, a Benchmark Transition
Event will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above
has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation
thereof).


 


“Benchmark Unavailability
Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement
Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced
such then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with Section 4.3 and (y) ending
at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Credit Document
in accordance with Section 4.3.


 






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“Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.


 


“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.


 


“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title
I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies,
and (c) any Person whose assets include (for purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA
or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.


 


“BHC Act Affiliate”
of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of
such party.


 


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


 


“Bond Delivery Agreements”
means, collectively, (i) that certain Bond Delivery Agreement, dated as of March 31, 2011, between the Company and the Agent,
(ii) that certain Bond Delivery Agreement, dated as of December 20, 2013, between the Company and the Agent, (iii) that
certain Bond Delivery Agreement, dated as of June 5, 2018, between the Company and the Agent, and (iv) that certain Bond Delivery
Agreement, dated as of December 14, 2022, between the Company and the Agent, in each case as the same may be amended, restated,
supplemented or otherwise modified from time to time, including any bond delivery agreement entered into in connection with the issuance
of any Bonds in accordance with Section 2.16.


 


“Bonds”
means (i) that certain First Mortgage Bond in the aggregate principal amount of $500,000,000 created under the One Hundred Fourteenth
Supplement and issued in favor of the Agent, (ii) that certain First Mortgage Bond in the aggregate principal amount of $150,000,000
created under the One Hundred Twenty-Third Supplement and issued in favor of the Agent, (iii) that certain First Mortgage Bond in
the aggregate principal amount of $200,000,000 created under the One Hundred Thirty-Second Supplement and issued in favor of the Agent,
and (iv) that certain First Mortgage Bond in the aggregate principal amount of $250,000,000 created under the One Hundred Forty-Sixth
Supplement and issued in favor of the Agent and including any new interest-bearing First Mortgage Bonds issued in favor of the Agent
pursuant to any supplemental indenture acceptable to the Agent in accordance with Section 2.16.


 


“Borrowing Date”
means a date on which a Credit Extension is made hereunder.


 


“Borrowing Notice”
 – see Section 2.8.


 






    -8-


     


    

 


“Business Day”
means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City; provided that, in addition
to the foregoing, a Business Day shall be a day that is also a U.S. Government Securities Business Day (a) in relation to RFR Loans
and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings of such
RFR Loan and (b) in relation to Loans referencing the Adjusted Term SOFR Rate and any interest rate settings, fundings, disbursements,
settlements or payments of any such Loans referencing the Adjusted Term SOFR Rate or any other dealings of such Loans referencing the
Adjusted Term SOFR Rate.


 


“Capital Lease”
means any lease which has been or would be capitalized on the books of the lessee in accordance with GAAP, subject to clause (iii) of
Section 1.3.


 


“Change in Control”
means (a) any “person” or “group” within the meaning of Sections 13(d) and 14(d)(2) of the Exchange
Act shall become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the then
outstanding voting capital stock of CMS, or (b) the majority of the board of directors of CMS shall fail to consist of Continuing
Directors, or (c) a consolidation or merger of CMS shall occur after which the holders of the outstanding voting capital stock of
CMS immediately prior thereto hold less than 50% of the outstanding voting capital stock of the surviving entity, or (d) more than
50% of the outstanding voting capital stock of CMS shall be transferred to any entity of which CMS owns less than 50% of the outstanding
voting capital stock, or (e) CMS shall own less than 80% of the Equity Interests of the Company.


 


“Change in Law”
means the occurrence, after the date of this Agreement (or with respect to any Bank, if later, the date on which such Bank becomes a
Bank), 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, rules, guideline, requirement or directive (whether or not having the force
of law) by any Governmental Authority; provided however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in
connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States or foreign 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, issued or implemented.


 


“Closing Date”
means December 14, 2022.


 


“CME Term SOFR Administrator”
means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR)
(or a successor administrator).


 


“CMS”
means CMS Energy Corporation, a Michigan corporation.


 


“Code”
means the Internal Revenue Code of 1986, as amended from time to time.


 


“Collateral Shortfall
Amount” – see Section 9.2.


 






    -9-


     


    

 


“Commitment”
means, for each Bank, the obligation of such Bank to make Loans to, and participate in Facility LCs issued upon the application of, the
Company in an aggregate amount not exceeding the amount set forth on Schedule 2 or as set forth in any Assignment Agreement that
has become effective pursuant to Section 12.1, as such amount may be increased pursuant to Section 2.16, or otherwise
modified, from time to time.


 


“Commitment Fee”
 – see Section 2.5.


 


“Commitment Fee
Rate” means, at any time, the percentage rate per annum at which Commitment Fees are accruing on the Unused Commitment as set
forth in Schedule 1. Pursuant to the terms of Section 1.7, the Commitment Fee Rate set forth in Schedule 1
may be increased or decreased by the Applicable Pricing Adjustment as in effect from time to time (but in no event shall any Commitment
Fee Rate be less than 0.0%).


 


“Company”
 – see the preamble.


 


“Compliance and
Applicable Pricing Adjustment Certificate” - see Section 6.7(c).


 


“Consolidated Subsidiary”
means any Subsidiary the accounts of which are or are required to be consolidated with the accounts of the Company in accordance with
GAAP.


 


“Continuing Director”
means, as of any date of determination, any member of the board of directors of CMS who (a) was a member of such board of directors
on the Closing Date, or (b) was nominated for election or elected to such board of directors with the approval of the Continuing
Directors who were members of such board of directors at the time of such nomination or election.


 


“Conversion/Continuation
Notice” – see Section 2.9.


 


“Corresponding Tenor”
with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately
the same length (disregarding business day adjustment) as such Available Tenor.


 


“Covered Entity”
means any of the following:


 


(i)              a
 “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);


 


(ii)             a
 “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or


 


(iii)            a
 “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).


 


“Covered Party”
 – see Section 12.20.


 


“Credit Documents”
means this Agreement, the Facility LC Applications (if any), the Supplemental Indentures, the Bond Delivery Agreements and the Bonds.


 






    -10-


     


    

 


“Credit Extension”
means the making of an Advance or the issuance of a Facility LC hereunder.


 


“Credit Party”
means the Agent, any LC Issuer or any other Bank.


 


“Daily Simple SOFR”
means, for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day (such day “SOFR Determination
Date”) that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government
Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the
U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR
Administrator on the SOFR Administrator’s Website. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from
and including the effective date of such change in SOFR without notice to the Company.


 


“Debt”
means, with respect to any Person, and without duplication, (a) all indebtedness of such Person for borrowed money, (b) all
indebtedness of such Person for the deferred purchase price of property or services (other than trade accounts payable arising in the
ordinary course of business which are not overdue), (c) liabilities for accumulated funding deficiencies (prior to the effectiveness
of the applicable provisions of the Pension Protection Act of 2006 with respect to a Plan) and liabilities for failure to make a payment
required to satisfy the minimum funding standard within the meaning of Section 412 of the Code or Section 302 of ERISA (on
and after the effectiveness of the applicable provisions of the Pension Protection Act of 2006 with respect to a Plan), (d) all
liabilities arising in connection with any withdrawal liability under ERISA to any Multiemployer Plan, (e) all obligations of such
Person arising under acceptance facilities, (f) all obligations of such Person as lessee under Capital Leases, (g) all obligations
of such Person arising under any interest rate swap, “cap”, “collar” or other hedging agreement; provided
that for purposes of the calculation of Debt for this clause (g) only, the actual amount of Debt of such Person shall
be determined on a net basis to the extent such agreements permit such amounts to be calculated on a net basis, (h) Off-Balance
Sheet Liabilities, (i) non-contingent obligations of such Person in respect of letters of credit and bankers’ acceptances,
and (j) all guaranties, endorsements (other than for collection in the ordinary course of business) and other contingent obligations
of such Person to assure a creditor against loss (whether by the purchase of goods or services, the provision of funds for payment, the
supply of funds to invest in any Person or otherwise) in respect of indebtedness or obligations of any other Person of the kinds referred
to in clauses (a) through (i) above. Notwithstanding the foregoing, solely for purposes of the calculation required
under Article VIII, Debt shall not include any Junior Subordinated Debt, Hybrid Equity Securities or Hybrid Preferred Securities
each issued by the Company or owned by any Hybrid Equity Securities Subsidiary or Hybrid Preferred Securities Subsidiary.


 


“Default”
means an event which but for the giving of notice or lapse of time, or both, would constitute an Event of Default.


 


“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.


 






    -11-


     


    

 


“Defaulting Bank”
means any Bank that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion
of its Loans, (ii) fund any portion of its participations in Facility LCs or (iii) pay over to any Credit Party any other amount
required to be paid by it hereunder, unless, in the case of clause (i) above, such Bank notifies the Agent in writing that
such failure is the result of such Bank’s good faith determination that a condition precedent to funding (specifically identified
and including the particular default, if any) has not been satisfied, (b) has notified the Company or any Credit Party in writing,
or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this
Agreement (unless such writing or public statement indicates that such position is based on such Bank’s good faith determination
that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement
cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business
Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such
Bank that it will comply with its obligations to fund prospective Loans and participations in then outstanding Facility LCs under this
Agreement, provided that such Bank shall cease to be a Defaulting Bank pursuant to this clause (c) upon such Credit Party’s
receipt of such certification in form and substance reasonably satisfactory to it and the Agent, or (d) has become the subject of
a Bankruptcy Event or a Bail-In Action. Any determination by the Agent that a Bank is a Defaulting Bank under any one or more of clauses
(a) through (d) above shall be conclusive and binding absent manifest error.


 


“Designated Officer”
means the Chief Financial Officer, the Treasurer, an Assistant Treasurer, any Vice President in charge of financial or accounting matters
or the principal accounting officer of the Company.


 


“Diverse Spend Table”
means the Diverse Spend Table set forth on Schedule 3 hereto.


 


“Diverse Spend Total”
means, with respect to the Company for purposes of the calculation of the Diverse Supplier Spend Percentage, the Tier I Spend and Tier
II Spend by the Company with minority-owned, woman-owned, LGBT+ owned, disabled-owned or veteran-owned businesses, in each case, identified
as such in the supplier’s record based on either a self-certification or third-party certification.


 


“Diverse Spend Trigger
Event” means the occurrence of an adverse regulatory or legal ruling, interpretation or decision that impedes, restricts or
prohibits the Company’s tracking of the Diverse Spend Total or the components thereof, as reasonably determined by the Company
(in consultation with the Agent).


 


“Diverse Supplier
Spend Percentage” means, with respect to the Company, a percentage equal to the Diverse Spend Total over the Total Sourceable
Spend.


 


“Diverse Supplier
Spend Target” means, with respect to any fiscal year of the Company, the Diverse Supplier Spend Target for such fiscal year
as set forth in the Diverse Spend Table.


 


“Diverse Supplier
Spend Threshold” means, with respect to any fiscal year of the Company, the Diverse Supplier Spend Threshold for such fiscal
year as set forth in the Diverse Spend Table.


 






    -12-


     


    

 


“EEA Financial Institution”
means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority,
(b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this
definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or
(b) of this definition and is subject to consolidated supervision with its parent.


 


“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.


 


“EEA Resolution
Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA
Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.


 


“Electronic Signature”
means an electronic sound, symbol or process attached to, or associated with, a contract or other record and adopted by a Person with
the intent to sign, authenticate or accept such contract or record.


 


“Electronic System”
means any electronic system, including (i) e-mail, (ii) e-fax, (iii) Intralinks®, Syndtrak®, ClearPar®, DebtDomain®
and (iv) any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Agent and
any of its Related Parties or any other Person, providing for access to data protected by passcodes or other security system.


 


“Environmental Laws”
means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued,
promulgated or entered into by any governmental agency or authority relating in any way to the environment, preservation or reclamation
of natural resources, the management, release or threatened release of any Hazardous Substance or to health and safety matters.


 


“Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties
or indemnities), 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 Substance, (c) exposure to any Hazardous Substance,
(d) the release or threatened release of any Hazardous Substance 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 shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a
trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase
or acquire any of the foregoing.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.


 






    -13-


     


    

 


“ERISA Affiliate”
means any corporation or trade or business which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of
the Code) as the Company or is under common control (within the meaning of Section 414(c) of the Code) with the Company.


 


“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as
in effect from time to time.


 


“Event of Default”
means an event described in Article IX.


 


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


 


“Excluded Taxes”
means, in the case of each Bank, LC Issuer or applicable Lending Installation and the Agent, (i) taxes imposed on its overall net
income, and franchise taxes imposed on it, including Michigan Business Tax, by (a) the jurisdiction under the laws of which such
Bank, such LC Issuer or the Agent is incorporated or organized or (b) the jurisdiction in which the Agent’s, such LC Issuer’s
or such Bank’s principal executive office or such Bank’s or such LC Issuer’s applicable Lending Installation is located,
and (ii) any U.S. Federal withholding taxes resulting from FATCA.


 


“Existing Credit
Agreement” – see the recitals.


 


“Existing LC”
 – see Section 3.1.


 


“Existing Termination
Date” - see Section 2.17(a).


 


“Extending Bank”
- see Section 2.17(b).


 


“Extension Date”
- see Section 2.17(a).


 


“Facility LC”
 – see Section 3.1.


 


“Facility LC Application”
 – see Section 3.3.


 


“Facility LC Collateral
Account” means a special, interest-bearing account maintained (pursuant to arrangements satisfactory to the Agent) at the Agent’s
office at the address specified pursuant to Article XIV, which account shall be in the name of the Company but under the
sole dominium and control of the Agent, for the benefit of the Banks.


 


“Facility LC Commitment”
means, for each LC Issuer, the obligation of such LC Issuer to issue Facility LCs upon the application of the Company in an aggregate
amount not exceeding $25,000,000, as such amount may be increased with respect to any Increasing LC Issuer pursuant to Section 3.1.


 


“Facility LC Sublimit”
means $100,000,000, as such amount may be increased pursuant to Section 3.1.


 






    -14-


     


    

 


“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 agreement entered into pursuant to Section 1471(b)(1) of the Code.


 


“Federal Funds Effective
Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary
institutions, as determined in such manner as the NYFRB shall set forth on the NYFRB’s Website from time to time, and published
on the next succeeding Business Day by the NYFRB as the effective federal funds rate, provided, that, if the Federal Funds Effective
Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.


 


“First Mortgage
Bonds” means bonds issued by the Company pursuant to the Indenture.


 


“Fitch”
means Fitch Inc. or any successor thereto.


 


“Floating Rate”
means, with respect to a Floating Rate Advance, an interest rate per annum equal to (i) the Alternate Base Rate plus (ii) the
Applicable Margin, changing when and as the Alternate Base Rate or the Applicable Margin changes.


 


“Floating Rate Advance”
means an Advance consisting of Floating Rate Loans.


 


“Floating Rate Loan”
means a Loan which bears interest at the Floating Rate.


 


“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR, as
applicable. For the avoidance of doubt the initial Floor for each of Adjusted Term SOFR Rate and the Adjusted Daily Simple SOFR shall
be 0%.


 


“GAAP”
means generally accepted accounting principles in the United States of America as in effect on the Closing Date, applied on a basis consistent
with those used in the preparation of the financial statements referred to in Section 5.5 (except, for purposes of the financial
statements required to be delivered pursuant to Sections 6.7(b) and (c), for changes concurred in by the Company’s
independent public accountants).


 


“Governmental Authority”
means the government of the United States of America, any other nation or 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 the European Union or the European
Central Bank).


 


“Hazardous Substance”
means any waste, substance or material identified as hazardous, dangerous or toxic by any office, agency, department, commission, board,
bureau or instrumentality of the United States or of the State or locality in which the same is located having or exercising jurisdiction
over such waste, substance or material.


 






    -15-


     


    

 


“Hybrid Equity Securities”
means securities issued by the Company or a Hybrid Equity Securities Subsidiary that (i) are classified as possessing a minimum
of at least two of the following: (x) “intermediate equity content” by S&P; (y) “Basket C equity credit”
by Moody’s; and (z) “50% equity credit” by Fitch and (ii) require no repayment, prepayment, mandatory redemption
or mandatory repurchase prior to the date that is at least 91 days after the later of the termination of the Commitments and the repayment
in full of all Obligations.


 


“Hybrid Equity Securities
Subsidiary” means any Delaware business trust (or similar entity) (i) all of the common equity interest of which is owned
(either directly or indirectly through one or more wholly-owned Subsidiaries of the Company) at all times by the Company or a wholly-owned
direct or indirect Subsidiary of the Company, (ii) that has been formed for the purpose of issuing Hybrid Equity Securities and
(iii) substantially all of the assets of which consist at all times solely of Junior Subordinated Debt issued by the Company or
a wholly-owned direct or indirect Subsidiary of the Company (as the case may be) and payments made from time to time on such Junior Subordinated
Debt.


 


“Hybrid Preferred
Securities” means any preferred securities issued by a Hybrid Preferred Securities Subsidiary, where such preferred securities
have the following characteristics:


 


(i)             such
Hybrid Preferred Securities Subsidiary lends substantially all of the proceeds from the issuance of such preferred securities to the
Company or a wholly-owned direct or indirect Subsidiary of the Company in exchange for Junior Subordinated Debt issued by the Company
or such wholly-owned direct or indirect Subsidiary, respectively;


 


(ii)            such
preferred securities contain terms providing for the deferral of interest payments corresponding to provisions providing for the deferral
of interest payments on such Junior Subordinated Debt; and


 


(iii)           the
Company or a wholly-owned direct or indirect Subsidiary of the Company (as the case may be) makes periodic interest payments on such
Junior Subordinated Debt, which interest payments are in turn used by the Hybrid Preferred Securities Subsidiary to make corresponding
payments to the holders of the preferred securities.


 


“Hybrid Preferred
Securities Subsidiary” means any Delaware business trust (or similar entity) (i) all of the common equity interest of
which is owned (either directly or indirectly through one or more wholly-owned Subsidiaries of the Company) at all times by the Company
or a wholly-owned direct or indirect Subsidiary of the Company, (ii) that has been formed for the purpose of issuing Hybrid Preferred
Securities and (iii) substantially all of the assets of which consist at all times solely of Junior Subordinated Debt issued by
the Company or a wholly-owned direct or indirect Subsidiary of the Company (as the case may be) and payments made from time to time on
such Junior Subordinated Debt.


 


“Increase Date”
means any date on which an increase of the Commitments pursuant to Section 2.16 occurs.


 


“Increasing Bank”
 – see Section 2.16.


 






    -16-


     


    

 


“Increasing LC Issuer”
 – see Section 3.1.


 


“Indemnified Person”
 – see Section 12.8.


 


“Ineligible Institution”
means (a) a natural person, (b) a Defaulting Bank, (c) the Company, any of its Subsidiaries or any of its Affiliates,
or (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof.


 


“Indenture”
means the Indenture, dated as of September 1, 1945, as supplemented and amended from time to time, from the Company to The Bank
of New York Mellon, as successor trustee.


 


“Interest Period”
means, with respect to any Term Benchmark Advance, the period commencing on the date of such Advance and ending on the numerically corresponding
day in the calendar month that is one, three or six months thereafter (in each case, subject to the availability for the Benchmark applicable
to the relevant Loan or Commitment), as the Company may elect; provided, that (i) if any Interest Period would end on a day
other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business
Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any
Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest
Period and (iii) no tenor that has been removed from this definition pursuant to Section 4.3(e) shall be available.
For purposes hereof, the date of an Advance initially shall be the date on which such Advance is made and thereafter shall be the effective
date of the most recent conversion or continuation of such Advance. The Company may not select any Interest Period that ends after the
scheduled Termination Date.


 


“ISP”
means, with respect to any Facility LC, 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).


 


“Junior Subordinated
Debt” means any unsecured Debt of the Company or a Subsidiary of the Company that is (i) issued in connection with the
issuance of Hybrid Equity Securities or Hybrid Preferred Securities and (ii) subordinated to the rights of the Banks hereunder and
under the other Credit Documents pursuant to terms of subordination substantially similar to those set forth in Exhibit D,
or pursuant to other terms and conditions satisfactory to the Majority Banks.


 


“LC Fee”
 – see Section 3.4.


 


“LC Issuer”
means each of JPMorgan Chase Bank, N.A., Bank of America, N.A., MUFG Bank, Ltd. and Wells Fargo Bank, National Association (or any
subsidiary or affiliate of any of the foregoing designated by such Person) in its capacity as an issuer of Facility LCs hereunder, and
any other Bank designated by the Company that (i) agrees to be an issuer of Facility LCs hereunder (which agreement may include
a maximum limit on the aggregate face amount of all Facility LCs to be issued by such Bank hereunder, and such Bank and the Company shall
provide notice of such limitation to the Agent) and (ii) is approved by the Agent (such approval not to be unreasonably withheld
or delayed).


 






    -17-


     


    

 


“LC Obligations”
means, at any time, the sum, without duplication, of (i) the aggregate undrawn stated amount under all Facility LCs outstanding
at such time plus (ii) the aggregate unpaid amount at such time of all Reimbursement Obligations. For all purposes of this
Agreement, if on any date of determination a Facility LC 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 Facility LC shall be deemed to be “outstanding” in the amount so remaining
available to be drawn.


 


“LC Payment Date”
 – see Section 3.5.


 


“Lending Installation”
means any office, branch, subsidiary or Affiliate of a Bank.


 


“Lien”
means any lien (statutory or otherwise), security interest, mortgage, deed of trust, priority, pledge, charge, conditional sale, title
retention agreement, financing lease or other encumbrance or similar right of others, or any agreement to give any of the foregoing.


 


“Loan”
 – see Section 2.1.


 


“Majority Banks”
means, as of any date of determination, Banks in the aggregate having more than 50% of the Aggregate Commitment as of such date or, if
the Aggregate Commitment has been terminated, Banks in the aggregate holding more than 50% of the aggregate unpaid principal amount of
the Aggregate Outstanding Credit Exposure as of such date.


 


“Material Adverse
Change” means any event, development or circumstance that has had or could reasonably be expected to have a material adverse
effect on (a) the financial condition or results of operations of the Company and its Consolidated Subsidiaries, taken as a whole,
(b) the Company’s ability to perform its obligations under any Credit Document or (c) the validity or enforceability
of any Credit Document or the rights or remedies of the Agent or the Banks thereunder.


 


“Material Subsidiary”
means any Subsidiary of the Company that, on a consolidated basis with any of its Subsidiaries as of any date of determination, accounts
for more than 10 % of the consolidated assets of the Company and its Consolidated Subsidiaries.


 


“Maximum Rate”
 – see Section 12.19.


 


“Modify”
and “Modification” – see Section 3.1.


 


“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.


 


“Multiemployer Plan”
means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA.


 


“Net Proceeds”
means, with respect to any sale or issuance of securities or incurrence of Debt by any Person, the excess of (i) the gross cash
proceeds received by or on behalf of such Person in respect of such sale, issuance or incurrence (as the case may be) over (ii) customary
underwriting commissions, auditing and legal fees, printing costs, rating agency fees and other customary and reasonable fees and expenses
incurred by such Person in connection therewith.


 






    -18-


     


    

 


“Net Worth”
means, with respect to any Person, the excess of such Person’s total assets over its total liabilities, total assets and
total liabilities each to be determined in accordance with GAAP consistently applied, excluding from the determination of total assets
(i) goodwill, organizational expenses, research and development expenses, trademarks, trade names, copyrights, patents, patent applications,
licenses and rights in any thereof, and other similar intangibles, (ii) cash held in a sinking or other analogous fund established
for the purpose of redemption, retirement or prepayment of capital stock or Debt, and (iii) any item not included in clause (i) or
(ii) above, that is treated as an intangible asset in conformity with GAAP.


 


“Non-Extending Bank”
see Section 2.17(b).


 


“NYFRB” means the Federal Reserve
Bank of New York.


 


“NYFRB Rate”
means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding
Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that
if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a
federal funds transaction quoted at 11:00 a.m. (Chicago Time) on such day received by the Agent from a federal funds broker
of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined would be less than
zero, such rate shall be deemed to be zero for purposes of this Agreement.


 


“NYFRB’s Website”
means the website of the NYFRB at http://www.newyorkfed.org or any successor source.


 


“Obligations”
means all unpaid principal of and accrued and unpaid interest on the Loans, all Reimbursement Obligations, all accrued and unpaid fees
and all other obligations (including indemnities and interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership
or other similar proceeding, regardless of whether allowed or allowable in such proceeding) of the Company to the Banks or to any Bank,
any LC Issuer or the Agent arising under the Credit Documents.


 


“OFAC”
means the Office of Foreign Assets Control of the U.S. Department of Treasury.


 


“Off-Balance Sheet
Liability” of a Person means (i) any repurchase obligation or liability of such Person with respect to accounts or notes
receivable sold by such Person, (ii) any liability under any sale and leaseback transaction which is not a Capital Lease, or (iii) any
liability under any so-called “synthetic lease” transaction entered into by such Person; but excluding from this definition,
any Operating Leases.


 


“One Hundred Forty-Sixth
Supplement” means that certain One Hundred Forty-Sixth Supplemental Indenture, dated as of December 14, 2022, between
the Company and The Bank of New York Mellon, as successor trustee, as the same may be amended, restated, supplemented or otherwise modified
from time to time.


 






    -19-


     


    

 


“One Hundred Fourteenth
Supplement” means that certain One Hundred Fourteenth Supplemental Indenture, dated as of March 31, 2011, between the
Company and The Bank of New York Mellon, as successor trustee, as the same may be amended, restated, supplemented or otherwise modified
from time to time.


 


“One Hundred Twenty-Third
Supplement” means that certain One Hundred Twenty-Third Supplemental Indenture, dated as of December 20, 2013, between
the Company and The Bank of New York Mellon, as successor trustee, as the same may be amended, restated, supplemented or otherwise modified
from time to time.


 


“One Hundred Thirty-Second
Supplement” means that certain One Hundred Thirty-Second Supplemental Indenture, dated as of June 5, 2018, between the
Company and The Bank of New York Mellon, as successor trustee, as the same may be amended, restated, supplemented or otherwise modified
from time to time.


 


“Operating Lease”
of a Person means any lease of Property (other than a Capital Lease) by such Person as lessee.


 


“Other Taxes”
 – see Section 4.5(b).


 


“Outstanding Credit
Exposure” means, as to any Bank at any time, the sum of (i) the aggregate principal amount of its Loans outstanding at
such time, plus (ii) an amount equal to its Pro Rata Share of the LC Obligations at such time.


 


“Overnight Bank
Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar borrowings by
U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the
NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding
rate.


 


“Parent”
means, with respect to any Bank, any Person as to which such Bank is, directly or indirectly, a subsidiary.


 


“Payment”
 – see Section 13.13(a).


 


“Payment Date”
means the second Business Day of each calendar quarter occurring after the Closing Date.


 


“Payment Notice”
 – see Section 13.13(b).


 


“Payment Recipient”
 – see Section 13.13(a).


 


“PBGC”
means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA.


 


“Person”
means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, governmental authority or other entity of whatever nature.


 






    -20-


     


    

 


“Plan”
means any employee benefit plan (other than a Multiemployer Plan) maintained for employees of the Company or any ERISA Affiliate and
covered by Title IV of ERISA.


 


“Plan Asset Regulations”
means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA.


 


“Plan Termination
Event” means (a) a Reportable Event described in Section 4043 of ERISA and the regulations issued thereunder (other
than a Reportable Event not subject to the provision for 30-day notice to the PBGC under such regulations), (b) the withdrawal of
the Company or any ERISA Affiliate from a Plan during a plan year in which it was a “substantial employer” as defined in
Section 4001(a)(2) of ERISA, (c) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment
as a termination under Section 4041 of ERISA, or (d) the institution of proceedings to terminate a Plan by the PBGC or to appoint
a trustee to administer any Plan.


 


“Prime Rate”
means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the United States, or, if The Wall
Street Journal ceases to quote such rate, the highest per annum interest rate published by the Board in Federal Reserve Statistical Release
H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar
rate quoted therein (as determined by the Agent) or any similar release by the Board (as determined by the Agent). Each change in the
Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.


 


“Property”
of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned,
leased or operated by such Person.


 


“Pro Rata Share”
means, with respect to a Bank, a portion equal to (i) a fraction the numerator of which is such Bank’s Commitment and the
denominator of which is the Aggregate Commitment and (ii) after the Commitments of all of the Banks have terminated, a fraction
the numerator of which is the Outstanding Credit Exposure for such Bank, and the denominator of which is the Aggregate Outstanding Credit
Exposure at such time; provided, that in the case of Section 4.7(d)(i), when a Defaulting Bank shall exist the Commitment
or Outstanding Credit Exposure, as applicable, of such Defaulting Bank shall be disregarded when calculating such Bank’s “Pro
Rata Share”.


 


“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time
to time.


 


“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).


 


“QFC Credit Support”
see Section 12.20.


 


“Reference Time”
with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago
time) on the day that is two U.S. Government Securities Business Days preceding the date of such setting, (2) if, following a Benchmark
Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate, such Benchmark is Daily Simple SOFR, then four Business
Days prior to such setting and (3) if such Benchmark is not the Term SOFR Rate or Daily Simple SOFR, the time determined by the
Agent in its reasonable discretion.


 






    -21-


     


    

 


“Regulation U”
means Regulation U of the Board from time to time in effect and shall include any successor or other regulation or official interpretation
of the Board relating to the extension of credit by banks, non-banks and non-broker-dealers for the purpose of purchasing or carrying
margin stocks.


 


“Reimbursement Obligations”
means, at any time, the aggregate of all obligations of the Company then outstanding under Article III to reimburse the applicable
LC Issuer for amounts paid by such LC Issuer in respect of any one or more drawings under Facility LCs issued by such LC Issuer.


 


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


 


“Relevant Governmental
Body” means the Board and/or the NYFRB, or a committee officially endorsed or convened by the Board or the NYFRB, or, in each
case, any successor thereto.


 


“Relevant Rate”
means (i) with respect to any Term Benchmark Advance, the Adjusted Term SOFR Rate or (ii) with respect to any RFR Advance following
a Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate , Adjusted Daily Simple SOFR, as applicable.


 


“Renewable Energy”
means energy derived from hydroelectricity (excluding pumped storage), wind, solar and biomass, as identified in the Company’s
most recent annual report on Form 10-K (or any successor form) and other sources reasonably acceptable to the Majority Banks. With
respect to the Company’s purchased/supplied energy, the term “Renewable Energy” shall also include energy produced
from wind and “Other renewable generation” (as identified in the Company’s most recent annual report on Form 10-K
(or any successor form), and in any event limited to only those sources enumerated in the first sentence of this definition).


 


“Renewable Generation
Amount” means, for any period, the Company’s (including its subsidiaries) total Renewable Energy generation and supply
(both generated and purchased) excluding net market purchases without duplication, measured in gigawatt hours, during such period, as
reported in the Company’s annual report on Form 10-K (or any successor form) for such period filed with the SEC. For the avoidance
of doubt, the Company is under no obligation to update the Renewable Generation Amount between the filing of the annual reports on Form 10-K
(or any successor form), has no obligation to report the Renewable Generation Amount in the Company’s quarterly report on Form 10-Q
(or any successor form), and is further under no obligation to advise of changes to the Renewable Generation Amount as a result of a
business change throughout the year by or for the Company (other than any material inaccuracy of which it becomes aware as described
in Section 1.7(d) or Section 6.7(c)).


 


“Reportable Event”
has the meaning assigned to that term in Title IV of ERISA.


 






    -22-


     


    

 


“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.


 


“RFR Advance”
means, as to any Advance, the RFR Loans comprising such Advance.


 


“RFR Loan”
means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.


 


“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., or any successor thereto.


 


“Sanctioned Country”
means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement,
the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea Region of Ukraine, Cuba, Iran,
North Korea and Syria).


 


“Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department
of State, or by the United Nations Security Council, the European Union or any European Union member state, His Majesty’s Treasury
of the United Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled
by any such Person or Persons described in the foregoing clauses (a) or (b) or (d) any Person otherwise
the subject of any Sanctions.


 


“Sanctions”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S.
government, including those administered by OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the
European Union, any European Union member state, His Majesty’s Treasury of the United Kingdom.


 


“SEC”
means the Securities and Exchange Commission or any governmental authority which may be substituted therefor.


 


“Secured Debt”
has the meaning assigned to such term in Schedule 1.


 


“Securitized Bonds”
means nonrecourse bonds or similar asset-backed securities issued by a special-purpose Subsidiary of the Company which are payable solely
from specialized charges authorized by the utility commission of the relevant state in connection with the recovery of (x) stranded
regulatory costs, (y) stranded clean air and pension costs and (z) other “Qualified Costs” (as defined in M.C.L.
 §460.10h(g)) authorized to be securitized by the Michigan Public Service Commission.


 


“Senior Debt Rating”
has the meaning assigned to such term in Schedule 1.


 


“Single Employer
Plan” means a Plan maintained by the Company or any ERISA Affiliate for employees of the Company or any ERISA Affiliate.


 


“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.


 






    -23-


     


    

 


“SOFR Administrator”
means the NYFRB (or a successor administrator of the secured overnight financing rate).


 


“SOFR Administrator’s
Website” means the NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight
financing rate identified as such by the SOFR Administrator from time to time.


 


“SOFR Determination
Date” has the meaning specified in the definition of “Daily Simple SOFR”.


 


“SOFR Rate Day”
has the meaning specified in the definition of “Daily Simple SOFR”.


