# EDGAR Filing Document

**Accession Number:** 0001013871
**File Stem:** 0001013871-25-000020
**Filing Date:** 2025-8
**Character Count:** 1958497
**Document Hash:** 0648b057d90b2c41e5be3b61ba29b231
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001013871-25-000020.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001013871-25-000020

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 105

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NRG ENERGY, INC.
- **CENTRAL INDEX KEY:** 0001013871
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 411724239
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15891
- **FILM NUMBER:** 251189355

**BUSINESS ADDRESS:**
- **STREET 1:** 910 LOUISIANA STREET
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 713-537-3000

**MAIL ADDRESS:**
- **STREET 1:** 910 LOUISIANA STREET
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NRG ENERGY INC
- **DATE OF NAME CHANGE:** 19960509

?xml version='1.0' encoding='ASCII'? nrg-20250630

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

---

| | | |
|:---|:---|:---|
| ☒ | **Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** | **Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** |
|  | **For the Quarterly Period Ended:** | **June 30, 2025** |
| ☐ | **Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** | **Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** |

---

**Commission File Number: 001-15891** 

**NRG Energy, Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **41-1724239** |
| (State or other jurisdiction<br>of incorporation or organization) | (I.R.S. Employer<br>Identification No.) |

---

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| | | | |
|:---|:---|:---|:---|
| **910 Louisiana Street** | **Houston** | **Texas** | **77002** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

***(*713) 537-3000** 

(Registrant's telephone number, including area code)

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of Exchange on Which Registered</u>** |
| Common Stock, par value $0.01 | NRG | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

**Yes** ☒ &nbsp;&nbsp;&nbsp;&nbsp; **No** ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

**Yes** ☒ &nbsp;&nbsp;&nbsp;&nbsp; **No** ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Accelerated Filer** | ☒ | **Accelerated filer** | ☐ | **Non-accelerated filer** | ☐ | **Smaller reporting company** | ☐ | **Emerging growth company** | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

**Yes** ☐ &nbsp;&nbsp;&nbsp;&nbsp; **No** ☒

As of July 31, 2025, there were 193,430,802 shares of common stock outstanding, par value $0.01 per share.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TABLE OF CONTENTS**

**Index**

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| | |
|:---|:---|
| **<u>[CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION](#i7eb3e106783e47f498232165ee5b384b_10)</u>** | [3](#i7eb3e106783e47f498232165ee5b384b_10) |
| **<u>[GLOSSARY OF TERMS](#i7eb3e106783e47f498232165ee5b384b_13)</u>** | [5](#i7eb3e106783e47f498232165ee5b384b_13) |
| **<u>[PART I — FINANCIAL INFORMATION](#i7eb3e106783e47f498232165ee5b384b_16)</u>** | [8](#i7eb3e106783e47f498232165ee5b384b_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 1 — CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES](#i7eb3e106783e47f498232165ee5b384b_19)</u> | [8](#i7eb3e106783e47f498232165ee5b384b_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i7eb3e106783e47f498232165ee5b384b_112)</u> | [46](#i7eb3e106783e47f498232165ee5b384b_112) |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i7eb3e106783e47f498232165ee5b384b_196)</u> | [78](#i7eb3e106783e47f498232165ee5b384b_196) |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 4 — CONTROLS AND PROCEDURES](#i7eb3e106783e47f498232165ee5b384b_199)</u> | [80](#i7eb3e106783e47f498232165ee5b384b_199) |
| **<u>[PART II — OTHER INFORMATION](#i7eb3e106783e47f498232165ee5b384b_202)</u>** | [81](#i7eb3e106783e47f498232165ee5b384b_202) |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 1 — LEGAL PROCEEDINGS](#i7eb3e106783e47f498232165ee5b384b_205)</u> | [81](#i7eb3e106783e47f498232165ee5b384b_205) |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 1A — RISK FACTORS](#i7eb3e106783e47f498232165ee5b384b_208)</u> | [81](#i7eb3e106783e47f498232165ee5b384b_208) |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#i7eb3e106783e47f498232165ee5b384b_211)</u> | [82](#i7eb3e106783e47f498232165ee5b384b_211) |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 3 — DEFAULTS UPON SENIOR SECURITIES](#i7eb3e106783e47f498232165ee5b384b_214)</u> | [82](#i7eb3e106783e47f498232165ee5b384b_214) |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 4 — MINE SAFETY DISCLOSURES](#i7eb3e106783e47f498232165ee5b384b_217)</u> | [82](#i7eb3e106783e47f498232165ee5b384b_217) |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 5 — OTHER INFORMATION](#i7eb3e106783e47f498232165ee5b384b_220)</u> | [82](#i7eb3e106783e47f498232165ee5b384b_220) |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[ITEM 6 — EXHIBITS](#i7eb3e106783e47f498232165ee5b384b_229)</u> | [83](#i7eb3e106783e47f498232165ee5b384b_229) |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[SIGNATURES](#i7eb3e106783e47f498232165ee5b384b_232)</u>** | [84](#i7eb3e106783e47f498232165ee5b384b_232) |

---

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**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION**

This Quarterly Report on Form 10-Q of NRG Energy, Inc., or NRG or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words "believes," "projects," "anticipates," "plans," "expects," "intends," "estimates," "should," "forecasts," "targets," and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond NRG's control, that may cause NRG's actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors, risks and uncertainties include any factors described under *Risk Factors*, in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and Part II, Item 1A of this Form 10-Q and the following:

&nbsp;&nbsp;&nbsp;&nbsp;• NRG's ability to obtain and maintain retail market share;

&nbsp;&nbsp;&nbsp;&nbsp;• General economic conditions, changes in the wholesale power and gas markets and fluctuations in the cost of fuel;

&nbsp;&nbsp;&nbsp;&nbsp;• Volatile power and gas supply costs and demand for power and gas, including the impacts of weather;

&nbsp;&nbsp;&nbsp;&nbsp;• The imposition of tariffs and escalation of international trade disputes;

&nbsp;&nbsp;&nbsp;&nbsp;• The risk that the anticipated acquisition of a portfolio of natural gas generation and other assets from LS Power (the "LSP Portfolio") may not be completed in a timely manner or at all;

&nbsp;&nbsp;&nbsp;&nbsp;• The inability of the Company to realize expected benefits from the integration of LSP Portfolio's assets and businesses;

&nbsp;&nbsp;&nbsp;&nbsp;• Hazards customary to the power production industry and power generation operations, such as fuel and electricity price volatility, unusual weather conditions, catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that NRG may not have adequate insurance to cover losses as a result of such hazards;

&nbsp;&nbsp;&nbsp;&nbsp;• The effectiveness of NRG's risk management policies and procedures and the ability of NRG's counterparties to satisfy their financial commitments;

&nbsp;&nbsp;&nbsp;&nbsp;• NRG's ability to enter into contracts to sell power or gas and procure fuel on acceptable terms and prices;

&nbsp;&nbsp;&nbsp;&nbsp;• NRG's ability to successfully integrate, realize cost savings and manage any acquired businesses;

&nbsp;&nbsp;&nbsp;&nbsp;• NRG's ability to engage in successful acquisitions and divestitures, as well as other mergers and acquisitions activity;

&nbsp;&nbsp;&nbsp;&nbsp;• NRG's ability to successfully complete the development and construction of new generation projects in a timely and cost effective manner;

&nbsp;&nbsp;&nbsp;&nbsp;• Cyber terrorism and cybersecurity risks, data breaches or the occurrence of a catastrophic loss and the possibility that NRG may not have sufficient insurance to cover losses resulting from such hazards or the inability of NRG's insurers to provide coverage;

&nbsp;&nbsp;&nbsp;&nbsp;• Operational and reputational risks related to the use of AI and the adherence to developing laws and regulations related to the use of AI;

&nbsp;&nbsp;&nbsp;&nbsp;• Counterparties' collateral demands and other factors affecting NRG's liquidity position and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;• NRG's ability to operate its businesses efficiently and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations;

&nbsp;&nbsp;&nbsp;&nbsp;• The liquidity and competitiveness of wholesale markets for energy commodities;

&nbsp;&nbsp;&nbsp;&nbsp;• Changes in law, including judicial and regulatory decisions;

&nbsp;&nbsp;&nbsp;&nbsp;• Government regulation, including changes in market rules, rates, tariffs and environmental laws;

&nbsp;&nbsp;&nbsp;&nbsp;• NRG's ability to develop and innovate new products, as retail and wholesale markets continue to change and evolve;

&nbsp;&nbsp;&nbsp;&nbsp;• Price mitigation strategies and other market structures employed by ISOs or RTOs that result in a failure to adequately and fairly compensate NRG's generation units;

&nbsp;&nbsp;&nbsp;&nbsp;• NRG's ability to mitigate forced outage risk;

&nbsp;&nbsp;&nbsp;&nbsp;• NRG's ability to borrow funds and access capital markets, as well as NRG's substantial indebtedness and the possibility that NRG may incur additional indebtedness in the future;

&nbsp;&nbsp;&nbsp;&nbsp;• Operating and financial restrictions placed on NRG and its subsidiaries that are contained in NRG's corporate credit agreements, and in debt and other agreements of certain of NRG subsidiaries and project affiliates generally;

&nbsp;&nbsp;&nbsp;&nbsp;• The ability of NRG and its counterparties to develop and build new power generation facilities;

&nbsp;&nbsp;&nbsp;&nbsp;• NRG's ability to implement its strategy of finding ways to meet the challenges of climate change, clean air and protecting natural resources, while taking advantage of business opportunities;

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&nbsp;&nbsp;&nbsp;&nbsp;• NRG's ability to increase cash from operations through operational and market initiatives, corporate efficiencies, asset strategy, and a range of other programs throughout NRG to reduce costs or generate revenues;

&nbsp;&nbsp;&nbsp;&nbsp;• NRG's ability to successfully evaluate investments and achieve intended financial results in new business and growth initiatives; and

&nbsp;&nbsp;&nbsp;&nbsp;• NRG's ability to develop and maintain successful partnering relationships as needed.

In addition, unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Forward-looking statements speak only as of the date they were made and NRG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as otherwise required by applicable laws. The foregoing factors that could cause NRG's actual results to differ materially from those contemplated in any forward-looking statements included in this Quarterly Report on Form 10-Q should not be construed as exhaustive.

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**GLOSSARY OF TERMS** 

When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:

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| | |
|:---|:---|
| 2024 Form 10-K | NRG's Annual Report on Form 10-K for the year ended December 31, 2024 |
| ACE | Affordable Clean Energy |
| Adjusted EBITDA | Adjusted earnings before interest, taxes, depreciation and amortization |
| AESO | Alberta Electric System Operator |
| ASC | The FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP |
| ASR | Accelerated Share Repurchase |
| ASU | Accounting Standards Updates – updates to the ASC |
| BTU | British Thermal Unit |
| Business | NRG Business, which serves business customers |
| CAA | Clean Air Act |
| CAISO | California Independent System Operator |
| CAMT | 15% Corporate Alternative Minimum Tax enacted by the IRA on August 16, 2022 |
| CDD | Cooling Degree Day |
| CFTC | U.S. Commodity Futures Trading Commission |
| CO2 | Carbon Dioxide |
| Company | NRG Energy, Inc. |
| CONE | Cost of New Entry |
| Convertible Senior Notes | As of June 30, 2025, consists of NRG's $232 million unsecured 2.750% Convertible Senior Notes due 2048, redeemed on July 8, 2025 |
| Cottonwood | Cottonwood Generating Station, a 1,139 MW natural gas-fueled plant. NRG leased and operated the plant through May 2025 |
| CPP | Clean Power Plan |
| D.C. Circuit | U.S. Court of Appeals for the District of Columbia Circuit |
| DOJ | U.S. Department of Justice |
| Dth | Dekatherms |
| Economic gross margin | Sum of retail revenue, energy revenue, capacity revenue and other revenue, less cost of fuels, purchased energy and other cost of sales |
| EGU | Electric Generating Unit |
| ELG | Effluent Limitations Guidelines which are EPA regulations issued under the federal Clean Water Act |
| EPA | U.S. Environmental Protection Agency |
| ERCOT | Electric Reliability Council of Texas, the Independent System Operator and the regional reliability coordinator of the various electricity systems within Texas |
| ESPP | NRG Energy, Inc. Amended and Restated Employee Stock Purchase Plan |
| Exchange Act | The Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| FERC | Federal Energy Regulatory Commission |
| FGD | Flue gas desulfurization |
| FTRs | Financial Transmission Rights |
| GAAP | Generally accepted accounting principles in the United States |
| GHG | Greenhouse Gas |
| Green Mountain Energy | Green Mountain Energy Company |
| GW | Gigawatts |
| GWh | Gigawatt Hours |
| HDD | Heating Degree Day |

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| | |
|:---|:---|
| Heat Rate | A measure of thermal efficiency computed by dividing the total BTU content of the fuel burned by the resulting kWhs generated. Heat Rates can be expressed as either gross or net Heat Rates, depending whether the electricity output measured is gross or net generation and is generally expressed as BTU per net kWh |
| Home | NRG Home, which serves residential customers |
| ICE | Intercontinental Exchange |
| IESO | Independent Electricity System Operator |
| ISO | Independent System Operator, also referred to as RTOs |
| ISO-NE | ISO New England Inc. |
| Ivanpah | Ivanpah Solar Electric Generation Station, a 385 MW solar thermal power plant located in California's Mojave Desert in which NRG owns 54.5% interest |
| kWh | Kilowatt-hours |
| LS Power | LS Power Equity Advisors, LLC |
| LSP Portfolio | The acquisition of a portfolio of natural gas generation and other assets from LS Power |
| LTIPs | Collectively, the NRG long-term incentive plan ("LTIP") and the Vivint LTIP |
| MDth | Thousand Dekatherms |
| Midwest Generation | Midwest Generation, LLC |
| MISO | Midcontinent Independent System Operator, Inc. |
| MMBtu | Million British Thermal Units |
| MMDth | Million Dekatherms |
| MW | Megawatts |
| MWh | Saleable megawatt hour net of internal/parasitic load megawatt-hour |
| NAAQS | National Ambient Air Quality Standards |
| NEPOOL | New England Power Pool |
| NERC | North American Electric Reliability Corporation |
| Net Exposure | Counterparty credit exposure to NRG, net of collateral |
| Net Revenue Rates | Sum of retail revenues less TDSP transportation charges |
| Nodal | Nodal Exchange is a derivatives exchange |
| NOL | Net Operating Loss |
| NOx | Nitrogen Oxides |
| NPNS | Normal Purchase Normal Sale |
| NRC | U.S. Nuclear Regulatory Commission |
| NRG | NRG Energy, Inc. |
| NRG Receivables | NRG Receivables LLC, a wholly-owned indirect subsidiary of the Company |
| NYISO | New York Independent System Operator |
| NYMEX | New York Mercantile Exchange |
| OECD | Organization for Economic Cooperation and Development |
| PJM | PJM Interconnection, LLC |
| PM2.5 | Particulate Matter that has a diameter of less than 2.5 micrometers |
| PPA | Power Purchase Agreement |
| PUCT | Public Utility Commission of Texas |
| RCRA | Resource Conservation and Recovery Act of 1976 |
| Receivables Facility | NRG Receivables LLC, a bankruptcy remote, special purpose, wholly-owned indirect subsidiary of the Company's $2.3 billion accounts receivables securitization facility due 2026, which was last amended on June 20, 2025 |
| RECs | Renewable Energy Certificates |
| Renewable PPA | A third-party PPA entered into directly with a renewable generation facility for the offtake of the RECs or other similar environmental attributes generated by such facility, coupled with the associated power generated by that facility |
| Revolving Credit Facility | The Company's $4.6 billion revolving credit facility due 2029, which was last amended on May 27, 2025 |

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| | |
|:---|:---|
| RGGI | Regional Greenhouse Gas Initiative |
| RMR | Reliability Must-Run |
| RTO | Regional Transmission Organization, also referred to as ISOs |
| SEC | U.S. Securities and Exchange Commission |
| Senior Credit Facility | NRG's senior secured credit facility, comprised of the Revolving Credit Facility and the Term Loan B Facility |
| Senior Notes | As of June 30, 2025, NRG's $6.2 billion outstanding unsecured senior notes consisting of $821 million of 5.750% senior notes due 2028, $733 million of the 5.250% senior notes due 2029, $500 million of the 3.375% senior notes due 2029, $798 million of the 5.750% senior notes due 2029, $1.0 billion of the 3.625% senior notes due 2031, $480 million of the 3.875% senior notes due 2032, $925 million of the 6.000% senior notes due 2033 and $950 million of the 6.250% senior notes due 2034 |
| Senior Secured First Lien Notes | As of June 30, 2025, NRG's $2.6 billion outstanding Senior Secured First Lien Notes consists of $500 million of the 2.000% Senior Secured First Lien Notes due 2025, $900 million of the 2.450% Senior Secured First Lien Notes due 2027, $500 million of the 4.450% Senior Secured First Lien Notes due 2029 and $740 million of the 7.000% Senior Secured First Lien Notes due 2033 |
| Series A Preferred Stock | As of June 30, 2025, NRG's Series A Preferred Stock consists of 650,000 outstanding shares of the 10.25% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, with a $1,000 liquidation preference per share |
| Services | NRG Services, which primarily includes the services businesses acquired in the Direct Energy acquisition |
| SO2 | Sulfur Dioxide |
| SOFR | Secured overnight financing rate |
| TCJA | The Tax Cuts and Jobs Act of 2017 |
| TDSP | Transmission/distribution service provider |
| U.S. | United States of America |
| VaR | Value at Risk |
| VIE | Variable Interest Entity |
| Winter Storm Uri | A major winter and ice storm that had widespread impacts across North America occurring in February 2021 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**PART I — FINANCIAL INFORMATION**

**ITEM 1 — CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES**

**NRG ENERGY, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **(In millions, except per share amounts)** | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue | $6740 | $6659 | $15325 | $14088 |
| **Operating Costs and Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of operations (excluding depreciation and amortization shown below) | 5629 | 4328 | 12190 | 9990 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 344 | 360 | 670 | 693 |
| &nbsp;&nbsp;&nbsp;Impairment losses |  | 15 |  | 15 |
| &nbsp;&nbsp;Selling, general and administrative costs (excluding amortization of customer acquisition costs of $68, $47,$133 and $89, respectively, which are included in depreciation and amortization shown separately above) | 724 | 545 | 1273 | 1094 |
| &nbsp;&nbsp;&nbsp;Acquisition-related transaction and integration costs | 43 | 6 | 51 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating costs and expenses | 6740 | 5254 | 14184 | 11807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain/(loss) on sale of assets |  | 5 | (7) | 1 |
| **Operating Income** |  | 1410 | 1134 | 2282 |
| **Other Income/(Expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated affiliates | 1 | 4 | 3 | 7 |
| &nbsp;&nbsp;&nbsp;Other income, net | 4 | 3 | 16 | 33 |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment | (10) | (202) | (10) | (260) |
| &nbsp;&nbsp;&nbsp;Interest expense | (148) | (163) | (311) | (315) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (153) | (358) | (302) | (535) |
| **(Loss)/Income Before Income Taxes** | (153) | 1052 | 832 | 1747 |
| &nbsp;&nbsp;&nbsp;Income tax (benefit)/expense | (49) | 314 | 186 | 498 |
| **Net (Loss)/Income** | $(104) | $738 | $646 | $1249 |
| &nbsp;&nbsp;&nbsp;Less: Cumulative dividends attributable to Series A Preferred Stock | 17 | 17 | 34 | 34 |
| **Net (Loss)/Income Available for Common Stockholders** | $(121) | $721 | $612 | $1215 |
| **(Loss)/Income per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average number of common shares outstanding — basic | 196 | 208 | 197 | 209 |
| **(Loss)/Income per Weighted Average Common Share — Basic** | $(0.62) | $3.47 | $3.11 | $5.81 |
| &nbsp;&nbsp;&nbsp;Weighted average number of common shares outstanding — diluted | 196 | 214 | 203 | 214 |
| **(Loss)/Income per Weighted Average Common Share —Diluted** | $(0.62) | $3.37 | $3.01 | $5.68 |

---

See accompanying notes to condensed consolidated financial statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**NRG ENERGY, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **(In millions)** | **2025** | **2024** | **2025** | **2024** |
| **Net (Loss)/Income** | $(104) | $738 | $646 | $1249 |
| **Other Comprehensive Income/(Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 13 | (2) | 15 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plans | 1 | (1) | 1 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income/(loss) | 14 | (3) | 16 | (12) |
| **Comprehensive (Loss)/Income** | $(90) | $735 | $662 | $1237 |

---

See accompanying notes to condensed consolidated financial statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**NRG ENERGY, INC. AND SUBSIDIARIES** 

**CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **(In millions, except share data)** | **(Unaudited)** | **(Audited)** |
| **ASSETS** | | |
| **Current Assets** | | |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $180 | $966 |
| &nbsp;&nbsp;&nbsp;Funds deposited by counterparties | 446 | 199 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 17 | 8 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 3421 | 3488 |
| &nbsp;&nbsp;&nbsp;Inventory | 451 | 478 |
| &nbsp;&nbsp;&nbsp;Derivative instruments | 2332 | 2686 |
| &nbsp;&nbsp;&nbsp;Cash collateral paid in support of energy risk management activities | 361 | 309 |
| &nbsp;&nbsp;&nbsp;Prepayments and other current assets | 987 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 8195 | 8964 |
| **Property, plant and equipment, net** | 3192 | 2021 |
| **Other Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Equity investments in affiliates | 47 | 45 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 133 | 151 |
| &nbsp;&nbsp;&nbsp;Goodwill | 5017 | 5011 |
| &nbsp;&nbsp;&nbsp;Customer relationships, net | 1379 | 1538 |
| &nbsp;&nbsp;&nbsp;Other intangible assets, net | 1130 | 1370 |
| &nbsp;&nbsp;&nbsp;Derivative instruments | 1745 | 1710 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 1935 | 2067 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 1315 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other assets | 12701 | 13037 |
| **Total Assets** | $24088 | $24022 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **(In millions, except share data)** | **(Unaudited)** | **(Audited)** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | | |
| **Current Liabilities** | | |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt and finance leases | $1132 | $996 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 38 | 66 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 2544 | 2513 |
| &nbsp;&nbsp;&nbsp;Derivative instruments | 1954 | 2297 |
| &nbsp;&nbsp;&nbsp;Cash collateral received in support of energy risk management activities | 446 | 199 |
| &nbsp;&nbsp;&nbsp;Deferred revenue current | 715 | 711 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 1952 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 8781 | 8813 |
| **Other Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt and finance leases | 9812 | 9812 |
| &nbsp;&nbsp;&nbsp;Non-current operating lease liabilities | 134 | 117 |
| &nbsp;&nbsp;&nbsp;Derivative instruments | 1273 | 1107 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 12 | 12 |
| &nbsp;&nbsp;&nbsp;Deferred revenue non-current | 905 | 862 |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | 883 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other liabilities | 13019 | 12731 |
| **Total Liabilities** | 21800 | 21544 |
| **Commitments and Contingencies** |  |  |
| **Stockholders' Equity** |  |  |
| &nbsp;&nbsp;Preferred stock; 10,000,000 shares authorized; 650,000 Series A shares issued and outstanding at June 30, 2025 and December 31, 2024, aggregate liquidation preference of $650 at June 30, 2025 and December 31, 2024  | 650 | 650 |
| &nbsp;&nbsp;Common stock; $0.01 par value; 500,000,000 shares authorized; 201,087,779 and 205,064,058 shares issued and 194,630,094 and 198,604,003 shares outstanding at June 30, 2025 and December 31, 2024, respectively | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Additional paid-in-capital | 305 | 705 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 1970 | 1535 |
| &nbsp;&nbsp;Treasury stock, at cost; 6,457,685 shares and 6,460,055 shares at June 30, 2025 and December 31, 2024, respectively | (538) | (297) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (101) | (117) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Stockholders' Equity** | 2288 | 2478 |
| **Total Liabilities and Stockholders' Equity** | $24088 | $24022 |

---

See accompanying notes to condensed consolidated financial statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**NRG ENERGY, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| **(In millions)** | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| Net Income | $646 | $1249 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in and distributions from earnings of unconsolidated affiliates | (1) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment and amortization of customer relationships and other intangible assets | 444 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized contract costs | 226 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligations | 20 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 113 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of financing costs and debt discounts | 13 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment | 10 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of in-the-money contracts and emissions allowances | 51 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of unearned equity compensation | 62 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale of assets and disposal of assets | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on proceeds from insurance recoveries for property, plant and equipment, net | (100) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment losses |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in derivative instruments | 18 | (1384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in current and deferred income taxes and liability for uncertain tax benefits | 126 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in collateral deposits in support of risk management activities | 197 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in other working capital | (529) | (851) |
| **Cash provided by operating activities** | $1306 | $1323 |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for acquisitions of businesses and assets | $(586) | $(32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (595) | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net purchases of emissions allowances | (7) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of assets | 6 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from insurance recoveries for property, plant and equipment, net | 100 | 3 |
| **Cash used by investing activities** | $(1082) | $(201) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of dividends to preferred and common stockholders | $(207) | $(204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equivalent shares purchased in lieu of tax withholdings | (77) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for share repurchase activity | (603) | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net receipts/(payments) from settlement of acquired derivatives that include financing elements | 38 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt |  | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred financing costs | (31) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of long-term debt and finance leases | (10) | (956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for debt extinguishment costs |  | (257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from credit facilities | 865 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments to credit facilities | (730) | (625) |
| **Cash used by financing activities** | $(755) | $(691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | 1 |  |
| **Net (Decrease)/Increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash** | (530) | 431 |
| **Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period** | 1173 | 649 |
| **Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period** | $643 | $1080 |

---

See accompanying notes to condensed consolidated financial statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**NRG ENERGY, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **Preferred Stock** | **Common<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Retained Earnings** | **Treasury<br>Stock** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Total<br>Stock-holders'<br>Equity** |
| **Balance at December 31, 2024** | $650 | $2 | $705 | $1535 | $(297) | $(117) | $2478 |
| &nbsp;&nbsp;Net income |  |  |  | 750 |  |  | 750 |
| &nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  |  |  | 2 | 2 |
| &nbsp;&nbsp;Share repurchases<sup>(a)</sup> |  |  |  |  | (322) |  | (322) |
| &nbsp;&nbsp;Retirement of treasury stock<sup>(b)</sup> |  |  | (179) |  | 179 |  |  |
| &nbsp;&nbsp;Equity-based awards activity, net<sup>(c)</sup> |  |  | (8) |  |  |  | (8) |
| &nbsp;&nbsp;Common stock dividends and dividend equivalents declared<sup>(d)</sup> |  |  |  | (90) |  |  | (90) |
| &nbsp;&nbsp;Series A Preferred Stock dividends<sup>(e)</sup> |  |  |  | (33) |  |  | (33) |
| **Balance at March 31, 2025** | $650 | $2 | $518 | $2162 | $(440) | $(115) | $2777 |
| &nbsp;&nbsp;Net loss  |  |  |  | (104) |  |  | (104) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  |  |  | 14 | 14 |
| &nbsp;&nbsp;&nbsp;Shares reissuance for ESPP |  |  | 2 |  | 6 |  | 8 |
| &nbsp;&nbsp;Share repurchases<sup>(a)</sup> |  |  |  |  | (282) |  | (282) |
| &nbsp;&nbsp;Retirement of treasury stock<sup>(b)</sup> |  |  | (178) |  | 178 |  |  |
| &nbsp;&nbsp;Equity-based awards activity, net<sup>(c)</sup> |  |  | (3) |  |  |  | (3) |
| &nbsp;&nbsp;Common stock dividends and dividend equivalents declared<sup>(d)</sup> |  |  |  | (88) |  |  | (88) |
| &nbsp;&nbsp;Capped Call Options<sup>(f)</sup> |  |  | (34) |  |  |  | (34) |
| **Balance at June 30, 2025** | $650 | $2 | $305 | $1970 | $(538) | $(101) | $2288 |

---

(a)Includes excise tax accrued of $2 million for each of the quarters ended June 30 and March 31, 2025

(b)For further discussion of the treasury stock retirements, see Note 9, *Changes in Capital Structure* 

(c)Includes $(37) million and $(40) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended June 30 and March 31, 2025, respectively

(d)Dividends per common share were $0.4400 for each of the quarters ended June 30 and March 31, 2025

(e)Semi-annual dividend per share of Series A Preferred Stock was $51.25 for the period ended March 15, 2025

(f)For further discussion of the Capped Call Options, see Note 9, *Changes in Capital Structure* 

------

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **Preferred Stock** | **Common<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Retained Earnings** | **Treasury<br>Stock** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Total<br>Stock-holders'<br>Equity** |
| **Balance at December 31, 2023** | $650 | $3 | $3416 | $820 | $(1892) | $(91) | $2906 |
| &nbsp;&nbsp;Net income |  |  |  | 511 |  |  | 511 |
| &nbsp;&nbsp;&nbsp;Other comprehensive loss |  |  |  |  |  | (9) | (9) |
| &nbsp;&nbsp;Share repurchases<sup>(g)</sup> |  |  | 117 |  | (117) |  |  |
| &nbsp;&nbsp;Retirement of treasury stock<sup>(h)</sup> |  |  | (38) |  | 38 |  |  |
| &nbsp;&nbsp;Equity-based awards activity, net<sup>(i)</sup> |  |  | 8 |  |  |  | 8 |
| &nbsp;&nbsp;Common stock dividends and dividend equivalents declared<sup>(j)</sup> |  |  |  | (86) |  |  | (86) |
| &nbsp;&nbsp;Series A Preferred Stock dividends<sup>(k)</sup> |  |  |  | (33) |  |  | (33) |
| **Balance at March 31, 2024** | $650 | $3 | $3503 | $1212 | $(1971) | $(100) | $3297 |
| &nbsp;&nbsp;Net income  |  |  |  | 738 |  |  | 738 |
| &nbsp;&nbsp;&nbsp;Other comprehensive loss |  |  |  |  |  | (3) | (3) |
| &nbsp;&nbsp;&nbsp;Shares reissuance for ESPP |  |  | 1 |  | 5 |  | 6 |
| &nbsp;&nbsp;Share repurchases<sup>(l)</sup> |  |  |  |  | (91) |  | (91) |
| &nbsp;&nbsp;Retirement of treasury stock<sup>(h)</sup> |  |  | (38) |  | 38 |  |  |
| &nbsp;&nbsp;Equity-based awards activity, net<sup>(i)</sup> |  |  | 16 |  |  |  | 16 |
| &nbsp;&nbsp;Common stock dividends and dividend equivalents declared<sup>(j)</sup> |  |  |  | (87) |  |  | (87) |
| &nbsp;&nbsp;Capped Call Options<sup>(m)</sup> |  |  | (253) |  |  |  | (253) |
| **Balance at June 30, 2024** | $650 | $3 | $3229 | $1863 | $(2019) | $(103) | $3623 |

---

(g)Represents the final settlements of the November 6, 2023 ASR agreements. See Note 9, *Changes in Capital Structure* for additional information

(h)For further discussion of the treasury stock retirements, see Note 9, *Changes in Capital Structure* 

(i)Includes $(12) million and $(23) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended June 30 and March 31, 2024, respectively

(j)Dividends per common share were $0.4075 for each of the quarters ended June 30 and March 31, 2024

(k)Semi-annual dividend per share of Series A Preferred Stock was $51.25 for the period ended March 15, 2024

(l)Includes excise tax accrued of $1 million for the quarter ended June 30, 2024

(m)For further discussion of the Capped Call Options, see Note 9, *Changes in Capital Structure* 

See accompanying notes to condensed consolidated financial statements.

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**NRG ENERGY, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**Note 1 — Nature of Business and Basis of Presentation**

***General***

NRG Energy, Inc., or NRG or the Company is a leading energy and smart home company powering a brighter, smarter future. The Company delivers gas, electricity, and smart home solutions to approximately 8 million residential customers (comprised of 6 million retail energy customers and 2 million smart home customers) in addition to large commercial and industrial, hyperscaler, and wholesale customers. Across the U.S. and Canada, NRG is redefining customers' experience with energy under brand names such as NRG, Reliant, Direct Energy, Green Mountain Energy, and Vivint. As of June 30, 2025, the Company's core power and natural gas business consists of approximately 12 GW of competitive power generation, primarily in Texas, and a natural gas portfolio that serves approximately 1,800 MMDth annually.

The Company's business is segmented as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Texas, which includes all activity related to customer, plant and market operations in Texas, other than Cottonwood;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• East, which includes all activity related to customer, plant and market operations in the East;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• West/Services/Other, which includes the following assets and activities: (i) all activity related to customer, plant and market operations in the West and Canada, and (ii) activity related to the Cottonwood facility and other investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vivint Smart Home; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate activities.

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the SEC's regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements in the Company's 2024 Form 10-K. Interim results are not necessarily indicative of results for a full year.

In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated balance sheets as of June 30, 2025, and the results of operations, comprehensive income, cash flows and stockholders' equity for the three and six months ended June 30, 2025 and 2024.

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

***Reclassifications***

Certain prior period amounts have been reclassified for comparative purposes. The reclassifications did not affect consolidated results of operations, net assets or consolidated cash flows.

***Presentation Adjustments***

Beginning in the third quarter of 2024, the Company is recording the amortization of capitalized contracts costs within depreciation and amortization. This change, along with additional financial statement disclosures, is meant to address investor inquiries by enhancing transparency to easier match expenses with revenues. NRG previously recorded amortization of capitalized contract costs related to fulfillment in cost of operations and amortization of capitalized contract costs related to customer acquisition primarily in selling, general and administrative costs in the consolidated statements of operations.

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The following table presents adjustments within the condensed consolidated statement of operations for the three and six months ended June 30, 2024 related to capitalized contract costs:

---

| | | | |
|:---|:---|:---|:---|
| **(In millions)** | **As Previously Presented** | **Presentation Adjustments** | **As Adjusted** |
| **Three months ended June 30, 2024** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations (excluding depreciation and amortization shown below) | $4356 | $(28) | $4328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 285 | 75 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative costs | 592 | (47) | 545 |
| **Six months ended June 30, 2024** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations (excluding depreciation and amortization shown below) | $10041 | $(51) | $9990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 553 | 140 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative costs | 1183 | (89) | 1094 |

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The following table presents adjustments within the condensed consolidated statement of cash flows for the six months ended June 30, 2024 related to capitalized contract costs:

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| | | | |
|:---|:---|:---|:---|
| **(In millions)** | **As Previously Presented** | **Presentation Adjustments** | **As Adjusted** |
| **Six months ended June 30, 2024** | | | |
| &nbsp;&nbsp;Cash flows from operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized contract costs | $— | $140 | $140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in other working capital | (711) | (140) | (851) |

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**Note 2 — Summary of Significant Accounting Policies**

***Depreciation and Amortization***

The Company's depreciation and amortization included in the condensed consolidated statement of operations consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **(In millions)** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized contract costs related to fulfillment | $48 | $27 | $89 | $48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized contract costs related to customer acquisition | 70 | 48 | 137 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of customer relationships and other intangible assets | 155 | 217 | 308 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment | 71 | 68 | 136 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total depreciation and amortization** | $344 | $360 | $670 | $693 |

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***Credit Losses***

Retail trade receivables are reported on the consolidated balance sheet net of the allowance for credit losses within accounts receivables, net. Long-term receivables are recorded net of allowance for credit losses in other non-current assets on the consolidated balance sheet. The Company accrues a provision for current expected credit losses based on (i) estimates of uncollectible revenues by analyzing accounts receivable aging and current and reasonable forecasts of expected economic factors including, but not limited to, unemployment rates and weather-related events, (ii) historical collections and delinquencies, and (iii) counterparty credit ratings for commercial and industrial customers.

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The following table represents the activity in the allowance for credit losses for the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **(In millions)** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;**Beginning balance** | $144 | $140 | $152 | $145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 57 | 58 | 113 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-offs | (91) | (86) | (170) | (178) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries collected | 11 | 9 | 23 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 6 | 6 | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ending balance** | $127 | $127 | $127 | $127 |

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***Other Balance Sheet Information***

The following table presents the accumulated depreciation included in property, plant and equipment, net and accumulated amortization included in customer relationships, net and other intangible assets, net:

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| | | |
|:---|:---|:---|
| **(In millions)** | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment accumulated depreciation | $1632 | $1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships and other intangible assets accumulated amortization | 3656 | 3632 |

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***Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash***

The following table provides a reconciliation of cash and cash equivalents, restricted cash and funds deposited by counterparties reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statements of cash flows:

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| | | |
|:---|:---|:---|
| **(In millions)** | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $180 | $966 |
| &nbsp;&nbsp;&nbsp;Funds deposited by counterparties | 446 | 199 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 17 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, funds deposited by counterparties and restricted cash shown in the statement of cash flows | $643 | $1173 |

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Funds deposited by counterparties consist of cash held by the Company as a result of collateral posting obligations from its counterparties related to NRG's hedging program. Though some amounts are segregated into separate accounts, not all funds are contractually restricted. Based on the Company's intention, these funds are not available for the payment of general corporate obligations; however, they are available for liquidity management. Depending on market fluctuations and the settlement of the underlying contracts, the Company will refund this collateral to the counterparties pursuant to the terms and conditions of the underlying trades. Since collateral requirements fluctuate daily and the Company cannot predict if any collateral will be held for more than twelve months, the funds deposited by counterparties are classified as a current asset on the Company's balance sheet, with an offsetting liability for this cash collateral received within current liabilities.

Restricted cash consists primarily of funds held by the Company that are restricted due to contractual or legal obligations.

***Recent Accounting Developments — Guidance Not Yet Adopted***

*ASU 2023-09* – In December 2023, the FASB issued ASU No. 2023-09, *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures*, or ASU 2023-09. The guidance in ASU 2023-09 enhances income tax disclosures by requiring disclosure of specific categories in the effective tax rate reconciliation and additional information for reconciling items that meet a quantitative threshold. Further the amendments of ASU 2023-09 require certain disclosures on income tax expense and income taxes paid. The Company plans to adopt the new guidance for the annual period ending December 31, 2025, on a prospective basis. The Company is currently evaluating the impact of adopting ASU 2023-09 on its disclosures.

*ASU 2024-03* – In November 2024, the FASB issued ASU No. 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses*, or ASU 2024-03. The guidance in ASU 2024-03 requires more detailed information about specified categories of expenses included in certain captions presented on the face of the income statement. This ASU is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2)

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retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting ASU 2024-03 on its disclosures.

*ASU 2024-04* – In November 2024, the FASB issued ASU No. 2024-04, *Debt—Debt with Conversion and Other Options (Subtopic 470-20) – Induced Conversions of Convertible Debt Instruments*, or ASU 2024-04. The guidance in ASU 2024-04 clarifies the requirements related to accounting for the settlement of a debt instrument as an induced conversion when changes are made to conversion features as part of an offer to settle the instrument. This ASU is effective for annual periods beginning after December 15, 2025, with early adoption permitted. The amendments may be applied either (1) prospectively to any settlements of convertible debt instruments that occur after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements, with a cumulative adjustment-effect adjustment to equity. The Company is currently evaluating the impact of adopting ASU 2024-04 on its disclosures.

*ASU 2025-05* – In July 2025, the FASB issued ASU No. 2025-05, *Financial Instruments—Credit Losses (Topic 326) – Measurement of Credit Losses for Accounts Receivable and Contract Assets,* or ASU 2025-05. The amendment provides a practical expedient that allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The amendments of ASU 2025-05 should be applied prospectively and are effective for annual and interim periods beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 on its consolidated financial statements and related disclosures.

**Note 3 — Revenue Recognition** 

***Performance Obligations***

As of June 30, 2025, estimated future fixed fee performance obligations are $856 million for the remaining six months of fiscal year 2025, and $1.5 billion, $1.1 billion, $707 million, $405 million and $52 million for the fiscal years 2026, 2027, 2028, 2029 and 2030, respectively. These performance obligations include Vivint Smart Home products and services, as well as cleared auction MWs in the PJM, ISO-NE, NYISO and MISO capacity auctions. The cleared auction MWs are subject to penalties for non-performance.

***Disaggregated Revenues***

The following tables represent the Company's disaggregation of revenue from contracts with customers for the three and six months ended June 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;Retail revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home | $1804 | $524 | $238 | $504 | $(18) | $3052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business | 975 | 2084 | 408 |  |  | 3467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total retail revenue<sup>(a)</sup> | 2779 | 2608 | 646 | 504 | (18) | 6519 |
| &nbsp;&nbsp;Energy revenue<sup>(a)</sup> | 15 | 64 | 20 |  |  | 99 |
| &nbsp;&nbsp;Capacity revenue<sup>(a)</sup> |  | 55 | 6 |  |  | 61 |
| &nbsp;&nbsp;Mark-to-market for economic hedging activities<sup>(b)</sup> |  | 3 | (2) |  | (2) | (1) |
| &nbsp;&nbsp;Other revenue<sup>(a)</sup> | 53 | 7 | 5 |  | (3) | 62 |
| &nbsp;&nbsp;&nbsp;Total revenue | 2847 | 2737 | 675 | 504 | (23) | 6740 |
| &nbsp;&nbsp;&nbsp;Less: Revenues accounted for under topics other than ASC 606 and ASC 815 |  |  | 30 |  |  | 30 |
| &nbsp;&nbsp;Less: Realized and unrealized ASC 815 revenue | 12 | 33 | (7) |  | (1) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue from contracts with customers | $2835 | $2704 | $652 | $504 | $(22) | $6673 |
| (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail revenue | $— | $7 | $— | $— | $— | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy revenue |  | 8 | (4) |  |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capacity revenue |  | 16 |  |  |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 12 | (1) | (1) |  | 1 | 11 |
| (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;Retail revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home | $1766 | $537 | $414 | $467 | $(8) | $3176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business | 926 | 1824 | 418 |  |  | 3168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total retail revenue<sup>(a)</sup> | 2692 | 2361 | 832 | 467 | (8) | 6344 |
| &nbsp;&nbsp;Energy revenue<sup>(a)</sup> | 16 | 46 | 51 |  | (3) | 110 |
| &nbsp;&nbsp;Capacity revenue<sup>(a)</sup> |  | 39 | 6 |  | (1) | 44 |
| &nbsp;&nbsp;Mark-to-market for economic hedging activities<sup>(b)</sup> |  | 65 | 17 |  | 2 | 84 |
| &nbsp;&nbsp;&nbsp;Contract amortization |  | (6) | (1) |  |  | (7) |
| &nbsp;&nbsp;Other revenue<sup>(a)</sup> | 55 | 27 | 5 |  | (3) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 2763 | 2532 | 910 | 467 | (13) | 6659 |
| &nbsp;&nbsp;&nbsp;Less: Revenues accounted for under topics other than ASC 606 and ASC 815 |  | 12 | 19 |  |  | 31 |
| &nbsp;&nbsp;Less: Realized and unrealized ASC 815 revenue | 8 | 108 | 32 |  |  | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue from contracts with customers | $2755 | $2412 | $859 | $467 | $(13) | $6480 |
| (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail revenue | $— | $9 | $— | $— | $— | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy revenue |  | 15 | 16 |  | (2) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capacity revenue |  | 19 |  |  |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 8 |  | (1) |  |  | 7 |
| (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;Retail revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home | $3359 | $1262 | $727 | $998 | $(34) | $6312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business | 1807 | 5696 | 920 |  |  | 8423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total retail revenue<sup>(a)</sup> | 5166 | 6958 | 1647 | 998 | (34) | 14735 |
| &nbsp;&nbsp;Energy revenue<sup>(a)</sup> | 22 | 222 | 101 |  | (1) | 344 |
| &nbsp;&nbsp;Capacity revenue<sup>(a)</sup> |  | 95 | 14 |  | (1) | 108 |
| &nbsp;&nbsp;Mark-to-market for economic hedging activities<sup>(b)</sup> |  | (16) |  |  |  | (16) |
| &nbsp;&nbsp;&nbsp;Contract amortization |  | (5) |  |  |  | (5) |
| &nbsp;&nbsp;Other revenue<sup>(a)</sup> | 94 | 60 | 12 |  | (7) | 159 |
| &nbsp;&nbsp;&nbsp;Total revenue | 5282 | 7314 | 1774 | 998 | (43) | 15325 |
| &nbsp;&nbsp;&nbsp;Less: Revenues accounted for under topics other than ASC 606 and ASC 815 |  | 37 | 58 |  |  | 95 |
| &nbsp;&nbsp;Less: Realized and unrealized ASC 815 revenue | 10 | 59 | (1) |  |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue from contracts with customers | $5272 | $7218 | $1717 | $998 | $(43) | $15162 |
| (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail revenue | $— | $18 | $— | $— | $— | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy revenue |  | 22 |  |  |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capacity revenue |  | 32 |  |  |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 10 | 3 | (1) |  |  | 12 |
| (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;Retail revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home | $3126 | $1239 | $1013 | $935 | $(8) | $6305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business | 1744 | 4550 | 974 |  |  | 7268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total retail revenue<sup>(a)</sup> | 4870 | 5789 | 1987 | 935 | (8) | 13573 |
| &nbsp;&nbsp;Energy revenue<sup>(a)</sup> | 23 | 127 | 118 |  | (6) | 262 |
| &nbsp;&nbsp;Capacity revenue<sup>(a)</sup> |  | 80 | 8 |  | (2) | 86 |
| &nbsp;&nbsp;Mark-to-market for economic hedging activities<sup>(b)</sup> |  | 14 | 8 |  | 2 | 24 |
| &nbsp;&nbsp;&nbsp;Contract amortization |  | (16) | (1) |  |  | (17) |
| &nbsp;&nbsp;Other revenue<sup>(a)</sup> | 103 | 53 | 9 |  | (5) | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 4996 | 6047 | 2129 | 935 | (19) | 14088 |
| &nbsp;&nbsp;&nbsp;Less: Revenues accounted for under topics other than ASC 606 and ASC 815 |  | 22 | 25 |  |  | 47 |
| &nbsp;&nbsp;Less: Realized and unrealized ASC 815 revenue | 10 | 132 | 42 |  | (3) | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue from contracts with customers | $4986 | $5893 | $2062 | $935 | $(16) | $13860 |
| (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: | (a) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail revenue | $— | $19 | $— | $— | $— | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy revenue |  | 58 | 38 |  | (5) | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capacity revenue |  | 41 |  |  |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 10 |  | (4) |  |  | 6 |
| (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 | (b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 |

---

***Contract Balances***

The following table reflects the contract assets and liabilities included in the Company's balance sheet as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **(In millions)** | **June 30, 2025** | **December 31, 2024** |
| Capitalized contract costs (included in Prepayments and other current assets and Other non-current assets) | $1479 | $1220 |
| Accounts receivable, net - Contracts with customers | 3347 | 3393 |
| Accounts receivable, net - Accounted for under topics other than ASC 606 | 70 | 90 |
| Accounts receivable, net - Affiliate | 4 | 5 |
| Total accounts receivable, net | $3421 | $3488 |
| Unbilled revenues (included within Accounts receivable, net - Contracts with customers) | $1479 | $1548 |
| Deferred revenues<sup>(a)</sup> | 1620 | 1573 |

---

(a)Deferred revenues from contracts with customers as of June 30, 2025 and December 31, 2024 were approximately $1.6 billion and $1.5 billion, respectively.

The revenue recognized from contracts with customers during the three months ended June 30, 2025 and 2024 relating to the deferred revenue balance at the beginning of each period was $285 million and $266 million, respectively. The revenue recognized from contracts with customers during the six months ended June 30, 2025 and 2024 relating to the deferred revenue balance at the beginning of each period was $430 million and $395 million, respectively. The change in deferred revenue balances during the three and six months ended June 30, 2025 and 2024 was primarily due to the timing difference of when consideration was received and when the performance obligation was transferred.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Note 4 — Acquisitions**

**Acquisitions**

*Anticipated Acquisition of LSP Portfolio*

On May 12, 2025, NRG entered into a definitive agreement with LS Power to acquire a power portfolio including 13 GW of natural gas-fired generation facilities and a commercial & industrial virtual power plant platform with 6 GW of capacity (the "C&I VPP"). The consideration will consist of 24.25 million shares of NRG common stock and $6.4 billion in cash, subject to working capital adjustments as set forth in the purchase agreement. As part of the transaction, NRG will also assume $3.2 billion of debt. The Company expects to fund the cash portion of the consideration using a combination of newly-issued debt and cash on hand. The acquisition is expected to close in the first quarter of 2026, and is subject to the satisfaction or waiver of specified closing conditions, consents and regulatory approvals, including Hart-Scott-Rodino ("HSR"), FERC, DOJ, and the New York State Public Service Commission ("NYSPSC"). The definitive agreement also provides that, upon termination of the agreement under certain specified circumstances, NRG will be required to pay LS Power a termination fee of $400 million.

In connection with the anticipated acquisition of the LSP Portfolio, NRG entered into a commitment letter for a 364-day Senior Secured Bridge Facility (the "Bridge Facility") in a principal amount not to exceed $4.4 billion for the purposes of paying a portion of the cash consideration for the anticipated acquisition and paying fees and expenses in connection with the acquisition.

Acquisition costs of $23 million for the three and six months ended June 30, 2025, are included in acquisition-related transaction and integration costs in the Company's consolidated statement of operations.

*Acquisition of Texas Generation Portfolio*

On April 10, 2025, the Company acquired all of the ownership interests of six power generation facilities from Rockland Capital, LLC, adding 738 MW of natural gas-fired assets in Texas to its portfolio for $560 million in cash consideration, less $1 million in initial working capital adjustments. The acquisition enhances NRG's integrated supply strategy with critical peaking and baseload capacity in key load zones across Texas.

Acquisition costs of $6 million for the three and six months ended June 30, 2025, are included in acquisition-related transaction and integration costs in the Company's consolidated statement of operations.

The acquisition has been recorded as a business combination under ASC 805 with identifiable assets acquired and liabilities assumed provisionally recorded at their estimated fair values on the acquisition date. The initial accounting for the business combination is not complete because the evaluation necessary to assess the fair value of certain net assets acquired is still in process. The provisional amounts are subject to revision until the evaluations are completed to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition closing date.

The purchase price is provisionally allocated as follows:

---

| | |
|:---|:---|
| | **(In millions)** |
| &nbsp;&nbsp;Property, plant and equipment | $647 |
| &nbsp;&nbsp;Derivative instruments - Current assets | 6 |
| &nbsp;&nbsp;Derivative instruments - Other assets | 2 |
| &nbsp;&nbsp;Derivative instruments - Current liabilities | (34) |
| &nbsp;&nbsp;Derivative instruments - Other liabilities | (57) |
| &nbsp;&nbsp;Other, including current and non-current working capital | (5) |
| **Texas Generation Portfolio Purchase Price** | $559 |

---

**Note 5 — Fair Value of Financial Instruments** 

For cash and cash equivalents, funds deposited by counterparties, restricted cash, accounts and other receivables, accounts payable and cash collateral paid and received in support of energy risk management activities, the carrying amounts approximate fair values because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The estimated carrying value and fair value of the Company's long-term debt, including current portion, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **(In millions)** | **Carrying Amount** | **Fair Value** | **Carrying Amount** | **Fair Value** |
| &nbsp;&nbsp;Convertible Senior Notes<sup>(a)</sup> | $232 | $910 | $232 | $509 |
| &nbsp;&nbsp;Other long-term debt, including current portion | 10777 | 10649 | 10648 | 10252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt, including current portion<sup>(b)</sup> | $11009 | $11559 | $10880 | $10761 |

---

(a)The Company settled all of the outstanding Convertible Senior Notes as of July 8, 2025. For further discussion, see Note 7, *Long-term Debt and Finance Leases*

(b)Excludes deferred financing costs, which are recorded as a reduction to long-term debt in the Company's consolidated balance sheets

The fair value of the Company's publicly-traded long-term debt and the Term Loan B are based on quoted market prices and are classified as Level 2 within the fair value hierarchy. The estimated fair value of the borrowing under the Revolving Credit Facility approximates the carrying value because the interest rates vary with market interest rates, and is classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion, as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **(In millions)** | **Level 2** | **Level 3** | **Level 2** | **Level 3** |
| &nbsp;&nbsp;&nbsp;Convertible Senior Notes | $910 | $— | $509 | $— |
| &nbsp;&nbsp;Other long-term debt, including current portion | 10514 | 135 | 10252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt, including current portion | $11424 | $135 | $10761 | $— |

---

***Recurring Fair Value Measurements***

Debt securities, equity securities and derivative assets and liabilities are carried at fair market value.

The following tables present assets and liabilities measured and recorded at fair value on the Company's condensed consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| **(In millions)** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| **Investments in securities (classified within other current and non-current assets)** | $28 | $— | $28 | $— |
| **Derivative assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | 3 |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts<sup>(a)</sup> | 3213 | 490 | 2413 | 310 |
| **Equity securities measured using net asset value practical expedient (classified within other non-current assets)** | 7 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $3251 | $490 | $2444 | $310 |
| **Derivative liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | $7 | $— | $7 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | 3 |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts<sup>(a)</sup> | 2815 | 362 | 2224 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Financing Program | 257 |  |  | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $3082 | $362 | $2234 | $486 |

---

(a)Excludes $861 million of derivative assets and $145 million of derivative liabilities that were elected as NPNS on October 1, 2024 and are no longer valued at fair value on a recurring basis. For further discussion, see Note 6, *Accounting for Derivative Instruments and Hedging Activities*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| **(In millions)** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| **Investments in securities (classified within other current and non-current assets)** | $28 | $— | $28 | $— |
| **Derivative assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 9 |  | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | 22 |  | 22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts<sup>(a)</sup> | 3368 | 528 | 2645 | 195 |
| **Equity securities measured using net asset value practical expedient (classified within other non-current assets)** | 6 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $3433 | $528 | $2704 | $195 |
| **Derivative liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | $3 | $— | $3 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts<sup>(a)</sup> | 2970 | 432 | 2382 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Financing Program | 203 |  |  | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $3177 | $432 | $2386 | $359 |

---

(a)Excludes $997 million of derivative assets and $227 million of derivative liabilities that were elected as NPNS on October 1, 2024 and are no longer valued at fair value on a recurring basis. For further discussion, see Note 6, *Accounting for Derivative Instruments and Hedging Activities*

The following table reconciles, for the three and six months ended June 30, 2025 and 2024, the beginning and ending balances for financial instruments that are recognized at fair value in the condensed consolidated financial statements, using significant unobservable inputs, for commodity derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** |
| | **Commodity Derivatives**<sup>(a)</sup> | **Commodity Derivatives**<sup>(a)</sup> | **Commodity Derivatives**<sup>(a)</sup> | **Commodity Derivatives**<sup>(a)</sup> |
| **(In millions)** | **Three months ended June 30, 2025** | **Three months ended June 30, 2024** | **Six months ended June 30, 2025** | **Six months ended June 30, 2024** |
| **Beginning balance** | $49 | $91 | $39 | $119 |
| &nbsp;&nbsp;Contracts added from Texas Generation Portfolio acquisition | (91) |  | (91) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gains/(losses) realized/unrealized included in earnings | 22 | 4 | 34 | (37) |
| &nbsp;&nbsp;&nbsp;Purchases | 37 | 31 | 37 | 31 |
| &nbsp;&nbsp;Transfers into Level 3<sup>(b)</sup> | 63 | 2 | 63 | 17 |
| &nbsp;&nbsp;Transfers out of Level 3<sup>(b)</sup>  | 1 | (7) | (1) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ending balance** | $81 | $121 | $81 | $121 |
| Gains/(losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of period end | $5 | $8 | $47 | $(29) |

---

(a)Consists of derivative assets and liabilities, net, excluding derivatives liabilities from the Consumer Financing Program, which are presented in a separate table below

(b)Transfers into/out of Level 3 within the fair value hierarchy are related to the availability of consensus pricing and external broker quotes, including volatilities, and are valued as of the end of the reporting period. All transfers in/out of Level 3 are from/to Level 2

Realized and unrealized gains and losses included in earnings that are related to the commodity derivatives are recorded in revenues and cost of operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following table reconciles, for the three and six months ended June 30, 2025 and 2024, the beginning and ending balances of the contractual obligations from the Consumer Financing Program that are recognized at fair value in the condensed consolidated financial statements, using significant unobservable inputs:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** | **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** |
| | **Consumer Financing Program** | **Consumer Financing Program** | **Consumer Financing Program** | **Consumer Financing Program** |
| **(In millions)** | **Three months ended June 30, 2025** | **Three months ended June 30, 2024** | **Six months ended June 30, 2025** | **Six months ended June 30, 2024** |
| **Beginning balance** | $(207) | $(124) | $(203) | $(134) |
| &nbsp;&nbsp;&nbsp;New contractual obligations | (81) | (43) | (113) | (58) |
| &nbsp;&nbsp;&nbsp;Settlements | 31 | 22 | 67 | 43 |
| &nbsp;&nbsp;&nbsp;Total losses included in earnings |  | (6) | (8) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ending balance** | $(257) | $(151) | $(257) | $(151) |

---

Gains and losses that are related to the Consumer Financing Program derivative are recorded in other income, net.