 


“Subsidiary”
means, as to any Person, any corporation or other entity of which at least a majority of the securities or other ownership interests
having ordinary voting power (absolutely or contingently) for the election of directors or other Persons performing similar functions
are at the time owned directly or indirectly by such Person. Unless otherwise specified, all references herein to a “Subsidiary”
or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Company.


 


“Substitute Rating
Agency” has the meaning assigned to such term in Schedule 1.


 


“Supported QFC”
see Section 12.20.


 


“Supplemental Indentures”
means, collectively, the One Hundred Fourteenth Supplement, the One Hundred Twenty-Third Supplement, the One Hundred Thirty-Second Supplement
and the One Hundred Forty-Sixth Supplement, and including any supplemental indenture entered into in connection with the issuance of
any Bonds in accordance with Section 2.16.


 


“Sustainability
Metric Auditor” means any independent provider, consultant, or auditor of environmental, social, and governance reporting assurance
services, designated by the Company from time to time, that is reasonably acceptable to the Agent.


 


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


 


“Taxes”
means any and all present or future taxes, duties, assessments, fees, levies, imposts, deductions, charges or withholdings, and any and
all liabilities with respect to the foregoing, that are imposed by a Governmental Authority on or with respect to any payment made by
the Company hereunder or under any Bond or Facility LC, but excluding Excluded Taxes and Other Taxes.


 


“Term Benchmark”
when used in reference to any Loan or Advance, refers to whether such Loan, or the Loans comprising such Advance, are bearing interest
at a rate determined by reference to the Adjusted Term SOFR Rate other than those pursuant to clause (c) of the definition of “Alternate
Base Rate”.


 






    -24-


     


    

 


“Term SOFR Determination
Day” has the meaning assigned to it under the definition of Term SOFR Reference Rate.


 


“Term SOFR Rate”
means, with respect to any Term Benchmark Advance and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference
Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable
to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.


 


“Term SOFR Reference
Rate” means, for any day and time (such day, the “Term SOFR Determination Day”), with respect to any Term
Benchmark Advance and for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR Administrator
and identified by the Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination
Day, the “Term SOFR Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and
a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then so long as such day is otherwise a U.S. Government
Securities Business Day, the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published
in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the
CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S.
Government Securities Business Days prior to such Term SOFR Determination Day.


 


“Termination Date”
means the earlier of (i) December 14, 2027 (or such later date pursuant to an extension in accordance with the terms of Section 2.17)
and (ii) the date on which the Commitments are terminated.


 


“Tier I Spend”
means money spent directly with a minority-owned, woman-owned, LGBT+ owned, disabled-owned or veteran-owned business.


 


“Tier II Spend”
means money spent by a supplier related to a contract or work authorization with the Company or any of its direct or indirect Subsidiaries
directly with a minority-owned, woman-owned, LGBT+ owned, disabled-owned or veteran-owned business.


 


“Total Consolidated
Capitalization” means, at any date of determination, without duplication, the sum of (a) Total Consolidated Debt plus
all amounts excluded from Total Consolidated Debt pursuant to clauses (ii), (iii) and (v) of the proviso
to the definition of such term (but only, in the case of securities of the type described in clause (iii) of such proviso,
to the extent such securities have been deemed to be equity pursuant to Accounting Standards Codification Subtopic 480-10 (previously
referred to as Statement of Financial Accounting Standards No. 150)), (b) equity of the common stockholders of the Company,
(c) equity of the preference stockholders of the Company and (d) equity of the preferred stockholders of the Company, in each
case determined at such date.


 






    -25-


     


    

 


“Total Consolidated
Debt” means, at any date of determination, the aggregate Debt of the Company and its Consolidated Subsidiaries (including,
without limitation, all Off-Balance Sheet Liabilities); provided that Total Consolidated Debt shall exclude, without duplication,
(i) the principal amount of any Securitized Bonds, (ii) any Junior Subordinated Debt, Hybrid Equity Securities or Hybrid Preferred
Securities each issued by the Company or owned by any Hybrid Equity Securities Subsidiary or Hybrid Preferred Securities Subsidiary,
(iii) such percentage of the Net Proceeds from any issuance of hybrid debt/equity securities (other than Junior Subordinated Debt,
Hybrid Equity Securities and Hybrid Preferred Securities) by the Company or any Consolidated Subsidiary as shall be agreed to be deemed
equity by the Agent and the Company prior to the issuance thereof (which determination shall be based on, among other things, the treatment
(if any) given to such securities by the applicable rating agencies), (iv) to the extent that any portion of the disposition of
the Company’s Palisades Nuclear Plant shall be required to be accounted for as a financing under GAAP rather than as a sale, the
amount of liabilities reflected on the Company’s consolidated balance sheet as the result of such disposition, (v) Debt of
any Affiliate of the Company that is (1) consolidated on the financial statements of the Company solely as a result of the effect
and application of Accounting Standards Codification Subtopic 810-10 (previously referred to as Financial Accounting Standards Board
Interpretation No. 46(R) and Accounting Research Bulletin No. 51) and (2) non-recourse to the Company or any of its
Affiliates (other than the primary obligor of such Debt and any of its Subsidiaries) and (vi) Debt of the Company and its Affiliates
that is re-categorized as such from certain lease obligations pursuant to Section 15 of Accounting Standards Codification Subtopic
840-10 (previously referred to as Emerging Issues Task Force Issue No. 01-8), any subsequent recommendation or other interpretation,
bulletin or other similar document by the Financial Accounting Standards Board on or related to such re-categorization.


 


“Total Sourceable
Spend” means, for any calendar year, the aggregate sourceable supply-chain spend by the Company in such calendar year, which
shall exclude certain amounts such as taxes, regulatory fees and expenses and other similar amounts, as reasonably determined by the
Company.


 


“Type”
 – see Section 2.4.


 


“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated
by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.


 


“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.


 


“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.


 


“Unsecured Debt”
has the meaning assigned to such term in Schedule 1.


 


“Unused Commitment”
means, at any time, the Aggregate Commitment then in effect minus the Aggregate Outstanding Credit Exposure at such time.


 






    -26-


     


    

 


“U.S. Government
Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the
Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire
day for purposes of trading in United States government securities.


 


“U.S. Special Resolution
Regime” see Section 12.20.


 


“USA Patriot Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
Pub. L. No. 107-56, 115 Stat. 272 (2001), as amended.


 


“Write-Down and
Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of
the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any
UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into
shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect
as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In
Legislation that are related to or ancillary to any of those powers.


 


1.2            Interpretation.


 


(a)            The
foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.


 


(b)            The
words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.”


 


(c)            Unless
otherwise specified, each reference to an Article, Section, Exhibit and Schedule means an Article or
Section of or an Exhibit or Schedule to this Agreement.


 


(d)            Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.


 


(e)            The
word “will” shall be construed to have the same meaning and effect as the word “shall”.


 


(f)            The
word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official
rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments,
orders and decrees, of all Governmental Authorities.


 






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(g)            Unless
the context requires otherwise, any definition of or reference to any agreement, instrument or other document herein shall be construed
as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified
(subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein).


 


(h)            Unless
the context requires otherwise, any definition of or reference to any statute, rule or regulation shall be construed as referring
thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws).


 


(i)             Unless
the context requires otherwise, any reference herein to any Person shall be construed to include such Person’s successors and assigns
(subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority
that shall have succeeded to any or all functions thereof.


 


(j)             Unless
the context requires otherwise, the words “herein”, “hereof” and “hereunder”, and words of similar
import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof.


 


(k)            Unless
the context requires otherwise, 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.


 


1.3            Accounting
Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. If any changes in generally
accepted accounting principles are hereafter required or permitted and are adopted by the Company or any of its Subsidiaries, or the
Company or any of its Subsidiaries shall change its application of generally accepted accounting principles with respect to any Off-Balance
Sheet Liabilities, in each case with the agreement of its independent certified public accountants, and such changes result in a change
in the method of calculation of any of the financial covenants, tests, restrictions or standards herein or in the related definitions
or terms used therein (“Accounting Changes”), the parties hereto agree, at the Company’s request, to enter into
negotiations, in good faith, in order to amend such provisions in a credit neutral manner so as to reflect equitably such changes with
the desired result that the criteria for evaluating the Company’s and its Subsidiaries’ financial condition shall be the
same after such changes as if such changes had not been made; provided that, until such provisions are amended in a manner reasonably
satisfactory to the Majority Banks, no Accounting Change shall be given effect in such calculations. In the event such amendment is entered
into, all references in this Agreement to GAAP shall mean generally accepted accounting principles as of the date of such amendment.
Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed,
and all computations of amounts and ratios referred to herein shall be made, (i) without giving effect to any election under Section 25
of Accounting Standards Codification Subtopic 825-10 (previously referred to as Statement of Financial Accounting Standards No. 159)
(or any other Accounting Standards Codification Topic having a similar result or effect) to value any Debt or other liabilities of the
Company or any Subsidiary at “fair value”, as defined therein, (ii) without giving effect to any treatment of Debt in
respect of convertible debt instruments under Accounting Standards Codification Subtopic 470-20 (or any other Accounting Standards Codification
Topic having a similar result or effect) to value any such Debt in a reduced or bifurcated manner as described therein, and such Debt
shall at all times be valued at the full stated principal amount thereof and (iii) without giving effect to any changes in GAAP
under Accounting Standards Codification 842, or any other financial accounting standard having similar result or effect, occurring after
December 31 2018, the effect of which would be to cause leases which would be treated as operating leases under GAAP as of such
date to be recorded as a liability/debt on the Company’s statement of financial position under GAAP.


 






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1.4            Amendment
and Restatement of Existing Credit Agreement. The parties to this Agreement agree that, on the Closing Date, the terms and provisions
of the Existing Credit Agreement shall be and hereby are amended, superseded and restated in their entirety by the terms and provisions
of this Agreement. This Agreement is not intended to and shall not constitute a novation, payment and reborrowing or termination of the
 “Obligations” under (and as defined in) the Existing Credit Agreement and the other Credit Documents as in effect prior to
the Closing Date. All “Loans” made and “Obligations” incurred under (and as defined in) the Existing Credit Agreement
which are outstanding on the Closing Date shall continue as Loans and Obligations, respectively, under (and shall be governed by the
terms of) this Agreement and the other Credit Documents). Without limiting the foregoing, upon the effectiveness hereof: (a) all
references in the “Credit Documents” (as defined in the Existing Credit Agreement) to the “Agent”, the “Credit
Agreement” and the “Credit Documents” shall be deemed to refer to the Agent, this Agreement and the Credit Documents,
(b) all obligations constituting “Obligations” (under and as defined in the Existing Credit Agreement) with any Bank
or any Affiliate of any Bank which are outstanding on the Closing Date shall continue as Obligations under this Agreement and the other
Credit Documents, (c) the Company hereby agrees to compensate each Bank for any and all losses, costs and expenses incurred by such
Bank in connection with the sale and assignment of any “Eurodollar Rate Loans” under the Existing Credit Agreement and such
reallocation described below and in Section 2.1, in each case on the terms and in the manner set forth in Section 4.4
hereof and (d) the “Loans” (as defined in the Existing Credit Agreement) shall be reallocated as Loans owing to
the Banks under this Agreement on the Closing Date in accordance with each Bank’s Pro Rata Share and, in connection therewith,
the Agent shall, and is hereby authorized to, make such reallocations, sales, assignments or other relevant actions in respect of each
Bank’s Loans under the Existing Credit Agreement as are necessary in order that each such Bank’s outstanding Loans hereunder
reflect such Bank’s Pro Rata Share of the Aggregate Commitment on the Closing Date. The Company hereby (i) agrees that this
Agreement and the transactions contemplated hereby and thereby shall not limit or diminish its obligations arising under or pursuant
to the Credit Documents to which it is a party, (ii) reaffirms all of its obligations under the Credit Documents to which it is
a party and (iii) acknowledges and agrees that each Credit Document executed by it remains in full force and effect and is hereby
reaffirmed, ratified and confirmed.


 






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1.5            Interest
Rates; Benchmark Notification. The interest rate on a Loan denominated in dollars may be derived from an interest rate benchmark
that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition
Event, Section 4.3(b) provides a mechanism for determining an alternative rate of interest. The Agent does not warrant
or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any
other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement
rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement
reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or
have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Agent and its
affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement
or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each
case, in a manner adverse to the Company. The Agent may select information sources or services in its reasonable discretion to ascertain
any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant
to the terms of this Agreement, and shall have no liability to the Company, any Bank or any other person or entity for damages of any
kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort,
contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided
by any such information source or service.


 


1.6            Divisions.
For all purposes under the Credit Documents, in connection with any division or plan of division under Delaware law (or any comparable
event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset,
right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the
subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the
first date of its existence by the holders of its Equity Interests at such time.


 


1.7            Applicable
Pricing Adjustments.


 


(a)            Effective
as of the fifth Business Day following receipt by the Agent of a Compliance and Applicable Pricing Adjustment Certificate delivered pursuant
to Section 1.7(e) (such day, the “Applicable Pricing Adjustment Date”) in respect of the most recently
ended fiscal year of the Company, commencing with the fiscal year ending December 31, 2023, (i) the Applicable Margin shall
be increased or decreased (or neither increased nor decreased), as applicable, pursuant to the Applicable Pricing Adjustment as set forth
in such Compliance and Applicable Pricing Adjustment Certificate, and (ii) the Commitment Fee Rate shall be increased or decreased
(or neither increased nor decreased), as applicable, pursuant to the Applicable Pricing Adjustment as set forth in such Compliance and
Applicable Pricing Adjustment Certificate. Each change in the Applicable Margin and the Commitment Fee Rate resulting from a Compliance
and Applicable Pricing Adjustment Certificate shall be effective during the period commencing on and including the applicable Applicable
Pricing Adjustment Date and ending on the date immediately preceding the next such Applicable Pricing Adjustment Date.


 


(b)            In
the event the Company does not deliver a Compliance and Applicable Pricing Adjustment Certificate within the period set forth in Section 1.7(e) or
any Compliance and Applicable Pricing Adjustment Certificate shall be incomplete and fail to satisfy the requirements set forth in the
form of Exhibit B (including the failure to set forth the Applicable Pricing Adjustment and calculations in reasonable detail
of the Diverse Supplier Spend Percentage and the Renewable Generation Amount, in each case, for the applicable fiscal year (other than,
with respect to the Diverse Supplier Spend Percentage, solely as a result of a Diverse Spend Trigger Event)), the Applicable Pricing
Adjustment will be (x) positive 0.05% with respect to the Applicable Margin and (y) positive 0.01% with respect to the Commitment
Fee Rate, in each case, commencing on the fifth Business Day following the last day such Compliance and Applicable Pricing Adjustment
Certificate should have been delivered pursuant to the terms of Section 1.7(e) and continuing until the fifth Business
Day following receipt by the Agent of a complete Compliance and Applicable Pricing Adjustment Certificate for such fiscal year.


 






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(c)            For
the avoidance of doubt, only one Compliance and Applicable Pricing Adjustment Certificate may be delivered in respect of any fiscal year
and any adjustment to the Applicable Margin or the Commitment Fee Rate by reference to any Applicable Pricing Adjustment in any year
shall not be cumulative year-over-year. Each applicable adjustment shall only apply until the date on which the next adjustment is to
occur. It is further understood and agreed that the Applicable Margin will never be reduced or increased by more than 0.05% and that
the Commitment Fee Rate will never be reduced or increased by more than 0.01%, pursuant to the Applicable Pricing Adjustment during any
fiscal year; provided that, and notwithstanding anything to the contrary in this Agreement (including any provision of Section 10.1
requiring the consent of “all of the Banks” for reductions in interest rates), the definitions of Diverse Supplier Spend
Percentage and Renewable Generation Amount (and the component definitions thereof) and the Diverse Spend Table may be amended or otherwise
modified with the consent of the Company, the Agent and the Majority Banks; provided, however, for the avoidance of doubt,
any changes to the Applicable Margin or Commitment Fee Rate pursuant to any Applicable Pricing Adjustment in excess of the amounts set
forth above shall be subject to the consent of “all of the Banks” in accordance with Section 10.1.


 


(d)            If
(i)(A) the Agent becomes aware of any material inaccuracy in the Applicable Pricing Adjustment, the Diverse Supplier Spend Percentage
or the Renewable Generation Amount as reported in any Compliance and Applicable Pricing Adjustment Certificate (any such material inaccuracy,
a “Certificate Inaccuracy”) and the Agent notifies the Company thereof, or (B) any Lender becomes aware of any
Certificate Inaccuracy and such Bank delivers, not later than ten (10) Business Days after obtaining knowledge thereof, a written
notice to the Agent describing such Certificate Inaccuracy in reasonable detail (which description shall be shared with the Company),
or (C) the Company becomes aware of a Certificate Inaccuracy and delivers notice thereof to the Agent, and (ii) a proper calculation
of the Applicable Pricing Adjustment, the Diverse Supplier Spend Percentage or the Renewable Generation Amount would have resulted in
no adjustment or an increase in the Applicable Margin or Commitment Fee Rate for any applicable period, (x) commencing on the fifth
Business Day following delivery of a corrected Compliance and Applicable Pricing Adjustment Certificate to the Agent, the Applicable
Margin and Commitment Fee Rate shall be adjusted to reflect such corrected calculations of the Applicable Pricing Adjustment and (y) the
Company shall be obligated to pay to the Agent for the account of the applicable Banks or the applicable LC Issuers, as the case may
be, promptly on demand by the Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the
Company under the Bankruptcy Code or any applicable debtor relief laws, automatically and without further action by the Agent, any Bank
or any LC Issuer), but in any event within ten (10) Business Days after the Company has received written notice of, or has determined
that there was, a Certificate Inaccuracy, an amount equal to the excess of (1) the amount of interest and fees that should have
been paid for such period over (2) the amount of interest and fees actually paid for such period.  It is understood and agreed
that any Certificate Inaccuracy shall not constitute a Default or Event of Default or otherwise result in the failure of any condition
precedent to any Advance or the issuance of any Facility LC; provided, that, the Company complies with the terms of this Section 1.7(d) with
respect to such Certificate Inaccuracy. Notwithstanding anything to the contrary herein, unless such amounts shall be due upon the occurrence
of an actual or deemed entry of an order for relief with respect to the Company under the Bankruptcy Code or any applicable debtor relief
laws, (x) any additional amounts required to be paid pursuant to this paragraph shall not be due and payable until the earlier to
occur of (I) a written demand is made for such payment by the Agent in accordance with this paragraph or (II) 10 Business Days
after the Company has received written notice of, or has determined that there was, a Certificate Inaccuracy (such earlier date, the
 “Certificate Inaccuracy Payment Date”), (y) any nonpayment of such additional amounts prior to the Certificate
Inaccuracy Payment Date shall not constitute a Default (whether retroactively or otherwise) and (z) none of such additional amounts
shall be deemed overdue prior to the Certificate Inaccuracy Payment Date or shall accrue interest at the default rate pursuant to Section 2.11
prior to the Certificate Inaccuracy Payment Date.


 






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(e)            Pursuant
to Section 6.7(c), as soon as available and in any event within 120 days following the end of each fiscal year of the Company
(commencing with the fiscal year ending December 31, 2022), the Company shall deliver to the Agent and the Banks, in form and detail
satisfactory to the Agent and the Majority Banks, a Compliance and Applicable Pricing Adjustment Certificate for the most recently-ended
fiscal year; provided, that, for any fiscal year the Company may elect not to deliver a Compliance and Applicable Pricing Adjustment
Certificate, and such election shall not constitute a Default or Event of Default (but such failure to so deliver a Compliance and Applicable
Pricing Adjustment Certificate by the end of such 120-day period shall, commencing with the fiscal year ending December 31, 2023,
result in the Applicable Pricing Adjustment being applied as set forth in Section 1.7(b)).  In the event the Company’s
fiscal year is changed to a non-calendar year fiscal year, following prior written notice to the Agent and the Banks, the Company will
be permitted to adjust the timing of delivery of the Compliance and Applicable Pricing Adjustment Certificate at its election in a manner
intended to maintain consistency with the foregoing.


 


ARTICLE II

THE ADVANCES


 


2.1            Commitment.
From and including the Closing Date and prior to the Termination Date, each Bank severally agrees, on the terms and conditions set forth
in this Agreement, (a) to make loans in U.S. dollars to the Company from time to time (the “Loans”), and (b) to
participate in Facility LCs issued upon the request of the Company from time to time; provided that, after giving effect to the
making of each such Loan and the issuance of each such Facility LC, such Bank’s Outstanding Credit Exposure shall not exceed its
Commitment. In no event may the Aggregate Outstanding Credit Exposure exceed the Available Commitment. Subject to the terms and conditions
of this Agreement, the Company may borrow, repay and reborrow at any time prior to the Termination Date. The Commitments shall expire
on the Termination Date.


 






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2.2            Repayment.
The Aggregate Outstanding Credit Exposure and all other unpaid obligations of the Company hereunder shall be paid in full on the Termination
Date.


 


2.3            Ratable
Loans. Each Advance shall consist of Loans made by the several Banks ratably according to their Pro Rata Shares.


 


2.4            Types
of Advances. The Advances may be Floating Rate Advances, Term Benchmark Advances, or, solely following a Benchmark Transition Event
and Benchmark Replacement Date with respect to the Term SOFR Rate, RFR Advances (each a “Type” of Advance), or a combination
thereof, as selected by the Company in accordance with Sections 2.8 and 2.9.


 


2.5            Fees
and Changes in Commitments.


 


(a)            The
Company agrees to pay to the Agent for the account of each Bank according to its Pro Rata Share a commitment fee (the “Commitment
Fee”) at the Commitment Fee Rate on the daily Unused Commitment from the Closing Date to but not including the date on which
this Agreement is terminated in full and all of the Obligations hereunder have been paid in full. The Commitment Fee shall be payable
quarterly in arrears on the fifteenth day following the last day of each calendar quarter (for the quarter then most recently ended),
on the date of any reduction of the Aggregate Commitment pursuant to clause (b) below and on the Termination Date (for the
period then ended for which such fee has not previously been paid) and shall be calculated for actual days elapsed on the basis of a
360 day year.


 


(b)            The
Company may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Banks in the minimum amount of $10,000,000
(and in multiples of $1,000,000 if in excess thereof), upon at least five (5) Business Days’ prior written notice to the Agent,
which notice shall specify the amount of any such reduction; provided that the Aggregate Commitment may not be reduced below the
Aggregate Outstanding Credit Exposure. All accrued Commitment Fees shall be payable on the effective date of any termination of the obligation
of the Banks to make Credit Extensions hereunder.


 


2.6            Minimum
Amount of Advances. Each Advance shall be in the minimum amount of $5,000,000 (and in integral multiples of $1,000,000 if in excess
thereof); provided that (x) any Floating Rate Advance may be in the amount of the Available Aggregate Commitment (rounded
down, if necessary, to an integral multiple of $1,000,000) and (y) there shall not at any time be more than a total of ten (10) Term
Benchmark Advances and RFR Advances outstanding.


 


2.7            Principal
Payments. The Company may from time to time prepay, without penalty or premium, all outstanding Floating Rate Advances or, in a minimum
aggregate amount of $5,000,000 or a higher integral multiple of $1,000,000, any portion of the outstanding Floating Rate Advances upon
one (1) Business Day’s prior written notice to the Agent. The Company may from time to time pay, subject to the payment of
any funding indemnification amounts required by Section 4.4 with respect to Term Benchmark Advances but without penalty or
premium, all outstanding Term Benchmark Advances or RFR Advances or, in a minimum aggregate amount of $5,000,000 or a higher integral
multiple of $1,000,000, any portion of any outstanding Term Benchmark Advance or RFR Advances upon (x) three (3) Business Days’
prior written notice to the Agent in the case of Term Benchmark Advances, or (y) five (5) Business Days’ prior written
notice to the Agent in the case of RFR Advances; provided that if, after giving effect to any such prepayment, the principal amount
of any Term Benchmark Advance or RFR Advance is less than $5,000,000, such Advance shall automatically convert into a Floating Rate Advance.
If at any time the Aggregate Outstanding Credit Exposure exceeds the Available Aggregate Commitment, the Company shall immediately repay
Advances or cash collateralize LC Obligations in the Facility LC Collateral Account in accordance with the procedures set forth in Section 9.2,
as applicable, in an aggregate principal amount sufficient to cause the Aggregate Outstanding Credit Exposure to be less than or equal
to the Available Aggregate Commitment. Each notice provided under this Section 2.7 must be delivered no later than 11:00
a.m. (New York City time) on the applicable date required for delivery of such notice.


 






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2.8            Method
of Selecting Types and Interest Periods for New Advances. The Company shall select the Type of Advance and, in the case of each Term
Benchmark Advance, the Interest Period applicable thereto from time to time. The Company shall give the Agent irrevocable notice (a “Borrowing
Notice”) not later than 1:00 p.m. (New York City time) on the Borrowing Date of each Floating Rate Advance, not later
than 12:00 noon (New York City time) three (3) Business Days before the Borrowing Date for each Term Benchmark Advance, and not
later than 11:00 a.m. (New York City time) five (5) Business Days before the Borrowing Date for each RFR Advance, specifying:


 


(i)             the
Borrowing Date, which shall be a Business Day;


 


(ii)            the
aggregate amount of such Advance;


 


(iii)           the
Type of Advance selected; and


 


(iv)           in
the case of each Term Benchmark Advance, the initial Interest Period applicable thereto.


 


Promptly after receipt thereof, the Agent will
notify each Bank of the contents of each Borrowing Notice. Not later than 3:00 p.m. (New York City time) on each Borrowing Date,
each Bank shall make available its Loan in funds immediately available in Chicago, Illinois to the Agent at its address specified
pursuant to Section 14.1. To the extent funds are received from the Banks, the Agent will make such funds available to the
Company at the Agent’s aforesaid address. No Bank’s obligation to make any Loan shall be affected by any other Bank’s
failure to make any Loan. Notwithstanding the foregoing, in no event shall the Company be permitted to request pursuant to this Section 2.8
an RFR Loan bearing interest based on Daily Simple SOFR prior to a Benchmark Transition Event and Benchmark Replacement Date with
respect to the Term SOFR Rate (it being understood and agreed that Daily Simple SOFR shall only apply to the extent provided in Sections
4.3(a) and 4.3(f)).


 






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2.9            Conversion
and Continuation of Outstanding Advances. Floating Rate Advances and RFR Advances shall continue as Floating Rate Advances and RFR
Advances, respectively, unless and until such Advances are converted into Term Benchmark Advances pursuant to this Section 2.9
or are repaid in accordance with Section 2.2 or 2.7. Each Term Benchmark Advance shall continue as a Term Benchmark
Advance until the end of the then applicable Interest Period therefor, at which time such Term Benchmark Advance shall be automatically
converted into a Floating Rate Advance unless (x) such Term Benchmark Advance is or was repaid in accordance with Section 2.2
or 2.7 or (y) the Company shall have given the Agent a Conversion/Continuation Notice (as defined below) requesting that,
at the end of such Interest Period, such Term Benchmark Advance continue as a Term Benchmark Advance for the same or another Interest
Period. Subject to the terms of Section 2.6, the Company may elect from time to time to convert all or any part of a Floating
Rate Advance or an RFR Advance into a Term Benchmark Advance. The Company shall give the Agent irrevocable notice (a “Conversion/Continuation
Notice”) of each conversion of an Advance from one Type to another or continuation of a Term Benchmark Advance by the time
that a Borrowing Notice would be required under Section 2.8 if the Company were requesting an Advance of the Type resulting from
such election, specifying:


 


(i)             the
requested date, which shall be a Business Day, of such conversion or continuation;


 


(ii)            the
aggregate amount and Type of the Advance which is to be converted or continued; and


 


(iii)           the
amount of the Advance and, if such Advance is to be converted into or continued as a Term Benchmark Advance, the duration of the Interest
Period applicable thereto;


 


provided that no Advance may be continued
as, or converted into, a Term Benchmark Advance if (x) such continuation or conversion would violate any provision of this Agreement
or (y) a Default or Event of Default exists. Notwithstanding the foregoing, in no event shall the Company be permitted to request
an RFR Loan bearing interest based on Daily Simple SOFR prior to a Benchmark Transition Event and Benchmark Replacement Date with respect
to the Term SOFR Rate (it being understood and agreed that Daily Simple SOFR shall only apply to the extent provided in Sections 4.3(a) and
4.3(f).


 


2.10            Interest
Rates, Interest Payment Dates. (a) Subject to Section 2.11, each Advance shall bear interest as follows:


 


(i)             at
any time such Advance is a Floating Rate Advance, at a rate per annum equal to the Floating Rate from time to time in effect;


 


(ii)            at
any time such Advance is a Term Benchmark Advance, at a rate per annum equal to the Adjusted Term SOFR Rate for each applicable Interest
Period plus the Applicable Margin; and


 


(iii)           at
any time such Advance is an RFR Advance, at a rate per annum equal to Adjusted Daily Simple SOFR plus the Applicable Margin.


 


Changes in the rate of interest on that portion
or any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Floating Rate.


 






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(b)            Interest
accrued on each Floating Rate Advance shall be payable on each Payment Date and on the Termination Date. Interest accrued on each Term
Benchmark Advance shall be payable on the last day of its applicable Interest Period, on any date on which such Term Benchmark Advance
is prepaid and on the Termination Date. Interest accrued on each Term Benchmark Advance having an Interest Period longer than three months
shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued on each RFR Advance
shall be payable on (1) each date that is on the numerically corresponding day in each calendar month that is one month after the
Advance of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month) and (2) the
Termination Date. Interest on Term Benchmark Advances, RFR Advances, interest on Floating Rate Advances (except when based on the Prime
Rate) and the LC Fee shall be calculated for actual days elapsed on the basis of a 360-day year. Interest on Floating Rate Advances based
on the Prime Rate shall be calculated for actual days elapsed on the basis of a 365- or 366-day year, as appropriate. Interest on each
Advance shall accrue from and including the date such Advance is made to but excluding the date payment thereof is received in accordance
with Section 2.12. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business
Day, such payment shall be made on the next succeeding Business Day (unless, in the case of a Term Benchmark Advance, such next succeeding
Business Day falls in a new calendar month, in which case such payment shall be due on the immediately preceding Business Day) and, in
the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment. The
applicable Floating Rate, Daily Simple SOFR or Term SOFR Rate shall be determined by the Agent, and such determination shall be conclusive
absent manifest error.


 


2.11          Rate
after Maturity. Any Advance not paid by the Company at maturity, whether by acceleration or otherwise, shall bear interest until
paid in full at a rate per annum equal to the higher of (i) the rate otherwise applicable thereto plus 2.00% or (ii) the
Floating Rate plus 2.00%.


 


2.12          Method
of Payment; Sharing Set-Offs. (a) All payments of principal, interest and fees hereunder shall be made in immediately available
funds to the Agent at its address specified on its signature page to this Agreement (or at any other Lending Installation of the
Agent specified in writing by the Agent to the Company), without setoff or counterclaim, not later than 12:00 noon (New York City time)
on the date when due and shall (except in the case of Reimbursement Obligations for which the applicable LC Issuer has not been fully
indemnified by the Banks, or as otherwise specifically required hereunder) be applied ratably by the Agent among the Banks. Funds received
after such time shall be deemed received on the following Business Day unless the Agent shall have received from, or on behalf of, the
Company a Federal Reserve reference number with respect to such payment before 1:00 p.m. (New York City time) on the date of such
payment. Each payment delivered to the Agent for the account of any Bank shall be delivered promptly by the Agent in the same type of
funds received by the Agent to such Bank at the address specified for such Bank in its Administrative Questionnaire or at any Lending
Installation specified in a notice received by the Agent from such Bank. The Agent is hereby authorized to charge the account of the
Company maintained with JPMorgan Chase Bank, N.A., if any, for each payment of principal, interest, Reimbursement Obligations and fees
as such payment becomes due hereunder. Each reference to the Agent in this Section 2.12 shall also be deemed to refer, and
shall apply equally, to each LC Issuer, in the case of payments required to be made by the Company to such LC Issuer pursuant to Section 3.6.


 






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(b)            If
any Bank shall fail to make any payment required to be made by it pursuant to Section 2.8, Section 2.15, Section 3.5
or Section 13.8, then the Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply
any amounts thereafter received by the Agent for the account of such Bank and for the benefit of the Agent or the applicable LC Issuer
to satisfy such Bank’s obligations under such Sections until all such unsatisfied obligations are fully paid and/or (ii) hold
any such amounts in a segregated account over which the Agent shall have exclusive control as cash collateral for, and application to,
any future funding obligations of such Bank under any such Section; in the case of each of clauses (i) and (ii) above,
in any order as determined by the Agent in its discretion.


 


2.13          Bonds;
Record-keeping; Telephonic Notices.


 


(a)            The
obligation of the Company to repay the Obligations shall be evidenced by one or more Bonds.


 


(b)            Each
Bank shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Company to such Bank
resulting from each Loan made by such Bank from time to time, including the amounts of principal and interest payable and paid to such
Bank from time to time hereunder.


 


(c)            The
Agent shall also maintain accounts in which it will record (i) the amount of each Loan made hereunder, the Type thereof and, if
applicable, the Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to become
due and payable from the Company to each Bank hereunder, (iii) the original stated amount of each Facility LC and the amount of
LC Obligations outstanding at any time, and (iv) the amount of any sum received by the Agent hereunder from the Company and each
Bank’s share thereof.