***Derivative Fair Value Measurements***

The fair value of the Company's contracts primarily consist of non-exchange traded contracts based on consensus pricing provided by independent pricing services. As of June 30, 2025, contracts valued with prices provided by models and other valuation techniques made up 10% of derivative assets and 16% of derivative liabilities.

NRG's significant positions classified as Level 3 include physical and financial natural gas, power, capacity contracts and RECs executed in illiquid markets, FTRs, certain power options and the Consumer Financing Program. The significant unobservable inputs used in developing fair value include illiquid natural gas and power location pricing, which is derived as a basis to liquid locations. The basis spread is based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available. Forward capacity prices are based on market information, forecasted future electricity demand and supply, past auctions and internally developed pricing models. REC prices are based on market information and internally developed pricing models. Power options are valued using industry standard option models. The valuation of certain power options includes significant unobservable inputs such as forward volatilities. For FTRs, NRG uses the most recent auction prices to derive the fair value. The Consumer Financing Program derivatives are valued using a discounted cash flow model, with inputs consisting of available market data, such as market yield discount rates, as well as unobservable internally derived assumptions, such as collateral prepayment rates, collateral default rates and credit loss rates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following tables quantify the significant, unobservable inputs used in developing the fair value of the Company's Level 3 positions as of June 30, 2025 and December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Fair Value** | **Fair Value** | **Fair Value** | | **Input/Range** | **Input/Range** | **Input/Range** |
| **(In millions, except as noted)** | **Assets** | **Liabilities** | **Valuation Technique** |<br>**Significant Unobservable Input** | **Low** | **High** | **Weighted Average** |
| Natural Gas Contracts | $32 | $9 | Discounted Cash Flow | Forward Market Price ($ per MMBtu) | $1 | $18 | $4 |
| Power Contracts | 128 | 66 | Discounted Cash Flow | Forward Market Price ($ per MWh) | 2 | 123 | 36 |
| Capacity Contracts | 27 | 9 | Discounted Cash Flow | Forward Market Price ($ per MW/Day) | 16 | 524 | 218 |
| RECs | 18 | 38 | Discounted Cash Flow | Forward Market Price ($ per Certificate) | 2 | 380 | 15 |
| FTRs | 24 | 12 | Discounted Cash Flow | Auction Prices ($ per MWh) | (36281) | 3011 | 0 |
| Power Options | 81 | 95 | Option Models | Volatilities | 24% | 774% | 126% |
| Consumer Financing Program |  | 257 | Discounted Cash Flow | Collateral Default Rates | 0.75% | 49.78% | 8.47% |
|  |  |  | Discounted Cash Flow | Collateral Prepayment Rates | 2.00% | 3.00% | 2.62% |
|  |  |  | Discounted Cash Flow | Credit Loss Rates  | 6.30% | 60.00% | 16.53% |
|  | $310 | $486 |  |  |  |  |  |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Fair Value** | **Fair Value** | | **Input/Range** | **Input/Range** | **Input/Range** |
| **(In millions, except as noted)** | **Assets** | **Liabilities** | **Valuation Technique** |<br>**Significant Unobservable Input** | **Low** | **High** | **Weighted Average** |
| Natural Gas Contracts | $56 | $15 | Discounted Cash Flow | Forward Market Price ($ per MMBtu) | $2 | $27 | $4 |
| Power Contracts | 57 | 86 | Discounted Cash Flow | Forward Market Price ($ per MWh) | 0 | 109 | 39 |
| Capacity Contracts | 34 | 13 | Discounted Cash Flow | Forward Market Price ($ per MW/Day) | 16 | 510 | 220 |
| RECs | 30 | 14 | Discounted Cash Flow | Forward Market Price ($ per Certificate) | 2 | 375 | 15 |
| FTRs | 18 | 28 | Discounted Cash Flow | Auction Prices ($ per MWh) | (50) | 16180 | 0 |
| Consumer Financing Program |  | 203 | Discounted Cash Flow | Collateral Default Rates | 0.52% | 76.80% | 11.71% |
|  |  |  | Discounted Cash Flow | Collateral Prepayment Rates | 2.00% | 3.00% | 2.83% |
|  |  |  | Discounted Cash Flow | Credit Loss Rates | 6.00% | 60.00% | 14.22% |
|  | $195 | $359 |  |  |  |  |  |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following table provides sensitivity of fair value measurements to increases/(decreases) in significant, unobservable inputs as of June 30, 2025 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Significant Unobservable Input** | **Position** | **Change In Input** | **Impact on Fair Value Measurement** |
| Forward Market Price Natural Gas/Power/Capacity/RECs | Buy | Increase/(Decrease) | Higher/(Lower) |
| Forward Market Price Natural Gas/Power/Capacity/RECs | Sell | Increase/(Decrease) | Lower/(Higher) |
| FTR Prices | Buy | Increase/(Decrease) | Higher/(Lower) |
| FTR Prices | Sell | Increase/(Decrease) | Lower/(Higher) |
| Volatilities | Buy | Increase/(Decrease) | Higher/(Lower) |
| Volatilities | Sell | Increase/(Decrease) | Lower/(Higher) |
| Collateral Default Rates | n/a | Increase/(Decrease) | Higher/(Lower) |
| Collateral Prepayment Rates | n/a | Increase/(Decrease) | Lower/(Higher) |
| Credit Loss Rates | n/a | Increase/(Decrease) | Higher/(Lower) |

---

The fair value of each contract is discounted using a risk-free interest rate. In addition, the Company applies a credit reserve to reflect credit risk, which is calculated based on published default probabilities. As of June 30, 2025, the credit reserve was immaterial. As of December 31, 2024, the credit reserve resulted in a $1 million decrease primarily within cost of operations.

***Concentration of Credit Risk***

In addition to the credit risk discussion as disclosed in Note 2, *Summary of Significant Accounting Policies*, to the Company's 2024 Form 10-K, the following is a discussion of the concentration of credit risk for the Company's contractual obligations. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. NRG is exposed to counterparty credit risk through various activities including wholesale sales, fuel purchases and retail supply arrangements, as well as retail customer credit risk through its retail load activities.

***Counterparty Credit Risk***

The Company's counterparty credit risk policies are disclosed in its 2024 Form 10-K. As of June 30, 2025, counterparty credit exposure, excluding credit exposure from RTOs, ISOs, registered commodity exchanges and certain long-term agreements, was $1.7 billion and NRG held collateral (cash and letters of credit) against those positions of $585 million, resulting in a Net Exposure of $1.1 billion. NRG periodically receives collateral from counterparties in excess of their exposure. Collateral amounts shown include such excess while Net Exposure shown excludes excess collateral received. Approximately 60% of the Company's exposure before collateral is expected to roll off by the end of 2026. Counterparty credit exposure is valued through observable market quotes and discounted at a risk free interest rate. The following tables highlight net counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for NRG with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. The exposure is shown net of collateral held and includes amounts net of receivables or payables.

---

| | |
|:---|:---|
| **<u>Category by Industry Sector</u>** | **Net Exposure**<sup>(a)(b)</sup><br>**(% of Total)** |
| Utilities, energy merchants, marketers and other | 69% |
| Financial institutions | 31 |
| &nbsp;&nbsp;Total as of June 30, 2025 | 100% |

---

---

| | |
|:---|:---|
| **<u>Category by Counterparty Credit Quality</u>** | **Net Exposure** <sup>(a)(b)</sup><br>**(% of Total)** |
| Investment grade | 64% |
| Non-investment grade/Non-Rated | 36 |
| &nbsp;&nbsp;&nbsp;Total as of June 30, 2025 | 100% |

---

(a)Counterparty credit exposure excludes coal transportation contracts because of the unavailability of market prices

(b)The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long-term contracts

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Company had exposure to one wholesale counterparty in excess of 10% of total Net Exposure as of June 30, 2025. Changes in hedge positions and market prices will affect credit exposure and counterparty concentration.

*RTOs and ISOs*

The Company participates in the organized markets of CAISO, ERCOT, AESO, IESO, ISO-NE, MISO, NYISO and PJM, known as RTOs or ISOs. Trading in the majority of these markets is approved by FERC, whereas in the case of ERCOT, it is approved by the PUCT, and whereas in the case of AESO and IESO, both exist provincially with AESO primarily subject to Alberta Utilities Commission and the IESO to the Ontario Energy Board. These ISOs may include credit policies that, under certain circumstances, require that losses arising from the default of one member on spot market transactions be shared by the remaining participants. As a result, the counterparty credit risk to these markets is limited to NRG's share of the overall market and are excluded from the above exposures.

*Exchange Traded Transactions*

The Company enters into commodity transactions on registered exchanges, notably ICE, NYMEX and Nodal. These clearinghouses act as the counterparty and transactions are subject to extensive collateral and margining requirements. As a result, these commodity transactions have limited counterparty credit risk.

*Long-Term Contracts*

Counterparty credit exposure described above excludes credit risk exposure under certain long-term contracts, primarily solar under Renewable PPAs. As external sources or observable market quotes are not always available to estimate such exposure, the Company values these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. Based on these valuation techniques, as of June 30, 2025, aggregate credit risk exposure managed by NRG to these counterparties was approximately $774 million for the next five years.

***Retail Customer Credit Risk***

The Company is exposed to retail credit risk through the Company's retail electricity and gas providers as well as through Vivint Smart Home, which serve both Home and Business customers. Retail credit risk results in losses when a customer fails to pay for services rendered. The losses may result from both non-payment of customer accounts receivable and the loss of in-the-money forward value. The Company manages retail credit risk by using established credit policies, which include monitoring of the portfolio and the use of credit mitigation measures such as deposits or prepayment arrangements.

As of June 30, 2025, the Company's retail customer credit exposure to Home and Business customers was diversified across many customers and various industries, as well as government entities. Current economic conditions may affect the Company's customers' ability to pay their bills in a timely manner or at all, which could increase customer delinquencies and may lead to an increase in credit losses.

**Note 6 — Accounting for Derivative Instruments and Hedging Activities** 

***Energy-Related Commodities***

As of June 30, 2025, NRG had energy-related derivative instruments extending through 2036. The Company marks these derivatives to market through the consolidated statement of operations. NRG has executed energy-related contracts extending through 2037 that qualified for the NPNS exception and were therefore exempt from fair value accounting treatment.

On October 1, 2024, the Company elected NPNS for certain existing derivative contracts. Upon election of NPNS, the Company discontinued derivative accounting treatment and will no longer remeasure the derivative contracts at fair value each reporting period. The fair values of these derivative contracts were frozen as of October 1, 2024 and the Company is derecognizing the fair values to earnings at the same time as the contracts mature. The values of these contracts are included in Derivative instruments captions in the Consolidated Balance Sheets. Subsequent to the election date, costs associated with these contracts will be recorded when the underlying physical transaction is delivered. These derivative contracts extend through 2036.

***Interest Rate Derivatives***

NRG is exposed to changes in interest rates through the Company's issuance of debt. To mitigate the Company's interest rate risk, NRG enters into interest rate derivatives, including swaps and treasury locks. As of June 30, 2025, the Company had $700 million of interest rate swaps extending through 2029 to mitigate the risk of the floating rate of the Term Loan B. In July 2025, the Company entered into treasury locks with a total notional amount of $1.4 billion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Foreign Exchange Contracts***

NRG is exposed to changes in foreign currency primarily associated with the purchase of U.S. dollar denominated natural gas for its Canadian business. To manage the Company's foreign exchange risk, NRG entered into foreign exchange contracts. As of June 30, 2025, NRG had foreign exchange contracts extending through 2028. The Company marks these derivatives to market through the consolidated statement of operations.

***Consumer Financing Program***

Under the Consumer Financing Program, Vivint Smart Home pays a monthly fee to financing providers based on either the average daily outstanding balance of the loans or the number of outstanding loans. For certain loans, Vivint Smart Home incurs fees at the time of the loan origination and receives proceeds that are net of these fees. Vivint Smart Home also shares the liability for credit losses, depending on the credit quality of the customer. Due to the nature of certain provisions under the Consumer Financing Program, the Company records a derivative liability that is not designated as a hedging instrument and is adjusted to fair value, measured using the present value of the estimated future payments. Changes to the fair value are recorded through other income, net in the consolidated statement of operations. The following represent the contractual future payment obligations with the financing providers under the Consumer Financing Program that are components of the derivative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Vivint Smart Home pays either a monthly fee based on the average daily outstanding balance of the loans, or the number of outstanding loans, depending on the financing provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Vivint Smart Home shares the liability for credit losses depending on the credit quality of the customer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Vivint Smart Home pays transactional fees associated with customer payment processing.

The derivative is classified as a Level 3 instrument. The derivative positions are valued using a discounted cash flow model, with inputs consisting of available market data, such as market yield discount rates, as well as unobservable internally derived assumptions, such as collateral prepayment rates, collateral default rates and credit loss rates. In summary, the fair value represents an estimate of the present value of the cash flows Vivint Smart Home will be obligated to pay to the financing providers for each component of the derivative.

***Volumetric Underlying Derivative Transactions***

The following table summarizes the net notional volume buy/(sell) of NRG's open derivative transactions broken out by category, excluding those derivatives that qualified for the NPNS exception, as of June 30, 2025 and December 31, 2024. Option contracts are reflected using delta volume. Delta volume equals the notional volume of an option adjusted for the probability that the option will be in-the-money at its expiration date.

---

| | | | |
|:---|:---|:---|:---|
| | | **Total Volume (In millions)** | **Total Volume (In millions)** |
| **<u>Category</u>** | **<u>Units</u>** | **June 30, 2025** | **December 31, 2024** |
| Emissions | Short Ton | 1 | 1 |
| Renewable Energy Certificates | Certificates | 13 | 13 |
| Coal | Short Ton | 10 | 10 |
| Natural Gas | MMBtu | 691 | 861 |
| Power | MWh | 88 | 91 |
| Interest | Dollars | 700 | 700 |
| Foreign Exchange | Dollars | 350 | 410 |
| Consumer Financing Program | Dollars | 1340 | 1219 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Fair Value of Derivative Instruments***

The following table summarizes the fair value within the derivative instrument valuation on the balance sheets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** |
| **(In millions)** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| **Derivatives Not Designated as Cash Flow or Fair Value Hedges:** | | | | |
| &nbsp;&nbsp;&nbsp;Interest rate contracts - current | $— | $— | $3 | $3 |
| &nbsp;&nbsp;&nbsp;Interest rate contracts - long-term |  | 9 | 4 |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts - current | 3 | 15 | 1 |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts - long-term |  | 7 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;Commodity contracts - current | 2020 | 2295 | 1738 | 2067 |
| &nbsp;&nbsp;&nbsp;Commodity contracts - long-term | 1193 | 1073 | 1077 | 903 |
| &nbsp;&nbsp;&nbsp;Consumer Financing Program - current |  |  | 147 | 137 |
| &nbsp;&nbsp;&nbsp;Consumer Financing Program - long-term |  |  | 110 | 66 |
| **Derivatives Not Designated as Cash Flow or Fair Value Hedges** | $3216 | $3399 | $3082 | $3177 |
| Deferred gains/losses on NPNS contracts - current | 309 | 376 | 65 | 90 |
| Deferred gains/losses on NPNS contracts - long-term | 552 | 621 | 80 | 137 |
| **Deferred gains/losses on NPNS contracts**<sup>(a)</sup> | $861 | $997 | $145 | $227 |
| **Total Derivatives Not Designated as Cash Flow or Fair Value Hedges** | $4077 | $4396 | $3227 | $3404 |

---

(a)Balances related to certain derivative contracts that were previously accounted for as derivative contracts prior to the election of the NPNS exemption and the discontinuance of derivative accounting treatment as of the election date

The Company has elected to present derivative assets and liabilities on the consolidated balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty master agreement level. In addition, collateral received or paid on the Company's derivative assets or liabilities are recorded on a separate line item on the consolidated balance sheet. The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross Amounts Not Offset in the Statement of Financial Position** | **Gross Amounts Not Offset in the Statement of Financial Position** | **Gross Amounts Not Offset in the Statement of Financial Position** | **Gross Amounts Not Offset in the Statement of Financial Position** |
| **(In millions)** | **Gross Amounts of Recognized Assets / Liabilities** | **Derivative Instruments** | **Cash Collateral (Held)/Posted** | **Net Amount** |
| **As of June 30, 2025** | | | | |
| **Interest rate contracts:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | $(7) | $— | $— | $(7) |
| **Foreign exchange contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | $3 | $(2) | $— | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | (3) | 2 |  | (1) |
| **Total foreign exchange contracts** | $— | $— | $— | $— |
| **Commodity contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | $4074 | $(2799) | $(381) | $894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | (2960) | 2799 | 35 | (126) |
| **Total commodity contracts** | $1114 | $— | $(346) | $768 |
| **Consumer Financing Program:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | $(257) | $— | $— | $(257) |
| **Total derivative instruments** | $850 | $— | $(346) | $504 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross Amounts Not Offset in the Statement of Financial Position** | **Gross Amounts Not Offset in the Statement of Financial Position** | **Gross Amounts Not Offset in the Statement of Financial Position** | **Gross Amounts Not Offset in the Statement of Financial Position** |
| **(In millions)** | **Gross Amounts of Recognized Assets / Liabilities** | **Derivative Instruments** | **Cash Collateral (Held)/Posted** | **Net Amount** |
| **As of December 31, 2024** | | | | |
| **Interest rate contracts:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | $9 | $(3) | $— | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | (3) | 3 |  |  |
| **Total interest rate contracts** | $6 | $— | $— | $6 |
| **Foreign exchange contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | $22 | $(1) | $— | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | (1) | 1 |  |  |
| **Total foreign exchange contracts** | $21 | $— | $— | $21 |
| **Commodity contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | $4365 | $(2992) | $(168) | $1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | (3197) | 2992 | 61 | (144) |
| **Total commodity contracts** | $1168 | $— | $(107) | $1061 |
| **Consumer Financing Program:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | $(203) | $— | $— | $(203) |
| **Total derivative instruments** | $992 | $— | $(107) | $885 |

---

***Impact of Derivative Instruments on the Statements of Operations***

Unrealized gains and losses associated with changes in the fair value of derivative instruments not accounted for as cash flow and fair value hedges are reflected in current period results of operations.

The following table summarizes the pre-tax effects of economic hedges that have not been designated as cash flow hedges or fair value hedges and trading activity on the Company's consolidated statement of operations. The effect of foreign exchange and commodity hedges are included within revenues and cost of operations. The effect of the interest rate contracts are included within interest expense. The effect of the Consumer Financing Program is included in other income, net.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In millions)** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **Unrealized mark-to-market results** | **2025** | **2024** | **2025** | **2024** |
| Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges<sup>(a)</sup> | $120 | $209 | $(98) | $453 |
| Reversal of acquired loss positions related to economic hedges | 9 | 17 | 5 | 5 |
| Net unrealized (losses)/gains on open positions related to economic hedges | (412) | 649 | 141 | 889 |
| &nbsp;&nbsp;Total unrealized mark-to-market (losses)/gains for economic hedging activities | (283) | 875 | 48 | 1347 |
| Reversal of previously recognized unrealized losses on settled positions related to trading activity | 3 | 4 | 2 |  |
| Net unrealized gains on open positions related to trading activity | 11 | 5 | 8 | 5 |
| &nbsp;&nbsp;Total unrealized mark-to-market gains for trading activity | 14 | 9 | 10 | 5 |
| **Total unrealized (losses)/gains - commodities and foreign exchange** | $(269) | $884 | $58 | $1352 |

---

(a)For the three and six months ended June 30, 2025, includes $30 million and $(53) million, respectively, related to derivative contracts that were elected as NPNS on October 1, 2024 and are no longer valued at fair value on a recurring basis

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **(In millions)** | **2025** | **2024** | **2025** | **2024** |
| **Total impact to statement of operations - interest rate contracts** | $(5) | $6 | $(14) | $18 |
| Unrealized gains/(losses) included in revenues - commodities | $13 | $93 | $(6) | $29 |
| Unrealized (losses)/gains included in cost of operations - commodities | (266) | 789 | 84 | 1312 |
| Unrealized (losses)/gains included in cost of operations - foreign exchange | (16) | 2 | (20) | 11 |
| **Total impact to statement of operations - commodities and foreign exchange** | $(269) | $884 | $58 | $1352 |
| **Total impact to statement of operations - Consumer Financing Program** | $— | $(6) | $(8) | $(2) |

---

The reversals of acquired gain positions were valued based upon the forward prices on the acquisition date. The roll-off amounts were offset by realized gains or losses at the settled prices and are reflected in revenue or cost of operations during the same period.

For the six months ended June 30, 2025, the $141 million unrealized gain from open economic hedge positions was primarily the result of an increase in the value of forward positions as a result of increases in ERCOT power prices.

For the six months ended June 30, 2024, the $889 million unrealized gain from open economic hedge positions was primarily the result of an increase in the value of forward positions as a result of increases in ERCOT power prices.

***Credit Risk Related Contingent Features***

Certain of the Company's trading agreements contain provisions that entitle the counterparty to demand that the Company post additional collateral if the counterparty determines that there has been deterioration in the Company's credit quality, generally termed "adequate assurance" under the agreements, or require the Company to post additional collateral if there were a downgrade in the Company's credit rating. The collateral potentially required for all contracts with adequate assurance clauses that were in a net liability position as of June 30, 2025 was $579 million. The Company is also party to certain marginable agreements under which it has a net liability position, but the counterparty has not called for the collateral due, which was approximately $36 million as of June 30, 2025. In the event of a downgrade in the Company's credit rating and if called for by the counterparty, $13 million of additional collateral would be required for all contracts with credit rating contingent features as of June 30, 2025.

See Note 5, *Fair Value of Financial Instruments*, for discussion regarding concentration of credit risk.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Note 7 — Long-term Debt and Finance Leases** 

Long-term debt and finance leases consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| **(In millions, except rates)** | **June 30, 2025** | **December 31, 2024** | **Interest rate %** |
| **Recourse debt:** | | | |
| &nbsp;&nbsp;&nbsp;Senior Notes, due 2028 | $821 | $821 | 5.750 |
| &nbsp;&nbsp;&nbsp;Senior Notes, due 2029 | 733 | 733 | 5.250 |
| &nbsp;&nbsp;&nbsp;Senior Notes, due 2029 | 500 | 500 | 3.375 |
| &nbsp;&nbsp;&nbsp;Senior Notes, due 2029 | 798 | 798 | 5.750 |
| &nbsp;&nbsp;&nbsp;Senior Notes, due 2031 | 1030 | 1030 | 3.625 |
| &nbsp;&nbsp;&nbsp;Senior Notes, due 2032 | 480 | 480 | 3.875 |
| &nbsp;&nbsp;&nbsp;Senior Notes, due 2033 | 925 | 925 | 6.000 |
| &nbsp;&nbsp;&nbsp;Senior Notes, due 2034 | 950 | 950 | 6.250 |
| &nbsp;&nbsp;&nbsp;Convertible Senior Notes, due 2048 | 232 | 232 | 2.750 |
| &nbsp;&nbsp;&nbsp;Senior Secured First Lien Notes, due 2025 | 500 | 500 | 2.000 |
| &nbsp;&nbsp;&nbsp;Senior Secured First Lien Notes, due 2027 | 900 | 900 | 2.450 |
| &nbsp;&nbsp;&nbsp;Senior Secured First Lien Notes, due 2029 | 500 | 500 | 4.450 |
| &nbsp;&nbsp;&nbsp;Senior Secured First Lien Notes, due 2033 | 740 | 740 | 7.000 |
| &nbsp;&nbsp;&nbsp;Revolving Credit Facility | 135 |  | SOFR + 1.720 |
| &nbsp;&nbsp;&nbsp;Term Loan B, due 2031 | 1311 | 1317 | SOFR + 1.750 |
| &nbsp;&nbsp;&nbsp;Tax-exempt bonds | 466 | 466 | 1.250 - 4.750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal recourse debt | 11021 | 10892 |  |
| **Finance leases** | 14 | 14 | various |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal long-term debt and finance leases (including current maturities) | 11035 | 10906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less current maturities | (1132) | (996) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less debt issuance costs | (79) | (86) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discounts | (12) | (12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt and finance leases | $9812 | $9812 |  |

---

**Recourse Debt**

***Senior Secured Bridge Facility***

In connection with the anticipated acquisition of the LSP Portfolio, NRG entered into a commitment letter for the Bridge Facility in a principal amount not to exceed $4.4 billion for the purposes of paying a portion of the consideration for the anticipated acquisition and paying fees and expenses in connection with the anticipated acquisition.

***Senior Credit Facility***

*Amendment to Term Loan*

On July 22, 2025, the Company, as borrower, and certain subsidiaries of the Company, as guarantors, entered into the Fifteenth Amendment to the Second Amended and Restated Credit Agreement (the "Fifteenth Amendment") with, among others, Citicorp North America, Inc., as administrative agent and as collateral agent (the "Agent"), and certain financial institutions, as lenders, which amended the Company's Second Amended and Restated Credit Agreement, dated as of June 30, 2016 (the "Credit Agreement").

The Fifteenth Amendment amended the Credit Agreement by adding a new incremental Term Loan B in an aggregate principal amount of $1.0 billion (the "Incremental Term Loan B Facility" and the loans thereunder, the "Incremental Term Loans"), which Incremental Term Loan B Facility is fungible with the Company's existing Term Loan B facility (the "Existing Term Loan B Facility"). The terms of the Incremental Term Loans are identical to those applicable to the Company's Existing Term Loan B Facility.

*Revolving Credit Facility*

On May 27, 2025, the Company, as borrower, and certain of its subsidiaries, as guarantors, entered into the Fourteenth Amendment to the Credit Agreement in order to (i) increase the commitments under the Revolving Credit Facility by $390 million (the "Incremental Commitments") to an aggregate amount equal to $4.6 billion and (ii) make certain other

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

amendments to the Credit Agreement. The terms of the Incremental Commitments (including pricing) are identical to those applicable to, and constitute the same class as the existing commitments under, the Revolving Credit Facility. As of June 30, 2025, $135 million of borrowings were outstanding, which were fully repaid as of July 31, 2025.

***2048 Convertible Senior Notes***

*Convertible Senior Notes Features* — As of June 30, 2025, the Convertible Senior Notes were convertible pursuant to the issuance of the redemption notice into a combination of cash and the Company's common stock at a price of $40.63 per common share, which is the equivalent to a conversion rate of approximately 24.6144 shares of common stock per $1,000 principal amount of Convertible Senior Notes. The net carrying amounts of the Convertible Senior Notes was $232 million and $231 million as of June 30, 2025 and December 31, 2024, respectively.

The following table details the interest expense recorded in connection with the Convertible Senior Notes:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **(In millions, except percentages)** | **2025** | **2024** | **2025** | **2024** |
| Contractual interest expense | $1 | $2 | $3 | $6 |
| Amortization of deferred finance costs |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1 | $3 | $3 | $7 |
| Effective interest rate | 0.79% | 0.76% | 1.55% | 1.54% |

---

*Convertible Senior Notes Redemption*

On May 15, 2025, the Company issued a notice of redemption for the Convertible Senior Notes. On July 8, 2025 (the "Redemption Date"), the Company used cash on hand to redeem $12 million in aggregate principal amount of the Convertible Senior Notes, at a redemption price equal to 100.000%. The majority of the Convertible Senior Note holders elected to convert the notes prior to the Redemption Date and received $220 million in cash with respect to the remaining principal amount of the Convertible Senior Notes and a total of 3,986,335 shares for the conversion premium.

*Capped Call Options*

During the second quarter of 2024, the Company entered into privately negotiated capped call transactions with certain counterparties (the "Capped Calls") to effectively lock in a conversion premium of $257 million on the remaining $232 million in aggregate principal amount of the Convertible Senior Notes. In the second quarter of 2025, the expiration date of the options was extended from June 1, 2025 to July 8, 2025. The Capped Calls were exercised and settled on July 8, 2025 in connection with the redemption of the Convertible Senior Notes. For further discussion, see Note 9, *Changes in Capital Structure*.

***Receivables Securitization Facilities***

On June 20, 2025, NRG Receivables, an indirect wholly-owned subsidiary of the Company, amended its existing Receivables Facility to extend the scheduled termination date to June 18, 2026.

***Texas Development Priorities***

On July 31, 2025, NRG entered into a $216 million loan agreement with the PUCT under the Texas Energy Fund ("TEF", the "TEF loan") to support development at its T.H. Wharton generation facility, which is currently under construction. The TEF loan bears interest at a fixed coupon rate of 3.000% per annum and has a final maturity date of July 31, 2045. The initial disbursement of funds for the TEF loan occurred in July 2025.

**Note 8 — Investments Accounted for Using the Equity Method and Variable Interest Entities, or VIEs** 

***Entities that are not Consolidated***

NRG accounts for the Company's significant investments using the equity method of accounting. NRG's carrying value of equity investments can be impacted by a number of elements including impairments and movements in foreign currency exchange rates.

***Variable Interest Entities that are Consolidated***

The Company has a controlling financial interest that has been identified as a VIE under ASC 810 in NRG Receivables, which has entered into financing transactions related to the Receivables Facility as further described in Note 12, *Long-term Debt and Finance Leases,* to the Company's 2024 Form 10-K.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The summarized financial information for the Company's consolidated VIE consisted of the following:

---

| | | |
|:---|:---|:---|
| **(In millions)** | **June 30, 2025** | **December 31, 2024** |
| Accounts receivable and Other current assets | $2449 | $2402 |
| Current liabilities | 154 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $2295 | $2247 |

---

**Note 9 — Changes in Capital Structure** 

As of June 30, 2025 and December 31, 2024, the Company had 10,000,000 shares of preferred stock authorized and 500,000,000 shares of common stock authorized. The following table reflects the changes in NRG's preferred and common stock issued and outstanding:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Preferred** | **Common** | **Common** | **Common** |
| | **Issued and Outstanding** | **Issued** | **Treasury** | **Outstanding** |
| **Balance as of December 31, 2024** | 650000 | 205064058 | (6460055) | 198604003 |
| &nbsp;&nbsp;&nbsp;Shares issued under LTIPs |  | 1538327 |  | 1538327 |
| &nbsp;&nbsp;&nbsp;Shares issued under ESPP |  |  | 81903 | 81903 |
| &nbsp;&nbsp;&nbsp;Shares repurchased |  |  | (5594139) | (5594139) |
| &nbsp;&nbsp;&nbsp;Partial settlement of Capped Call Options |  |  | (134) | (134) |
| &nbsp;&nbsp;&nbsp;Partial conversion of Convertible Senior Notes |  |  | 134 | 134 |
| &nbsp;&nbsp;&nbsp;Retirement of treasury stock |  | (5514606) | 5514606 |  |
| **Balance as of June 30, 2025** | 650000 | 201087779 | (6457685) | 194630094 |
| &nbsp;&nbsp;&nbsp;Shares issued under LTIPs |  | 14042 |  | 14042 |
| &nbsp;&nbsp;&nbsp;Shares repurchased |  |  | (988749) | (988749) |
| &nbsp;&nbsp;&nbsp;Settlement of Capped Call Options |  |  | (4210920) | (4210920) |
| &nbsp;&nbsp;&nbsp;Conversion of Convertible Senior Notes |  |  | 3986335 | 3986335 |
| &nbsp;&nbsp;&nbsp;Retirement of treasury stock |  | (1091281) | 1091281 |  |
| **Balance as of July 31, 2025** | 650000 | 200010540 | (6579738) | 193430802 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Common Stock**

*Share Repurchases*

The Company's long-term capital allocation policy is to target allocating approximately 80% of cash available for allocation, after debt reduction, to be returned to shareholders. In June 2023, NRG announced an increase to its existing share repurchase authorization to $2.7 billion, to be executed through 2025. In October 2024, the Board of Directors authorized an additional $1.0 billion for share repurchases as part of the existing share repurchase authorization. As of July 31, 2025, $857 million is remaining under the $3.7 billion authorization. The following table summarizes the share repurchases made under the $3.7 billion authorization through July 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total number of shares purchased** | **Average price paid per share** | **Amounts paid for shares purchased (in millions)** | **Amounts paid for shares purchased (in millions)** |
| **2023 Repurchases:** | | | | |
| Open market repurchases  | 5054798 | $39.56 | $200 |  |
| Repurchases made under the accelerated share repurchase agreements | 17676142 | (a) | 950 |  |
| **Total Share Repurchases during 2023** | 22730940 |  | 1150 | (b) |
| **2024 Repurchases:** |  |  |  |  |
| Repurchases made under the accelerated share repurchase agreements | 1163230 | (a) |  |  |
| Open market repurchases | 10562333 | $87.57 | 925 |  |
| **Total Share Repurchases during 2024** | 11725563 |  | $925 | (c) |
| **2025 Repurchases:** |  |  |  |  |
| Open market repurchases<sup>(d)</sup> | 5594139 | $107.14 | 600 | (e) |
| **Total Share Repurchases during the six months ended June 30, 2025** | 5594139 |  | $600 |  |
| Open market repurchases July 1, 2025 through July 31, 2025 | 988749 | $154.30 | 152 |  |
| Shares received from the exercise of the Capped Calls Options | 224585 | $69.38 | 16 |  |
| **Total Share Repurchases under the $3.7 billion authorization** | 41263976 | $68.88 | $2843 |  |

---

(a)Under the November 6, 2023 ASR, the Company received a total of 18,839,372 shares for an average price per share of $50.43, excluding the impact of the excise tax incurred. See discussion below for further information of the ASR agreements

(b)Excludes $10 million of excise tax accrued in 2023 which was paid in 2024

(c)Excludes $9 million of excise tax accrued in 2024 which was paid in 2025

(d)Includes $6 million accrued as of June 30, 2025

(e)Excludes $4 million accrued for estimated excise tax for the six months ended June 30, 2025

On November 6, 2023, the Company executed Accelerated Share Repurchase agreements to repurchase a total of $950 million of NRG's outstanding common stock based on volume-weighted average prices. The Company received 17,676,142 shares in the fourth quarter of 2023, which were recorded in treasury stock at fair value based on the closing prices of $833 million, with the remaining $117 million recorded in additional paid-in-capital, representing the value of the forward contracts to purchase additional shares. During the first quarter of 2024, the Company received an additional 1,163,230 shares pursuant to the ASR agreements. Upon receipt of the final shares, the Company transferred the $117 million from additional paid-in-capital to treasury stock.

*Employee Stock Purchase Plan*

The Company offers participation in the ESPP which allows eligible employees to elect to withhold between 1% and 10% of their eligible compensation to purchase shares of NRG common stock at the lesser of 90% of its market value on the offering date or 90% of the fair market value on the exercise date. An offering date occurs each April 1 and October 1. An exercise date occurs each September 30 and March 31.

*NRG Common Stock Dividends*

During the first quarter of 2025, NRG increased the annual dividend to $1.76 from $1.63 per share. A quarterly dividend of $0.44 per share was paid on the Company's common stock during the three months ended June 30, 2025. On July 21, 2025 NRG declared a quarterly dividend on the Company's common stock of $0.44 per share, payable on August 15, 2025 to stockholders of record as of August 1, 2025. The Company targets an annual dividend growth rate of 7%-9% per share in subsequent years.

The Company's common stock dividends are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Retirement of Treasury Stock*

During the six months ended June 30, 2025 and 2024, the Company retired shares of treasury stock as detailed below. These retired shares are now included in NRG's pool of authorized but unissued shares. The Company's accounting policy upon the formal retirement of treasury stock is to deduct its par value from common stock and to reflect any excess of cost over par value as a deduction from additional paid-in-capital.

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| | | | |
|:---|:---|:---|:---|
| | **Total number of treasury shares retired** | **Average price per share** | **Carrying value of treasury shares retired (in millions)** |
| **2025 Retirements:** | | | |
| Shares retired during the first quarter of 2025 | 3070996 | $58.23 | $179 |
| Shares retired during the second quarter of 2025 | 2443610 | 73.01 | 178 |
| **Total shares retired during the six months ended June 30, 2025** | 5514606 |  | $357 |
| **2024 Retirements:** |  |  |  |
| Shares retired during the first quarter of 2024 | 1163230 | $32.67 | $38 |
| Shares retired during the second quarter of 2024 | 1114400 | 33.84 | 38 |
| **Total shares retired during the six months ended June 30, 2024** | 2277630 |  | $76 |

---

*Capped Call Options*

During the second quarter of 2024, the Company entered into Capped Calls. Each had a strike price of $40.63 per share, subject to certain adjustments, which correspond to the conversion price of the Convertible Senior Notes as of June 30, 2025. The Capped Calls had a cap price of $249.00 per share, subject to certain adjustments, and effectively locked in a conversion premium of $257 million on the remaining $232 million balance of the Convertible Senior Notes. The Capped Calls were separate transactions and not part of the terms of the Convertible Senior Notes. As these transactions met certain accounting criteria, the Capped Calls were recorded in stockholders' equity. In the second quarter of 2024, the Company recorded $253 million as a reduction to additional paid-in capital and a $4 million loss to other income, net to account for the change in the value of the Capped Calls during the calculation period which began on May 31, 2024 and concluded on June 28, 2024. In the second quarter of 2025, the expiration date of the options was extended from June 1, 2025 to July 8, 2025.

Upon the exercise and settlement of the Capped Calls on July 8, 2025, the Company paid a total amount of $292 million, inclusive of the initial conversion premium of $257 million. The Company received 4,210,920 shares of common stock, of which 3,986,335 were issued to the holders of the Convertible Senior Notes upon conversion, and the remaining 224,585 received were retired by the Company as of July 31, 2025.

**Preferred Stock**

*Series A Preferred Stock Dividends*

During the quarters ended March 31, 2025 and 2024, the Company declared and paid semi-annual 10.25% dividends of $51.25 per share on its outstanding Series A Preferred Stock, each totaling $33 million.

**Note 10 — (Loss)/Income Per Share**

Basic (loss)/income per common share is computed by dividing net (loss)/income less cumulative dividends attributable to preferred stock by the weighted average number of common shares outstanding. Shares issued and treasury shares repurchased during the period are weighted for the portion of the period that they were outstanding. Diluted (loss)/income per share is computed in a manner consistent with that of basic (loss)/income per share while giving effect to all potentially dilutive common shares that were outstanding during the period when there is net income. The relative performance stock units and non-vested restricted stock units are not considered outstanding for purposes of computing basic (loss)/income per share. However, these instruments are included in the denominator for purposes of computing diluted income per share under the treasury stock method for periods when there is net income. The Convertible Senior Notes were convertible, under certain circumstances, into cash or a combination of cash and the Company's common stock. The Company is including the potential share settlements, if any, in the denominator for purposes of computing diluted income per share under the if converted method for periods when there is net income. The potential shares settlements are calculated as the excess of the Company's conversion obligation over the aggregate principal amount (which will be settled in cash), divided by the average share price for the period.

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NRG's basic and diluted (loss)/income per share is shown in the following table:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **(In millions, except per share data)** | **2025** | **2024** | **2025** | **2024** |
| **Basic (loss)/income per share:** | **Basic (loss)/income per share:** | **Basic (loss)/income per share:** |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss)/income | $(104) | $738 | $646 | $1249 |
| &nbsp;&nbsp;&nbsp;Less: Cumulative dividends attributable to Series A Preferred Stock | 17 | 17 | 34 | 34 |
| &nbsp;&nbsp;&nbsp;Net (loss)/income available for common stockholders | $(121) | $721 | $612 | $1215 |
| &nbsp;&nbsp;&nbsp;Weighted average number of common shares outstanding - basic | 196 | 208 | 197 | 209 |
| **(Loss)/Income per weighted average common share — basic** | $(0.62) | $3.47 | $3.11 | $5.81 |
| **Diluted (loss)/income per share:** | **Diluted (loss)/income per share:** | **Diluted (loss)/income per share:** |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss)/income | $(104) | $738 | $646 | $1249 |
| &nbsp;&nbsp;&nbsp;Less: Cumulative dividends attributable to Series A Preferred Stock | 17 | 17 | 34 | 34 |
| &nbsp;&nbsp;&nbsp;Net (loss)/income available for common stockholders | $(121) | $721 | $612 | $1215 |
| &nbsp;&nbsp;&nbsp;Weighted average number of common shares outstanding - basic | 196 | 208 | 197 | 209 |
| &nbsp;&nbsp;&nbsp;Incremental shares attributable to the issuance of equity compensation (treasury stock method) |  | 3 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Incremental shares attributable to the potential share settlements of the Convertible Senior Notes (if converted method) |  | 3 | 4 | 3 |
| &nbsp;&nbsp;Weighted average number of common shares outstanding - dilutive | 196 | 214 | 203 | 214 |
| **(Loss)/Income per weighted average common share — diluted** | $(0.62) | $3.37 | $3.01 | $5.68 |

---

For the three months ended June 30, 2025, the Company had 3 million of outstanding equity compensation instruments and 4 million of potential share settlement of the Convertible Senior Notes that were not included in the computation of the Company's diluted loss per share. For all other periods presented, the Company had an insignificant number of outstanding equity instruments that were anti-dilutive and were not included in the computation of the Company's diluted income per share.

**Note 11 — Segment Reporting**

The Company's segment structure reflects how management makes financial decisions and allocates resources. The Company manages its operations based on the combined results of the retail and wholesale generation businesses with a geographical focus except for Vivint Smart Home operations which are reported within the Vivint Smart Home segment. Corporate represents the corporate business activities, and corporate shared services, to support the Company's operating segments. Beginning in the fourth quarter of 2024, Corporate now includes interest expense related to its consolidated debt financing activities and income tax expense related to its consolidated U.S. federal, foreign and state income taxes conforming to the way the Company internally manages and monitors the business. Prior periods amounts have been recast for comparative purposes to reflect this change, which had no impact on the Company's consolidated financial position, results of operations, and cash flows. The accounting policies of the segments are the same as those applied in the consolidated financial statements as disclosed in Note 2, *Summary of Significant Accounting Policies*, to the Company's 2024 Form 10-K.

NRG's chief operating decision maker ("CODM"), its chief executive officer, uses more than one measure to evaluate the performance of its segments and allocate resources, including net income/(loss) and various non-GAAP financial measures such as adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA. Net income/(loss) and Adjusted EBITDA are used to review business performance and allocate resources as it provides a clearer view of segment profitability by focusing on operational performance. Additionally, operating expenses' impact on each operating segment results are analyzed. On a monthly basis, Adjusted EBITDA is compared against the budget, latest forecast, and prior period.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate** | **Eliminations** | **Total** |
| **Revenue**<sup>(a)</sup> | $2847 | $2737 | $675 | $504 | $— | $(23) | $6740 |
| Operating expenses | 2371 | 3048 | 520 | 428 | 52 | (23) | 6396 |
| Depreciation and amortization | 93 | 36 | 11 | 193 | 11 |  | 344 |
| &nbsp;&nbsp;**Total operating cost and expenses** | 2464 | 3084 | 531 | 621 | 63 | (23) | 6740 |
| &nbsp;&nbsp;**Operating income/(loss)** | 383 | (347) | 144 | (117) | (63) |  |  |
| Equity in earnings of unconsolidated affiliates |  |  | 1 |  |  |  | 1 |
| Other income, net | (1) |  | (1) |  | 6 |  | 4 |
| Loss on debt extinguishment |  |  |  |  | (10) |  | (10) |
| Interest expense |  |  |  |  | (148) |  | (148) |
| &nbsp;&nbsp;**Income/(loss) before income taxes** | 382 | (347) | 144 | (117) | (215) |  | (153) |
| Income tax benefit |  |  |  |  | (49) |  | (49) |
| &nbsp;&nbsp;**Net income/(loss)** | $382 | $(347) | $144 | $(117) | $(166) | $— | $(104) |
| (a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues | $6 | $2 | $2 | $13 | $— | $— | $23 |
| **Other segment information** |  |  |  |  |  |  |  |
| Capital expenditures | $337 | $5 | $4 | $7 | $25 | $— | $378 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate** | **Eliminations** | **Total** |
| **Revenue**<sup>(a)</sup> | $2763 | $2532 | $910 | $467 | $— | $(13) | $6659 |
| Operating expenses | 1719 | 2045 | 851 | 255 | 22 | (13) | 4879 |
| Depreciation and amortization | 77 | 39 | 48 | 186 | 10 |  | 360 |
| Impairment losses |  |  | 15 |  |  |  | 15 |
| &nbsp;&nbsp;**Total operating cost and expenses** | 1796 | 2084 | 914 | 441 | 32 | (13) | 5254 |
| Gain on sale of assets |  |  | 5 |  |  |  | 5 |
| &nbsp;&nbsp;**Operating income/(loss)** | 967 | 448 | 1 | 26 | (32) |  | 1410 |
| Equity in earnings of unconsolidated affiliates |  |  | 4 |  |  |  | 4 |
| Other income, net |  |  | 1 | (8) | 10 |  | 3 |
| Loss on debt extinguishment  |  |  |  |  | (202) |  | (202) |
| Interest expense |  |  |  |  | (163) |  | (163) |
| &nbsp;&nbsp;**Income/(loss) before income taxes** | 967 | 448 | 6 | 18 | (387) |  | 1052 |
| Income tax expense |  |  |  |  | 314 |  | 314 |
| **Net income/(loss)** | $967 | $448 | $6 | $18 | $(701) | $**—** | $738 |
| (a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues | $9 | $— | $4 | $— | $— | $— | $13 |
| **Other segment information** |  |  |  |  |  |  |  |
| Capital expenditures | $80 | $— | $4 | $6 | $13 | $— | $103 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate** | **Eliminations** | **Total** |
| **Revenue**<sup>(a)</sup> | $5282 | $7314 | $1774 | $998 | $— | $(43) | $15325 |
| Operating expenses | 4386 | 6887 | 1536 | 677 | 71 | (43) | 13514 |
| Depreciation and amortization | 176 | 73 | 24 | 375 | 22 |  | 670 |
| &nbsp;&nbsp;**Total operating cost and expenses** | 4562 | 6960 | 1560 | 1052 | 93 | (43) | 14184 |
| Loss on sale of assets |  |  | (7) |  |  |  | (7) |
| &nbsp;&nbsp;**Operating income/(loss)** | 720 | 354 | 207 | (54) | (93) |  | 1134 |
| Equity in earnings of unconsolidated affiliates |  |  | 3 |  |  |  | 3 |
| Other income, net | (1) | 4 | (1) | (8) | 22 |  | 16 |
| Loss on debt extinguishment |  |  |  |  | (10) |  | (10) |
| Interest expense |  |  |  |  | (311) |  | (311) |
| &nbsp;&nbsp;**Income/(loss) before income taxes** | 719 | 358 | 209 | (62) | (392) |  | 832 |
| Income tax expense |  |  |  |  | 186 |  | 186 |
| &nbsp;&nbsp;**Net income/(loss)** | $719 | $358 | $209 | $(62) | $(578) | $— | $646 |
| (a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues | $13 | $1 | $4 | $25 | $— | $— | $43 |
| **Other segment information** |  |  |  |  |  |  |  |
| Capital expenditures | $527 | $5 | $7 | $8 | $48 | $— | $595 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate** | **Eliminations** | **Total** |
| **Revenue**<sup>(a)</sup> | $4996 | $6047 | $2129 | $935 | $— | $(19) | $14088 |
| Operating expenses | 3517 | 4940 | 2117 | 503 | 41 | (19) | 11099 |
| Depreciation and amortization | 159 | 78 | 73 | 363 | 20 |  | 693 |
| Impairment losses |  |  | 15 |  |  |  | 15 |
| &nbsp;&nbsp;**Total operating cost and expenses** | 3676 | 5018 | 2205 | 866 | 61 | (19) | 11807 |
| (Loss)/gain on sale of assets  | (4) |  | 5 |  |  |  | 1 |
| &nbsp;&nbsp;**Operating income/(loss)** | 1316 | 1029 | (71) | 69 | (61) |  | 2282 |
| Equity in earnings of unconsolidated affiliates |  |  | 7 |  |  |  | 7 |
| Other income, net |  |  | (1) | (4) | 38 |  | 33 |
| Loss on debt extinguishment |  |  |  |  | (260) |  | (260) |
| Interest expense |  |  |  |  | (315) |  | (315) |
| &nbsp;&nbsp;**Income/(loss) before income taxes** | 1316 | 1029 | (65) | 65 | (598) |  | 1747 |
| Income tax expense |  |  |  |  | 498 |  | 498 |
| &nbsp;&nbsp;**Net income/(loss)** | $1316 | $1029 | $(65) | $65 | $(1096) | $— | $1249 |
| (a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues | $10 | $— | $9 | $— | $— | $— | $19 |
| **Other segment information** |  |  |  |  |  |  |  |
| Capital expenditures | $125 | $— | $10 | $10 | $27 | $— | $172 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following table summarizes balance sheet information by segment:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate** | **Eliminations** | **Total** |
| Equity investments in affiliates | $— | $— | $47 | $— | $— | $— | $47 |
| Goodwill | 643 | 721 | 159 | 3494 |  |  | 5017 |
| Total assets  | 8646 | 8932 | 2228 | 6731 | 16364 | (18813) | 24088 |
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate** | **Eliminations** | **Total** |
| Equity investments in affiliates | $— | $— | $45 | $— | $— | $— | $45 |
| Goodwill | 643 | 721 | 153 | 3494 |  |  | 5011 |
| Total assets  | 6925 | 8021 | 2254 | 6624 | 15543 | (15345) | 24022 |

---

**Note 12 — Income Taxes** 

***Effective Income Tax Rate***

The income tax provision consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **(In millions, except rates)** | **2025** | **2024** | **2025** | **2024** |
| (Loss)/Income before income taxes | $(153) | $1052 | $832 | $1747 |
| Income tax (benefit)/expense | (49) | 314 | 186 | 498 |
| Effective income tax rate | 32.0% | 29.8% | 22.4% | 28.5% |

---

For the three months ended June 30, 2025, the effective tax rate was higher than the statutory rate of 21%, primarily due to the state tax benefit and permanent differences.

For the six months ended June 30, 2025, the effective tax rate was higher than the statutory rate of 21%, primarily due to the state tax expense, partially offset with favorable permanent differences.

For the three and six months ended June 30, 2024, the effective tax rate was higher than the statutory rate of 21%, primarily due to the state tax expense and permanent differences.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBB") was enacted into law. The OBBB includes changes to U.S. tax law that will be applicable to NRG beginning in 2025. Any impact of the OBBB on the Company's condensed consolidated financial statements will be reflected in the third quarter.

On September 12, 2024, Treasury and the IRS released proposed regulations that provide guidance on the application of the CAMT. The proposed regulations allow the exclusion of unrealized mark-to-market gains and losses, related to qualified hedge transactions, from adjusted financial statement income. The Company will continue to evaluate the applicable corporation status and the impact of the CAMT based on the proposed guidance. NRG as an applicable corporation is subject to the CAMT and has reflected the impact in its current and deferred taxes, however, there is no impact on the Company's provision for income taxes from the CAMT for the three and six months ended June 30, 2025 and 2024.

***Uncertain Tax Benefits***

As of June 30, 2025, NRG had a non-current tax liability of $60 million for uncertain tax benefits from positions taken on various federal and state income tax returns inclusive of accrued interest. For the six months ended June 30, 2025, NRG accrued $1 million of interest relating to the uncertain tax benefits. As of June 30, 2025, NRG had cumulative interest and penalties related to these uncertain tax benefits of $5 million. The Company recognizes interest and penalties related to uncertain tax benefits in income tax expense.

NRG is subject to examination by taxing authorities for income tax returns filed in the U.S. federal jurisdiction and various state and foreign jurisdictions including operations located in Australia and Canada. The Company is no longer subject to U.S. federal income tax examinations for years prior to 2021. With few exceptions, state and Canadian income tax examinations are no longer open for years prior to 2015.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Note 13 — Related Party Transactions** 

NRG provides services to some of its related parties, which are accounted for as equity method investments, under operations and maintenance agreements. Fees for the services under these agreements include recovery of NRG's costs of operating the plants. Certain agreements also include fees for administrative services, a base monthly fee, profit margin and/or annual incentive bonus.

The following table summarizes NRG's material related party transactions with third-party affiliates:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **(In millions)** | **2025** | **2024** | **2025** | **2024** |
| *Revenues from Related Parties Included in Revenue* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gladstone | $— | $— | $1 | $1 |
| &nbsp;&nbsp;Ivanpah<sup>(a)</sup> | 12 | 12 | 24 | 25 |
| &nbsp;&nbsp;&nbsp;Midway-Sunset | 1 | 1 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $13 | $13 | $27 | $28 |

---

(a)Also includes fees under project management agreements with each project company

**Note 14 — Commitments and Contingencies** 

**Commitments**

***First Lien Structure***

NRG has granted first liens to certain counterparties on a substantial portion of property and assets owned by NRG and the guarantors of its senior debt. NRG uses the first lien structure to reduce the amount of cash collateral and letters of credit that it would otherwise be required to post from time to time to support its obligations under out-of-the-money hedges. To the extent that the underlying hedge positions for a counterparty are out-of-the-money to NRG, the counterparty would have a claim under the first lien program. As of June 30, 2025, all hedges under the first liens were out-of-the-money on a counterparty aggregate basis.

**Contingencies**

The Company's material legal proceedings are described below. The Company believes that it has valid defenses to these legal proceedings and intends to defend them vigorously. NRG records accruals for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company believes it has established an adequate accrual for the applicable legal matters, including regulatory and environmental matters as further discussed in Note 15, *Regulatory Matters*, and Note 16, *Environmental Matters*. In addition, legal costs are expensed as incurred. Management has assessed each of the following matters based on current information and made a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. Unless specified below, the Company is unable to predict the outcome of these legal proceedings or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded accruals and that such difference could be material.

In addition to the legal proceedings noted below, NRG and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect NRG's consolidated financial position, results of operations, or cash flows.

***Environmental Lawsuits***

*Sierra club et al. v. Midwest Generation LLC* — In 2012, several environmental groups filed a complaint against Midwest Generation with the Illinois Pollution Control Board ("IPCB") alleging violations of environmental law resulting in groundwater contamination. In June 2019, the IPCB found in an interim order that Midwest Generation violated the law because it had improperly handled coal ash at four facilities in Illinois and caused or allowed coal ash constituents to impact groundwater. On September 9, 2019, Midwest Generation filed a Motion to Reconsider numerous issues, which the court granted in part and denied in part on February 6, 2020. In 2023, the IPCB held hearings regarding the appropriate relief. Midwest Generation has been working with the Illinois EPA to address the groundwater issues since 2010.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Consumer Lawsuits***

Similar to other energy service companies ("ESCOs") and smart home companies operating in the industry, from time-to-time, the Company and/or its subsidiaries may be subject to consumer lawsuits in various jurisdictions where they sell natural gas, electricity or smart home solutions.

*Variable Price Case* 

*Mirkin v. XOOM Energy (E.D.N.Y. Aug. 2019)* — XOOM Energy is a defendant in a putative class action lawsuit pending in New York, alleging that XOOM Energy breached its contractual duty to set customer variable rates based on actual and estimated supply costs. The Court denied XOOM's motion for summary judgment and granted class certification. The Second Circuit denied XOOM's request to appeal the class certification grants. XOOM prevailed in its challenge to Mirkin's expert reports. The Court granted XOOM's motion to exclude both reports on damages. As a result, Mirkin has no method to establish damages for its class. The Court is considering whether class certification is still appropriate. Recently, this matter was moved to a new judge for further handling. A trial setting is not expected before Fall 2025. This matter was known and accrued for at the time of the XOOM acquisition.

*Telephone Consumer Protection Act ("TCPA") Cases* — In the cases set forth below, referred to as the TCPA Cases, such actions involve consumers alleging violations of the Telephone Consumer Protection Act of 1991, as amended, by receiving calls, texts or voicemails without consent in violation of the federal Telemarketing Sales Rule, and/or state counterpart legislation. The underlying claims of each case are similar. The Company denies the allegations asserted by plaintiffs and intends to vigorously defend these matters. These matters were known and accrued for at the time of the Direct Energy acquisition.

There are two putative class actions pending against Direct Energy: (1) Holly Newman v. Direct Energy, LP (D. Md Sept 2021) - Direct Energy filed its Motion to Dismiss asserting the ruling in the Brittany Burk v. Direct Energy (S.D. Tex. Feb 2019) preempts the plaintiff's ability to file suit based on the same facts. The Court denied Direct Energy's motion stating the Court does not have the benefit of all of the facts that were in front of the Burk court to issue a similar ruling. On April 12, 2023, the Court granted Direct Energy's Motion to Transfer Venue, moving to the case to the Southern District of Texas. The parties are proceeding with written discovery; and (2) Matthew Dickson v. Direct Energy (N.D. Ohio Jan. 2018) - The case was stayed pending the outcome of an appeal to the Sixth Circuit based on the unconstitutionality of the TCPA during the period from 2015-2020. The Sixth Circuit found the TCPA was in effect during that period and remanded the case back to the trial court. Direct Energy refiled its motions along with supplements. On March 25, 2022, the Court granted summary judgment in favor of Direct Energy and dismissed the case. Dickson appealed and the case was sent back to the trial court. The parties conducted fact and expert discovery and Direct Energy submitted its motion for summary judgment in August 2024. The parties are waiting for a ruling from the Court on summary judgment and class certification.

***Sales Practice Lawsuit***

A Vivint Smart Home competitor has made a claim against Vivint Smart Home alleging, among other things, that Vivint Smart Home's sales representatives used deceptive sales practices. This matter was known and accrued for at the time of the Vivint Smart Home acquisition. CPI Security Systems, Inc. ("CPI") v. Vivint Smart Home, Inc. (W.D.N.C. Sept. 2020) was filed in 2020, went to trial, and in February 2023, the jury issued a verdict against Vivint Smart Home, in favor of CPI for $50 million of compensatory damages and an additional $140 million of punitive damages. Vivint Smart Home appealed. The Fourth Circuit Court of Appeals issued its opinion on July 22, 2025, upholding the trial court's judgment. Following the decision, the Company increased the accrual for this matter as of June 30, 2025 to the amount of the judgment plus accrued interest. The Company is pursuing additional appellate remedies.

***Patent Infringement Lawsuit***

*SB IP Holdings LLC ("Skybell") v. Vivint Smart Home, Inc.* — On October 23, 2023, a jury in the U.S. District Court, Eastern District of Texas, Sherman Division, issued a verdict against the Company in favor of Skybell for $45 million in damages for patent infringement. The patents that were the basis for the claims made by Skybell were ruled invalid by the U.S. International Trade Commission in November 2021. The Company did not believe the verdict was legally supported and pursued appellate remedies. During the second quarter of 2025, the parties entered into a settlement agreement and dismissed the matter and pending appeals.

***Winter Storm Uri Lawsuits***

The Company has been named in certain property damage and wrongful death claims that have been filed in connection with Winter Storm Uri in its capacity as a generator and a retail electric provider. Most of the lawsuits related to Winter Storm Uri are consolidated into a single multi-district litigation matter in Harris County District Court. NRG's retail electric providers have since been dismissed from the multi-district litigation. As a power generator, the Company is named in various cases with claims ranging from: wrongful death; personal injury only; property damage and personal injury; property damage only; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

subrogation. The First Court of Appeals conditionally granted the generators' mandamus relief, ordering the trial court to grant the generator defendants' Motion to Dismiss. The plaintiffs challenged the ruling and the matters are stayed pending appeals by the various parties. The Company intends to vigorously defend these matters.

**Note 15 — Regulatory Matters** 

Environmental regulatory matters are discussed within Note 16, *Environmental Matters.*

NRG operates in a highly regulated industry and is subject to regulation by various federal, state and provincial agencies. As such, NRG is affected by regulatory developments at the federal, state and provincial levels and in the regions in which NRG operates. In addition, NRG is subject to the market rules, procedures, and protocols of the various ISO and RTO markets in which NRG participates. These power markets are subject to ongoing legislative and regulatory changes that may impact NRG's wholesale and retail operations.

In addition to the regulatory proceedings noted below, NRG and its subsidiaries are parties to other regulatory proceedings arising in the ordinary course of business or have other regulatory exposure. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect NRG's consolidated financial position, results of operations, or cash flows.

*California Station Power* — As the result of unfavorable final and non-appealable litigation, the Company accrued a liability associated with consumption of station power at the Company's Encina power plant facility in California after August 30, 2010. The Company believes it has established an appropriate accrual pending potential regulatory action by San Diego Gas & Electric regarding the Company's Encina facility.

*NYSPSC - Notice of Apparent Violation* — The NYSPSC issued an order referred to as the Retail Reset Order in December 2019 that limited ESCOs' offers for electric and natural gas to three compliant products: guaranteed savings from the utility default rate, a fixed rate commodity product that is priced at no more than 5% greater than the trailing 12-month average utility supply rate or New York-sourced renewable energy that is at least 50% greater than the prevailing New York Renewable Energy Standard for load serving entities. The order effectively limited ESCOs offers to natural gas customers to only the guaranteed savings and capped fixed term compliant products because no equivalent renewable energy product exists for natural gas. NRG took action to comply with the order when it became effective April 16, 2021. On January 8, 2024, the NYSPSC notified eight of NRG's retail energy suppliers (serving both electricity and natural gas) of alleged non-compliance with New York regulatory requirements. Among other items, the notices allege that the NRG suppliers did not transition existing residential customers to one of the three compliant products authorized by the NYSPSC following the effective date of the order. NRG responded to the notices in February 2024. The Company believes it has complied with the Retail Reset Order and does not agree with the NYSPSC's assertions made in the notice. The outcome of this process has the potential to negatively impact the retail business in New York.

**Note 16 — Environmental Matters** 

NRG is subject to a wide range of environmental laws in the development, construction, ownership and operation of power plants. These laws generally require that governmental permits and approvals be obtained before construction and maintained during operation of power plants. In general, the electric generation industry has faced increasingly stringent requirements regarding air quality, GHG emissions, combustion byproducts, water use and discharge, and threatened and endangered species including several rules promulgated in 2024. In general, future laws are expected to require the addition of emissions controls or other environmental controls or to impose additional restrictions on the operations of the Company's facilities, which could have a material effect on the Company's consolidated financial position, results of operations, or cash flows. At the federal level, the President has issued several Executive Orders that indicate that the current administration intends to ease the regulatory burden on the electric generation industry, which may affect the outcome of the rulemakings and related legal challenges described below. The Company has elected to use a $1 million disclosure threshold, as permitted, for environmental proceedings to which the government is a party.

***Air***

*CPP/ACE Rules* — The attention in recent years on GHG emissions has resulted in federal and state regulations. In 2019, the EPA promulgated the ACE rule, which rescinded the CPP, which had sought to broadly regulate CO2 emissions from the power sector. On January 19, 2021, the D.C. Circuit vacated the ACE rule (but on February 22, 2021, at the EPA's request, stayed the issuance of the portion of the mandate that would vacate the repeal of the CPP). On June 30, 2022, the U.S. Supreme Court held that the "generation shifting" approach in the CPP exceeded the powers granted to the EPA by Congress. On May 9, 2024, the EPA promulgated a rule that repealed the ACE rule and significantly revised the manner in which new combustion-turbine and existing steam EGU's GHG emissions will be regulated including capturing and storing/sequestering CO2 in some instances. This rule has been challenged by numerous parties in the D.C. Circuit including 27 states with 22 states intervening in support of the rule. The D.C. Circuit held oral arguments related to this rule in December 2024. On February 5, 2025, the

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DOJ filed a motion asking the court to hold proceedings in abeyance while the EPA evaluates the rule. The court granted the motion on February 19, 2025. On June 17, 2025, the EPA proposed to repeal all GHG emission standards for fossil fuel-fired power plants under Section 111 of the CAA. The EPA is proposing to conclude that GHG emissions from domestic fossil fuel-fired EGUs do not contribute to dangerous air pollution at a level sufficient to invoke the EPA's authority under CAA Section 111. In addition to its primary proposal to repeal all GHG emission standards for the power sector promulgated in both 2015 and 2024, the EPA has included an alternative proposal to repeal only specific portions.

*Cross-State Air Pollution Rule ("CSAPR")* — On March 15, 2023, the EPA signed and released a prepublication version of a final rule that sought to significantly revise the CSAPR to address the good-neighbor obligations of the 2015 ozone NAAQS for 23 states (a Federal Implementation Plan or "FIP") after earlier having disapproved numerous state plans to address the issue. Several states, including Texas, challenged the EPA's disapproval of their state plans. On May 1, 2023, the U.S. Court of Appeals for the Fifth Circuit stayed the EPA's disapproval of Texas' and Louisiana's state plans, which disapprovals are a condition precedent to the EPA imposing its plan on Texas and Louisiana. On March 25, 2025, the Fifth Circuit upheld the EPA's disapproval of Texas' and Louisiana's state plans but did not address the FIP. On May 9, 2025, Texas and other parties petitioned the Fifth Circuit for a rehearing with the whole court. On June 5, 2023, the EPA promulgated the FIP. On June 27, 2024, the U.S. Supreme Court stayed the FIP in the 11 states where the rule had not already been stayed. On April 14, 2025, the D.C. Circuit granted the EPA's request to hold the legal challenges in abeyance while the EPA revisits the rule. The Company cannot predict the outcome of the legal challenges to the various state disapprovals and the final rule promulgated on June 5, 2023.

*Regional Haze Proposal* — In May 2023, the EPA proposed to withdraw the existing Texas Sulfur Dioxide Trading Program and replace it with unit-specific SO2 limits for 12 units in Texas to address requirements to improve visibility at National Parks and Wilderness areas. If finalized as proposed, it would result in more stringent SO2 limits for two of the Company's coal-fired units in Texas. The Company cannot predict the outcome of this proposal.

*Mercury and Air Toxics Standards ("MATS")* — On May 7, 2024, the EPA promulgated a final rule that amends the MATS rule by, among other things, increasing the stringency of the filterable particulate matter standard at coal-burning units. The deadline for complying with this more stringent standard had been 2027. On April 8, 2025, the President signed a Proclamation that creates a 2-year exemption for compliance beginning on July 8, 2027 and ending on July 8, 2029 for certain coal units including those owned by the Company. Twenty-three states have challenged this rule in the D.C. Circuit. On June 17, 2025, the EPA proposed to repeal the majority of the 2024 final rule amending the MATS rule. Accordingly, the outcome of this rulemaking is uncertain.

***Water***

*ELG* — In 2015, the EPA revised the ELG for Steam Electric Generating Facilities, which imposed more stringent requirements (as individual permits were renewed) for wastewater streams from FGD, fly ash, bottom ash and flue gas mercury control. In 2017, the EPA promulgated a final rule that, among other things, postponed the compliance dates to preserve the status quo for FGD wastewater and bottom ash transport water by two years to November 2020 until the EPA amended the rule. On October 13, 2020, the EPA amended the 2015 ELG rule by: (i) altering the stringency of certain limits for FGD wastewater; (ii) relaxing the zero-discharge requirement for bottom ash transport water; and (iii) changing several deadlines. In 2021, NRG informed its regulators that the Company intends to comply with the ELG by ceasing combustion of coal by the end of 2028 at its domestic coal units outside of Texas, and installing appropriate controls by the end of 2025 at its two plants that have coal-fired units in Texas. On May 9, 2024, the EPA promulgated a rule that revises the ELG by, among other things, further restricting the discharge of (i) FGD wastewater, (ii) bottom ash transport water, and (iii) combustion residual leachate. The rule was challenged in numerous courts, but the cases have been consolidated in the Eighth Circuit of the U.S. Court of Appeals. The outcome of the legal challenges is uncertain. On February 19, 2025, the DOJ filed a motion asking the court to hold proceedings in abeyance while the U.S. presidential administration evaluates the rule, which the court granted. During the second quarter of 2025, the EPA announced its intent to update the 2024 rule to advance the goals of the President Trump's Unleashing American Energy Executive Order to support electric grid reliability and affordability while maintaining compliance with the Clean Water Act.

***Byproducts***

In 2015, the EPA finalized the rule regulating byproducts of coal combustion (e.g., ash and gypsum) as solid wastes under the RCRA. On August 21, 2018, the D.C. Circuit found, among other things, that the EPA had not adequately regulated unlined ponds and legacy surface impoundments. On August 28, 2020, the EPA finalized "A Holistic Approach to Close Part A: Deadline to Initiate Closure," which amended the April 2015 Rule to address the August 2018 D.C. Circuit decision and extend some of the deadlines. On November 12, 2020, the EPA finalized "A Holistic Approach to Closure Part B: Alternative Demonstration for Unlined Surface Impoundments," which further amended the April 2015 Rule to, among other things, provide procedures for requesting approval to operate existing ash impoundments with an alternate liner. On May 8, 2024, the EPA promulgated a rule that establishes requirements for: (i) inactive (or legacy) surface impoundments at inactive facilities

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and (ii) coal combustion residual ("CCR") management units (regardless of how or when the CCR was placed) at regulated facilities. The rule also creates an obligation to conduct site assessments (at all active and certain inactive facilities) to determine whether CCR management units are present. The rule has been challenged in the D.C. Circuit and the outcome of the legal challenges is uncertain.

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**ITEM 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

The discussion and analysis below has been organized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executive summary, including introduction and overview, business strategy, and changes to the business environment during the period, including environmental and regulatory matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Known trends that may affect NRG's results of operations and financial condition in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results of operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquidity and capital resources including liquidity position, financial condition addressing credit ratings, material cash requirements and commitments, and other obligations.

As you read this discussion and analysis, refer to NRG's condensed consolidated statements of operations to this Form 10-Q, which present the results of operations for the three and six months ended June 30, 2025 and 2024. Also refer to NRG's 2024 Form 10-K, which includes detailed discussions of various items impacting the Company's business, results of operations and financial condition, including: General section; Strategy section; Business Overview section, including how regulation, weather, and other factors affect NRG's business; and Critical Accounting Estimates section.

**Executive Summary**

**Introduction and Overview** 

NRG Energy, Inc., or NRG or the Company, is a leading energy and smart home company powering a brighter, smarter future. The Company delivers gas, electricity, and smart home solutions to approximately 8 million residential customers (comprised of 6 million retail energy customers and 2 million smart home customers) in addition to large commercial and industrial, hyperscaler, and wholesale customers. Across the U.S. and Canada, NRG is redefining customer's experience with energy under brand names such as NRG, Reliant, Direct Energy, Green Mountain Energy, and Vivint. As of June 30, 2025, the Company's core power and natural gas business consists of approximately 12 GW of competitive power generation, primarily in Texas, and a natural gas portfolio that serves approximately 1,800 MMDth annually.

**Strategy**

NRG's strategy is to maximize shareholder value by being a leader in the emerging convergence of energy and smart automation in the home and business. Through a diversified supply strategy, the Company sells reliable electricity and natural gas to its customers in the markets it serves, while also providing innovative home solutions to customers. NRG's unique combination of assets and capabilities enables the Company to develop and sell highly differentiated offerings that bring together every day essential services like powering and securing the home through a seamless and integrated experience. This strategy is intended to enable the Company to optimize its unique integrated platform to delight customers, generate recurring cash flow, significantly strengthen earnings and cost competitiveness, and lower risk and volatility. Sustainability is a philosophy that underpins NRG's strategy and facilitates value creation across NRG's business.

To effectuate the Company's strategy, NRG is focused on: (i) serving the energy needs of end-use residential, commercial and industrial, and wholesale counterparties in competitive markets and optimizing on additional revenue opportunities through its multiple brands and channels; (ii) offering a variety of energy products and smart home products and services that are differentiated by innovative features, premium service, integrated platforms, sustainability, and loyalty/affinity programs; (iii) excellence in operating performance of its assets; (iv) achieving the optimal mix of supply to serve its customer load requirements through a diversified supply strategy; and (v) engaging in disciplined and transparent capital allocation.

**Energy Regulatory Matters** 

The Company's regulatory matters are described in the Company's 2024 Form 10-K in Item 1, Business — *Regulatory Matters.* These matters have been updated below and in Note 15, *Regulatory Matters.*

As participants in wholesale and retail energy markets and owners and operators of power plants, certain NRG entities are subject to regulation by various federal and state government agencies. These include the CFTC, FERC, NRC and the PUCT, as well as other public utility commissions in certain states where NRG's generation or distributed generation assets are located. In addition, NRG is subject to the market rules, procedures and protocols of the various ISO and RTO markets in which it participates. Likewise, certain NRG entities participating in the retail markets are subject to rules and regulations established by the states and provinces in which NRG entities are licensed to sell at retail. NRG must also comply with the mandatory reliability requirements imposed by NERC and the regional reliability entities in the regions where NRG operates.

NRG's operations within the ERCOT footprint are not subject to rate regulation by FERC, as they are deemed to operate solely within the ERCOT market and not in interstate commerce. These operations are subject to regulation by the PUCT.

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***State and Provincial Energy Regulation***

*Maryland Legislation* — On May 9, 2024, Maryland Governor Wes Moore signed Senate Bill 1 into law, which restricts the competitive retail electric and natural gas market in Maryland, affecting residential customers but not commercial and industrial customers. Key provisions of the law took effect on January 1, 2025. The legislation imposes a price cap on residential contracts tied to a trailing 12-month historical average of utility rates, with only a limited exception for renewable power products. Renewable products must now have their price pre-approved by the Maryland Public Service Commission and source their renewable electricity certificates from within the PJM region. The law also requires that any variable-price contract not contain a change in price more than once a year, except time-of-use contracts, and limits contract terms to 12 months. It requires affirmative consent for the renewal of customer contracts for renewable power products. The law also imposes licensing requirements on energy salespeople. While the law states that it does not impair existing contracts, the Maryland Public Service Commission has ruled that grandfathering of existing contracts will end as of December 31, 2025, and that suppliers must issue separate bills for their charges for all new and renewing contracts as of January 1, 2025. On October 1, 2024, Green Mountain Energy Company, NRG's renewable electricity provider, along with a retail trade association to which NRG belongs, filed a lawsuit in federal court challenging the constitutionality of Senate Bill 1. On November 18, 2024, the trial court denied the plaintiffs' motion for a preliminary injunction. The plaintiffs, including Green Mountain, have filed an appeal to this denial to the Fourth Circuit Court of Appeals. The appeal is pending.

***Regional Regulatory Developments***

NRG is affected by rule/tariff changes that occur in the ISO regions. For further discussion on regulatory developments, see Item 1 — Note 15, *Regulatory Matters*, to the condensed consolidated financial statements.

*ERCOT/PUCT*

*Public Utility Commission of Texas' Actions with Respect to Wholesale Pricing and Market Design —* The PUCT continues to analyze and implement multiple options for promoting increased reliability in the wholesale electric market, including the adoption of a reliability standard for resource adequacy and market-based mechanisms to achieve this standard. The Commission adopted a reliability standard that became effective in September 2024.

In 2023, the Texas Legislature authorized implementation of the Performance Credit Mechanism ("PCM"), which will measure real-time contribution to system reliability and provide compensation for resources to be available, subject to certain "guardrails" such as an absolute annual net cost cap, as part of its adoption of the PUCT Sunset Bill (House Bill 1500). In December 2024, the PUCT decided to shelve implementation of the PCM for the time being. The Texas Legislature also directed the PUCT to implement additional market design changes such as the creation of a new ancillary service called Dispatchable Reliability Reserve Service ("DRRS") to further increase ERCOT's capability to manage net load variability and firming requirements for new generation resources which penalize poor performance during periods of low grid reserves. The PUCT directed ERCOT to implement DRRS as a standalone product which will delay implementation until 2026 or 2027. Both DRRS and a firming requirement are currently in the design phase with final rules yet to be adopted.

*Texas Energy Fund —* Through Senate Bill 2627, the Texas Legislature created the TEF, which received voter approval in November 2023, and will provide grants and low-interest loans (3%) to incentivize the development of more dispatchable generation and smaller backup generation in ERCOT. The PUCT adopted a rule in March 2024, which establishes the application and participation requirements and the process by which the Texas Energy Fund loan proceeds for dispatchable generation in ERCOT will be distributed. The initial window for submitting loan applications was opened on June 1, 2024 and closed on July 27, 2024. NRG, through its subsidiaries, filed for loan proceeds for three separate projects, totaling more than 1,500 MWs of capacity. The PUCT also adopted a rule for the completion bonus grant program in April 2024, which provides for opportunities for grants of $120,000 per MW for dispatchable generation projects interconnected before June 1, 2026, or $80,000 per MW for dispatchable generation projects interconnected on or after June 1, 2026 but before June 1, 2029, subject to performance requirements. In January 2025, the PUCT began accepting applications for completion bonus grants, and NRG, through its subsidiaries, has filed applications for each of the three projects referenced above. The 89th Texas Legislature passed Senate Bill 2268, which separated the 10,000 MW collective cap on the ERCOT loan and grant programs resulting in a 10,000 MW cap for the loan program and a separate 10,000 MW cap for the completion bonus grant program.

On August 29, 2024, the PUCT approved an initial portfolio of projects to move into a due diligence process with its third-party administrator. T.H. Wharton generation facility's 415 MW gas peaking unit, which is projected to become commercially operational in 2026, was among the projects selected to move into due diligence, and that process is underway. On December 12, 2024, the PUCT approved Cedar Bayou Unit 5's 689 MW combined cycle generating facility project to move into due diligence. On March 13, 2025, the PUCT approved Greens Bayou Unit 6's 443 MW gas peaking unit project to move into due diligence. Cedar Bayou Unit 5 and Greens Bayou Unit 6 are projected to become commercially operational in 2028.

On July 31, 2025, NRG entered into a $216 million loan agreement with the PUCT under the TEF to support development at its T.H. Wharton generation facility, which is currently under construction. The TEF loan bears interest at a fixed coupon rate

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of 3.000% per annum and has a final maturity date of July 31, 2045. The initial disbursement of funds for the TEF loan occurred in July 2025, and commercial operation of the 415 MW facility is expected by summer 2026.

*Real-time Co-optimization of Energy and Ancillary Services ("RTC")* — ERCOT is progressing with a multi-year project to upgrade its systems to co-optimize the dispatch of energy and ancillary services in real-time. The RTC project will also replace the Operating Reserve Demand Curve with demand curves for each ancillary service product which will act as the primary scarcity pricing mechanism when energy or ancillary services are in shortage. ERCOT has commenced market trials for testing the RTC project which began in Spring 2025 and will continue through Fall 2025 with production to go-live on December 5, 2025.

*Senate Bill 6 ("SB 6")* — On June 20, 2025, the Governor of Texas signed SB 6 into law, which includes various provisions that concern how both ERCOT, transmission and distribution utilities, and power generation companies plan for and serve large loads (defined as 75 MWs and above) in the ERCOT market. SB 6 requires load forecasting by requiring criteria for inclusion into the forecast and by requiring financial commitments upon a request for a large load customer seeking interconnection to begin engineering studies. In addition, SB 6 includes processes by which large loads should be required or incentivized to curtail their operations. At the same time, SB 6 establishes a PUCT regulatory procedure to minimize potential reliability and stranded-cost impacts that may be associated with large load co-locations with power generators that were interconnected to ERCOT as of September 1, 2025. Generators connected to the grid after this date and co-location arrangements that existed as of January 1, 2025 are exempt from this procedure. Finally, SB 6 requires the PUCT to investigate revising the cost allocation and rate design that governs the ERCOT transmission system. PUCT rulemaking will be required for each major component of SB 6.

*PJM*

*Capacity Market Litigation and Reforms* — On September 27, 2024, various public interest organizations filed a complaint at FERC against PJM seeking changes to the treatment of RMRs in the capacity market. On November 18, 2024, various state consumer advocates filed a complaint at FERC against PJM seeking revisions to several aspects of PJM's capacity market, including requiring resources previously subject to categorical exemptions to participate in capacity auctions, longer notice periods for deactivating generating resources, and several other changes. On December 9, 2024, PJM submitted a filing at FERC proposing various capacity market updates regarding the treatment of qualifying resources that are retained under RMR agreements as capacity, retention of a dual-fuel fired combustion turbine plant as the reference resource, and updates to the Non-Performance Charge based on the RTO Net CONE for the 2026/2027 and 2027/2028 Delivery Years. On February 14, 2025, FERC approved PJM's filings. On December 13, 2024, PJM filed tariff changes to add provisions enabling a one-time reliability-based expansion of the eligibility criteria for PJM's interconnection process intended to allow a limited number of additional resources to participate in an upcoming interconnection queue. On February 11, 2025, FERC approved PJM's filing. On December 20, 2024, PJM submitted tariff changes that propose to require all Existing Generation Capacity Resources to offer into the capacity auctions beginning with the 2026/2027 Delivery Year as well as certain enhancements to the Market Seller Offer Cap. On February 20, 2025, FERC approved PJM's filing. On December 30, 2024, Pennsylvania Governor Josh Shapiro and the Commonwealth of Pennsylvania filed a complaint at FERC alleging that PJM's demand curve cap is unjust and unreasonable. The complaint seeks to lower the demand curve cap to be 1.5 times net CONE of the reference resource. On January 28, 2025, PJM notified stakeholders that it had reached an agreement with Governor Shapiro, and on February 14, 2025, PJM and Governor Shapiro filed a joint stipulation establishing the capacity market temporary price cap and price floor for the next two auctions and a motion to dismiss the December 30, 2024 complaint. On February 20, 2025, PJM submitted proposed revisions to its tariff to establish a price cap and price floor for the auctions for 2026/2027 and 2027/2028 delivery years. On April 21, 2025, FERC accepted the filing and dismissed the December 30, 2024 complaint filed by Pennsylvania Governor Shapiro in accordance with the February 14, 2025 joint stipulation and motion to dismiss.

*Consumer Advocates Complaint* — On April 14, 2025, various state consumer advocates filed a Complaint at FERC asking FERC to reprice the 2025/2026 PJM capacity auction results. If FERC were to grant the request, the capacity prices for the 2025/2026 delivery year would be expected to change.

*Revisions to PJM Locational Deliverability Area ("LDA") Reliability Requirement* — The Base Residual Auction ("BRA") for the 2024/2025 delivery year commenced on December 7, 2022 and closed on December 13, 2022. On December 19, 2022, PJM announced that it would delay the publication of the auction results. On December 23, 2022, PJM made a filing at FERC to revise the definition of LDA Reliability Requirement in the Tariff. This would allow PJM to exclude certain resources from the calculation of the LDA Reliability Requirement. On February 21, 2023, FERC accepted PJM's filing. Multiple parties, including NRG, filed for rehearing. Rehearing was denied by operation of law, and multiple parties, including the Company, filed appeals to the Third Circuit Court of Appeals. On March 12, 2024, the court vacated the portion of the FERC orders that allow PJM to apply the LDA Reliability Requirement to the 2024/2025 capacity auction. On March 29, 2024, PJM filed a petition seeking confirmation as to the capacity commitments rules for the 2024/2025 auction. On April 22, 2024, multiple parties filed a complaint seeking to find the revised rate unjust and unreasonable and implement rates consistent with

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FERC's February 2023 decision, which was denied on July 9, 2024. Those parties filed an appeal to the Court of Appeals for the D.C. Circuit on November 5, 2024.

On May 6, 2024, FERC directed PJM to recalculate the 2024/2025 auction results under the Initial LDA Reliability Requirement rules, and further directed PJM to rerun the Third Incremental Auction. PJM published the revised BRA and Third Incremental Auction results on May 8, 2024 and May 23, 2024, respectively. On June 14, 2024, multiple parties filed appeals to the Third Circuit Court of Appeals seeking review of the May 6, 2024 FERC orders approving PJM's petition to restore the original capacity commitment rules for PJM to recalculate the 2024/2025 BRA and the rerun of the 2024/2025 BRA. As a result, the price of capacity for the 2024/2025 delivery year in the Delmarva Power and Light South zone was higher than originally published. This outcome may change depending upon the disposition of the outstanding complaint and appeals.

*PJM Base Residual Auction Revisions and Delay —* On October 13, 2023, PJM made two filings at FERC. In the first filing, PJM proposed revisions to the Market Seller Offer Cap, which FERC rejected on February 6, 2024. The second filing proposed to make changes to PJM's resource adequacy risk modeling and capacity accreditation processes, which FERC approved, with condition, on January 20, 2024. The approved changes were in effect for the 2025/2026 BRA that occurred in July 2024. In November 2024, at PJM's request, FERC approved delays to future BRAs.

On July 22, 2025, PJM announced the results of its Base Residual Auction for the 2026/2027 planning year. The price came in at the FERC-approved cap of $329.17/MW-day for the entire PJM footprint of which NRG cleared approximately 1,008 MWs from the Company's PJM generation fleet. NRG's expected capacity revenues from the base residual auction for the 2026/2027 delivery year is approximately $121 million.

***Other Regulatory Matters***

From time to time, NRG entities may be subject to examinations, investigations and/or enforcement actions by federal, state and provincial licensing and regulatory agencies and may face the risk of penalties for violation of financial services, consumer protections and other applicable laws and regulations.

**Environmental Regulatory Matters**

NRG is subject to numerous environmental laws in the development, construction, ownership and operation of power plants. These laws generally require that governmental permits and approvals be obtained before construction and maintained during operation of power plants. In general, the electric generation industry has faced increasingly stringent requirements regarding air quality, GHG emissions, combustion byproducts, water use and discharge, and threatened and endangered species including several rules promulgated in 2024. Future laws may require the addition of emissions controls or other environmental controls or impose restrictions on the Company's operations including unit retirements or impose obligations related to historic coal ash use, storage and disposal. At the federal level, the President has issued several Executive Orders that indicate that the current administration intends to ease the regulatory burden on the electric generation industry, which may affect the outcome of the rulemakings and related legal challenges described below. Complying with environmental laws often involves specialized human resources and significant capital and operating expenses, as well as occasionally curtailing operations. NRG decides to invest capital for environmental controls based on the relative certainty of the requirements, an evaluation of compliance options and the expected economic returns on capital.

Several regulations that affect the Company have been and continue to be revised by the EPA, including requirements regarding coal ash, GHG emissions, NAAQS revisions and implementation and effluent limitation guidelines. NRG will evaluate the impact of these regulations as they are revised but cannot fully predict the impact of each until anticipated revisions, legal challenges and reconsiderations are resolved. The Company's environmental matters are described in the Company's 2024 Form 10-K in Item 1, Business - *Environmental Matters* and Item 1A, *Risk Factors*. These matters have been updated in Note 16, *Environmental Matters,* to the condensed consolidated financial statements of this Form 10-Q and as follows.

***Air*** 

The CAA and related regulations (as well as similar state and local requirements) have the potential to affect air emissions, operating practices and pollution control equipment required at power plants. Under the CAA, the EPA sets NAAQS for certain pollutants including SO2, ozone, and PM2.5. Many of the Company's facilities are located in or near areas that are classified by the EPA as not achieving certain NAAQS (non-attainment areas). The relevant NAAQS may become more stringent. In March 2024, the EPA increased the stringency of the PM2.5 NAAQS. The Company maintains a comprehensive compliance strategy to address continuing and new requirements. Complying with increasingly stringent air regulations could require the installation of additional emissions control equipment at some NRG facilities or retiring of units if installing such controls is not economic. Significant changes to air regulatory programs affecting the Company are described below.

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*CPP/ACE Rules* — The attention in recent years on GHG emissions has resulted in federal and state regulations. In 2019, the EPA promulgated the ACE rule, which rescinded the CPP, which had sought to broadly regulate CO2 emissions from the power sector. On January 19, 2021, the D.C. Circuit vacated the ACE rule (but on February 22, 2021, at the EPA's request, stayed the issuance of the portion of the mandate that would vacate the repeal of the CPP). On June 30, 2022, the U.S. Supreme Court held that the "generation shifting" approach in the CPP exceeded the powers granted to the EPA by Congress. On May 9, 2024, the EPA promulgated a rule that repealed the ACE rule and significantly revised the manner in which new combustion-turbine and existing steam EGU's GHG emissions will be regulated including capturing and storing/sequestering CO2 in some instances. This rule has been challenged by numerous parties in the D.C. Circuit including 27 states with 22 states intervening in support of the rule. The D.C. Circuit held oral arguments related to this rule in December 2024. On February 5, 2025, the DOJ filed a motion asking the court to hold proceedings in abeyance while the EPA evaluates the rule. The court granted the motion on February 19, 2025. On June 17, 2025, the EPA proposed to repeal all GHG emission standards for fossil fuel-fired power plants under Section 111 of the CAA. The EPA is proposing to conclude that GHG emissions from domestic fossil fuel-fired EGUs do not contribute to dangerous air pollution at a level sufficient to invoke the EPA's authority under CAA Section 111. In addition to its primary proposal to repeal all GHG emission standards for the power sector promulgated in both 2015 and 2024, the EPA has included an alternative proposal to repeal just specific portions.

*CSAPR* — On March 15, 2023, the EPA signed and released a prepublication version of a FIP after earlier having disapproved numerous state plans to address the issue. Several states, including Texas, challenged the EPA's disapproval of their state plans. On May 1, 2023, the U.S. Court of Appeals for the Fifth Circuit stayed the EPA's disapproval of Texas' and Louisiana's state plans, which disapprovals are a condition precedent to the EPA imposing its plan on Texas and Louisiana. On March 25, 2025, the Fifth Circuit upheld the EPA's disapproval of Texas' and Louisiana's state plans but did not address the FIP. On May 9, 2025, Texas and other parties petitioned the Fifth Circuit for a rehearing with the whole court. On June 5, 2023, the EPA promulgated the FIP. On June 27, 2024, the U.S. Supreme Court stayed the FIP in the 11 states where the rule had not already been stayed. On April 14, 2025, the D.C. Circuit granted the EPA's request to hold the legal challenges in abeyance while the EPA revisits the rule. The Company cannot predict the outcome of the legal challenges to the various state disapprovals and the final rule promulgated on June 5, 2023.

*Regional Haze Proposal* — In May 2023, the EPA proposed to withdraw the existing Texas Sulfur Dioxide Trading Program and replace it with unit-specific SO2 limits for 12 units in Texas to address requirements to improve visibility at National Parks and Wilderness areas. If finalized as proposed, the rule would result in more stringent SO2 limits for two of the Company's coal-fired units in Texas. The Company cannot predict the outcome of this proposal.

*MATS* — On May 7, 2024, the EPA promulgated a final rule that amends the MATS rule by, among other things, increasing the stringency of the filterable particulate matter standard at coal-burning units. The deadline for complying with this more stringent standard had been 2027. On April 8, 2025, the President signed a Proclamation that creates a 2-year exemption for compliance beginning on July 8, 2027 and ending on July 8, 2029 for certain coal units including those owned by the Company. Twenty three states have challenged this rule in the D.C. Circuit. On June 17, 2025, the EPA proposed to repeal the majority of the 2024 final rule amending the MATS rule. Accordingly, the outcome of this rulemaking is uncertain. The Company anticipates that the U.S. presidential administration will substantively revise this rule.

***Water*** 

The Company is required under the Clean Water Act to comply with intake and discharge requirements, requirements for technological controls and operating practices. As with air quality regulations, federal and state water regulations have become more stringent and imposed new requirements.

*ELG* — In 2015, the EPA revised the ELG for Steam Electric Generating Facilities, which imposed more stringent requirements (as individual permits were renewed) for wastewater streams from FGD, fly ash, bottom ash and flue gas mercury control. In 2017, the EPA promulgated a final rule that, among other things, postponed the compliance dates to preserve the status quo for FGD wastewater and bottom ash transport water by two years to November 2020 until the EPA amended the rule. On October 13, 2020, the EPA amended the 2015 ELG rule by: (i) altering the stringency of certain limits for FGD wastewater; (ii) relaxing the zero-discharge requirement for bottom ash transport water; and (iii) changing several deadlines. In 2021, NRG informed its regulators that the Company intends to comply with the ELG by ceasing combustion of coal by the end of 2028 at its domestic coal units outside of Texas, and installing appropriate controls by the end of 2025 at its two plants that have coal-fired units in Texas. On May 9, 2024, the EPA promulgated a rule that revises the ELG by, among other things, further restricting the discharge of (i) FGD wastewater, (ii) bottom ash transport water, and (iii) combustion residual leachate. The rule was challenged in numerous courts, but the cases have been consolidated in the Eighth Circuit of the U.S. Court of Appeals. The outcome of the legal challenges is uncertain. On February 19, 2025, the DOJ filed a motion asking the court to hold proceedings in abeyance while the U.S. presidential administration evaluates the rule, which the court granted. During the second quarter of 2025, the EPA announced its intent to update the 2024 rule to advance the goals of the current U.S.

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Presidential Administration's Unleashing American Energy Executive Order to support electric grid reliability and affordability while maintaining compliance with the Clean Water Act.

***Byproducts***

In April 2015, the EPA finalized the rule regulating byproducts of coal combustion (e.g., ash and gypsum) as solid wastes under the RCRA. On July 30, 2018, the EPA promulgated a rule that amended the ash rule by extending some of the deadlines and providing more flexibility for compliance. On August 21, 2018, the D.C. Circuit found, among other things, that the EPA had not adequately regulated unlined ponds and legacy surface impoundments. On August 28, 2020, the EPA finalized "A Holistic Approach to Closure Part A: Deadline to Initiate Closure," which amended the April 2015 Rule to address the August 2018 D.C. Circuit decision and extend some of the deadlines. On November 12, 2020, the EPA finalized "A Holistic Approach to Closure Part B: Alternative Demonstration for Unlined Surface Impoundments," which further amended the April 2015 Rule to, among other things, provide procedures for requesting approval to operate existing ash impoundments with an alternate liner. On May 8, 2024, the EPA promulgated a rule that establishes requirements for: (i) inactive (or legacy) surface impoundments at inactive facilities and (ii) CCR management units (regardless of how or when the CCR was placed) at regulated facilities. The rule also creates an obligation to conduct site assessments (at all active and certain inactive facilities) to determine whether CCR management units are present. The rule has been challenged in the D.C. Circuit and the outcome of the legal challenges is uncertain. The Company anticipates that the U.S. presidential administration will revisit this rule.

***Domestic Site Remediation Matters***

Under certain federal, state and local environmental laws, a current or previous owner or operator of a facility, including an electric generating facility, may be required to investigate and remediate releases or threatened releases of hazardous or toxic substances or petroleum products. NRG may be responsible for property damage, personal injury and investigation and remediation costs incurred by a party in connection with hazardous material releases or threatened releases. These laws impose liability without regard to whether the owner knew of or caused the presence of the hazardous substances, and the courts have interpreted liability under such laws to be strict (without fault) and joint and several. Cleanup obligations can often be triggered during the closure or decommissioning of a facility, in addition to spills during its operations.

***Regional Environmental Developments***

*Ash Regulation in Illinois* — On July 30, 2019, Illinois enacted legislation that required the state to promulgate regulations regarding coal ash at surface impoundments. On April 15, 2021, the state promulgated the implementing regulation, which became effective on April 21, 2021. NRG has applied for initial operating permits and construction permits (for closure and retrofits) as required by the regulation and is waiting for most of its permits to be issued by the Illinois EPA.

*Houston Nonattainment for 2008 Ozone Standard* — In 2022, the EPA changed the Houston area's classification from Serious to Severe nonattainment for the 2008 Ozone Standard. Accordingly, Texas is required to develop a new control strategy and submit it to the EPA.

**Significant Events**

The following significant events have occurred during 2025 as further described within this Management's Discussion and Analysis and the condensed consolidated financial statements:

***Anticipated Acquisition of LSP Portfolio***

On May 12, 2025, NRG entered into a definitive agreement with LS Power to acquire a power portfolio including 13 GW of natural gas-fired generation facilities and the C&I VPP platform with 6 GW of capacity. The consideration will consist of 24.25 million shares of NRG common stock and $6.4 billion in cash, subject to working capital adjustments as set forth in the purchase agreement. As part of the transaction, NRG will also assume $3.2 billion of debt. The acquisition is expected to close in the first quarter of 2026, and is subject to the satisfaction or waiver of specified closing conditions, consents and regulatory approvals, including HSR, FERC, DOJ, and NYSPSC. For further discussion, see Note 4, *Acquisitions.*

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***Acquisition of Texas Generation Portfolio***

On April 10, 2025, the Company acquired all of the ownership interests of six power generation facilities from Rockland Capital, LLC, adding 738 MW of natural gas-fired assets in Texas to its portfolio for $560 million in consideration, less $1 million in initial working capital adjustments. For further discussion, see Note 4, *Acquisitions.* The Company acquired the following generation facilities:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Facility** | **Power Market** | **Plant Type** | **Primary Fuel** | **Location** | **Net Generation Capacity (MW)**<sup>(a)</sup> | **% Owned** |
| Victoria | ERCOT | Fossil | Natural Gas | TX | 290 | 100.0% |
| Victoria Port II | ERCOT | Fossil | Natural Gas | TX | 92 | 100.0% |
| SJRR | ERCOT | Fossil | Natural Gas | TX | 89 | 100.0% |
| Port Comfort | ERCOT | Fossil | Natural Gas | TX | 88 | 100.0% |
| Chamon | ERCOT | Fossil | Natural Gas | TX | 89 | 100.0% |
| Texas Gulf Sulphur (Wharton) | ERCOT | Fossil | Natural Gas | TX | 90 | 100.0% |
|  |  |  |  | **Total** | 738 |  |

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(a) Capacity is an estimate as of the acquisition date and can vary depending on factors including weather conditions, operational conditions, and other factors. Additionally, ERCOT requires periodic demonstration of capability, and the capacity may vary individually and in the aggregate from time to time

***Capital Allocation***

During the six months ended June 30, 2025, the Company completed $600 million of open market share repurchases at an average price of $107.14 per share. Through July 31, 2025, an additional $168 million share repurchases were completed. As of July 31, 2025, $857 million is remaining under the $3.7 billion authorization. See Note 9, *Changes in Capital Structure* for additional discussion.

In the first quarter of 2025, NRG increased the annual common stock dividend to $1.76 from $1.63 per share, representing an 8% increase from 2024. The Company targets an annual dividend growth rate of 7-9% per share in subsequent years.

***Operations***

On August 1, 2025, NRG entered into 295 MW of retail agreements to power data centers. The data centers will be constructed on two NRG-owned sites in Texas, with initial powering expected by the second half of 2026, and to be fully online by 2030.

On July 31 2025, NRG entered into a $216 million loan agreement with the PUCT under the TEF to support development at its T.H. Wharton generation facility, which is currently under construction. The TEF loan bears interest at a fixed coupon rate of 3.000% per annum and has a final maturity date of July 31, 2045. The initial disbursement of funds for the TEF loan occurred in July 2025, and commercial operation of the 415 MW facility is expected by summer 2026. In March 2025, the PUCT selected the 443 MW Greens Bayou project to advance to the next phase of due diligence, marking the third NRG project chosen under the TEF due diligence process. This project is expected to be operational in 2028.

On February 13, 2025, NRG signed a strategic Project Development Agreement with GE Vernova ("GEV") and Kiewit's subsidiary, TIC, to develop and construct up to 5.4 GW of new gas-fired, combined cycle generation projects. The generation facilities will be owned and operated by NRG. Additionally, NRG has entered into two slot reservation agreements with GEV for the procurement of 2.4 GW of 7HA gas turbines. The first projects under this comprehensive development agreement are expected to commence operations by the end of 2029.

**Trends Affecting Results of Operations and Future Business Performance**

The Company's trends are described in the Company's 2024 Form 10-K in Item 7, M*anagement's Discussion and Analysis of Financial Condition and Results of Operations - Business Environment,* except for the update below:

*Tariffs* — NRG's business is affected by various macroeconomic factors, including tariffs and inflationary trends. The U.S. has implemented, or is considering implementing, higher tariffs on imports into the U.S. Any potential increases in capital and operational expenditures may impact the Company's procurement and sourcing strategies.

**Changes in Accounting Standards**

See Note 2, *Summary of Significant Accounting Policies*, for a discussion of recent accounting developments.

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**Consolidated Results of Operations**

The following table provides selected financial information for the Company:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **(In millions)** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| **Revenue** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail revenue | $6519 | $6344 | $175 | $14735 | $13573 | $1162 |
| &nbsp;&nbsp;Energy revenue<sup>(a)</sup> | 99 | 110 | (11) | 344 | 262 | 82 |
| &nbsp;&nbsp;Capacity revenue<sup>(a)</sup> | 61 | 44 | 17 | 108 | 86 | 22 |
| &nbsp;&nbsp;&nbsp;Mark-to-market for economic hedging activities | (1) | 84 | (85) | (16) | 24 | (40) |
| &nbsp;&nbsp;&nbsp;Contract amortization |  | (7) | 7 | (5) | (17) | 12 |
| &nbsp;&nbsp;Other revenues<sup>(a)(b)</sup> | 62 | 84 | (22) | 159 | 160 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 6740 | 6659 | 81 | 15325 | 14088 | 1237 |
| **Operating Costs and Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of fuel | 251 | 169 | (82) | 585 | 352 | (233) |
| &nbsp;&nbsp;Purchased energy and other cost of sales<sup>(c)</sup> | 4541 | 4455 | (86) | 10723 | 9948 | (775) |
| &nbsp;&nbsp;&nbsp;Mark-to-market for economic hedging activities | 282 | (791) | (1073) | (64) | (1323) | (1259) |
| &nbsp;&nbsp;Contract and emissions credit amortization<sup>(c)</sup> | 3 | (17) | (20) | 28 | 46 | 18 |
| &nbsp;&nbsp;&nbsp;Operations and maintenance | 434 | 423 | (11) | 722 | 791 | 69 |
| &nbsp;&nbsp;&nbsp;Other cost of operations | 118 | 89 | (29) | 196 | 176 | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of operations (excluding depreciation and amortization shown below) | 5629 | 4328 | (1301) | 12190 | 9990 | (2200) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 344 | 360 | 16 | 670 | 693 | 23 |
| &nbsp;&nbsp;&nbsp;Impairment losses |  | 15 | 15 |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative costs (excluding amortization of customer acquisition costs of $68, $47,$133 and $89, respectively, which are included in depreciation and amortization shown separately above) | 724 | 545 | (179) | 1273 | 1094 | (179) |
| &nbsp;&nbsp;&nbsp;Acquisition-related transaction and integration costs | 43 | 6 | (37) | 51 | 15 | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs and expenses | 6740 | 5254 | (1486) | 14184 | 11807 | (2377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain/(loss) on sale of assets |  | 5 | (5) | (7) | 1 | (8) |
| **Operating Income** |  | 1410 | (1410) | 1134 | 2282 | (1148) |
| **Other Income/(Expense)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated affiliates | 1 | 4 | (3) | 3 | 7 | (4) |
| &nbsp;&nbsp;&nbsp;Other income, net | 4 | 3 | 1 | 16 | 33 | (17) |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment | (10) | (202) | 192 | (10) | (260) | 250 |
| &nbsp;&nbsp;&nbsp;Interest expense | (148) | (163) | 15 | (311) | (315) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (153) | (358) | 205 | (302) | (535) | 233 |
| **(Loss)/Income Before Income Taxes** | (153) | 1052 | (1205) | 832 | 1747 | (915) |
| &nbsp;&nbsp;&nbsp;Income tax (benefit)/expense | (49) | 314 | 363 | 186 | 498 | 312 |
| **Net (Loss)/Income** | $(104) | $738 | $(842) | $646 | $1249 | $(603) |

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(a)Includes gains and losses from financially settled transactions

(b)Includes trading gains and losses and ancillary revenues

(c)Includes amortization of SO2 and NOx credits and excludes amortization of RGGI credits &nbsp;&nbsp;&nbsp;&nbsp;

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**Management's discussion of the results of operations for the three months ended June 30, 2025 and 2024** 

***Electricity Prices***

The following table summarizes average on peak power prices for each of the major markets in which NRG operates for the three months ended June 30, 2025 and 2024.

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| | | | |
|:---|:---|:---|:---|
| | **Average on Peak Power Price ($/MWh)** | **Average on Peak Power Price ($/MWh)** | **Average on Peak Power Price ($/MWh)** |
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
| **<u>Region</u>** | **2025** | **2024** | **Change %** |
| Texas |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ERCOT - Houston<sup>(a)</sup> | $44.41 | $42.05 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;ERCOT - North<sup>(a)</sup> | 37.86 | 37.07 | 2% |
| East |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NY J/NYC<sup>(b)</sup> | $51.20 | $35.93 | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;NEPOOL<sup>(b)</sup> | 45.85 | 34.50 | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;COMED (PJM)<sup>(b)</sup> | 40.96 | 29.31 | 40% |
| &nbsp;&nbsp;&nbsp;&nbsp;PJM West Hub<sup>(b)</sup> | 52.75 | 37.75 | 40% |
| West |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MISO - Louisiana Hub<sup>(b)</sup> | $48.40 | $30.60 | 58% |
| &nbsp;&nbsp;&nbsp;&nbsp;CAISO - SP15<sup>(b)</sup> | 16.85 | 7.97 | 111% |

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(a)Average on peak power prices based on real time settlement prices as published by the respective ISOs

(b)Average on peak power prices based on day ahead settlement prices as published by the respective ISOs

***Natural Gas Prices***

The following table summarizes the average Henry Hub natural gas price for the three months ended June 30, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
| | **2025** | **2024** | **Change %** |
| ($/MMBtu) | $3.44 | $1.89 | 82% |

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***Gross Margin***

The Company calculates gross margin in order to evaluate operating performance as revenues less cost of fuel, purchased energy and other costs of sales, mark-to-market for economic hedging activities, contract and emissions credit amortization and depreciation and amortization.

***Economic Gross Margin***

In addition to gross margin, the Company evaluates its operating performance using the measure of economic gross margin, which is not a GAAP measure and may not be comparable to other companies' presentations or deemed more useful than the GAAP information provided elsewhere in this report. Economic gross margin should be viewed as a supplement to and not a substitute for the Company's presentation of gross margin, which is the most directly comparable GAAP measure. Economic gross margin is not intended to represent gross margin. The Company believes that economic gross margin is useful to investors as it is a key operational measure reviewed by the Company's management. Economic gross margin is defined as the sum of retail revenue, energy revenue, capacity revenue and other revenue, less cost of fuel, purchased energy and other cost of sales. Economic gross margin does not include mark-to-market gains or losses on economic hedging activities, contract amortization, emissions credit amortization, depreciation and amortization, operations and maintenance, or other cost of operations.