 


(d)            The
entries maintained in the accounts maintained pursuant to clauses (b) and (c) above shall be prima facie evidence
of the existence and amounts of the Obligations therein recorded absent manifest error; provided that the failure of the Agent
or any Bank to maintain such accounts or any error therein shall not in any manner affect the obligation of the Company to repay the
Obligations in accordance with their terms.


 


(e)            The
Company hereby authorizes the Banks and the Agent to make Advances based on telephonic notices made by any person or persons the Agent
or any Bank in good faith believes to be acting on behalf of the Company. The Company agrees to deliver promptly to the Agent a written
confirmation of each telephonic notice signed by a Designated Officer. If the written confirmation differs in any material respect from
the action taken by the Agent and the Banks, the records of the Agent and the Banks shall govern absent manifest error.


 


2.14          Lending
Installations. Subject to the provisions of Section 4.6, each Bank may book its Loans and its participation in any LC
Obligations and each LC Issuer may book the Facility LCs issued by it at any Lending Installation selected by such Bank or such LC Issuer,
as the case may be, and may change its Lending Installation from time to time. All terms of this Agreement shall apply to any such Lending
Installation and the Loans shall be deemed held by the applicable Bank for the benefit of such Lending Installation. Each Bank may, by
written or facsimile notice to the Company, designate a Lending Installation through which Loans will be made by it or Facility LCs will
be issued by it and for whose account payments on the Loans or payments with respect to Facility LCs are to be made.


 






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2.15          Non-Receipt
of Funds by the Agent. Unless a Bank or the Company, as the case may be, notifies the Agent prior to the time on the date on which
it is scheduled to make payment to the Agent of (i) in the case of a Bank, the proceeds of a Loan or (ii) in the case of the
Company, a payment of principal, interest or fees to the Agent for the account of the Banks, that it does not intend to make such payment,
the Agent may assume that such payment has been made. The Agent may, but shall not be obligated to, make the amount of such payment available
to the intended recipient in reliance upon such assumption. If such Bank or the Company, as the case may be, has not in fact made such
payment to the Agent, the recipient of such payment shall, on demand by the Agent, repay to the Agent the amount so made available together
with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Agent
until the date the Agent recovers such amount at a rate per annum equal to (i) in the case of payment by a Bank, the Federal Funds
Effective Rate for such day or (ii) in the case of payment by the Company, the interest rate applicable to the relevant Loan.


 


2.16          Expansion
Option. The Company may from time to time elect to increase the Commitments in minimum increments of $50,000,000 so long as, after
giving effect thereto, the aggregate amount of such increases does not exceed $300,000,000. The Company may arrange for any such increase
to be provided by one or more Banks (each Bank so agreeing to an increase in its Commitment, an “Increasing Bank”),
or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an
 “Augmenting Bank”; provided that no Ineligible Institution may be an Augmenting Bank), to increase their existing
Commitments, or provide new Commitments, as the case may be; provided that (i) each Increasing Bank and each Augmenting Bank
shall be subject to the approval of the Company, the Agent and each LC Issuer and (ii) (x) in the case of an Increasing Bank,
the Company and such Increasing Bank execute an agreement substantially in the form of Exhibit F hereto, and (y) in
the case of an Augmenting Bank, the Company and such Augmenting Bank execute an agreement substantially in the form of Exhibit G
hereto. No consent of any Bank (other than the Banks participating in the increase and the Agent and each LC Issuer) shall be required
for any increase in Commitments pursuant to this Section 2.16. Increases and new Commitments created pursuant to this Section 2.16
shall become effective on the date agreed by the Company, the Agent and the relevant Increasing Banks or Augmenting Banks, and the
Agent shall notify each Bank thereof. Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Bank)
shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase, (A) the
conditions set forth in clauses (i) and (ii) of Section 11.2 shall be satisfied or waived by the
Majority Banks and the Agent shall have received a certificate to that effect dated such date and executed by a Designated Officer of
the Company and (B) the Company shall be in compliance (on a pro forma basis) with the covenant contained in Article VIII,
(ii) the Agent shall have received (x) documents consistent with those delivered on the Closing Date as to the organizational
power and authority of the Company to borrow hereunder after giving effect to such increase and (y) in the case of any Augmenting
Bank that is organized under the laws of a jurisdiction outside the United States of America, its name, address, tax identification number
and/or such other information as shall be necessary for the Agent to comply with “know your customer” and anti-money laundering
rules and regulations, including without limitation, the USA Patriot Act, and (iii) the Company shall have issued a new interest-bearing
First Mortgage Bond in favor of the Agent (x) in the amount of the Aggregate Commitment (giving effect to such increase) or (y) in
the amount of such increase, such that the aggregate principal amount of the Bonds will, when taken together, equal the Aggregate Commitment
(giving effect to such increase). On the effective date of any increase in the Commitments, (i) each relevant Increasing Bank and
Augmenting Bank shall make available to the Agent such amounts in immediately available funds as the Agent shall determine, for the benefit
of the other Banks, as being required in order to cause, after giving effect to such increase and the use of such amounts to make payments
to such other Banks, each Bank’s portion of the outstanding Loans of all the Banks to equal its Pro Rata Share of such outstanding
Loans, and (ii) the Company shall be deemed to have repaid and reborrowed all outstanding Loans as of the date of any increase in
the Commitments (with such reborrowing to consist of the Types of Loans, with related Interest Periods if applicable, specified in a
notice delivered by the Company, in accordance with the requirements of Section 2.8). The deemed payments made pursuant to
clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid
and, in respect of each Term Benchmark Advance, shall be subject to indemnification by the Company pursuant to the provisions of Section 4.4
if the deemed payment occurs other than on the last day of the related Interest Periods. Nothing contained in this Section 2.16
shall constitute, or otherwise be deemed to be, a commitment on the part of any Bank to increase its Commitment hereunder at any
time.


 






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2.17          Extension
of Termination Date.


 


(a)            The
Company may at any time, and from time to time prior to the date that is one year prior to the then Existing Termination Date (as defined
below), by notice to the Agent (who shall promptly notify the Banks), request that each Bank extend (each such date on which an extension
occurs, an “Extension Date”) such Bank’s then effective Termination Date (the “Existing Termination Date”)
to the date that is one year after such Bank’s Existing Termination Date; provided that (i) such notice shall be made on a
Business Day, (ii) no Extension Date shall occur if, after giving effect to such Extension Date, the Termination Date shall be more
than five (5) years after such Extension Date and (iii) if any requested Extension Date is not a Business Day, such Extension
Date shall be the immediately succeeding Business Day.


 


(b)            Each
Bank, acting in its sole and individual discretion, shall, by notice to the Agent given not later than the date that is ten (10) Business
Days after the date on which the Agent received the Company’s extension request (the “Bank Notice Date”), advise the
Agent whether or not such Bank agrees to such extension (each Bank that determines to so extend its Termination Date, an “Extending
Bank”). Each Bank that determines not to so extend its Termination Date (a “Non-Extending Bank”) shall notify the Agent
of such fact promptly after such determination (but in any event no later than the Bank Notice Date), and any Bank that does not so advise
the Agent on or before the Bank Notice Date shall be deemed to be a Non-Extending Bank. The election of any Bank to agree to such extension
shall not obligate any other Bank to so agree, and it is understood and agreed that no Bank shall have any obligation whatsoever to agree
to any request made by the Company for extension of the Termination Date.


 


(c)            The
Agent shall promptly notify the Company of each Bank’s determination under this Section.


 






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(d)            The
Company shall have the right, but shall not be obligated, on or before the applicable Termination Date for any Non-Extending Bank to
replace such Non-Extending Bank with, and add as “Banks” under this Agreement in place thereof, one or more financial institutions
that are not Ineligible Institutions (each, an “Additional Commitment Bank”) approved by the Agent and the LC Issuers in
accordance with the procedures provided in Section 4.2, each of which Additional Commitment Banks shall have entered into an Assignment
Agreement (in accordance with and subject to the restrictions contained in Section 12.1, with the Company obligated to pay any applicable
processing or recordation fee; provided, that the Agent may, in its sole discretion, elect to waive the $3,500 processing and recordation
fee in connection therewith) with such Non-Extending Bank, pursuant to which such Additional Commitment Banks shall, effective on or
before the applicable Termination Date for such Non-Extending Bank, assume a Commitment (and, if any such Additional Commitment Bank
is already a Bank, its Commitment shall be in addition to such Bank’s Commitment hereunder on such date). Prior to any Non-Extending
Bank being replaced by one or more Additional Commitment Banks pursuant hereto, such Non-Extending Bank may elect, in its sole discretion,
by giving irrevocable notice thereof to the Agent and the Company (which notice shall set forth such Bank’s new Termination Date),
to become an Extending Bank, which election shall be with the Company’s consent on or before the applicable Extension Date, and
in the event the Company does not so consent, such Non-Extending Bank shall remain a Non-Extending Bank. The Agent may effect such amendments
to this Agreement as are reasonably necessary to provide solely for any such extensions with the consent of the Company but without the
consent of any other Banks.


 


(e)            If
(and only if) the total of the Commitments of the Banks that have agreed to extend their Termination Date and the new or increased Commitments
of any Additional Commitment Banks is more than 50% of the aggregate amount of the Commitments in effect immediately prior to the applicable
Extension Date, then, effective as of the applicable Extension Date, the Termination Date of each Extending Bank and of each Additional
Commitment Bank shall be extended to the date that is one year after the then Existing Termination Date (except that, if such date is
not a Business Day, such Termination Date as so extended shall be the immediately preceding Business Day) and each Additional Commitment
Bank shall thereupon become a “Bank” for all purposes of this Agreement and shall be bound by the provisions of this Agreement
as a Bank hereunder and shall have the obligations of a Bank hereunder. For purposes of clarity, it is acknowledged and agreed that the
Termination Date on any date of determination shall not be a date more than five (5) years after such date of determination, whether
such determination is made before or after giving effect to any extension request made hereunder.


 


(f)             Notwithstanding
the foregoing, (x) no more than two (2) extensions of the Termination Date shall be permitted hereunder and (y) any extension
of any Termination Date pursuant to this Section 2.17 shall not be effective with respect to any Extending Bank unless:


 


(i)             no
Default or Event of Default shall have occurred and be continuing on the applicable Extension Date and immediately after giving effect
thereto;


 


(ii)            the
representations and warranties of the Company set forth in this Agreement are true and correct on and as of the applicable Extension
Date and after giving effect thereto, as though made on and as of such date (or to the extent that such representations and warranties
specifically refer to an earlier date, as of such earlier date); and


 






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(iii)            the
Agent shall have received a certificate dated as of the applicable Extension Date from the Company signed by an authorized officer of
the Company (A) certifying the accuracy of the foregoing clauses (i) and (ii) and (B) certifying and
attaching the resolutions adopted by the Company approving or consenting to such extension.


 


(g)            It
is understood and agreed that the Existing Termination Date of each Non-Extending Bank shall remain unchanged and the repayment of all
obligations owed to them pursuant to this Agreement and any related Credit Documents and the termination of their Commitments shall occur
on the then Existing Termination Date without giving effect to such extension request.


 


(h)            On
the Termination Date of each Non-Extending Bank, (i) the Commitment of each Non-Extending Bank shall automatically terminate and
(ii) the Company shall repay such Non-Extending Bank in accordance with Section 2.2 (and shall pay to such Non-Extending Bank
all of the other Obligations owing to it under this Agreement) and after giving effect thereto shall prepay any Loans outstanding on
such date (and pay any additional amounts required pursuant to Section 4.4) to the extent necessary to keep outstanding Loans ratable
with any revised Pro Rata Shares of the respective Banks effective as of such date, and the Agent shall administer any necessary reallocation
of the Outstanding Credit Exposures (without regard to any minimum borrowing, pro rata borrowing and/or pro rata payment requirements
contained elsewhere in this Agreement).


 


(i)             This Section shall supersede any
provisions in Section 10.1 or Section 12.11 to the contrary.


 






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ARTICLE III

LETTER OF CREDIT FACILITY


 


3.1            Issuance.
Each LC Issuer hereby agrees, on the terms and conditions set forth in this Agreement, to issue standby letters of credit and, to the
extent agreed to by any applicable LC Issuer, direct-pay letters of credit, denominated in U.S. dollars (each, a “Facility LC”)
and to renew, extend, increase, decrease or otherwise modify each Facility LC (“Modify,” and each such action a “Modification”),
from time to time from and including the Closing Date and prior to the Termination Date upon the request of the Company; provided,
however, that in no event shall (i) immediately after each such Facility LC is issued or Modified, the Aggregate Outstanding
Credit Exposure exceed the Available Commitment, (ii) immediately after each such Facility LC is issued or Modified, the amount
of the LC Obligations exceed the Facility LC Sublimit, (iii) immediately after each such Facility LC is issued or Modified, the
LC Obligations in respect of all Facility LCs issued by any LC Issuer exceed such LC Issuer’s Facility LC Commitment, as such amount
may be increased or decreased from time to time if agreed to by such LC Issuer and the Company with notice thereof to the Agent (subject
at all times to the Facility LC Sublimit) and (iv) a Facility LC (x) be issued later than 30 days prior to the scheduled Termination
Date, (y) have an expiry date later than the earlier of (1) the date one year after the date of the issuance of such Facility
LC (or, in the case of any renewal or extension thereof, one year after such renewal or extension and provided that such Facility LC
may contain customary “evergreen” provisions pursuant to which the expiry date is automatically extended by a specific time
period unless such LC Issuer gives notice to the beneficiary of such Facility LC at least a specified time period prior to the expiry
date then in effect) and (2) the fifth Business Day prior to the scheduled Termination Date or (z) provide for time drafts.
The Company may from time to time request to increase the Facility LC Sublimit so long as, after giving effect thereto, the aggregate
amount of such increases does not exceed $25,000,000, which increase, in the sole discretion of the applicable LC Issuer, may be provided
by one or more LC Issuers (each LC Issuer so agreeing to an increase in its Facility LC Commitment, an “Increasing LC Issuer”),
or by one or more other Banks that wish to become an LC Issuer (each such Bank, an “Additional LC Issuer”); provided
that each Increasing LC Issuer and each Additional LC Issuer shall be subject to the approval of the Company and the Agent. Nothing
contained in this Section 3.1 shall constitute or otherwise be deemed to be a commitment on the part of any LC Issuer to
increase its Facility LC Commitment. Notwithstanding the foregoing, the letters of credit identified on Schedule 3.1 (the “Existing
LCs”) shall be deemed to be “Facility LCs” issued on the Closing Date for all purposes of the Credit Documents.


 


3.2            Participations.
Upon the issuance or Modification by an LC Issuer of a Facility LC in accordance with this Article III, such LC Issuer shall
be deemed, without further action by any party hereto, to have unconditionally and irrevocably sold to each Bank, and each Bank shall
be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from such LC Issuer, a participation
in such Facility LC (and each Modification thereof) and the related LC Obligations in proportion to its Pro Rata Share.


 


3.3            Notice;
Amount of Facility LC. Subject to Section 3.1, the Company shall give the Agent and the applicable LC Issuer notice prior
to 12:00 noon (New York City time) at least three (3) Business Days prior to the proposed date of issuance or Modification of each
Facility LC, specifying the beneficiary, the proposed date of issuance (or Modification) and the expiry date of such Facility LC, and
describing the proposed terms of such Facility LC and the nature of the transactions proposed to be supported thereby and including agreed-upon
draft language for such Facility LC reasonably acceptable to the applicable LC Issuer. Upon receipt of such notice, the Agent shall promptly
notify each Bank, of the contents thereof and of the amount of such Bank’s participation in such proposed Facility LC. The issuance
or Modification by an LC Issuer of any Facility LC shall, in addition to the conditions precedent set forth in Article XI
(the satisfaction of which such LC Issuer shall have no duty to ascertain), be subject to the conditions precedent that such Facility
LC shall be satisfactory to such LC Issuer and that the Company shall have executed and delivered such application agreement and/or such
other instruments and agreements relating to such Facility LC as such LC Issuer shall have reasonably requested (each, a “Facility
LC Application”). In the event of any conflict between the terms of this Agreement and the terms of any Facility LC Application,
the terms of this Agreement shall control. Unless otherwise specified herein, the amount of a Facility LC at any time shall be deemed
to be the stated amount of such Facility LC in effect at such time; provided, however, that with respect to any Facility LC that, by
its terms or the terms of any Facility LC Application related thereto, provides for one or more automatic increases in the stated amount
thereof, the amount of such Facility LC shall be deemed to be the maximum stated amount of such Facility LC after giving effect to all
such increases, whether or not such maximum stated amount is in effect at such times.


 






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3.4            LC
Fees. The Company shall pay to the Agent, for the account of the Banks ratably in accordance with their respective Pro Rata Shares,
a letter of credit fee (the “LC Fee”) at a per annum rate equal to the Applicable Margin for Term Benchmark Loans
in effect from time to time on the daily undrawn stated amount of each Facility LC, such fee to be payable in arrears on the fifteenth
day following the last day of each calendar quarter (for the quarter then most recently ended) and the Termination Date (for the period
then ended for which such fee has not previously been paid) (and, if applicable, thereafter on demand). The Company shall also pay to
each LC Issuer for its own account (a) a fronting fee for each Facility LC at the time and in the amount separately agreed by the
Company and such LC Issuer, and (b) documentary and processing charges in connection with the issuance or Modification of and draws
under Facility LCs in accordance with such LC Issuer’s standard schedule for such charges as in effect from time to time.


 


3.5            Administration;
Reimbursement by Banks. Upon receipt from the beneficiary of any Facility LC of any demand for payment under such Facility LC, the
applicable LC Issuer shall notify the Agent and the Agent shall promptly notify the Company and each other Bank as to the amount to be
paid by such LC Issuer as a result of such demand and the proposed payment date (the “LC Payment Date”). The responsibility
of an LC Issuer to the Company and each Bank shall be only to determine that the documents (including each demand for payment) delivered
under each Facility LC issued by such LC Issuer in connection with such presentment shall be in conformity in all material respects with
such Facility LC. Each LC Issuer shall endeavor to exercise the same care in the issuance and administration of the Facility LCs as it
does with respect to letters of credit in which no participations are granted, it being understood that in the absence of any gross negligence
or willful misconduct by such LC Issuer, each Bank shall be unconditionally and irrevocably liable without regard to the occurrence of
any Default, Event of Default or any condition precedent whatsoever, to reimburse such LC Issuer on demand for (i) such Bank’s
Pro Rata Share of the amount of each payment made by such LC Issuer under each Facility LC issued by it to the extent such amount is
not reimbursed by the Company pursuant to Section 3.6 below, plus (ii) interest on the foregoing amount to be
reimbursed by such Bank, for each day from the date of such LC Issuer’s demand for such reimbursement (or, if such demand is made
after 12:00 noon (New York City time) on such date, from the next succeeding Business Day) to the date on which such Bank pays the amount
to be reimbursed by it, at a rate of interest per annum equal to the Federal Funds Effective Rate for the first three days and, thereafter,
at a rate of interest equal to the rate applicable to Floating Rate Advances.


 






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3.6            Reimbursement
by Company. The Company shall be irrevocably and unconditionally obligated to reimburse the applicable LC Issuer on the applicable
LC Payment Date for any amounts to be paid by such LC Issuer upon any drawing under any Facility LC issued by it, without presentment,
demand, protest or other formalities of any kind; provided that neither the Company nor any Bank shall hereby be precluded from
asserting any claim for direct (but not consequential) damages suffered by the Company or such Bank to the extent, but only to the extent,
caused by (i) the willful misconduct or gross negligence of such LC Issuer in determining whether a request presented under any
Facility LC issued by it complied with the terms of such Facility LC or (ii) such LC Issuer’s failure to pay under any Facility
LC issued by it after the presentation to it of a request strictly complying with the terms and conditions of such Facility LC. All such
amounts paid by the applicable LC Issuer and remaining unpaid by the Company shall bear interest, payable on demand, for each day until
paid at a rate per annum equal to (x) the rate applicable to Floating Rate Advances for such day if such day falls on or before
the applicable LC Payment Date and (y) the sum of 1.00% plus the rate applicable to Floating Rate Advances for such day if
such day falls after such LC Payment Date. The applicable LC Issuer will pay to each Bank ratably in accordance with its Pro Rata Share
all amounts received by such LC Issuer from the Company for application in payment, in whole or in part, of the Reimbursement Obligation
in respect of any Facility LC issued by such LC Issuer, but only to the extent such Bank has made payment to such LC Issuer in respect
of such Facility LC pursuant to Section 3.5. Subject to the terms and conditions of this Agreement (including the submission
of a Borrowing Notice in compliance with Section 2.8 and the satisfaction of the applicable conditions precedent set forth
in Article XI), the Company may request an Advance hereunder for the purpose of satisfying any Reimbursement Obligation.


 


3.7            Obligations
Absolute. The Company’s obligations under this Article III shall be absolute and unconditional under any and all
circumstances and irrespective of any setoff, counterclaim or defense to payment which the Company may have or have had against any LC
Issuer, any Bank or any beneficiary of a Facility LC. The Company further agrees with the LC Issuers and the Banks that the LC Issuers
and the Banks shall not be responsible for, and the Company’s Reimbursement Obligation in respect of any Facility LC shall not
be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even if such documents should
in fact prove to be in any or all respects invalid, fraudulent or forged, or any dispute between or among the Company, any of its Affiliates,
the beneficiary of any Facility LC or any financing institution or other party to whom any Facility LC may be transferred or any claims
or defenses whatsoever of the Company or of any of its Affiliates against the beneficiary of any Facility LC or any such transferee.
Subject to the proviso contained in the first sentence of Section 3.6, no LC Issuer shall be liable for any error, omission,
interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Facility
LC. The Company agrees that any action taken or omitted by any LC Issuer or any Bank under or in connection with a Facility LC and the
related drafts and documents, if done without gross negligence or willful misconduct, shall be binding upon the Company and shall not
put any LC Issuer or any Bank under any liability to the Company. Nothing in this Section 3.7 is intended to limit the right
of the Company to make a claim against any LC Issuer for damages as contemplated by the proviso to the first sentence of Section 3.6.


 


3.8            Actions
of LC Issuers. Each LC Issuer shall be entitled to rely, and shall be fully protected in relying, upon any Facility LC, draft, writing,
resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex, teletype or electronic message, statement,
order or other document believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons,
and upon advice and statements of legal counsel, independent accountants and other experts selected by such LC Issuer. Each LC Issuer
shall be fully justified in failing or refusing to take any action under this Agreement unless it shall first have received such advice
or concurrence of the Majority Banks as it reasonably deems appropriate or it shall first be indemnified to its reasonable satisfaction
by the Banks against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such
action. Notwithstanding any other provision of this Article III, each LC Issuer shall in all cases be fully protected in
acting, or in refraining from acting, under this Agreement in accordance with a request of the Majority Banks, and such request and any
action taken or failure to act pursuant thereto shall be binding upon the Banks and any future holders of a participation in any Facility
LC.


 






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3.9            Indemnification.
The Company hereby agrees to indemnify and hold harmless each Bank, each LC Issuer and the Agent, and their respective directors, officers,
agents and employees from and against any and all claims and damages, losses, liabilities, reasonable costs or expenses which such Bank,
such LC Issuer or the Agent may incur (or which may be claimed against such Bank, such LC Issuer or the Agent by any Person whatsoever)
by reason of or in connection with the issuance, execution and delivery or transfer of or payment or failure to pay under any Facility
LC or any actual or proposed use of any Facility LC, including any claims, damages, losses, liabilities, costs or expenses which any
LC Issuer may incur by reason of or in connection with (i) the failure of any other Bank to fulfill or comply with its obligations
to such LC Issuer hereunder (but nothing herein contained shall affect any rights the Company may have against any Defaulting Bank) or
(ii) by reason of or on account of such LC Issuer issuing any Facility LC which specifies that the term “Beneficiary”
included therein includes any successor by operation of law of the named Beneficiary, but which Facility LC does not require that any
drawing by any such successor Beneficiary be accompanied by a copy of a legal document, satisfactory to such LC Issuer, evidencing the
appointment of such successor Beneficiary; provided that the Company shall not be required to indemnify any Bank, any LC Issuer
or the Agent for any claims, damages, losses, liabilities, costs or expenses to the extent, but only to the extent, caused by (x) the
willful misconduct or gross negligence of any LC Issuer in determining whether a request presented under any Facility LC issued by it
complied with the terms of such Facility LC, as determined in a final, non-appealable judgment of a court of competent jurisdiction or
(y) any LC Issuer’s failure to pay under any Facility LC issued by it after the presentation to it of a request strictly complying
with the terms and conditions of such Facility LC. Nothing in this Section 3.9 is intended to limit the obligations of the
Company under any other provision of this Agreement.


 


3.10          Banks’
Indemnification. Each Bank shall, ratably in accordance with its Pro Rata Share, indemnify each LC Issuer (in such LC Issuer’s
capacity as an LC Issuer), its Affiliates and their respective directors, officers, agents and employees (to the extent not reimbursed
by the Company) against any cost, expense (including reasonable counsel fees and disbursements), claim, demand, action, loss or liability
(except such as result from such indemnitees’ gross negligence or willful misconduct as determined in a final, non-appealable judgment
by a court of competent jurisdiction or such LC Issuer’s failure to pay under any Facility LC issued by it after the presentation
to it of a request strictly complying with the terms and conditions of the Facility LC) that such indemnitees may suffer or incur in
connection with this Article III or any action taken or omitted by such indemnitees hereunder (in such LC Issuer’s
capacity as an LC Issuer).


 


3.11          Rights
as a Bank. In its capacity as a Bank, each LC Issuer shall have the same rights and obligations as any other Bank.


 






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3.12          LC
Issuer Agreements. Unless otherwise requested by the Agent, each LC Issuer shall report in writing to the Agent (i) promptly
following the end of each calendar month, the aggregate amount of Facility LCs issued by it and outstanding at the end of such month,
(ii) on or prior to each Business Day on which such LC Issuer expects to issue, amend, renew or extend any Facility LC, the date
of such issuance, amendment, renewal or extension, and the aggregate face amount of the Facility LC to be issued, amended, renewed or
extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension occurred (and whether the amount
thereof changed), it being understood that such LC Issuer shall not permit any issuance, renewal, extension or amendment resulting in
an increase in the amount of any Facility LC to occur without first obtaining written confirmation from the Agent that it is then permitted
under this Agreement, (iii) on each Business Day on which such LC Issuer makes any payment under any Facility LC, the date of such
payment under such Facility LC and the amount of such payment, (iv) on any Business Day on which the Company fails to reimburse
any payment under any Facility LC required to be reimbursed to such LC Issuer on such day, the date of such failure and the amount of
such payment and (v) on any other Business Day, such other information as the Agent shall reasonably request.



 


ARTICLE IV

CHANGE IN CIRCUMSTANCES


 


4.1            Yield
Protection.


 


(a)            If
any Change in Law,


 


(i)             subjects
the Agent, any Bank, any LC Issuer or any applicable Lending Installation to any tax, duty, charge, withholding levy, imposts, deduction,
assessment or fee on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other
liabilities or capital attributable thereto (other than (A) Taxes, (B) Excluded Taxes, and (C) Other Taxes), or


 


(ii)            imposes
or increases or deems applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement,
insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by any Bank, any LC
Issuer or any applicable Lending Installation (including any applicable reserve costs imposed by an applicable Governmental Authority),
or


 


(iii)           imposes
any other condition the result of which is to increase the cost to any Bank, any LC Issuer or any applicable Lending Installation of
making, continuing, converting into, funding or maintaining Credit Extensions (including any participations in Facility LCs), or reduces
any amount receivable by any Bank, any LC Issuer or any applicable Lending Installation in connection with Credit Extensions (including
any participations in Facility LCs) or requires any Bank, any LC Issuer or any applicable Lending Installation to make any payment calculated
by reference to its Outstanding Credit Exposure or interest received by it, by an amount deemed material by such Bank or such LC Issuer,
or


 






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(iv)          affects
the amount of capital or liquidity required or expected to be maintained by any Bank, any LC Issuer or any applicable Lending Installation
or any corporation controlling any Bank or any LC Issuer and such Bank or such LC Issuer, as applicable, determines the amount of capital
or liquidity required is increased by or based upon the existence of this Agreement or its obligation to make Credit Extensions (including
any participations in Facility LCs) hereunder or of commitments of this type,


 


then, upon presentation by the Agent, such
Bank or such LC Issuer to the Company of a certificate (as referred to in the immediately succeeding sentence of this Section 4.1)
setting forth the basis for such determination and the additional amounts reasonably determined by the Agent, such Bank or such LC
Issuer for the period of up to ninety (90) days prior to the date on which such certificate is delivered to the Company and the
Agent, to be sufficient to compensate the Agent, such Bank or such LC Issuer, as applicable, in light of such circumstances, the
Company shall within thirty (30) days of such delivery of such certificate pay to the Agent for its own account or for the account
of the Agent, such Bank or such LC Issuer, as applicable, the specified amounts set forth on such certificate. The Agent, affected
Bank or LC Issuer, as applicable, shall deliver to the Company and the Agent a certificate setting forth the basis of the claim and
specifying in reasonable detail the calculation of such increased expense, which certificate shall be prima facie evidence as to
such increase and such amounts. The Agent, an affected Bank or LC Issuer, as applicable, may deliver more than one certificate to
the Company during the term of this Agreement. In making the determinations contemplated by the above-referenced certificate, the
Agent, any Bank and any LC Issuer may make such reasonable estimates, assumptions, allocations and the like that the Agent, such
Bank or such LC Issuer, as applicable, in good faith determines to be appropriate, and the Agent’s, such Bank’s or such
LC Issuer’s selection thereof in accordance with this Section 4.1 shall be conclusive and binding on the Company,
absent manifest error.


 


(b)            No
Bank or LC Issuer shall be entitled to demand compensation or be compensated hereunder to the extent that such compensation relates to
any period of time more than ninety (90) days prior to the date upon which such Bank or such LC Issuer, as applicable, first notified
the Company of the occurrence of the event entitling such Bank or such LC Issuer, as applicable, to such compensation (unless, and to
the extent, that any such compensation so demanded shall relate to the retroactive application of any event so notified to the Company).


 


4.2            Replacement
of Banks.


 


(a)            If
any Bank shall make a demand for payment under Section 4.1, then within thirty (30) days after such demand, the Company may,
with the approval of the Agent and each LC Issuer which has issued a Facility LC which is then outstanding or in respect of which there
is any unreimbursed Reimbursement Obligation (which approvals shall not be unreasonably withheld) and provided that no Default or Event
of Default shall then have occurred and be continuing, demand, at the Company’s sole cost and expense, that such Bank assign to
one or more financial institutions designated by the Company and approved by the Agent all (but not less than all) of such Bank’s
Commitment and Outstanding Credit Exposure within the period ending on the later of such 30th day and the last day of the
longest of the then current Interest Periods or maturity dates for such Outstanding Credit Exposure. Any such assignment shall be consummated
on terms satisfactory to the assigning Bank; provided that such Bank’s consent to such assignment shall not be unreasonably
withheld.


 








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(b)            If
the Company shall elect to replace a Bank pursuant to clause (a) above, the Company shall prepay the Outstanding Credit Exposure
of such Bank, and the financial institution or institutions selected by the Company shall replace such Bank as a Bank hereunder pursuant
to an instrument satisfactory to the Company, the Agent and the Bank being replaced by making Credit Extensions to the Company in the
amount of the Outstanding Credit Exposure of such assigning Bank and assuming all the same rights and responsibilities hereunder as such
assigning Bank and having the same Commitment as such assigning Bank.


 


(c)            If
any Bank becomes a Defaulting Bank, then the Company may, at its sole expense and effort, upon notice to such Bank and the Agent, require
such Bank to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.1),
all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may
be another Bank, if such Bank accepts such assignment); provided that (i) to the extent required pursuant to Section 12.1(c),
the Company shall have received the necessary consents from the Agent and the LC Issuer, if any, and (ii) such Bank shall have received
payment of an amount equal to its Outstanding Credit Exposure, accrued interest thereon, accrued fees and all other amounts payable to
it hereunder, from the assignee (to the extent of such Outstanding Credit Exposure and accrued interest and fees) or the Company (in
the case of all other amounts). A Bank shall not be required to make any such assignment and delegation if, prior thereto, as a result
of a waiver by such Bank or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply.


 


4.3            Alternate
Rate of Interest.


 


(a)            Subject
to clauses (b) (c), (d), (e) and (f) of this Section 4.3, if:


 


(i)            the
Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest Period
for a Term Benchmark Advance, that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR (including because
the Term SOFR Reference Rate is not available or published on a current basis), for such Interest Period or (B) at any time, that
adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple SOFR; or


 


(ii)           the
Agent is advised by the Majority Banks that (A) prior to the commencement of any Interest Period for a Term Benchmark Advance, the
Adjusted Term SOFR Rate for such Interest Period will not adequately and fairly reflect the cost to such Banks of making or maintaining
their Loans included in such Advance for such Interest Period or (B) at any time, Adjusted Daily Simple SOFR will not adequately
and fairly reflect the cost to such Banks of making or maintaining their Loans included in such Advance;


 






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then the Agent shall give notice thereof to the
Company and the Banks by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Agent notifies
the Company and the Banks that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and
(y) the Company delivers a new Conversion/Continuation Notice in accordance with the terms of Section 2.9 or a new Borrowing
Notice in accordance with the terms of Section 2.8, (1) any Conversion/Continuation Notice that requests the conversion
of any Advance to, or continuation of any Advance as, a Term Benchmark Advance and any Borrowing Notice that requests a Term Benchmark
Advance shall instead be deemed to be a Conversion/Continuation Notice or a Borrowing Notice, as applicable, for (x) an RFR Advance
so long as the Adjusted Daily Simple SOFR is not also the subject of Section 4.3(a)(i) or (ii) above or
(y) a Floating Rate Advance if the Adjusted Daily Simple SOFR also is the subject of Section 4.3(a)(i) or (ii) above
and (2) any Borrowing Notice that requests an RFR Advance shall instead be deemed to be a Borrowing Notice, as applicable, for a
Floating Rate Advance; provided that if the circumstances giving rise to such notice affect only one Type of Advances, then all
other Types of Advances shall be permitted. Furthermore, if any Term Benchmark Loan or RFR Loan is outstanding on the date of the Company’s
receipt of the notice from the Agent referred to in this Section 4.3(a) with respect to a Relevant Rate applicable to
such Term Benchmark Loan or RFR Loan, then until (x) the Agent notifies the Company and the Banks that the circumstances giving
rise to such notice no longer exist, with respect to the relevant Benchmark and (y) the Company delivers a new Conversion/Continuation
Request in accordance with the terms of Section 2.9 or a new Borrowing Notice in accordance with the terms of Section 2.8,
(1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan be converted by the Agent to, and
shall constitute, (x) an RFR Advance so long as the Adjusted Daily Simple SOFR is not also the subject of Section 4.3(a)(i) or
(ii) above or (y) a Floating Rate Loan if the Adjusted Daily Simple SOFR also is the subject of Section 4.3(a)(i) or
(ii) above, on such day, and (2) any RFR Loan shall on and from such day be converted by the Agent to, and shall constitute
a Floating Rate Loan.


 


(b)            Notwithstanding
anything to the contrary herein or in any other Credit Document, if a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark
Replacement is determined in accordance with clause (1) of the definition of “Benchmark Replacement” for such Benchmark
Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in
respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other
party to, this Agreement or any other Credit Document and (y) if a Benchmark Replacement is determined in accordance with clause
(2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will
replace such Benchmark for all purposes hereunder and under any Credit Document in respect of any Benchmark setting at or after 5:00
p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the
Banks without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document so long
as the Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Banks comprising the Majority
Banks.


 


(c)            Notwithstanding
anything to the contrary herein or in any other Credit Document, the Agent will have the right to make Benchmark Replacement Conforming
Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing
such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this
Agreement or any other Credit Document.


 








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(d)            The
Agent will promptly notify the Company and the Banks of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation
of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or
reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of any Benchmark
Unavailability Period. Any determination, decision or election that may be made by the Agent or, if applicable, any Bank (or group of
Banks) pursuant to this Section 4.3, including any determination with respect to a tenor, rate or adjustment or of the occurrence
or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will
be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party
to this Agreement or any other Credit Document, except, in each case, as expressly required pursuant to this Section 4.3.


 


(e)            Notwithstanding
anything to the contrary herein or in any other Credit Document, at any time (including in connection with the implementation of a Benchmark
Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate) and either (A) any tenor for
such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the
Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public
statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the
Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable
or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently
displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer,
subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the
Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously
removed tenor.


 


(f)            Upon
the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Company may revoke any request for
a Term Benchmark Advance or RFR Advance of, conversion to or continuation of Term Benchmark Loans or RFR Loans to be made, converted
or continued during any Benchmark Unavailability Period and, failing that, the Company will be deemed to have converted any such request
for a Term Benchmark Advance into a request for an Advance of or conversion to (A) an RFR Advance so long as the Adjusted Daily
Simple SOFR is not the subject of a Benchmark Transition Event or (B) a Floating Rate Advance if the Adjusted Daily Simple SOFR
is the subject of a Benchmark Transition Event. During any Benchmark Unavailability Period or at any time that a tenor for the then-current
Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current Benchmark or such tenor for
such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate. Furthermore, if any Term Benchmark Loan
or RFR Loan is outstanding on the date of the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period
with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such time as a Benchmark Replacement is
implemented pursuant to this Section 4.3, (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable
to such Loan, be converted by the Agent to, and shall constitute, (x) an RFR Advance so long as the Adjusted Daily Simple SOFR is
not the subject of a Benchmark Transition Event or (y) a Floating Rate Loan if the Adjusted Daily Simple SOFR is the subject of
a Benchmark Transition Event, on such day and (2) any RFR Loan shall on and from such day, be converted by the Agent to, and shall
constitute a Floating Rate Loan.


 








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4.4            Funding
Indemnification.


 


(a)            If
any payment of a Term Benchmark Loan occurs on a date which is not the last day of an applicable Interest Period, whether because of
prepayment or otherwise (including as a result of acceleration), or a Term Benchmark Loan is not made on the date specified by the Company
for any reason other than default by the Banks or a Term Benchmark Loan is assigned on a date which is not the last day of an applicable
Interest Period as a result of a request by the Company under Section 4.2, the Company will indemnify each Bank for any loss
or cost (but not lost profits) incurred by it resulting therefrom.


 


(b)            If
any payment of an RFR Loan occurs on a date which is not the specified date for payment of interest on such Loan, whether because of
prepayment or otherwise (including as a result of acceleration), or an RFR Loan is not made on the date specified by the Company for
any reason other than default by the Banks or an RFR Loan is assigned on a date which is not the specified date for payment of interest
on such Loan as a result of a request by the Company under Section 4.2, the Company will indemnify each Bank for any loss
or cost (but not lost profits) incurred by it resulting therefrom.


 


4.5            Taxes.


 


(a)            All
payments by the Company to or for the account of any Bank, any LC Issuer or the Agent hereunder or under any Bond or Facility LC Application
shall be made free and clear of and without deduction for any and all Taxes unless such deduction is required by law. If the Company
shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Bank, any LC Issuer or the Agent,
(i) the sum payable shall be increased by the amount of such Taxes required to be withheld as necessary so that after making all
required deductions (including deductions applicable to additional sums payable under this Section 4.5) such Bank, such LC
Issuer or the Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made,
(ii) the Company shall make such deductions, (iii) the Company shall pay the full amount deducted to the relevant authority
in accordance with applicable law and (iv) the Company shall furnish to the Agent the original copy of a receipt evidencing payment
thereof within thirty (30) days after such payment is made.


 


(b)            In
addition, the Company hereby agrees to pay any present or future stamp, court, documentary, intangible, recording, or filing taxes and
any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or under any Bond or Facility
LC Application or from the execution, delivery, performance, or enforcement of, or otherwise with respect to, this Agreement or any Bond
or Facility LC Application (“Other Taxes”).


 






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(c)            The
Company hereby agrees to indemnify the Agent, each LC Issuer and each Bank for the full amount of Taxes or Other Taxes (including any
Taxes or Other Taxes imposed on amounts payable under this Section 4.5) payable or paid by the Agent, such LC Issuer or such
Bank or required to be withheld or deducted from a payment to the Agent, such LC Issuer or such Bank and any liability (including penalties,
interest and expenses) arising therefrom or with respect thereto. Payments due under this indemnification shall be made within thirty
(30) days of the date the Agent, such LC Issuer or such Bank makes demand therefor pursuant to Section 4.6.


 


(d)            Each
Bank that is not incorporated under the laws of the United States of America or a state thereof (each a “Non-U.S. Bank”)
agrees that it will, not more than ten (10) Business Days after the Closing Date, or, if later, not more than ten (10) Business
Days after becoming a Bank hereunder, (i) deliver to each of the Company and the Agent two duly completed copies of United States
Internal Revenue Service Form W-8BEN, W-8BEN-E or W-8ECI, or any other form or documentation prescribed by applicable law, certifying
in either case that such Bank is entitled to receive payments under this Agreement without deduction or withholding of any United States
federal income taxes, and (ii) deliver to each of the Company and the Agent a United States Internal Revenue Form W-8 or W-9,
as the case may be, and certify that it is entitled to an exemption from United States backup withholding tax. Each Non-U.S. Bank further
undertakes to deliver to each of the Company and the Agent (x) renewals or additional copies of such form (or any successor form)
on or before the date that such form expires or becomes obsolete, and (y) after the occurrence of any event requiring a change in
the most recent forms so delivered by it, such additional forms or amendments thereto as may be reasonably requested by the Company or
the Agent. All forms or amendments described in the preceding sentence shall certify that such Bank is entitled to receive payments under
this Agreement without deduction or withholding of any United States federal income taxes, unless an event (including any change in treaty,
law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms
inapplicable or which would prevent such Bank from duly completing and delivering any such form or amendment with respect to it and such
Bank advises the Company and the Agent that it is not capable of receiving payments without any deduction or withholding of United States
federal income tax.


 


(e)            For
any period during which a Non-U.S. Bank has failed to provide the Company with an appropriate form pursuant to clause (d), above
(unless such failure is due to a change in treaty, law or regulation, or any change in the interpretation or administration thereof by
any governmental authority, occurring subsequent to the date on which a form originally was required to be provided), such Non-U.S. Bank
shall not be entitled to indemnification under this Section 4.5 with respect to Taxes imposed by the United States; provided
that, should a Non-U.S. Bank which is otherwise exempt from or subject to a reduced rate of withholding tax become subject to Taxes
because of its failure to deliver a form required under clause (d) above, the Company shall take such steps as such Non-U.S.
Bank shall reasonably request to assist such Non-U.S. Bank to recover such Taxes.


 


(f)            Any
Bank that is entitled to an exemption from or reduction of withholding tax with respect to payments under this Agreement or any Bond
pursuant to the law of any relevant jurisdiction or any treaty shall deliver to the Company (with a copy to the Agent), at the time or
times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law as will permit such
payments to be made without withholding or at a reduced rate.


 








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(g)            If
a payment made to a Bank under any Credit Document would be subject to U.S. federal withholding tax imposed by FATCA if such Bank 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 Bank shall deliver to the Company and the Agent at the time or times prescribed by law and at such time
or times reasonably requested by the Company or the 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 Company or the Agent as
may be necessary for the Company and the Agent to comply with their obligations under FATCA and to determine that such Bank has complied
with such Bank’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes
of this clause (g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. Notwithstanding
anything to the contrary herein, the completion, execution and submission of such documentation shall not be required if in a Bank’s
reasonable judgment such completion, execution or submission would subject such Bank to any material unreimbursed cost or expense or
would materially prejudice the legal or commercial position of such Bank.


 


(h)            Each
Bank and each LC Issuer shall severally indemnify the Agent for any taxes, levies, imposts, duties, deductions, withholdings,
assessments, fees or other charges imposed by any taxing authority (but, in the case of any Taxes and Other Taxes, only to the
extent that the Company has not already indemnified the Agent for such Taxes and Other Taxes and without limiting the obligation of
the Company to do so) attributable to such Bank or LC Issuer that are paid or payable by the Agent in connection with this
Agreement, any Bond or any Facility LC and any reasonable expenses arising therefrom or with respect thereto, whether or not such
amounts were correctly or legally imposed or asserted by the relevant taxing authority. The indemnity under this Section 4.5(h) shall
be paid within ten (10) days after the Agent delivers to the applicable Bank or LC Issuer a certificate stating the amount so
paid or payable by the Agent. Such certificate shall be conclusive of the amount so paid or payable absent manifest error. Each
party’s obligations under this Section 4.5 shall survive the resignation or replacement of the Agent or any
assignment of rights by, or the replacement of, a Bank or LC Issuer, the payment of the Obligations and termination of this
Agreement.


 


(i)             For
purposes of determining withholding taxes imposed under the FATCA, from and after the Closing Date, the Company and the Agent shall treat
(and the Banks hereby authorize the Agent to treat) this Agreement as not qualifying as a “grandfathered obligation” within
the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).


 


4.6            Bank
Certificates, Survival of Indemnity. To the extent reasonably possible, each Bank shall designate an alternate Lending Installation
with respect to Term Benchmark Loans to reduce any liability of the Company to such Bank under Section 4.1 or to avoid the
unavailability of Term Benchmark Loans under Section 4.3, so long as such designation is not disadvantageous to such Bank.
A certificate of such Bank as to the amount due under Section 4.1, 4.4 or 4.5 shall be final, conclusive and
binding on the Company in the absence of manifest error. Unless otherwise provided herein, the amount specified in any certificate shall
be payable on demand after receipt by the Company of such certificate. The obligations of the Company under Sections 4.1,
4.4 and 4.5 shall survive payment of the Obligations and termination of this Agreement; provided that no Bank shall
be entitled to compensation to the extent that such compensation relates to any period of time more than ninety (90) days after the termination
of this Agreement.


 








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4.7            Defaulting
Banks.


 


Notwithstanding any provision
of this Agreement to the contrary, if any Bank becomes a Defaulting Bank, then the following provisions shall apply for so long as such
Bank is a Defaulting Bank:


 


(a)            Commitment
Fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Bank pursuant to Section 2.5(a);


 


(b)            Any
payment of principal, interest, fees or other amounts received by the Agent for the account of such Defaulting Bank (whether voluntary
or mandatory, at maturity, pursuant to Section 9.2 or otherwise) or received by the Agent from a Defaulting Bank pursuant
to Section 12.10 shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment
of any amounts owing by such Defaulting Bank to the Agent hereunder; second, to the payment on a pro rata basis of any amounts owing
by such Defaulting Bank to the applicable LC Issuer hereunder; third, to cash collateralize any portion of such Defaulting Bank’s
Pro Rata Share of the LC Obligations in accordance with this Section; fourth, unless a Default or Event of Default exists, as the Company
may request to fund any Loan in respect of which such Defaulting Bank has failed to fund its portion thereof as required by this Agreement,
as determined by the Agent; fifth, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting
Bank’s potential future funding obligations with respect to Loans under this Agreement and (y) cash collateralize the future
portion of such Defaulting Bank’s Pro Rata Share of LC Obligations with respect to future Facility LCs issued under this Agreement,
in accordance with this Section; sixth, to the payment of any amounts owing to the Banks or the LC Issuers as a result of any judgment
of a court of competent jurisdiction obtained by any Bank or any LC Issuer against such Defaulting Bank as a result of such Defaulting
Bank’s breach of its obligations under this Agreement or under any other Credit Document; seventh, so long as no Default or Event
of Default exists, to the payment of any amounts owing to the Company as a result of any judgment of a court of competent jurisdiction
obtained by the Company against such Defaulting Bank as a result of such Defaulting Bank's breach of its obligations under this Agreement
or under any other Credit Document; and eighth, to such Defaulting Bank 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 Loans or disbursements of Facility LCs in respect
of which such Defaulting Bank has not fully funded its appropriate share, and (y) such Loans were made or the related Facility LCs
were issued at a time when the conditions set forth in Section 11.2 were satisfied or waived, such payment shall be applied
solely to pay the Loans of, and disbursements of Facility LCs owed to, all non-Defaulting Banks on a pro rata basis prior to being applied
to the payment of any Loans of, or disbursements of Facility LCs owed to, such Defaulting Bank until such time as all Loans and funded
and unfunded participations in the Company’s obligations corresponding to such Defaulting Bank’s Pro Rata Share of LC Obligations
are held by the Banks pro rata in accordance with the Commitments without giving effect to clause (d) below. Any payments,
prepayments or other amounts paid or payable to a Defaulting Bank that are applied (or held) to pay amounts owed by a Defaulting Bank
or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Bank, and each Bank
irrevocably consents hereto;


 








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(c)            the
Commitment and Outstanding Credit Exposure of such Defaulting Bank shall not be included in determining whether the Majority Banks have
taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 10.1); provided,
that, except as otherwise provided in Section 10.1, this clause (c) shall not apply to the vote of a Defaulting
Bank in the case of an amendment, waiver or other modification requiring the consent of such Bank or each Bank directly affected thereby;


 


(d)            if
any LC Obligations exist at the time a Bank becomes a Defaulting Bank then:


 


(i)            so
long as no Default or Event of Default shall be continuing immediately before or after giving effect to such reallocation, all or any
part of such LC Obligation shall be reallocated among the non-Defaulting Banks in accordance with their respective Pro Rata Share but
only to the extent that (x) the sum of all non-Defaulting Banks’ Outstanding Credit Exposure does not exceed the total of
all non-Defaulting Banks’ Commitments, (y) no Bank’s Outstanding Credit Exposure shall exceed its Commitment and (z) the
conditions set forth in Section 11.2 are satisfied at such time;


 


(ii)            if
the reallocation described in subclause (i) above cannot, or can only partially, be effected, the Company shall within one
(1) Business Day following notice by the Agent, cash collateralize for the benefit of the relevant LC Issuer such Defaulting Bank’s
Pro Rata Share of the LC Obligations (after giving effect to any partial reallocation pursuant to subclause (i) above) in
accordance with the procedures set forth in Section 9.2 for so long as such LC Obligation is outstanding;


 


(iii)           if
the Company cash collateralizes any portion of such Defaulting Bank’s Pro Rata Share of the LC Obligations pursuant this clause
(d), the Company shall not be required to pay any fees to such Defaulting Bank pursuant to Section 3.4 with respect to
such Defaulting Bank’s Pro Rata Share of the LC Obligations during the period such Defaulting Bank’s Pro Rata Share of the
LC Obligations is cash collateralized;


 


(iv)          if
the non-Defaulting Banks’ Pro Rata Share of the LC Obligations is reallocated pursuant to this clause (d), then the fees
payable to the Banks pursuant to Section 2.5(a) and Section 3.4 shall be adjusted in accordance with such
non-Defaulting Banks’ Pro Rata Shares; or


 


(v)           if
any Defaulting Bank’s Pro Rata Share of the LC Obligations is neither reallocated nor cash collateralized pursuant to this clause
(d), then, without prejudice to any rights or remedies of any LC Issuer or any Bank hereunder, all fees that otherwise would have
been payable to such Defaulting Bank (solely with respect to the portion of such Defaulting Bank’s Commitment that was utilized
by such LC Obligations) and LC Fees payable under Section 3.4 with respect to such Defaulting Bank’s Pro Rata Share
of the LC Obligations shall be payable to the applicable LC Issuer until such Defaulting Bank’s Pro Rata Share of the LC Obligation
is cash collateralized and/or reallocated; and


 








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(e)            so
long as any Bank is a Defaulting Bank, no LC Issuer shall be required to issue or Modify any Facility LC, unless it is satisfied that
the related exposure will be 100% covered by the Commitments of the non-Defaulting Banks and/or cash collateral will be provided by the
Company in accordance with clause (d) above, and participating interests in any such newly issued or Modified Facility LC
shall be allocated among non-Defaulting Banks in a manner consistent with clause(d)(i) above (and Defaulting Banks shall
not participate therein).


 


(f)            If
(i) a Bankruptcy Event or Bail-In Action with respect to a Parent of any Bank shall occur following the date hereof and for so long
as such event shall continue or (ii) any LC Issuer has a good faith belief that any Bank has defaulted in fulfilling its obligations
under one or more other agreements in which such Bank commits to extend credit, such LC Issuer shall not be required to issue, amend
or increase any Facility LC, unless such LC Issuer, as the case may be, shall have entered into arrangements with the Company or such
Bank, satisfactory to such LC Issuer, as the case may be, to defease any risk to it in respect of such Bank hereunder.


 


(g)            In
the event that the Agent, the Company, and each LC Issuer each agrees that a Defaulting Bank has adequately remedied all matters that
caused such Bank to be a Defaulting Bank, then the Banks’ Pro Rata Shares of the LC Obligations shall be readjusted to reflect
the inclusion of such Bank’s Commitment and on such date such Bank shall purchase at par such of the Loans of the other Banks as
the Agent shall determine may be necessary in order for such Bank to hold such Loans in accordance with its Pro Rata Share of the Aggregate
Commitment; provided, that if the Company cash collateralized any portion of such Defaulting Bank’s Pro Rata Share of the
LC Obligations pursuant to Section 4.7(d), such cash shall be returned to the Company.


 


(h)            Subject
to Section 12.18, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against
a Defaulting Bank arising from such party having become a Defaulting Bank, including any claim of a non-Defaulting Bank as a result of
such non-Defaulting Bank’s increased exposure following such reallocation.


 


ARTICLE V

REPRESENTATIONS AND WARRANTIES


 


The Company hereby represents
and warrants that:


 


5.1            Incorporation
and Good Standing. Each of the Company and its Material Subsidiaries is duly incorporated, validly existing and in good standing
under the laws of its jurisdiction of organization.


 


5.2            Corporate
Power and Authority: No Conflicts. The execution, delivery and performance by the Company of the Credit Documents are within the
Company’s corporate powers, have been duly authorized by all necessary corporate action and do not (i) violate the Company’s
articles of incorporation, bylaws or any applicable law, or (ii) breach or result in an event of default under any indenture or
material agreement, and do not result in or require the creation of any Lien upon or with respect to any of its properties (except the
Lien of the Indenture securing the Bonds and any Lien in favor of the Agent on the Facility LC Collateral Account or any funds therein).


 








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5.3            Governmental
Approvals. No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory
body is required for the due execution, delivery and performance by the Company of any Credit Document, except for the authorization
to issue, sell or guarantee secured and/or unsecured long-term debt granted by the Federal Energy Regulatory Commission, which authorization
has been obtained and is in full force and effect.


 


5.4            Legally
Enforceable Agreements. Each Credit Document has been duly executed and delivered by each party thereto, and each Credit Document
when executed and delivered constitutes a legal, valid and binding obligation of the Company, enforceable in accordance with its terms,
subject to (a) the effect of applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement
of creditors’ rights generally and (b) the application of general principles of equity (regardless of whether considered in
a proceeding in equity or at law).


 


5.5            Financial
Statements. (a) The audited balance sheet of the Company and its Consolidated Subsidiaries as at December 31, 2021 and
the related statements of income and cash flows of the Company and its Consolidated Subsidiaries for the fiscal year then ended, as set
forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (copies of which have been
furnished to each Bank), fairly present the financial condition of the Company and its Consolidated Subsidiaries as at such date and
the results of operations of the Company and its Consolidated Subsidiaries for the fiscal year ended on such date, all in accordance
with GAAP.


 


(b)            The
unaudited balance sheet of the Company and its Consolidated Subsidiaries as at September 30, 2022, and the related statements of
income and cash flows of the Company and its Consolidated Subsidiaries for the nine-month period then ended, as set forth in the Company’s
Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022 (copies of which have been furnished to each
Bank), fairly present (subject to year-end audit adjustments) the financial condition of the Company and its Consolidated Subsidiaries
as at such date and the results of operations of the Company and its Consolidated Subsidiaries for the nine-month period ended on such
date, all in accordance with GAAP.


 


(c)            Since
December 31, 2021, there has been no Material Adverse Change.


 


5.6            Litigation.
Except (i) to the extent described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021
and Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022, in each case as filed with the SEC, and
(ii) such other similar actions, suits and proceedings predicated on the occurrence of the same events giving rise to any actions,
suits and proceedings described in the reports referred to in the foregoing clause (i) (all matters described in clauses
(i) and (ii) above, the “Disclosed Matters”), there is no pending or threatened action, suit,
investigation or proceeding against the Company or any of its Consolidated Subsidiaries before any court, governmental agency or arbitrator,
which, if adversely determined, might reasonably be expected to result in a Material Adverse Change. As of the Closing Date, (a) there
is no litigation challenging the validity or the enforceability of any of the Credit Documents and (b) there have been no adverse
developments with respect to the Disclosed Matters that have resulted, or could reasonably be expected to result, in a Material Adverse
Change.


 








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5.7            Margin
Stock. The Company is not engaged in the business of extending credit for the purpose of buying or carrying margin stock (within
the meaning of Regulation U), and no proceeds of any Credit Extension will be used to buy or carry any margin stock or to extend credit
to others for the purpose of buying or carrying any margin stock.


 


5.8            ERISA.
No Plan Termination Event has occurred or is reasonably expected to occur with respect to any Plan. Neither the Company nor any ERISA
Affiliate is an employer under or has any liability with respect to a Multiemployer Plan. None of the Company and its Subsidiaries is
an entity deemed to hold “plan assets” (within the meaning of the Plan Asset Regulations), and neither the execution, delivery
or performance of the transactions contemplated hereby, including the making of any Loan and the issuance of any Facility LCs hereunder,
will give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.


 


5.9            Insurance.
All insurance required by Section 6.2 is in full force and effect.


 


5.10          Taxes.
The Company and its Subsidiaries have filed all tax returns (Federal, state and local) required to be filed and paid all taxes shown
thereon to be due, including interest and penalties, or, to the extent the Company or any of its Subsidiaries is contesting in good faith
an assertion of liability based on such returns, has provided adequate reserves for payment thereof in accordance with GAAP.


 


5.11          Investment
Company Act. The Company is not an investment company (within the meaning of the Investment Company Act of 1940, as amended).


 


5.12          Bonds.
The issuance to the Agent of Bonds pursuant to the terms of this Agreement as evidence of the Obligations (i) does not violate any
provision of the Indenture or any other agreement or instrument, or any law or regulation, or judicial or regulatory order, judgment
or decree, to which the Company or any of its Subsidiaries is a party or by which any of the foregoing is bound and (ii) does provide
the Banks, as beneficial holders of the Bonds through the Agent, the benefit of the Lien of the Indenture equally and ratably with the
holders of other First Mortgage Bonds.


 


5.13          Disclosure.


 


(a)            The
Company has not withheld any fact from the Agent or the Banks in regard to the occurrence of a Material Adverse Change; and (x) all
financial information delivered by the Company to the Agent and the Banks on and after the date of this Agreement is true and correct
in all material respects as at the dates and for the periods indicated therein and (y) the Baseline Renewable Generation Amount
disclosed by the Company to the Agent, the Sustainability Structuring Agent and the Banks is true and correct as of the dates and for
the periods indicated.


 






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(b)            As
of the Closing Date, the information included in the Beneficial Ownership Certification provided on or prior to the Closing Date, if
required, to any Bank in connection with this Agreement is true and correct in all respects.


 


5.14          Anti-Corruption
Laws and Sanctions. The Company has implemented and maintains in effect policies, procedures and/or practices designed to ensure,
in its reasonable judgment, compliance in all material respects by the Company, its Subsidiaries and their respective directors, officers,
employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Company, its Subsidiaries and their respective officers
and employees and to the knowledge of the Company its directors and agents, are in compliance with Anti-Corruption Laws and applicable
Sanctions in all material respects. None of (a) the Company, any Subsidiary or to the knowledge of the Company or such Subsidiary,
any of their respective directors, officers or employees, or (b) to the knowledge of the Company, any agent of the Company or any
Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.
No Credit Extension, use of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable
Sanctions.


 


5.15          Delivery
of Documents. Prior to the Closing Date, the Company delivered, or caused to be delivered, true, accurate and complete copies of
the Bonds, the Supplemental Indentures and the Bond Delivery Agreements, each as in effect as of the Closing Date. On or prior to any
Increase Date, the Company delivered, or caused to be delivered, true, accurate and complete copies of the Bonds, the Supplemental Indentures
and the Bond Delivery Agreements, each as in effect as of such Increase Date.


 


5.16          Affected
Financial Institution. The Company is not an Affected Financial Institution.


 


5.17          Diverse
Supplier Spend Percentage and Renewable Generation Amount. The Company has provided all information reasonably requested by the Agent
and the Sustainability Structuring Agent to support the Company’s calculation of the Diverse Supplier Spend Percentage, the Renewable
Generation Amount and the Applicable Pricing Adjustment.


 


ARTICLE VI

AFFIRMATIVE COVENANTS


 


So long as any Obligations
shall remain unpaid, any Facility LC shall remain outstanding or any Bank shall have any Commitment under this Agreement:


 


6.1            Payment
of Taxes, Etc. The Company shall, and shall cause each of its Subsidiaries to, pay and discharge, before the same shall become delinquent,
(a) all taxes, assessments and governmental charges or levies imposed upon it or upon its property, and (b) all lawful claims
which, if unpaid, might by law become a Lien upon its property; provided that the Company shall not be required to pay or discharge
any such tax, assessment, charge or claim (i) which is being contested by it in good faith and by proper procedures or (ii) the
non-payment of which will not result in a Material Adverse Change.


 






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6.2            Maintenance
of Insurance. The Company shall, and shall cause each of its Material Subsidiaries to, maintain insurance in such amounts and covering
such risks with respect to its business and properties as is usually carried by companies engaged in similar businesses and owning similar
properties, either with reputable insurance companies or, in whole or in part, by establishing reserves or one or more insurance funds,
either alone or with other corporations or associations.


 


6.3            Preservation
of Corporate Existence, Etc. Except as provided in Section 7.3, the Company shall, and shall cause each of its Material
Subsidiaries to, (a) preserve and maintain its corporate existence, rights and franchises, and (b) qualify and remain qualified
as a foreign corporation in each jurisdiction in which such qualification is necessary in view of its business and operations or the
ownership of its properties; provided that the Company shall not be required to preserve any such right or franchise under clause
(a) above or to remain so qualified under clause (b) above unless the failure to do so would reasonably be expected
to result in a Material Adverse Change.


 


6.4            Compliance
with Laws, Etc. The Company shall, and shall cause each of its Consolidated Subsidiaries to, comply with the requirements of all
applicable laws, rules, regulations and orders of any governmental authority, the non-compliance of which would reasonably be expected
to result in a Material Adverse Change. The Company will maintain in effect and enforce policies, procedures and/or practices designed
to ensure, in its reasonable judgment, compliance in all material respects by the Company, its Subsidiaries and their respective directors,
officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.


 


6.5            Visitation
Rights. The Company shall, and shall cause each of its Material Subsidiaries to, at any reasonable time and from time to time, permit
the Agent, any of the Banks or any agents or representatives thereof to examine and make copies of and abstracts from its records and
books of account, visit its properties and discuss its affairs, finances and accounts with any of its officers.


 


6.6            Keeping
of Books. The Company shall, and shall cause each of its Consolidated Subsidiaries to, keep adequate records and books of account,
in which full and correct entries shall be made of all of its financial transactions and its assets and business so as to permit the
Company and its Consolidated Subsidiaries to present financial statements in accordance with GAAP.


 


6.7            Reporting
Requirements. The Company shall furnish to the Agent, and the Sustainability Structuring Agent in the case of clause (c) below,
with sufficient copies for each of the Banks (and the Agent shall thereafter promptly make available to the Banks):


 


(a)            as
soon as practicable and in any event within five (5) Business Days after becoming aware of the occurrence of any Default or Event
of Default, a statement of a Designated Officer as to the nature thereof, and as soon as practicable and in any event within five (5) Business
Days thereafter, a statement of a Designated Officer as to the action which the Company has taken, is taking or proposes to take with
respect thereto;


 






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(b)            as
soon as available and in any event within sixty (60) days after the end of each of the first three quarters of each fiscal year of the
Company, a consolidated balance sheet of the Company and its Consolidated Subsidiaries as at the end of such quarter, and the related
consolidated statements of income, cash flows and common stockholder’s equity of the Company and its Consolidated Subsidiaries
as at the end of and for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, setting
forth in each case in comparative form the corresponding figures for the corresponding date or period of the preceding fiscal year, or
statements providing substantially similar information (which requirement shall be deemed satisfied by the delivery of the Company’s
quarterly report on Form 10-Q for such quarter), all in reasonable detail and duly certified (subject to the absence of footnotes
and to year-end audit adjustments) by a Designated Officer as having been prepared in accordance with GAAP, together with (i) a
certificate of a Designated Officer stating that such officer has no knowledge (having made due inquiry with respect thereto) that a
Default or Event of Default has occurred and is continuing, or, if a Default or Event of Default has occurred and is continuing, a statement
as to the nature thereof and the actions which the Company has taken, is taking or proposes to take with respect thereto, and (ii) a
certificate of a Designated Officer, in substantially the form of Exhibit B hereto, setting forth the Company’s computation
of the financial ratio specified in Article VIII as of the end of the immediately preceding fiscal quarter or year, as the
case may be, of the Company;


 


(c)            as
soon as available and in any event within one hundred twenty (120) days after the end of each fiscal year of the Company, a copy of the
Company’s Annual Report on Form 10-K (or any successor form) for such year, including therein the consolidated balance sheet
of the Company and its Consolidated Subsidiaries as at the end of such year and the consolidated statements of income, cash flows and
common stockholder’s equity of the Company and its Consolidated Subsidiaries as at the end of and for such year, or statements
providing substantially similar information, in each case (i) certified by independent public accountants of recognized national
standing selected by the Company and not objected to by the Majority Banks (without a “going concern” or like qualification
or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial
statements present fairly in all material respects the financial condition and results of operations of the Company and its Consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, and (ii) together with (a) a certificate
of a Designated Officer stating that such officer has no knowledge (having made due inquiry with respect thereto) that a Default or Event
of Default has occurred and is continuing, or, if a Default or Event of Default has occurred and is continuing, a statement as to the
nature thereof and the actions which the Company has taken, is taking or proposes to take with respect thereto and (b) a certificate
of a Designated Officer, in substantially the form of Exhibit B hereto (the “Compliance and Applicable Pricing Adjustment
Certificate”), setting forth (1) the Company’s computation of the financial ratio specified in Article VIII as of the end of the immediately preceding fiscal year of the Company and (2) (x) the Company’s calculation of the
Renewable Generation Amount and Diverse Supplier Spend Percentage for the preceding fiscal year (commencing with the fiscal year ending
December 31, 2023) and (y) all other information reasonably requested by the Agent or the Sustainability Structuring Agent
necessary to support the reported Diverse Supplier Spend Percentage and the Renewable Generation Amount;


 


(d)            promptly
after the sending or filing thereof, notice of all proxy statements which the Company sends to its stockholders, copies of all regular,
periodic and special reports (other than those which relate solely to employee benefit plans) which the Company files with the SEC and
notice of the sending or filing of (and, upon the request of the Agent or any Bank, a copy of) any final prospectus filed with the SEC;


 








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(e)            as
soon as possible and in any event (i) within thirty (30) days after the Company or any ERISA Affiliate knows or has reason to know
that any Plan Termination Event described in clause (a) of the definition of Plan Termination Event with respect to any Plan
has occurred and (ii) within ten (10) days after the Company or any ERISA Affiliate knows or has reason to know that any other
Plan Termination Event with respect to any Plan has occurred and could reasonably be expected to result in a material liability to the
Company, a statement of the Chief Financial Officer of the Company describing such Plan Termination Event and the action, if any, which
the Company or such ERISA Affiliate, as the case may be, proposes to take with respect thereto;


 


(f)             promptly,
and in any event within five (5) Business Days, after becoming aware thereof, notice of any upgrading or downgrading of the rating
of the Secured Debt (or, if applicable, the Unsecured Debt) by Moody’s or S&P;


 


(g)            as
soon as possible and in any event within five (5) Business Days after the occurrence of any default under any agreement to which
the Company or any of its Subsidiaries is a party, which default would reasonably be expected to result in a Material Adverse Change,
and which is continuing on the date of such certificate, a certificate of the president or chief financial officer of the Company setting
forth the details of such default and the action which the Company or any such Subsidiary proposes to take with respect thereto;


 


(h)            promptly
after requested, (x) such other information respecting the business, properties or financial condition of the Company as the Agent
or any Bank through the Agent may from time to time reasonably request in writing and (y) information and documentation reasonably
requested by the Agent or any Bank for purposes of compliance with applicable “know your customer” and anti-money laundering
rules and regulations, including the USA Patriot Act and the Beneficial Ownership Regulation; and


 


(i)            promptly
after becoming aware thereof, notice of any change in the information provided in the Beneficial Ownership Certification delivered to
such Bank that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification.