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The following tables present the composition and reconciliation of gross margin and economic gross margin for the three months ended June 30, 2025 and 2024:

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|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** |
| **($ In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;Retail revenue | $2779 | $2608 | $646 | $504 | $(18) | $6519 |
| &nbsp;&nbsp;&nbsp;Energy revenue | 15 | 64 | 20 |  |  | 99 |
| &nbsp;&nbsp;&nbsp;Capacity revenue |  | 55 | 6 |  |  | 61 |
| &nbsp;&nbsp;&nbsp;Mark-to-market for economic hedging activities |  | 3 | (2) |  | (2) | (1) |
| &nbsp;&nbsp;Other revenue<sup>(a)</sup> | 53 | 7 | 5 |  | (3) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 2847 | 2737 | 675 | 504 | (23) | 6740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of fuel | (201) | (35) | (15) |  |  | (251) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased energy and other cost of sales<sup>(b)(c)(d)</sup> | (1645) | (2332) | (519) | (53) | 8 | (4541) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market for economic hedging activities | (6) | (391) | 113 |  | 2 | (282) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract and emissions credit amortization | (3) | 2 | (2) |  |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (93) | (36) | (11) | (193) | (11) | (344) |
| &nbsp;&nbsp;&nbsp;**Gross margin** | $**899** | $**(55)** | $**241** | $**258** | $**(24)** | $**1319** |
| &nbsp;&nbsp;&nbsp;Less: Mark-to-market for economic hedging activities, net | (6) | (388) | 111 |  |  | (283) |
| &nbsp;&nbsp;&nbsp;Less: Contract and emissions credit amortization, net | (3) | 2 | (2) |  |  | (3) |
| &nbsp;&nbsp;&nbsp;Less: Depreciation and amortization | (93) | (36) | (11) | (193) | (11) | (344) |
| &nbsp;&nbsp;&nbsp;**Economic gross margin** | $**1001** | $**367** | $**143** | $**451** | $**(13)** | $**1949** |
| &nbsp;&nbsp;(a) Includes trading gains and losses and ancillary revenues | &nbsp;&nbsp;(a) Includes trading gains and losses and ancillary revenues | &nbsp;&nbsp;(a) Includes trading gains and losses and ancillary revenues |  |  |  |  |
| (b) Includes capacity and emissions credits | (b) Includes capacity and emissions credits | (b) Includes capacity and emissions credits | (b) Includes capacity and emissions credits | (b) Includes capacity and emissions credits | (b) Includes capacity and emissions credits | (b) Includes capacity and emissions credits |
| (c) Includes $861 million, $66 million and $196 million of TDSP expense in Texas, East and West/Services/Other, respectively | (c) Includes $861 million, $66 million and $196 million of TDSP expense in Texas, East and West/Services/Other, respectively | (c) Includes $861 million, $66 million and $196 million of TDSP expense in Texas, East and West/Services/Other, respectively | (c) Includes $861 million, $66 million and $196 million of TDSP expense in Texas, East and West/Services/Other, respectively | (c) Includes $861 million, $66 million and $196 million of TDSP expense in Texas, East and West/Services/Other, respectively | (c) Includes $861 million, $66 million and $196 million of TDSP expense in Texas, East and West/Services/Other, respectively | (c) Includes $861 million, $66 million and $196 million of TDSP expense in Texas, East and West/Services/Other, respectively |
| (d) Excludes depreciation and amortization shown separately | (d) Excludes depreciation and amortization shown separately | (d) Excludes depreciation and amortization shown separately |  |  |  |  |
| **Business Metrics** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;**<u>Retail sales</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home electricity sales volume (GWh) | 10094 | 3443 | 542 |  |  | 14079 |
| &nbsp;&nbsp;&nbsp;Business electricity sales volume (GWh) | 10137 | 11055 | 2742 |  |  | 23934 |
| &nbsp;&nbsp;&nbsp;Home natural gas sales volume (MDth) |  | 6218 | 8565 |  |  | 14783 |
| &nbsp;&nbsp;&nbsp;Business natural gas sales volume (MDth) |  | 308979 | 40580 |  |  | 349559 |
| &nbsp;&nbsp;Average retail Home customer count (in thousands)<sup>(a)</sup> | 2949 | 2189 | 717 |  |  | 5855 |
| &nbsp;&nbsp;Ending retail Home customer count (in thousands)<sup>(a)</sup> | 2904 | 2164 | 711 |  |  | 5779 |
| &nbsp;&nbsp;Average Vivint Smart Home customer count (in thousands)<sup>(b)</sup> |  |  |  | 2212 |  | 2212 |
| &nbsp;&nbsp;Ending Vivint Smart Home customer count (in thousands) <sup>(b)</sup> |  |  |  | 2268 |  | 2268 |
| &nbsp;&nbsp;&nbsp;**<u>Power generation</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GWh sold | 6940 | 940 | 572 |  |  | 8452 |
| &nbsp;&nbsp;GWh generated<sup>(c)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Coal | 5205 | 487 |  |  |  | 5692 |
| &nbsp;&nbsp;&nbsp; Gas | 1735 | 1 | 571 |  |  | 2307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil |  | 4 |  |  |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewables |  |  | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 6940 | 492 | 572 |  |  | 8004 |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice |
| &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home includes customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home includes customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home includes customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home includes customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home includes customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home includes customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home includes customers that also purchase other NRG products |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments  | &nbsp;&nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments  | &nbsp;&nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments  | &nbsp;&nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments  | &nbsp;&nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments  | &nbsp;&nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments  | &nbsp;&nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** |
| **($ In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;Retail revenue | $2692 | $2361 | $832 | $467 | $(8) | $6344 |
| &nbsp;&nbsp;&nbsp;Energy revenue | 16 | 46 | 51 |  | (3) | 110 |
| &nbsp;&nbsp;&nbsp;Capacity revenue |  | 39 | 6 |  | (1) | 44 |
| &nbsp;&nbsp;&nbsp;Mark-to-market for economic hedging activities |  | 65 | 17 |  | 2 | 84 |
| &nbsp;&nbsp;&nbsp;Contract amortization |  | (6) | (1) |  |  | (7) |
| &nbsp;&nbsp;Other revenue<sup>(a)</sup> | 55 | 27 | 5 |  | (3) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 2763 | 2532 | 910 | 467 | (13) | 6659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of fuel | (124) | (25) | (20) |  |  | (169) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased energy and other cost of sales<sup>(b)(c)(d)</sup> | (1729) | (2004) | (689) | (39) | 6 | (4455) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market for economic hedging activities | 605 | 203 | (15) |  | (2) | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract and emissions credit amortization | (2) | 20 | (1) |  |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (77) | (39) | (48) | $(186) | (10) | (360) |
| &nbsp;&nbsp;&nbsp;**Gross margin** | $**1436** | $**687** | $**137** | $**242** | $**(19)** | $**2483** |
| &nbsp;&nbsp;&nbsp;Less: Mark-to-market for economic hedging activities, net | 605 | 268 | 2 |  |  | 875 |
| &nbsp;&nbsp;&nbsp;Less: Contract and emissions credit amortization, net | (2) | 14 | (2) |  |  | 10 |
| &nbsp;&nbsp;&nbsp;Less: Depreciation and amortization | (77) | (39) | (48) | (186) | (10) | (360) |
| &nbsp;&nbsp;&nbsp;**Economic gross margin** | $**910** | $**444** | $**185** | $**428** | $**(9)** | $**1958** |
| &nbsp;&nbsp;&nbsp;(a) Includes trading gains and losses and ancillary revenues | &nbsp;&nbsp;&nbsp;(a) Includes trading gains and losses and ancillary revenues | &nbsp;&nbsp;&nbsp;(a) Includes trading gains and losses and ancillary revenues | &nbsp;&nbsp;&nbsp;(a) Includes trading gains and losses and ancillary revenues |  |  |  |
| &nbsp;&nbsp;&nbsp;(b) Includes capacity and emissions credits | &nbsp;&nbsp;&nbsp;(b) Includes capacity and emissions credits | &nbsp;&nbsp;&nbsp;(b) Includes capacity and emissions credits | &nbsp;&nbsp;&nbsp;(b) Includes capacity and emissions credits |  |  |  |
| &nbsp;&nbsp;&nbsp;(c) Includes $840 million, $71 million and $249 million of TDSP expense in Texas, East, and West/Services/Other, respectively | &nbsp;&nbsp;&nbsp;(c) Includes $840 million, $71 million and $249 million of TDSP expense in Texas, East, and West/Services/Other, respectively | &nbsp;&nbsp;&nbsp;(c) Includes $840 million, $71 million and $249 million of TDSP expense in Texas, East, and West/Services/Other, respectively | &nbsp;&nbsp;&nbsp;(c) Includes $840 million, $71 million and $249 million of TDSP expense in Texas, East, and West/Services/Other, respectively | &nbsp;&nbsp;&nbsp;(c) Includes $840 million, $71 million and $249 million of TDSP expense in Texas, East, and West/Services/Other, respectively | &nbsp;&nbsp;&nbsp;(c) Includes $840 million, $71 million and $249 million of TDSP expense in Texas, East, and West/Services/Other, respectively | &nbsp;&nbsp;&nbsp;(c) Includes $840 million, $71 million and $249 million of TDSP expense in Texas, East, and West/Services/Other, respectively |
| &nbsp;&nbsp;&nbsp;(d) Excludes depreciation and amortization shown separately | &nbsp;&nbsp;&nbsp;(d) Excludes depreciation and amortization shown separately | &nbsp;&nbsp;&nbsp;(d) Excludes depreciation and amortization shown separately | &nbsp;&nbsp;&nbsp;(d) Excludes depreciation and amortization shown separately |  |  |  |
| **Business Metrics** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;**<u>Retail sales</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home electricity sales volume (GWh) | 10528 | 3615 | 498 |  |  | 14641 |
| &nbsp;&nbsp;&nbsp;Business electricity sales volume (GWh) | 10180 | 11695 | 2974 |  |  | 24849 |
| &nbsp;&nbsp;&nbsp;Home natural gas sales volume (MDth) |  | 5683 | 9922 |  |  | 15605 |
| &nbsp;&nbsp;&nbsp;Business natural gas sales volume (MDth) |  | 336160 | 43562 |  |  | 379722 |
| &nbsp;&nbsp;Average retail Home customer count (in thousands)<sup>(a)</sup> | 2975 | 2189 | 766 |  |  | 5930 |
| &nbsp;&nbsp;Ending retail Home customer count (in thousands)<sup>(a)</sup> | 2960 | 2194 | 772 |  |  | 5926 |
| &nbsp;&nbsp;Average Vivint Smart Home customer count (in thousands)<sup>(b)</sup> |  |  |  | 2071 |  | 2071 |
| &nbsp;&nbsp;Ending Vivint Smart Home customer count (in thousands)<sup>(b)</sup> |  |  |  | 2106 |  | 2106 |
| &nbsp;&nbsp;&nbsp;**<u>Power generation</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GWh sold | 4784 | 1033 | 1290 |  |  | 7107 |
| &nbsp;&nbsp;GWh generated<sup>(c)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Coal | 2372 | 574 |  |  |  | 2946 |
| &nbsp;&nbsp;&nbsp; Gas | 2412 |  | 1288 |  |  | 3700 |
| &nbsp;&nbsp;&nbsp; Renewables |  |  | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 4784 | 574 | 1290 |  |  | 6648 |
| &nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice |  |  |  |
| &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home includes customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home includes customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home includes customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home includes customers that also purchase other NRG products |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments  | &nbsp;&nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments  | &nbsp;&nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments  | &nbsp;&nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments  |  |  |  |

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The following table represents the weather metrics for the three months ended June 30, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
| **Weather Metrics** | **Texas** | **East** | **West/Services/Other**<sup>(b)</sup> |
| **2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CDDs<sup>(a)</sup> | 1102 | 379 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;HDDs<sup>(a)</sup> | 49 | 482 | 195 |
| **2024** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CDDs | 1173 | 431 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;HDDs | 31 | 435 | 200 |
| **10-year average** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CDDs | 1014 | 362 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;HDDs | 56 | 525 | 196 |

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(a) National Oceanic and Atmospheric Administration-Climate Prediction Center - A CDD represents the number of degrees that the mean temperature for a particular day is above 65 degrees Fahrenheit in each region. A HDD represents the number of degrees that the mean temperature for a particular day is below 65 degrees Fahrenheit in each region. The CDDs/HDDs for a period of time are calculated by adding the CDDs/HDDs for each day during the period

(b) The West/Services/Other weather metrics are comprised of the average of the CDD and HDD regional results for the West - California and West - South Central regions

***Gross Margin and Economic Gross Margin*** 

Gross margin decreased $1.2 billion and economic gross margin decreased $9 million during the three months ended June 30, 2025, compared to the same period in 2024.

The following tables describe the changes in gross margin and economic gross margin by segment:

***Texas***

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| | |
|:---|:---|
| | **(In millions)** |
| Higher gross margin due to the net effect of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase in net revenue of $105 million, primarily driven by changes in customer term, product and mix<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a 1%, or $4 million increase in cost to serve the retail load, driven by higher realized power prices associated with the Company's diversified supply strategy  | $101 |
| Lower gross margin primarily due to a decrease in residential load attributed to weather | (16) |
| Other | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase in economic gross margin** | $**91** |
| Decrease in mark-to-market for economic hedging primarily due to net unrealized gains/losses on open positions related to economic hedges | (611) |
| Increase in contract and emissions credit amortization | (1) |
| Increase in depreciation and amortization | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Decrease in gross margin** | $**(537)** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***East***

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| | |
|:---|:---|
| | **(In millions)** |
| Lower gross margin due to the deactivation of Indian River Unit 4 in February 2025 | $(17) |
| Lower electric gross margin due to higher supply costs of $13.25 per MWh, or $193 million, driven primarily by increases in power prices, partially offset by higher net revenue rates of $7.00 per MWh, or $102 million as a result of changes in customer term, product, and mix | (91) |
| Lower electric gross margin from a decrease in load and change in customer mix | (9) |
| Higher natural gas gross margin, including the impact of transportation and storage contract optimization, resulting in higher net revenue rates from changes in customer term, product, and mix of $0.95 per Dth, or $289 million, partially offset by higher supply costs of $0.80 per Dth, or $251 million, driven by an increase in gas costs | 38 |
| Lower natural gas gross margin due to a decrease in load and change in customer mix | (7) |
| Lower gross margin due to a decrease in average realized prices at Midwest Generation, partially offset by an increase in generation volumes as a result of spark spread expansion in NYISO | (5) |
| Higher gross margin due to a 200% increase in PJM capacity prices and a 23% increase in NYISO capacity prices | 18 |
| Other | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Decrease in economic gross margin** | $**(77)** |
| Decrease in mark-to-market for economic hedging primarily due to net unrealized gains/losses on open positions related to economic hedges | (656) |
| Increase in contract amortization | (12) |
| Decrease in depreciation and amortization | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Decrease in gross margin** | $**(742)** |

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***West/Services/Other***

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| | |
|:---|:---|
| | **(In millions)** |
| Lower gross margin due to the disposition of Services businesses | $(40) |
| Higher electric gross margin due to higher revenue rates of $6.75 per MWh, or $22 million and lower supply costs of $4.00 per MWh, or $12 million | 34 |
| Higher gross margin primarily due to an increase in home protection plan sales | 4 |
| Lower natural gas gross margin due to a change in customer mix | (3) |
| Lower gross margin at Cottonwood driven by the expiration of the facility lease in May 2025 | (21) |
| Lower gross margin at Cottonwood due to spark spread contraction, partially offset by favorable capacity pricing | (14) |
| Other | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Decrease in economic gross margin** | $**(42)** |
| Increase in mark-to-market for economic hedging primarily due to net unrealized gains/losses on open positions related to economic hedges | 109 |
| Decrease in depreciation and amortization | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase in gross margin** | $**104** |

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***Vivint Smart Home***

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| | |
|:---|:---|
| | **(In millions)** |
| Higher gross margin primarily driven by growth in customers, or $25 million and higher revenue rates of $1.73 per customer or $11 million | $36 |
| Lower gross margin due to a decrease in non-recurring sales revenue | (7) |
| Other | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase in economic gross margin** | $**23** |
| Increase in depreciation and amortization | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase in gross margin** | $**16** |

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***Mark-to-Market for Economic Hedging Activities***

Mark-to-market for economic hedging activities includes asset-backed hedges that have not been designated as cash flow hedges. Total net mark-to-market results decreased by $1.2 billion during the three months ended June 30, 2025, compared to the same period in 2024.

The breakdown of gains and losses included in revenues and operating costs and expenses, by segment, was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Eliminations** | **Total** |
| **Mark-to-market results in revenue** | | | | | |
| Reversal of previously recognized unrealized (gains)/losses on settled positions related to economic hedges | $— | $(6) | $1 | $— | $(5) |
| Net unrealized gains/(losses) on open positions related to economic hedges |  | 9 | (3) | (2) | 4 |
| **Total mark-to-market gains/(losses) in revenue** | $— | $3 | $(2) | $(2) | $(1) |
| **Mark-to-market results in operating costs and expenses** |  |  |  |  |  |
| Reversal of previously recognized unrealized losses on settled positions related to economic hedges<sup>(a)</sup> | $8 | $58 | $59 | $— | $125 |
| Reversal of acquired loss positions related to economic hedges | 6 | 3 |  |  | 9 |
| Net unrealized (losses)/gains on open positions related to economic hedges | (20) | (452) | 54 | 2 | (416) |
| **Total mark-to-market (losses)/gains in operating costs and expenses** | $(6) | $(391) | $113 | $2 | $(282) |

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(a)Includes $30 million, within the Texas segment, related to derivative contracts that were elected as NPNS on October 1, 2024 and are no longer valued at fair value on a recurring basis. For further discussion, see Note 6, *Accounting for Derivative Instruments and Hedging Activities*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Eliminations** | **Total** |
| **Mark-to-market results in revenue** | | | | | |
| Reversal of previously recognized unrealized losses on settled positions related to economic hedges | $— | $1 | $2 | $1 | $4 |
| Net unrealized gains on open positions related to economic hedges |  | 64 | 15 | 1 | 80 |
| **Total mark-to-market gains in revenue** | $— | $65 | $17 | $2 | $84 |
| **Mark-to-market results in operating costs and expenses** |  |  |  |  |  |
| Reversal of previously recognized unrealized (gains)/losses on settled positions related to economic hedges | $(32) | $201 | $37 | $(1) | $205 |
| Reversal of acquired loss positions related to economic hedges | 7 | 8 | 2 |  | 17 |
| Net unrealized gains/(losses) on open positions related to economic hedges | 630 | (6) | (54) | (1) | 569 |
| **Total mark-to-market gains/(losses) in operating costs and expenses** | $605 | $203 | $(15) | $(2) | $791 |

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`

Mark-to-market results consist of unrealized gains and losses on contracts that are not yet settled. The settlement of these transactions is reflected in the same revenue or cost caption as the items being hedged.

The reversals of acquired gain or loss positions were valued based upon the forward prices on the acquisition date.

For the three months ended June 30, 2025, the $1 million loss in revenues from economic hedge positions was driven primarily by the reversal of previously recognized unrealized gains on contracts that settled during the period, largely offset by an increase in the value of open positions in East as a result of decreases in Northeast power prices. The $282 million loss in operating costs and expenses from economic hedge positions was driven primarily by a decrease in the value of open positions in East as a result of decreases in natural gas prices and Northeast power prices, partially offset by the reversal of previously recognized unrealized losses on contracts that settled during the period.

For the three months ended June 30, 2024, the $84 million gain in revenues from economic hedge positions was driven primarily by an increase in the value of East open positions as a result of decreases in PJM power prices. The $791 million gain in operating costs and expenses from economic hedge positions was driven primarily by an increase in the value of open positions in Texas as a result of increases in ERCOT power prices, as well as the reversal of previously recognized unrealized losses on contracts that settled during the period.

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In accordance with ASC 815, the following table represents the results of the Company's financial and physical trading of energy commodities for the three months ended June 30, 2025 and 2024. The realized and unrealized financial and physical trading results are included in revenue. The Company's trading activities are subject to limits based on the Company's Risk Management Policy.

---

| | | |
|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** |
| **(In millions)** | **2025** | **2024** |
| **Trading (losses)/gains** |  |  |
| &nbsp;&nbsp;&nbsp;Realized | $(3) | $— |
| &nbsp;&nbsp;&nbsp;Unrealized | 14 | 9 |
| Total trading gains | $11 | $9 |

---

***Operations and Maintenance Expense***

Operations and maintenance expense is comprised of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| Three months ended June 30, 2025 | $235 | $97 | $50 | $57 | $(5) | $434 |
| Three months ended June 30, 2024 | 230 | 80 | 55 | 57 | 1 | 423 |

---

Operations and maintenance expense increased by $11 million for the three months ended June 30, 2025, compared to the same period in 2024, due to the following:

---

| | |
|:---|:---|
| | **(In millions)** |
| Increase driven by higher retail operations costs | $17 |
| Increase due to the acquisition of the Texas Generation Portfolio facilities in April 2025 | 7 |
| Decrease due to the disposition of Services businesses | (20) |
| Other | 7 |
| &nbsp;&nbsp;&nbsp;Increase in operations and maintenance expense | $11 |

---

***Other Cost of Operations***

Other cost of operations is comprised of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Total** |
| Three months ended June 30, 2025 | $70 | $44 | $3 | $1 | $118 |
| Three months ended June 30, 2024 | 57 | 26 | 4 | 2 | 89 |

---

Other cost of operations for the three months ended June 30, 2025 increased by $29 million, when compared to the same period in 2024, due to the following:

---

| | |
|:---|:---|
| | **(In millions)** |
| Increase primarily due to changes in current year ARO cost estimates at Jewett Mine and in the East | $30 |
| Other | (1) |
| &nbsp;&nbsp;&nbsp;Increase in other cost of operations | $29 |

---

***Depreciation and Amortization***

Depreciation and amortization are comprised of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate** | **Total** |
| Three months ended June 30, 2025 | $93 | $36 | $11 | $193 | $11 | $344 |
| Three months ended June 30, 2024 | 77 | 39 | 48 | 186 | 10 | 360 |

---

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Depreciation and amortization decreased by $16 million for the three months ended June 30, 2025, compared to the same period in 2024, due to the following:

---

| | |
|:---|:---|
| | **(In millions)** |
| Decrease in amortization due to the disposition of Services businesses | $(26) |
| Increase in amortization of capitalized contract costs primarily in the Vivint Smart Home segment | 43 |
| Decrease in amortization driven by the expected roll off of the acquired Vivint Smart Home intangibles | (30) |
| Other | (3) |
| &nbsp;&nbsp;&nbsp;Decrease in depreciation and amortization | $(16) |

---

***Selling, General and Administrative Costs***

Selling, general and administrative costs are comprised of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Elimination** | **Total** |
| Three months ended June 30, 2025 | $211 | $151 | $44 | $317 | $1 | $724 |
| Three months ended June 30, 2024 | 182 | 133 | 67 | 155 | 8 | 545 |

---

Selling, general and administrative costs increased by $179 million for the three months ended June 30, 2025, compared to the same period in 2024, due to the following:

---

| | |
|:---|:---|
| | **(In millions)** |
| Increase due to reserves for legal matters in 2025 | $163 |
| Increase in equity linked compensation primarily driven by a higher share price in 2025 | 26 |
| Increase in personnel costs | 10 |
| Decrease due to the disposition of Services businesses | (10) |
| Decrease in marketing and media expenses | (5) |
| Other | (5) |
| &nbsp;&nbsp;&nbsp;Increase in selling, general and administrative costs | $179 |

---

***Acquisition-Related Transaction and Integration Costs***

Acquisition-related transaction and integration costs of $43 million and $6 million for the three months ended June 30, 2025 and 2024, respectively, include:

---

| | | |
|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** |
| **(In millions)** | **2025** | **2024** |
| LSP Portfolio acquisition costs | $23 | $— |
| Vivint Smart Home integration costs | 13 | 5 |
| Texas Generation Portfolio acquisition costs | 6 |  |
| Other integration costs | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Acquisition-related transaction and integration costs | $43 | $6 |

---

***Loss on Debt Extinguishment***

A loss on debt extinguishment of $202 million was recorded for the three months ended June 30, 2024, driven by the repurchase of a portion of the Convertible Senior Notes.

***Income Tax (Benefit)/Expense***

For the three months ended June 30, 2025, income tax benefit of $49 million was recorded on pre-tax loss of $153 million. For the same period in 2024, an income tax expense of $314 million was recorded on pre-tax income of $1.1 billion. The effective tax rates were 32.0% and 29.8% for the three months ended June 30, 2025 and 2024, respectively.

For the three months ended June 30, 2025, the effective tax rate was higher than the statutory rate of 21%, primarily due to the state tax benefit and permanent differences. For the same period in 2024, the effective tax rate was higher than the statutory rate of 21% primarily due to the state tax expense and permanent differences.

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**Management's discussion of the results of operations for the six months ended June 30, 2025 and 2024** 

***Electricity Prices***

The following table summarizes average on peak power prices for each of the major markets in which NRG operates for the six months ended June 30, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
| | **Average on Peak Power Price ($/MWh)** | **Average on Peak Power Price ($/MWh)** | **Average on Peak Power Price ($/MWh)** |
| | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **<u>Region</u>** | **2025** | **2024** | **Change %** |
| Texas |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ERCOT - Houston <sup>(a)</sup> | $38.84 | $34.07 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;ERCOT - North<sup>(a)</sup> | 36.62 | 31.18 | 17% |
| East |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NY J/NYC<sup>(b)</sup> | $80.82 | $42.13 | 92% |
| &nbsp;&nbsp;&nbsp;&nbsp;NEPOOL<sup>(b)</sup> | 77.34 | 41.00 | 89% |
| &nbsp;&nbsp;&nbsp;&nbsp;COMED (PJM)<sup>(b)</sup> | 41.59 | 29.74 | 40% |
| &nbsp;&nbsp;&nbsp;&nbsp;PJM West Hub<sup>(b)</sup> | 56.46 | 36.75 | 54% |
| West |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MISO - Louisiana Hub<sup>(b)</sup> | $47.77 | $29.33 | 63% |
| &nbsp;&nbsp;&nbsp;&nbsp;CAISO - SP15<sup>(b)</sup> | 21.66 | 20.69 | 5% |

---

(a) Average on peak power prices based on real time settlement prices as published by the respective ISOs

(b) Average on peak power prices based on day ahead settlement prices as published by the respective ISOs

***Natural Gas Prices***

The following table summarizes the average Henry Hub natural gas price for the six months ended June 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **Change %** |
| ($/MMBtu) | $3.55 | $2.07 | 71% |

---

***Gross Margin***

The Company calculates gross margin in order to evaluate operating performance as revenues less cost of fuel, purchased energy and other costs of sales, mark-to-market for economic hedging activities, contract and emissions credit amortization and depreciation and amortization.

***Economic Gross Margin***

In addition to gross margin, the Company evaluates its operating performance using the measure of economic gross margin, which is not a GAAP measure and may not be comparable to other companies' presentations or deemed more useful than the GAAP information provided elsewhere in this report. Economic gross margin should be viewed as a supplement to and not a substitute for the Company's presentation of gross margin, which is the most directly comparable GAAP measure. Economic gross margin is not intended to represent gross margin. The Company believes that economic gross margin is useful to investors as it is a key operational measure reviewed by the Company's management. Economic gross margin is defined as the sum of energy revenue, capacity revenue, retail revenue and other revenue, less cost of fuel, purchased energy and other cost of sales. Economic gross margin does not include mark-to-market gains or losses on economic hedging activities, contract and emissions credit amortization, depreciation and amortization, operations and maintenance, or other cost of operations.

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The following tables present the composition and reconciliation of gross margin and economic gross margin for the six months ended June 30, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| **($ In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;Retail revenue | $5166 | $6958 | $1647 | $998 | $(34) | $14735 |
| &nbsp;&nbsp;&nbsp;Energy revenue | 22 | 222 | 101 |  | (1) | 344 |
| &nbsp;&nbsp;&nbsp;Capacity revenue |  | 95 | 14 |  | (1) | 108 |
| &nbsp;&nbsp;&nbsp;Mark-to-market for economic hedging activities |  | (16) |  |  |  | (16) |
| &nbsp;&nbsp;&nbsp;Contract amortization |  | (5) |  |  |  | (5) |
| &nbsp;&nbsp;Other revenue<sup>(a)</sup> | 94 | 60 | 12 |  | (7) | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 5282 | 7314 | 1774 | 998 | (43) | 15325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of fuel | (378) | (143) | (64) |  |  | (585) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased energy and other cost of sales<sup>(b)(c)(d)</sup> | (3166) | (6084) | (1402) | (87) | 16 | (10723) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market for economic hedging activities | 32 | (83) | 115 |  |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract and emissions credit amortization | (4) | (22) | (2) |  |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (176) | (73) | (24) | $(375) | (22) | (670) |
| &nbsp;&nbsp;&nbsp;**Gross margin** | $**1590** | $**909** | $**397** | $**536** | $**(49)** | $**3383** |
| &nbsp;&nbsp;&nbsp;Less: Mark-to-market for economic hedging activities, net | 32 | (99) | 115 |  |  | 48 |
| &nbsp;&nbsp;&nbsp;Less: Contract and emissions credit amortization, net | (4) | (27) | (2) |  |  | (33) |
| &nbsp;&nbsp;&nbsp;Less: Depreciation and amortization | (176) | (73) | (24) | (375) | (22) | (670) |
| &nbsp;&nbsp;&nbsp;**Economic gross margin** | $**1738** | $**1108** | $**308** | $**911** | $**(27)** | $**4038** |
| &nbsp;&nbsp;(a) Includes trading gains and losses and ancillary revenues |  |  |  |  |  |  |
| (b) Includes capacity and emissions credits |  |  |  |  |  |  |
| (c) Includes $1.7 billion, $130 million and $619 million of TDSP expense in Texas, East, and West/Services/Other, respectively | (c) Includes $1.7 billion, $130 million and $619 million of TDSP expense in Texas, East, and West/Services/Other, respectively | (c) Includes $1.7 billion, $130 million and $619 million of TDSP expense in Texas, East, and West/Services/Other, respectively | (c) Includes $1.7 billion, $130 million and $619 million of TDSP expense in Texas, East, and West/Services/Other, respectively | (c) Includes $1.7 billion, $130 million and $619 million of TDSP expense in Texas, East, and West/Services/Other, respectively | (c) Includes $1.7 billion, $130 million and $619 million of TDSP expense in Texas, East, and West/Services/Other, respectively | (c) Includes $1.7 billion, $130 million and $619 million of TDSP expense in Texas, East, and West/Services/Other, respectively |
| &nbsp;&nbsp;&nbsp;&nbsp;(d) Excludes depreciation and amortization shown separately  | &nbsp;&nbsp;&nbsp;&nbsp;(d) Excludes depreciation and amortization shown separately  | &nbsp;&nbsp;&nbsp;&nbsp;(d) Excludes depreciation and amortization shown separately  |  |  |  |  |
| **Business Metrics** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;**<u>Retail sales</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home electricity sales volume (GWh) | 18559 | 7600 | 1223 |  |  | 27382 |
| &nbsp;&nbsp;&nbsp;Business electricity sales volume (GWh) | 19065 | 22150 | 5656 |  |  | 46871 |
| &nbsp;&nbsp;&nbsp;Home natural gas sales volume (MDth) |  | 32858 | 43669 |  |  | 76527 |
| &nbsp;&nbsp;&nbsp;Business natural gas sales volume (MDth) |  | 809558 | 94650 |  |  | 904208 |
| &nbsp;&nbsp;Average retail Home customer count (in thousands)<sup>(a)</sup> | 2930 | 2196 | 719 |  |  | 5845 |
| &nbsp;&nbsp;Ending retail Home customer count (in thousands)<sup>(a)</sup> | 2904 | 2164 | 711 |  |  | 5779 |
| &nbsp;&nbsp;Average Vivint Smart Home customer count (in thousands)<sup>(b)</sup> |  |  |  | 2185 |  | 2185 |
| &nbsp;&nbsp;Ending Vivint Smart Home customer count (in thousands)<sup>(b)</sup> |  |  |  | 2268 |  | 2268 |
| &nbsp;&nbsp;&nbsp;**<u>Power generation</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GWh sold | 12581 | 2863 | 2116 |  |  | 17560 |
| &nbsp;&nbsp;GWh generated<sup>(c)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coal | 10015 | 1696 |  |  |  | 11711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas | 2566 | 2 | 2114 |  |  | 4682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil |  | 7 |  |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewables |  |  | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 12581 | 1705 | 2116 |  |  | 16402 |
| &nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice |
| &nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products | &nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products | &nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products | &nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products | &nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products | &nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products | &nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products |
| &nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments | &nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments | &nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments | &nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments | &nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments | &nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments | &nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** |
| **($ In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;Retail revenue | $4870 | $5789 | $1987 | $935 | $(8) | $13573 |
| &nbsp;&nbsp;&nbsp;Energy revenue | 23 | 127 | 118 |  | (6) | 262 |
| &nbsp;&nbsp;&nbsp;Capacity revenue |  | 80 | 8 |  | (2) | 86 |
| &nbsp;&nbsp;&nbsp;Mark-to-market for economic hedging activities |  | 14 | 8 |  | 2 | 24 |
| &nbsp;&nbsp;&nbsp;Contract amortization |  | (16) | (1) |  |  | (17) |
| &nbsp;&nbsp;Other revenue<sup>(a)</sup>  | 103 | 53 | 9 |  | (5) | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 4996 | 6047 | 2129 | 935 | (19) | 14088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of fuel | (245) | (54) | (53) |  |  | (352) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased energy and other cost of sales<sup>(b)(c)(d)</sup> | (3216) | (4956) | (1717) | (71) | 12 | (9948) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market for economic hedging activities | 830 | 605 | (110) |  | (2) | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract and emissions credit amortization | (2) | (42) | (2) |  |  | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (159) | (78) | (73) | $(363) | (20) | (693) |
| &nbsp;&nbsp;&nbsp;**Gross margin** | $**2204** | $**1522** | $**174** | $**501** | $**(29)** | $**4372** |
| &nbsp;&nbsp;&nbsp;Less: Mark-to-market for economic hedging activities, net | 830 | 619 | (102) |  |  | 1347 |
| &nbsp;&nbsp;&nbsp;Less: Contract and emissions credit amortization, net | (2) | (58) | (3) |  |  | (63) |
| &nbsp;&nbsp;&nbsp;Less: Depreciation and amortization | (159) | (78) | (73) | (363) | (20) | (693) |
| &nbsp;&nbsp;&nbsp;**Economic gross margin** | $**1535** | $**1039** | $**352** | $**864** | $**(9)** | $**3781** |
| &nbsp;&nbsp;(a) Includes trading gains and losses and ancillary revenues |  |  |  |  |  |  |
| (b) Includes capacity and emissions credits |  |  |  |  |  |  |
| (c) Includes $1.6 billion, $136 million and $657 million of TDSP expense in Texas, East and West/Services/Other, respectively | (c) Includes $1.6 billion, $136 million and $657 million of TDSP expense in Texas, East and West/Services/Other, respectively | (c) Includes $1.6 billion, $136 million and $657 million of TDSP expense in Texas, East and West/Services/Other, respectively | (c) Includes $1.6 billion, $136 million and $657 million of TDSP expense in Texas, East and West/Services/Other, respectively | (c) Includes $1.6 billion, $136 million and $657 million of TDSP expense in Texas, East and West/Services/Other, respectively | (c) Includes $1.6 billion, $136 million and $657 million of TDSP expense in Texas, East and West/Services/Other, respectively | (c) Includes $1.6 billion, $136 million and $657 million of TDSP expense in Texas, East and West/Services/Other, respectively |
| (d) Excludes depreciation and amortization shown separately | (d) Excludes depreciation and amortization shown separately | (d) Excludes depreciation and amortization shown separately |  |  |  |  |
| **Business Metrics** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| &nbsp;&nbsp;&nbsp;**<u>Retail sales</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home electricity sales volume (GWh) | 18414 | 7446 | 1140 |  |  | 27000 |
| &nbsp;&nbsp;&nbsp;Business electricity sales volume (GWh) | 19740 | 23209 | 6012 |  |  | 48961 |
| &nbsp;&nbsp;&nbsp;Home natural gas sales volume (MDth) |  | 30113 | 45042 |  |  | 75155 |
| &nbsp;&nbsp;&nbsp;Business natural gas sales volume (MDth) |  | 805824 | 97693 |  |  | 903517 |
| &nbsp;&nbsp;Average retail Home customer count (in thousands)<sup>(a)</sup> | 2951 | 2174 | 764 |  |  | 5889 |
| &nbsp;&nbsp;Ending retail Home customer count (in thousands)<sup>(a)</sup> | 2960 | 2194 | 772 |  |  | 5926 |
| &nbsp;&nbsp;Average Vivint Smart Home customer count (in thousands)<sup>(b)</sup> |  |  |  | 2056 |  | 2056 |
| &nbsp;&nbsp;Ending Vivint Smart Home customer count (in thousands)<sup>(b)</sup> |  |  |  | 2106 |  | 2106 |
| &nbsp;&nbsp;&nbsp;**<u>Power generation</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GWh sold | 8315 | 2118 | 2874 |  |  | 13307 |
| &nbsp;&nbsp;GWh generated<sup>(c)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Coal | 4936 | 965 |  |  |  | 5901 |
| &nbsp;&nbsp;&nbsp; Gas | 3379 |  | 2871 |  |  | 6250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil |  | 3 |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp; Renewables |  |  | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 8315 | 968 | 2874 |  |  | 12157 |
| &nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice | &nbsp;&nbsp;&nbsp;(a) Home customer count includes recurring residential customers, services customers and community choice |
| &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products | &nbsp;&nbsp;&nbsp;(b) Vivint Smart Home customers that also purchase other NRG products |
| &nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments | &nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments | &nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments | &nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments | &nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments | &nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments | &nbsp;&nbsp;&nbsp;(c) Includes owned and leased generation, excludes tolled generation and equity investments |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following table represents the weather metrics for the six months ended June 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **Weather Metrics** | **Texas** | **East** | **West/Services/Other**<sup>(b)</sup> |
| **2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CDDs<sup>(a)</sup> | 1254 | 411 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;HDDs<sup>(a)</sup> | 1063 | 2971 | 1376 |
| **2024** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CDDs | 1289 | 463 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;HDDs | 916 | 2648 | 1299 |
| **10-year average** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CDDs | 1132 | 404 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;HDDs | 988 | 2925 | 1283 |

---

(a) National Oceanic and Atmospheric Administration-Climate Prediction Center - A Cooling Degree Day, or CDD, represents the number of degrees that the mean temperature for a particular day is above 65 degrees Fahrenheit in each region. A Heating Degree Day, or HDD, represents the number of degrees that the mean temperature for a particular day is below 65 degrees Fahrenheit in each region. The CDDs/HDDs for a period of time are calculated by adding the CDDs/HDDs for each day during the period

(b) The West/Services/Other weather metrics are comprised of the average of the CDD and HDD regional results for the West-California and West-South Central regions

***Gross Margin and Economic Gross Margin***

Gross margin decreased $989 million and economic gross margin increased $257 million, both of which include intercompany sales, during the six months ended June 30, 2025, compared to the same period in 2024.

The following tables describe the changes in gross margin and economic gross margin by segment:

***Texas***

---

| | |
|:---|:---|
| | **(In millions)** |
| Higher gross margin due to the net effect of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase in net revenue of $229 million, primarily driven by changes in customer term, product and mix<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a 2%, or $35 million increase in cost to serve the retail load, driven by higher realized power prices associated with the Company's diversified supply strategy | $194 |
| Higher gross margin primarily due to an increase in residential load attributed to weather | 4 |
| Other | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase in economic gross margin** | $**203** |
| Decrease in mark-to-market for economic hedging primarily due to net unrealized gains/losses on open positions related to economic hedges | (798) |
| Increase in contract and emissions credit amortization | (2) |
| Increase in depreciation and amortization | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Decrease in gross margin** | $**(614)** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***East***

---

| | |
|:---|:---|
| | **(In millions)** |
| Lower gross margin due to the deactivation of Indian River Unit 4 in February 2025 | $(25) |
| Higher natural gas gross margin, including the impact of transportation and storage contract optimization, resulting in higher revenue rates from changes in customer term, product, and mix of $1.20 per Dth, or $990 million, partially offset by higher supply costs of $1.05 per Dth, or $863 million, driven by an increase in gas costs | 127 |
| Higher natural gas gross margin due to an increase in load of 4.4 MMDth from weather | 10 |
| Lower natural gas gross margin due to a change in customer mix | (6) |
| Lower electric gross margin due to higher supply costs of $10.00 per MWh, or $298 million driven primarily by increases in power prices, partially offset by higher net revenue rates of $7.50 per MWh, or $206 million, as a result of changes in customer term, product and mix | (92) |
| Higher electric gross margin due to an increase in load of 183 GWhs from weather | 5 |
| Higher gross margin due to an increase in generation volumes as a result of spark spread expansion in NYISO, partially offset by a decrease in average realized prices at Midwest Generation | 17 |
| Higher gross margin due to a 150% increase in PJM capacity prices and a 62% increase in NYISO capacity prices | 35 |
| Other | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase in economic gross margin** | $**69** |
| Decrease in mark-to-market for economic hedging primarily due to net unrealized gains/losses on open positions related to economic hedges | (718) |
| Decrease in contract amortization | 31 |
| Decrease in depreciation and amortization | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Decrease in gross margin** | $**(613)** |

---

***West/Services/Other***

---

| | |
|:---|:---|
| | **(In millions)** |
| Lower gross margin due to the disposition of Services businesses | $(83) |
| Higher electric gross margin due to lower supply costs of $8.50 per MWh, or $59 million, partially offset by lower revenue rates of $2.50 per MWh, or $20 million | 39 |
| Higher natural gas gross margin due to lower supply costs of $0.10 per Dth, or $13 million and higher net revenue of $2 million | 15 |
| Higher gross margin primarily due to an increase in home protection plan sales | 20 |
| Lower gross margin at Cottonwood driven by the expiration of the facility lease in May 2025 | (21) |
| Lower gross margin at Cottonwood due to spark spread contraction, partially offset by favorable capacity pricing | (12) |
| Other | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Decrease in economic gross margin** | $**(44)** |
| Increase in mark-to-market for economic hedges primarily due to net unrealized gains/losses on open positions related to economic hedges | 217 |
| Decrease in contract amortization | 1 |
| Decrease in depreciation and amortization | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase in gross margin** | $**223** |

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***Vivint Smart Home***

---

| | |
|:---|:---|
| | **(In millions)** |
| Higher gross margin primarily driven by growth in customers, or $52 million and higher revenue rates of $1.16 per customer or $15 million | $67 |
| Lower gross margin due to a decrease in non-recurring sales revenue | (12) |
| Other | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase in economic gross margin** | $**47** |
| Increase in depreciation and amortization | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase in gross margin** | $**35** |

---

***Mark-to-Market for Economic Hedging Activities***

Mark-to-market for economic hedging activities includes asset-backed hedges that have not been designated as cash flow hedges. Total net mark-to-market results decreased by $1.3 billion during the six months ended June 30, 2025, compared to the same period in 2024.

The breakdown of gains and losses included in revenues and operating costs and expenses by segment was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Eliminations** | **Total** |
| **Mark-to-market results in revenue** | | | | | |
| Reversal of previously recognized unrealized gains on settled positions related to economic hedges | $— | $(7) | $(2) | $— | $(9) |
| Net unrealized (losses)/gains on open positions related to economic hedges |  | (9) | 2 |  | (7) |
| **Total mark-to-market losses in revenue** | $— | $(16) | $— | $— | $(16) |
| **Mark-to-market results in operating costs and expenses** |  |  |  |  |  |
| Reversal of previously recognized unrealized (gains)/losses on settled positions related to economic hedges<sup>(a)</sup> | $(137) | $(65) | $113 | $— | $(89) |
| Reversal of acquired loss/(gain) positions related to economic hedges | 9 | (4) |  |  | 5 |
| Net unrealized gains/(losses) on open positions related to economic hedges | 160 | (14) | 2 |  | 148 |
| **Total mark-to-market gains/(losses) in operating costs and expenses** | $32 | $(83) | $115 | $— | $64 |

---

(a)Includes $(53) million, within the Texas segment, related to derivative contracts that were elected as NPNS on October 1, 2024 and are no longer valued at fair value on a recurring basis. For further discussion, see Note 6, *Accounting for Derivative Instruments and Hedging Activities*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** |
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Eliminations** | **Total** |
| **Mark-to-market results in revenue** | | | | | |
| Reversal of previously recognized unrealized (gains) on settled positions related to economic hedges | $— | $(32) | $(9) | $2 | $(39) |
| Net unrealized gains on open positions related to economic hedges |  | 46 | 17 |  | 63 |
| **Total mark-to-market gains in revenue** | $— | $14 | $8 | $2 | $24 |
| **Mark-to-market results in operating costs and expenses** |  |  |  |  |  |
| Reversal of previously recognized unrealized (gains)/losses on settled positions related to economic hedges | $(118) | $532 | $80 | $(2) | $492 |
| Reversal of acquired loss/(gain) positions related to economic hedges | 11 | (8) | 2 |  | 5 |
| Net unrealized gains/(losses) on open positions related to economic hedges | 937 | 81 | (192) |  | 826 |
| **Total mark-to-market gains/(losses) in operating costs and expenses** | $830 | $605 | $(110) | $(2) | $1323 |

---

Mark-to-market results consist of unrealized gains and losses on contracts that are not yet settled. The settlement of these transactions is reflected in the same revenue or cost caption as the items being hedged.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For the six months ended June 30, 2025, the $16 million loss in revenues from economic hedge positions was driven primarily by the reversal of previously recognized unrealized gains on contracts that settled during the period and a decrease in the value of East open positions as a result of increases in Northeast power prices. The $64 million gain in operating costs and expenses from economic hedge positions was driven primarily by an increase in the value of Texas open positions as a result of increases in ERCOT power prices, partially offset by the reversal of previously recognized unrealized gains on contracts that settled during the period.

For the six months ended June 30, 2024, the $24 million gain in revenues from economic hedge positions was primarily driven by an increase in the value of newly executed East open positions and decreases in PJM power prices, partially offset by the reversal of previously recognized unrealized gains on contracts that settled during the period. The $1.3 billion gain in operating costs and expenses from economic hedge positions was driven primarily by an increase in the value of Texas open positions as a result of increases in ERCOT power prices, as well as the reversal of previously recognized unrealized gains on contracts that settled during the period.

In accordance with ASC 815, the following table represents the results of the Company's financial and physical trading of energy commodities for the six months ended June 30, 2025 and 2024. The realized and unrealized financial and physical trading results are included in revenue. The Company's trading activities are subject to limits based on the Company's Risk Management Policy.

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| **(In millions)** | **2025** | **2024** |
| **Trading gains** |  |  |
| &nbsp;&nbsp;&nbsp;Realized | $1 | $5 |
| &nbsp;&nbsp;&nbsp;Unrealized | 10 | 5 |
| Total trading gains | $11 | $10 |

---

***Operations and Maintenance Expense***

Operations and maintenance expense are comprised of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| Six months ended June 30, 2025 | $329 | $198 | $91 | $117 | $(13) | $722 |
| Six months ended June 30, 2024 | 415 | 157 | 107 | 111 | 1 | 791 |

---

Operations and maintenance expense decreased by $69 million for the six months ended June 30, 2025, compared to the same period in 2024, due to the following:

---

| | |
|:---|:---|
| | **(In millions)** |
| Decrease due to the final property insurance claim for the extended outage at W.A. Parish received in 2025 | $(100) |
| Decrease due to the disposition of Services businesses | (38) |
| Increase in planned major maintenance expenditures associated with the scope of outages at Powerton and Cottonwood, partially offset by the timing of planned maintenance expenditures in Texas | 28 |
| Increase driven by higher retail operations costs | 22 |
| Increase due to the acquisition of the Texas Generation Portfolio facilities in April 2025 | 7 |
| Increase driven by higher Vivint Smart Home operations costs to support customer growth | 6 |
| Other | 6 |
| &nbsp;&nbsp;&nbsp;Decrease in operations and maintenance expense | $(69) |

---

***Other Cost of Operations***

Other Cost of operations are comprised of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Total** |
| Six months ended June 30, 2025 | $125 | $63 | $6 | $2 | $196 |
| Six months ended June 30, 2024 | 107 | 58 | 7 | 4 | 176 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Other cost of operations increased by $20 million for the six months ended June 30, 2025, compared to the same period in 2024, due to the following:

---

| | |
|:---|:---|
| | **(In millions)** |
| Increase due to changes in current year ARO cost estimates at Jewett Mine, partially offset by changes in current year ARO cost estimates at Midwest Generation | $17 |
| Other | 3 |
| &nbsp;&nbsp;&nbsp;Increase in other cost of operations | $20 |

---

***Depreciation and Amortization***

Depreciation and amortization expenses are comprised of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate** | **Total** |
| Six months ended June 30, 2025 | $176 | $73 | $24 | $375 | $22 | $670 |
| Six months ended June 30, 2024 | 159 | 78 | 73 | 363 | 20 | 693 |

---

Depreciation and amortization decreased by $23 million for the six months ended June 30, 2025, compared to the same period in 2024, due to the following:

---

| | |
|:---|:---|
| | **(In millions)** |
| Decrease in amortization due to the disposition of Services businesses | $(32) |
| Decrease in amortization primarily due to the roll off of intangibles in Texas, East and West | (18) |
| Increase in amortization of capitalized contract costs primarily in the Vivint Smart Home segment | 86 |
| Decrease in amortization driven by the expected roll off of the acquired Vivint Smart Home intangibles | (60) |
| Other | 1 |
| &nbsp;&nbsp;&nbsp;Decrease in depreciation and amortization | $(23) |

---

***Selling, General and Administrative Costs***

Selling, general and administrative costs comprised of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **Texas** | **East** | **West/Services/Other** | **Vivint Smart Home** | **Corporate/Eliminations** | **Total** |
| Six months ended June 30, 2025 | $416 | $294 | $86 | $470 | $7 | $1273 |
| Six months ended June 30, 2024 | 362 | 278 | 121 | 309 | 24 | 1094 |

---

Selling, general and administrative costs increased by $179 million for the six months ended June 30, 2025, compared to the same period in 2024, due to the following:

---

| | |
|:---|:---|
| | **(In millions)** |
| Increase due to reserves for legal matters in 2025 | $175 |
| Increase in equity linked compensation primarily driven by a higher share price in 2025 | 31 |
| Increase in personnel costs | 28 |
| Decrease due to the disposition of Services businesses | (22) |
| Decrease in provision for credit losses primarily due to improved customer payment behavior | (20) |
| Decrease in marketing and media expenses | (9) |
| Other | (4) |
| Increase in selling, general and administrative costs | $179 |

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***Acquisition-Related Transaction and Integration Costs***

Acquisition-related transaction and integration costs of $51 million and $15 million for the six months ended June 30, 2025 and 2024, respectively, include:

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| **(In millions)** | **2025** | **2024** |
| LSP Portfolio acquisition costs | $23 | $— |
| Vivint Smart Home integration costs | 21 | 13 |
| Texas Generation Portfolio acquisition costs | 6 |  |
| Other integration costs | 1 | 2 |
| &nbsp;&nbsp;&nbsp;Acquisition-related transaction and integration costs | $51 | $15 |

---

***Other Income, Net***

Other income, net decreased by $17 million for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to lower interest income in 2025 and an indemnity reduction recorded in 2024.

***Loss on Debt Extinguishment***

A loss on debt extinguishment of $260 million was recorded for the six months ended June 30, 2024, driven by the repurchase of a portion of the Convertible Senior Notes.

***Income Tax Expense***

For the six months ended June 30, 2025, an income tax expense of $186 million was recorded on a pre-tax income of $832 million. For the same period in 2024, income tax expense of $498 million was recorded on pre-tax income of $1.7 billion. The effective tax rates were 22.4% and 28.5% for the six months ended June 30, 2025 and 2024, respectively.

For the six months ended June 30, 2025, NRG's effective tax rate was higher than the statutory rate of 21%, primarily due to the state tax expense, partially offset with favorable permanent differences. For the same period in 2024, NRG's effective tax rate was higher than the statutory rate of 21%, primarily due to the state tax expense and permanent differences.

**Liquidity and Capital Resources** 

***Liquidity Position***

As of June 30, 2025 and December 31, 2024, NRG's total liquidity, excluding funds deposited by counterparties, of approximately $5.3 billion and $5.4 billion, respectively, was comprised of the following:

---

| | | |
|:---|:---|:---|
| **(In millions)** | **June 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $180 | $966 |
| Restricted cash - operating | 11 | 4 |
| Restricted cash - reserves<sup>(a)</sup> | 6 | 4 |
| &nbsp;&nbsp;&nbsp;Total | 197 | 974 |
| Total availability under Revolving Credit Facility and collective collateral facilities<sup>(b)</sup> | 5058 | 4469 |
| &nbsp;&nbsp;&nbsp;Total liquidity, excluding funds deposited by counterparties | $5255 | $5443 |

---

(a) Includes reserves primarily for debt service, performance obligations and capital expenditures

(b) Total capacity of Revolving Credit Facility and collective collateral facilities was $7.8 billion and $7.3 billion as of June 30, 2025 and December 31, 2024, respectively

For the six months ended June 30, 2025, total liquidity, excluding funds deposited by counterparties, decreased by $188 million. Changes in cash and cash equivalent balances are further discussed under the heading *Cash Flow Discussion*. Cash and cash equivalents at June 30, 2025 were predominantly held in bank deposits.

Management believes that the Company's liquidity position and cash flows from operations will be adequate to finance operating and maintenance capital expenditures, to fund dividends, and to fund other liquidity commitments in the short and long-term. Management continues to regularly monitor the Company's ability to finance the needs of its operating, financing and investing activity within the dictates of prudent balance sheet management.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Liquidity***

The principal sources of liquidity for NRG's operating and capital expenditures are expected to be derived from cash on hand, cash flows from operations and financing arrangements. As described in Note 7, *Long-term Debt and Finance Leases*, to this Form 10-Q, the Company's financing arrangements consist mainly of the Senior Notes, Convertible Senior Notes, Senior Secured First Lien Notes, Senior Credit Facility, Receivables Facility and tax-exempt bonds. The Company also issues letters of credit through bilateral letter of credit facilities and the pre-capitalized trust securities facility.

The Company's requirements for liquidity and capital resources, other than for operating its facilities, can generally be categorized by the following: (i) market operations activities; (ii) debt service obligations, as described in Note 7, *Long-term Debt and Finance Leases;* (iii) capital expenditures, including maintenance, environmental, and investments and integration; and (iv) allocations in connection with acquisition opportunities, debt repayments, share repurchases and dividend payments to stockholders, as described in Note 9, *Changes in Capital Structure*.

*Anticipated Acquisition of LSP Portfolio*

On May 12, 2025, NRG entered into a definitive agreement with LS Power to acquire a power portfolio including 13 GW of natural gas-fired generation facilities and the C&I VPP platform with 6 GW of capacity. The consideration will consist of 24.25 million shares of NRG common stock, and $6.4 billion in cash, subject to working capital adjustments as set forth in the purchase agreement. As part of the transaction, NRG will also assume $3.2 billion of debt. The Company expects to fund the cash portion of the consideration using a combination of newly-issued secured debt and cash on hand. The acquisition is expected to close in the first quarter of 2026 and is subject to the satisfaction or waiver of specified closing conditions, consents and regulatory approvals, including HSR, FERC, DOJ, and NYSPSC. For further discussion, see Note 4, *Acquisitions.*

In connection with the anticipated acquisition of the LSP Portfolio, NRG entered into a commitment letter for the Bridge Facility in a principal amount not to exceed $4.4 billion for the purposes of paying a portion of the consideration for the anticipated acquisition and paying fees and expenses in connection with the anticipated acquisition. See Note 7, *Long-term Debt and Finance Leases*

*Acquisition of Texas Generation Portfolio*

On April 10, 2025, the Company acquired all of the ownership interests of six power generation facilities from Rockland Capital, LLC, adding 738 MW of natural gas-fired assets in Texas to its portfolio for $560 million in consideration, less $1 million in initial working capital adjustments. For further discussion, see Note 4, *Acquisitions.* 

*Receivables Securitization Facilities*

On June 20, 2025, NRG Receivables, an indirect wholly-owned subsidiary of the Company, amended its existing Receivables Facility to extend the scheduled termination date to June 18, 2026.

*Amendment to Term Loan*

On July 22, 2025, the Company, as borrower, and certain subsidiaries of the Company, as guarantors, entered into the Fifteenth Amendment with, among others, the Agent, and certain financial institutions, as lenders, which amended the Credit Agreement by adding a new incremental Term Loan B in an aggregate principal amount of $1.0 billion. For further discussion, see Note 7, *Long-term Debt and Finance Leases*.

*Revolving Credit Facility*

On May 27, 2025, the Company, as borrower, and certain of its subsidiaries, as guarantors, entered into the Fourteenth Amendment to the Credit Agreement in order to (i) increase the commitments under the Revolving Credit Facility by the Incremental Commitments to an aggregate amount equal to $4.6 billion and (ii) make certain other amendments to the Credit Agreement. As of June 30, 2025, $135 million of borrowings were outstanding, which were fully repaid as of July 31, 2025. For further discussion, see Note 7, *Long-term Debt and Finance Leases*.

*Convertible Senior Notes Redemption*

On May 15, 2025, the Company issued a notice of redemption for the Convertible Senior Notes. On the Redemption Date, the Company used cash on hand to redeem $12 million in aggregate principal amount of the Convertible Senior Notes, at a redemption price equal to 100.000%. The majority of the Convertible Senior Note holders elected to convert the notes prior to the Redemption Date and received $220 million in cash with respect to the remaining principal amount of the Convertible Senior Notes and a total of 3,986,335 shares for the conversion premium. See Note 7, *Long-term Debt and Finance Leases.*

*Texas Development Priorities*

On July 31, 2025, NRG entered into a $216 million loan agreement with the PUCT under the TEF to support development at its T.H. Wharton generation facility, which is currently under construction. The TEF loan bears interest at a fixed coupon rate

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

of 3.000% per annum and has a final maturity date of July 31, 2045. The initial disbursement of funds for the TEF loan occurred in July 2025.

*Liability Management*

The Company has currently spent $263 million and intends to spend approximately $12 million from cash from operations on liability management during the remainder of 2025. The Company remains committed to maintaining a strong balance sheet and its targeted credit metrics.