 


Documents required to be delivered pursuant to
Section 6.7(d) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date
(i) on which such materials are publicly available as posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR)
or (ii) on which such documents are posted on the Company’s behalf on an Internet or intranet website, if any, to which each
Bank and the Agent have access (whether a commercial, third-party website or whether made available by the Agent); provided that:
(A) upon written request by the Agent (or any Bank through the Agent) to the Company, the Company shall deliver paper copies of
such documents to the Agent or such Bank until a written request to cease delivering paper copies is given by the Agent and each Bank
(by telecopier or electronic mail) of the posting of any such documents and provide to the Agent by electronic mail electronic versions
(i.e. soft copies) of such documents. The 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 Company with any such request
by a Bank for delivery, and each Bank shall be solely responsible for timely accessing posted documents or requesting delivery of paper
copies of such document to it and maintaining its copies of such documents.


 








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6.8            Use
of Proceeds.


 


(a)            The
Company will use the proceeds of the Credit Extensions for general corporate purposes and working capital. The Company will not, nor
will it permit any Subsidiary to, use any of the proceeds of the Credit Extensions to purchase or carry any “margin stock”
(as defined in Regulation U).


 


(b)            The
Company will not request any Credit Extension, and the Company shall not directly or knowingly indirectly use, and shall procure that
its Subsidiaries and its or their respective directors, officers, employees and agents shall not directly or knowingly indirectly use,
the proceeds of any Credit Extension (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or
giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding,
financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to
the extent such activities, businesses or transaction would be prohibited by Sanctions, or (C) in any manner that would result in
the violation of any Sanctions applicable to any party hereto. Notwithstanding the foregoing, the Company’s and its Subsidiaries’
provision of utility services in the ordinary course of business in accordance with applicable law, including Anti-Corruption Laws and
applicable Sanctions, shall not constitute a violation of this Section.


 


6.9            Maintenance
of Properties, Etc. The Company shall, and shall cause each of its Material Subsidiaries to, maintain in all material respects all
of its respective owned and leased Property in good and safe condition and repair to the same degree as other companies engaged in similar
businesses and owning similar properties, and not permit, commit or suffer any waste or abandonment of any such Property, and from time
to time make or cause to be made all material repairs, renewals and replacements thereof, including any capital improvements which may
be required; provided that such Property may be altered or renovated in the ordinary course of the Company’s or its Subsidiaries’
business; and provided, further, that the foregoing shall not restrict the sale of any asset of the Company or any Subsidiary
to the extent not prohibited by Section 7.2.


 


6.10          Bonds.
The Company shall, until the date on which the Commitments and Facility LCs have terminated and all Obligations have been paid in full,
cause the face amount of all Bonds to at all times be equal to or greater than the greater of (a) the Aggregate Commitment and (b) the
Aggregate Outstanding Credit Exposure.


 






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ARTICLE VII

NEGATIVE COVENANTS


 


So long as any Obligations
shall remain unpaid, any Facility LC shall remain outstanding or any Bank shall have any Commitment under this Agreement:


 


7.1            Liens.
The Company shall not create, incur, assume or suffer to exist any Lien upon or with respect to any of its properties, now owned or hereafter
acquired, except:


 


(a)            Liens
created pursuant to the Indenture securing the First Mortgage Bonds and any Lien in favor of the Agent on the Facility LC Collateral
Account or any funds therein;


 


(b)            Liens
securing pollution control bonds, or bonds issued to refund or refinance pollution control bonds (including Liens securing obligations
(contingent or otherwise) of the Company under letter of credit agreements or other reimbursement or similar credit enhancement agreements
with respect to pollution control bonds); provided that the aggregate face amount of any such bonds so issued shall not exceed
the aggregate face amount of such pollution control bonds, as the case may be, so refunded or refinanced;


 


(c)            Liens
in (and only in) assets acquired to secure Debt incurred to finance the acquisition of such assets;


 


(d)            statutory
and common law banker’s Liens on bank deposits;


 


(e)            Liens
in respect of accounts receivable sold, transferred or assigned by the Company;


 


(f)            Liens
for taxes, assessments or other governmental charges or levies not at the time delinquent or thereafter payable without penalty or being
contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside
on its books;


 


(g)            Liens
of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary course of business for sums not overdue or being
contested in good faith by appropriate proceedings and for which adequate reserves shall have been set aside on its books;


 


(h)            Liens
incurred in the ordinary course of business in connection with workers’ 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
borrowed money) entered into in the ordinary course of business or to secure obligations on surety or appeal bonds;


 


(i)             judgment
Liens in existence less than thirty (30) days after the entry thereof or with respect to which execution has been stayed or the payment
of which is covered (subject to a customary deductible) by insurance;


 


(j)             zoning
restrictions, easements, licenses, covenants, reservations, utility company rights, restrictions on the use of real property or minor
irregularities of title incident thereto which do not in the aggregate materially detract from the value of the property or assets of
the Company or any Subsidiary or materially impair the operation of its business;


 






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(k)            Liens
arising in connection with the financing of the Company’s fuel resources, including nuclear fuel;


 


(l)             Liens
arising pursuant to M.C.L. 324.20138; provided that the aggregate amount of all obligations secured by such Liens (excluding any
such Liens of which the Company has no knowledge or which are permitted by clause (f) above) shall not exceed $20,000,000;


 


(m)           Liens
arising in connection with Securitized Bonds;


 


(n)            Liens
on natural gas, oil and mineral, or on stock in trade, material or supplies manufactured or acquired for the purpose of sale and or resale
in the usual course of business or consumable in the operation of any of the properties of the Company; provided that such Liens
secure obligations not exceeding $500,000,000 in aggregate principal amount; and


 


(o)            other
Liens securing obligations in an aggregate amount not in excess of $500,000,000.


 


In addition, the Company will not, and will not
permit any Subsidiary to, create, incur, assume or suffer to exist any Lien on the Equity Interests of any Material Subsidiary other
than Liens permitted to exist under clauses (f), (g), (h) or (i) above.


 


7.2            Sale
of Assets. The Company will not, and will not permit any Material Subsidiary to, sell, lease, assign, transfer or otherwise dispose
of 25% or more of its assets calculated with reference to total assets as reflected on the Company’s consolidated balance sheet
as at December 31, 2021, during the term of this Agreement.


 


7.3            Mergers,
Etc. The Company will not, and will not permit any Material Subsidiary to, merge with or into or consolidate with or into any other
Person, except that the Company or any Material Subsidiary may merge with any other Person; provided that, in each case, immediately
after giving effect thereto, (a) no event shall occur and be continuing which constitutes a Default or Event of Default, (b) if
the Company is party thereto, the Company is the surviving corporation, or, if the Company is not party thereto, a Material Subsidiary
is the surviving corporation, (c) neither the Company nor any Material Subsidiary shall be liable with respect to any Debt or allow
its Property to be subject to any Lien which it could not become liable with respect to or allow its Property to become subject to under
this Agreement on the date of such transaction and (d) the Company’s Net Worth shall be equal to or greater than its Net Worth
immediately prior to such merger.


 


7.4            Compliance
with ERISA. The Company will not, and will not permit any ERISA Affiliate to, permit to exist any occurrence of any Reportable Event,
or any other event or condition which presents a material (in the reasonable opinion of the Majority Banks) risk of a termination by
the PBGC of any Plan, which termination will result in any material (in the reasonable opinion of the Majority Banks) liability of the
Company or such ERISA Affiliate to the PBGC.


 


7.5            Organizational
Documents. The Company will not, and will not permit any Consolidated Subsidiary to, amend, modify or otherwise change any of the
terms or provisions in any of their respective certificate of incorporation and by-laws (or comparable constitutive documents) as in
effect on the Closing Date to the extent that such change is reasonably expected to result in a Material Adverse Change.


 








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7.6            Change
in Nature of Business. The Company will not, and will not permit any Material Subsidiary to, make any material change in the nature
of its business as carried on as of the Closing Date.


 


7.7            Transactions
with Affiliates. The Company will not, and will not permit any Subsidiary to, enter into any transaction with any of its Affiliates
(other than the Company or any Subsidiary) unless such transaction is on terms no less favorable to the Company or such Subsidiary than
if the transaction had been negotiated in good faith on an arm’s-length basis with a non-Affiliate; provided that the foregoing
shall not prohibit (a) the payment by the Company or any Subsidiary of dividends or other distributions on, or redemptions of, its
capital stock, (b) the purchase, acquisition or retirement by the Company or any Subsidiary of the Company’s capital stock
or (c) intercompany loans and advances not otherwise prohibited by this Agreement.


 


ARTICLE VIII

FINANCIAL COVENANT


 


So long as any of the Obligations
shall remain unpaid, any Facility LC shall remain outstanding or any Bank shall have any Commitment under this Agreement, the Company
shall at all times maintain a ratio of Total Consolidated Debt to Total Consolidated Capitalization of not greater than 0.65 to 1.0.


 


ARTICLE IX

EVENTS OF DEFAULT


 


9.1            Events
of Default. The occurrence of any of the following events shall constitute an “Event of Default”:


 


(a)            the
Company shall fail to pay (i) any principal of any Advance when due and payable, or (ii) any Reimbursement Obligation within
one (1) Business Day after the same becomes due, or (iii) any interest on any Advance or any fee or other Obligation payable
hereunder within five (5) Business Days after such interest or fee or other Obligation becomes due and payable;


 


(b)            any
representation or warranty made by or on behalf of the Company in this Agreement or any other Credit Document or in any certificate,
document, report, financial or other written statement furnished at any time pursuant to any Credit Document shall prove to have been
incorrect in any material respect on or as of the date made or deemed made;


 


(c)            (i) the
Company or any of its Subsidiaries shall fail to perform or observe any term, covenant or agreement contained in Section 6.3(a) (solely
with respect to the Company), Section 6.10, Article VII or Article VIII; or (ii) the Company
or any of its Subsidiaries shall fail to comply with Section 6.8(b) and such failure under this clause (ii) shall
continue for five (5) Business Days after the occurrence of such breach; or (iii) the Company shall fail to perform or observe
any other term, covenant or agreement on its part to be performed or observed in this Agreement or in any other Credit Document and such
failure under this clause (iii) shall continue for thirty (30) consecutive days after the earlier of (x) a Designated
Officer obtaining knowledge of such breach and (y) written notice thereof by means of facsimile, regular mail or written notice
delivered in person (or telephonic notice thereof confirmed in writing) having been given to the Company by the Agent or the Majority
Banks;


 








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(d)            the
Company or any Material Subsidiary shall: (i) fail to pay any Debt (other than the payment obligations described in clause (a) above)
in excess of $75,000,000, or any interest or premium thereon, when due (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise) and such failure shall continue after the applicable grace period, if any, specified in the instrument or agreement
relating to such Debt; or (ii) fail to perform or observe any term, covenant or condition on its part to be performed or observed
under any agreement or instrument relating to any such Debt, when required to be performed or observed, if the effect of such failure
to perform or observe is to accelerate, or to permit the acceleration of, the maturity of such Debt, unless the obligee under or holder
of such Debt shall have waived in writing such circumstance, or such circumstance has been cured, so that such circumstance is no longer
continuing; or (iii) any such Debt shall be declared to be due and payable, or required to be prepaid (other than by a regularly
scheduled required prepayment), in each case in accordance with the terms of such agreement or instrument, prior to the stated maturity
thereof; or (iv) generally not, or shall admit in writing its inability to, pay its debts as such debts become due;


 


(e)            the
Company or any Material Subsidiary: (i) shall make an assignment for the benefit of creditors, or petition or apply to any tribunal
for the appointment of a custodian, receiver or trustee for it or a substantial part of its assets; or (ii) shall commence any proceeding
under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction,
whether now or hereafter in effect; or (iii) shall have had any such petition or application filed or any such proceeding shall
have been commenced, against it, in which an adjudication or appointment is made or order for relief is entered, or which petition, application
or proceeding remains undismissed for a period of sixty (60) consecutive days or more; or (iv) by any act or omission shall indicate
its consent to, approval of or acquiescence in any such petition, application or proceeding or order for relief or the appointment of
a custodian, receiver or trustee for all or any substantial part of its property; or (v) shall suffer any such custodianship, receivership
or trusteeship to continue undischarged for a period of sixty (60) days or more; or (vi) shall take any corporate action to authorize
any of the actions set forth above in this clause (e);


 


(f)            one
or more judgments, decrees or orders for the payment of money in excess of $75,000,000 in the aggregate shall be rendered against the
Company or any Material Subsidiary and either (i) enforcement proceedings shall have been commenced by any creditor upon any such
judgment or order or (ii) there shall be any period of more than thirty (30) consecutive days during which a stay of enforcement
of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect;


 


(g)            any
material provision of any Credit Document, after execution hereof or delivery thereof under Article XI, shall for any reason other
than the express terms hereof or thereof cease to be valid and binding on any party thereto; or the Company shall so assert in writing;


 






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(h)            any
Plan Termination Event with respect to a Plan shall have occurred, and thirty (30) days after notice thereof shall have been given
to the Company by the Agent, (i) such Plan Termination Event (if correctable) shall not have been corrected and (ii) the then
present value of such Plan’s vested benefits exceeds the then current value of the assets accumulated in such Plan by more than
the amount of $75,000,000 (or in the case of a Plan Termination Event involving the withdrawal of a “substantial employer”
(as defined in Section 4001(A)(2) of ERISA), the withdrawing employer’s proportionate share of such excess shall exceed
such amount);


 


(i)            (i) any
Bond shall cease to be in full force and effect (other than in connection with the replacement thereof pursuant to any increase of the
Commitments in accordance with Section 2.16) or (ii) the Company shall deny that it has any liability or obligation
under any Bond or purport to revoke, terminate, rescind or redeem any Bond (other than (x) in accordance with the terms of the Bonds
and the Indenture and (y) in connection with the replacement thereof pursuant to any increase of the Commitments in accordance with
Section 2.16); or


 


(j)            a
Change in Control shall occur.


 


9.2            Remedies.


 


(a)            If
any Event of Default shall occur and be continuing, the Agent shall upon the request, or may with the consent, of the Majority Banks,
by notice to the Company, (i) declare the Commitments and the obligations and powers of the LC Issuers to issue Facility LCs to
be terminated or suspended, whereupon the same shall forthwith terminate, and/or (ii) declare the Obligations to be forthwith due
and payable, whereupon the Aggregate Outstanding Credit Exposure and all other Obligations shall become and be forthwith due and payable,
and/or (iii) in addition to the continuing right to demand payment of all amounts payable under this Agreement, make demand on the
Company to pay, and the Company will, forthwith upon such demand and without any further notice or act, pay to the Agent the Collateral
Shortfall Amount (as defined below), which funds shall be deposited in the Facility LC Collateral Account, in each case without presentment,
demand, protest or further notice of any kind, all of which are hereby expressly waived by the Company; provided that in the case
of an Event of Default referred to in Section 9.1(e), the Commitments shall automatically terminate, the obligations and
powers of the LC Issuers to issue Facility LCs shall automatically terminate and the Obligations shall automatically become due and payable
without notice, presentment, demand, protest or other formalities of any kind, all of which are hereby expressly waived by the Company,
and the Company will be and become thereby unconditionally obligated, without any further notice, act or demand, to pay to the Agent
an amount in immediately available funds, which funds shall be held in the Facility LC Collateral Account, equal to the difference of
(x) the amount of LC Obligations at such time, less (y) the amount on deposit in the Facility LC Collateral Account
at such time which is free and clear of all rights and claims of third parties and has not been applied against the Obligations (such
difference, the “Collateral Shortfall Amount”).


 


(b)            If
at any time while any Event of Default is continuing, the Agent determines that the Collateral Shortfall Amount at such time is greater
than zero, the Agent may make demand on the Company to pay, and the Company will, forthwith upon such demand and without any further
notice or act, pay to the Agent the Collateral Shortfall Amount, which funds shall be deposited in the Facility LC Collateral Account.


 






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(c)            The
Agent may, at any time or from time to time after funds are deposited in the Facility LC Collateral Account, apply such funds to the
payment of the Obligations and any other amounts as shall from time to time have become due and payable by the Company to the Banks or
the LC Issuers under the Credit Documents. The Company hereby pledges, assigns and grants to the Agent, on behalf of and for the ratable
benefit of the Banks and the LC Issuers, a security interest in all of the Company’s right, title and interest in and to all funds
which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance
of the Obligations. The Agent will invest any funds on deposit from time to time in the Facility LC Collateral Account in certificates
of deposit of JPMorgan Chase Bank, N.A. having a maturity not exceeding thirty (30) days.


 


(d)            At
any time while any Event of Default is continuing, neither the Company nor any Person claiming on behalf of or through the Company shall
have any right to withdraw any of the funds held in the Facility LC Collateral Account. After all of the Obligations have been indefeasibly
paid in full, all Facility LCs have expired or been terminated and the Aggregate Commitment has been terminated, any funds remaining
in the Facility LC Collateral Account shall be returned by the Agent to the Company or paid to whomever may be legally entitled thereto
at such time.


 


9.3            Application
of Payments. Notwithstanding anything herein to the contrary, following the occurrence and during the continuance of an Event of
Default, and notice thereof to the Agent by the Company or the Majority Banks:


 


(a)            all
payments received on account of the Obligations shall, subject to Section 4.7, be applied by the Agent as follows:


 


(i)            first,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts payable to the Agent (including
fees and disbursements and other charges of counsel to the Agent payable under Section 12.8 and amounts payable to the Agent in
its capacity as such);


 


(ii)           second,
to payment of that portion of the Obligations constituting fees, expenses, indemnities and other amounts (other than principal, reimbursement
obligations in respect of LC Obligations, interest and Facility LC fees) payable to the Banks and the LC Issuers (including fees and
disbursements and other charges of counsel to the Banks and the LC Issuers payable under Section 12.8) arising under the Credit
Documents, ratably among them in proportion to the respective amounts described in this clause (ii) payable to them;


 


(iii)          third,
to payment of that portion of the Obligations constituting accrued and unpaid Facility LC fees and charges and interest on the Loans
and unreimbursed LC Obligations, ratably among the Banks and the LC Issuers in proportion to the respective amounts described in this
clause (iii) payable to them;


 


(iv)          fourth,
(A) to payment of that portion of the Obligations constituting unpaid principal of the Loans and unreimbursed LC Obligations and
(B) to cash collateralize that portion of LC Obligations comprising the undrawn amount of Facility LCs to the extent not otherwise
cash collateralized by the Company pursuant to Section 2.7 or 4.7, ratably among the Banks and the LC Issuers in proportion to the
respective amounts described in this clause (iv) payable to them; provided that (x) any such amounts applied pursuant
to subclause (B) above shall be paid to the Agent for the ratable account of the applicable LC Issuers to cash collateralize
Obligations in respect of Facility LCs, (y) subject to Section 2.7 and 4.7, amounts used to cash collateralize the aggregate
amount of Facility LCs pursuant to this clause (iv) shall be used to satisfy drawings under such Facility LCs as they occur
and (z) upon the expiration of any Facility LC (without any pending drawings), the pro rata share of cash collateral shall
be distributed to the other Obligations, if any, in the order set forth in this Section 9.3;


 








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(v)           fifth,
to the payment in full of all other Obligations, in each case ratably among the Agent, the Banks and the LC Issuers based upon the respective
aggregate amounts of all such Obligations owing to them in accordance with the respective amounts thereof then due and payable; and


 


(vi)          finally,
the balance, if any, after all Obligations have been indefeasibly paid in full, to the Company or as otherwise required by law; and


 


(b)            if
any amount remains on deposit as cash collateral after all Facility LCs have either been fully drawn or expired (without any pending
drawings), such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.


 


ARTICLE X

WAIVERS, AMENDMENTS AND REMEDIES


 


10.1            Amendments.
Subject to the provisions of this Article X and Section 4.3(b) and (c), the Majority Banks (or the
Agent with the consent in writing of the Majority Banks) and the Company may enter into written agreements supplemental hereto for the
purpose of adding or modifying any provisions to the Credit Documents or changing in any manner the rights of the Banks or the Company
hereunder or waiving any Event of Default hereunder; provided that no such supplemental agreement shall, without the consent of
all of the Banks:


 


(a)            Extend
the scheduled payment date (at maturity or otherwise) of any Loan or reduce the principal amount thereof, or extend the expiry date of
any Facility LC to a date after the scheduled Termination Date, or reduce the rate or extend the time of payment of interest thereon
or fees thereon or Reimbursement Obligations related thereto.


 


(b)            Modify
the percentage specified in the definition of Majority Banks.


 


(c)            Extend
the Termination Date or increase the amount of the Commitment of any Bank hereunder (other than pursuant to Section 2.16)
or the commitment to issue Facility LCs, or permit the Company to assign its rights under this Agreement.


 


(d)            Amend
Section 3.1, Section 4.7(b), Section 6.10, Section 9.3, this Section 10.1
or Section 12.11.


 






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(e)            Make
any change in an express right in this Agreement of a single Bank to give its consent, make a request or give a notice.


 


(f)            Authorize
the Agent to vote in favor of the release of all or substantially all of the collateral securing the Bonds.


 


(g)            Release
all or any substantial portion of the Bonds (other than in connection with the replacement thereof pursuant to any increase of the Commitments
in accordance with Section 2.16).


 


(h)            Amend
any provisions hereunder relating to the pro rata treatment of the Banks.


 


No amendment of any provision of this
Agreement relating to the Agent shall be effective without the written consent of the Agent, and no amendment of any provision
relating to any LC Issuer shall be effective without the written consent of such LC Issuer. Notwithstanding the foregoing, no
amendment to Section 4.7 shall be effective unless the same shall be in writing and signed by the Agent, the LC Issuer,
if applicable, and the Majority Banks. Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other
modification of this Agreement shall be required of any Defaulting Bank, except with respect to any amendment, waiver or other
modification referred to in clause (a) or (c) above and then only in the event such Defaulting Bank
shall be directly affected by such amendment, waiver or other modification.


 


If, in connection with any
proposed amendment, waiver or consent  requiring the consent of “all of the Banks”, the consent of the Majority Banks
is obtained, but the consent of other necessary Banks is not obtained (any such Bank whose consent is necessary but not obtained being
referred to herein as a “Non-Consenting Bank”), then the Company may elect to replace a Non-Consenting Bank as a Bank
party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which consents to such
proposed amendment and which is reasonably satisfactory to the Company, LC Issuers and the Agent shall agree, as of such date, to purchase
for cash the Loans and other Obligations due to the Non-Consenting Bank pursuant to an Assignment Agreement and to become a Bank for
all purposes under this Agreement and to assume all obligations of the Non-Consenting Bank to be terminated as of such date and to comply
with the requirements of Section 12.1, and (ii) the Company shall pay to such Non-Consenting Bank in same day funds
on the day of such replacement (1) the outstanding principal amount of its Outstanding Credit Exposure and all interest, fees and
other amounts then accrued but unpaid to such Non-Consenting Bank by the Company hereunder to and including the date of termination,
including without limitation payments due to such Non-Consenting Bank under Sections 4.1 and 4.5, and (2) an
amount, if any, equal to the payment which would have been due to such Bank on the day of such replacement under Section 4.4 had the Loans of such Non-Consenting Bank been prepaid on such date rather than sold to the replacement Bank.


 


If the Agent and the Company
acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or
any other Credit Document, then the Agent and the Company shall be permitted to amend, modify or supplement such provision to cure such
ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action
or consent of any other party to this Agreement.


 








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10.2            Preservation
of Rights. No delay or omission of the Banks, the LC Issuers or the Agent to exercise any right under the Credit Documents shall
impair such right or be construed to be a waiver of any Default or Event of Default or an acquiescence therein, and the making of a Credit
Extension notwithstanding the existence of a Default or Event of Default or the inability of the Company to satisfy the conditions precedent
to such Credit Extension shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not
preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms,
conditions or provisions of the Credit Documents whatsoever shall be valid unless in writing signed by the Banks required pursuant to
Section 10.1, and then only to the extent in such writing specifically set forth. All remedies contained in the Credit Documents
or by law afforded shall be cumulative and all shall be available to the Agent, the LC Issuers and the Banks until the Obligations have
been paid in full.


 


ARTICLE XI

CONDITIONS PRECEDENT


 


11.1            Effectiveness
of this Agreement. This Agreement shall not become effective unless the Agent shall have received (or such delivery shall have been
waived in accordance with Section 10.1):


 


(a)            (i) Counterparts
of this Agreement executed by the Company, the LC Issuers and the Banks or (ii) written evidence satisfactory to the Agent (which
may include telecopy or electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart
of this Agreement.


 


(b)            Copies
of the Restated Articles of Incorporation of the Company, together with all amendments, certified by the Secretary or an Assistant Secretary
of the Company, and a certificate of good standing, certified by the appropriate governmental officer in its jurisdiction of incorporation.


 


(c)            Copies,
certified by the Secretary or an Assistant Secretary of the Company, of its by-laws and of its Board of Directors’ resolutions
(and resolutions of other bodies, if any are deemed necessary by counsel for any Bank) authorizing the execution, delivery and performance
of the Credit Documents.


 


(d)            An
incumbency certificate, executed by the Secretary or an Assistant Secretary of the Company, which shall identify by name and title and
bear the original or facsimile signature of the officers of the Company authorized to sign the Credit Documents and the officers or other
employees authorized to make borrowings hereunder, upon which certificate the Banks shall be entitled to rely until informed of any change
in writing by the Company.


 


(e)            A
certificate, signed by a Designated Officer of the Company, stating that on the Closing Date (i) no Default or Event of Default
has occurred and is continuing and (ii) each representation or warranty contained in Article V is true and correct.


 






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(f)            A
favorable opinion of (i) Melissa M. Gleespen, Esq., Vice President, Chief Compliance Officer and Corporate Secretary of the
Company, as to such matters as provided in Exhibit A and (ii) Sidley Austin LLP, counsel for the Agent, as to such matters
as the Agent may reasonably request. Such opinions shall be addressed to the Agent, the LC Issuers and the Banks and shall be satisfactory
in form and substance to the Agent.


 


(g)            Evidence,
in form and substance satisfactory to the Agent, that the Company has obtained all governmental approvals, if any, necessary for it to
enter into the Credit Documents.


 


(h)            Evidence
satisfactory to it of the payment, prior to or simultaneously with the initial Loans hereunder, of all accrued and unpaid interest, fees
and premiums, if any, on all loans and other extensions of credit outstanding under the Existing Credit Agreement (other than contingent
indemnity obligations).


 


(i)             Receipt
of the First Mortgage Bond issued under the One Hundred Forty-Sixth Supplement.


 


(j)             Fully
executed Bond Delivery Agreement, dated as of December 14, 2022 between the Company and the Agent.


 


(k)            (i) Satisfactory
audited consolidated financial statements of the Company for the two most recent fiscal years ended prior to the Closing Date as to which
such financial statements are available, (ii) satisfactory unaudited interim consolidated financial statements of the Company for
each quarterly period ended subsequent to the date of the latest financial statements delivered pursuant to clause (i) of
this paragraph as to which such financial statements are available and (iii) satisfactory financial statement projections through
and including the Company’s 2026 fiscal year, together with such information as the Agent and the Banks shall reasonably request
(including, without limitation, a detailed description of the assumptions used in preparing such projections).


 


(l)              To
the extent requested by any of the Banks, (i) all documentation and other information required by bank regulatory authorities under
applicable “know-your-customer” and anti-money laundering rules and regulations, including the USA Patriot Act and (ii) to
the extent the Company qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five (5) days
prior to the Closing Date, such Bank shall have received a Beneficial Ownership Certification in relation to the Company.


 


(m)            All
fees and other amounts due and payable on or prior to the Closing Date, including, to the extent invoiced at least three (3) Business
Days prior to the Closing Date, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Company
hereunder.


 


(n)            Such
other documents as any Bank or its counsel may have reasonably requested.


 


11.2          Each
Credit Extension. The Banks shall not be required to make any Credit Extension if on the applicable Borrowing Date, (i) any
Default or Event of Default exists or would result from such Credit Extension, (ii) any representation or warranty contained in
Article V is not true and correct as of such Borrowing Date, except Section 5.5(c) and the first sentence
of Section 5.6, (iii) after giving effect to such Credit Extension the Aggregate Outstanding Credit Exposure would exceed
the face amount of all Bonds or (iv) all legal matters incident to the making of such Credit Extension are not satisfactory to the
Banks and their counsel. Each Borrowing Notice and each request for issuance of a Facility LC shall constitute a representation and warranty
by the Company that the conditions contained in clauses (i), (ii) and (iii) above will be satisfied on
the relevant Borrowing Date. For the avoidance of doubt, the conversion or continuation of an Advance shall not be considered the making
of a Credit Extension.


 








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ARTICLE XII

GENERAL PROVISIONS


 


12.1          Successors
and Assigns. (a) The terms and provisions of the Credit Documents shall be binding upon and inure to the benefit of the Company
and the Banks and their respective successors and assigns, except that the Company shall not have the right to assign its rights or obligations
under the Credit Documents. Any Bank may sell participations in all or a portion of its rights and obligations under this Agreement pursuant
to clause (b) below and any Bank may assign all or any part of its rights and obligations under this Agreement pursuant to
clause (c) below.


 


(b)            Any
Bank may sell participations to one or more banks or other entities (other than the Company and its Affiliates) (each a “Participant”),
other than an Ineligible Institution, in all or a portion of its rights and obligations under this Agreement (including all or a portion
of its Commitment and its Outstanding Credit Exposure); provided that (i) such Bank’s obligations under this Agreement
(including its Commitment to the Company hereunder) shall remain unchanged, (ii) such Bank shall remain solely responsible to the
other parties hereto for the performance of such obligations, (iii) such Bank shall remain the holder of the Outstanding Credit
Exposure of such Bank for all purposes of this Agreement and (iv) the Company shall continue to deal solely and directly with such
Bank in connection with such Bank’s rights and obligations under this Agreement. Each Bank shall retain the sole right to approve,
without the consent of any Participant, any amendment, modification or waiver of any provision of the Credit Documents other than any
amendment, modification or waiver with respect to any Loan or Commitment in which such Participant has an interest which would require
consent of all of the Banks pursuant to the terms of Section 10.1 or of any other Credit Document. The Company agrees that
each Participant shall be deemed to have the right of setoff provided in Section 12.10 in respect of its participating interest
in amounts owing under the Credit Documents to the same extent as if the amount of its participating interest were owing directly to
it as a Bank under the Credit Documents; provided that each Bank shall retain the right of setoff provided in Section 12.10 with respect to the amount of participating interests sold to each Participant. The Banks agree to share with each Participant, and
each Participant, by exercising the right of setoff provided in Section 12.10, agrees to share with each Bank, any amount
received pursuant to the exercise of its right of setoff, such amounts to be shared in accordance with Section 12.11 as if
each Participant were a Bank. The Company further agrees that each Participant shall be entitled to the benefits of Sections 4.1,
4.3, 4.4 and 4.5 to the same extent as if it were a Bank and had acquired its interest by assignment pursuant to
Section 12.1(c); provided that (i) a Participant shall not be entitled to receive any greater payment under Section 4.1,
4.3, 4.4 or 4.5 than the Bank that sold the participating interest to such Participant would have received had it
retained such interest for its own account, unless the sale of such interest to such Participant is made with the prior written consent
of the Company, and (ii) any Participant not incorporated under the laws of the United States of America or any State thereof agrees
to comply with the provisions of Section 4.5 to the same extent as if it were a Bank (it being understood that the documentation
required under Section 4.5 shall be delivered to the participating Bank). Each Bank that sells a participation shall, acting
solely for this purpose as a non-fiduciary agent of the Company, 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 obligations under this Agreement (the
 “Participant Register”); provided that no Bank shall have any obligation to disclose all or any portion of
the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant's interest
in the obligations under this Agreement) except to the extent that such disclosure is necessary to establish that such interest 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 Bank shall treat each person whose name is recorded in the Participant Register as
the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt,
the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.