*Market Operations*

The Company's market operations activities require a significant amount of liquidity and capital resources. These liquidity requirements are primarily driven by: (i) margin and collateral posted with counterparties; (ii) margin and collateral required to participate in physical markets and commodity exchanges; (iii) timing of disbursements and receipts (e.g., buying energy before receiving retail revenues); and (iv) initial collateral for large structured transactions. As of June 30, 2025, market operations had total cash collateral outstanding of $361 million and $2.7 billion outstanding in letters of credit to third parties primarily to support its market activities. As of June 30, 2025, total funds deposited by counterparties were $446 million in cash and $454 million of letters of credit.

Future liquidity requirements may change based on the Company's hedging activities and structures, fuel purchases, and future market conditions, including forward prices for energy and fuel and market volatility. In addition, liquidity requirements are dependent on the Company's credit ratings and general perception of its creditworthiness.

*First Lien Structure*

NRG has the capacity to grant first liens to certain counterparties on a substantial portion of the Company's assets, subject to various exclusions including NRG's assets that have project-level financing and the assets of certain non-guarantor subsidiaries, to reduce the amount of cash collateral and letters of credit that it would otherwise be required to post from time to time to support its obligations under out-of-the-money hedge agreements. The first lien program does not limit the volume that can be hedged, or the value of underlying out-of-the-money positions. The first lien program also does not require NRG to post collateral above any threshold amount of exposure. The first lien structure is not subject to unwind or termination upon a ratings downgrade of a counterparty and has no stated maturity date.

The Company's first lien counterparties may have a claim on its assets to the extent market prices exceed the hedged prices. As of June 30, 2025, all hedges under the first liens were out-of-the-money on a counterparty aggregate basis.

*Capital Expenditures*

The following table summarizes the Company's capital expenditures for maintenance, environmental and investments and integration for the six months ended June 30, 2025, and the estimated forecast for the remainder of the year.

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| | | | | |
|:---|:---|:---|:---|:---|
| **(In millions)** | **Maintenance** | **Environmental** | **Investments and Integration** | **Total** |
| Texas | $124 | $19 | $384 | $527 |
| East | 5 |  |  | 5 |
| West/Services/Other | 6 |  | 1 | 7 |
| Vivint Smart Home | 6 |  | 2 | 8 |
| Corporate | 11 |  | 37 | 48 |
| Total cash capital expenditures for the six months ended June 30, 2025<sup>(a)</sup> | $152 | $19 | $424 | $595 |
| &nbsp;&nbsp;&nbsp;Integration operating expenses and cost to achieve |  |  | 23 | 23 |
| &nbsp;&nbsp;&nbsp;Investments |  |  | 115 | 115 |
| Total cash capital expenditures and investments for the six months ended June 30, 2025 | $152 | $19 | $562 | $733 |
| Estimated cash capital expenditures and investments for the remainder of 2025 | 204 | 6 | 334 | 544 |
| Estimated full year 2025 cash capital expenditures and investments | $356 | $25 | $896 | $1277 |

---

(a)Capital expenditures exclude W.A. Parish insurance proceeds of $100 million

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investments and Integration for the six months ended June 30, 2025 include growth expenditures, integration, small book acquisitions and other investments.

*Environmental Capital Expenditures Estimate*

NRG estimates that environmental capital expenditures from 2025 through 2029 required to comply with environmental laws will be approximately $73 million, primarily driven by the cost of complying with ELG at the Company's coal units in Texas.

*Share Repurchases*

During the six months ended June 30, 2025, the Company completed $600 million of open market share repurchases at an average price of $107.14 per share. Through July 31, 2025, an additional $168 million of share repurchases were completed. As of July 31, 2025, $857 million is remaining under the $3.7 billion authorization. See Note 9, *Changes in Capital Structure* for additional discussion.

*Common Stock Dividends*

During the first quarter of 2025, NRG increased the annual dividend to $1.76 from $1.63 per share. A quarterly dividend of $0.44 per share was paid on the Company's common stock during the three months ended June 30, 2025. On July 21, 2025, NRG declared a quarterly dividend on the Company's common stock of $0.44 per share, payable on August 15, 2025 to stockholders of record as of August 1, 2025. The Company targets an annual dividend growth rate of 7%-9% per share in subsequent years.

*Series A Preferred Stock Dividends*

During the quarter ended March 31, 2025, the Company declared and paid a semi-annual 10.25% dividend of $51.25 per share on its outstanding Series A Preferred Stock, totaling $33 million.

*Obligations under Certain Guarantees* 

NRG and its subsidiaries enter into various contracts that include indemnifications and guarantee provisions as a routine part of the Company's business activities. For further discussion, see Note 26, *Guarantees,* to the Company's 2024 Form 10-K.

*Obligations Arising Out of a Variable Interest in an Unconsolidated Entity*

*Variable interest in equity investments* — NRG's investment in Ivanpah is a variable interest entity for which NRG is not the primary beneficiary. NRG's pro-rata share of non-recourse debt was approximately $461 million as of June 30, 2025. This indebtedness may restrict the ability of Ivanpah to issue dividends or distributions to NRG.

*Contractual Obligations and Market Commitments*

NRG has a variety of contractual obligations and other market commitments that represent prospective cash requirements in addition to the Company's capital expenditure programs, as disclosed in the Company's 2024 Form 10-K. See also Note 7, *Long-term Debt and Finance Leases*, and Note 14, *Commitments and Contingencies*, to this Form 10-Q for a discussion of new commitments and contingencies that also include contractual obligations and market commitments that occurred during the three and six months ended June 30, 2025.

**Cash Flow Discussion**

The following table reflects the changes in cash flows for the six months ended June 30, 2025 and 2024, respectively:

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| | | | |
|:---|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** | |
| **(In millions)** | **2025** | **2024** | **Change** |
| Cash provided by operating activities | $1306 | $1323 | $(17) |
| Cash used by investing activities | (1082) | (201) | (881) |
| Cash used by financing activities | (755) | (691) | (64) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Cash provided by operating activities***

Changes to cash provided by operating activities were driven by:

---

| | |
|:---|:---|
| | **(In millions)** |
| Changes in cash collateral in support of risk management activities due to change in commodity prices | $(463) |
| Increase in working capital primarily driven by deferred revenues and changes in ARO cost estimates | 178 |
| Increase in working capital related to accounts payable primarily driven by timing of commodity settlements | 151 |
| Increase in operating income adjusted for other non-cash items | 124 |
| Decrease in other working capital | (7) |
|  | $(17) |

---

***Cash used by investing activities***

Changes to cash (used)/provided by investing activities were driven by:

---

| | |
|:---|:---|
| | **(In millions)** |
| Increase in cash paid for acquisitions primarily due to the acquisition of the Texas Generation Portfolio in April 2025 | $(554) |
| Increase in capital expenditures | (423) |
| Increase in insurance proceeds for property, plant and equipment, net | 97 |
| Other | (1) |
|  | $(881) |

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***Cash used by financing activities***

Changes to cash provided/(used) by financing activities were driven by:

---

| | |
|:---|:---|
| | **(In millions)** |
| Increase due to fewer repayments of long-term debt and finance leases | $946 |
| Decrease due to the issuance of long-term debt in 2024 | (875) |
| Decrease due to higher payments for share repurchase activity in 2025 | (555) |
| Increase primarily due to debt extinguishment costs in 2024 | 238 |
| Increase in proceeds from Revolving Credit Facility in 2025 | 135 |
| Increase in net receipts from settlement of acquired derivatives | 50 |
| Other | (3) |
|  | $(64) |

---

**NOLs, Deferred Tax Assets and Uncertain Tax Position Implications, under ASC 740** 

For the six months ended June 30, 2025, the Company had domestic pre-tax book income of $780 million and foreign pre-tax book income of $52 million. As of December 31, 2024, the Company had cumulative U.S. federal NOL carryforwards of $7 billion, of which $5.3 billion do not have an expiration date, and cumulative state NOL carryforwards of $6.1 billion for financial statement purposes. NRG also has cumulative foreign NOL carryforwards of $394 million, most of which do not have an expiration date. In addition to the above NOLs, NRG has a $274 million indefinite carryforward for interest deductions, as well as $269 million of tax credits, inclusive of $61 million CAMT credits to be utilized in future years. As a result of the Company's tax position, including the utilization of federal and state NOLs, and based on current forecasts, the Company anticipates net income tax payments due to federal, state and foreign jurisdictions of up to $125 million in 2025, excluding the impact of the proposed CAMT regulations. NRG as an applicable corporation is subject to the CAMT, and has reflected the impact in its current and deferred taxes, however, there is no impact on the Company's provision for income taxes from the CAMT for the six months ended June 30, 2025.

As of June 30, 2025, the Company has $55 million of tax-effected uncertain federal and state tax benefits, for which the Company has recorded a non-current tax liability of $60 million (inclusive of accrued interest) until final resolution is reached with the related taxing authority.

On December 31, 2021, the OECD released rules which set forth a common approach to a global minimum tax at 15% for multinational companies, which has been enacted into law by certain countries effective for 2024. The Company's preliminary analysis indicates that there is no material impact to the Company's financial statements from these rules.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Company is no longer subject to U.S. federal income tax examinations for years prior to 2021. With few exceptions, state and Canadian income tax examinations are no longer open for years prior to 2015.

On July 4, 2025, OBBB was enacted into law. The OBBB includes changes to U.S. tax law that will be applicable to NRG beginning in 2025, such as the permanent extension of certain expiring provisions of the TCJA, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. Any impact of the OBBB on the Company's consolidated financial statements will be reflected in the third quarter.

***Deferred tax assets and valuation allowance***

*Net deferred tax balance* — As of June 30, 2025 and December 31, 2024, NRG recorded a net deferred tax asset, excluding valuation allowance, of $2.1 billion and $2.2 billion, respectively. The Company believes certain state net operating losses may not be realizable under the more-likely-than-not measurement and as such, a valuation allowance was recorded as of June 30, 2025 and December 31, 2024 as discussed below.

*NOL Carryforwards —* As of June 30, 2025, the Company had a tax-effected cumulative U.S. NOLs consisting of carryforwards for federal and state income tax purposes of $1.5 billion and $341 million, respectively. The Company estimates it will generate future taxable income to fully realize the net federal deferred tax asset before the expiration of certain carryforwards commences in 2030. In addition, NRG has tax-effected cumulative foreign NOL carryforwards of $111 million.

*Valuation Allowance* — As of June 30, 2025 and December 31, 2024, the Company's tax-effected valuation allowance was $149 million and $144 million, respectively consisting of state NOL carryforwards and foreign NOL carryforwards. The valuation allowance was recorded based on the assessment of cumulative and forecasted pre-tax book earnings and the future reversal of existing taxable temporary differences.

**Guarantor Financial Information**

As of June 30, 2025, the Company's outstanding registered senior notes consisted of $821 million of the 2028 Senior Notes as shown in Note 7, *Long-term Debt and Finance Leases*. These Senior Notes are guaranteed by certain of NRG's current and future 100% owned domestic subsidiaries, or guarantor subsidiaries (the "Guarantors"). See Exhibit 22.1 to this Form 10-Q for a listing of the Guarantors. These guarantees are both joint and several.

NRG conducts much of its business through and derives much of its income from its subsidiaries. Therefore, the Company's ability to make required payments with respect to its indebtedness and other obligations depends on the financial results and condition of its subsidiaries and NRG's ability to receive funds from its subsidiaries. There are no restrictions on the ability of any of the Guarantors to transfer funds to NRG. Other subsidiaries of the Company do not guarantee the registered debt securities of either NRG Energy, Inc. or the Guarantors (such subsidiaries are referred to as the "Non-Guarantors"). The Non-Guarantors include all of NRG's foreign subsidiaries and certain domestic subsidiaries.

The following tables present summarized financial information of NRG Energy, Inc. and the Guarantors in accordance with Rule 3-10 under the SEC's Regulation S-X. The financial information may not necessarily be indicative of the results of operations or financial position of NRG Energy, Inc. and the Guarantors in accordance with U.S. GAAP.

The following table presents the summarized statement of operations:

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| | |
|:---|:---|
| **(In millions)** | **Six months ended June 30, 2025** |
| Revenue<sup>(a)</sup> | $13934 |
| Operating income<sup>(b)</sup> | 998 |
| Total other expense | (282) |
| Income before income taxes | 715 |
| Net Income | 540 |

---

(a)Intercompany transactions with Non-Guarantors of $3 million during the six months ended June 30, 2025

(b)Intercompany transactions with Non-Guarantors including cost of operations of $52 million and selling, general and administrative of $209 million during the six months ended June 30, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following table presents the summarized balance sheet information:

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| | |
|:---|:---|
| **(In millions)** | **As of June 30, 2025** |
| Current assets<sup>(a)</sup> | $5684 |
| Property, plant and equipment, net | 1417 |
| Non-current assets | 15791 |
| Current liabilities<sup>(b)</sup> | 8272 |
| Non-current liabilities | 12706 |

---

(a)Includes intercompany receivables due from Non-Guarantors of $267 million as of June 30, 2025

(b)Includes intercompany payables due to Non-Guarantors of $13 million as of June 30, 2025

**Fair Value of Derivative Instruments**

NRG may enter into power purchase and sales contracts, fuel purchase contracts and other energy-related financial instruments to mitigate variability in earnings due to fluctuations in spot market prices and to hedge fuel requirements at power plants or retail load obligations. In order to mitigate interest rate risk associated with the issuance of the Company's debt, NRG enters into interest rate derivatives. In addition, in order to mitigate foreign exchange rate risk primarily associated with the purchase of U.S. dollar denominated natural gas for the Company's Canadian business, NRG enters into foreign exchange contract agreements.

Under Flex Pay, offered by Vivint Smart Home, customers pay for smart home products by obtaining financing from a third-party financing provider under the Consumer Financing Program. Vivint Smart Home pays certain fees to the financing providers and shares in credit losses depending on the credit quality of the customer.

NRG's trading activities are subject to limits in accordance with the Company's Risk Management Policy. These contracts are recognized on the balance sheet at fair value and changes in the fair value of these derivative financial instruments are recognized in earnings.

The following tables disclose the activities that include both exchange and non-exchange traded contracts accounted for at fair value in accordance with ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"). Specifically, these tables disaggregate realized and unrealized changes in fair value; disaggregate estimated fair values as of June 30, 2025, based on their level within the fair value hierarchy defined in ASC 820; and indicate the maturities of contracts at June 30, 2025. For a full discussion of the Company's valuation methodology of its contracts, see *Derivative Fair Value Measurements* in Note 5, *Fair Value of Financial Instruments*.

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| | |
|:---|:---|
| **<u>Derivative Activity Gains/(Losses)</u>** | **(In millions)** |
| Fair Value of Contracts as of December 31, 2024 | $992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracts realized or otherwise settled during the period | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Generation Portfolio contracts acquired during the period | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other changes in fair value | 16 |
| Fair Value of Contracts as of June 30, 2025<sup>(a)</sup> | $850 |

---

(a)Includes $716 million of derivative contracts that were elected as NPNS on October 1, 2024 and are no longer valued at fair value on a recurring basis. For further discussion, see Note 6, *Accounting for Derivative Instruments and Hedging Activities*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value of Contracts as of June 30, 2025** | **Fair Value of Contracts as of June 30, 2025** | **Fair Value of Contracts as of June 30, 2025** | **Fair Value of Contracts as of June 30, 2025** | **Fair Value of Contracts as of June 30, 2025** |
| **(In millions)** | **Maturity** | **Maturity** | **Maturity** | **Maturity** | **Maturity** |
| **<u>Fair Value Hierarchy Gains/(Losses)</u>**<sup>(a)</sup> | **1 Year or Less** | **Greater than 1 Year to 3 Years** | **Greater than 3 Years to 5 Years** | **Greater than 5 Years** | **Total Fair<br>Value** |
| Level 1 | $102 | $25 | $2 | $(1) | $128 |
| Level 2 | 124 | 39 | 12 | 7 | 182 |
| Level 3 | (92) | (93) | (12) | 21 | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $134 | $(29) | $2 | $27 | $134 |

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(a)Excludes $716 million of derivative contracts that were elected as NPNS on October 1, 2024 and are no longer valued at fair value on a recurring basis. For further discussion, see Note 6, *Accounting for Derivative Instruments and Hedging Activities*

The Company has elected to disclose derivative assets and liabilities on a trade-by-trade basis and does not offset amounts at the counterparty master agreement level. Also, collateral received or posted on the Company's derivative assets or liabilities are recorded on a separate line item on the balance sheet. Consequently, the magnitude of the changes in individual current and non-current derivative assets or liabilities is higher than the underlying credit and market risk of the Company's portfolio. As

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

discussed in Item 3, *Quantitative and Qualitative Disclosures About Market Risk — Commodity Price Risk*, to this Form 10-Q, NRG measures the sensitivity of the Company's portfolio to potential changes in market prices using VaR, a statistical model which attempts to predict risk of loss based on market price and volatility. NRG's Risk Management Policy places a limit on one-day holding period VaR, which limits the Company's net open position. As the Company's trade-by-trade derivative accounting results in a gross-up of the Company's derivative assets and liabilities, the net derivative asset and liability position is a better indicator of NRG's hedging activity. As of June 30, 2025, NRG's net derivative asset was $850 million, a decrease to total fair value of $142 million as compared to December 31, 2024. This decrease was driven by Texas Generation Portfolio contracts acquired and the roll-off of trades that settled during the period, partially offset by gains in fair value.

Based on a sensitivity analysis using simplified assumptions, the impact of a $0.50 per MMBtu increase in natural gas prices across the term of the derivative contracts would result in an increase of approximately $899 million in the net value of derivatives as of June 30, 2025. The impact of a $0.50 per MMBtu decrease in natural gas prices across the term of the derivative contracts would result in a decrease of approximately $895 million in the net value of derivatives as of June 30, 2025.

**Critical Accounting Estimates** 

NRG's discussion and analysis of the financial condition and results of operations are based upon the condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements and related disclosures in compliance with GAAP requires the application of appropriate technical accounting rules and guidance as well as the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. The application of appropriate technical accounting rules and guidance involves judgments regarding future events, including the likelihood of success of particular projects, legal and regulatory challenges, and the fair value of certain assets and liabilities. These judgments, in and of themselves, could materially affect the financial statements and disclosures based on varying assumptions, which may be appropriate to use. In addition, the financial and operating environment may also have a significant effect, not only on the operation of the business, but on the results reported through the application of accounting measures used in preparing the financial statements and related disclosures, even if the nature of the accounting policies has not changed.

NRG evaluates these estimates, on an ongoing basis, utilizing historic experience, consultation with experts and other methods the Company considers reasonable. In any event, actual results may differ substantially from the Company's estimates. Any effects on the Company's business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the information that gives rise to the revision becomes known.

The Company identifies its most critical accounting estimates as those that are the most pervasive and important to the portrayal of the Company's financial position and results of operations, and require the most difficult, subjective and/or complex judgments by management regarding estimates about matters that are inherently uncertain.

The Company's critical accounting estimates are described in Part II, Item 7, *Management's Discussion and Analysis of Financial Condition and Results of Operations*, in the Company's 2024 Form 10-K. There have been no material changes to the Company's critical accounting estimates since the 2024 Form 10-K.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

NRG is exposed to several market risks in the Company's normal business activities. Market risk is the potential loss that may result from market changes associated with the Company's retail operations, merchant power generation or with existing or forecasted financial or commodity transactions. The types of market risks the Company is exposed to are commodity price risk, credit risk, liquidity risk, interest rate risk and currency exchange risk. The following disclosures about market risk provide an update to, and should be read in conjunction with, Item 7A, *Quantitative and Qualitative Disclosures About Market Risk,* of the Company's 2024 Form 10-K.

***Commodity Price Risk***

Commodity price risks result from exposures to changes in spot prices, forward prices, volatilities and correlations between various commodities, such as natural gas, electricity, coal, oil and emissions credits. NRG manages the commodity price risk of the Company's load serving obligations and merchant generation operations by entering into various derivative or non-derivative instruments to hedge the variability in future cash flows from forecasted sales and purchases of energy and fuel. NRG measures the risk of the Company's portfolio using several analytical methods, including sensitivity tests, scenario tests, stress tests, position reports and VaR. NRG uses a Monte Carlo simulation based VaR model to estimate the potential loss in the fair value of its energy assets and liabilities, which includes generation assets, gas transportation and storage assets, load obligations and bilateral physical and financial transactions, based on historical and forward values for factors such as customer demand, weather, commodity availability and commodity prices. The Company's VaR model is based on a one-day holding period at a 95% confidence interval for the forward 36 months, not including the spot month. The VaR model is not a complete picture of all risks that may affect the Company's results. Certain events such as counterparty defaults, regulatory changes, and extreme weather and prices that deviate significantly from historically observed values are not reflected in the model.

The following table summarizes average, maximum and minimum VaR for NRG's commodity portfolio, calculated using the VaR model for the three and six months ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **(In millions)** | **2025** | **2024** |
| **VaR as of June 30,** | $60 | $57 |
| &nbsp;&nbsp;Three months ended June 30, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | $64 | $66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum | 74 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum | 49 | 55 |
| &nbsp;&nbsp;&nbsp;Six months ended June 30, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average | $59 | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum | 74 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum | 47 | 51 |

---

The Company also uses VaR to estimate the potential loss of derivative financial instruments that are subject to mark-to-market accounting. These derivative instruments include transactions that were entered into for both asset management and trading purposes. The VaR for the derivative financial instruments calculated using the diversified VaR model for the entire term of these instruments entered into for both asset management and trading, was $119 million, as of June 30, 2025, primarily driven by asset-backed and hedging transactions.

***Credit Risk***

Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. NRG is exposed to counterparty credit risk through various activities including wholesale sales, fuel purchases and retail supply arrangements, and retail customer credit risk through its retail sales. Counterparty credit risk and retail customer credit risk are discussed below. See Note 6, *Accounting for Derivative Instruments and Hedging Activities*, to this Form 10-Q for discussion regarding credit risk contingent features.

***Counterparty Credit Risk***

The Company's counterparty credit risk policies are disclosed in its 2024 Form 10-K. As of June 30, 2025, counterparty credit exposure, excluding credit exposure from RTOs, ISOs, registered commodity exchanges and certain long-term agreements, was $1.7 billion and NRG held collateral (cash and letters of credit) against those positions of $585 million, resulting in a Net Exposure of $1.1 billion. NRG periodically receives collateral from counterparties in excess of their exposure. Collateral amounts shown include such excess while Net Exposure shown excludes excess collateral received. Approximately 60% of the Company's exposure before collateral is expected to roll off by the end of 2026. Counterparty credit exposure is valued through observable market quotes and discounted at a risk free interest rate. The following tables highlight net

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counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for NRG with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. The exposure is shown net of collateral held and includes amounts net of receivables or payables.

---

| | |
|:---|:---|
| **<u>Category by Industry Sector</u>** | **Net Exposure**<sup>(a)(b)</sup><br>**(% of Total)** |
| Utilities, energy merchants, marketers and other | 69% |
| Financial institutions | 31 |
| &nbsp;&nbsp;Total as of June 30, 2025 | 100% |

---

---

| | |
|:---|:---|
| **<u>Category by Counterparty Credit Quality</u>** | **Net Exposure** <sup>(a)(b)</sup><br>**(% of Total)** |
| Investment grade | 64% |
| Non-investment grade/Non-Rated | 36 |
| &nbsp;&nbsp;&nbsp;Total as of June 30, 2025 | 100% |

---

(a)Counterparty credit exposure excludes coal transportation contracts because of the unavailability of market prices

(b)The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long-term contracts

The Company had exposure to one wholesale counterparty in excess of 10% of total Net Exposure as of June 30, 2025. Changes in hedge positions and market prices will affect credit exposure and counterparty concentration.

*RTOs and ISOs*

The Company participates in the organized markets of CAISO, ERCOT, AESO, IESO, ISO-NE, MISO, NYISO and PJM, known as RTOs or ISOs. Trading in the majority of these markets is approved by FERC, whereas in the case of ERCOT, it is approved by the PUCT, and whereas in the case of AESO and IESO, both exist provincially with AESO primarily subject to Alberta Utilities Commission and the IESO to the Ontario Energy Board. These ISOs may include credit policies that, under certain circumstances, require that losses arising from the default of one member on spot market transactions be shared by the remaining participants. As a result, the counterparty credit risk to these markets is limited to NRG's share of the overall market and are excluded from the above exposures.

*Exchange Traded Transactions*

The Company enters into commodity transactions on registered exchanges, notably ICE, NYMEX and Nodal. These clearinghouses act as the counterparty and transactions are subject to extensive collateral and margining requirements. As a result, these commodity transactions have limited counterparty credit risk.

*Long-Term Contracts*

Counterparty credit exposure described above excludes credit risk exposure under certain long-term contracts, primarily solar under Renewable PPAs. As external sources or observable market quotes are not always available to estimate such exposure, the Company values these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. Based on these valuation techniques, as of June 30, 2025, aggregate credit risk exposure managed by NRG to these counterparties was approximately $774 million for the next five years.

***Retail Customer Credit Risk***

The Company is exposed to retail credit risk through the Company's retail electricity and gas providers as well as through Vivint Smart Home, which serve both Home and Business customers. Retail credit risk results in losses when a customer fails to pay for services rendered. The losses may result from both non-payment of customer accounts receivable and the loss of in-the-money forward value. The Company manages retail credit risk through the use of established credit policies, which include monitoring of the portfolio and the use of credit mitigation measures such as deposits or prepayment arrangements.

As of June 30, 2025, the Company's retail customer credit exposure to Home and Business customers was diversified across many customers and various industries, as well as government entities. Current economic conditions may affect the Company's customers' ability to pay their bills in a timely manner or at all, which could increase customer delinquencies and may lead to an increase in credit losses.

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***Liquidity Risk***

Liquidity risk arises from the general funding needs of the Company's activities and in the management of the Company's assets and liabilities. The Company is currently exposed to additional collateral posting if natural gas prices decline, primarily due to the long natural gas equivalent position at various exchanges used to hedge NRG's retail supply load obligations.

Based on a sensitivity analysis for power and gas positions under marginable contracts as of June 30, 2025, a $0.50 per MMBtu decrease in natural gas prices across the term of the marginable contracts would cause an increase in margin collateral posted of approximately $893 million and a 1.00 MMBtu/MWh decrease in Heat Rates for Heat Rate positions would result in an increase in margin collateral posted of approximately $283 million. This analysis uses simplified assumptions and is calculated based on portfolio composition and margin-related contract provisions as of June 30, 2025.

***Interest Rate Risk***

NRG is exposed to fluctuations in interest rates through its issuance of debt. Exposures to interest rate fluctuations may be mitigated by entering into derivative instruments known as interest rate swaps, treasury locks, caps, collars and put or call options. These contracts reduce exposure to interest rate volatility when taking into account the combinations of the debt and the interest rate derivative instrument. NRG's management policies allow the Company to reduce interest rate exposure. The Company has $700 million of interest rate swaps extending through 2029 to mitigate the risk of the floating rate of the Term Loan B. In July 2025, the Company entered into treasury locks with a total notional amount of $1.4 billion.

As of June 30, 2025, the fair value and related carrying value of the Company's debt was $11.6 billion and $11.0 billion, respectively. NRG estimates that a 1% decrease in market interest rates would have increased the fair value of the Company's long-term debt as of June 30, 2025 by $441 million.

***Currency Exchange Risk***

NRG is subject to transactional exchange rate risk from transactions with customers in countries outside of the United States, primarily within Canada, as well as from intercompany transactions between affiliates. Transactional exchange rate risk arises from the purchase and sale of goods and services in currencies other than the Company's functional currency or the functional currency of an applicable subsidiary. NRG hedges a portion of its forecasted currency transactions with foreign exchange forward contracts. As of June 30, 2025, NRG is exposed to changes in foreign currency primarily associated with the purchase of U.S. dollar denominated natural gas for its Canadian business and entered into foreign exchange contracts with a notional amount of $350 million.

The Company is subject to translation exchange rate risk related to the translation of the financial statements of its foreign operations into U.S. dollars. Costs incurred and sales recorded by subsidiaries operating outside of the United States are translated into U.S. dollars using exchange rates effective during the respective period. As a result, the Company is exposed to movements in the exchange rates of various currencies against the U.S. dollar, primarily the Canadian and Australian dollars. A hypothetical 10% appreciation in major currencies relative to the U.S. dollar as of June 30, 2025 would have resulted in a decrease of $3 million to net income within the consolidated statement of operations.

**ITEM 4 — CONTROLS AND PROCEDURES**

*Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures*

Under the supervision and with the participation of NRG's management, including its principal executive officer, principal financial officer and principal accounting officer, NRG conducted an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures, as such term is defined in Rules 13a-15(e) or 15d-15(e) of the Exchange Act. Based on this evaluation, the Company's principal executive officer, principal financial officer and principal accounting officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q.

*Changes in Internal Control over Financial Reporting*

There were no changes in NRG's internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that occurred in the quarter ended June 30, 2025 that materially affected, or are reasonably likely to materially affect, NRG's internal control over financial reporting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**PART II — OTHER INFORMATION**

**ITEM 1 — LEGAL PROCEEDINGS**

For a discussion of material legal proceedings to which NRG is a party through June 30, 2025, see Note 14, *Commitments and Contingencies*, to this Form 10-Q.

**ITEM 1A — RISK FACTORS**

Except as set forth below, there have been no material changes to the Risk Factors disclosed in Part I, Item 1A, *Risk Factors*, of the Company's 2024 Form 10-K.

**Risks Related to the Anticipated Acquisition of the LSP Portfolio**

***The Company may encounter difficulties in satisfying the closing conditions set forth in the purchase agreement relating to the anticipated acquisition of the LSP Portfolio, including obtaining the necessary governmental and regulatory approvals, within the expected time frame or at all.***

Consummation of the acquisition of the LSP Portfolio is subject to the satisfaction or waiver of certain closing conditions, including: (i) the receipt of required governmental and regulatory approvals; (ii) the expiration or termination of the applicable waiting period under the HSR Act; and (iii) other customary closing conditions. Completion of the acquisition is conditioned upon the receipt of various consents, orders, approvals or clearances from various regulatory authorities, including DOJ, FERC, and public utility commissions or similar entities in certain states in which the LSP Portfolio operates.

The Company cannot provide assurance that all required regulatory approvals will be obtained, in a timely manner or at all, or that these approvals will not contain terms, conditions or restrictions that would be unacceptable and, accordingly, the acquisition may be delayed or may not be consummated.

The purchase agreement with LS Power provides that either NRG or LS Power could terminate the LSP Portfolio purchase agreement if the acquisition is not completed by May 12, 2026 (which date may be automatically extended for up to six consecutive one-month periods). If the agreement is terminated under certain circumstances due to the failure to obtain regulatory approvals or if there are any legal restraints prohibiting the consummation of the acquisition, NRG would be required to pay LS Power a termination fee of $400 million as liquidated damages.

In the event the transaction is not consummated, the share price of NRG common stock may decline to the extent that the current market price reflects an assumption by the market that the acquisition will be completed.

***The Company may not realize all the expected benefits of the acquisition.***

The Company entered into the purchase agreement with LS Power with the expectation that the acquisition would result in various benefits, including enhanced generation capabilities. Achieving the anticipated benefits of the acquisition is subject to a number of uncertainties, including whether the assets and businesses of NRG and the LSP Portfolio can be integrated in an efficient and effective manner. Failure to achieve these anticipated benefits could result in increased costs and/or lower-than-expected revenues or income generated by the Company after the completion of the acquisition.

***The assets, liabilities and results of operations of LSP Portfolio could be negatively affected by unknown or unexpected events, conditions or actions prior to the closing of the acquisition.***

The Company will not control the LSP Portfolio until completion of the anticipated acquisition and the assets, liabilities, business, financial condition, cash flows, operating results and prospects of the LSP Portfolio to be acquired or assumed by the Company could be negatively impacted before or after the closing as a result of previously unknown events or conditions occurring or existing before the acquisition closes. Adverse changes in its business or operations could occur or arise as a result of actions undertaken by LS Power, legal or regulatory developments, deteriorating general business, market, industry or economic conditions, and other factors both within and beyond the control of LS Power or NRG. A significant decline in the value of the assets to be acquired or a significant increase in the liabilities to be assumed could negatively impact the Company's future business, operating results, cash flows, financial conditions or prospects following the completion of the acquisition. In addition, there could be potential unknown liabilities and unforeseen expenses as a result of the acquisition, some of which NRG may not discover during due diligence or adequately adjust for in the purchase arrangements.

***The market price of shares of the Company's common stock may be adversely affected as a result of the anticipated LSP Portfolio acquisition.***

On completion of the anticipated LSP Portfolio acquisition, a significant number of additional shares of the Company's common stock will be issued and available for trading in the public market. The increase in the number of shares of the

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Company's common stock may lead to sales of such shares or the perception that such sales may occur which may adversely affect the market for, and the market price of, shares of the Company's common stock.

**ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

The table below sets forth the information with respect to purchases made by or on behalf of NRG or any "affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Exchange Act), of NRG's common stock during the quarter ended June 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the three months ended June 30, 2025** | **Total Number of Shares Purchased**<sup>(a)</sup> | **Average Price Paid per Share**<sup>(b)</sup> | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)**<sup>(c)</sup> |
| Month #1 |  |  |  |  |
| (April 1, 2025 to April 30, 2025) | 1355371 | $92.77 | 1355371 | $1179 |
| Month #2 |  |  |  |  |
| (May 1, 2025 to May 31, 2025) | 138902 | $117.29 | 138902 | $1163 |
| Month #3 |  |  |  |  |
| (June 1, 2025 to June 30, 2025) | 889964 | $154.91 | 889830 | $1025 |
| Total at June 30, 2025 | 2384237 | $117.39 | 2384103 |  |

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(a)Includes share repurchases under the $3.7 billion share repurchase authorization and partial settlement of Capped Call Options. For further discussion, see Note 9, *Changes in Capital Structure*

(b)The average price paid per share excludes excise tax owed and commissions per share paid in connection with the open market share repurchases

(c)Includes commissions paid in connection with the open market share repurchases

**ITEM 3 — DEFAULTS UPON SENIOR SECURITIES** 

None.

**ITEM 4 — MINE SAFETY DISCLOSURES**

There have been no events that are required to be reported under this Item.

**ITEM 5 — OTHER INFORMATION** 

During the three months ended June 30, 2025, the following directors or officers of the Company adopted or terminated a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement,' as each term is defined in Item 408(a) of Regulation S-K, as described in the table below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Title** | **Date Adopted** | **Character of Trading Arrangement** | **Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to Trading Arrangement**<sup>(a)</sup> | **Duration** | **Date Terminated** |
| Dak Liyanearachchi | Executive Vice President, Chief Technology Officer | 5/28/2025 | Rule 10b5-1 Trading Arrangement | Up to 10,672 shares to be Sold | 8/27/2025-2/27/2026 | N/A |

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(a)Potential sales may be subject to certain price limitations set forth in the 10b5-1 plans and therefore actual number of shares sold could vary if certain minimum stock prices are not met

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**ITEM 6 — EXHIBITS** 

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| | | |
|:---|:---|:---|
| **Number** | **Description** | **Method of Filing** |
| 2.1 | <u>[Purchase and Sale Agreement, dated May 12, 2025, by and among NRG Energy, Inc., the Buyer Entities (as defined therein), Lightning Power Holdings, LLC, Thunder Generation, LLC, CCS Power Holdings, LLC, and Linebacker Power Development Funding, LLC\*](https://www.sec.gov/Archives/edgar/data/1013871/000110465925049673/tm2514561d2_ex2-1.htm)</u> | Incorporated herein by reference to Exhibit 2.1 to the Registrant's current report on Form 8-K filed on May 16, 2025. |
| 10.1 | <u>[Fourteenth Amendment to Second Amended and Restated Credit Agreement, dated May 27, 2025, by and among NRG Energy, Inc., AXP Group LLC, Citicorp North America, Inc., as administrative agent, and certain financial institutions, as lenders\*](exhibit101-fourteenthamend.htm)</u>. | Filed herewith. |
| 10.2 | <u>[Fifteen Amendment to Second Amended and Restated Credit Agreement, dated July 22, 2025, by and among NRG Energy, Inc., Citicorp North America, Inc., as administrative agent and as collateral agent, and certain financial institutions, as lenders\*](https://www.sec.gov/Archives/edgar/data/1013871/000110465925070834/tm2521733d1_ex10-1.htm)</u>. | Incorporated herein by reference to Exhibit 10.1 to the Registrant's current report on Form 8-K filed on July 25, 2025. |
| 10.3 | <u>[Amendment No. 5 to Receivables Loan and Servicing Agreement, dated as of June 20, 2025, by and among NRG Retail LLC, as Servicer, NRG Receivables LLC, as Borrower, NRG Energy, Inc., as Performance Guarantor, the Conduit Lenders, Committed Lenders, Facility Agents and LC Issuers party thereto, and Royal Bank of Canada, as administrative Agent, and attached thereto a clean, conformed copy of the Receivables Loan and Servicing Agreement.](exhibit103nrgamendmentno5t.htm)</u> | Filed herewith. |
| 10.4 | <u>[Amended and Restated Employee Stock Purchase Plan](exhibit104nrg-amendedandre.htm)</u> | Filed herewith. |
| 22.1 | <u>[List of Guarantor Subsidiaries](exhibit221guarantorsubsq22.htm)</u> | Filed herewith. |
| 31.1 | <u>[Rule 13a-14(a)/15d-14(a) certification of Lawrence S. Coben.](ex311nrgq22025.htm)</u> | Filed herewith. |
| 31.2 | <u>[Rule 13a-14(a)/15d-14(a) certification of Woo-Sung Chung.](ex312nrgq22025.htm)</u> | Filed herewith. |
| 31.3 | <u>[Rule 13a-14(a)/15d-14(a) certification of G. Alfred Spencer.](ex313nrgq22025.htm)</u> | Filed herewith. |
| 32 | <u>[Section 1350 Certification.](ex32nrgq22025.htm)</u> | Furnished herewith. |
| 101 INS | Inline XBRL Instance Document. | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
| 101 SCH | Inline XBRL Taxonomy Extension Schema. | Filed herewith. |
| 101 CAL | Inline XBRL Taxonomy Extension Calculation Linkbase. | Filed herewith. |
| 101 DEF | Inline XBRL Taxonomy Extension Definition Linkbase. | Filed herewith. |
| 101 LAB | Inline XBRL Taxonomy Extension Label Linkbase. | Filed herewith. |
| 101 PRE | Inline XBRL Taxonomy Extension Presentation Linkbase. | Filed herewith. |
| 104 | Cover Page Interactive Data File (the cover page interactive data file does not appear in Exhibit 104 because it's Inline XBRL tags are embedded within the Inline XBRL document). | Filed herewith. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Schedules and exhibits have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S K. A copy of any omitted schedule or exhibit will be furnished to the Securities and Exchange Commission upon request.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| | NRG ENERGY, INC.<br>(Registrant)<br>/s/ LAWRENCE S. COBEN |
| | Lawrence S. Coben |
|  | *President and Chief Executive Officer*<br>*(Principal Executive Officer)*  |
|  | /s/ WOO-SUNG CHUNG |
|  | Woo-Sung Chung |
|  | *Chief Financial Officer*<br>*(Principal Financial Officer)*  |
|  | /s/ G. ALFRED SPENCER |
|  | G. Alfred Spencer |
| Date: August 6, 2025 | *Chief Accounting Officer*<br>*(Principal Accounting Officer)*  |

---

## Exhibit 10.1

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.1**

**&nbsp;&nbsp;&nbsp;&nbsp;**

*Execution Version*

**FOURTEENTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT** 

**FOURTEENTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT**, dated as of May 27, 2025, among NRG Energy, Inc., a Delaware corporation (the "<u>Parent Borrower</u>"), APX Group LLC, a Delaware limited liability company ("<u>APX</u>" and, together with the Parent Borrower, the "<u>Borrowers</u>" and each, individually, a "<u>Borrower</u>"), the Lenders party hereto constituting the Required Lenders under the Credit Agreement immediately prior to giving effect to this Fourteenth Amendment (as defined below) on the Amendment Effective Date (as defined below), the 2025 New Revolving Lenders (as defined below) and Citicorp North America, Inc., as administrative agent (in such capacity and together with its successors, the "<u>Administrative Agent</u>") and as collateral agent (in such capacity and together with its successors, the "<u>Collateral Agent</u>"), which shall constitute the Fourteenth Amendment (this "<u>Fourteenth Amendment</u>") to the Second Amended and Restated Credit Agreement, dated as of June 30, 2016 (as amended by the First Amendment Agreement, dated as of January 24, 2017, the Second Amendment Agreement, dated as of March 21, 2018, the Third Amendment Agreement, dated as of May 7, 2018, the Joinder Agreement, dated as of November 8, 2018, the Fourth Amendment, dated as of May 28, 2019, the Fifth Amendment Agreement, dated as of August 20, 2020, the Sixth Amendment, dated as of February 14, 2023, the Seventh Amendment, dated as of March 13, 2023, the Eighth Amendment, dated as of April 16, 2024, the Ninth Amendment, dated as of April 22, 2024, the Tenth Amendment, dated as of October 30, 2024, the Eleventh Amendment, dated as of October 30, 2024, the Twelfth Amendment, dated as of November 26, 2024, the Thirteenth Amendment, dated as of December 20, 2024, and as further amended, restated, amended and restated, supplemented and/or otherwise modified from time to time prior to the Amendment Effective Date (as defined below), the "<u>Credit Agreement</u>"), among, *inter alios*, the Borrowers, the lenders and issuing banks from time to time party thereto, the Administrative Agent and the Collateral Agent.

**<u>RECITALS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement or Amended Credit Agreement (as defined below), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Borrowers have requested that the Credit Agreement be amended to (i) establish New Revolving Commitments in an aggregate amount equal to $390,080,000 (the "<u>2025 New Revolving Commitments</u>"), which New Revolving Commitments shall constitute an increase to, and be of the same Class of Revolving Commitments as, the existing Tranche C Revolving Commitments after giving effect to this Fourteenth Amendment on the Amendment Effective Date, and (ii) make certain other modifications to the Credit Agreement, in each case, as more fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Upon executing and delivering a signature page to this Fourteenth Amendment, (i) each of the Lenders party hereto (including the 2025 New Revolving Lenders) will, by the fact of such execution and delivery, be deemed, upon the Amendment Effective Date, to have irrevocably agreed to the terms of this Fourteenth Amendment and the Amended Credit Agreement, and (ii) the 2025 New

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Revolving Lenders will, by the fact of such execution and delivery, be deemed, upon the Amendment Effective Date, to have irrevocably committed to provide New Revolving Commitments (and make Revolving Loans and participate in Letters of Credit with respect thereto) to the Borrowers on and after the Amendment Effective Date, in each case, on the terms and subject to the conditions to availability of such New Revolving Commitments set forth herein and in the Amended Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Upon executing and delivering a signature page to this Fourteenth Amendment, each Borrower, the Administrative Agent and the Collateral Agent will, by the fact of such execution and delivery, be deemed, upon the Amendment Effective Date, to have irrevocably agreed to the terms of this Fourteenth Amendment and the Amended Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:

Article I.

<u>Article II.</u><u>amendment TO CREDIT AGREEMENT</u> 

Section 2.01<u>Subject to the satisfaction of the conditions set forth in Section 4.1 hereof, effective as of the Amendment Effective Date, the parties party hereto hereby agree that:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Amendments to Credit Agreement</u>. The Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined text</u>), in the form attached hereto as <u>Annex A</u> (the Credit Agreement, as so amended, the "<u>Amended Credit Agreement</u>"), except that any Schedule, Exhibit or other attachment to the Credit Agreement not amended pursuant to the terms of this Fourteenth Amendment or otherwise included as part of <u>Annex A</u> hereto shall remain in full force and effect without any amendment or other modification thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Amendment to Schedules 1.01(e) and 2.23(b)</u>. Existing Schedules 1.01(e) and 2.23(b) to the Credit Agreement are amended and restated in their entirety in the forms attached hereto as <u>Annex B</u> and <u>Annex C</u>, respectively.

Article III.

2025 NEW REVOLVING COMMITMENTS; NEW ISSUING BANK; ADMINISTRATIVE AGENT AUTHORIZATION

Section 3.01<u>2025 New Revolving Commitments.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In accordance with Section 2.24 of the Credit Agreement, and subject to the satisfaction of the conditions set forth in <u>Section 4.1</u> hereof and the terms and conditions set forth in the Amended Credit Agreement, on (and after) the effectiveness of this Fourteenth Amendment on the Amendment Effective Date, each Person that executes and delivers a signature page to this Fourteenth Amendment as a "2025 New Revolving Lender" (each, a "<u>2025 New Revolving Lender</u>" and collectively, the "<u>2025 New Revolving Lenders</u>") hereby irrevocably (A) commits to provide to the Borrowers Revolving Commitments under the Amended Credit Agreement in an aggregate amount equal to the amount set forth opposite each such 2025 New Revolving Lender's name under the heading "Tranche C Revolving Commitments" on Schedule 1.01(e) attached hereto as <u>Annex B</u> and (B) agrees at any time and from time to time prior to the Tranche C Revolving Termination Date to make Revolving Loans and to

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participate in Letters of Credit in the amount of its Revolving Commitments. For the avoidance of doubt, (i) the 2025 New Revolving Commitments of each of Truist Bank and KeyBank National Association, in each case, as a 2025 New Revolving Lender after giving effect to this Fourteenth Amendment on the Amendment Effective Date, shall be limited to the increase to each 2025 New Revolving Lender's Tranche C Revolving Commitments immediately prior thereto and (ii) the Tranche C Revolving Commitment listed in Annex B for each 2025 New Revolving Lender reflects the sum of each 2025 New Revolving Lender's 2025 New Revolving Commitment and its Tranche C Revolving Commitment immediately prior to the Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The parties hereto acknowledge and agree that, as of the Amendment Effective Date, (A) each 2025 New Revolving Lender shall be a "Lender", a "Revolving Lender", a "Tranche C Revolving Lender", a "2025 New Revolving Lender" and a "Secured Party" under, and for all purposes of, the Amended Credit Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations, and shall have all the rights, of a Lender, a Revolving Lender, a Tranche C Revolving Lender, a 2025 New Revolving Lender and a Secured Party, as applicable, thereunder, and (B) the 2025 New Revolving Commitments established hereby (and, when funded, the related Revolving Loans) shall (I) constitute an increase to, and become a part of, the existing Class of Tranche C Revolving Commitments (and Revolving Loans), and (II) be subject to the same <u>terms and conditions applicable to the</u> existing Tranche C Revolving Commitments (and Revolving Loans), in each case, under, and for all purposes of, the Amended Credit Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The commitments and undertakings of each 2025 New Revolving Lender with respect to its respective 2025 New Revolving Commitments and its portion of the Tranche C Revolving Commitments represented thereby are several and not joint and each such 2025 New Revolving Lender shall not be responsible for any other Revolving Lender's failure to provide Tranche C Revolving Commitments (or Revolving Loans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)As of the Amendment Effective Date, (i) the Administrative Agent shall reallocate all Revolving Loans outstanding immediately prior to the Amendment Effective Date among all the Revolving Lenders (including the 2025 New Revolving Lenders) such that each Revolving Lender (including each 2025 New Revolving Lender) holds its *pro rata* share of such Revolving Loans in accordance with its Pro Rata Percentage (determined after giving effect to the establishment of the 2025 New Revolving Commitments effected hereby) and (ii) there shall be an automatic adjustment to the Pro Rata Percentage of each Revolving Lender (including the 2025 New Revolving Lenders) in the aggregate Revolving L/C Exposure to reflect the new Pro Rata Percentage of each Revolving Lender (including each 2025 New Revolving Lender) in the aggregate Revolving L/C Exposure resulting from the establishment of the 2025 New Revolving Commitments effected hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each 2025 New Revolving Lender represents and warrants that it is sophisticated with respect to decisions to provide assets of the type represented by the 2025 New Revolving Commitments established hereby and either it, or the Person exercising discretion in making its decision to provide its 2025 New Revolving Commitments (and any Revolving Loans relating thereto), if any, is experienced in providing assets of such type.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Each 2025 New Revolving Lender represents and warrants that it has received a copy of the Amended Credit Agreement and the other Loan Documents and has received or has been afforded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.04 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Fourteenth Amendment and to provide its 2025 New Revolving Commitments.

Section 3.02<u>New Issuing Bank.</u> The Borrowers hereby designate The Bank of Nova Scotia as an Issuing Bank as contemplated by Section 2.23(k) of the Credit Agreement. Each of the Borrowers, the Administrative Agent and The Bank of Nova Scotia agrees that, on and after the Amendment Effective

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Date, The Bank of Nova Scotia (and its Affiliates) will become an Issuing Bank for all purposes under the Amended Credit Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations, and shall have all the rights, of an Issuing Bank thereunder.

Section 3.03<u>Administrative Agent Authorization.</u> The Borrowers and the 2025 New Revolving Lenders authorize the Administrative Agent to (i) determine all amounts, percentages and other information with respect to the Commitments and Loans of the 2025 New Revolving Lenders, which amounts, percentages and other information may be determined only upon receipt by the Administrative Agent of the signature pages of the 2025 New Revolving Lenders and (ii) enter and complete all such amounts, percentages and other information in the Amended Credit Agreement, as appropriate. The Administrative Agent's determination and entry and completion shall be conclusive and shall be conclusive evidence of the existence, amounts, percentages and other information with respect to the obligations of the Borrowers under the Amended Credit Agreement, in each case, absent clearly demonstrable error. For the avoidance of doubt, the provisions of Article VIII and Section 9.05 of each of the Credit Agreement and the Amended Credit Agreement shall apply to any determination, entry or completion made by the Administrative Agent pursuant to this Section 2.3.

Article IV.

REPRESENTATIONS AND WARRANTIES.

Section 4.01To induce the Administrative Agent, the Collateral Agent, each 2025 New Revolving Lender and each other Lender party hereto to enter into this Fourteenth Amendment, the Borrowers and each Subsidiary Guarantor represent and warrant to the Administrative Agent, the Collateral Agent, each such 2025 New Revolving Lender and each such other Lender that, as of the Amendment Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each of the Borrowers and the Subsidiary Guarantors has all requisite power and authority, and the legal right, to enter into this Fourteenth Amendment, and to carry out the transactions contemplated by, and perform its obligations under, this Fourteenth Amendment, the Amended Credit Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Fourteenth Amendment has been duly authorized, executed and delivered by each of the Borrowers and each Subsidiary Guarantor. This Fourteenth Amendment and the Amended Credit Agreement (i) constitute the Borrowers' and, with respect to this Fourteenth Amendment only, each Subsidiary Guarantor's legal, valid and binding obligation, enforceable against it in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other laws now or hereafter in effect affecting creditors' rights generally and (including with respect to specific performance) subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law and to the discretion of the court before which any proceeding therefor may be brought, (ii) will not violate (A) any applicable provision of any material law, statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws of each Borrower or any Subsidiary Guarantor, (B) any order of any Governmental Authority or arbitrator or (C) after giving effect to the transactions contemplated by this Fourteenth Amendment, any provision of any indenture or any material agreement or other material instrument to which the Borrowers or any Subsidiary Guarantor is a party or by which any of them or any of their property is or may be bound, (iii) after giving effect to the transactions contemplated by this Fourteenth Amendment, will not be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any such indenture or material agreement or other material instrument and (iv) will not

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result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by the Borrowers or any other Loan Party (other than Liens created under the Security Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No action, consent or approval of, registration or filing with, notice to, or any other action by, any Governmental Authority is or will be required in connection with this Fourteenth Amendment or the Amended Credit Agreement except for (i) the filing of UCC financing statements and filings with the United States Patent and Trademark Office and the United States Copyright Office, if any, (ii) recordation of modifications of the Mortgages, if any, (iii) actions specifically described in Section 3.19 of the Credit Agreement or any of the Security Documents, if any, (iv) any immaterial actions, consents, approvals, registrations or filings or (v) such as have been made or obtained and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The representations and warranties set forth in the Amended Credit Agreement and each other Loan Document are true and correct in all material respects on and as of the Amendment Effective Date, with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct in all material respects on and as of such earlier date; <u>provided</u> that, in each case, such materiality qualifier is not applicable to any representations and warranties that already are qualified or modified by materiality (or Material Adverse Effect) in the text thereof.

Article V.

<u>Section 5.01</u><u>CONDITIONS TO EFFECTIVENESS OF THIS FOURTEENTH AMENDMENT.</u>

Section 5.01<u>Conditions Precedent.</u> This Fourteenth Amendment shall become effective on the date (the "Amendment Effective Date") on which each of the following conditions has been satisfied (or waived):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Administrative Agent shall have received duly executed and delivered counterparts of this Fourteenth Amendment that, when taken together, bear the signatures of each Borrower, each Subsidiary Guarantor, the Administrative Agent, the Collateral Agent, the Lenders constituting the Required Lenders under the Credit Agreement immediately prior to giving effect to this Fourteenth Amendment on the Amendment Effective Date and the 2025 New Revolving Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) the representations and warranties set forth in <u>Article III</u> of this Fourteenth Amendment shall be true and correct in all material respects on and as of the Amendment Effective Date, with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; <u>provided</u> that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and (ii) at the time of and immediately after giving effect to this Fourteenth Amendment on the Amendment Effective Date, no Default or Event of Default shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Administrative Agent shall have received (i) other than as contemplated by <u>Section 4.2(b)</u>, a certificate as to the good standing of each Loan Party as of a recent date, from the Secretary of State of the state of its organization; (ii) a certificate of a Responsible Officer of each Loan Party dated as of the Amendment Effective Date and certifying (A) that the by-laws or other similar governing

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documents, as applicable, of such Loan Party have not been amended or changed since the Fourth Amendment Effective Date, the March 31, 2020 Joinder Agreement or the Sixth Amendment Effective Date, as applicable, other than those changes attached to such certificate, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors or other similar governing body, as applicable, of such Loan Party authorizing the execution, delivery and performance of this Fourteenth Amendment and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate or articles of incorporation or other formation documents of such Loan Party have not been amended since the Fourth Amendment Effective Date, the March 31, 2020 Joinder Agreement or the Sixth Amendment Effective Date, as applicable, other than those changes attached to such certificate and (D) as to the incumbency and specimen signature of each officer executing this Fourteenth Amendment or any other document delivered in connection herewith on behalf of such Loan Party; and (iii) a certificate of another officer as to the incumbency and specimen signature of a Responsible Officer executing the certificate pursuant to immediately preceding clause (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Administrative Agent shall have received a certificate, dated as of the Amendment Effective Date, duly executed by a Responsible Officer of the Parent Borrower, confirming compliance with the conditions precedent set forth in <u>Section 4.1(b)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Administrative Agent shall have received a solvency certificate, dated as of the Amendment Effective Date, from a Financial Officer of the Parent Borrower, in form and substance reasonably satisfactory to the Administrative Agent, supporting the conclusions that after giving effect to the transactions contemplated by this Fourteenth Amendment, the Borrowers will not be insolvent or be rendered insolvent by the Indebtedness incurred in connection therewith, or be left with unreasonably small capital with which to engage in its businesses, or have incurred debts beyond its ability to pay such debts as they mature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrative Agent shall have received a written opinion of White & Case LLP, counsel for the Borrowers and certain other Subsidiary Guarantors (i) in form and substance reasonably satisfactory to the Administrative Agent, (ii) dated the Amendment Effective Date and (iii) addressed to the Administrative Agent, the Collateral Agent and the 2025 New Revolving Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Administrative Agent, the Collateral Agent and the Lead Arrangers (as defined in the Commitment Letter referred to in the Hurricane Acquisition Agreement) shall have received, to the extent invoiced prior to the Amendment Effective Date, all reasonable and documented out-of-pocket fees and expenses that are required to be paid and/or reimbursed by the Borrowers under the Loan Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Administrative Agent shall have received all documentation and other information required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act, that has been reasonably requested by the Administrative Agent or any Revolving Lender.