 








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(c)            Any
Bank may, in the ordinary course of its business and in accordance with applicable law, at any time assign to one or more financial institutions
or other Persons (other than an Ineligible Institution) all or any part of its rights and obligations under this Agreement; provided that (i) (x) such Bank has received the prior written consent of each LC Issuer and (y) unless such assignment is
to another Bank, an Affiliate of such assigning Bank, or any direct or indirect contractual counterparty in any swap agreement relating
to the Loans to the extent required in connection with the settlement of such Bank’s obligations pursuant thereto, such Bank has
received the prior written consent of the Agent and the Company (so long as no Event of Default exists), which consents of the Agent
and the Company shall not be unreasonably withheld, conditioned or delayed, provided that the Company shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Agent within ten (10) Business Days after having
received notice thereof, and (ii) the minimum principal amount of any such assignment (other than assignments to a Federal Reserve
Bank or central bank, to another Bank, to an Affiliate of such assigning Bank or any direct or indirect contractual counterparty in any
swap agreement relating to the Loans to the extent required in connection with the settlement of such Bank’s obligations pursuant
thereto) shall be $5,000,000 (or such lesser amount consented to by the Agent and, so long as no Event of Default shall be continuing,
the Company, which consents shall not be unreasonably withheld or delayed); provided that after giving effect to such assignment
the assigning Bank shall have a Commitment of not less than $5,000,000 (unless otherwise consented to by the Agent and, so long as no
Event of Default shall be continuing, the Company), unless such assignment constitutes an assignment of all of the assigning Bank’s
Commitment, Loans and other rights and obligations hereunder to a single assignee. Notwithstanding the foregoing sentence, (x) any
Bank may at any time, without the consent of the Company, any LC Issuer or the Agent, pledge or assign a security interest in all or
any portion of its rights under this Agreement to secure obligations of such Bank, including, without limitation, any pledge or assignment
to secure obligations to a Federal Reserve Bank; provided that no such assignment shall release the transferor Bank from its obligations
hereunder or substitute any such pledgee or assignee for such Bank as a party hereto; and (y) no assignment by a Bank to any Affiliate
of such Bank shall release such Bank from its obligations hereunder unless (I) the Agent and, so long as no Event of Default exists,
the Company have approved such assignment or (II) the creditworthiness of such Affiliate (as determined in accordance with customary
standards of the banking industry) is no less than that of the assigning Bank.


 








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(d)            Any
Bank may, in connection with any sale or participation or proposed sale or participation pursuant to this Section 12.1, disclose
to the purchaser or participant or proposed purchaser or participant any information relating to the Company furnished to such Bank by
or on behalf of the Company; provided that prior to any such disclosure of non-public information, the purchaser or participant
or proposed purchaser or participant (which purchaser or participant is not an Affiliate of a Bank) shall agree to preserve the confidentiality
of any confidential information (except any such disclosure as may be required by law or regulatory process) relating to the Company
received by it from such Bank.


 


(e)            Assignments
under this Section 12.1 shall be made pursuant to an agreement (an “Assignment Agreement”)
substantially in the form of Exhibit C hereto or in such other form as may be agreed to by the parties thereto and
shall not be effective until a $3,500 fee has been paid to the Agent by the assignee, which fee shall cover the cost of processing
such assignment; provided that such fee shall not be incurred in the event of an assignment by any Bank of all or a portion
of its rights under this Agreement to (i) a Federal Reserve Bank, (ii) a Bank or an Affiliate of the assigning Bank or
(iii) any direct or indirect contractual counterparty in any swap agreement relating to the Loans to the extent required in
connection with the settlement of such Bank’s obligations pursuant thereto. The Agent, acting for this purpose as a
non-fiduciary agent of the Company, shall maintain at one of its offices a copy of each Assignment Agreement delivered to it and a
register for the recordation of the names and addresses of the Banks, and the Commitment of, and principal amount (and stated
interest) of the Loans, Bonds, and Facility LCs owing to, each Bank pursuant to the terms hereof from time to time (the
 “Register”). The entries in the Register shall be conclusive absent manifest error and the Company, the Agent,
the LC Issuers and the Banks shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Bank
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection
by the Company, any LC Issuer, and any Bank at any reasonable time and from time to time upon reasonable prior notice.


 


12.2          Survival
of Representations. All representations and warranties of the Company contained in this Agreement shall survive the making of the
Credit Extensions herein contemplated.


 


12.3          Governmental
Regulation. Anything contained in this Agreement to the contrary notwithstanding, no LC Issuer or Bank shall be obligated to extend
credit to the Company in violation of any limitation or prohibition provided by any applicable statute or regulation.


 


12.4          Taxes.
Any taxes (excluding income taxes) payable or ruled payable by any Federal or State authority in respect of the execution of the Credit
Documents shall be paid by the Company, together with interest and penalties, if any.


 






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12.5          Choice
of Law. THE CREDIT DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAW (INCLUDING SECTION 5-1401
OF THE GENERAL OBLIGATIONS LAW OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK, BUT GIVING
EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. THE COMPANY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, SITTING IN THE BOROUGH OF MANHATTAN (OR IF SUCH COURT LACKS SUBJECT
MATTER JURISDICTION, THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN), AND ANY APPELLATE COURT THEREOF, IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY CREDIT DOCUMENT AND THE COMPANY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS
IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH FEDERAL (TO THE EXTENT PERMITTED BY LAW) OR
NEW YORK STATE COURT. EACH OF THE COMPANY, THE AGENT, THE LC ISSUERS AND THE BANKS HEREBY WAIVES ANY RIGHT TO A JURY TRIAL IN ANY ACTION
OR ARISING HEREUNDER OR UNDER ANY CREDIT DOCUMENT.


 


12.6          Headings.
Section headings in the Credit Documents are for convenience of reference only, and shall not govern the interpretation of any of
the provisions of the Credit Documents.


 


12.7          Entire
Agreement. The Credit Documents embody the entire agreement and understanding between the Company, the LC Issuers, the Agent and
the Banks and supersede all prior agreements and understandings between the Company, the LC Issuers, the Agent and the Banks relating
to the subject matter thereof.


 


12.8          Expenses;
Indemnification. The Company shall reimburse the Agent, the Sustainability Structuring Agent and each Arranger for (a) any reasonable
costs and out-of-pocket expenses (including reasonable attorneys’ fees, time charges and expenses of counsel for the Agent) paid
or incurred by the Agent or such Arranger in connection with the preparation, review, execution, delivery, syndication, distribution
(including via the internet), administration, amendment and modification of the Credit Documents and (b) any reasonable costs and
out-of-pocket expenses (including reasonable attorneys’ fees, time charges and expenses of counsel) paid or incurred by the Agent,
the Sustainability Structuring Agent or such Arranger on its own behalf or on behalf of any LC Issuer or any Bank and, on or after the
date upon which an Event of Default specified in Section 9.1(a) or 9.1(e) has occurred and is continuing,
each Bank, in connection with the collection and enforcement of the Credit Documents. The Company further agrees to indemnify the Agent,
the Sustainability Structuring Agent, each Arranger, each LC Issuer, each Bank and their successors and permitted assigns and their respective
Affiliates, and the directors, officers, employees and agents of the foregoing (all of the foregoing, the “Indemnified Persons”),
against all losses, claims, damages, penalties, judgments, liabilities and reasonable expenses (including all reasonable expenses of
litigation or preparation therefor whether or not an Indemnified Person is a party thereto), regardless of whether such matter is initiated
by a third party or by the Company or any of its Affiliates or equityholders, which any of them may pay or incur arising out of or relating
to this Agreement, the other Credit Documents, the transactions contemplated hereby, the direct or indirect application or proposed application
of the proceeds of any Credit Extension hereunder, any actual or alleged presence or release of any Hazardous Substance on or from any
property owned or operated by the Company or any Subsidiary or any Environmental Liability related in any way to the Company or any Subsidiary;
provided that the Company shall not be liable to any Indemnified Person for any of the foregoing to the extent they are determined
by a court of competent jurisdiction by final and nonappealable judgment to have arisen from the gross negligence or willful misconduct
of such Indemnified Person. Without limiting the foregoing, the Company shall pay any civil penalty or fine assessed by OFAC against
any Indemnified Person, and all reasonable costs and expenses (including reasonable fees and expenses of counsel to such Indemnified
Person) incurred in connection with defense thereof, as a result of any breach or inaccuracy of the representation made in Section 5.14.
The obligations of the Company under this Section shall survive the termination of this Agreement.


 








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12.9          Severability
of Provisions. Any provision in any Credit Document that is held to be inoperative, unenforceable or invalid in any jurisdiction
shall, as to that jurisdiction, be inoperative, unenforceable or invalid without affecting the remaining provisions in that jurisdiction
or the operation, enforceability or validity of that provision in any other jurisdiction, and to this end the provisions of all Credit
Documents are declared to be severable.


 


12.10        Setoff.
In addition to, and without limitation of, any rights of the Banks under applicable law, if the Company becomes insolvent, however evidenced,
or during the continuance of an Event of Default, any indebtedness from any Bank or any of its Affiliates to the Company (including all
account balances, whether provisional or final and whether or not collected or available) may be, upon prior notice to the Agent, offset
and applied toward the payment of the Obligations owing to such Bank or such Affiliate, whether or not the Obligations, or any part hereof,
shall then be due; provided that in the event that any Defaulting Bank shall exercise any such right of setoff, (x) all amounts
so set off shall be paid over immediately to the Agent for further application in accordance with Section 4.7(b) and,
pending such payment, shall be segregated by such Defaulting Bank from its other funds and deemed held in trust for the benefit of the
Agent, the LC Issuers and the Banks, and (y) the Defaulting Bank shall provide promptly to the Agent a statement describing the
reasonable detail the indebtedness owing to such Defaulting Bank as to which it exercised such right of setoff. The Company agrees that
any purchaser or participant under Section 12.1 may, to the fullest extent permitted by law and in accordance with this Agreement,
exercise all its rights of payment with respect to such purchase or participation as if it were the direct creditor of the Company in
the amount of such purchase or participation.


 


12.11        Ratable
Payments. If any Bank, whether by setoff or otherwise, has payment made to it upon its Outstanding Credit Exposure in a greater proportion
than that received by any other Bank, such Bank agrees, promptly upon demand, to purchase a portion of the Aggregate Outstanding Credit
Exposure held by the other Banks so that after such purchase each Bank will hold its Pro Rata Share of the Aggregate Outstanding Credit
Exposure. If any Bank, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral
or other protection for its Obligations or such amounts which may be subject to setoff, such Bank agrees, promptly upon demand, to take
such action necessary such that all Banks share in the benefits of such collateral ratably in proportion to their respective Pro Rata
Share of the Aggregate Outstanding Credit Exposure. In case any such payment is disturbed by legal process, or otherwise, appropriate
further adjustments shall be made.


 








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12.12        Nonliability.
The relationship between the Company, on the one hand, and the Banks, the Arrangers, the LC Issuers, the Sustainability Structuring Agent
and the Agent, on the other hand, shall be solely that of borrower and lender. None of the Agent, the Sustainability Structuring Agent,
any Arranger, any LC Issuer or any Bank shall have any fiduciary responsibilities to the Company. To the fullest extent permitted by
law, the Company hereby waives and releases any claims that it may have against each of the Agent, the Sustainability Structuring Agent,
the Arrangers, each LC Issuer and each Bank with respect to any breach or alleged breach of agency or fiduciary duty in connection with
any aspect of any transaction contemplated hereby. None of the Agent, the Sustainability Structuring Agent, any Arranger, any LC Issuer
or any Bank undertakes any responsibility to the Company to review or inform the Company of any matter in connection with any phase of
the Company’s business or operations. The Company shall rely entirely upon its own judgment with respect to its business, and any
review, inspection, supervision or information supplied to the Company by the Banks is for the protection of the Banks and neither the
Company nor any third party is entitled to rely thereon. The Company agrees that none of the Agent, the Sustainability Structuring Agent,
any Arranger, any LC Issuer or any Bank shall have liability to the Company (whether sounding in tort, contract or otherwise) for losses
suffered by the Company in connection with, arising out of, or in any way related to, the transactions contemplated and the relationship
established by the Credit Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final
non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful misconduct
of the party from which recovery is sought. None of the Agent, the Sustainability Structuring Agent, any Arranger, any LC Issuer or any
Bank, or any of their respective directors, officers, employees or agents, shall have any liability with respect to, and the Company
hereby waives, releases and agrees not to sue for, any special, indirect, consequential or punitive damages suffered by the Company in
connection with, arising out of, or in any way related to the Credit Documents or the transactions contemplated thereby.


 


12.13        Other
Agents. The Banks identified on the signature pages of this Agreement or otherwise herein, or in any amendment hereof or other
document related hereto, as being a “Co-Syndication Agent”, a “Co-Documentation Agent” or a “Sustainability
Structuring Agent” (the “Other Agents”) shall have no rights, powers, obligations, liabilities, responsibilities
or duties under this Agreement other than those applicable to all Banks as such. Without limiting the foregoing, the Other Agents shall
not have or be deemed to have any fiduciary relationship with any Bank. Each Bank acknowledges that it has not relied, and will not rely,
on the Other Agents in deciding to enter into this Agreement or in taking or refraining from taking any action hereunder or pursuant
hereto. Nothing contained in this Agreement or otherwise shall be construed to impose any obligation or duty on any Other Agent, other
than those applicable to all Banks as such.


 


12.14        USA
Patriot Act. Each Bank hereby notifies the Company that pursuant to requirements of the USA Patriot Act, such Bank is required to
obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and
other information that will allow such Bank to identify the Company in accordance with the USA Patriot Act.


 








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12.15        Electronic
Delivery.


 


(a)            The
Company shall use its commercially reasonable best efforts to transmit to the Agent all information, documents and other materials that
it is obligated to furnish to the Agent pursuant to this Agreement and the other Credit Documents, including all notices, requests, financial
statements, financial and other reports, certificates and other information materials, but excluding (i) any Borrowing Notice, Conversion/Continuation
Notice or notice of prepayment, (ii) any notice of a Default or an Event of Default or (iii) any communication that is required
to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any Advance hereunder (all such non-excluded
communications, collectively, “Communications”), in an electronic/soft medium in a format reasonably acceptable to
the Agent to such e-mail address as designated by the Agent from time to time. In addition, the Company shall continue to provide Communications
to the Agent or any Bank in the manner specified in this Agreement but only to the extent requested by the Agent or such Bank. Each Bank
and the Company further agrees that the Agent may make Communications available to the Banks by posting Communications on IntraLinks
or a substantially similar Electronic System (the “Platform”). Subject to the conditions set forth in the proviso
in the immediately preceding sentence, nothing in this Section 12.15 shall prejudice the right of the Agent to make Communications
available to the Banks in any other manner specified herein.


 


(b)            Each
Bank agrees that an e-mail notice to it (at the address provided pursuant to the next sentence and deemed delivered as provided in clause
(c) below) specifying that a Communication has been posted to the Platform shall constitute effective delivery of such Communication
to such Bank for purposes of this Agreement. Each Bank agrees (i) to notify the Agent in writing (including by electronic communication)
from time to time to ensure that the Agent has on record an effective e-mail address for such Bank to which the foregoing notice may
be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e-mail address.


 


(c)            Each
party hereto agrees that any electronic Communication referred to in this Section 12.15 shall be deemed delivered upon the
posting of a record of such Communication as “sent” in the e-mail system of the sending party or, in the case of any such
Communication to the Agent, upon the posting of a record of such Communication as “received” in the e-mail system of the
Agent, provided that if such Communication is not so received by a Person during the normal business hours of such Person, such
Communication shall be deemed delivered at the opening of business on the next business day for such Person.


 


(d)            Each
party hereto acknowledges that the distribution of material through an electronic medium is not necessarily secure and there are confidentiality
and other risks associated with such distribution. Any Electronic System used by the Agent is provided “as is” and “as
available.” The Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim
liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including, without limitation,
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 Communications or any Electronic System. In no event shall the
Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Company, any Bank, any
LC Issuer or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental
or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Company’s or the Agent’s
transmission of Communications through an Electronic System, except to the extent that such damages, losses or expenses are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Agent Party.


 








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12.16            Confidentiality.
Each of the Agent, the LC Issuers and the Banks agrees to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (a) to its and its Affiliates' directors, officers, employees and agents, including accountants,
legal counsel and other advisors (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 or self-regulatory body (including any self-regulatory authority such as the National Association of Insurance Commissioners),
(c) to the extent required by applicable laws or by any subpoena or similar legal process, (d) to any other party to this Agreement,
(e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or any
other Credit Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially
the same as those of this Section, 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 transaction or other transaction, under which payments are to be made by reference to the Company and its obligations under
this Agreement or payments hereunder relating to the Company and its obligations, (g) to the extent such Information (i) becomes
publicly available other than as a result of a breach of this Section or (ii) becomes available to the Agent, any LC Issuer
or any Bank or any of its Affiliates on a non-confidential basis from a source other than the Company, or to the extent required by a
potential or actual insurer or reinsurer in connection with providing insurance, reinsurance or credit risk mitigation coverage under
which payments are to be made or may be made by reference to this Agreement, (h) on a confidential basis to the CUSIP Service Bureau
or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the
credit facilities provided hereunder or (i) with the written consent of the Company. For the purposes of this Section, “Information”
means all information received from the Company relating to the Company, its Subsidiaries or their business, other than any such information
that is available to the Agent, any LC Issuer or any Bank on a non-confidential basis prior to disclosure by the Company; provided that,
in the case of information received from the Company 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 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 BANK ACKNOWLEDGES THAT INFORMATION (AS
DEFINED ABOVE) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE COMPANY AND 
ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL
NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE
LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.


 








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ALL INFORMATION (AS DEFINED ABOVE), INCLUDING
REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE COMPANY OR THE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT
WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE COMPANY AND ITS RELATED PARTIES
OR THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH BANK REPRESENTS TO THE COMPANY AND THE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE
QUESTIONNAIRE PROVIDED TO THE AGENT A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION
IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.


 


12.17            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 Credit Document), the Company acknowledges and agrees that: (i) none
of the Arrangers, the LC Issuers, the Sustainability Structuring Agent, the Agent or the Banks or their respective Affiliates are subject
to any fiduciary or other implied duties, (ii) the Company agrees that the Arrangers, the LC Issuers, the Sustainability Structuring
Agent, the Agent and the Banks are acting under this Agreement and the Credit Documents as independent contractors and that nothing in
this Agreement or the Credit Documents will be deemed to create an advisory, fiduciary or agency relationship or other implied duty between
the Arrangers, the Agent, the LC Issuers, the Sustainability Structuring Agent and the Banks, on one hand, and the Company and the Company’s
respective equity holders or the Company and its respective affiliates, on the other hand, (iii) none of the Arrangers, the LC Issuers,
the Sustainability Structuring Agent, the Agent or the Banks or their respective Affiliates are advising the Company or any of its Affiliates
as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction, (iii) the Company has consulted with its
own advisors concerning such matters and is responsible for making its own independent investigation and appraisal of the transactions
contemplated hereby, and none of the Arrangers, the LC Issuers, the Sustainability Structuring Agent, the Agent or the Banks or their
respective Affiliates have any responsibility or liability to the Company or any of its affiliates with respect thereto and (iv) each
of the Arrangers, the LC Issuers, the Sustainability Structuring Agent, the Agent and the Banks and their respective Affiliates may have
economic interests that conflict with those of the Company, its stockholders and/or its Affiliates.


 






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12.18        Acknowledgement
and Consent to Bail-In of Affected Financial Institutions.


 


Notwithstanding anything
to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Affected Financial Institution arising under any Credit Document may be subject to the Write-Down
and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:


 


(a)            the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and


 


(b)            the
effects of any Bail-In Action on any such liability, including, if applicable:


 


(i)            a
reduction in full or in part or cancellation of any such liability;


 


(ii)          a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Credit
Document; or


 


(iii)          the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.


 


12.19            Maximum
Rate. Notwithstanding anything to the contrary contained in any Credit Document, the interest paid or agreed to be paid under the
Credit Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”).
If the Agent or any Bank shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the
principal of the Loans or, if it exceeds such unpaid principal, refunded to the Company.


 


12.20            Acknowledgment
Regarding Any Supported QFCs. To the extent that the Credit Documents provide support, through a guarantee or otherwise, for Swap
Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC
a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal
Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect
of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any
Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state
of the United States):


 


In the event a Covered Entity
that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special
Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in
or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support)
from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution
Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the
laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Credit Documents that might otherwise apply
to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no
greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the
Credit Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing,
it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Bank shall in no event affect the rights
of any Covered Party with respect to a Supported QFC or any QFC Credit Support.


 








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ARTICLE XIII

THE AGENT


 


13.1            Appointment.
JPMorgan Chase Bank, N.A. is hereby appointed Agent hereunder, and each of the Banks irrevocably authorizes the Agent to act as the contractual
representative on behalf of such Bank. The Agent agrees to act as such upon the express conditions contained in this Article XIII.
The Agent shall not have a fiduciary relationship in respect of any Bank by reason of this Agreement nor shall the have any implied duties,
regardless of whether a Default or Event of Default has occurred and is continuing.


 


13.2            Powers.
The Agent shall have and may exercise such powers hereunder as are specifically delegated to the Agent by the terms hereof, together
with such powers as are reasonably incidental thereto. The Agent shall be deemed not to have knowledge of any Default or Event of Default
unless and until written notice thereof is given to the Agent by the Company or a Bank or any implied duties to the Banks or any obligation
to the Banks to take any action hereunder (whether a Default or Event of Default has occurred and is continuing), except any action specifically
provided by this Agreement to be taken by the Agent.


 


13.3            General
Immunity. Neither the Agent nor any of its directors, officers, agents or employees shall be liable to the Banks or any Bank for
any action taken or omitted to be taken by it or them hereunder or in connection herewith except for its or their own gross negligence
or willful misconduct as determined in a final, non-appealable judgment by a court of competent jurisdiction.


 


13.4            No
Responsibility for Recitals, Etc. Neither the Agent nor the Sustainability Structuring Agent shall be responsible to the Banks for
any recitals, reports, statements, warranties or representations herein or in any Credit Document or be bound to ascertain or inquire
as to the performance or observance of any of the terms of this Agreement.


 


13.5            Action
on Instructions of Banks. The Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder and
under any other Credit Document in accordance with written instructions signed by the Majority Banks (or all of the Banks if required
by Section 10.1), and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of
the Banks. The Banks hereby acknowledge that the Agent shall be under no duty to take any discretionary action permitted to be taken
by it pursuant to the provisions of this Agreement or any other Credit Document unless it shall be requested in writing to do so by the
Majority Banks. The Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Credit Document
unless it shall first be indemnified to its satisfaction by the Banks pro rata against any and all liability, cost and expense that it
may incur by reason of taking or continuing to take any such action.


 








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13.6            Employment
of Agents and Counsel. The Agent may execute any of its duties as Agent hereunder by or through employees, agents and attorneys-in-fact
and shall not be answerable to the Banks, except as to money or securities received by it or its authorized agents, for the default or
misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. The Agent shall be entitled to advice of counsel
concerning all matters pertaining to the agency hereby created and its duties hereunder.


 


13.7            Reliance
on Documents; Counsel. The Agent and the Sustainability Structuring Agent shall be entitled to rely upon any notice, consent, certificate,
affidavit, letter, telegram, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by
the proper person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the Agent or the Sustainability
Structuring Agent, which counsel may be employees of the Agent or the Sustainability Structuring Agent.


 


13.8            Agent’s
Reimbursement and Indemnification. The Banks agree to reimburse and indemnify the Agent (in the Agent’s capacity as Agent)
ratably in accordance with their respective Pro Rata Shares (i) for any amounts not reimbursed by the Company for which the Agent
(in the Agent’s capacity as Agent) is entitled to reimbursement by the Company under the Credit Documents, (ii) for any other
expenses reasonably incurred by the Agent on behalf of the Banks, in connection with the preparation, execution, delivery, administration
and enforcement of the Credit Documents, and for which the Agent (in the Agent’s capacity as Agent) is not entitled to reimbursement
by the Company under the Credit Documents, and (iii) for any liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, reasonable expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted
against the Agent in any way relating to or arising out of this Agreement or any other document delivered in connection with this Agreement
or the transactions contemplated hereby or the enforcement of any of the terms hereof or of any such other documents, and for which the
Agent is not entitled to reimbursement by the Company under the Credit Documents; provided that no Bank shall be liable for any
of the foregoing to the extent they arise from the gross negligence or willful misconduct as determined in a final, non-appealable judgment
by a court of competent jurisdiction of the Agent.


 


13.9            Rights
as a Bank. With respect to its Commitment and any Credit Extension made by it, the Agent shall have the same rights and powers hereunder
as any Bank and may exercise the same as though it were not the Agent, and the term “Bank” or “Banks” shall,
unless the context otherwise indicates, include JPMorgan Chase Bank, N.A. in its individual capacity. The Agent may accept deposits from,
lend money to, and generally engage in any kind of banking or trust business with the Company or any Subsidiary as if it were not the
Agent.


 


13.10          Bank
Credit Decision. (a)  Each Bank acknowledges and agrees that the extensions of credit made hereunder are commercial loans and
letters of credit and not investments in a business enterprise or securities. Each Bank further represents that it is engaged in making,
acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the Agent
or any other Bank and based on the financial statements prepared by the Company and such other documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement as a Bank, and to make, acquire or hold Loans hereunder.
Each Bank also acknowledges that it will, independently and without reliance upon the Agent or any other Bank and based on such documents
and information (which may contain material, non-public information within the meaning of the United States securities laws concerning
the Company and its Affiliates) as it shall from time to time deem appropriate, continue to make its own credit decisions in taking or
not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder and in
deciding whether or to the extent to which it will continue as a lender or assign or otherwise transfer its rights, interests and obligations
hereunder.


 








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(b)            Without
limiting clause (a) above, each Bank acknowledges and agrees that neither such Bank nor any of its Affiliates, participants
or assignees may rely on the Agent to carry out such Bank’s or other Person’s customer identification program, or other obligations
required or imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations contained in 31
C.F.R. 103.121 (as amended or replaced, the “CIP Regulations”), or any other applicable law, rule, regulation or order
of any governmental authority, including any program involving any of the following items relating to or in connection with the Company
or any of its Subsidiaries or Affiliates or agents, the Credit Documents or the transactions contemplated hereby: (i) any identity
verification procedure; (ii) any recordkeeping; (iii) any comparison with a government list; (iv) any customer notice
or (v) any other procedure required under the CIP Regulations or such other law, rule, regulation or order.


 


(c)            Within
ten (10) days after the date of this Agreement and at such other times as are required under the USA Patriot Act, each Bank and
each assignee and participant that is not incorporated under the laws of the United States of America or a state thereof (and is not
excepted from the certification requirement contained in Section 313 of the USA Patriot Act and the applicable regulations because
it is both (i) an Affiliate of a depository institution or foreign bank that maintains a physical presence in the United States
or foreign country and (ii) subject to supervision by a banking authority regulating such affiliated depository institution or foreign
bank) shall deliver to the Agent a certification, or, if applicable, recertification, certifying that such Bank is not a “shell”
and certifying as to other matters as required by Section 313 of the USA Patriot Act and the applicable regulations.


 


13.11        Successor
Agent. Subject to the appointment and acceptance of a successor Agent as provided in this paragraph, the Agent may resign at any
time by notifying the Banks, the LC Issuers and the Company. Upon any such resignation, the Majority Banks shall have the right, in consultation
with the Company, to appoint a successor. If no successor shall have been so appointed by the Majority Banks and shall have accepted
such appointment within thirty (30) days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf
of the Banks and the LC Issuers, appoint a successor Agent which shall be a bank with an office in the United States, or an Affiliate
of any such bank. Upon the acceptance of its appointment as Agent hereunder by a successor, such successor shall succeed to and become
vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its
duties and obligations hereunder. The fees payable by the Company to a successor Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Company and such successor. After the Agent’s resignation hereunder, the provisions of this
Article and Section 12.8 shall continue in effect for the benefit of such retiring Agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Agent.


 








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13.12        Additional
ERISA Matters.


 


(a)            Each
Bank (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and (y) covenants, from the date
such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, the Agent, each
Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Company, that at least one
of the following is and will be true:


 


(i)            such
Bank is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection
with the Loans, the Facility LCs or the Commitments


 


(ii)           the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Bank’s entrance into, participation in, administration of and performance
of the Loans, the Facility LCs, the Commitments and this Agreement, and the conditions for exemptive relief thereunder are and will continue
to be satisfied in connection therewith,


 


(iii)           (A) such
Bank is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Bank to enter into, participate
in, administer and perform the Loans, the Facility LCs, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Facility LCs, the Commitments and this Agreement satisfies the requirements of
sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Bank, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Bank’s entrance into, participation in, administration
of and performance of the Loans, the Facility LCs, the Commitments and this Agreement, or


 


(iv)           such
other representation, warranty and covenant as may be agreed in writing between the Agent, in its sole discretion, and such Bank.


 






    -87-


     


    

 


(b)            In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Bank or such
Bank has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding
clause (a), such Bank further (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and
(y) covenants, from the date such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for
the benefit of, the Agent, each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit
of the Company, that none of the Agent, any Arranger or any of their respective Affiliates is a fiduciary with respect to the assets
of such Bank (including in connection with the reservation or exercise of any rights by the Agent under this Agreement, any Credit Document
or any documents related to hereto or thereto).


 


13.13       Erroneous
Payments.


 


(a)            Each
Bank and each LC Issuer (and each Participant of any of the foregoing, by its acceptance of a participation) hereby acknowledges and
agrees that if the Agent notifies such Bank or LC Issuer that the Agent has determined in its sole discretion that any funds (or any
portion thereof) received by such Bank or LC Issuer (any of the foregoing, a “Payment Recipient”) from the Agent (or
any of its Affiliates) were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether
or not known to such Payment Recipient) (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually
and collectively, a “Payment”) and demands the return of such Payment, such Payment Recipient shall promptly, but
in no event later than two Business Days thereafter, return to the Agent the amount of any such Payment as to which such a demand was
made. A notice of the Agent to any Payment Recipient under this Section shall be conclusive, absent manifest error.


 


(b)            Without
limitation of clause (a) above, each Payment Recipient further acknowledges and agrees that if such Payment Recipient receives a
Payment from the Agent (or any of its Affiliates) (x) that is in an amount, or on a date different from the amount and/or date specified
in a notice of payment sent by the Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”),
(y) that was not preceded or accompanied by a Payment Notice, or (z) that such Payment Recipient otherwise becomes aware was
transmitted, or received, in error or by mistake (in whole or in part), in each case, it understands and agrees at the time of receipt
of such Payment that an error has been made (and that it is deemed to have knowledge of such error) with respect to such Payment. Each
Payment Recipient agrees that, in each such case, it shall promptly notify the Agent of such occurrence and, upon demand from the Agent,
it shall promptly, but in no event later than one Business Day thereafter, return to the Agent the amount of any such Payment (or portion
thereof) as to which such a demand was made.


 


(c)            Any
Payment required to be returned by a Payment Recipient under this Section shall be made in same-day funds in the currency so received,
together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such
Payment Recipient to the date such amount is repaid to the Agent at the greater of the Federal Funds Effective Rate and a rate determined
by the Agent in accordance with banking industry rules on interbank compensation from time to time in effect. Each Payment Recipient
hereby agrees that it shall not assert and, to the fullest extent permitted by applicable law, hereby waives, any right to retain such
Payment, and any claim, counterclaim, defense or right of set-off or recoupment or similar right to any demand by the Agent for the return
of any Payment received, including without limitation any defense based on “discharge for value” or any similar doctrine.


 








    -88-


     


    

 


(d)            The
Company hereby agrees that (x) in the event an erroneous Payment (or portion thereof) is not recovered from any Bank that has received
such Payment (or portion thereof) for any reason, the Agent shall be subrogated to all the rights of such Bank with respect to such amount
and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Company except,
in each case, to the extent such erroneous Payment is, and with respect to the amount of such erroneous Payment that is, comprised of
funds of the Company.


 


(e)            Each
party’s obligations, agreements and waivers under this Section 13.13 shall survive the resignation or replacement of
the Agent, any transfer of rights or obligations by, or the replacement of, a Bank or LC Issuer, the termination of the Commitments and/or
the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Credit Document.


 


ARTICLE XIV

NOTICES


 


14.1            Giving
Notice. Except as otherwise permitted by Section 2.13(e) with respect to borrowing notices, all notices,
requests and other communications to any party hereunder shall be in writing (including electronic transmission, facsimile
transmission or similar writing) and shall be given to such party: (a) in the case of the Company or the Agent, at its address
or facsimile number set forth on the signature pages hereof, (b) in the case of any Bank, at its address or facsimile
number set forth in its Administrative Questionnaire or (c) in the case of any party, at such other address or facsimile
number as such party may hereafter specify for such purpose by notice to the Agent and the Company in accordance with the provisions
of this Section 14.1. Each such notice, request or other communication shall be effective (i) if given by
facsimile transmission, when transmitted to the facsimile number specified in this Section and confirmation of receipt is
received or (ii) if given by mail, 72 hours after such communication is deposited in the mails with first class postage
prepaid, addressed as aforesaid; provided that notices to the Agent under Article II shall not be effective
until received. Unless the 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, including an Electronic System, 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) above,
if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.