Section 5.02<u>Condition Subsequent.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Within 120 days after the Amendment Effective Date (or such later date as may be acceptable to the Administrative Agent in its reasonable discretion), the applicable Loan Party shall enter into an amendment to any of the Mortgages existing as of the Amendment Effective Date as the Administrative Agent may reasonably request based on the advice of local counsel in the jurisdiction in

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which the Mortgaged Property subject to such Mortgage is located, in form reasonably acceptable to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrowers shall, for up to 60 days after the Amendment Effective Date, use commercially reasonable efforts to deliver, or cause to be delivered, to the Administrative Agent a certificate from the New York State Department of Taxation and Finance reflecting the payment of all franchise taxes and the filing of all franchise tax returns by (I) ACE Energy, Inc., (II) Gateway Energy Services Corporation, (III) NRG Curtailment Solutions, Inc. and (IV) XOOM Energy New York, LLC.

Article VI.

<u>Section 6.01</u><u>EFFECT OF AMENDED CREDIT AGREEMENT.</u>

Section 6.01Except as expressly set forth herein or in the Amended Credit Agreement, neither this Fourteenth Amendment nor the Amended Credit Agreement shall by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral Agent or the Issuing Banks under the Credit Agreement, the Amended Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or the Amended Credit Agreement or any other provision of the Credit Agreement, the Amended Credit Agreement or of any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Borrower, any Subsidiary Guarantor or any other Person to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, the Amended Credit Agreement or any other Loan Document in similar or different circumstances.

Section 6.02On the Amendment Effective Date, the provisions of this Fourteenth Amendment and the Amended Credit Agreement will become effective and binding upon, and enforceable against, each Borrower, each Subsidiary Guarantor, the Administrative Agent, the Collateral Agent, each Issuing Bank, each 2025 New Revolving Lender and each other Lender. Upon and after the execution of this Fourteenth Amendment by each of the parties hereto, each reference in the Amended Credit Agreement to "this Agreement", "hereunder", herein," "hereinafter," "hereto," "hereof" and words of like import referring to the Amended Credit Agreement, and each reference in the other Loan Documents to "the Credit Agreement", "thereunder", "thereof" or words of like import referring to the Credit Agreement, shall mean and be a reference to the Amended Credit Agreement.

Section 6.03This Fourteenth Amendment shall constitute a Loan Document and a Joinder Agreement for all purposes under the Amended Credit Agreement and shall be administered and construed pursuant to the terms of the Amended Credit Agreement.

Article VII.

MISCELLANEOUS

Section 7.01<u>Counterparts.</u> This Fourteenth Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as provided in <u>Article IV</u>. Delivery of an executed signature page to this Fourteenth Amendment by electronic transmission (including ".pdf") shall be as effective as delivery of a manually signed counterpart of this Fourteenth Amendment. The words "execution," "execute", "signed," "signature," "delivery," and words of like import in or relating to this Fourteenth Amendment and any document to be signed in connection with this Fourteenth Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, deliveries or the keeping of records in electronic form,

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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.

Section 7.02<u>Applicable Law; Notices; Waiver of Jury Trial; Severability; Jurisdiction; Consent to Service of Process; Waivers.</u> THIS FOURTEENTH AMENDMENT AND ANY CLAIM, CONTROVERSY, DISPUTE, PROCEEDING OR CAUSE OF ACTION (WHETHER IN CONTRACT, TORT OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY) BASED UPON, ARISING OUT OF OR RELATING TO THIS FOURTEENTH AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. Sections 9.07, 9.11 and 9.15 of the Amended Credit Agreement are hereby incorporated by reference herein, mutatis mutandis<u>.</u>

Section 7.03<u>Headings</u>. Headings used herein are for convenience of reference only, are not part of this Fourteenth Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Fourteenth Amendment.

Section 7.04<u>Reaffirmation.</u> The parties hereto acknowledge and agree that (i) this Fourteenth Amendment and any other Loan Document or other document or instrument executed and delivered in connection herewith do not constitute a novation or termination of the Guaranteed Obligations of the Borrowers and the Subsidiary Guarantors as in effect prior to the Amendment Effective Date and (ii) such Guaranteed Obligations are in all respects continuing (as amended by this Fourteenth Amendment) with only the terms thereof being modified to the extent provided in this Fourteenth Amendment. Each of the Borrowers and the Subsidiary Guarantors hereby consents to the entering into of this Fourteenth Amendment and each of the transactions contemplated hereby, confirms its respective guarantees, pledges, grants of security interests, Liens and other obligations, as applicable, under and subject to the terms of the Security Documents to which it is a party and each of the other Loan Documents to which it is party, and agrees that, notwithstanding the effectiveness of this Fourteenth Amendment or any of the transactions contemplated hereby, such guarantees, pledges, grants of security interests, Liens and other obligations, and the terms of each of the other Security Documents to which it is a party and each of the other Loan Documents to which it is a party, are not impaired or affected in any manner whatsoever and shall continue to be in full force and effect and shall continue to secure all Guaranteed Obligations, as amended, reaffirmed and modified pursuant to this Fourteenth Amendment or any of the transactions contemplated thereby.

[*Signature pages follow*]

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IN WITNESS WHEREOF, the parties hereto have caused this Fourteenth Amendment to be duly executed by their respective officers as of the day and year first above written.

NRG ENERGY, INC.

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| By: | /s/ Jean-Pierre Breaux | /s/ Jean-Pierre Breaux |
| Name: | Name: | Jean-Pierre Breaux |
| Title: | Title: | Vice President and Treasurer |

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APX GROUP LLC

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|:---|:---|:---|
| By: | /s/ Jean-Pierre Breaux | /s/ Jean-Pierre Breaux |
| Name: | Name: | Jean-Pierre Breaux |
| Title: | Title: | Vice President and Treasurer |

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[SUBSIDIARY GUARANTORS]

[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

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CITICORP NORTH AMERICA, INC., as Administrative Agent and as Collateral Agent

By: <u>/s/ Ashwani Khubani&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Ashwani Khubani

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President / Managing Director

[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

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CITIBANK, N.A., as a Revolving Lender and Issuing Bank

By: <u>/s/ Ashwani Khubani&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Ashwani Khubani&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President / Managing Director

[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

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GOLDMAN SACHS BANK USA, as a Revolving Lender

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|:---|:---|:---|
| By: | /s/ Robert Ehudin | /s/ Robert Ehudin |
| Name: | Name: | Robert Ehudin |
| Title: | Title: | Authorized Signatory |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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BANK OF AMERICA, N.A., as a Revolving Lender and Issuing Bank

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|:---|:---|:---|
| By: | /s/ Christopher J. Heitker | /s/ Christopher J. Heitker |
| Name: | Name: | Christopher J. Heitker |
| Title: | Title: | Director |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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BANK OF MONTREAL, as a Revolving Lender and Issuing Bank

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| | | |
|:---|:---|:---|
| By: | /s/ Michael Cummings | /s/ Michael Cummings |
| Name: | Name: | Michael Cummings |
| Title: | Title: | Managing Director |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MUFG BANK, LTD., as a Revolving Lender

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| | | |
|:---|:---|:---|
| By: | /s/ Jeffrey Fesenmaier | /s/ Jeffrey Fesenmaier |
| Name: | Name: | Jeffrey Fesenmaier |
| Title: | Title: | Managing Director |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

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BARCLAYS BANK PLC, as a Revolving Lender and Issuing Bank

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| | | |
|:---|:---|:---|
| By: | /s/ Kevin Crealese | /s/ Kevin Crealese |
| Name: | Name: | Kevin Crealese |
| Title: | Title: | Managing Director |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Revolving Lender

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| | | |
|:---|:---|:---|
| By: | /s/ Kevin Gay | /s/ Kevin Gay |
| Name: | Name: | Kevin Gay |
| Title: | Title: | Director |

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| | | |
|:---|:---|:---|
| By: | /s/ Bruno Pezy | /s/ Bruno Pezy |
| Name: | Name: | Bruno Pezy |
| Title: | Title: | Managing Director |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

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DEUTSCHE BANK AG NEW YORK BRANCH, as a Revolving Lender and Issuing Bank

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| | | |
|:---|:---|:---|
| By: | /s/ Philip Tancorra | /s/ Philip Tancorra |
| Name: | Name: | Philip Tancorra |
| Title: | Title: | Director  |

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| | | |
|:---|:---|:---|
| By: | /s/ Suzan Onal | /s/ Suzan Onal |
| Name: | Name: | Suzan Onal |
| Title: | Title: | Director |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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JPMORGAN CHASE BANK, N.A., as a Revolving Lender and Issuing Bank

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| | | |
|:---|:---|:---|
| By: | /s/ Santiago Gascon | /s/ Santiago Gascon |
| Name: | Name: | Santiago Gascon |
| Title: | Title: | Vice President |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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MORGAN STANLEY BANK, N.A., as a Revolving Lender and Issuing Bank

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| | | |
|:---|:---|:---|
| By: | /s/ Taylor Tripucka | /s/ Taylor Tripucka |
| Name: | Name: | Taylor Tripucka |
| Title: | Title: | Authorized Signatory |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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MORGAN STANLEY SENIOR FUNDING, INC., as a Revolving Lender

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| | | |
|:---|:---|:---|
| By: | /s/ Taylor Tripucka | /s/ Taylor Tripucka |
| Name: | Name: | Taylor Tripucka |
| Title: | Title: | Vice President |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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ROYAL BANK OF CANADA, as a Revolving Lender and Issuing Bank

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| | | |
|:---|:---|:---|
| By: | /s/ Matthew Smith | /s/ Matthew Smith |
| Name: | Name: | Matthew Smith |
| Title: | Title: | Authorized Signatory |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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SUMITOMO MITSUI BANKING CORPORATION, as a Revolving Lender

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| | | |
|:---|:---|:---|
| By: | /s/ Alkesh Nanavaty | /s/ Alkesh Nanavaty |
| Name: | Name: | Alkesh Nanavaty |
| Title: | Title: | Executive Director |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIZUHO BANK, LTD., as a Revolving Lender

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| | | |
|:---|:---|:---|
| By: | /s/ Edward Sacks | /s/ Edward Sacks |
| Name: | Name: | Edward Sacks |
| Title: | Title: | Managing Director |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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BANCO SANTANDER, S.A., NEW YORK BRANCH, as a Revolving Lender

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| | | | | |
|:---|:---|:---|:---|:---|
| By: | /s/ Andres Barbosa | /s/ Andres Barbosa | /s/ Andres Barbosa | /s/ Andres Barbosa |
| Name: | Name: | Name: | Andres Barbosa | Andres Barbosa |
| Title: | Title: | Title: | Managing Director | Managing Director |
| By: | By: | /s/ Carolina Gutierrez | /s/ Carolina Gutierrez | /s/ Carolina Gutierrez |
| Name: | Name: | Name: | Name: | Carolina Gutierrez |
| Title: | Title: | Title: | Title: | Executive Director |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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THE BANK OF NOVA SCOTIA, as a 2025 New Revolving Lender, a Revolving Lender and an Issuing Bank

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| | | |
|:---|:---|:---|
| By: | /s/ David Dewar | /s/ David Dewar |
| Name: | Name: | David Dewar |
| Title: | Title: | Director |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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KEYBANK NATIONAL ASSOCIATION, as a 2025 New Revolving Lender and a Revolving Lender

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|:---|:---|:---|
| By: | /s/ Renee M. Bonnell | /s/ Renee M. Bonnell |
| Name: | Name: | Renee M. Bonnell |
| Title: | Title: | Senior Vice President |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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TRUIST BANK, as a 2025 New Revolving Lender and a Revolving Lender

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|:---|:---|:---|
| By: | /s/ Justin Lien | /s/ Justin Lien |
| Name: | Name: | Justin Lien |
| Title: | Title: | Director |

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[Signature Page to Fourteenth Amendment to Second Amended and Restated Credit Agreement]

AMERICAS 128519402 <br>

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<u>Annex A</u>

<u>Amended Credit Agreement</u>

(see attached)

<u>Annex B</u>

<u>Annex C</u>

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<u>Annex A</u>

*Execution Version*

**Conformed through (i) First Amendment Agreement, dated as of January 24, 2017, (ii) Second Amendment Agreement, dated as of March 21, 2018, (iii) Third Amendment Agreement dated as of May 7, 2018, (iv) Joinder Agreement, dated as of November 8, 2018, (v) the Fourth Amendment, dated as of May 28, 2019, (vi) the Fifth Amendment, dated as of August 20, 2020, (vii) the Sixth Amendment, dated as of February 14, 2023, (viii) the Seventh Amendment, dated as of March 13,** 

<br> <br>

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**2023, (ix) the Eighth Amendment, dated as of April 16, 2024, (x) the Ninth Amendment, dated as of April 22, 2024, (xi) the Tenth Amendment, dated as of October 30, 2024, (xii) the Eleventh Amendment, dated as of October 30, 2024, (xiii) the Twelfth Amendment, dated as of November 26, 2024, (xiv) the Thirteenth Amendment, dated as of December 20, 2024, and (xv) the Fourteenth Amendment, dated as of May 27, 2025**

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

dated as of June 30, 2016

<br> <br>

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as amended by (i) the First Amendment Agreement, dated as of January 24, 2017, (ii) the Second Amendment Agreement, dated as of March 21, 2018, (iii) the Third Amendment Agreement, dated as of May 7, 2018, (iv) the Joinder Agreement, dated as of November 8, 2018, (v) the Fourth Amendment, dated as of May 28, 2019, (vi) the Fifth Amendment, dated as of August 20, 2020, (vii) the Sixth Amendment, dated as of February 14, 2023, (viii) the Seventh Amendment to Second Amended and

Restated Credit Agreement, dated as of March 13, 2023, (ix) the Eighth Amendment, dated as of April 16, 2024, (x) the Ninth Amendment, dated as of April 22, 2024, (xi) the Tenth Amendment, dated as of October 30, 2024, (xii) the Eleventh Amendment, dated as of October 30, 2024, (xiii) the Twelfth

<br> <br>

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Amendment, dated as of November 26, 2024, (xiv) the Thirteenth Amendment, dated as of December 20, 2024, and (xv) the Fourteenth Amendment, dated as of May 27, 2025

among

NRG ENERGY, INC.,

as the Parent Borrower,

APX GROUP LLC,

<br> <br>

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as a Borrower,

THE LENDERS FROM TIME TO TIME PARTY HERETO,

CITIGROUP GLOBAL MARKETS INC., MORGAN STANLEY SENIOR FUNDING, INC., BARCLAYS BANK PLC, CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, CREDIT SUISSE SECURITIES (USA) LLC, DEUTSCHE BANK SECURITIES INC., GOLDMAN SACHS BANK USA, JPMORGAN CHASE BANK, N.A., MUFG BANK, LTD., ROYAL BANK OF CANADA,

<br> <br>

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SUMITOMO MITSUI BANKING CORPORATION, BNP PARIBAS, DNB CAPITAL ASA, ING CAPITAL LLC, NATIXIS, NEW YORK BRANCH and BANK OF MONTREAL,

as Joint Lead Arrangers and Joint Lead Bookrunners,

GOLDMAN SACHS BANK USA,

as Syndication Agent,

CITICORP NORTH AMERICA, INC.,

as Administrative Agent and Collateral Agent,

<br> <br>

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COMMERZBANK AG, NEW YORK BRANCH, KEYBANK CAPITAL MARKETS INC. and

CITIBANK, N.A.,

as Co-Managers

and

BNP PARIBAS,<br>as Sustainability Structuring Agent

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**<u>**TABLE OF CONTENTS**</u>**

**<u>Page</u>**

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<u>Exhibits and Schedules</u>

Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;Form of Administrative Questionnaire

Exhibit B&nbsp;&nbsp;&nbsp;&nbsp;Form of Assignment and Assumption

Exhibit C&nbsp;&nbsp;&nbsp;&nbsp;Form of Borrowing Request

Exhibit D&nbsp;&nbsp;&nbsp;&nbsp;Form of Joinder Agreement

Exhibit E&nbsp;&nbsp;&nbsp;&nbsp;Form of Mortgage

Exhibit F&nbsp;&nbsp;&nbsp;&nbsp;Form of Revolving Note

Exhibit G&nbsp;&nbsp;&nbsp;&nbsp;Form of Term Note

Exhibit H&nbsp;&nbsp;&nbsp;&nbsp;Form of Prepayment Notice

Exhibit I&nbsp;&nbsp;&nbsp;&nbsp;Form of Discounted Purchase Option Notice

Exhibit J&nbsp;&nbsp;&nbsp;&nbsp;Form of Lender Participation Notice

Exhibit K&nbsp;&nbsp;&nbsp;&nbsp;Form of Discounted Voluntary Purchase Notice

Exhibit L&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

Exhibit M&nbsp;&nbsp;&nbsp;&nbsp;Form of Non-Bank Certificate

Schedule 1.01(a)&nbsp;&nbsp;&nbsp;&nbsp;Excluded Foreign Subsidiaries

Schedule 1.01(b)&nbsp;&nbsp;&nbsp;&nbsp;Excluded Project Subsidiaries

Schedule 1.01(c)&nbsp;&nbsp;&nbsp;&nbsp;Existing Commodity Hedging Agreements

Schedule 1.01(d)&nbsp;&nbsp;&nbsp;&nbsp;Mortgaged Properties

Schedule 1.01(e)&nbsp;&nbsp;&nbsp;&nbsp;Revolving Commitments

Schedule 1.01(f)&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary Guarantors

Schedule 1.01(g)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

Schedule 1.01(h)&nbsp;&nbsp;&nbsp;&nbsp;Unrestricted Subsidiaries

Schedule 2.23(a)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

Schedule 2.23(b)&nbsp;&nbsp;&nbsp;&nbsp;Letter of Credit Commitments

Schedule 3.07&nbsp;&nbsp;&nbsp;&nbsp;Properties

Schedule 3.08&nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries

Schedule 3.09&nbsp;&nbsp;&nbsp;&nbsp;Litigation

Schedule 3.17&nbsp;&nbsp;&nbsp;&nbsp;Environmental Matters

Schedule 3.18&nbsp;&nbsp;&nbsp;&nbsp;Insurance

Schedule 3.19(a)&nbsp;&nbsp;&nbsp;&nbsp;UCC Filing Offices

Schedule 3.19(c)&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Filing Offices

Schedule 3.20&nbsp;&nbsp;&nbsp;&nbsp;Owned and Leased Real Property

Schedule 3.23(b)&nbsp;&nbsp;&nbsp;&nbsp;Rate Proceedings

Schedule 3.23(d)&nbsp;&nbsp;&nbsp;&nbsp;FERC Matters

Schedule 3.23(g)&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Status

Schedule 5.09(b)&nbsp;&nbsp;&nbsp;&nbsp;Title Insurance and Survey Requirements

Schedule 6.01&nbsp;&nbsp;&nbsp;&nbsp;Existing Indebtedness

Schedule 6.02&nbsp;&nbsp;&nbsp;&nbsp;Existing Liens

Schedule 6.03&nbsp;&nbsp;&nbsp;&nbsp;Sale and Leaseback Transactions

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SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of June 30, 2016, among NRG ENERGY, INC., a Delaware corporation (the "<u>Parent Borrower</u>"), APX Group LLC, a Delaware limited liability company ("<u>APX</u>" and, together with the Parent Borrower, the "<u>Borrowers</u>", and each, a "<u>Borrower</u>"), the LENDERS from time to time party hereto (the "<u>Lenders</u>"), CITICORP NORTH AMERICA, INC. (together with its Affiliates, "<u>CNA</u>"), as administrative agent (in such capacity and together with its successors, the "<u>Administrative Agent</u>"), collateral agent (in such capacity and together with its successors, the "<u>Collateral Agent</u>") and an Issuing Bank, BANK OF AMERICA, N.A. (together with its Affiliates, "<u>BANA</u>"), as an Issuing Bank, BARCLAYS BANK PLC (together with its Affiliates, "<u>Barclays</u>"), as an Issuing Bank, BNP PARIBAS (together with its Affiliates, "<u>BNPP</u>"), as an Issuing Bank, CREDIT SUISSE AG, NEW YORK BRANCH (together with its Affiliates, "<u>CS</u>"), as an Issuing Bank, DEUTSCHE BANK AG NEW YORK BRANCH (together with its Affiliates, "<u>DB</u>"), as an Issuing Bank, JPMORGAN CHASE BANK, N.A. (together with its Affiliates, "<u>JPM</u>"), as an Issuing Bank, MORGAN STANLEY BANK, N.A. (together with its Affiliates, "<u>MSB</u>"), as an Issuing Bank and NATIXIS, NEW YORK BRANCH (together with its Affiliates, "<u>Natixis</u>"), as an Issuing Bank, and BNP PARIBAS, as sustainability structuring agent (in such capacity and together with its successors, the "<u>Sustainability Structuring Agent</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to the Closing Date, the Parent Borrower, the lenders party thereto (including certain of the Lenders), Citicorp North America, Inc., as administrative agent, collateral agent and swingline lender thereunder, and the other financial institutions party thereto are party to the Amended and Restated Credit Agreement, dated as of July 1, 2011 (as further amended, restated, amended and restated, supplemented or otherwise modified prior to the Closing Date, the "<u>Existing Credit Agreement</u>"), pursuant to which the lenders party thereto (including certain of the Lenders) agreed, subject to the terms and conditions thereof, to continue to extend credit to the Parent Borrower thereunder in the form of (i) Term Loans (as defined in the Existing Credit Agreement) and (ii) a revolving credit facility (including a letter of credit facility and a swingline loan facility thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;It is understood and agreed that, immediately prior to the Closing Date, the Guaranteed Obligations (as defined in the Existing Credit Agreement) are guaranteed pursuant to the Existing Guarantee and Collateral Agreement and secured pursuant to the Security Documents by a legal, valid, binding and enforceable security interest and a fully perfected Lien in favor of the Collateral Trustee (as defined in the Collateral Trust Agreement), for the ratable benefit of the Secured Parties (as defined in the Existing Credit Agreement), in the Collateral and the proceeds thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;The Parent Borrower has requested that certain of the Lenders (as defined in the Existing Credit Agreement) and the other parties hereto (including all Lenders) agree, and such Lenders (as defined in the Existing Credit Agreement) and other parties (including all Lenders) have agreed, subject to the terms and conditions hereof, to continue to extend credit to the Parent Borrower hereunder in the form of (i) Term Loans re-evidenced on the Closing Date in an aggregate principal amount on the Closing Date equal to $1,900,000,000 and (ii) a replacement revolving credit facility (including a letter of credit facility and a swingline loan facility thereunder) in an aggregate principal amount at any time outstanding on the Closing Date not to exceed $2,536,000,000, subject to the limitations set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;The Parent Borrower will use the proceeds of the Term Loans on the Closing Date, together with other funds available to it, to (i) re-evidence in full all Term Loans (as defined in the Existing Credit Agreement) outstanding under the Existing Credit Agreement, on the terms and subject to the conditions set forth herein, including via the assignment by certain of the Lenders under and as defined in the Existing Credit Agreement who do not remain Lenders hereunder on the Closing Date to certain of the Lenders hereunder as of the Closing Date of certain of the Term Loans under and as defined

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in the Existing Credit Agreement, which shall thereafter be continued as and be deemed to be a portion of the Term Loans hereunder, and (ii) pay or cause to be paid fees, costs and expenses incurred in connection with the Transactions in accordance with the terms and conditions of this Agreement. The revolving credit facility (including the letter of credit facility and the swingline loan facility thereunder) under the Existing Credit Agreement will, on the terms and subject to the conditions set forth herein, be replaced on the Closing Date with the revolving credit facility (including the letter of credit facility and swingline loan facility thereunder) under this Agreement in an aggregate principal amount at any time outstanding on the Closing Date not to exceed $2,536,000,000, subject to the limitations set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;It is the intent of the parties hereto that (i) this Agreement shall be deemed to be the Credit Agreement (as defined in the Collateral Trust Agreement) for all purposes under the Collateral Trust Agreement and the other Security Documents and, pursuant and in accordance with Section 3.8(b) of the Collateral Trust Agreement, all extensions of credit under this Agreement (including issuances of Letters of Credit) shall constitute extensions of credit under the Credit Agreement (as defined in the Collateral Trust Agreement) for all purposes under the Collateral Trust Agreement and the other Security Documents and shall be deemed to be incurred (solely for purposes of Section 3.8(b) of the Collateral Trust Agreement) on February 2, 2006 and no further designation shall be required to be made so that (a) all extensions of credit under this Agreement (regardless when made or incurred) will be deemed Priority Lien Debt (as defined in the Collateral Trust Agreement) pursuant to clause (i) of the definition thereof and the Guaranteed Obligations will be deemed Priority Lien DFBM Obligations (as defined in the Collateral Trust Agreement) and (b) this Agreement and the other Loan Documents will at all times constitute Priority Lien Documents (as defined in the Collateral Trust Agreement) and (ii) the Guaranteed Obligations under this Agreement will henceforth be guaranteed pursuant to the Existing Guarantee and Collateral Agreement and the Guarantee and Collateral Agreement and secured pursuant to the Security Documents by a legal, valid, binding and enforceable security interest and a fully perfected Lien in favor of the Collateral Trustee (as defined in the Collateral Trust Agreement), for the ratable benefit of the Secured Parties, in the Collateral and the proceeds thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Parent Borrower has requested that, on the Closing Date, (i) the Collateral Trust Agreement be amended to make certain changes as more fully set forth in the Restatement Agreement and (ii) the Existing Guarantee and Collateral Agreement be amended and restated in its entirety to make certain changes as more fully set forth in the Guarantee and Collateral Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;&nbsp;&nbsp;&nbsp;On the Fourth Amendment Effective Date, the Parent Borrower repaid all outstanding Term Loans and New Term Loans outstanding on such date immediately prior to the effectiveness of the Fourth Amendment, together with accrued interest thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;&nbsp;&nbsp;&nbsp;On the Fourth Amendment Effective Date, the Revolving Lenders have agreed to extend the Maturity Date and increase the aggregate amount of the Revolving Commitments to $2,600,000,000 on the terms and subject to the limitations set forth herein

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;On the Fifth Amendment Effective Date, (x) the Required Lenders have agreed to effect certain changes to this Agreement as set out herein, (y) the Tranche A Revolving Lenders (as defined in the Fifth Amendment) have agreed to increase the aggregate amount of the Tranche A Revolving Commitments (as defined in the Fifth Amendment) to $3,379,100,000 on the terms and subject to the limitations set forth herein and (z) the Tranche B Revolving Lenders (as defined in the Fifth Amendment) have agreed to establish a new Class of Revolving Loans and to provide Tranche B Revolving Commitments (as defined in the Fifth Amendment) in an aggregate amount of $258,200,000 on the terms and subject to the limitations set forth herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.&nbsp;&nbsp;&nbsp;&nbsp;On the Sixth Amendment Effective Date, the Tranche C Revolving Lenders have agreed to effect certain changes to this Agreement as set out herein and to extend Tranche C Revolving Commitments in an amount of $3,755,000,000 on the terms and subject to the limitations set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.&nbsp;&nbsp;&nbsp;&nbsp;On the Eighth Amendment Effective Date, (i) the 2024 New Term Lenders have agreed to extend 2024 New Term Loans in an amount of $875,000,000 and (ii) the Lenders party to the Eighth Amendment constituting the Required Lenders and the Majority Revolving Lenders immediately prior to the Eighth Amendment Effective Date have agreed to effect certain changes to this Agreement as set out herein, in each case, on the terms and subject to the limitations set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.&nbsp;&nbsp;&nbsp;&nbsp;On the Tenth Amendment Effective Date, the Revolving Lenders and the Issuing Banks have agreed to extend the Tranche C Revolving Termination Date and effect certain other changes to this Agreement as set forth herein and in the Tenth Amendment on the terms and subject to the conditions set forth herein and therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.&nbsp;&nbsp;&nbsp;&nbsp;On the Eleventh Amendment Effective Date, the 2024-2 New Term Lenders have agreed to extend 2024-2 New Term Loans in an amount of $450,000,000 on the terms and subject to the limitations set forth herein and in the Eleventh Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.&nbsp;&nbsp;&nbsp;&nbsp;On the Twelfth Amendment Effective Date, the 2024 New Term Lenders have agreed to reduce the Applicable Margin applicable to the 2024 New Term Loans and effect certain other changes to this Agreement on the terms set forth herein and in the Twelfth Amendment, in each case, subject to the conditions set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O.&nbsp;&nbsp;&nbsp;&nbsp;On the Thirteenth Amendment Effective Date, the Parent Borrower and the Administrative Agent have agreed to add APX Group LLC as an additional borrower of the Loans on a joint and several basis with the Parent Borrower and to effect certain other changes to this Agreement on the terms set forth herein and in the Thirteenth Amendment, in each case, subject to the conditions set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.&nbsp;&nbsp;&nbsp;&nbsp;On the Fourteenth Amendment Effective Date, (i) the Borrowers, the Lenders party to the Fourteenth Amendment, the Administrative Agent and the Collateral Agent have agreed to effect certain changes to this Agreement and (ii) the 2025 New Revolving Lenders have agreed to increase the Tranche C Revolving Commitments in an amount of $390,080,000, in each case, on the terms set forth herein and in the Fourteenth Amendment, subject to the conditions set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q.&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, in consideration of the mutual agreements contained herein and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows:

Article VIII.<u><br>Definitions</u>

Section 8.01<u>Defined Terms</u>. As used in this Agreement, the following terms shall have the meanings specified below:

"<u>2018 Baseline Sustainability Report</u>" shall mean the sustainability report of the Parent Borrower setting forth each KPI Metric as of December 31, 2018.

"<u>2024 New Term Commitment</u>" shall have the meaning given to such term in the Eighth Amendment and shall include, from and after the Eleventh Amendment Effective Date, a 2024-2 New

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Term Commitment. As of the Eleventh Amendment Effective Date, the aggregate amount of the 2024 New Term Commitments is $450,000,000.

"<u>2024 New Term Lenders</u>" shall mean, at any time, Lenders that have a 2024 New Term Commitment or a 2024 New Term Loan at such time, and shall include, from and after the Eleventh Amendment Effective Date, 2024-2 New Term Lenders.

"<u>2024 New Term Loans</u>" shall mean (a) prior to the Eleventh Amendment Effective Date, the New Term Loans made by the 2024 New Term Lenders to the Parent Borrower on the Eighth Amendment Effective Date pursuant to the Eighth Amendment, and (b) from and after the Eleventh Amendment Effective Date, (x) the New Term Loans made by the 2024 New Term Lenders to the Parent Borrower on the Eighth Amendment Effective Date pursuant to the Eighth Amendment and (y) the 2024-2 New Term Loans.

"<u>2024-2 New Term Commitment</u>" shall have the meaning given to such term in the Eleventh Amendment. As of the Eleventh Amendment Effective Date, the aggregate amount of the 2024-2 New Term Commitments is $450,000,000.

"<u>2024-2 New Term Lenders</u>" shall have the meaning given to such term in the Eleventh Amendment.

"<u>2024-2 New Term Loans</u>" shall mean the New Term Loans made by the 2024-2 New Term Lenders to the Parent Borrower on the Eleventh Amendment Effective Date pursuant to the Eleventh Amendment. From and after the Eleventh Amendment Effective Date, the 2024-2 New Term Loans shall constitute 2024 New Term Loans for all purposes under this Agreement and the Loan Documents.

"<u>2025 New Revolving Commitment</u>" shall have the meaning given to such term in the Fourteenth Amendment.

"<u>2025 New Revolving Lenders</u>" shall have the meaning given to such term in the Fourteenth Amendment.

"<u>ABR</u>", when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate.

"<u>Acceptable Commitment</u>" shall have the meaning assigned to such term in Section 6.04(b).

"<u>Acceptable Price</u>" shall have the meaning assigned to such term in Section 2.12(e)(iii).

"<u>Acceptance Date</u>" shall have the meaning assigned to such term in Section 2.12(e)(ii).

"<u>Accepting Lenders</u>" shall have the meaning assigned to such term in Section 9.19(a).

"<u>Account</u>" shall have the meaning assigned to such term in the UCC.

"<u>Acquired Debt</u>" shall mean, with respect to any specified Person, (a) Indebtedness of any other Person or asset existing at the time such other Person or asset is merged with or into, is acquired by, or became a Subsidiary of such specified Person, as the case may be, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person and (b) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

"<u>Additional Senior Notes</u>" shall mean senior notes issued by (a) prior to the Thirteenth Amendment Effective Date, the Parent Borrower, and (b) from and after the Thirteenth Amendment, the Parent Borrower and/or one or more of its Restricted Subsidiaries, in compliance with this Agreement

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having substantially the same terms in all material respects (other than pricing and maturity) as the Senior Notes or terms more favorable to the Borrowers.

"<u>Additional Senior Notes Documents</u>" shall mean the indentures under which the Additional Senior Notes are issued and all other instruments, agreements and other documents evidencing or governing the Additional Senior Notes or providing for any Guarantee or other right in respect thereof, in each case as the same may be amended or supplemented from time to time in accordance with the terms hereof and thereof.

"<u>Administrative Agent</u>" shall have the meaning assigned to such term in the preamble.

"<u>Administrative Agent Fees</u>" shall have the meaning assigned to such term in Section 2.05(b).

"<u>Administrative Questionnaire</u>" shall mean an Administrative Questionnaire substantially in the form of <u>Exhibit A</u>, or such other similar form as may be supplied from time to time by the Administrative Agent.

"<u>Affected Financial Institution</u>" shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution.

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

"<u>Affiliate Transaction</u>" shall have the meaning assigned to such term in Section 5.13.

"<u>Agents</u>" shall have the meaning assigned to such term in Article VIII.

"<u>Aggregate Revolving Exposure</u>" shall mean the aggregate amount of the Lenders' Revolving Exposures.

"<u>Agreement</u>" shall mean this Second Amended and Restated Credit Agreement, as amended, restated, amended and restated, supplemented or otherwise modified and in effect from time to time.

"<u>AHYDO Catch-Up Payment</u>" shall mean any payment with respect to any obligations of the Parent Borrower or any Restricted Subsidiary, including subordinated debt obligations, in each case to the extent such payment is necessary to avoid the application of Section 163(e)(5) of the Tax Code.

"<u>Alternate Base Rate</u>" shall mean, for any day, a rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day <u>plus</u> 1/2 of 1.00% and (c) the Term SOFR Rate for an interest period of one month beginning on such day (determined as if the relevant ABR Borrowing were a Term SOFR Borrowing) plus 1.00%; <u>provided</u> that, at no time shall the Alternate Base Rate determined pursuant to clause (c) above be less than 1.00% for purposes of this Agreement.

"<u>Alternative Currency</u>" shall mean, with respect to Revolving Loans or Letters of Credit, Canadian Dollars.

"<u>Anti-Corruption Laws</u>" shall mean the United States Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010 and, to the extent applicable, other similar legislation in any other jurisdictions.

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"<u>Anti-Terrorism Laws</u>" shall mean (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the PATRIOT Act.

"<u>Applicable Discount</u>" shall have the meaning assigned to such term in Section 2.12(e)(iii).

"<u>Applicable Laws</u>" shall mean, as to any Person, any ordinance, law, treaty, rule or regulation, or any determination, ruling or other directive by or from an arbitrator or a court or other Governmental Authority, including ERCOT, in each case, applicable to or binding on such Person or any of its property or assets or to which such Person or any of its property or assets is subject.

"<u>Applicable Margin</u>" shall mean, for any day, a rate per annum equal to, (i) in the case of Revolving Loans (other than as provided in Sections 2.02(b) and (h) and as may be contemplated by immediately succeeding clauses (iii) and (iv), as applicable), (a) with respect to ABR Loans and Canadian Base Rate Loans, 0.75%, and (b) with respect to Term SOFR Loans, Daily Simple SOFR Loans and Term CORRA Loans, 1.75%, (ii) in the case of 2024 New Term Loans, (a) prior to the Twelfth Amendment Effective Date, (I) with respect to ABR Loans, 1.00%, and (II) with respect to Term SOFR Loans, 2.00%, and (b) on and after the Twelfth Amendment Effective Date, (I) with respect to ABR Loans, 0.75%, and (II) with respect to Term SOFR Loans, 1.75%, (iii) in the case of any New Term Loans or New Revolving Loans, the rate specified in the Joinder Agreement applicable thereto and (iv) in the case of any Refinancing Term Loans, Refinancing Revolving Commitments and Refinancing Revolving Loans, the rate specified in the Joinder Agreement applicable thereto.

Following the date on which the Parent Borrower provides a Pricing Certificate pursuant to Section 5.04(e) for the fiscal year ending December 31, 2019, the Applicable Margin for ABR Revolving Loans, Term SOFR Revolving Loans, Daily Simple SOFR Revolving Loans, Canadian Base Rate Revolving Loans and Term CORRA Revolving Loans may be increased or decreased pursuant to the Applicable Sustainability Adjustment as in effect from time to time. For purposes of the foregoing, (a) the Applicable Sustainability Adjustment shall be determined as of the Business Day following receipt by the Administrative Agent of a Pricing Certificate delivered in accordance with Section 5.04(e), based upon the KPI Metrics set forth in the Pricing Certificate and the Applicable Sustainability Adjustment calculations therein (such day, the "<u>Sustainability Pricing Adjustment Date</u>") and (b) each change in the Applicable Margin for ABR Revolving Loans, Term SOFR Revolving Loans, Daily Simple SOFR Revolving Loans, Canadian Base Rate Revolving Loans and Term CORRA Revolving Loans resulting from a Pricing Certificate shall be effective during the period commencing on and including the applicable Sustainability Pricing Adjustment Date and ending on the date immediately preceding the next such Sustainability Pricing Adjustment Date (or, in the case of non-delivery of a Pricing Certificate, the last day such Pricing Certificate should have been delivered).

"<u>Applicable Prepayment Event Percentage</u>" shall mean, (a) 100.0%, if the Consolidated First Lien Net Leverage Ratio for the most recently ended Test Period is greater than (X) prior to the Hurricane Acquisition Closing Date, 0.75:1.00, and (Y) on and after the Hurricane Acquisition Closing Date, 1.75:1.00, (b) 50.0%, if the Consolidated First Lien Net Leverage Ratio for the most recently ended Test Period is greater than (X) prior to the Hurricane Acquisition Closing Date, 0.25:1.00 and equal to or less than 0.75:1.00, and (Y) on and after the Hurricane Acquisition Closing Date, 0.75:1.00 and equal to or less than 1.75:1.00, and (c) 0.0%, if the Consolidated First Lien Net Leverage Ratio for the most recently ended Test Period is equal to or less than (X) prior to the Hurricane Acquisition Closing Date, 0.25:1.00, and (Y) on and after the Hurricane Acquisition Closing Date, 0.75:1.00, in each case, calculated on a pro forma basis after giving effect to the applicable Asset Sale and the use of proceeds therefrom; <u>provided</u> that, if the applicable First Lien Net Leverage Ratio used in calculating the foregoing prepayment percentages (after taking into account any such prepayment) would result in such percentage being

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reduced to 50% or 0%, then such reduced prepayment percentage shall apply after giving effect to the required prepayment amount to achieve such reduced prepayment percentage.

"<u>Applicable Sustainability Adjustment</u>" shall mean, for any fiscal year (commencing with the fiscal year ending December 31, 2019), with reference to the reported values of the KPI Metrics in the Pricing Certificate delivered for the end of the most recent previously ended fiscal year:

---

| | |
|:---|:---|
| <u>KPI Metrics</u> | <u>Change in Applicable Margin for ABR Revolving Loans, Canadian Base Rate Revolving Loans, Term SOFR Revolving Loans, Daily Simple SOFR Revolving Loans and Term CORRA Revolving Loans</u> |
| If both KPI Metrics are ≥ 110% of the applicable Baseline Sustainability Amount | 0.030% increase |
| If both KPI Metrics are ≤ 90% of the applicable Baseline Sustainability Amount | 0.030% decrease |
| If one KPI Metric is ≥ 110%, and the other KPI Metric is < 110% but > 90%, of the applicable Baseline Sustainability Amount | 0.015% increase |
| If one KPI Metric is ≤ 90%, and the other KPI Metric is < 110% but > 90%, of the applicable Baseline Sustainability Amount | 0.015% decrease |
| If both KPI Metrics are < 110% but > 90% of the applicable Baseline Sustainability Amount | No change |
| If one KPI Metric is ≥ 110%, and the other KPI Metric is < 90%, of the applicable Baseline Sustainability Amount | No change |

---

; <u>provided</u> that, in the event the Parent Borrower fails to timely deliver a Pricing Certificate in accordance with Section 5.04(e), the Applicable Sustainability Adjustment shall be a 0.030% increase in the Applicable Margin for ABR Revolving Loans, Term SOFR Revolving Loans, Daily Simple SOFR Revolving Loans, Canadian Base Rate Revolving Loans and Term CORRA Revolving Loans until the delivery of such Pricing Certificate (and commencing on the Business Day following such delivery, such 0.030% increase shall be rescinded and the Applicable Sustainability Adjustment shall be determined based upon the KPI Metrics set forth in such Pricing Certificate); <u>provided</u>, <u>further</u> that, during such period, if the Parent Borrower determines in good faith that it is not possible to calculate either KPI Metric for any fiscal year for whatever reason, the Administrative Agent (acting on the instructions of the Revolving Lenders entitled to vote in connection therewith pursuant to Section 9.08) and the Parent Borrower will negotiate in good faith to agree on the selection of an alternative measure that is customarily applied by Persons carrying out similar businesses or being subject to similar environmental incentives and, if after 20 Business Days, the Parent Borrower and the Administrative Agent (acting on the instructions of the Revolving Lenders entitled to vote in connection therewith pursuant to Section 9.08) are unable to agree on the selection of such alternative measure, the Applicable Margin applicable to each Type of Loan shall apply without any increase or decrease (and if such increase or decrease was already applied at that point in time, it will then be discontinued as of the end of such 20 Business Day period).

If (a) the Borrowers or the Revolving Lenders become aware of any material inaccuracy in the Applicable Sustainability Adjustment or the KPI Metrics as reported on the applicable Pricing Certificate or (b) the Borrowers and the Revolving Lenders agree that the Applicable Sustainability Adjustment or KPI Metrics

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as calculated by the Parent Borrower at the time of delivery of the relevant Pricing Certificate was inaccurate, and in each case, a proper calculation of the Applicable Sustainability Adjustment or the KPI Metrics would have resulted in an increase in the Applicable Margin for ABR Revolving Loans, Term SOFR Revolving Loans, Daily Simple SOFR Revolving Loans, Canadian Base Rate Revolving Loans and Term CORRA Revolving Loans for such period, the Borrowers shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the Revolving Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrowers under the Bankruptcy Law, automatically and without further action by the Administrative Agent or any Revolving Lender), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period.

"<u>Approved Electronic Communications</u>" shall mean each Communication that any Loan Party is obligated to, or otherwise chooses to, provide to the Administrative Agent pursuant to any Loan Document or the transactions contemplated therein, including any financial statement, financial and other report, notice, request, certificate and other information material; <u>provided</u>, <u>however</u>, that, solely with respect to delivery of any such Communication by any Loan Party to the Administrative Agent and without limiting or otherwise affecting either the Administrative Agent's right to effect delivery of such Communication by posting such Communication to the Approved Electronic Platform or the protections afforded hereby to the Administrative Agent in connection with any such posting, "Approved Electronic Communication" shall exclude (i) any Borrowing Request, Letter of Credit notice (other than as expressly set forth in Section 2.23(b)), notice of conversion or continuation, and any other notice, demand, communication, information, document and other material relating to a request for a new, or a conversion of an existing, Borrowing, (ii) any notice pursuant to Sections 2.12 and 2.13 and any other notice relating to the payment of any principal or other amount due under any Loan Document prior to the scheduled date therefor, (iii) all notices of any Default or Event of Default and (iv) any notice, demand, communication, information, document and other material required to be delivered to satisfy any of the conditions set forth in Article IV or any other condition to any Borrowing or other extension of credit hereunder or any condition precedent to the effectiveness of this Agreement.

"<u>Approved Electronic Platform</u>" shall have the meaning assigned to such term in Section 9.01(d).

"<u>APX</u>" shall have the meaning assigned to such term in the preamble.

"<u>Arrangers</u>" shall mean (1) Citigroup Global Markets Inc., Morgan Stanley Senior Funding, Inc., Barclays Bank PLC, Credit Agricole Corporate and Investment Bank, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., MUFG Bank, Ltd. formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd., Royal Bank of Canada, Sumitomo Mitsui Banking Corporation, BNP Paribas, DNB Capital ASA, ING Capital LLC, Natixis, New York Branch and Bank of Montreal, (2) the Lead Arrangers (as defined in the Tenth Amendment) and (3) the Lead Arrangers (as defined in the Eleventh Amendment).

"<u>Asset Sale</u>" shall mean (a) the sale, lease (other than an operating lease), conveyance or other disposition of any assets or rights (other than the issuance by the Parent Borrower of any of its Equity Interests to another Person); <u>provided</u> that, the sale, conveyance or other disposition of all or substantially all of the assets of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, shall be governed by the provisions of this Agreement described under Section 6.08 and not by the provisions of Section 6.04 and (b) the issuance or sale of Equity Interests of any of the Parent Borrower's Restricted Subsidiaries.

Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any single transaction or series of related transactions for which the Parent Borrower or its Restricted Subsidiaries receive aggregate consideration of less than (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $150,000,000, (y) 0.75% of Total

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Assets and (z) 6.0% of Consolidated Cash Flow for the most recently ended Test Period, and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $400,000,000, (y) 0.75% of Total Assets and (z) 6.0% of Consolidated Cash Flow for the most recently ended Test Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any transfer of assets or Equity Interests between or among the Parent Borrower and its Restricted Subsidiaries and/or between Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any issuance of Equity Interests by a Restricted Subsidiary to the Parent Borrower or to a Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the sale or lease of products or services (including power, capacity, energy, ancillary services, and other products or services, or the sale of any other inventory or contracts related to any of the foregoing (in each case, whether in physical, financial or any other form), or fuel or emission credits);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the sale, lease, assignment, license or sublease of inventory, equipment, accounts receivable, notes receivable or other current assets held for sale in the ordinary course of business or the conversion of accounts receivable and related assets to notes receivable or dispositions of accounts receivable and related assets in connection with the compromise or collection thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the lease, assignment, license, sublicense or sublease of any real or personal property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)(a) licenses, sublicenses or cross-licenses of intellectual property, other intellectual property rights or other general intangibles and (b) exclusive licenses, sublicenses or cross-licenses of intellectual property, other intellectual property rights or other general intangibles in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)the sale, lease, conveyance or other disposition for value of energy, fuel or emission credits or contracts for any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)the sale or other disposition of cash or Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)dispositions of property (including like-kind exchanges) to the extent that (a) such property is exchanged for credit against the purchase price of similar replacement property (excluding any boot thereon) or (b) the proceeds of such disposition are applied to the purchase price of such replacement property, in each case under Section 1031 of the Code or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)any disposition arising from foreclosures, condemnations, eminent domain, seizure, nationalization or any similar action with respect to assets and dispositions of property subject to casualty events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)any sale and leaseback transaction that is a Permitted Tax Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)(a) any disposition of Securitization Assets or Seller's Retained Interest for Fair Market Value in connection with any Permitted Securitization Indebtedness; <u>provided</u> that, the Permitted Securitization Indebtedness issued or incurred in connection therewith is permitted by Section 6.01(b)(xxi) and (b) any disposition of assets related to the incurrence of any Indebtedness permitted to be issued or incurred pursuant Section 6.01(b)(xxvi);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)any issuance, disposition or pledge of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)(a) any disposition of any assets or other property not constituting Collateral and (b) the disposition of any assets or other property in the ordinary course of business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)the disposition of (a) obsolete, negligible, immaterial, worn-out, uneconomical, scrap, used, or surplus or mothballed assets (including any such equipment that has been refurbished in contemplation of such disposition) or assets no longer used or useful in the business or no longer commercially desirable to maintain, (b) inventory or goods (or other assets) held for sale in the ordinary course of business and (c) assets for the purposes of charitable contributions or similar gifts to the extent such assets are not material to the ability of the Parent Borrower and the Restricted Subsidiaries, taken as a whole, to conduct their business in the ordinary course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)(a) any Restricted Payment that does not violate Section 6.06 (including pursuant to any exceptions provided for in the definition of "Restricted Payment") or any Permitted Investment, (b) any sale or other disposition deemed to occur as a result of creating, granting or perfecting a Lien not otherwise prohibited by this Agreement and (c) any disposition in compliance with Section 6.08 other than any provision of such Section that permits dispositions permitted under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)the unwinding of any Hedging Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)dispositions (a) of Investments in joint ventures (regardless of the form of legal entity) (including Equity Interests) to the extent required by, or made pursuant to, customary buy/sell arrangements or put/call arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements or (b) to joint ventures in connection with the dissolution or termination of a joint venture to the extent required pursuant to joint venture and similar arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)the surrender or waiver of obligations of trade creditors or customers or other contract rights, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer or compromise, settlement, release or surrender of a contract, tort or other litigation claim, arbitration or other disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)the disposition of any assets (including Equity Interests) (a) acquired in a transaction permitted under this Agreement, which assets are not used or useful in the core or principal business of the Parent Borrower and its Restricted Subsidiaries or (b) made in connection with the approval of any applicable antitrust authority or otherwise necessary or advisable in the good faith determination of the Parent Borrower to consummate any Acquisition permitted under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)(a) the termination or collapse of cost sharing agreements and the settlement of any crossing payments in connection therewith and (b) the settlement, discount, write-off, forgiveness, or cancellation of any Indebtedness owing by any present or former consultants, directors, officers, or employees of the Parent Borrower or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)any swap of assets in exchange for services or other assets in the ordinary course of business of comparable or greater fair market value or usefulness to the business of the Parent Borrower and the Restricted Subsidiaries, taken as a whole, as determined in good faith by the Parent Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)the issuance of directors' qualifying shares and the issuance of shares issued to foreign nationals as and to the extent required by applicable law.

"<u>Assignment and Assumption</u>" shall mean an assignment and assumption entered into by a Lender and an assignee (with the consent of any Person whose consent is required by Section 9.04), substantially in the form of <u>Exhibit B</u> or such other similar form as shall be approved by the Administrative Agent.

"<u>Attributable Debt</u>" in respect of a sale and leaseback transaction shall mean, at the time of determination, the present value of the obligation of the lessee for net rental payments during the

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remaining term of the lease included in such sale and leaseback transaction, including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; <u>provided</u>, <u>however</u>, that if such sale and leaseback transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of "Capital Lease Obligation."

"<u>Available Tenor</u>" shall mean, 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 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 Section 2.8(v).

"<u>BANA</u>" shall have the meaning assigned to such term in the preamble.

"<u>Barclays</u>" shall have the meaning assigned to such term in the preamble.

"<u>Bail-In Action</u>" shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" shall mean (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 resolutions of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

**"**<u>Banking Services</u>" means each and any of the following bank services: commercial credit cards, stored value cards, debit cards, purchasing cards, lockboxes, cash and/or treasury management services, netting services, overdraft protections, check drawing services, automated payment services (including depository, overdraft, controlled disbursement, ACH transactions, return items and interstate depository network services), employee credit card programs, cash pooling services, foreign exchange and currency management services, merchant services and any arrangements or services similar to any of the foregoing and/or otherwise in connection with cash management and deposit accounts.

"<u>Banking Services Obligations</u>" shall mean any and all obligations of the Parent Borrower or any Restricted Subsidiary, whether absolute or contingent and however and whenever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) under any arrangement with any Person in connection with Banking Services.

"<u>Bankruptcy Law</u>" shall mean Title 11 of the United States Code, 11 U.S.C. §§ 101, <u>et</u> <u>seq</u>., as amended from time to time, or any similar federal or state or other law for the relief of debtors.

"<u>Baseline Sustainability Amount</u>" shall mean (a) in the case of the Greenhouse Gas Emission Amount, (i) 46 million mTCO₂e (as contained in the 2018 Baseline Sustainability Report) or (ii) if applicable, the most recent Pro Forma Greenhouse Gas Emission Amount as certified by the Parent Borrower pursuant to Section 5.04(e), and (b) in the case of the Revenue Carbon Intensity, 4,628 mTCO₂e/$M (as contained in the 2018 Baseline Sustainability Report). For the avoidance of doubt, no Borrower is under any obligation to update the Pro Forma Greenhouse Gas Emission Amount between the delivery of annual Pricing Certificates pursuant to Section 5.04(e) and is under no obligation to advise of changes to the Baseline Sustainability Amount as a result of a business change throughout the year.

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"<u>Benchmark</u>" shall mean initially the Term SOFR Rate, Daily Simple SOFR or the Term CORRA Reference Rate, as the case may be; <u>provided</u> that, if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to the Term SOFR Rate, Daily Simple SOFR, the Term CORRA Reference Rate 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 Section 2.08.

"<u>Benchmark Replacement</u>" shall mean, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of any Loan denominated in Canadian Dollars, following a Benchmark Transition Event and a Benchmark Replacement Date with respect to Term CORRA, if Daily Compounded CORRA is otherwise available, Daily Compounded CORRA; or in the case of any Term Loan denominated in dollars, following a Benchmark Transition Event and a Benchmark Replacement Date with respect to Term SOFR, Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)(2) in the case of any other Loan (including if the Benchmark Replacement in clause (1) above is not otherwise available) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Parent Borrower 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 syndicated credit facilities denominated in dollars at such time in the United States and (b) the related Benchmark Replacement Adjustment.

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 Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" shall mean, 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 Administrative Agent and the Parent Borrower 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 syndicated credit facilities denominated in dollars at such time.

"<u>Benchmark Replacement Conforming Changes</u>" shall mean, with respect to any Benchmark Replacement, 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 Administrative Agent and the Parent Borrower decide may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent and the Parent

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Borrower decide is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). For the avoidance of doubt, any amendment effectuating any Benchmark Replacement Conforming Changes shall be made in consultation with the Parent Borrower.

"<u>Benchmark Replacement Date</u>" shall mean, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (or, if agreed by the Administrative Agent and the Parent Borrower, the earlier 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; <u>provided</u>, 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.

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).

"<u>Benchmark Transition Event</u>" shall mean the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)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; <u>provided</u> 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)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) 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)a public statement or publication of information by or on behalf of the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component 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.

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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).

"<u>Benchmark Unavailability Period</u>" shall mean, 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 Loan Document in accordance with Section 2.08 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.08.

"<u>Beneficial Owner</u>" shall have the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act. The terms "Beneficially Owns" and "Beneficially Owned" have a corresponding meaning.

"<u>Benefit Plan</u>" shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Tax Code or Section 302 of ERISA, and which is maintained, sponsored or contributed to by the Parent Borrower or any ERISA Affiliate or with respect to which the Parent Borrower otherwise has any liability.

"<u>BHC Act Affiliate</u>" of a party shall mean an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>BNPP</u>" shall have the meaning assigned to such term in the preamble.

"<u>Board</u>" shall mean the Board of Governors of the Federal Reserve System of the United States of America.

"<u>Board of Directors</u>" shall mean (a) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board; (b) with respect to a partnership, the board of directors of the general partner of the partnership; (c) with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof; and (d) with respect to any other Person, the board or committee of such Person serving a similar function.

"<u>Borrower</u>" or "<u>Borrowers</u>" shall have the meaning assigned to such term in the preamble.

"<u>Borrowing</u>" shall mean Loans of the same Class and Type made, converted or continued on the same date and, in the case of Term SOFR Loans, Term CORRA Loans and/or Daily Compounded CORRA Loans, as to which a single Interest Period is in effect.

"<u>Borrowing Request</u>" shall mean a request by a Borrower in accordance with the terms of Section 2.03 and substantially in the form of <u>Exhibit C</u>.

"<u>Breakage Event</u>" shall have the meaning assigned to such term in Section 2.16.

"<u>Business Day</u>" shall mean any day other than a Saturday, Sunday or day on which commercial banks in New York City are authorized or required by law to close; <u>provided</u>, <u>however</u>, that, when used in connection with a Term SOFR Loan, Daily Simple SOFR Loan, Term CORRA Loan or Daily Compounded CORRA Loan (as applicable) (including with respect to all notices and determinations in connection therewith and any payments of principal, interest or other amounts thereon), the term "<u>Business Day</u>" shall also exclude (i) in the case of any Term SOFR Loan or Daily Simple SOFR Loan, any day that is not a U.S. Government Securities Business Day and (ii) in the case of any Term CORRA Loan or Daily Compounded CORRA Loan, any day on which commercial banks in Toronto, Ontario are authorized or required by law to close <u>provided</u>, <u>further</u>, that when used in connection with a Canadian

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Base Rate Loan (including with respect to all notices and determinations in connection therewith and any payments of principal, interest or other amounts thereon), the term "Business Day" shall also exclude any day on which commercial banks in Toronto, Ontario are authorized or required by law to close.

"<u>Canadian Base Rate</u>" shall mean, for any day, the annual rate of interest equal to the greater of (a) the annual rate of interest announced by Citibank, N.A. in effect as its prime rate on such day for determining interest rates on Canadian Dollar denominated commercial loans in Canada and commonly known as "prime rate", and (b) the annual rate of interest equal to the sum of (A) the one-month Term CORRA Reference Rate in effect on such day (determined as if the relevant Canadian Base Rate Borrowing were a Term CORRA Borrowing denominated in Canadian Dollars) and (B) 1.00%, with any such rate to be adjusted automatically, without notice, as of the opening of business on the effective date of any change in such rate; <u>provided</u> that, at no time shall the Canadian Base Rate determined pursuant to clause (b) above be less than 1.00% for purposes of this Agreement.

"<u>Canadian Base Rate Loan</u>" shall mean Revolving Loans bearing interest at a rate by reference to the Canadian Base Rate.

"<u>Canadian Dollars</u>" or "<u>C$</u>" refers to the lawful money of Canada.

"<u>Capital Lease Obligation</u>" shall mean, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty.

"<u>Capital Stock</u>" shall mean (a) in the case of a corporation, corporate stock; (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (c) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.

"<u>Cash Equivalents</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)United States dollars, Euros, any other currency of countries members of the Organization for Economic Co-operation and Development or, in the case of any Foreign Subsidiary, any local currencies held by it from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States government (<u>provided</u> that, the full faith and credit of the United States is pledged in support of those securities) and (ii) debt obligations issued by the Government National Mortgage Association, Farm Credit System, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Financing Corporation and Resolution Funding Corporation, in each case, having maturities of not more than 12 months from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)certificates of deposit and eurodollar time deposits with maturities of 12 months or less from the date of acquisition, bankers' acceptances with maturities not exceeding 12 months and overnight bank deposits, in each case, with any commercial bank having capital and surplus in excess of $500,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (b) and (c) above entered into with any financial institution meeting the qualifications specified in clause (c) above;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)commercial paper and auction rate securities having one of the two highest ratings obtainable from Moody's or S&P and in each case maturing within 12 months after the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)readily marketable direct obligations issued by any state of the United States or any political subdivision thereof, in either case having one of the two highest rating categories obtainable from either Moody's or S&P; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)money market funds that invest primarily in securities described in clauses (a) through (f) of this definition.

"<u>Change in Law</u>" shall mean (a) the adoption of any law, rule or regulation after the Closing Date, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender or any Issuing Bank (or, for purposes of Section 2.14, by any lending office of such Lender or by such Lender's or Issuing Bank's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date; <u>provided</u> that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States of America 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 adopted, issued, promulgated, implemented or enacted.

"<u>Change of Control</u>" shall mean the occurrence of any of the following: (a) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Parent Borrower and its Subsidiaries taken as a whole to any "person" (as that term is used in Section 13(d) of the Exchange Act, but excluding any employee benefit plan of the Parent Borrower or any of its Restricted Subsidiaries, and any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of such plan); (b) the adoption of a plan relating to the liquidation or dissolution of the Parent Borrower; or (c) the consummation of any transaction (including any merger or consolidation) the result of which is that any "person" (as defined above), other than a corporation owned directly or indirectly by the stockholders of the Parent Borrower in substantially the same proportion as their ownership of stock of the Parent Borrower prior to such transaction, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Parent Borrower, measured by voting power rather than number of shares.

"<u>Charges</u>" shall have the meaning assigned to such term in Section 9.09.

"<u>Class</u>", when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising such Borrowing, are Tranche A Revolving Loans, Tranche B Revolving Loans, Tranche C Revolving Loans, 2024 New Term Loans, New Revolving Loans, Refinancing Revolving Loans, New Term Loans or Refinancing Term Loans, and, when used in reference to any Commitment, shall refer to whether such Commitment is a Tranche A Revolving Commitment, Tranche B Revolving Commitment, Tranche C Revolving Commitment, 2024 New Term Commitment, New Revolving Commitment, Refinancing Revolving Commitment, New Term Commitment or Refinancing Term Commitment.

"<u>Closing Date</u>" shall mean June 30, 2016.

"<u>CME Term SOFR Administrator</u>" shall mean CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).

"<u>CNA</u>" shall have the meaning assigned to such term in the preamble.

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"<u>Co-Managers</u>" shall mean Commerzbank AG New York Branch, KeyBank Capital Markets Inc. and CIT Bank, N.A.

"<u>Collateral</u>" shall mean all property and assets of the Loan Parties, now owned or hereafter acquired, other than the Excluded Assets.

"<u>Collateral Agent</u>" shall have the meaning assigned to such term in the preamble.

"<u>Collateral Reinstatement Date</u>" shall have the meaning assigned to such term in Section 9.25.

"<u>Collateral Reinstatement Event</u>" shall mean, after a release of Collateral as provided for in Section 9.25(a), that (a) the most recently announced rating by at least two of the Rating Agencies with respect to the Parent Borrower's senior, unsecured, non-credit enhanced, long-term debt securities (considering, if any Rating Agency shall have issued more than one such public rating with respect to the Parent Borrower's senior, unsecured, non-credit enhanced, long-term debt securities, the lowest such public rating issued by such Rating Agency) shall not be an Investment Grade Rating, (b) the most recently announced rating by at least two of the Rating Agencies with respect to the Parent Borrower's Obligations in respect of the Revolving Loans shall not be an Investment Grade Rating, or at least two of the Rating Agencies shall have ceased to publish a rating with respect to the Parent Borrower's Obligations in respect of the Revolving Loans or (c) the Parent Borrower notifies the Administrative Agent in writing that it has elected to terminate the Collateral Suspension Period.

"<u>Collateral Release Date</u>" shall have the meaning assigned to such term in Section 9.25.

"<u>Collateral Release Event</u>" shall mean the satisfaction of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)(i) the senior, unsecured, non-credit enhanced, long-term debt securities of the Parent Borrower, if the Parent Borrower has any such securities outstanding, receive an Investment Grade Rating from at least two of the Rating Agencies (considering, if any Rating Agency shall have issued more than one such public rating with respect to the Parent Borrower's senior, unsecured, non-credit enhanced, long-term debt securities, the lowest such public rating issued by such Rating Agency) and (ii) the Obligations of the Parent Borrower in respect of the Revolving Loans receive an Investment Grade Rating from at least two of the Rating Agencies after giving effect to the proposed release of Collateral pursuant to Section 9.25;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)no 2024 New Term Loans are then-outstanding or each of the 2024 New Term Lenders have agreed to release their security interests in the Collateral in accordance with the terms of this Agreement (which release, for the avoidance of doubt, shall be subject to the requirements set forth in Sections 9.08(b)(vi) hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)all Liens securing the obligations in respect of the Senior Secured Notes shall be released substantially concurrently with the release of Liens securing the Guaranteed Obligations on the applicable Collateral Release Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)no Event of Default shall have occurred and be continuing.

"<u>Collateral Release Period</u>" shall mean a period commencing on any Collateral Release Date and ending upon the occurrence of a Collateral Reinstatement Date.

"<u>Collateral Trust Agreement</u>" shall mean the Second Amended and Restated Collateral Trust Agreement, dated as of the July 1, 2011, among the Borrowers, each Subsidiary Guarantor, the Collateral Trustee and the other parties thereto, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof.

"<u>Collateral Trustee</u>" shall mean Deutsche Bank Trust Company Americas, acting as collateral trustee under the Collateral Trust Agreement, or its successors appointed in accordance with the terms thereof.

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"<u>Commitment</u>" shall mean, with respect to any Lender and as of any date of determination, such Lender's Tranche A Revolving Commitment, Tranche B Revolving Commitment, Tranche C Revolving Commitment, 2024 New Term Commitment, 2024-2 New Term Commitment, New Term Commitment, New Revolving Commitment, Refinancing Term Commitment, Refinancing Revolving Commitment, Term Commitment or Revolving Commitment as of such date.

"<u>Commitment Fee</u>" shall have the meaning assigned to such term in Section 2.05(a).

"<u>Commodity Hedging Agreements</u>" shall mean the Existing Commodity Hedging Agreements and any other agreement (including each confirmation or transaction entered into or consummated pursuant to any Master Agreement) providing for swaps, caps, collars, puts, calls, floors, futures, options, spots, forwards, any physical or financial commodity contracts or agreements, power purchase, sale or exchange agreements, fuel purchase, sale, exchange or tolling agreements, emissions and other environmental credit purchase or sales agreements, power transmission agreements, fuel transportation agreements, fuel storage agreements, netting agreements, commercial or trading agreements, capacity agreements, weather derivatives agreements, each with respect to, or involving the purchase, exchange (including an option to purchase or exchange), transmission, distribution, sale, lease, transportation, storage, processing or hedge of (whether physical, financial, or a combination thereof), any Covered Commodity, service or risk, price or price indices for any such Covered Commodities, services or risks or any other similar agreements, any renewable energy credits, emission, carbon and other environmental credits and any other credits, assets or attributes, howsoever entitled or designated, including related to any "cap and trade", renewable portfolio standard or similar program with an economic value and any other similar agreements, in each case, entered into by the Parent Borrower or any Restricted Subsidiary.

"<u>Commodity Hedging Obligations</u>" shall mean, with respect to any specified Person, the obligations of such Person under a Commodity Hedging Agreement.

"<u>Communications</u>" shall mean each notice, demand, communication, information, document and other material provided for hereunder or under any other Loan Document or otherwise transmitted between the parties hereto relating this Agreement, the other Loan Documents, any Loan Party or its Affiliates, or the transactions contemplated by this Agreement or the other Loan Documents including all Approved Electronic Communications.

"<u>Compliance Period</u>" shall mean a four fiscal quarter period if as of the last day of such four fiscal quarter period, the sum of (a) the aggregate outstanding principal amount of all Revolving Loans and (b) the stated amount of all issued and outstanding Letters of Credit (excluding (x) all undrawn Letters of Credit and (y) cash collateralized or backstopped Letters of Credit) exceeds 35% of the Total Revolving Commitment.

"<u>Concurrent Cash Distributions</u>" shall have the meaning assigned to such term in the definition of "Investments."

"<u>Consolidated Cash Flow</u>" shall mean, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period <u>plus</u>, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)an amount equal to any extraordinary loss (including any loss on the extinguishment or conversion of Indebtedness); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)any net loss realized by such Person or any of its Restricted Subsidiaries in connection with an Asset Sale (without giving effect of the threshold provided in the definition thereof), to the extent such losses were deducted in computing such Consolidated Net Income; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)provision for taxes based on income, profits or capital, including federal, state, provincial, territorial, franchise, excise, property and similar taxes and foreign withholding taxes paid or accrued, including giving effect to any penalties and interest with respect thereto, and state taxes in lieu of business fees (including business license fees) and payroll tax credits, income tax credits and similar credits and including an amount equal to the amount of tax distributions actually made to the holders of

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Equity Interests or Cash Equivalents of such Person or its Restricted Subsidiaries or any direct or indirect parent of such Person or its Restricted Subsidiaries in respect of such period, which shall be included as though such amounts had been paid as income taxes directly by such Person or its Restricted Subsidiaries, in each case, to the extent deducted in computing such Consolidated Net Income; <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges were deducted in computing such Consolidated Net Income; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)any expenses or charges (including any professional, underwriting and other fees, closing payments, premiums, expenses and other transaction costs, including to fund any original issue discount and/or upfront fees) related to any equity offering, Permitted Investment, acquisition, disposition, recapitalization, incurrence or issuance of Indebtedness (including a refinancing thereof) or other transaction permitted under this Agreement, in each case, whether or not successful or consummated, including, without limitation, such fees, expenses or charges related to the offering of the Senior Notes and the Senior Secured Notes and the transactions contemplated by this Agreement (including any amendment thereto, including the Eighth Amendment), and deducted in computing Consolidated Net Income; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)the amount of any minority interest expense deducted in calculating Consolidated Net Income (less the amount of any cash dividends paid to the holders of such minority interests); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)any non-cash gain or loss attributable to Mark-to-Market Adjustments in connection with Hedging Obligations; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)without duplication, any impairment charges, including any bad debt expense, litigation expenses, fees and charges and all writeoffs, writedowns or other non-cash charges reducing Consolidated Net Income for such period, excluding any such charge that represents an accrual or reserve for a cash expenditure for a future period, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)the amount of any restructuring cost, charge or reserve (including any costs incurred in connection with acquisitions after the Closing Date and costs related to the closure and/or consolidation of facilities) and any one time expense relating to enhanced accounting function or other transaction costs, public company costs, costs, charges and expenses in connection with fresh start accounting, and costs related to the implementation of operational and reporting systems and technology initiatives; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)extraordinary, infrequent, unusual or non-recurring charges, expenses or losses (including unusual or non-recurring expenses), transaction fees and expenses and consulting and advisory fees, indemnities and expenses, severance, integration costs, costs of strategic initiatives, relocation costs, consolidation and closing costs, facility opening and pre-opening costs, business optimization expenses or costs, transition costs, restructuring costs, signing, retention, recruiting, relocation, signing, stay or completion bonuses and expenses (including payments made to employees or producers who are subject to non-compete agreements), and curtailments or modifications to pension and post-retirement employee benefit plans for such period, in each case, together with related tax effects according to GAAP and to the extent such non-cash charges or losses were deducted in computing such Consolidated Net Income; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)charges, losses or expenses to the extent covered by insurance or otherwise reimbursable or indemnifiable by a third party and actually reimbursed or reimbursable or indemnifiable; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)for the first 24 months after the date of the execution of the applicable amendment, contract, increased pricing or initiatives, the amount of incremental contract value of the Parent Borrower and its Restricted Subsidiaries that the Parent Borrower in good faith reasonably believes would have been realized or achieved as a Consolidated Cash Flow contribution for the period for which Consolidated Cash Flow is being calculated from (i) increased pricing or volume initiatives and/or (ii) the entry into (and performance under) binding and effective new agreements with new customers or, if generating incremental contract value, new agreements (or amendments to existing agreements) with existing customers (collectively, "<u>New Contracts</u>") during such period had such New Contracts been effective and had performance thereunder commenced as of the beginning of such period (including, without limitation, such incremental contract value attributable to New Contracts that are in excess of (but without duplication of) contract value attributable to New Contracts that has been actually realized as

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Consolidated Cash Flow contribution during such period) as long as such incremental contract value is reasonably identifiable and factually supportable (which contract value shall be added to Consolidated Cash Flow until fully realized, shall be subject to certification by management of the Parent Borrower and shall be calculated on a pro forma basis); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)adjustments reflected in a due diligence quality of earnings report made available to the Administrative Agent (who may share with the Lenders) (subject, in each case, to customary access letters) prepared with respect to the target of an acquisition or other Investment permitted hereunder by (x) a "big-four" nationally recognized accounting firm or (y) any other accounting firm that shall be reasonably acceptable to the Administrative Agent; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)earn-out, deferred payment or other contingent obligation expense and adjustments thereof incurred in connection with any acquisition or other Investment (including any acquisition or other Investment consummated prior to the Eighth Amendment Effective Date) which is paid or accrued during the applicable period, and any other cash charges resulting from the application of ASC 805, in each case, to the extent deducted in the calculation of Consolidated Net Income; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)effects of adjustments (including, without limitation, the effects of such adjustments pushed down to the Parent Borrower and its Restricted Subsidiaries) in such Person's consolidated financial statements pursuant to GAAP (including, without limitation, in the inventory, property and equipment, leases, rights fee arrangements, software, goodwill, intangible assets, in-process research and development, deferred revenue, advanced billings and debt line items thereof) resulting from the application of recapitalization accounting or acquisition method accounting, as the case may be, in relation to any consummated acquisition, including acquisitions consummated on or prior to the Eighth Amendment Effective Date, or the amortization or write-off of any amounts thereof; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)(i) non-cash Charges or losses in connection with changes in accounting principles or policy and/or (ii) the cumulative effect of a change in accounting principles (effected either through a cumulative effect adjustment or a retroactive application, in each case, in accordance with GAAP) and/or any change resulting from the adoption of accounting policies during such period; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ab)any non-cash increase in expenses resulting from the revaluation of inventory (including any impact of changes to inventory valuation policy methods, including changes in capitalization of variances) or other inventory adjustments (including any non-cash increase in expenses as a result of last-in first-out and/or first-in first-out methods of accounting); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ac)depreciation, depletion, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash charges and expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, depletion, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ad)non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business; in each case, on a consolidated basis and determined in accordance with GAAP; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ae)interest income for such period;

<u>provided</u>, <u>however</u>, that Consolidated Cash Flow of the Parent Borrower will exclude the Consolidated Cash Flow attributable to (i) Excluded Subsidiaries to the extent that the declaration or payment of dividends or similar distributions by the Excluded Subsidiary of that Consolidated Cash Flow is not, as a result of an Excluded Subsidiary Debt Default, then permitted by operation of the terms of the relevant Excluded Subsidiary Debt Agreement (<u>provided</u> that, the Consolidated Cash Flow of the Excluded Subsidiary will only be so excluded for that portion of the period during which the condition described in the preceding proviso has occurred and is continuing), (ii) for purposes of Section 6.06(a)(ii)(1) only, Excluded Project Subsidiaries, except to the extent of any dividends, distributions or

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other returns in respect of any Investments in any Excluded Project Subsidiary, in each case, paid in cash to the Parent Borrower or a Restricted Subsidiary that is not an Excluded Project Subsidiary, (iii) for purposes of Section 6.12 only, Excluded Subsidiaries and Unrestricted Subsidiaries, except to the extent (and solely to the extent) actually distributed in cash to the Parent Borrower or any Subsidiary Guarantor, and (iv) Specified Excluded Subsidiaries and Specified Unrestricted Subsidiaries (other than with respect to Section 6.12, where the preceding clause (iii) governs), except to the extent (and solely to the extent) actually distributed in cash to the Parent Borrower or any Subsidiary Guarantor.

"<u>Consolidated First Lien Net Leverage Ratio</u>" shall mean, on any date (for purposes of this definition, the "<u>Calculation Date</u>"), the ratio of (a) Total Debt on such date that (x) is subject to a first priority Lien on the Collateral (subject to Permitted Liens) or (y) constitutes Capital Lease Obligations or purchase money Indebtedness *minus* the aggregate amount of all Unrestricted Cash on such date, to (b) Consolidated Cash Flow of the Parent Borrower and its Restricted Subsidiaries for the most recently ended Test Period. For purposes of making the computation referred to above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Investments and acquisitions that have been made by the Parent Borrower or any of its Restricted Subsidiaries, including through mergers or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the Parent Borrower or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be given pro forma effect (in accordance with Regulation S-X, but including all Pro Forma Cost Savings) as if they had occurred on the first day of the four-quarter reference period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such four-quarter reference period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such four-quarter reference period.

"<u>Consolidated Interest Expense</u>" shall mean, for any period, the consolidated cash interest expense of the Parent Borrower and its Restricted Subsidiaries (other than Excluded Project Subsidiaries) for such period, whether paid or accrued (including the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers' acceptance financings, and net payments (if any) pursuant to interest rate Hedging Obligations, but not including amortization of original issue discount and other non-cash interest payments), net of cash interest income.

"<u>Consolidated Net Income</u>" shall mean, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Net Income of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting will be included only to the extent of the amount of dividends or similar distributions (including pursuant to other intercompany payments but excluding Concurrent Cash Distributions) paid in cash to the specified Person or a Restricted Subsidiary of the specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)for purposes of Sections 6.06 and 6.12 only, the Net Income of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior

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governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the cumulative effect of a change in accounting principles will be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)any net after-tax non-recurring or unusual gains, losses (less all fees and expenses relating thereto) or other charges or revenue or expenses (including relating to severance, relocation and one-time compensation charges) shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any non-cash compensation expense recorded from grants of stock appreciation or similar rights, stock options, restricted stock or other rights to officers, directors or employees shall be excluded, whether under Financial Accounting Standards Board Statement No. 123R, "Accounting for Stock-Based Compensation" or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)any net after-tax income (loss) from disposed or discontinued operations and any net after-tax gains or losses on disposal of disposed or discontinued operations shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions (other than asset dispositions in the ordinary course of business) shall be excluded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)any impairment charge or asset write-off pursuant to Financial Accounting Statement No. 142 and No. 144 or any successor pronouncement shall be excluded.

"<u>Consolidated Net Tangible Assets</u>" shall mean the total consolidated assets of the Parent Borrower and its Restricted Subsidiaries, less the sum of goodwill and other intangible assets, in each case determined on a consolidated basis in accordance with GAAP, as shown on the most recent balance sheet of the Parent Borrower.

"<u>Consolidated Secured Net Leverage Ratio</u>" shall mean, on any date (for purposes of this definition, the "<u>Calculation Date</u>"), the ratio of (a) Total Debt on such date that (x) is subject to a Lien on the Collateral (subject to Permitted Liens) or (y) constitutes Capital Lease Obligations or purchase money Indebtedness *minus* the aggregate amount of all Unrestricted Cash on such date to (b) Consolidated Cash Flow of the Parent Borrower and its Restricted Subsidiaries for the most recently ended Test Period. For purposes of making the computation referred to above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Investments and acquisitions that have been made by the Parent Borrower or any of its Restricted Subsidiaries, including through mergers or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the Parent Borrower or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be given pro forma effect (in accordance with Regulation S-X, but including all Pro Forma Cost Savings) as if they had occurred on the first day of the four-quarter reference period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such four-quarter reference period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such four-quarter reference period.

"<u>Consolidated Total Net Leverage Ratio</u>" shall mean, on any date (for purposes of this definition, the "<u>Calculation Date</u>"), the ratio of (a) Total Debt on such date *minus* the aggregate amount of all

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Unrestricted Cash on such date to (b) Consolidated Cash Flow of the Parent Borrower and its Restricted Subsidiaries for the most recently ended Test Period. For purposes of making the computation referred to above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Investments and acquisitions that have been made by the Parent Borrower or any of its Restricted Subsidiaries, including through mergers or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the Parent Borrower or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be given pro forma effect (in accordance with Regulation S-X, but including all Pro Forma Cost Savings) as if they had occurred on the first day of the four-quarter reference period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such four-quarter reference period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such four-quarter reference period.

"<u>Contribution Indebtedness</u>" shall mean Indebtedness of the Parent Borrower in an aggregate principal amount not to exceed two times the aggregate amount of cash received by the Parent Borrower after the Issue Date from the sale of its Equity Interests (other than Disqualified Stock) or as a contribution to its common equity capital (in each case, other than to or from a Subsidiary); <u>provided</u> that such Indebtedness (a) is incurred within 180 days after the sale of such Equity Interests or the making of such capital contribution and (b) is designated as "Contribution Indebtedness" pursuant to an Officer's Certificate on the date of its incurrence. Any sale of Equity Interests or capital contribution that forms the basis for an incurrence of Contribution Indebtedness will not be considered to be a sale of Qualifying Equity Interests and will be disregarded for purposes of Section 6.06.

"<u>Control Agreement</u>" shall mean each Control Agreement to be executed and delivered by each Loan Party and the other parties thereto, as required by the applicable Loan Documents as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof.

"<u>CORRA</u>" shall mean the Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator).

"<u>Corresponding Tenor</u>" with respect to any Available Tenor shall mean, 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.

"<u>Counterparty Account</u>" shall mean any Deposit Account, Securities Account or Commodities Account (and all cash, Cash Equivalents and other securities or investments substantially comparable to Cash Equivalents therein) pledged to or deposited with the Parent Borrower or any Restricted Subsidiary as cash collateral posted or deposited by a contract counterparty (including a counterparty in respect of Commodity Hedging Obligations) to or for the benefit of the Parent Borrower or any Restricted Subsidiary, in each case, only for so long as such account (and amounts therein) represents a security interest (including as a result of an escrow arrangement) in favor (and not an ownership interest in the amounts therein) of the Parent Borrower or the applicable Restricted Subsidiary.

"<u>Covered Commodity</u>" shall mean any energy, electricity, generation capacity, power, heat rate, congestion, natural gas, nuclear fuel (including enrichment and conversion), diesel fuel, fuel oil, other

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petroleum-based liquids, coal, lignite, weather, emissions and other environmental credits, assets or attributes, waste by-products, renewable energy credit, or other energy related commodity or service (including ancillary services and related risks (such as location basis or other commercial risks)).

"<u>Covered Entity</u>" shall mean any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Credit Event</u>" shall have the meaning assigned to such term in Section 4.01.

"<u>Credit Facilities</u>" shall mean (a) one or more debt facilities (including the debt facilities provided under this Agreement) or commercial paper facilities, in each case with banks or other institutional lenders providing for revolving credit loans, term loans, credit-linked deposits (or similar deposits) receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit and (b) debt securities sold to institutional investors, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time.

"<u>CS</u>" shall have the meaning assigned to such term in the preamble.

"<u>Cure Amount</u>" shall have the meaning provided in Section 7.03.

"<u>Cure Right</u>" shall have the meaning provided in Section 7.03.

"<u>Daily Compounded CORRA</u>" shall mean, for any Business Day in any Interest Period, CORRA with interest accruing on a compounded daily basis, with the methodology and conventions for this rate (which will include compounding in arrears with a lookback) being established by the Administrative Agent in accordance with the methodology and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded CORRA for business loans; provided that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion; and provided that if the administrator has not provided or published CORRA and a Benchmark Replacement Date with respect to CORRA has not occurred, then, in respect of any day for which CORRA is required, references to CORRA will be deemed to be references to the last provided or published CORRA; and provided that if Daily Compounded CORRA as so determined shall be less than the Floor, then Daily Compounded CORRA shall be deemed to be the Floor.

"<u>Daily Compounded CORRA Loan</u>" shall mean a Loan made pursuant to Section 2.01 that bears interest at a rate based on Daily Compounded CORRA.

"<u>Daily Simple SOFR</u>" shall mean, for any day (a "<u>SOFR Rate Day</u>"), a rate per annum equal to SOFR for the day (such day, a "<u>SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days (or such other period as determined by the Parent Borrower and the Administrative Agent based on then prevailing market conventions) 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. If by 5:00 p.m. (New York City time) on the second (2nd) U.S. Government Securities Business Day immediately following any SOFR Determination Day, SOFR in respect of such

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SOFR Determination Day has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to the Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Day will be SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator's Website; <u>provided</u> that, any SOFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days. 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 Parent Borrower. If Daily Simple SOFR would be less than the Floor, Daily Simple SOFR will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"<u>Daily Simple SOFR Loan</u>" shall mean any Loan bearing interest at a rate based on Daily Simple SOFR.

"<u>DB</u>" shall have the meaning assigned to such term in the preamble.

"<u>Declined Proceeds</u>" shall have the meaning assigned to such term in Section 2.13(c).

"<u>Default</u>" shall mean any event or condition which upon notice, lapse of time (pursuant to Section 7.01) or both would constitute an Event of Default.

"<u>Defaulting Lender</u>" shall mean, at any time, subject to the last paragraph of Section 2.26, any Lender that, at such time, has (a) failed to (i) pay any amount required to be paid by such Lender to any Issuing Bank under this Agreement (beyond any applicable cure period), (ii) fund any portion of its Loans (unless such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender's good faith determination that a condition precedent to funding (specifically identified and, if available to such Lender, supported by reasonable background information provided by such Lender) has not been satisfied), its participations in Letters of Credit or (iii) pay over to the Administrative Agent, the Issuing Bank or any other Lender any other amount required to be paid by it hereunder, (b) notified the Borrowers, the Administrative Agent, the Issuing Bank or any other Lender, 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 Lender's good faith determination that a condition precedent to funding (specifically identified and, if available to such Lender, supported by reasonable background information provided by such Lender) a Loan cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) failed, within three Business Days after request by the Administrative Agent or any Issuing Bank, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations to fund prospective Loans and participations in then outstanding Letters of Credit; <u>provided</u> that, such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt by the Administrative Agent, such Issuing Bank of such written certification, or (d) (i) taken any action or become the subject of a Lender Insolvency Event with respect to such Lender or its Parent Company or (ii) has, or has a Parent Company that has, become the subject of a Bail-In Action; <u>provided</u> that, a Lender shall not be a Defaulting Lender pursuant to this clause (d) solely by virtue of the ownership or acquisition of any Equity Interest in such Lender or its Parent Company by a Governmental Authority or agency thereof; <u>provided</u>, <u>further</u>, that none of the reallocation of funding obligations provided for in Section 2.26 as a result of a Lender's being a Defaulting Lender, the performance by the other Lenders of such reallocated funding obligations or the cash collateralization of a Defaulting Lender's Revolving L/C Exposure provided for in Section 2.26 will by itself cause the relevant Defaulting Lender to cease to be a Defaulting Lender. A determination, if any, by the Administrative Agent (it being understood and agreed that (A) the Administrative Agent may, but shall be under no obligation to, make any such determination and (B) a determination by the Administrative Agent shall not be required for a Lender to become a Defaulting Lender if the requirements of this definition are otherwise satisfied) that a Lender is a Defaulting Lender under any of clauses (a) through and including (d) above will be conclusive and binding absent manifest error, and, if any such a determination is made, such Lender shall be deemed to be a Defaulting Lender (subject to the last paragraph of Section 2.26) upon notification of such determination by the Administrative Agent to the Parent Borrower, the Issuing Bank and the Lenders.

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"<u>Default Right</u>" shall have the meaning assigned to such term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>Deposit Account</u>" shall have the meaning assigned to such term in the UCC.

"<u>Designated Non-Cash Consideration</u>" shall mean the Fair Market Value of non-cash consideration received by a Borrower or any Person who is an Affiliate of such Borrower as a result of such Borrower's ownership of Equity Interests in such Person in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an Officer's Certificate, setting forth the basis of such valuation executed by a Financial Officer of the Parent Borrower, *less* the amount of cash or Cash Equivalents received in connection with a subsequent sale or conversion of, or collection on, such Designated Non-Cash Consideration.

"<u>Discount Range</u>" shall have the meaning assigned to such term in Section 2.12(e)(ii).

"<u>Discounted Purchase Option Notice</u>" shall have the meaning assigned to such term in Section 2.12(e)(ii).

"<u>Discounted Voluntary Purchase</u>" shall have the meaning assigned to such term in Section 2.12(e)(i).

"<u>Discounted Voluntary Purchase Notice</u>" shall have the meaning assigned to such term in Section 2.12(e)(v).

"<u>Disqualified Stock</u>" shall mean any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the Latest Maturity Date of all Classes of Loans or Commitments. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Parent Borrower to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Parent Borrower may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 6.06. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Agreement will be the maximum amount that the Parent Borrower and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends.

"<u>dollars</u>" or "<u>$</u>" shall mean lawful money of the United States of America, except when expressly used in reference to the lawful money of another country.

"<u>Dollar Equivalent</u>" shall mean, on the applicable Valuation Date, (a) with respect to any amount denominated in dollars, such amount and (b) with respect to any amount denominated in an Alternative Currency, the equivalent in dollars of such amount, determined by the Administrative Agent pursuant to Section 1.04 using the applicable Exchange Rate with respect to such Alternative Currency at the time in effect on the Valuation Date under the provisions of such Section 1.04.

"<u>Domestic Subsidiary</u>" shall mean any Restricted Subsidiary that was formed under the laws of the United States of America or any state of the United States of America or the District of Columbia or that guarantees or otherwise provides direct credit support for any Indebtedness of the Borrowers.

"<u>EEA Financial Institution</u>" shall mean (a) any credit institution or investment firm 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 financial institution established in an EEA Member Country which is a

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subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent;

"<u>EEA Member Country</u>" shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" shall mean 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.

"<u>Eighth Amendment</u>" shall mean the Eighth Amendment to Second Amended and Restated Credit Agreement, dated as of the Eighth Amendment Effective Date, among the Parent Borrower, each Subsidiary Guarantor, the Administrative Agent, the Collateral Agent, the 2024 New Term Lenders and the other Lenders party thereto.

"<u>Eighth Amendment Effective Date</u>" shall mean April 16, 2024.

"<u>Eleventh Amendment</u>" shall mean the Eleventh Amendment to Second Amended and Restated Credit Agreement, dated as of the Eleventh Amendment Effective Date, among the Parent Borrower, each Subsidiary Guarantor, the Administrative Agent, the Collateral Agent and the 2024-2 New Term Lenders.

"<u>Eleventh Amendment Effective Date</u>" shall mean October 30, 2024.

"<u>Environmental CapEx Debt</u>" shall mean Indebtedness of the Parent Borrower or its Restricted Subsidiaries incurred for the purpose of financing Environmental Capital Expenditures.

"<u>Environmental Capital Expenditures</u>" shall mean capital expenditures deemed necessary by the Parent Borrower or its Restricted Subsidiaries to comply with Environmental Laws.

"<u>Environmental Laws</u>" shall mean all former, current and future Federal, state, local and foreign laws (including common law), treaties, regulations, rules, ordinances and codes, and legally binding decrees, judgments, directives and orders (including consent orders), in each case, relating to protection of the environment, natural resources, occupational health and safety, climate change or the presence, Release of, or exposure to, hazardous materials, substances or wastes, or the generation, manufacture, processing, distribution, use, treatment, storage, disposal, transport, recycling or handling of, or the arrangement for such activities with respect to, hazardous materials, substances or wastes.

"<u>Environmental Liability</u>" shall mean all liabilities, obligations, damages, losses, claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including administrative oversight costs, natural resource damages and remediation costs), whether contingent or otherwise, arising out of or relating to (a) non-compliance with any Environmental Law, (b) the generation, manufacture, processing, distribution, recycling, use, handling, transportation, storage, treatment or disposal of, or the arrangement of such activities with respect to, any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release of any Hazardous Materials at or from any location or (e) any contract or agreement pursuant to which liability is assumed, imposed or covered by an indemnity with respect to any of the foregoing.

"<u>Equity Interests</u>" shall mean Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock).

"<u>ERCOT</u>" shall mean the Electric Reliability Council of Texas or any other entity succeeding thereto.

"<u>ERISA</u>" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time.

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"<u>ERISA Affiliate</u>" shall mean any trade or business (whether or not incorporated) that, together with the Parent Borrower, is treated as a single employer under Section 414(b) or (c) of the Tax Code, or solely for purposes of Section 302 of ERISA and Section 412 of the Tax Code, is treated as a single employer under Section 414 of the Tax Code.

"<u>ERISA Event</u>" shall mean (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder, with respect to a Benefit Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Benefit Plan of an "accumulated funding deficiency" (as defined in Section 412 of the Tax Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Tax Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Benefit Plan; (d) the incurrence by the Parent Borrower or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Benefit Plan or the withdrawal or partial withdrawal of the Parent Borrower or any ERISA Affiliate from any Benefit Plan or Multiemployer Plan; (e) the receipt by the Parent Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to the intention to terminate any Benefit Plan or to appoint a trustee to administer any Benefit Plan; (f) the adoption of any amendment to a Benefit Plan that would require the provision of security pursuant to Section 401(a)(29) of the Tax Code or Section 307 of ERISA; or (g) the receipt by the Parent Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Parent Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

"<u>Erroneous Payment</u>" has the meaning assigned to it in <u>Section 9.28(a)</u>.

"<u>Erroneous Payment Deficiency Assignment</u>" has the meaning assigned to it in <u>Section 9.28(d)</u>.

"<u>Erroneous Payment Impacted Class</u>" has the meaning assigned to it in <u>Section 9.28(d)</u>.

"<u>Erroneous Payment Return Deficiency</u>" has the meaning assigned to it in <u>Section 9.28(d)</u>.

"<u>Erroneous Payment Subrogation Rights</u>" has the meaning assigned to it in <u>Section 9.28(f)</u>.

"<u>EU Bail-In Legislation Schedule</u>" shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>Event of Default</u>" shall have the meaning assigned to such term in Section 7.01.

"<u>Excess Proceeds</u>" shall have the meaning assigned to such term in Section 6.04(e).

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended.

"<u>Exchange Rate</u>" shall mean on any day, with respect to any Alternative Currency, the rate at which such Alternative Currency may be exchanged into dollars, as set forth at approximately 11:00 a.m. (London time) on such day on the Bloomberg Key Cross-Currency Rates Page for such Alternative Currency. In the event that such rate does not appear on any Bloomberg Key Cross-Currency Rates Page, the Exchange Rate shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Parent Borrower, or, in the absence of such agreement, such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the market where its foreign currency exchange operations in respect of such Alternative Currency are then being conducted, at or about 10:00 a.m. (London time) on such date for the purchase of dollars for delivery two Business Days later; <u>provided</u> that, if at the time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent, after consultation with the Parent Borrower, may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error.

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"<u>Excluded Assets</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)(a) any lease, license, contract, property right or agreement to which any Loan Party is a party or any of such Loan Party's rights or interests thereunder if and only for so long as the grant of a security interest therein under the Security Documents shall constitute or result in a breach, termination or default or invalidity under any such lease, license, contract, property right or agreement (other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction or any other applicable law or principles of equity); <u>provided</u> that such lease, license, contract, property right or agreement shall be an Excluded Asset only to the extent and for so long as the consequences specified above shall exist and shall cease to be an Excluded Asset and shall become subject to the security interest granted under the Security Documents, immediately and automatically, at such time as such consequences shall no longer exist and/or (b) any property if and only for so long as the grant of a security interest therein under the Security Documents shall be prohibited or rendered ineffective under any Applicable Law adopted, issued, promulgated, implemented or enacted, in each case, after the Closing Date (other than to the extent any such Applicable Law would be rendered ineffective pursuant to Section 9-408 or 9-409 of the UCC of any relevant jurisdiction or any other applicable law or principles of equity); <u>provided</u> that such property shall be an Excluded Asset only to the extent and for so long as the prohibition specified above shall exist and shall cease to be an Excluded Asset and shall become subject to the security interest granted under the Security Documents, immediately and automatically, at such time as such prohibition shall no longer exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)any (a) leasehold interests in real property held by any Loan Party and (b) any fee-owned real property of any Loan Party that, in the case of this <u>clause (b)</u>, has an individual book value of less than $225,000,000 (it being understood and agreed that this <u>clause (b)</u> shall not, in and of itself, cause any real property that is a Mortgaged Property as of the Fourteenth Amendment Effective Date to become an Excluded Asset);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)any Equity Interests in, and any assets of, any Excluded Subsidiary (other than any Excluded Foreign Subsidiary and subject to the proviso below), any Unrestricted Subsidiary and any voting Equity Interests in excess of 66% (or, in the case of NRGenerating International BV, 65%) of the total outstanding voting Equity Interests in any Excluded Foreign Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)any Deposit Account, Securities Account or Commodities Account (and all cash, Cash Equivalents and other securities or investments substantially comparable to Cash Equivalents and Commodity Contracts (as defined in the UCC) held therein) if and only for so long as such Deposit Account, Securities Account or Commodities Account is subject to a Lien permitted under clause (b) of the definition of "Permitted Liens" other than any such permitted Lien held by the Collateral Trustee pursuant to and in accordance with the Collateral Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)any asset of a Subsidiary acquired by the Parent Borrower or any Restricted Subsidiary that, at the time of the relevant acquisition or similar Investment, is encumbered to secure Indebtedness permitted by this Agreement to the extent (and for so long as) the documentation governing the applicable Indebtedness assumed in connection with such acquisition or similar Investment prohibits such asset from being pledged to secure the Obligations and the relevant prohibition was not implemented in contemplation of the applicable acquisition or similar Investment (except to the extent such provision is overridden by the UCC or other Requirements of Law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)any Equity Interests in, and any assets of, the Hurricane Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)any Equity Interest of a Person or Project Interest held by any Loan Party if and for so long as the pledge thereof under the Security Documents shall constitute or result in a

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breach, termination or default under any joint venture, stockholder, membership, limited liability company, partnership, owners, participation, shared facility or other similar agreement between such Loan Party and one or more other holders of Equity Interests of such Person or Project Interest (other than any such other holder who is the Parent Borrower or a Subsidiary thereof); <u>provided</u> that such Equity Interest shall be an Excluded Asset only to the extent and for so long as the consequences specified above shall exist and shall cease to be an Excluded Asset and shall become subject to the security interest granted under the Security Documents, immediately and automatically, at such time as such consequences shall no longer exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)any Counterparty Account, and any cash, Cash Equivalents and/or other securities or investments substantially comparable to Cash Equivalents, and other funds and investments held therein and the proceeds thereof, received from a contract counterparty (including a counterparty in respect of Commodity Hedging Obligations) (collectively, the "<u>Counterparty Cash</u>") but only to the extent that any agreements governing the underlying transactions with a contract counterparty (including a counterparty in respect of Commodity Hedging Obligations) pursuant to which any such Counterparty Cash was received provide that the pledging of, or other granting of any Lien in, the relevant Counterparty Cash as collateral for the Obligations of the Borrowers or a Subsidiary Guarantor under the Loan Documents shall constitute or result in a breach, termination, default or invalidity under any such agreement; <u>provided</u>, <u>however</u>, that such Counterparty Cash shall be an Excluded Asset only to the extent and for so long as the consequences specified above shall exist, and shall cease to be an Excluded Asset and shall become subject to the security interest granted under the Security Documents, immediately and automatically, at such time as such consequences shall no longer exist; and <u>provided</u>, <u>further</u>, that any Lien the Borrowers or any Subsidiary Guarantor may have in any such Counterparty Cash shall not be deemed to be an Excluded Asset under this clause (ix) and such Lien shall follow and be treated as part of the underlying agreement (including any Commodity Hedging Obligations) which agreement (including any Commodity Hedging Obligations) shall (to the extent applicable) be subject to the terms and conditions of clause (i) of this definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)any Account of NRG Business Marketing solely to the extent that (a) such Account relates to the sale by NRG Business Marketing of power or capacity that was purchased by NRG Business Marketing from an Excluded Project Subsidiary or from a third party for the benefit of an Excluded Project Subsidiary and (b) the grant of a security interest in such Account under the Security Documents shall constitute or result in a breach, termination or default under any agreement or instrument governing the applicable Non-Recourse Debt of such Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)the working capital account of Camas Power Boiler Inc. and any trust, fiduciary, cash collateral or regulatory or contractually restricted deposit or securities account of Energy Protection Insurance Company (Vermont) but only to the extent that any agreements governing such deposit or securities account provide that the pledging of, or other granting of any Lien in, the relevant deposit or securities account, and any cash, Cash Equivalents and/or other securities or investments substantially comparable to Cash Equivalents, and other funds and investments held therein and the proceeds thereof, as collateral for the Obligations of a Borrower or a Subsidiary Guarantor under the Loan Documents shall constitute or result in a breach, termination, default or invalidity under any such agreement; <u>provided</u>, <u>however</u>, that such deposit or securities account shall be an Excluded Asset only to the extent and for so long as the consequences specified above shall exist, and shall cease to be an Excluded Asset pursuant to this clause (xi) and shall become subject to the security interest granted under the Security Documents, immediately and automatically, at such time as such consequences shall no longer exist (unless otherwise constituting an Excluded Asset); and <u>provided</u>, <u>further</u>, that any Lien of any Borrower or any Subsidiary Guarantor may have in any such deposit or securities account shall not be deemed to be an Excluded Asset under this clause (xi) and such Lien shall follow and be treated as part of the underlying agreement which agreement shall (to the extent applicable) be subject to the terms and conditions of clause (i) of this definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)all properties and assets of the Parent Borrower or any of its Restricted Subsidiaries (other than Equity Interests) secured by Indebtedness permitted by

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Section 6.01(b)(iv) or, at the election of the Parent Borrower pursuant to an Officer's Certificate delivered to the Administrative Agent and the Collateral Trustee, Indebtedness with respect to Tax-Exempt Bonds permitted under Section 6.01 in an aggregate principal amount at any time outstanding not to exceed (A) prior to the Hurricane Acquisition Closing Date, the greatest of (1) $650,000,000, (2) 2.50% of Total Assets and (3) 20.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (1) $1,250,000,000, (2) 2.50% of Total Assets and (3) 20.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis) that is secured by a Permitted Lien only on the Facility with respect to which such Tax-Exempt Bonds shall relate (and related assets of the obligor thereunder) and not by any Collateral, in each case, so long as the granting of a Lien in favor of the Secured Parties would constitute or result in a breach, termination or default under any agreement or instrument governing such applicable Indebtedness permitted by Section 6.01(b)(iv) or such Indebtedness with respect to Tax-Exempt Bonds permitted under Section 6.01, as the case may be, and such properties or assets shall cease to be Excluded Assets once such prohibition ceases to exist and shall immediately and automatically become subject to the security interest granted under the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)any other property and assets (a) that have been designated as Excluded Assets in reliance on this clause (xiii) prior to the Fourteenth Amendment Effective Date and/or (b) designated as Excluded Assets to the Administrative Agent in writing by the Parent Borrower on or after the Fourteenth Amendment Effective Date which shall not have, when taken together with all other property and assets that constitute Excluded Assets at the relevant time of determination by virtue of the operation of this clause (xiii), a Fair Market Value determined as of the date of such designation as an Excluded Asset exceeding (A) prior to the Hurricane Acquisition Closing Date, the greatest of (I) $900,000,000, (II) 3.50% of Total Assets and (III) 30.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (I) $1,750,000,000, (II) 3.50% of Total Assets, and (III) 30.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis) in the aggregate at any time outstanding (the "<u>General Excluded Assets Basket</u>") (it being understood, however, that for the avoidance of doubt, in respect of any Excluded Asset designated as such prior to such date of determination, the Fair Market Value of such previously designated Excluded Assets shall be the same as the Fair Market Value initially assigned to such assets) (and, to the extent that the Fair Market Value thereof shall exceed (A) prior to the Hurricane Acquisition Closing Date, the greatest of (I) $900,000,000, (II) 3.50% of Total Assets and (III) 30.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (I) $1,750,000,000, (II) 3.50% of Total Assets, and (III) 30.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis) in the aggregate, such property or assets shall cease to be an Excluded Asset to the extent of such excess Fair Market Value and shall become subject to the security interest granted under the Security Documents, immediately and automatically, at such time as such amount is exceeded); for the avoidance of doubt, at any time the Parent Borrower elects to have an Excluded Asset become part of the Collateral and cease to be an Excluded Asset, or at any time an Excluded Asset becomes an asset of an Unrestricted Subsidiary, an Excluded Project Subsidiary or an Excluded Foreign Subsidiary, or is sold or otherwise disposed of to a third party that is not a Subsidiary in accordance with the terms hereof, the Fair Market Value (as determined as of the date of such designation as an Excluded Asset) of any such asset shall not be taken into account for purposes of determining compliance with the General Excluded Assets Basket and an amount equal to the Fair Market Value of such asset (as determined as of the date of such designation as an Excluded Asset) will become available under the General Excluded Assets Basket for use by the Borrowers pursuant to this clause (xiii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)any Intellectual Property (as defined in the Guarantee and Collateral Agreement) if and to the extent a grant of a security interest therein will result in the loss, abandonment or termination of any material right, title or interest in or to such Intellectual Property (including United States intent-to-use trademark or service mark applications); <u>provided</u>, <u>however</u>, that such Intellectual Property shall be an Excluded Asset only to the extent and for so long as the

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consequences specified above shall exist and shall cease to be an Excluded Asset and shall become subject to the security interest granted under the Security Documents, immediately and automatically, at such time as such consequences shall no longer exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)upon the sale of such assets to a Securitization Vehicle in accordance with the provisions of this Agreement, the Securitization Assets and, in the event that the pledge of any Sellers' Retained Interest in respect of any such Securitization Vehicle shall be prohibited by the governing documentation with respect to the applicable Securitization or any other Permitted Securitization Indebtedness and/or any Sellers' Retained Interest are pledged to secure any other Permitted Securitization Indebtedness, such Sellers' Retained Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)payments in respect of Securitization Assets, while such amounts are in a lockbox, collateral account or similar account established pursuant to a Securitization to receive collections of Securitization Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii)unless otherwise elected by the Parent Borrower in its discretion and designated by the Parent Borrower to the Administrative Agent in writing, (a) the Equity Interests owned by the Parent Borrower or any of its Restricted Subsidiaries in and all properties and assets of each of the following Subsidiaries: (1) NRG Harrisburg Cooling LLC and (2) Camas Power Boiler Limited Partnership and (b)(1) the leasehold interest of Middletown Power LLC to GenConn Middletown LLC and (2) the leasehold interest of Devon Power LLC to GenConn Devon LLC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix)any assets with respect to which the Parent Borrower and the Collateral Agent reasonably determine the cost or other consequences of granting a security interest or obtaining title insurance in favor of the Secured Parties under the Security Documents is excessive in view of the benefits to be obtained by the Secured Parties therefrom and any assets with respect to which granting a security interest in such assets in favor of the Secured Parties under the Security Documents could reasonably be expected to result in an adverse tax consequence that is not de minimis as reasonably determined by the Parent Borrower in consultation with the Collateral Agent.

"<u>Excluded Foreign Subsidiary</u>" shall mean, at any time, any Foreign Subsidiary that is a Restricted Subsidiary and that is (or is treated as) for United States federal income tax purposes either (a) a corporation or (b) a pass-through entity owned directly or indirectly by another Foreign Subsidiary that is (or is treated as) a corporation. The Excluded Foreign Subsidiaries on the Sixth Amendment Effective Date are set forth on <u>Schedule 1.01(a)</u>.

"<u>Excluded Information</u>" shall have the meaning assigned to such term in Section 2.12(e).

"<u>Excluded Perfection Assets</u>" shall mean any property or assets that (i) do not have a Fair Market Value at any time exceeding $100,000,000 (or, if such property or asset is a Deposit Account or Securities Account, $50,000,000) individually or $150,000,000 in the aggregate in which a security interest cannot be perfected by the filing of a financing statement under the UCC of the relevant jurisdiction or, in the case of Equity Interests, either the filing of a financing statement under the UCC of the relevant jurisdiction or the possession of certificates representing such Equity Interests, (ii) constitute leasehold interests of the Parent Borrower or any of its Restricted Subsidiaries in real property (other than any real property constituting a Facility), (iii) constitute any Deposit Account that is a "zero-balance" account (as long as (x) the balance in such "zero balance" account does not exceed at any time the applicable threshold described in clause (i) above for a period of 24 consecutive hours or more (except during days that are not Business Days) and (y) all amounts in such "zero-balance" account shall either be swept on a daily basis (except on days that are not Business Days) into another Deposit Account that does not constitute an Excluded Perfection Asset or used for third party payments in the ordinary course of business), (iv) constitute motor vehicles and other assets subject to certificates of title to the extent a Lien thereupon cannot be perfected by the filing of a UCC financing statement and (v) constitute Intellectual Property over which a Lien is required to be perfected by actions in any jurisdiction other than the United States. To the extent that the Fair Market Value of any such property or asset exceeds $100,000,000 (or, if

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such property or asset is a Deposit Account or Securities Account, $50,000,000) individually, such property or asset shall cease to be an Excluded Perfection Asset and, to the extent that the Fair Market Value of such property or assets shall exceed $150,000,000 in the aggregate at any time, such property or assets shall cease to be Excluded Perfection Assets to the extent of such excess Fair Market Value. For the avoidance of doubt, and notwithstanding anything to the contrary in this Agreement or in any other Loan Document (including the Guarantee and Collateral Agreement), in no event shall any Loan Party be required to enter into any Control Agreement pursuant to this Agreement or any other Loan Document at any time on and after the Sixth Amendment Effective Date.

"<u>Excluded Proceeds</u>" shall mean (a) any Net Proceeds of an Asset Sale (i) received since the Closing Date and on or prior to the Fourteenth Amendment Effective Date from one or more Asset Sales of Equity Interests in, or property or assets of, any Subsidiaries, (ii) involving the sale of up to $300,000,000 in the aggregate received since the Fourteenth Amendment Effective Date from one or more Asset Sales of Equity Interests in, or property or assets of, any Subsidiaries, and (iii) the sale of up to $75,000,000 of assets per year (with unused amounts in any period being carried over to succeeding periods), in either event if and to the extent such Net Proceeds are designated by a Responsible Officer of the Parent Borrower as Excluded Proceeds and (b) any Net Proceeds of a Specified Asset Sale

"<u>Excluded Project Subsidiary</u>" shall mean, at any time, (A) any Restricted Subsidiary (including any Subsidiary of such Restricted Subsidiary) that (a) is an obligor (or, in the case of a Restricted Subsidiary of an Excluded Project Subsidiary that is such an obligor and is in a business that is related to the business of such Excluded Project Subsidiary that is such an obligor, is otherwise bound, or its property is subject to one or more covenants and other terms of any Non-Recourse Debt outstanding at such time, regardless of whether such Restricted Subsidiary is a party to the agreement evidencing the Non-Recourse Debt (unless otherwise expressly elected by the Parent Borrower in its sole discretion with respect to any such Subsidiaries)) with respect to any Non-Recourse Debt outstanding at such time, in each case if and for so long as the grant of a security interest in the property or assets of such Subsidiary, or the guarantee by such Subsidiary of the Obligations, or the pledge of the Equity Interests of such Subsidiary, in each case in favor of the Collateral Trustee, for the benefit of the Secured Parties, shall constitute or result in a breach, termination or default under the agreement or instrument governing the applicable Non-Recourse Debt; <u>provided</u> that such Subsidiary shall be an Excluded Project Subsidiary only to the extent that and for so long as the requirements and consequences above shall exist; or (b) is not an obligor with respect to any such Non-Recourse Debt as described in clause (a), but is designated by the Parent Borrower as an Excluded Project Subsidiary under and in accordance with this Agreement; and <u>provided</u>, <u>further</u>, that the aggregate Fair Market Value of all outstanding Investments owned by the Parent Borrower and its Restricted Subsidiaries in the Subsidiary designated as an Excluded Project Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under the provisions of Section 6.06 or under one or more clauses of the definition of Permitted Investments, as determined by the Parent Borrower and (B) on and after the Hurricane Acquisition Closing Date, the Hurricane Subsidiaries. The Excluded Project Subsidiaries on the Sixth Amendment Effective Date are set forth on <u>Schedule 1.01(b)</u>.