 






    -89-


     


    

 


14.2            Change
of Address. The Company, the Agent, any LC Issuer and any Bank may each change the address for service of notice upon it by a notice
in writing to the other parties hereto.


 


ARTICLE XV

COUNTERPARTS


 


This Agreement may be executed
in any number of counterparts, all of which when taken together shall constitute one agreement, and any of the parties hereto may execute
this Agreement by signing any such counterpart. Except as provided in Section 11.1, this Agreement shall be effective when it has
been executed by the Company, the Agent, the LC Issuers and the Banks and the Agent has received counterparts of this Agreement executed
by the Company, the LC Issuers and the Banks or written evidence satisfactory to the Agent (which may include telecopy or electronic
transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. The words
 “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating
to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic
Signatures, deliveries 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, physical delivery thereof 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.


 


[REMAINDER
OF PAGE LEFT INTENTIONALLY BLANK]


 








    -90-


     


    

 


IN WITNESS WHEREOF, the Company,
the Banks, the LC Issuers and the Agent have executed this Agreement as of the date first above written.


 


	 	CONSUMERS ENERGY COMPANY
	 	 
	 	By:	 /s/ Srikanth Maddipati
	 	 	Name:	Srikanth Maddipati
	 	 	Title:	Vice President and Treasurer






 


	 	Address:
	 	One Energy Plaza
	 	Jackson, MI 49201
	 	Attention:Srikanth Maddipati
	 	Facsimile No.: 517-788-1006
	 	Confirmation (Phone) No: 517-788-0635
	 	E-Mail Address: Sri.Maddipati@cmsenergy.com




 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy Company


 






     


     


    

 


	 	JPMORGAN CHASE BANK, N.A., as Agent, as an LC Issuer and as a Bank
	 	 
	 	By:	 /s/ Khawaja Tariq
	 	 	Name:	Khawaja Tariq
	 	 	Title:	Vice President






 


	 	Address:
	 	 
	 	Notices for Borrowing:
	 	JPMorgan Chase Bank, N.A.
	 	10 South Dearborn, Floor L2S
	 	Chicago, IL 60603
	 	Attention:  Charitra Shetty
	 	Fax: 844-490-5663
	 	Email: charitra.shetty@chase.com and jpm.agency.cri@jpmorgan.com
	 	 
	 	For all Other Matters:
	 	JPMorgan Chase Bank, N.A.
	 	8181 Communications Pkwy
	 	Building B, 6th Floor
	 	Plano, TX 75024
	 	Attention:  Hamza Tariq
	 	Fax: 312-732-1762
	 	Email: hamza.tariq@jpmchase.com




 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy Company


 






     


     


    

 


	 	BARCLAYS BANK PLC, as a Co-Syndication Agent, Sustainability Structuring Agent and as a Bank
	 	 
	 	By:	/s/ Sydney G. Dennis
	 	 	Name:	Sydney G. Dennis
	 	 	Title:	Director






 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy Company



 






     


     


    

 


	 	MUFG BANK, LTD., as an LC Issuer, as a Co-Syndication Agent and as a Bank
	 	 
	 	By:	 /s/ Hazuki Watanabe
	 	 	Name:	Hazuki Watanabe
	 	 	Title:	Vice President






 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy Company


 






     


     


    

 


	 	MIZUHO BANK, LTD., as a Co-Documentation Agent and as a Bank
	 	 
	 	By:	/s/ Edward Sacks
	 	 	Name:	Edward Sacks
	 	 	Title:	Authorized Signatory






 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy Company


 






     


     


    

 






 


	 	BANK OF AMERICA, N.A., as an LC Issuer, as a Co-Documentation Agent and as a Bank
	 	 	 
		By:	/s/ David Komrska
	 	 	Name:	David Komrska
	 	 	Title:	Senior Vice President





 


Signature
Page to


Sixth
Amended and Restated Revolving Credit Agreement


Consumers Energy Company


 






     


     


    

 





	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Co-Documentation
               Agent and as a Bank
	 	 
		By:	/s/ Jesse Tannuzzo
	 	 	Name:	Jesse Tannuzzo
	 	 	Title:	Director


 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 







     


     


    

 





	 	BNP PARIBAS, as a Bank
	 	 	 
		By:	/s/ Denis O’Meara
	 	 	Name:	Denis O’Meara
	 	 	Title:	Managing Director
	 	 	 	 
		By:	/s/ Victor Padilla
	 	 	Name:	Victor Padilla
	 	 	Title:	Vice President






 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 





	 	CITIBANK, N.A., as a Bank,
	 	 	 
		By:	/s/ Agha Murtaza
	 	 	Name:	Agha Murtaza
	 	 	Title:	Director / Authorized Signatory





 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 








	 	DEUTSCHE BANK AG NEW YORK BRANCH, as a Bank
	 	 	 
		By:	/s/ Ming K. Chu
	 	 	Name:	Ming K. Chu
	 	 	Title:	Director
	 	 	 	 
		By:	/s/ Annie Chung
	 	 	Name:	Annie Chung
	 	 	Title:	Director






 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 





	 	FIFTH THIRD BANK, NATIONAL ASSOCIATION, as a Bank
	 	 	 
		By:	/s/ Larry Hayes
	 	 	Name:	Larry Hayes
	 	 	Title:	Executive Director





 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 





	 	GOLDMAN SACHS BANK USA, as a Bank
	 	 	 
		By:	/s/ Andrew B. Vernon
	 	 	Name:	Andrew B. Vernon
	 	 	Title:	Authorized Signatory





 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 





	 	KEYBANK NATIONAL ASSOCIATION, as a Bank
	 	 	 
		By:	/s/ Lisa A. Ryder
	 	 	Name:	Lisa A. Ryder
	 	 	Title:	Senior Vice President





 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 





	 	THE NORTHERN TRUST COMPANY, as a Bank
	 	 	 
		By:	/s/ Will Hicks
	 	 	Name:	Will Hicks
	 	 	Title:	Vice President





 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 





	 	PNC BANK, NATIONAL ASSOCIATION, as a Bank
	 	 	 
		By:	/s/ Alex Rolfe
	 	 	Name:	Alex Rolfe
	 	 	Title:	Vice President





 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 





	 	ROYAL BANK OF CANADA, as a Bank
	 	 	 
		By:	/s/ Martina Wellick
	 	 	Name:	Martina Wellick
	 	 	Title:	Authorized Signatory





 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 








	 	THE BANK OF NOVA SCOTIA, as a Bank
	 	 	 
		By:	/s/ David Dewar
	 	 	Name:	David Dewar
	 	 	Title:	Director





 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 








	 	SUMITOMO MITSUI BANKING CORPORATION, as a Bank
	 	 	 
		By:	/s/ Alkesh Nanavaty
	 	 	Name:	Alkesh Nanavaty
	 	 	Title:	Executive Director





 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 








	 	TRUIST BANK, as a Bank
	 	 	 
		By:	/s/ Bryan Kunitake
	 	 	Name:	Bryan Kunitake
	 	 	Title:	Director





 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 








	 	MORGAN STANLEY BANK, N.A., as a Bank
	 	 	 
		By:	/s/ Michael King
	 	 	Name:	Michael King
	 	 	Title:	Authorized Signatory





 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 








	 	U.S. BANK NATIONAL ASSOCIATION, as a Bank
	 	 	 
		By:	/s/ Jenna Papaz
	 	 	Name:	Jenna Papaz
	 	 	Title:	Senior Vice President





 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 








	 	COMERICA BANK, as a Bank
	 	 	 
		By:	/s/ Mark L. Lashbrook
	 	 	Name:	Mark L. Lashbrook
	 	 	Title:	Asst. Vice President





 


Signature Page to


Sixth Amended and Restated Revolving Credit Agreement


Consumers Energy
Company



 






     


     


    

 


EXHIBIT A


 


FORM OF OPINION FROM


 


MELISSA M. GLEESPEN, ESQ.


 


[Attached]


 






    		A-1	 



     


    

 


December 14, 2022


 


		To:	The
                                            Agent, the LC Issuers and the Banks






which are parties to the
Agreement





referred to below


 


Ladies and Gentlemen:


 


I am Vice President, Corporate Secretary and
Chief Compliance Officer for Consumers Energy Company, a Michigan corporation (the “Company”). As counsel for the Company, I,
or an attorney or attorneys under my general supervision, have represented the Company in connection with its execution and delivery
of a Sixth Amended and Restated Revolving Credit Agreement among the Company, JPMorgan Chase Bank, N.A., as Agent and as an LC Issuer,
and the Banks and other LC Issuers named therein, dated as of December 14, 2022 (the “Agreement”). All capitalized terms
used in this opinion shall have the meanings attributed to them in the Agreement.


 


I, or an attorney or attorneys under my general
supervision, have examined the Company’s Restated Articles of Incorporation, as amended, and Amended and Restated Bylaws, resolutions
of the Board of Directors of the Company, the Credit Documents and such other documents and records as I have deemed necessary in order
to render this opinion. Based upon the foregoing, it is my opinion that:


 


1.            The
Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Michigan and has the
corporate power and authority to execute, deliver and perform its obligations under the Agreement.


 


2.            The
execution and delivery of the Credit Documents by the Company and the performance by the Company of the Obligations have been duly authorized
by all necessary corporate action and proceedings on the part of the Company and will not:


 


(a)            contravene
the Company’s Restated Articles of Incorporation, as amended, or bylaws, as amended;


 


(b)            contravene
any law or any contractual restriction imposed by any indenture or any other agreement or instrument evidencing or governing indebtedness
for borrowed money of the Company (including but not limited to the Company Indentures (as defined below)); or


 


(c)            result
in or require the creation of any Lien upon or with respect to any of the Company’s properties except the lien of the Indenture
securing the Bonds and any Lien in favor of the Agent on the Facility LC Collateral Account or any funds therein.


 


As used in this paragraph
2, “Company Indentures” means collectively, (i) the Indenture dated as of January 1, 1996, as supplemented and
amended from time to time, between the Company (formerly known as Consumers Power Company) and The Bank of New York Mellon (formerly
known as The Bank of New York), as Trustee, (ii) the Indenture dated as of February 1, 1998, as supplemented and amended from
time to time, between the Company and The Bank of New York Mellon (successor trustee to JPMorgan Chase Bank, N.A.), as Trustee, and (iii) the
Indenture dated as September 1, 1945, as supplemented and amended from time to time, between the Company (formerly known as Consumers
Power Company) and The Bank of New York Mellon (formerly known as The Bank of New York), as Trustee,.


 






    	 	A-2	 



     


    

 


3.            The
Credit Documents have been duly executed and delivered by the Company.


 


4.            To
the best of my knowledge, there is no pending or threatened action or proceeding against the Company or any of its Consolidated Subsidiaries
before any court, governmental agency or arbitrator (except (i) to the extent described in the Company’s annual report on
Form 10-K for the year ended December 31, 2021 and quarterly reports on Forms 10-Q for the quarters ended March 31, 2022,
June 30, 2022, and September 30, 2022, as filed with the SEC, and (ii) such other similar actions, suits and proceedings
predicated on the occurrence of the same events giving rise to any actions, suits and proceedings described in the reports filed with
the SEC set forth in clause (i) of this parenthetical) which might reasonably be expected to materially adversely affect
the financial condition or results of operations of the Company and its Consolidated Subsidiaries, taken as a whole, or that would materially
adversely affect the Company’s ability to perform its obligations under any Credit Document. To the best of my knowledge, there
is no litigation challenging the validity or the enforceability of any of the Credit Documents.


 


5.            No
authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required
for the due execution, delivery and performance by the Company of any Credit Document, except for the authorization to issue, sell or
guarantee secured and/or unsecured long-term debt granted by the Federal Energy Regulatory Commission in Docket No.  ES22-24-000
(hereinafter the “FERC Order”). The FERC Order is in full force and effect as of the date hereof.


 


6.            The
Bonds executed in connection with the Existing Credit Agreement and the Agreement (a) are in due and proper form, (b) evidence
and secure the Obligations owing under the Agreement and (c) are valid and enforceable obligations of the Company in accordance
with their terms, secured by the lien of the Indenture on an equal and ratable basis with all other bonds issued thereunder and otherwise
entitled to the benefits provided by the Indenture.


 


7.            The
Indenture has been qualified under the Trust Indenture Act of 1939, as amended, and the execution and delivery of the Supplemental Indenture
will not cause the Indenture to not be so qualified.


 


8.            The
Company is not an “investment company” or a company “controlled” by an “investment company” as such
terms are defined in the Investment Company Act of 1940, as amended.


 


9.            In
a properly presented case, a Michigan court or a federal court applying Michigan choice of law rules should give effect to the choice
of law provisions of the Agreement and should hold that the Agreement is to be governed by the laws of the State of New York rather than
the laws of the State of Michigan, except in the case of those provisions set forth in the Agreement the enforcement of which would contravene
a fundamental policy of the State of Michigan. In the course of our review of the Agreement, nothing has come to my attention to indicate
that any of such provisions would do so. Notwithstanding the foregoing, even if a Michigan court or a federal court holds that the Agreement
is to be governed by the laws of the State of Michigan, the Agreement constitutes a legal, valid and binding obligation of the Company,
enforceable under Michigan law (including usury provisions) against the Company in accordance with its terms, subject to (a) the
effect of applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’
rights generally and (b) the application of general principles of equity (regardless of whether considered in a proceeding in equity
or at law).


 






    	 	A-3	 



     


    

 


I am a member of the bar of the State of Michigan,
and as such, have made no investigation of, and give no opinion on, the laws of any state or country other than those of the State of
Michigan, and, to the extent pertinent, of the United States of America.


 


This opinion may be relied upon, and is solely
for the benefit of, the Agent, the LC Issuers and the Banks and their participants and assignees under the Agreement, and is not to be
otherwise used, circulated, quoted, referred to or relied upon for any purpose without my express written permission, except that a copy
of this opinion may be provided to any regulatory agency or governmental authority having jurisdiction over the Agent, any LC Issuer
or any Bank.


 


Sincerely,


 


Melissa M. Gleespen


Vice President, Corporate Secretary and Chief
Compliance Officer


 






    	 	A-4	 



     


    

 


EXHIBIT B


 


FORM OF COMPLIANCE [AND APPLICABLE PRICING
ADJUSTMENT]1 CERTIFICATE


 


I, _________________, ______________
of Consumers Energy Company, a Michigan corporation (the “Company”), DO HEREBY CERTIFY in connection with the Sixth
Amended and Restated Revolving Credit Agreement, dated as of December 14, 2022 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as so defined), among
the Company, various financial institutions and JPMorgan Chase Bank, N.A., as Agent and an LC Issuer, that:


 


Article VIII of the Credit Agreement
provides that the Company shall: “At all times, maintain a ratio of Total Consolidated Debt to Total Consolidated Capitalization
of not greater than 0.65 to 1.0.”


 


The following calculations are made in accordance
with the definitions of Total Consolidated Debt and Total Consolidated Capitalization in the Credit Agreement and are correct and accurate
as of _____________, ___:


 


	A.Total Consolidated Debt
	 
	 	(a)	Indebtedness for borrowed money	$____________
	 	 	 
	plus	(b)	Indebtedness for deferred purchase price of property/services	(+) $__________
	 	 	 
	plus	(c)	Liabilities for accumulated funding deficiencies (prior to the effectiveness
    of the applicable provisions of the Pension Protection Act of 2006 with respect to a Plan) and liabilities for failure to make a
    payment required to satisfy the minimum funding standard within the meaning of Section 412 of the Code or Section 302 of
    ERISA (on and after the effectiveness of the applicable provisions of the Pension Protection Act of 2006 with respect to a Plan).	(+) $__________
	 	 	 
	plus	(d)	Liabilities in connection with withdrawal liability under ERISA to
    any Multiemployer Plan	(+) $__________
	 	 	 
	plus	(e)	Obligations under acceptance facilities	(+) $__________
	 	 	 
	plus	(f)	Obligations under Capital Leases	(+) $__________
	 	 	 
	plus	(g)	Obligations under interest rate swap, “cap”, “collar”
    or other hedging agreement	(+) $__________



 





 



1 NTD: Applicable Pricing Adjustment
component required only pursuant to Sections 1.7(e)/6.7(c).


 






    	 	B-1	 



     


    

 


	plus	(h)	Off-Balance Sheet Liabilities	(+) $__________
	 	 	 
	plus	(i)	non-contingent obligations in respect of letters of credit and bankers’
    acceptances	(+) $__________
	 	 	 
	plus	(j)	Guaranties, endorsements and other contingent obligations	(+) $__________
	 	 	 
	plus	(k)	elimination of reduction in Debt due to any election under Section 25
    of Accounting Standards Codification Subtopic 825-10 to “fair value” any Debt or liabilities of the Company or any Subsidiary	(+) $__________
	 	 	 
	plus	(l)	elimination of reduction in Debt due to application of Accounting Standards
    Codification Subtopic 470-20	(+) $__________
	 	 	 
	minus	(m)	Principal amount of any Securitized Bonds	(-)  $__________
	 	 	 
	minus	(n)	Junior Subordinated Debt of the Company, Hybrid Equity Securities and
    Hybrid Preferred Securities of the Company or owned by any Hybrid Equity Securities Subsidiary or Hybrid Preferred Securities Subsidiary	(-) $__________
	 	 	 
	minus	(o)	Agreed upon percentage of Net Proceeds from issuance of hybrid debt/equity
    securities (other than Junior Subordinated Debt, Hybrid Equity Securities and Hybrid Preferred Securities)	(-) $__________
	 	 	 
	minus 	(p)	Liabilities on the Company’s balance sheet resulting from the
    disposition of the Palisades Nuclear Plant	(-) $__________
	 	 	 
	minus	(q)	Debt of Affiliates of the Company of the type described in clause
    (v) of the definition of “Total Consolidated Debt” 	(-) $__________
	 	 	 
	minus	(r)	Debt of the Company and its Affiliates that is re-categorized as such
    from certain lease obligations pursuant to Section 15 of Accounting Standards Codification Subtopic 840-10	(-) $__________
	 	 	 	 
	 	Total  	$____________



 






    	 	B-2	 



     


    

 





	B.	Total Consolidated Capitalization:	 
	 	 	 
	 	(a)	Total Consolidated Debt	$____________
	 	 	 	 
	plus	(b)	The sum of Items A(o), A(p) and A(t) above2	(+) $__________
	 	 	 	 
	plus	(c)	Equity of common stockholders	(+) $__________
	 	 	 	 
	plus	(d)	Equity of preference stockholders	(+) $__________
	 	 	 	 
	plus	(e)	Equity of preferred stockholders	(-)  $__________
	 	 	 	 
	 	Total     	$_____________
	 	 	 
	C.	Debt to Capital Ratio

    (total of A divided by total of B)	_____ to 1.00
	 	 	 
	D.	Applicable Pricing Adjustment Calculations3:	 
	 	 	 
	 	1. Diverse Spend Total (in each case, identified as such in the supplier’s record based on either a self-certification
    or third-party certification):	 
	 	 	 	 
	 	(a)	Tier I Spend 	$______
	 	 	 
	plus	(b)	Tier II Spend 	$______
	 	 	 	 
	 	 	Total     	$_____________
	 	 	 	 
	 	2. Total Sourceable Spend (calculated exclusive of certain amounts such as taxes, regulatory fees and expenses and
    other similar amounts, as reasonably determined by the Company):	 
	 	 	 
	 	 	$__________
	 	 	 
	 	3. Diverse Supplier Spend Percentage (total of Diversity Spend Amount (1) divided by Total Sourceable Spend
    (2))	 
	 	 	 
	 	 	[__]%


 





 



2 In the case of securities
of the type described in A(o), only to the extent such securities have been deemed to be equity pursuant to Financial Accounting Standards
Board Statement No. 150.


 


3 For the avoidance of doubt,
this Section D will be provided commencing with the fiscal year ending December 31, 2023, and all reported figures shall be consistent
with (i) in the case of the Renewable Generation Amount, those reported on the Company’s most recently filed annual report on Form
10-K (or any successor form) and (ii) in the case of the Diverse Supplier Spend Percentage, those reported by the Company pursuant to
PowerAdvocate or other similar reporting tools (or, in each case, subject to the satisfaction of the requirements set forth in Section
6.7(c), any amendments thereto).  


 






    	 	B-3	 



     


    

 





	 	4. Renewable Generation Amount (comprised
    of Renewable Energy):	 
	 	 	 
	 	(a) wind generation  	 ______ Gwh
	 	 	 
	 	(b) solar generation	 ______ Gwh
	 	 	 
	 	(c) hydroelectric generation (excluding pumped
    storage)	 ______ Gwh
	 	 	 
	 	(d) biomass generation	 ______ Gwh
	 	 	 
	 	(e) other Renewable Energy generation (to the
    extent approved by the Majority Banks) 	 ______ Gwh
	 	 	 
	 	(f) purchased wind generation	 ______ Gwh
	 	 	 
	 	(g) purchased other Renewable Energy generation
    (as reported on Form 10-K) 	 ______ Gwh
	 	 	 
	 	(h) Renewable Generation Amount: sum of 4(a) through 4(g)	=  ______ Gwh
	 	 	 
	 	5. Baseline Renewable Generation Amount	 ______ Gwh
	 	 	 
	 	Renewable Generation Amount expressed as a percentage
    of Baseline Renewable Generation Amount ((4) divided by (5))	_____%
	 	 	 
	 	6. Applicable Pricing Adjustment: See attached Annex
    I	





 






    	 	B-4	 



     


    

 


ANNEX I


 


Applicable Diversity Adjustment


 


	Calculation	Applicable
    Margin

    adjustment	Commitment
    Fee Rate

    adjustment	Applicable
    Diversity

    Adjustment1
	Diverse
    Supplier Spend Percentage is greater than or equal to the Diverse Supplier Spend Target for the applicable fiscal year	reduced by 0.025%	reduced by 0.005%	 ̈

	Diverse
    Supplier Spend Percentage is less than the Diverse Supplier Spend Threshold for the applicable fiscal year (other than as a result
    of a Diverse Spend Trigger Event)	increased by 0.025%	increased by 0.005%	 ̈

	No
    Applicable Adjustment (Diverse Supplier Spend Percentage is greater than or equal to the Diverse Supplier Spend Threshold for the
    applicable fiscal year but less than the Diverse Supplier Spend Target for such fiscal year, or a Diverse Spend Trigger Event has
    occurred and is continuing)	 	 	 





 





 



1 Check applicable adjustment. For the avoidance of doubt,
only one selection shall be made.


 






    	 	B-5	 



     


    

 


Applicable Renewable Generation Adjustment


 


	Calculation	Applicable
    Margin adjustment	Commitment
    Fee Rate

    adjustment	Applicable
    Renewable

    Generation Adjustment2
	Renewable
    Generation Amount is greater than or equal to 110% of the applicable Baseline Renewable Generation Amount	reduced by 0.025%	reduced by 0.005%	 ̈

	Renewable
    Generation Amount is less than 90% of the applicable Baseline Renewable Generation Amount	increased by 0.025%	increased by 0.005%	 ̈

	No
    Applicable Adjustment (Renewable Generation Amount is greater than or equal to 90% of the Baseline Renewable Generation Amount but
    less than 110% of the Baseline Renewable Generation Amount)	 	 	 ̈






 


Applicable Pricing Adjustment


 


	Calculation	Applicable
    Pricing Adjustment
	Applicable
    Margin Adjustment = Applicable Diversity Adjustment for Applicable Margin plus Applicable Renewable Generation Adjustment
    for Applicable Margin (with reductions in Applicable Margins reflected in the preceding tables reflected as a negative amount):	 
	Commitment
    Fee Rate Adjustment = Applicable Diversity Adjustment for Commitment Fee Rate plus Applicable Renewable Generation Adjustment
    for Commitment Fee Rate (with reductions in Commitment Fee Rates reflected in the preceding tables reflected as a negative amount):	 



  





 



2 Check applicable adjustment. For
the avoidance of doubt, only one selection shall be made.


 






    	 	B-6	 



     


    

 


IN WITNESS WHEREOF, I
have signed this Certificate this ___ day of _________, ___.


 


	 	
	 	Name:
	 	Title:




 






    	 	B-7	 



     


    

 


EXHIBIT C


 


ASSIGNMENT AND ASSUMPTION AGREEMENT


 


This
Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and
is entered into by and between [Insert
name of Assignor] (the
 “Assignor”) and [Insert
name of Assignee] (the
 “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Sixth Amended
and Restated Revolving Credit Agreement identified below (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Terms and Conditions set forth in Annex
1 attached hereto 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 Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the
Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted
by the Agent as contemplated below, the interest in and to all of the Assignor’s rights and obligations in its capacity as a Bank
under the Credit Agreement and any other documents or instruments delivered pursuant thereto that represents the amount and percentage
interest identified below of all of the Assignor’s outstanding rights and obligations under the respective facilities identified
below (including any letters of credit and guaranties included in such facilities and, to the extent permitted to be assigned under applicable
law, all claims (including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity),
suits, causes of action and any other right of the Assignor 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) (the
 “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided
in this Assignment and Assumption, without representation or warranty by the Assignor.


 





		1.	Assignor:	 	 



 


		2.	Assignee:	 	 [and
                                            is an Affiliate of Assignor]



 


		3.	Borrower:	Consumers
                                            Energy Company



 


		4.	Agent:	JPMorgan
                                            Chase Bank, N.A., as the Agent under the Credit Agreement.



 


		5.	Credit
                                            Agreement:	Sixth Amended and Restated Revolving
                                            Credit Agreement, dated as of December 14, 2022, among Consumers Energy Company, the
                                            Banks party thereto, and JPMorgan Chase Bank, N.A., as Agent and an LC Issuer.



 






    	 	C-1	 



     


    

 





		6.	Assigned
                                            Interest:	 



 


	Facility Assigned	 	Aggregate
    Amount of
 Commitment/Outstanding
 Credit Exposure for
 all Banks1	 	 	Amount
    of 
 Commitment/Outstanding
 Credit Exposure
 Assigned1	 	 	Percentage
    Assigned of
 Commitment/Outstanding
 Credit Exposure2	 
	____________	 	$	                            	 	 	$	                       	 	 	 	_______	%
	____________	 	$		 	 	$	  	 	 	 	_______	%
	____________	 	$		 	 	$		 	 	 	_______	%




 


		7.	Trade
                                            Date:	 	3



 


Effective Date: _________ __, 20__ [TO
BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER BY THE AGENT.]


 





 



1. Amount to be adjusted by the counterparties
to take into account any payments or prepayments made between the Trade Date and the Effective Date.


 


2. Set forth, to at least 9 decimals,
as a percentage of the Commitment/Outstanding Credit Exposure of all Banks thereunder.


 


3. Insert if satisfaction of minimum
amounts is to be determined as of the Trade Date.


 






    	 	C-2	 



     


    

 


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


 


	 	ASSIGNOR
	 	 
	 	[NAME OF ASSIGNOR]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	ASSIGNEE
	 	 
	 	[NAME OF ASSIGNEE]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 


	[Consented to and]4 Accepted:	 
	 	 
	JPMORGAN CHASE BANK, N.A., as Agent	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 
	[Consented to:]5	 
	 	 
	[NAME
    OF RELEVANT PARTY]	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 




 





 



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


 


5. To be added only if the consent of the Company and/or
other parties (e.g., the LC Issuers) is required by the terms of the Credit Agreement.


 






    	 	C-3	 



     


    

 


ANNEX 1

TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION


 


1.            Representations
and Warranties.


 


1.1          Assignor.
The Assignor represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the 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. Neither
the Assignor nor any of its officers, directors, employees, agents or attorneys shall be responsible for (i) any statements, warranties
or representations made in or in connection with the Credit Agreement or any other Credit Document, (ii) the execution, legality,
validity, enforceability, genuineness, sufficiency, perfection, priority, collectibility, or value of the Credit Documents or any collateral
thereunder, (iii) the financial condition of the Company, any of its Subsidiaries or Affiliates or any other Person obligated in
respect of any Credit Document, (iv) the performance or observance by the Company, any of its Subsidiaries or Affiliates or any
other Person of any of their respective obligations under any Credit Document, (v) inspecting any of the property, books or records
of the Company, or any guarantor, or (vi) any mistake, error of judgment, or action taken or omitted to be taken in connection with
the Credit Extensions or the Credit Documents.


 


1.2.          Assignee.
The 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 Bank under the Credit
Agreement, (ii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Bank thereunder
and, to the extent of the Assigned Interest, shall have the obligations of a Bank thereunder, (iii) agrees that its payment instructions
and notice instructions are as set forth in Schedule 1 to this Assignment and Assumption, (iv) confirms that none of the
funds, monies, assets or other consideration being used to make the purchase and assumption hereunder are “plan assets” as
defined under ERISA and that its rights, benefits and interests in and under the Credit Documents will not be “plan assets”
under ERISA, (v) agrees to indemnify and hold the Assignor harmless against all losses, costs and expenses (including reasonable
attorneys’ fees) and liabilities incurred by the Assignor in connection with or arising in any manner from the Assignee’s
non-performance of the obligations assumed under this Assignment and Assumption, (vi) it has received a copy of the Credit Agreement,
together with copies of financial statements and such other documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has
made such analysis and decision independently and without reliance on the Agent or any other Bank, and (vii) attached as Schedule
2 to this Assignment and Assumption is any documentation required to be delivered by the Assignee with respect to its tax status
pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; (b) appoints and authorizes the Agent
to take such action as agent on its behalf and to exercise such powers under the Credit Documents as are delegated to the Agent by the
terms thereof, together with such powers as are reasonably incidental thereto; and (c) agrees that (i) it will, independently
and without reliance on the Agent, the Assignor or any other Bank, 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 taking action under the Credit Documents, and (ii) it will
perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed
by it as a Bank.


 






    	 	Annex 1	 



     


    

 


2.            Payments.
The Assignee shall pay the Assignor, on the Effective Date, the amount agreed to by the Assignor and the Assignee. From and after the
Effective Date, the Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, Reimbursement
Obligations, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the 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.


 






    	 	Annex 1	 



     


    

 


SCHEDULE 1


 


TO


 


TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION AGREEMENT


 


Administrative Questionnaire


 


On File with Agent


 



    
	 	 	 



     


    

 


SCHEDULE 2


 


TO


 


TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION AGREEMENT


 


US and Non-US Tax Information Reporting Requirements


 






    
	 	 	 



     


    

 


EXHIBIT D


 


TERMS OF SUBORDINATION


 


[JUNIOR
SUBORDINATED DEBT]


 


ARTICLE ____

SUBORDINATION


 


Section __.1. Applicability
of Article; Securities Subordinated to Senior Indebtedness.


 


(a)            This
Article ____ shall apply only to the Securities of any series which, pursuant to Section ___, are expressly made subject to
this Article. Such Securities are referred to in this Article ____ as “Subordinated Securities.”


 


(b)            The
Issuer covenants and agrees, and each Holder of Subordinated Securities by his acceptance thereof likewise covenants and agrees, that
the indebtedness represented by the Subordinated Securities and the payment of the principal and interest, if any, on the Subordinated
Securities is subordinated and subject in right, to the extent and in the manner provided in this Article, to the prior payment in full
of all Senior Indebtedness.


 


“Senior Indebtedness”
means the principal of and premium, if any, and interest on the following, whether outstanding on the date hereof or thereafter incurred,
created or assumed: (i) indebtedness of the Issuer for money borrowed by the Issuer (including purchase money obligations) or evidenced
by debentures (other than the Subordinated Securities), notes, bankers’ acceptances or other corporate debt securities, or similar
instruments issued by the Issuer; (ii) all capital lease obligations of the Issuer; (iii) all obligations of the Issuer issued
or assumed as the deferred purchase price of property, all conditional sale obligations of the Issuer and all obligations of the Issuer
under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); (iv) obligations
with respect to letters of credit; (v) all indebtedness of others of the type referred to in the preceding clauses (i) through
(iv) assumed by or guaranteed in any manner by the Issuer or in effect guaranteed by the Issuer; (vi) all obligations of the
type referred to in clauses (i) through (v) above of other persons secured by any lien on any property or asset
of the Issuer (whether or not such obligation is assumed by the Issuer), except for (1) any such indebtedness that is by its terms
subordinated to or pari passu with the Subordinated Securities, as the case may be, including all other debt securities and guaranties
in respect of those debt securities, issued to any other trusts, partnerships or other entities affiliated with the Issuer which act
as a financing vehicle of the Issuer in connection with the issuance of preferred securities by such entity or other securities which
rank pari passu with, or junior to, the Preferred Securities, and (2) any indebtedness between or among the Issuer and its affiliates;
and/or (vii) renewals, extensions or refundings of any of the indebtedness referred to in the preceding clauses unless, in the case
of any particular indebtedness, renewal, extension or refunding, under the express provisions of the instrument creating or evidencing
the same or the assumption or guarantee of the same, or pursuant to which the same is outstanding, such indebtedness or such renewal,
extension or refunding thereof is not superior in right of payment to the Subordinated Securities.


 


This Article shall constitute
a continuing obligation to all Persons who, in reliance upon such provisions become holders of, or continue to hold, Senior Indebtedness,
and such provisions are made for the benefit of the holders of Senior Indebtedness, and such holders are made obligees hereunder and
they and/or each of them may enforce such provisions.


 






    	 	D-1	 



     


    

 


Section __.2. Issuer
Not to Make Payments with Respect to Subordinated Securities in Certain Circumstances.


 


(a)            Upon
the maturity of any Senior Indebtedness by lapse of time, acceleration or otherwise, all principal thereof and premium and interest thereon
shall first be paid in full, or such payment duly provided for in cash in a manner satisfactory to the holders of such Senior Indebtedness,
before any payment is made on account of the principal of, or interest on, Subordinated Securities or to acquire any Subordinated Securities
or on account of any sinking fund provisions of any Subordinated Securities (except payments made in capital stock of the Issuer or in
warrants, rights or options to purchase or acquire capital stock of the Issuer, sinking fund payments made in Subordinated Securities
acquired by the Issuer before the maturity of such Senior Indebtedness, and payments made through the exchange of other debt obligations
of the Issuer for such Subordinated Securities in accordance with the terms of such Subordinated Securities, provided that such
debt obligations are subordinated to Senior Indebtedness at least to the extent that the Subordinated Securities for which they are exchanged
are so subordinated pursuant to this Article ____).


 


(b)            Upon
the happening and during the continuation of any default in payment of the principal of, or interest on, any Senior Indebtedness when
the same becomes due and payable or in the event any judicial proceeding shall be pending with respect to any such default, then, unless
and until such default shall have been cured or waived or shall have ceased to exist, no payment shall be made by the Issuer with respect
to the principal of, or interest on, Subordinated Securities or to acquire any Subordinated Securities or on account of any sinking fund
provisions of Subordinated Securities (except payments made in capital stock of the Issuer or in warrants, rights, or options to purchase
or acquire capital stock of the Issuer, sinking fund payments made in Subordinated Securities acquired by the Issuer before such default
and notice thereof, and payments made through the exchange of other debt obligations of the Issuer for such Subordinated Securities in
accordance with the terms of such Subordinated Securities, provided that such debt obligations are subordinated to Senior Indebtedness
at least to the extent that the Subordinated Securities for which they are exchanged are so subordinated pursuant to this Article ____).


 


(c)            In
the event that, notwithstanding the provisions of this Section ___.2, the Issuer shall make any payment to the Trustee on account
of the principal of or interest on Subordinated Securities, or on account of any sinking fund provisions of such Subordinated Securities,
after the maturity of any Senior Indebtedness as described in Section ___.2(a) above or after the happening of a default in
payment of the principal of or interest on any Senior Indebtedness as described in Section ___.2(b) above, then, unless and
until all Senior Indebtedness which shall have matured, and all premium and interest thereon, shall have been paid in full (or the declaration
of acceleration thereof shall have been rescinded or annulled), or such default shall have been cured or waived or shall have ceased
to exist, such payment (subject to the provisions of Sections ___.6 and ___.7) shall be held by the Trustee, in trust for the benefit
of, and shall be paid forthwith over and delivered to, the holders of such Senior Indebtedness (pro rata as to each of such holders on
the basis of the respective amounts of Senior Indebtedness held by them) or their representative or the trustee under the indenture or
other agreement (if any) pursuant to which such Senior Indebtedness may have been issued, as their respective interests may appear, for
application to the payment of all such Senior Indebtedness remaining unpaid to the extent necessary to pay the same in full in accordance
with its terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. The Issuer
shall give prompt written notice to the Trustee of any default in the payment of principal of or interest on any Senior Indebtedness.


 






    	 	D-2	 



     


    

 


Section __.3. Subordinated
Securities Subordinated to Prior Payment of All Senior Indebtedness on Dissolution, Liquidation or Reorganization of Issuer. Upon
any distribution of assets of the Issuer in any dissolution, winding up, liquidation or reorganization of the Issuer (whether voluntary
or involuntary, in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or otherwise):


 


(a)            the
holders of all Senior Indebtedness shall first be entitled to receive payments in full of the principal thereof and premium and interest
due thereon, or provision shall be made for such payment, before the Holders of Subordinated Securities are entitled to receive any payment
on account of the principal of or interest on such Subordinated Securities;


 


(b)            any
payment or distribution of assets of the Issuer of any kind or character, whether in cash, property or securities (other than securities
of the Issuer as reorganized or readjusted or securities of the Issuer or any other corporation provided for by a plan of reorganization
or readjustment the payment of which is subordinate, at least to the extent provided in this Article ____ with respect to Subordinated
Securities, to the payment in full without diminution or modification by such plan of all Senior Indebtedness), to which the Holders
of Subordinated Securities or the Trustee on behalf of the Holders of Subordinated Securities would be entitled except for the provisions
of this Article ____ shall be paid or delivered by the liquidating trustee or agent or other person making such payment or distribution
directly to the holders of Senior Indebtedness or their representative, or to the trustee under any indenture under which Senior Indebtedness
may have been issued (pro rata as to each such holder, representative or trustee on the basis of the respective amounts of unpaid Senior
Indebtedness held or represented by each), to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid,
after giving effect to any concurrent payment or distribution or provision thereof to the holders of such Senior Indebtedness; and


 


(c)            in
the event that notwithstanding the foregoing provisions of this Section ___.3, any payment or distribution of assets of the Issuer
of any kind or character, whether in cash, property or securities (other than securities of the Issuer as reorganized or readjusted or
securities of the Issuer or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate,
at least to the extent provided in this Article ____ with respect to Subordinated Securities, to the payment in full without diminution
or modification by such plan of all Senior Indebtedness), shall be received by the Trustee or the Holders of the Subordinated Securities
on account of principal of or interest on the Subordinated Securities before all Senior Indebtedness is paid in full, or effective provision
made for its payment, such payment or distribution (subject to the provisions of Section ___.6 and ___.7) shall be received and
held in trust for and shall be paid over to the holders of the Senior Indebtedness remaining unpaid or unprovided for or their representative,
or to the trustee under any indenture under which such Senior Indebtedness may have been issued (pro rata as provided in clause (b) above),
for application to the payment of such Senior Indebtedness until all such Senior Indebtedness shall have been paid in full, after giving
effect to any concurrent payment or distribution or provision therefor to the holders of such Senior Indebtedness.


 






    	 	D-3	 



     


    

 


The Issuer shall give prompt
written notice to the Trustee of any dissolution, winding up, liquidation or reorganization of the Issuer.


 


The consolidation of the
Issuer with, or the merger of the Issuer into, another corporation or the liquidation or dissolution of the Issuer following the conveyance
or transfer of its property as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided
for in Article ____ hereof shall not be deemed a dissolution, winding up, liquidation or reorganization for the purposes of this
Section ___.3 if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the
conditions stated such in Article ____.


 


Section __.4. Holders
of Subordinated Securities to be Subrogated to Right of Holders of Senior Indebtedness. Subject to the payment in full of all Senior
Indebtedness, the Holders of Subordinated Securities shall be subrogated to the rights of the holders of Senior Indebtedness to receive
payments or distributions of assets of the Issuer applicable to the Senior Indebtedness until all amounts owing on Subordinated Securities
shall be paid in full, and for the purposes of such subrogation no payments or distributions to the holders of the Senior Indebtedness
by or on behalf of the Issuer or by or on behalf of the Holders of Subordinated Securities by virtue of this Article ____ which
otherwise would have been made to the Holders of Subordinated Securities shall, as between the Issuer, its creditors other than holders
of Senior Indebtedness and the Holders of Subordinated Securities, be deemed to be payment by the Issuer to or on account of the Senior
Indebtedness, it being understood that the provisions of this Article ____ are and are intended solely for the purpose of defining
the relative rights of the Holders of the Subordinated Securities, on the one hand, and the holders of the Senior Indebtedness, on the
other hand.


 


Section __.5. Obligation
of the Issuer Unconditional. Nothing contained in this Article ____ or elsewhere in this Indenture or in any Subordinated Security
is intended to or shall impair, as among the Issuer, its creditors other than holders of Senior Indebtedness and the Holders of Subordinated
Securities, the obligation of the Issuer, which is absolute and unconditional, to pay to the Holders of Subordinated Securities the principal
of, and interest on, Subordinated Securities as and when the same shall become due and payable in accordance with their terms, or is
intended to or shall affect the relative rights of the Holders of Subordinated Securities and creditors of the Issuer other than the
holders of the Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or the Holder of any Subordinated Security
from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any,
under this Article ____ of the holders of Senior Indebtedness in respect of cash, property or securities of the Issuer received
upon the exercise of any such remedy. Upon any payment or distribution of assets of the Issuer referred to in this Article ____,
the Trustee and Holders of Subordinated Securities shall be entitled to rely upon any order or decree made by any court of competent
jurisdiction in which such dissolution, winding up, liquidation or reorganization proceedings are pending, or, subject to the provisions
of Section ___ and ___, a certificate of the receiver, trustee in bankruptcy, liquidating trustee or agent or other Person making
such payment or distribution to the Trustee or the Holders of Subordinated Securities, for the purposes of ascertaining the Persons entitled
to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Issuer, the amount thereof
or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article ____.


 






    	 	D-4	 



     


    

 


Nothing contained in this
Article ____ or elsewhere in this Indenture or in any Subordinated Security is intended to or shall affect the obligation of the
Issuer to make, or prevent the Issuer from making, at any time except during the pendency of any dissolution, winding up, liquidation
or reorganization proceeding, and, except as provided in subsections (a) and (b) of Section ___.2, payments at any time
of the principal of, or interest on, Subordinated Securities.


 


Section __.6. Trustee
Entitled to Assume Payments Not Prohibited in Absence of Notice. The Issuer shall give prompt written notice to the Trustee of any
fact known to the Issuer which would prohibit the making of any payment or distribution to or by the Trustee in respect of the Subordinated
Securities. Notwithstanding the provisions of this Article ____ or any provision of this Indenture, the Trustee shall not at any
time be charged with knowledge of the existence of any facts which would prohibit the making of any payment or distribution to or by
the Trustee, unless at least two Business Days prior to the making of any such payment, the Trustee shall have received written notice
thereof from the Issuer or from one or more holders of Senior Indebtedness or from any representative thereof or from any trustee therefor,
together with proof satisfactory to the Trustee of such holding of Senior Indebtedness or of the authority of such representative or
trustee; and, prior to the receipt of any such written notice, the Trustee, subject to the provisions of Sections ___ and ___, shall
be entitled to assume conclusively that no such facts exist. The Trustee shall be entitled to rely on the delivery to it of a written
notice by a Person representing himself to be a holder of Senior Indebtedness (or a representative or trustee on behalf of the holder)
to establish that such notice has been given by a holder of Senior Indebtedness (or a representative of or trustee on behalf of any such
holder). In the event that the Trustee determines, in good faith, that further evidence is required with respect to the right of any
Person as a holder of Senior Indebtedness to participate in any payments or distribution pursuant of this Article ____, the Trustee
may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held
by such Person, as to the extent to which such Person is entitled to participate in such payment or distribution, and as to other facts
pertinent to the rights of such Person under this Article ____, and if such evidence is not furnished, the Trustee may defer any
payment to such Person pending judicial determination as to the right of such Person to receive such payment. The Trustee, however, shall
not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and nothing in this Article ____ shall apply to claims
of, or payments to, the Trustee under or pursuant to Section ___.


 


Section __.7. Application
by Trustee of Monies or Government Obligations Deposited with It. Money or Government Obligations deposited in trust with the Trustee
pursuant to and in accordance with Section ____ shall be for the sole benefit of Securityholders and, to the extent allocated for
the payment of Subordinated Securities, shall not be subject to the subordination provisions of this Article ____, if the same are
deposited in trust prior to the happening of any event specified in Section ___.2. Otherwise, any deposit of monies or Government
Obligations by the Issuer with the Trustee or any paying agent (whether or not in trust) for the payment of the principal of, or interest
on, any Subordinated Securities shall be subject to the provisions of Section ___.1, ___.2 and ___.3 except that, if prior to the
date on which by the terms of this Indenture any such monies may become payable for any purposes (including, without limitation, the
payment of the principal of, or the interest, if any, on any Subordinated Security) the Trustee shall not have received with respect
to such monies the notice provided for in Section ___.6, then the Trustee or the paying agent shall have full power and authority
to receive such monies and Government Obligations and to apply the same to the purpose for which they were received, and shall not be
affected by any notice to the contrary which may be received by it on or after such date. This Section ___.7 shall be construed
solely for the benefit of the Trustee and paying agent and, as to the first sentence hereof, the Securityholders, and shall not otherwise
effect the rights of holders of Senior Indebtedness.


 






    	 	D-5	 



     


    

 


Section __.8. Subordination
Rights Not Impaired by Acts or Omissions of Issuer or Holders of Senior Indebtedness. No rights of any present or future holders
of any Senior Indebtedness to enforce subordination as provided herein shall at any time in any way be prejudiced or impaired by any
act or failure to act on the part of the Issuer or by any act or failure to act, in good faith, by any such holders or by any noncompliance
by the Issuer with the terms of this Indenture, regardless of any knowledge thereof which any such holder may have or be otherwise charged
with.


 


Without in any way limiting
the generality of the foregoing paragraph, the holders of Senior Indebtedness of the Issuer may, at any time and from time to time, without
the consent of or notice to the Trustee or the Holders of the Subordinated Securities, without incurring responsibility to the Holders
of the Subordinated Securities and without impairing or releasing the subordination provided in this Article ____ or the obligations
hereunder of the Holders of the Subordinated Securities to the holders of such Senior Indebtedness, do any one or more of the following:
(i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, such Senior Indebtedness,
or otherwise amend or supplement in any manner such Senior Indebtedness or any instrument evidencing the same or any agreement under
which such Senior Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged
or otherwise securing such Senior Indebtedness; (iii) release any Person liable in any manner for the collection for such Senior
Indebtedness; and (iv) exercise or refrain from exercising any rights against the Issuer, as the case may be, and any other Person.


 


Section __.9. Securityholders
Authorize Trustee to Effectuate Subordination of Securities. Each Holder of Subordinated Securities by his acceptance thereof authorizes
and expressly directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination
provided in this Article ____ and appoints the Trustee his attorney-in-fact for such purpose, including in the event of any dissolution,
winding up, liquidation or reorganization of the Issuer (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment
for the benefit of creditors or otherwise) the immediate filing of a claim for the unpaid balance of his Subordinated Securities in the
form required in said proceedings and causing said claim to be approved. If the Trustee does not file a proper claim or proof of debt
in the form required in such proceeding prior to 30 days before the expiration of the time to file such claim or claims, then the holders
of Senior Indebtedness have the right to file and are hereby authorized to file an appropriate claim for and on behalf of the Holders
of said Subordinated Securities.


 






    	 	D-6	 



     


    

 


Section __.10. Right
of Trustee to Hold Senior Indebtedness. The Trustee in its individual capacity shall be entitled to all of the rights set forth in
this Article ____ in respect of any Senior Indebtedness at any time held by it to the same extent as any other holder of Senior
Indebtedness, and nothing in this Indenture shall be construed to deprive the Trustee of any of its rights as such holder.


 


With respect to the holders
of Senior Indebtedness of the Issuer, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are
specifically set forth in this Article ____, and no implied covenants or obligations with respect to the holders of such Senior
Indebtedness shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the
holders of such Senior Indebtedness and, subject to the provisions of Sections ___.2 and ___.3, the Trustee shall not be liable to any
holder of such Senior Indebtedness if it shall pay over or deliver to Holders of Subordinated Securities, the Issuer or any other Person
money or assets to which any holder of such Senior Indebtedness shall be entitled by virtue of this Article ____ or otherwise.


 


Section __.11. Article ____
Not to Prevent Events of Defaults. The failure to make a payment on account of principal or interest by reason of any provision in
this Article ____ shall not be construed as preventing the occurrence of an Event of Default under Section ____.


 






    	 	D-7	 



     


    

 


EXHIBIT E


 


INTENTIONALLY OMITTED


 






    	 	E-1	 



     


    

 


EXHIBIT F


 


FORM OF INCREASING BANK SUPPLEMENT


 


INCREASING BANK SUPPLEMENT,
dated __________, 20___ (this “Supplement”), by and among each of the signatories hereto, to the Sixth Amended and
Restated Revolving Credit Agreement, dated as of December 14, 2022 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Consumers Energy Company, a Michigan corporation (the “Company”),
the Banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Agent”).


 


W I T N E S S E T H


 


WHEREAS, pursuant to Section 2.16
of the Credit Agreement, the Company has the right, subject to the terms and conditions thereof, to effectuate from time to time
an increase in the Aggregate Commitment under the Credit Agreement by requesting one or more Banks to increase the amount of its Commitment;


 


WHEREAS, the Company has given
notice to the Agent of its intention to increase the Aggregate Commitment pursuant to such Section 2.16; and


 


WHEREAS, pursuant to Section 2.16
of the Credit Agreement, the undersigned Increasing Bank now desires to increase the amount of its Commitment under the Credit Agreement
by executing and delivering to the Company and the Agent this Supplement;


 


NOW, THEREFORE, each of the
parties hereto hereby agrees as follows:


 


1.            The
undersigned Increasing Bank agrees, subject to the terms and conditions of the Credit Agreement, that on the date of this Supplement
it shall have its Commitment increased by $[__________], thereby making the aggregate amount of its total Commitments equal to $[__________].


 


2.            The
Company hereby represents and warrants that no Default or Event of Default has occurred and is continuing on and as of the date hereof.


 


3.            Terms
defined in the Credit Agreement shall have their defined meanings when used herein.


 


4.            This
Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.


 


5.            This
Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.


 






    	 	F-1	 



     


    

 


IN WITNESS WHEREOF, each of
the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above written.


 





	 	[INSERT NAME OF INCREASING BANK]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 


	Accepted and agreed to as of the date first written above:	 
	 	 
	CONSUMERS ENERGY COMPANY	 
	 	 
	By:	           	 
	Name:	 
	Title:	 




 






    	 	F-2	 



     


    

 





	Acknowledged as of the date first written above:	 
	 	 
	JPMORGAN CHASE BANK, N.A.
	 
	as Agent and as an LC Issuer	 
	 	 
	By:	           	 
	Name:	 
	Title:	 



 


	BANK OF AMERICA, N.A.
	 
	as an LC Issuer	 
	 	 
	By:	           	 
	Name:	 
	Title:	 



 


	MUFG BANK, LTD.

    as an LC Issuer	 
	 	 
	By:	           	 
	Name:	 
	Title:	 
	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION

    as an LC Issuer	 
	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 
	[[OTHER LC ISSUER],

    as an LC Issuer	 
	 	 
	By:	 	 
	Name:	 
	Title:]	 



 






    	 	F-3	 



     


    

 


EXHIBIT G


 


FORM OF AUGMENTING BANK SUPPLEMENT


 


AUGMENTING BANK SUPPLEMENT,
dated __________, 20___ (this “Supplement”), by and among each of the signatories hereto, to the Sixth Amended and
Restated Revolving Credit Agreement, dated as of December 14, 2022 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Consumers Energy Company, a Michigan corporation (the “Company”),
the Banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Agent”).


 


W I T N E S S E T H


 


WHEREAS, the Credit Agreement
provides in Section 2.16 thereof that any bank, financial institution or other entity may extend Commitments under the Credit
Agreement subject to the approval of the Company, the Agent and each LC Issuer, by executing and delivering to the Company and the Agent
a supplement to the Credit Agreement in substantially the form of this Supplement; and


 


WHEREAS, the undersigned Augmenting
Bank was not an original party to the Credit Agreement but now desires to become a party thereto;


 


NOW, THEREFORE, each of the
parties hereto hereby agrees as follows:


 


1.            The
undersigned Augmenting Bank agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the date of this
Supplement, become a Bank for all purposes of the Credit Agreement to the same extent as if originally a party thereto, with a Commitment
of $[__________].


 


2.            The
undersigned Augmenting Bank (a) represents and warrants that it is legally authorized to enter into this Supplement; (b) confirms
that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant
to Section 6.7 thereof, as applicable, and has reviewed such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Supplement; (c) agrees that it will, independently and without reliance
upon the Agent or any other Bank 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 taking action under the Credit Agreement or any other instrument or document furnished pursuant
hereto or thereto; (d) appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers
and discretion under the Credit Agreement or any other instrument or document furnished pursuant hereto or thereto as are delegated to
the Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be bound by the
provisions of the Credit Agreement and will perform in accordance with its terms all the obligations which by the terms of the Credit
Agreement are required to be performed by it as a Bank.


 


3.            The
undersigned’s address for notices for the purposes of the Credit Agreement is as follows: [___________]


 






    	 	G-1	 



     


    

 


4.            The
Company hereby represents and warrants that no Default or Event of Default has occurred and is continuing on and as of the date hereof.


 


5.            Terms
defined in the Credit Agreement shall have their defined meanings when used herein.


 


6.            This
Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.


 


7.            This
Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.


 


[remainder of this page intentionally left
blank]


 






    	 	G-2	 



     


    

 


IN WITNESS WHEREOF, each
of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above written.


 








	 	[INSERT NAME OF AUGMENTING BANK]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 


	Accepted and agreed to as of the date first written above:	 
	 	 
	CONSUMERS ENERGY COMPANY	 
	 	 
	By:	           	 
	Name:	 
	Title:	 




 






    	 	G-3	 



     


    

 








	Acknowledged as of the date first written above:	 
	 	 
	JPMORGAN CHASE BANK, N.A.
	 
	as Agent and as an LC Issuer	 
	 	 
	By:	           	 
	Name:	 
	Title:	 



 


	BANK OF AMERICA, N.A.
	 
	as an LC Issuer	 
	 	 
	By:	           	 
	Name:	 
	Title:	 



 


	MUFG BANK, LTD.

    as an LC Issuer	 
	 	 
	By:	           	 
	Name:	 
	Title:	 
	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION

    as an LC Issuer	 
	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 
	[[OTHER LC ISSUER],

    as an LC Issuer	 
	 	 
	By:	 	 
	Name:	 
	Title:]	 



 






    	 	G-4	 



     


    

 


SCHEDULE 1


 


PRICING SCHEDULE


 


The Applicable Margin shall be determined pursuant
to the table below.


 


	 	 	Pricing Level I	 	 	Pricing Level II	 	 	Pricing Level III	 	 	Pricing Level IV	 	 	Pricing Level V	 
	Commitment Fee Rate	 	 	0.050	%	 	 	0.060	%	 	 	0.075	%	 	 	0.100	%	 	 	0.125	%
	Applicable Margin for Term Benchmark and RFR Loans	 	 	0.625	%	 	 	0.750	%	 	 	0.875	%	 	 	1.000	%	 	 	1.125	%
	Applicable Margin for Floating Rate Loans	 	 	0.000	%	 	 	0.000	%	 	 	0.000	%	 	 	0.000	%	 	 	0.125	%



 


For purposes of
the foregoing:


 


Changes in the Applicable Margin and the Commitment
Fee Rate resulting from a change in the Pricing Level shall become effective on the effective date of any change in the Senior Debt Rating
from S&P or Moody’s. Changes in the Applicable Margin and the Commitment Fee Rate resulting from a change in the Applicable
Pricing Adjustment then in effect shall be effective five (5) business days after the Agent has received the applicable annual compliance
certificate (it being understood and agreed that each change in the Applicable Pricing Adjustment shall apply during the period commencing
on the effective date of such change and ending on the date immediately preceding the effective date of the next such change). In the
event of a split in the Senior Debt Rating from S&P and Moody’s that would otherwise result in the application of more than
one Pricing Level (had the provisions regarding the applicability of other Pricing Levels contained in the definitions thereof not been
given effect), then the Applicable Margin and the Commitment Fee Rate shall be determined as follows: (x) if the split in the Senior
Debt Rating is one Pricing Level, then the higher Senior Debt Rating will be the applicable Pricing Level, (y) if the split in the
Senior Debt Rating is two Pricing Levels, the midpoint between the two will be the applicable Pricing Level, and (z) if the split
in the Senior Debt Rating is more than two Pricing Levels, the Pricing Level will be the Pricing Level immediately below the higher Pricing
Level. If either (but not both) Moody’s or S&P shall cease to be in the business of rating corporate debt obligations, the
Pricing Levels shall be determined on the basis of the Senior Debt Ratings provided by the other rating agency. If at any time both the
Secured Debt and the Unsecured Debt of the Company is unrated by Moody’s and S&P, the Pricing Level will be Pricing Level V;
provided that if the reason that there is no such Senior Debt Rating results from Moody’s and S&P ceasing to issue debt
ratings generally, then the Company and the Agent may select a Substitute Rating Agency for purposes of the foregoing Pricing Schedule
(and all references in the Credit Agreement to Moody’s and S&P, as applicable, shall refer to such Substitute Rating Agency),
and until a Substitute Rating Agency is so selected, the Pricing Level shall be determined by reference to the Senior Debt Rating most
recently in effect prior to cessation.


 


“Pricing Level”
means Pricing Level I, Pricing Level II, Pricing Level III, Pricing Level IV or Pricing Level V, as the context may require.


 






    	 	Sch.-1	 



     


    

 


“Pricing Level I”
means any time when (i) no Event of Default has occurred and is continuing and (ii) the Senior Debt Rating is AA or higher
by S&P or Aa2 or higher by Moody’s.


 


“Pricing Level II”
means any time when (i) no Event of Default has occurred and is continuing, (ii) the Senior Debt Rating is AA- or higher by
S&P or Aa3 or higher by Moody’s and (iii) Pricing Level I does not apply.


 


“Pricing Level III”
means any time when (i) no Event of Default has occurred and is continuing, (ii) the Senior Debt Rating is A+ or higher by
S&P or A1 or higher by Moody’s and (iii) none of Pricing Level I or Pricing Level II is applicable.


 


“Pricing Level IV”
means any time when (i) no Event of Default has occurred and is continuing, (ii) the Senior Debt Rating is A or higher by S&P
or A2 or higher by Moody’s and (iii) none of Pricing Level I, Pricing Level II or Pricing Level III is applicable.


 


“Pricing Level V”
means any time when none of Pricing Levels I, II, III or IV is applicable.


 


“Secured Debt”
means senior, secured, long-term indebtedness for borrowed money of the Company that is not guaranteed by any other Person or subject
to any other credit enhancement, including, for the avoidance of doubt, the First Mortgage Bonds.


 


“Senior Debt Rating”
means at any date, the credit rating identified by S&P or Moody’s as the credit rating which (i) it has assigned to Secured
Debt of the Company or (ii) would assign to Secured Debt of the Company were the Company to issue or have outstanding any Secured
Debt on such date; provided that if the Secured Debt of the Company is unrated by both of Moody’s and S&P, “Senior
Debt Rating” means the credit rating that is one level higher than the credit rating identified by S&P or Moody’s
as the credit rating which (i) it has assigned to Unsecured Debt of the Company or (ii) would assign to Unsecured Debt of the
Company were the Company to issue any Unsecured Debt on such date.


 


“Substitute Rating
Agency” means a nationally-recognized rating agency (other than Moody’s and S&P).


 


“Unsecured Debt”
means senior, unsecured, long-term indebtedness for borrowed money of the Company that is not guaranteed by any other Person or subject
to any other credit enhancement.


 






    	 	Sch.-1	 



     


    

 


SCHEDULE 2


 


COMMITMENT SCHEDULE


 


	BANK	 	COMMITMENT	 
	JPMorgan Chase Bank, N.A.	 	$	61,666,666.66	 
	Barclays Bank PLC	 	$	61,666,666.65	 
	MUFG Bank, Ltd.	 	$	61,666,666.66	 
	Mizuho Bank, Ltd.	 	$	61,666,666.66	 
	Bank of America, N.A.	 	$	61,666,666.66	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION	 	$	61,666,666.66	 
	BNP PARIBAS	 	$	48,666,666.67	 
	Citibank, N.A.	 	$	48,666,666.67	 
	Deutsche Bank AG New York Branch	 	$	48,666,666.67	 
	Fifth Third Bank	 	$	48,666,666.67	 
	Goldman Sachs Bank USA	 	$	48,666,666.67	 
	KeyBank National Association	 	$	48,666,666.67	 
	The Northern Trust Company	 	$	48,666,666.67	 
	PNC Bank, National Association	 	$	48,666,666.67	 
	Royal Bank of Canada	 	$	48,666,666.67	 
	The Bank of Nova Scotia	 	$	48,666,666.67	 
	Sumitomo Mitsui Banking Corporation	 	$	48,666,666.67	 
	TRUIST Bank	 	$	48,666,666.67	 
	Morgan Stanley Bank, N.A.	 	$	48,666,666.67	 
	U.S. Bank National Association	 	$	48,666,666.67	 
	Comerica Bank	 	$	48,666,666.67	 
	AGGREGATE COMMITMENT	 	$	1,100,000,000.00	 



 






    	 	Sch.-2	 



     


    

 


SCHEDULE 3


 


DIVERSE SPEND TABLE


 


The following table identifies
the applicable Diverse Supplier Spend Percentage that constitutes the Diverse Supplier Spend Target and Diverse Supplier Spend Threshold
for each specified fiscal year of the Company:


 


	 	2023	2024	2025	2026	2027
	Diverse
    Supplier Spend Target	Omitted	Omitted	Omitted	Omitted	Omitted
	Diverse
    Supplier Spend Threshold	Omitted	Omitted	Omitted	Omitted	Omitted



  



    	 	Sch.-3	 



     


    




 


SCHEDULE 3.1


 


EXISTING LCs


 


	 	 	L/C	 	 	Facility	 	 	 	EXPIRATION	 	 	AMOUNT	 
	ENTITY
    / PROJECT	 	NUMBER	 	 	Issuer	 	BENEFICIARY	 	DATE	 	 	OUTSTANDING	 
	Consumers
    Energy Company	 	 	CPCS-206214	 	 	JPMorgan	 	City
    of Novi	 	 	10/11/2023	 	 	$	100,000.00	 
	Consumers
    Energy Company	 	 	SLT332006/
                                            CPCS-635108
	 	 	JPMorgan	 	Michigan
    Dept. of Environmental	 	 	05/19/2023	 	 	$	500,000.00	 
	Consumers
    Energy Company	 	 	SLT332007/
                                            CPCS-635109
	 	 	JPMorgan	 	Michigan
    Dept. of Environmental	 	 	05/19/2023	 	 	$	1,000,000.00	 
	Consumers
    Energy Company	 	 	SLT332008/
                                            CPCS-635110
	 	 	JPMorgan	 	Michigan
    Dept. of Environmental	 	 	05/19/2023	 	 	$	1,000,000.00	 
	Consumers
    Energy Company	 	 	SLT332009/
                                            CPCS-635111
	 	 	JPMorgan	 	Michigan
    Dept. of Environmental	 	 	05/19/2023	 	 	$	1,000,000.00	 
	Consumers
    Energy Company	 	 	SLT332010/
                                            CPCS-635112
	 	 	JPMorgan	 	Michigan
    Dept. of Environmental	 	 	05/19/2023	 	 	$	1,000,000.00	 
	Consumers
    Energy Company	 	 	CPCS-275535	 	 	JPMorgan	 	Supervisor
    of Mineral Wells – Michigan Dept. of Environmental Quality	 	 	12/21/2023	 	 	$	175,000.00	 
	Consumers
    Energy Company	 	 	CPCS-260477	 	 	JPMorgan	 	City
    of Huntington Woods	 	 	03/26/2023	 	 	$	25,000.00	 
	Consumers
    Energy Company	 	 	CPCS-637065	 	 	JPMorgan	 	Chief
    Waste and Hazardous Materials – Michigan Dept. of Environmental	 	 	05/13/2023	 	 	$	685,400.00	 
	Consumers
    Energy Company	 	 	CPCS-637066	 	 	JPMorgan	 	Chief
    Waste and Hazardous Materials – Michigan Dept. of Environmental	 	 	05/13/2023	 	 	$	159,600.00	 
	Consumers
    Energy Company	 	 	CPCS-637067	 	 	JPMorgan	 	Chief
    Waste and Hazardous Materials – Michigan Dept. of Environmental	 	 	05/13/2023	 	 	$	300,000.00	 
	Consumers
    Energy Company	 	 	CPCS-750160	 	 	JPMorgan	 	City
    of Royal Oak	 	 	05/13/2023	 	 	$	200,000.00	 
	Consumers
    Energy Company	 	 	68174778	 	 	Bank
    of America, NA	 	City
    of Royal Oak	 	 	02/01/2023	 	 	$	1,800,000.00	 
	Consumers
    Energy Company	 	 	68174929	 	 	Bank
    of America, NA	 	City
    of Royal Oak	 	 	02/12/2023	 	 	$	3,400,000.00	 
	Consumers
    Energy Company	 	 	68180548	 	 	Bank
    of America, NA	 	City
    of Royal Oak	 	 	06/01/2023	 	 	$	344,238.00	 
	Consumers
    Energy Company	 	 	68180919	 	 	Bank
    of America, NA	 	City
    of Royal Oak	 	 	07/01/2023	 	 	$	1,299,590.00	 
	Consumers
    Energy Company	 	 	68181178	 	 	Bank
    of America, NA	 	City
    of Royal Oak	 	 	07/11/2023	 	 	$	949,693.00	 
	Consumers
    Energy Company	 	 	68181490	 	 	Bank
    of America, NA	 	Michigan
    Electric Transmission	 	 	08/11/2023	 	 	$	15,319,904.00	 
	Total LCs	 	 	 	 	 	 	 	 	 	 	 	 	 	$	29,258,425.00	 



 






    	 	Sch.-3.1