"<u>Excluded Subsidiary</u>" shall mean (a) an Excluded Foreign Subsidiary, (b) an Excluded Project Subsidiary, (c) any other Subsidiary all of whose assets, other than a de minimis amount thereof, constitute Excluded Assets pursuant to clause (v) or clause (xiii) of the definition of "Excluded Assets", (d) [reserved], (e) any captive insurance Subsidiary, (f) any not-for-profit Subsidiary, (g) any Immaterial Subsidiary and/or (h) any special purpose vehicle, including any Securitization Vehicle. For the avoidance of doubt, it is understood and agreed that (i) each Subsidiary of an Excluded Subsidiary shall also be deemed to be an Excluded Subsidiary and (ii) all assets of an Excluded Subsidiary acquired after the designation as such pursuant to clause (c) above, and for as long as such designation remains effective, shall be Excluded Assets; *<u>provided</u>* that, for the avoidance of doubt, the Hurricane Subsidiaries shall only be deemed Excluded Subsidiaries by virtue of being Excluded Project Subsidiaries.

"<u>Excluded Subsidiary Debt Agreement</u>" shall mean the agreement or documents governing the relevant Indebtedness referred to in the definition of "Excluded Subsidiary Debt Default."

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"<u>Excluded Subsidiary Debt Default</u>" shall mean, with respect to any Excluded Subsidiary, the failure of such Excluded Subsidiary to pay any principal or interest or other amounts due in respect of any Indebtedness, when and as the same shall become due and payable, or the occurrence of any other event or condition that results in any Indebtedness of such Excluded Subsidiary becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, lapse of time or both) the holder or holders of such Indebtedness or any trustee or agent on its or their behalf to cause such Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity.

"<u>Excluded Taxes</u>" shall mean, with respect to the Administrative Agent, any Lender, the Issuing Banks and any other recipient of any payment to be made by or on account of any obligation of the Borrowers hereunder, (a) income or franchise taxes imposed on (or measured in whole or in part by) each such Person's net income by the United States of America (or any political subdivision thereof), or as a result of a present or former connection between such recipient and the jurisdiction imposing such tax (or any political subdivision thereof), other than any such connection arising solely from such recipient having executed, delivered or performed its obligations or received a payment under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced, this Agreement or any other Loan Document, or sold or assigned any interest in any Loan Document, (b) in the case of a Lender (other than an assignee pursuant to a request by the Parent Borrower under Section 2.21(a)), any United States federal withholding tax that is imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrowers with respect to such withholding tax pursuant to Section 2.20(a) (it being understood and agreed, for the avoidance of doubt, that any withholding tax imposed on a Lender as a result of a Change in Law occurring after the time such Lender became a party to this Agreement shall not be an Excluded Tax), (c) any withholding Taxes attributable to such Recipient's failure to comply with paragraphs (d) and (e) of Section 2.20 and (d) any United States federal withholding Taxes imposed under FATCA.

"<u>Exempt Subsidiaries</u>" shall mean, collectively, (i) the Excluded Project Subsidiaries and (ii) each of NRG Ilion LP LLC, NRG Ilion Limited Partnership, Meriden Gas Turbine LLC, LSP-Nelson Energy LLC, NRG Nelson Turbines LLC, NRG McClain LLC, NRG Audrain Holding LLC, NRG Audrain Generating LLC, NRG Peaker Finance Company LLC, NRG Rockford LLC, NRG Rockford Acquisition LLC, NRG SunCap LLC and its direct and indirect subsidiaries and NRG Bluewater Holdings LLC and its direct and indirect subsidiaries.

"<u>Existing Commodity Hedging Agreements</u>" shall mean (a) the Master Power Purchase and Sale Agreement and Cover Sheet dated as of July 21, 2004, the Confirmation thereunder dated as of July 21, 2004 and the Confirmation thereunder dated as of November 30, 2004, each between J. Aron & Company and NRG Texas Power LLC (as successor by merger), and any additional confirmations thereunder (as the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with the terms hereof and thereof, the "<u>Goldman Sachs Hedge Agreement</u>") and (b) any other master agreement listed on <u>Schedule 1.01(c)</u>, and any confirmations thereunder, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof.

"<u>Existing Credit Agreement</u>" shall have the meaning assigned to such term in the preamble.

"<u>Existing Guarantee and Collateral Agreement</u>" shall mean the Amended and Restated Guarantee and Collateral Agreement, dated as of July 1, 2011, among the Parent Borrower, each Subsidiary Guarantor, Deutsche Bank Trust Company Americas, as collateral trustee, and the other parties thereto, as amended, restated, amended and restated, supplemented or otherwise modified prior to the Closing Date.

"<u>Existing Indebtedness</u>" shall mean Indebtedness of the Parent Borrower and its Subsidiaries (other than the Indebtedness under the Senior Notes Documents) (a) in existence on the Closing Date and set forth on <u>Schedule 6.01</u> and (b) in respect of the Existing Tax-Exempt Bonds, in each case, until such amounts are repaid.

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"<u>Existing Tax-Exempt Bonds</u>" shall mean (a) the Industrial Development Revenue Bonds (NRG Energy, Inc. Project) Series 2012 issued by the City of Texas City Industrial Development Corporation, (b) the Exempt Facilities Revenue Refunding Bonds (NRG Energy Project) Series 2020 (Non-AMT) issued by the County of Chautauqua Industrial Development Agency, (c) the Industrial Development Revenue Bonds (NRG Energy, Inc. Project) Series 2012 issued by the Fort Bend County Industrial Development Corporation, (d) the Industrial Development Revenue Bonds (NRG Energy, Inc. Project) Series 2012B issued by the Fort Bend County Industrial Development Corporation, (e) the Exempt Facility Revenue Bonds (Indian River Power LLC Project) Series 2010 issued by the Delaware Economic Development Authority and (f) the Recovery Zone Facility Bonds (Indian River Power LLC Project) issued by Sussex County, Delaware. The aggregate principal amount of the Existing Tax-Exempt Bonds as of the Fifth Amendment Effective Date is $465,487,000.

"<u>Facility</u>" shall mean a power or energy related facility.

"<u>Fair Market Value</u>" shall mean the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by a Responsible Officer of the Parent Borrower.

"<u>FATCA</u>" shall mean Sections 1471 through 1474 of the Tax Code, as of the Closing Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any Treasury Regulation promulgated thereunder, any published administrative guidance implementing such Sections or any agreement entered into pursuant to Section 1471(b)(1) of the Tax Code.

"<u>Federal Funds Effective Rate</u>" shall mean, for any day, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it; <u>provided</u> that, if negative, the Federal Funds Effective Rate shall be deemed to be 0.00%.

"<u>Fees</u>" shall mean the Commitment Fees, the Administrative Agent's Fees, the L/C Participation Fees, the Issuing Bank Fees and any fees payable pursuant to Section 2.12(d).

"<u>FERC</u>" shall mean the Federal Energy Regulatory Commission or its successor.

"<u>Fifth Amendment</u>" shall mean the Fifth Amendment to Credit Agreement and Third Amendment to Collateral Trust Agreement, dated as of August 20, 2020, among the Parent Borrower, each Subsidiary Guarantor, the Administrative Agent, the Collateral Agent, the Collateral Trustee and the Lenders party thereto.

"<u>Fifth Amendment Effective Date</u>" shall have the meaning assigned to the term "Amendment Effective Date" in the Fifth Amendment.

"<u>Fifth Amendment Tranche A Revolving Commitments</u>" shall have the meaning assigned to the term "New Tranche A Revolving Commitments" in the Fifth Amendment.

"<u>Financial Officer</u>" of any Person shall mean any of the chief executive officer, chief financial officer or treasurer (or if no individual shall have such designation, the Person charged by the Board of Directors of such Person (or a committee thereof) with such powers and duties as are customarily bestowed upon the individual with such designation) or the audit or finance committee of the Board of Directors of such Person.

"<u>Fitch</u>" shall mean Fitch Ratings Inc. or any successor entity.

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"<u>Fixed Charge Coverage Ratio</u>" shall mean with respect to any specified Person for any period, the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person paid or payable in cash for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, Guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (for purposes of this definition, the "<u>Calculation Date</u>"), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period.

In addition, for purposes of calculating the Fixed Charge Coverage Ratio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Investments and acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be given pro forma effect (in accordance with Regulation S-X, but including all Pro Forma Cost Savings) as if they had occurred on the first day of the four-quarter reference period and Consolidated Cash Flow for such reference period will be calculated on the same pro forma basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such four-quarter reference period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such four-quarter reference period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)if any Indebtedness that is being incurred on the Calculation Date bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to such Indebtedness).

If since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Parent Borrower or any Restricted Subsidiary since the beginning of such period) shall have made any Investment, acquisition, disposition, merger, consolidation or disposed operation that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving <u>pro</u> <u>forma</u> effect thereto (including any Pro Forma Cost Savings) for such period as if such Investment, acquisition or disposition, or classification of such operation as discontinued had occurred at the beginning of the applicable four-quarter reference period.

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"<u>Fixed Charges</u>" shall mean, with respect to any specified Person for any period, the sum, without duplication, of (a) the consolidated interest expense of such Person and its Restricted Subsidiaries (other than interest expense of any Excluded Subsidiary the Consolidated Cash Flow of which is excluded from the Consolidated Cash Flow of such Person pursuant to the definition of Consolidated Cash Flow hereof) for such period, whether paid or accrued, including amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, and net of the effect of all payments made or received pursuant to Hedging Obligations in respect of interest rates; <u>plus</u> (b) the consolidated interest of such Person and its Restricted Subsidiaries that was capitalized during such period, <u>plus</u> (c) any interest accruing on Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; <u>provided</u> that in no event shall any commissions, discounts, fees or charges in respect of, any Indebtedness of any L/C Securities Issuer be included in this clause (c), <u>plus</u> (d) the product of (i) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable in Equity Interests of the Parent Borrower (other than Disqualified Stock) or to the Parent Borrower or a Restricted Subsidiary, <u>times</u> (ii) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP, <u>minus</u> (e) interest income for such period.

"<u>Floor</u>" shall mean a rate of interest per annum equal to 0.00%.

"<u>Foreign Lender</u>" shall mean any Lender that is organized under the laws of a jurisdiction other than that in which the Borrowers are incorporated or organized. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

"<u>Foreign Subsidiary</u>" shall mean any Restricted Subsidiary that is (a) not a Domestic Subsidiary or (b) a Foreign Subsidiary Holding Company.

"<u>Foreign Subsidiary Holding Company</u>" shall mean any Domestic Subsidiary that is a direct parent of one or more Foreign Subsidiaries and holds, directly or indirectly, no other assets other than Equity Interests (or Equity Interests and Indebtedness) of Foreign Subsidiaries and other de minimis assets related thereto.

"<u>Fourteenth Amendment</u>" shall mean the Fourteenth Amendment to Second Amended and Restated Credit Agreement, dated as of the Fourteenth Amendment Effective Date, among the Borrowers, the 2025 New Revolving Lenders, the other Lenders party thereto, the Administrative Agent and the Collateral Agent.

"<u>Fourteenth Amendment Effective Date</u>" shall mean May 27, 2025.

"<u>Fourth Amendment</u>" shall mean the Fourth Amendment Agreement, dated as of May 28, 2019, among the Parent Borrower, each Subsidiary Guarantor, the Administrative Agent, the Collateral Agent and the Lenders party thereto.

"<u>Fourth Amendment Effective Date</u>" shall have the meaning assigned to the term "Amendment Effective Date" in the Fourth Amendment.

"<u>FPA</u>" shall mean the Federal Power Act and the rules and regulations promulgated thereunder, as amended from time to time.

"<u>FPA-Jurisdictional Subsidiary Guarantor</u>" shall have the meaning assigned to such term in Section 3.23(b).

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"<u>FPA MBR Authorizations, Exemptions and Waivers</u>" shall have the meaning assigned to such term in Section 3.23(b).

"<u>Free and Clear Amount</u>" shall have the meaning assigned to such term in Section 2.24(a).

"<u>GAAP</u>" shall mean generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect from time to time; <u>provided</u>, <u>however</u>, that if any operating lease would be considered a capital lease due to changes in the accounting treatment of leases under GAAP since the Closing Date (whether or not such lease was in effect on the Closing Date), then solely with respect to the accounting treatment of any such lease, GAAP shall be interpreted as it was in effect on the Closing Date and such lease shall not be considered a capital lease or otherwise constitute Indebtedness hereunder.

"<u>General Excluded Assets Basket</u>" shall have the meaning assigned to such term in the definition of Excluded Assets.

"<u>GHG Protocol</u>" shall mean the World Resources Institute/World Business Council for Sustainable Development Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard, Revised Edition.

"<u>Goldman Sachs Hedge Agreement</u>" shall have the meaning given to such term in clause (a) of the definition of "Existing Commodity Hedging Agreements."

"<u>Governmental Authority</u>" shall mean any nation or government, any state, province, territory or other 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, or any governmental or non-governmental authority regulating the generation and/or transmission of energy, including ERCOT.

"<u>Granting Lender</u>" shall have the meaning assigned to such term in Section 9.04(j).

"<u>Greenhouse Gas Emission Amount</u>" shall mean the total annual carbon dioxide equivalents (CO2e) consisting of carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O), that constitute Scope 1 emissions (as defined in the GHG Protocol) from fuel combustion in boilers, turbines and engines used for the production of wholesale electric power at facilities owned or controlled by the Parent Borrower and its Subsidiaries, measured in millions of metric tons (mTCO₂ e), as certified by the Parent Borrower in the applicable Pricing Certificate.

"<u>Guarantee</u>" shall mean a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner, including by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise).

"<u>Guarantee and Collateral Agreement</u>" shall mean the Second Amended and Restated Guarantee and Collateral Agreement, dated as of the Closing Date, among the Parent Borrower, each Subsidiary Guarantor, the Collateral Trustee and the other parties thereto, as may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof.

"<u>Guaranteed Obligations</u>" shall mean the Credit Agreement Borrower Obligations and the Guarantor Obligations in respect thereof, in each case as such terms are defined in the Guarantee and Collateral Agreement.

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"<u>Hazardous Materials</u>" shall mean (a) any petroleum products or byproducts, coal ash, coal combustion by-products or waste, boiler slag, scrubber residue, flue desulfurization material, radon gas, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, radioactive materials, radioactive waste or radioactive byproducts, chlorofluorocarbons and all other ozone-depleting substances and (b) any chemical, material, substance or waste that is prohibited, limited or regulated by or pursuant to any Environmental Law.

"<u>Hedging Obligations</u>" shall mean, with respect to any specified Person, (a) all Interest Rate/Currency Hedging Obligations, (b) all Commodity Hedging Obligations, (c) the Obligations and other obligations under any and all other rate swap transactions, basis swaps, credit derivative transactions, forward transactions, equity or equity index swaps or options, bond or bond price or bond index swaps or options, cap transactions, floor transactions, collar transactions or any other similar transactions or any combination of any of the foregoing (including any options to enter into the foregoing), whether or not such transaction is governed by or subject to any Master Agreement, and (d) the Obligations and other obligations under any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc. (or any successor thereof), any International Foreign Exchange Master Agreement or any other master agreement (any such master agreement, together with any related schedules, a "Master Agreement"), including any such obligations or liabilities under any Master Agreement.

"<u>Hurricane Acquisition</u>" shall mean the acquisition described in the Hurricane Acquisition Agreement.

"<u>Hurricane Acquisition Agreement</u>" shall mean that certain Purchase and Sale Agreement, dated as of May 12, 2025, by and among NRG Energy, Inc., NRG East Generation Holdings LLC, NRG Texas LLC, NRG Demand Response Holdings LLC, NRG Gas Development Company, LLC, Lightning Power Holdings, LLC, CCS Power Holdings, LLC, Thunder Generation, LLC, Linebacker Power Development Funding, LLC and the other parties party thereto, together with all exhibits, schedules and other attachments thereto, as may be amended pursuant to the terms thereof.

"<u>Hurricane Acquisition Closing Date</u>" shall mean the date that the Hurricane Acquisition is consummated pursuant to the terms of the Hurricane Acquisition Agreement.

"<u>Hurricane Subsidiaries</u>" shall mean Lightning Power, LLC and its Subsidiaries (including, in the case of each of the foregoing, any Person that is the surviving entity in any merger with any of the foregoing).

"<u>Immaterial Subsidiary</u>" shall mean, at any time, any Restricted Subsidiary that is designated by the Parent Borrower as an "Immaterial Subsidiary" if and for so long as such Restricted Subsidiary, together with all other Immaterial Subsidiaries, has (a) total assets at such time not exceeding 5.00% of the Parent Borrower's consolidated assets as of the most recent fiscal quarter for which balance sheet information is available and (b) total revenues and operating income for the most recent 12-month period for which income statement information is available not exceeding 5.00% of the Parent Borrower's consolidated revenues and operating income, respectively; <u>provided</u> that such Restricted Subsidiary shall be an Immaterial Subsidiary only to the extent that and for so long as all of the above requirements are satisfied.

"<u>Increased Amount Date</u>" shall have the meaning provided in Section 2.24(a).

"<u>Incremental Equivalent Debt</u>" shall have the meaning provided in Section 6.01(b)(xxiii).

"<u>incur</u>" shall have the meaning assigned to such term in Section 6.01.

"<u>Indebtedness</u>" shall mean, with respect to any specified Person, any indebtedness of such Person (a) in respect of borrowed money; (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); (c) in respect of banker's acceptances;

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(d) representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; (e) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired or such services are completed that in accordance with GAAP would be shown as a liability on the balance sheet of such Person; (f) representing the net amount owing under any Hedging Obligations, if and to the extent any of the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP; and (g) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person; <u>provided</u> that, Indebtedness will not include: (i) trade accounts and accrued expenses, intercompany Indebtedness having a term not exceeding one year (inclusive of any rollover or extension terms and to the extent incurred in the ordinary course of business), intercompany Indebtedness existing by virtue of push-down accounting and intercompany Indebtedness arising from ordinary course cash management, tax and/or accounting operations and/or that is eliminated on a consolidated balance sheet, (iii) prepaid or deferred revenue arising in the ordinary course of business, (iv) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase prices of an asset to satisfy warranty or unperformed obligations of the seller of such asset, (v) any earn-out, deferred purchase price or working capital adjustment obligation, non-compete agreement obligations, take-or-pay or similar obligations, consulting obligations and deferred compensation obligations until any such obligation is not paid within five Business Days after becoming due and payable, (vi) Performance Guaranties and other commercial contract Guarantees incurred in the ordinary course of business (other than Guarantees of Indebtedness in respect of borrowed money), until any such obligation is not paid within five Business Days after becoming due and payable, (vii) accruals for payroll and other liabilities accrued in the ordinary course of business, (viii) liabilities associated with customer prepayments and deposits, (ix) amounts payable by and between the Parent Borrower and any of its Subsidiaries in connection with retail clawback or other regulatory transition issues, (x) any Indebtedness defeased by such Person or by any Subsidiary of such Person and (xii) contingent obligations incurred in the ordinary course of business. The amount of Indebtedness of any Person for purposes of clause (g) above shall be deemed to be equal to the lesser of (x) the aggregate unpaid principal amount of such Indebtedness and (y) the fair market value of the property encumbered thereby as determined by such Person in good faith.

"<u>Indebtedness Obligations</u>" shall mean any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness.

"<u>Indemnified Taxes</u>" shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

"<u>Indemnitee</u>" shall have the meaning assigned to such term in Section 9.05(b).

"<u>Independent Financial Advisor</u>" shall mean an accounting, appraisal, investment banking firm or consultant to Persons engaged in a Permitted Business of nationally recognized standing that is, in the good faith judgment of the Parent Borrower, qualified to perform the task for which it has been engaged.

"<u>Information</u>" shall have the meaning assigned to such term in Section 9.16.

"<u>Intellectual Property Collateral</u>" shall have the meaning assigned to such term in the Guarantee and Collateral Agreement.

"<u>Intellectual Property Security Agreement</u>" shall mean all Intellectual Property Security Agreements executed and delivered by the Loan Parties, each substantially in the applicable form required by the Guarantee and Collateral Agreement, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof.

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"<u>Interest Payment Date</u>" shall mean (a) with respect to any ABR Loan, Canadian Base Rate Loan or Daily Simple SOFR Loan, the last Business Day of each March, June, September and December (beginning with September 30, 2016), (b) with respect to any Term SOFR Loan or Term CORRA Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Term SOFR Borrowing or Term CORRA Borrowing with an Interest Period of more than three months' duration, each day that would have been an Interest Payment Date had successive Interest Periods of three months' duration been applicable to such Borrowing and (c) with respect to any Daily Compounded CORRA Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is a part.

"<u>Interest Period</u>" shall mean, (a) with respect to any Term SOFR Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is 1, 3 or 6 months thereafter (or (x) 12 months thereafter if, at the time of the relevant Borrowing, an interest period of such duration is available to all Lenders participating therein or (y) such other periods as agreed to by the Administrative Agent and the affected Lenders to facilitate the alignment of interest payments with other Borrowings or the end of a fiscal or calendar period, as reasonably agreed between the Administrative Agent, the affected Lenders and the Borrowers), as the Borrowers may elect, and (b) with respect to any Term CORRA Borrowing or Daily Compounded CORRA Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is 1 or 3 months thereafter (or (x) 12 months thereafter if, at the time of the relevant Borrowing, an interest period of such duration is available to all Lenders participating therein or (y) such other periods as agreed to by the Administrative Agent and the affected Lenders to facilitate the alignment of interest payments with other Borrowings or the end of a fiscal or calendar period, as reasonably agreed between the Administrative Agent, the affected Lenders and the Borrowers), as the Borrowers may elect; <u>provided</u>, <u>however</u>, 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 and (ii) any Interest Period (other than an Interest Period of seven days) 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. Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

"<u>Interest Rate/Currency Hedging Agreement</u>" shall mean any agreement of the type described in the definition of "Interest Rate/Currency Hedging Obligations."

"<u>Interest Rate/Currency Hedging Obligations</u>" shall mean, with respect to any specified Person, the obligations of such Person under (a) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements, interest rate collar agreements, interest rate floor transactions or any other similar transactions or any combination of the foregoing (including any options to enter into the foregoing), (b) any other agreements or arrangements designed to manage interest rates or interest rate risk and (c) any agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates, including currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, forward foreign exchange transactions or any combination of any of the foregoing (including any options to enter into the foregoing), whether or not such transaction is governed by or subject to any Master Agreement, in each case under clauses (a), (b) and (c), entered into by such Person and not for speculative purposes.

"<u>Investment Grade Rating</u>" shall mean, as applicable, a rating (a) Baa3 or better by Moody's, (b) BBB- or better by S&P, (c) BBB- or better by Fitch, (d) the equivalent of such rating by such organization or (e) if another Rating Agency has been selected by the Parent Borrower, the equivalent of such rating by such other Rating Agency.

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"<u>Investments</u>" shall mean, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Parent Borrower or any Subsidiary sells or otherwise disposes of any Equity Interests of any direct or indirect Subsidiary such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary, the Parent Borrower will be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Parent Borrower's Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in the final paragraph of Section 6.06(b). The acquisition by the Parent Borrower or any Subsidiary of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Parent Borrower or such Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided in the final paragraph of Section 6.06(b). Except as otherwise provided in this Agreement, the amount of an Investment will be determined at the time the Investment is made and without giving effect to subsequent changes in value; <u>provided</u> that, to the extent, if any, that a Guarantee and/or credit support results in an Investment, the amount of such Investment will be (x) the fair market value thereof determined first as of the time such Investment is made and thereafter on an annual basis, (y) zero upon such Guarantee and/or credit support being released or terminated and (z) the fair market value of such Guarantee and/or credit support determined as of the time of any modification thereof, if modified or amended.

Notwithstanding anything to the contrary herein, in the case of any Investment made by the Parent Borrower or a Restricted Subsidiary in a Person substantially concurrently with a cash distribution by such Person to the Borrowers or a Subsidiary Guarantor (a "<u>Concurrent Cash Distribution</u>"), then (a) the Concurrent Cash Distribution shall be deemed to be Net Proceeds received in connection with an Asset Sale and applied as set forth above under Sections 2.13(b) and 6.04 and (b) the amount of such Investment shall be deemed to be the Fair Market Value of the Investment, less the amount of the Concurrent Cash Distribution.

"<u>Issue Date</u>" shall mean May 24, 2011.

"<u>Issuing Bank</u>" shall mean, as the context may require, each of (a) BANA, Barclays, BNPP, CNA, DB, JPM, MSB, Natixis, Bank of Montreal, Royal Bank of Canada, The Bank of Nova Scotia and/or any of their respective affiliates, each in its capacity as the issuer of Letters of Credit issued by it hereunder and (b) any other Lender that may become an Issuing Bank pursuant to Section 2.23(i) or 2.23(k), with respect to Letters of Credit issued by such Lender. Unless otherwise specified, in respect of any Letters of Credit, "Issuing Bank" shall refer to the applicable Issuing Bank which has issued such Letter of Credit. Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term "Issuing Bank" shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.

"<u>Issuing Bank Fees</u>" shall have the meaning assigned to such term in Section 2.05(c).

"<u>Jetson Acquisition</u>" shall mean the acquisition described in the Jetson Acquisition Agreement.

"<u>Jetson Acquisition Agreement</u>" shall mean that certain Agreement and Plan of Merger, dated as of December 6, 2022, by and among Vivint Smart Home, Inc., NRG Energy, Inc., and Jetson Merger Sub, Inc., together with all exhibits, schedules and other attachments thereto, as may be amended pursuant to the terms thereof.

"<u>Jetson Acquisition Closing Date</u>" shall mean the date that the Jetson Acquisition is consummated pursuant to the terms of the Jetson Acquisition Agreement.

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"<u>Joinder Agreement</u>" shall mean an agreement substantially in the form of <u>Exhibit D</u> or in another form reasonably satisfactory to the Parent Borrower and the Administrative Agent.

"<u>JPM</u>" shall have the meaning assigned to such term in the preamble.

"<u>Judgment Currency</u>" shall have the meaning assigned to such term in Section 9.25(a).

"<u>Judgment Currency Conversion Date</u>" shall have the meaning assigned to such term in Section 9.25(a).

"<u>KPI Metrics</u>" shall mean the Greenhouse Gas Emission Amount and the Revenue Carbon Intensity.

"<u>KPI Metric Auditor</u>" shall mean KPMG LLP or other independent public accountants of recognized national standing, in each case acting in its capacity as an independent auditor of the Parent Borrower, designated from time to time by the Parent Borrower; <u>provided</u> that, such replacement KPI Metric Auditor shall be reasonably acceptable to the Sustainability Structuring Agent and shall apply substantially the same auditing standards and methodology used in the 2018 Baseline Sustainability Report.

"<u>L/C Commitment</u>" shall mean the commitment of each Issuing Bank to issue Letters of Credit pursuant to Section 2.23.

"<u>L/C Disbursement</u>" shall mean a payment or disbursement made by the Issuing Bank pursuant to a Letter of Credit.

"<u>L/C Fee Payment Date</u>" shall have the meaning assigned to such term in Section 2.05(c).

"<u>L/C Participation Fee</u>" shall have the meaning assigned to such term in Section 2.05(c).

"<u>L/C Securities Financing</u>" shall mean any financing arrangement involving the issuance by any L/C Securities Issuer of securities to institutional investors and consummated for the purposes of providing letters or credit or other credit support on behalf of the Parent Borrower or any Subsidiary or otherwise as a source of liquidity for the Parent Borrower and its Subsidiaries.

"<u>L/C Securities Issuer</u>" shall mean any Person formed for the purposes of issuing securities pursuant to any L/C Securities Financing.

"<u>Latest Maturity Date</u>" shall mean, at any date of determination, the latest maturity date applicable to any Class of Loans or Commitments with respect to such Class of Loans or Commitments at such time, including, for the avoidance of doubt, the latest maturity date of any Term Loan, Revolving Loans or Revolving Commitments.

"<u>LCT Election</u>" shall have the meaning assigned to such term in Section 1.05.

"<u>LCT Test Date</u>" shall have the meaning assigned to such term in Section 1.05.

"<u>Lender Insolvency Event</u>" shall mean that (a) a Lender or its Parent Company is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or (b) such Lender or its Parent Company is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been publicly appointed for such Lender or its Parent Company, or such Lender or its Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment.

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"<u>Lender Participation Notice</u>" shall have the meaning assigned to such term in Section 2.12(e)(iii).

"<u>Lenders</u>" shall have the meaning assigned to such term in the preamble; <u>provided</u> that, such term shall also include (a) the Persons that become a party hereto pursuant to a Joinder Agreement or a Permitted Amendment and (b) any Person that has become a party hereto pursuant to an Assignment and Assumption (other than in each case any such Person that has ceased to be a party hereto pursuant to an Assignment and Assumption). Unless the context otherwise requires, the term "Lenders" shall include the Issuing Banks.

"<u>Letter of Credit</u>" shall mean, at any time, any letter of credit or bankers' acceptance issued in dollars or an Alternative Currency pursuant to and in accordance with the terms and provisions of Section 2.23.

"<u>Lien</u>" shall mean, with respect to any asset (a) any mortgage, deed of trust, deed to secure debt, lien (statutory or otherwise), pledge, hypothecation, encumbrance, restriction, collateral assignment, charge or security interest in, on or of such asset; (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset; and (c) in the case of Equity Interests or debt securities, any purchase option, call or similar right of a third party with respect to such Equity Interests or debt securities. For the avoidance of doubt, "Lien" shall not be deemed to include licenses of intellectual property.

"<u>Limited Condition Transaction</u>" shall mean any permitted acquisition or Investment, any incurrence or irrevocable repayment, redemption, repurchase, satisfaction or discharge of Indebtedness or any Restricted Payment, Asset Sale or fundamental change or any designation of a Restricted Subsidiary, Unrestricted Subsidiary or Excluded Subsidiary, in each case, by the Parent Borrower or one or more of its Restricted Subsidiaries permitted pursuant to this Agreement whose consummation is not conditioned on the availability of, or on obtaining, third party financing.

"<u>Liquidity Facility</u>" shall mean (a) any bilateral letter of credit facility, (b) any secured or unsecured letter of credit facility linked to credit default swaps or similar instruments or (c) any other alternative liquidity facility used to provide, support or cash collateralize letters of credit issued on behalf of the Parent Borrower or any Restricted Subsidiary.

"<u>Loan Documents</u>" shall mean this Agreement, any promissory note delivered pursuant to Section 2.04(e), the Security Documents, each Joinder Agreement (including the Eighth Amendment, the Eleventh Amendment and the Fourteenth Amendment), each Permitted Amendment, the Twelfth Amendment and the Thirteenth Amendment.

"<u>Loan Parties</u>" shall mean the Borrowers and each Subsidiary Guarantor.

"<u>Loans</u>" shall mean, collectively, the Revolving Loans and the Term Loans.

"<u>Majority Revolving Lenders</u>" shall mean, at any time, Lenders having Revolving Loans (excluding Swingline Loans), Revolving L/C Exposure, Swingline Exposure and unused Revolving Commitments, unused New Revolving Commitments (if any) and unused Refinancing Revolving Commitments (if any) representing greater than 50% of the sum of all Revolving Loans outstanding (excluding Swingline Loans), Revolving L/C Exposure, Swingline Exposure and all unused Revolving Commitments, unused New Revolving Commitments (if any) and unused Refinancing Revolving Commitments (if any) at such time.

"<u>Majority Term Lenders</u>" shall mean, at any time, Lenders having Term Loans and unused Term Commitments representing greater than 50% of the sum of all Term Loans outstanding and all unused Term Commitments (if any) at such time.

"<u>Margin Stock</u>" shall have the meaning assigned to such term in Regulation U.

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"<u>Mark-to-Market Adjustments</u>" shall mean (a) any non-cash loss attributable to the mark-to-market movement in the valuation of Hedging Obligations (to the extent the cash impact resulting from such loss has not been realized) or other derivative instruments pursuant to Financial Accounting Standards Board Statement No. 133, "Accounting for Derivative Instruments and Hedging Activities," or any similar successor provision; <u>plus</u> (b) any loss relating to amounts paid in cash prior to the stated settlement date of any Hedging Obligation that has been reflected in Consolidated Net Income in the current period; <u>plus</u> (c) any gain relating to Hedging Obligations associated with transactions recorded in the current period that has been reflected in Consolidated Net Income in prior periods and excluded from Consolidated Cash Flow pursuant to clauses (e) and (f) below; <u>minus</u> (d) any non-cash gain attributable to the mark-to-market movement in the valuation of Hedging Obligations (to the extent the cash impact resulting from such gain has not been realized) or other derivative instruments pursuant to Financial Accounting Standards Board Statement No. 133, "Accounting for Derivative Instruments and Hedging Activities," or any similar successor provision; <u>minus</u> (e) any gain relating to amounts received in cash prior to the stated settlement date of any Hedging Obligation that has been reflected in Consolidated Net Income in the current period; <u>minus</u> (f) any loss relating to Hedging Obligations associated with transactions recorded in the current period that has been reflected in Consolidated Net Income in prior periods and excluded from Consolidated Cash Flow pursuant to clauses (b) and (c) above.

"<u>Master Agreement</u>" shall have the meaning assigned to such term in the definition of "Hedging Obligations".

"<u>Material Adverse Effect</u>" shall mean a material adverse change in or material adverse effect on (i) the ability of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, to perform their payment obligations under this Agreement or any of the other Loan Documents or (ii) the material rights and remedies (taken as a whole) of the Arrangers, the Administrative Agent, the Collateral Agent, the Issuing Bank, the Collateral Trustee or the Secured Parties thereunder.

"<u>Material Indebtedness</u>" shall mean Indebtedness for money borrowed (other than the Loans and Letters of Credit) and Hedging Obligations of any one or more of the Parent Borrower or any of the Subsidiaries in an aggregate principal amount or mark-to-market adjustment value exceeding (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $250,000,000, (y) 1.0% of Total Assets and (z) 8.0% of Consolidated Cash Flow for the most recently ended Test Period, and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $500,000,000, (y) 1.0% of Total Assets and (z) 8.0% of Consolidated Cash Flow for the most recently ended Test Period.

"<u>Maturity Date</u>" shall mean (a) with respect to any Tranche A Revolving Commitments and Tranche A Revolving Loans, the Tranche A Revolving Termination Date, with respect to any Tranche B Revolving Commitments and Tranche B Revolving Loans, the Tranche B Revolving Termination Date and with respect to any Tranche C Revolving Commitments and Tranche C Revolving Loans, the Tranche C Revolving Termination Date, (b) with respect to the 2024 New Term Loans, April 16, 2031, (c) with respect to any New Term Loans, New Revolving Commitments and New Revolving Loans, the maturity date thereof set forth in the applicable Joinder Agreement and (d) with respect to any Refinancing Term Loans, Refinancing Revolving Loans and Refinancing Revolving Commitments, the maturity date thereof set forth in the applicable Joinder Agreement.

"<u>Maximum Incremental Amount</u>" shall have the meaning assigned to such term in Section 2.24(a).

"<u>Maximum Rate</u>" shall have the meaning assigned to such term in Section 9.09.

"<u>MFN Adjustment</u>" shall have the meaning assigned to such term in Section 2.24(f).

"<u>Minority Investment</u>" shall mean any Person (other than a Subsidiary) in which the Parent Borrower or any Restricted Subsidiary owns Capital Stock.

"<u>Moody's</u>" shall mean Moody's Investors Service, Inc. or any successor entity.

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"<u>Mortgages</u>" shall mean the mortgages, deeds of trust, leasehold mortgages, assignments of leases and rents, modifications, amendments and restatements of the foregoing and other security documents granting a Lien on any Mortgaged Property to secure the Guaranteed Obligations, each in the form of <u>Exhibit E</u> with such changes as are reasonably satisfactory to the Parent Borrower (which shall be evidenced by the signature thereof by the applicable Loan Party), the Collateral Agent and the Collateral Trustee, in each case, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof.

"<u>MSB</u>" shall have the meaning assigned to such term in the preamble.

"<u>MSSF</u>" shall mean Morgan Stanley Senior Funding, Inc. and its Affiliates.

"<u>Multiemployer Plan</u>" shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

"<u>Nationally Recognized Statistical Organization</u>" shall mean a nationally recognized statistical rating organization within the meaning of Section 3(a)(62) under the Exchange Act.

"<u>Natixis</u>" shall have the meaning assigned to such term in the preamble.

"<u>Necessary CapEx Debt</u>" shall mean Indebtedness of the Parent Borrower or its Restricted Subsidiaries incurred for the purpose of financing Necessary Capital Expenditures.

"<u>Necessary Capital Expenditures</u>" shall mean capital expenditures that are required by Applicable Law (other than Environmental Laws) or undertaken for health and safety reasons. The term "Necessary Capital Expenditures" does not include any capital expenditure undertaken primarily to increase the efficiency of, expand or re-power any power generation facility.

"<u>Net Income</u>" shall mean, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends or accretion, excluding, however, (a) any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with (i) any Asset Sale (without giving effect to the threshold provided for in the definition thereof) or (ii) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and (b) any infrequent, unusual or non-recurring gain or loss, together with any related provision for taxes on such infrequent, unusual or non-recurring gain or loss.

"<u>Net Proceeds</u>" shall mean, in respect of an Asset Sale, the aggregate cash proceeds (using the fair market value (as determined in good faith by the Parent Borrower) of any Cash Equivalents) actually received by the Parent Borrower or any Restricted Subsidiary in respect of any Asset Sale (including any cash received in respect of or upon the sale or other disposition of any Designated Non-Cash Consideration received in any Asset Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, and including any proceeds received as a result of unwinding any related hedge agreements in connection with such transaction but excluding the assumption by the acquiring Person of Indebtedness relating to

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the disposed assets or other consideration received in any other non-cash form), net of (i) attorneys' fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses, sales commissions, brokerage, consultant and other customary fees and any relocation expenses, in each case, incurred in connection therewith, (ii) the payment of principal, premium, penalty, interest, breakage costs or other amounts in respect of any Indebtedness that is secured by a Lien (other than Indebtedness under a Credit Facility) on the asset subject to such Asset Sale and that is required to be repaid in connection with such Asset Sale (other than Indebtedness under the Loan Documents), (iii) in the case of any Asset Sale by or suffered by a non-wholly-owned Restricted Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without regard to this clause (iii)) attributable to minority interests and not available for distribution to or for the account of the Parent Borrower or a wholly-owned Restricted Subsidiary as a result thereof, (iv) Taxes and tax distributions permitted under this Agreement paid or reasonably estimated to be payable or, without duplication, permitted to be paid as a result thereof, together with any repatriation costs associated with receipt or distributions by the applicable taxpayer of such cash proceeds, (v) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (A) related to any of the applicable assets and (B) retained by the Parent Borrower or any of its Restricted Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations and (vi) any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition (<u>provided</u> that, to the extent that any amounts are released from such escrow to the Parent Borrower or a Restricted Subsidiary, such amounts net of any related expenses shall constitute Net Proceeds).

"<u>New Commitments</u>" shall have the meaning assigned to such term in Section 2.24(a).

"<u>New Contracts</u>" shall have the meaning assigned to such term in the definition of Consolidated Cash Flow.

"<u>New Revolving Commitments</u>" shall have the meaning assigned to such term in Section 2.24(a).

"<u>New Revolving Lender</u>" shall have the meaning assigned to such term in Section 2.24(b).

"<u>New Revolving Loans</u>" shall have the meaning assigned to such term in Section 2.24(b).

"<u>New Term Commitments</u>" shall have the meaning assigned to such term in Section 2.24(a).

"<u>New Term Lender</u>" shall have the meaning assigned to such term in Section 2.24(c).

"<u>New Term Loans</u>" shall have the meaning assigned to such term in Section 2.24(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Ninth Amendment</u>" shall mean the Ninth Amendment to Second Amended and Restated Credit Agreement, dated as of the Ninth Amendment Effective Date, among the Parent Borrower, each Subsidiary Guarantor, the Administrative Agent, the Collateral Agent and Truist Bank, as a Lender.

"<u>Ninth Amendment Effective Date</u>" shall mean April 22, 2024.

"<u>Non-Consenting Lender</u>" shall have the meaning assigned to such term in Section 9.08(d).

"<u>Non-FPA-Jurisdictional Subsidiary Guarantor</u>" shall have the meaning assigned to such term in Section 3.23(c).

"<u>Non-FPA Sales Authorizations</u>" shall have the meaning assigned to such term in Section 3.23(c).

"<u>Non-Ratio Based Prong</u>" shall have the meaning assigned to such term in Section 2.24(a).

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"<u>Non-Ratio Based Purchase Money Basket</u>" shall have the meaning assigned to such term in Section 6.01(b)(iv).

"<u>Non-Recourse Debt</u>" shall mean (a) Indebtedness as to which neither the Parent Borrower nor any of its Restricted Subsidiaries (other than an Excluded Project Subsidiary) (i) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness) other than pursuant to a Non-Recourse Guarantee or any arrangement to provide or guarantee to provide goods and services on an arm's length basis, or (ii) is directly or indirectly liable as a guarantor or otherwise, other than pursuant to a Non-Recourse Guarantee and (b) to the extent constituting Indebtedness, any Investments in a Subsidiary and, for the avoidance of doubt, pledges by the Parent Borrower or any Subsidiary of the Equity Interests of any Excluded Subsidiary that are directly owned by the Parent Borrower or any Subsidiary in favor of the agent or lenders in respect of such Excluded Subsidiary's Non-Recourse Debt, to the extent otherwise not prohibited by this Agreement.

"<u>Non-Recourse Guarantee</u>" shall mean any Guarantee by the Borrowers or a Subsidiary Guarantor of Non-Recourse Debt incurred by an Excluded Project Subsidiary as to which the lenders of such Non-Recourse Debt have acknowledged or agreed that they will not have any recourse to the stock or assets of the Borrowers or any Subsidiary Guarantor, except to the limited extent set forth in such guarantee.

"<u>NRG Business Marketing</u>" shall mean NRG Business Marketing LLC, a Delaware corporation that is a wholly owned Subsidiary.

"<u>NYFRB</u>" shall mean the Federal Reserve Bank of New York.

"<u>NYPSC</u>" shall have the meaning assigned to such term in Section 3.23(f).

"<u>NYPSC Subject Company</u>" shall have the meaning assigned to such term in Section 3.23(f).

"<u>Obligation Currency</u>" shall have the meaning assigned to such term in Section 9.25(a).

"<u>Obligations</u>" shall have the meaning assigned to such term in the Collateral Trust Agreement.

"<u>Offer Amount</u>" shall have the meaning assigned to such term in Section 2.13(b).

"<u>Offered Loans</u>" shall have the meaning assigned to such term in Section 2.12(e)(iii).

"<u>Offer Period</u>" shall have the meaning assigned to such term in Section 2.13(b).

"<u>Officer's Certificate</u>" shall mean a certificate signed on behalf of the Parent Borrower by a Responsible Officer of the Parent Borrower (or other specified officer of the Parent Borrower, as the case may be), which certificate shall include: (a) a statement that the Officer making such certificate has read the applicable covenant or condition, (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate are based, (c) a statement that, in the opinion of such Officer, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not the applicable covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such Officer, the applicable condition or covenant has been complied with.

"<u>Original Closing Date</u>" shall mean February 2, 2006.

"<u>Original Issue Date</u>" shall mean June 5, 2009.

"<u>Other Applicable Indebtedness</u>" shall have the meaning assigned to such term in Section 2.13(b).

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"<u>Other Taxes</u>" shall mean any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies (including interest, fines, penalties and additions to tax) arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document.

"<u>Parent Borrower</u>" shall have the meaning assigned to such term in the preamble.

"<u>Parent Company</u>" shall mean, with respect to a Lender, the bank holding company (as defined in Regulation Y of the Board), if any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender.

"<u>PATRIOT Act</u>" shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as the same has been, or shall hereafter be, renewed, extended, amended or replaced.

"<u>Payment Recipient</u>" has the meaning assigned to it in Section 9.28(a).

"<u>PBGC</u>" shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"<u>Perfection Certificate</u>" shall mean the Pre-Closing UCC Diligence Certificate, dated as of the Closing Date, executed and delivered by the Parent Borrower and each Subsidiary Guarantor, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.

"<u>Performance Guaranty</u>" shall mean any guaranty issued in connection with any Non-Recourse Debt that (i) if secured, is secured only by assets of, or Equity Interests of, an Excluded Project Subsidiary, and (ii) guarantees to the provider of such Non-Recourse Debt or any other Person the (a) performance of the improvement, installation, design, engineering, construction, acquisition, development, completion, maintenance or operation of, or otherwise affects any such act in respect of, all or any portion of the project that is financed by such Non-Recourse Debt, (b) completion of the minimum agreed equity contributions to the relevant Excluded Project Subsidiary, or (c) performance by an Excluded Project Subsidiary of obligations to Persons other than the provider of such Non-Recourse Debt.

"<u>Permitted Amendments</u>" shall mean one or more amendments providing for an extension of the final maturity date of any Loan and/or any Commitment of the Accepting Lenders (<u>provided</u> that such extensions may not result in having more than eight different final maturity dates under this Agreement without the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed)) and, in connection therewith and subject to the limitations set forth in Section 9.19, any change in the Applicable Margin and other pricing with respect to the applicable Loans and/or Commitments of the Accepting Lenders and the payment of any fees (including prepayment premiums or fees) to the Accepting Lenders (such changes and/or payments to be in the form of cash, equity interest or other property as agreed by the Parent Borrower and the Accepting Lenders to the extent not prohibited by this Agreement).

"<u>Permitted Business</u>" shall mean the (a) business of acquiring, constructing, managing, developing, improving, maintaining, leasing, owning and operating Facilities, together with any related assets or facilities, (b) the marketing, sale, distribution and delivery of energy and other commodities, and related products and services (including, without limitation, smart home and security products and services), to residential, commercial and industrial customers and (c) any other activities reasonably related to, ancillary to, or incidental to, any of the foregoing activities (including acquiring and holding reserves), including investing in Facilities. It is understood and agreed that the business of the Parent Borrower and its Subsidiaries as of the Fourteenth Amendment Effective Date is, and as of the Hurricane Acquisition Closing Date, after giving effect to the consummation of the Hurricane Acquisition, shall be, a "Permitted Business".

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"<u>Permitted Cure Security</u>" shall mean an equity security of the Parent Borrower having no mandatory redemption, repurchase or similar requirements prior to 91 days after the Latest Maturity Date of all Classes of Loans or Commitments, and upon which all dividends or distributions (if any) shall be payable solely in additional shares of such equity security.

"<u>Permitted Debt</u>" shall have the meaning assigned to such term in Section 6.01(b).

"<u>Permitted Investments</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any Investment in the Parent Borrower or in a Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)any Investment in an Immaterial Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any Investment in an Excluded Foreign Subsidiary for so long as the Excluded Foreign Subsidiaries do not collectively own more than 20% of the consolidated assets of the Parent Borrower as of the most recent fiscal quarter end for which financial statements are publicly available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)any issuance of letters of credit to support the obligations of any of the Excluded Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)any Investment in Cash Equivalents (and, in the case of Excluded Subsidiaries only, Cash Equivalents or other liquid investments permitted under any Credit Facility to which it is a party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)any Investment by the Parent Borrower or any Restricted Subsidiary in a Person, if as a result of such Investment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such Person becomes a Restricted Subsidiary and a Subsidiary Guarantor or an Immaterial Subsidiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Parent Borrower or a Restricted Subsidiary that is a Subsidiary Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 6.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Investments made as a result of the sale of Equity Interests of any Person that is a Subsidiary such that, after giving effect to any such sale, such Person is no longer a Subsidiary, if the sale of such Equity Interests constitutes an Asset Sale and the Net Proceeds received from such Asset Sale are applied as set forth under Section 6.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Investments to the extent made in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)any Investments received in compromise or resolution of (i) obligations of trade creditors or customers of the Parent Borrower or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (ii) litigation, arbitration or other disputes with Persons who are not Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Investments represented by Hedging Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)loans or advances to employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)repayments or prepayments of the Loans or *pari passu* Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)any Investment in securities of trade creditors, trade counter-parties or customers received in compromise of obligations of those Persons, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)negotiable instruments held for deposit or collection;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)receivables owing to the Parent Borrower or any Restricted Subsidiary and payable or dischargeable in accordance with customary trade terms; <u>provided</u>, <u>however</u>, that such trade terms may include such concessionary trade terms as the Parent Borrower of any such Restricted Subsidiary deems reasonable under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)Investments resulting from the acquisition of a Person that at the time of such acquisition held instruments constituting Investments that were not acquired in contemplation of the acquisition of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)any Investment in any Person engaged primarily in one or more Permitted Businesses (including Excluded Subsidiaries, Unrestricted Subsidiaries, and Persons that are not Subsidiaries) made for cash since the Issue Date (for the avoidance of doubt, it is understood and agreed that each of the Jetson Acquisition and the Hurricane Acquisition is permitted pursuant to this <u>clause (s)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)the contribution of any one or more of the Specified Facilities to a Restricted Subsidiary that is not a Subsidiary Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)Investments made pursuant to a commitment that, when entered into, would have complied with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ab)Investments in any Excluded Subsidiary made by another Excluded Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ac)(i) Investments made pursuant to this clause (w) since the Closing Date and outstanding as of the Fourteenth Amendment Effective Date and (ii) other Investments made since the Fourteenth Amendment Effective Date in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value) in an aggregate outstanding amount not to exceed, as of the date such Investments are made, (A) prior to the Hurricane Acquisition Closing Date, the greatest of (I) $1,300,000,000, (II) 5.0% of Total Assets and (III) 40.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (I) $2,250,000,000, (II) 5.0% of Total Assets and (III) 40.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis); <u>provided</u>, <u>however</u>, that if any Investment pursuant to this clause (w) is made in any Person that is not a Restricted Subsidiary and a Subsidiary Guarantor on the date of the making of the Investment and such Person becomes a Restricted Subsidiary and a Subsidiary Guarantor after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (a) above, and shall cease to have been made pursuant to this clause (w);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ad)Investments existing on or prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ae)Permitted Tax Equity Guarantees to the extent such Permitted Tax Equity Guarantees would have been permitted as Investments pursuant to clause (s) above if made in cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(af)to the extent constituting an Investment, (i) any arrangement with respect to periodic premium, fee or similar payments made by the Parent Borrower or any Restricted Subsidiary to any L/C Securities Issuer from time to time or obligations in respect of future issuances of Indebtedness, in each case, pursuant to any L/C Securities Financing or (ii) any Standard Securitization Undertaking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ag)Investments in Unrestricted Subsidiaries and joint ventures in an aggregate outstanding amount not to exceed, as of the date such Investments are made, (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $300,000,000, (y) 1.25% of Total Assets and (z) 10.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $600,000,000, (y) 1.25% of Total Assets and (z) 10.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ah)additional Investments so long as, as of the date such Investments are made, the Consolidated Total Net Leverage Ratio does not exceed, on a pro forma basis, the greater of (i) 4.75:1.00

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or (ii) the Consolidated Total Net Leverage Ratio immediately prior to the consummation of such Investment.

"<u>Permitted Liens</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ai)Liens held by the Collateral Trustee on assets of the Borrowers or any Subsidiary Guarantor in accordance with the Collateral Trust Agreement securing (i) Indebtedness, Letters of Credit and other Guaranteed Obligations hereunder and under the other Loan Documents (other than Indebtedness, Letters of Credit and other Guaranteed Obligations arising from New Commitments pursuant to and in accordance with Section 2.24) and (ii) other than during a Collateral Release Period, Indebtedness and other Indebtedness Obligations under other Credit Facilities and Indebtedness, Letters of Credit and other Guaranteed Obligations arising from New Commitments pursuant to and in accordance with Section 2.24 in an aggregate outstanding principal amount not exceeding under this clause (a)(ii), on the date of the creation of such Liens, the difference between (A) (x) prior to the Hurricane Acquisition Closing Date, the greater of (I) $10,930,250,000 and (II) 42% of Total Assets, and (y) on and after the Hurricane Acquisition Closing Date, the greater of (I) $15,000,000,000 and (II) 42% of Total Assets, and (B) the aggregate principal amount outstanding on such date under clause (a)(i) above *less* the aggregate amount of all repayments, optional or mandatory, of the principal of any term Indebtedness under a Credit Facility that have been made by the Parent Borrower or any of its Restricted Subsidiaries since the Issue Date with the Net Proceeds of Asset Sales (other than Excluded Proceeds) and *less*, without duplication, the aggregate amount of all repayments or commitment reductions with respect to any revolving credit borrowings under a Credit Facility that have been made by the Parent Borrower or any of its Restricted Subsidiaries since the Issue Date as a result of the application of the Net Proceeds of Asset Sales (other than Excluded Proceeds) in accordance with Section 6.04 (excluding temporary reductions in revolving credit borrowings as contemplated by that covenant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aj)Liens to secure obligations with respect to (i) contracts (other than for Indebtedness) for commercial and trading activities for the purchase, transmission, distribution, sale, lease or hedge of any energy related commodity or service and (ii) Hedging Obligations (which Liens may, in each case, be held by the Collateral Trustee pursuant to and in accordance with the Collateral Trust Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ak)Liens (i) in favor of the Borrowers or any of the Subsidiary Guarantors, (ii) incurred by Excluded Project Subsidiaries in favor of any other Excluded Project Subsidiary or (iii) incurred by Excluded Foreign Subsidiaries in favor of any other Excluded Foreign Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(al)Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(am)Liens to secure obligations to vendors or suppliers covering the assets sold or supplied by such vendors or suppliers, including Liens to secure Indebtedness or other obligations (including Capital Lease Obligations) permitted by Sections 6.01(b)(iv), 6.01(b)(xiii), 6.01(b)(xx) and, other than during a Collateral Release Period, 6.01(b)(xxii), covering only the assets acquired with or financed by such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(an)Liens existing on the Closing Date and set forth on <u>Schedule 6.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ao)Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded; <u>provided</u> that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ap)Liens imposed by law, such as carriers', warehousemen's, landlord's and mechanics' Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aq)survey exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines, oil and gas and other mineral interests and leases and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ar)Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Agreement; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (1) the outstanding principal amount or, if greater, committed amount, of the Permitted Refinancing Indebtedness and (2) an amount necessary to pay any fees and expenses, including premiums, related to such refinancings, refunding, extension, renewal or replacement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(as)Liens incurred or deposits made in connection with workers' compensation, unemployment insurance and other types of social security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(at)Liens encumbering deposits made to secure obligations arising from statutory, regulatory, contractual or warranty requirements of the Parent Borrower or any of its Restricted Subsidiaries, including rights of offset and set-off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(au)leases or subleases granted to others that do not materially interfere with the business of the Parent Borrower and its Restricted Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(av)statutory Liens arising under ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aw)Liens on property (including Capital Stock) existing at the time of acquisition of the property by the Parent Borrower or any Subsidiary; <u>provided</u> that such Liens were in existence prior to, such acquisition, and not incurred in contemplation of, such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ax)Liens arising from UCC financing statements filed on a precautionary basis in respect of operating leases intended by the parties to be true leases (other than any such leases entered into in violation of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ay)Liens on assets and Equity Interests of a Subsidiary that is an Excluded Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(az)additional Liens so long as, as of the date such Liens are first created, (A) prior to the Hurricane Acquisition Closing Date, the Consolidated Secured Net Leverage Ratio does not exceed, on a pro forma basis, 3.50:1.00, and (B) on and after the Hurricane Acquisition Closing Date, (x) with respect to any such Liens that rank junior to the Liens on the Collateral securing the Guaranteed Obligations, the Consolidated Secured Net Leverage Ratio does not exceed, on a pro forma basis, 4.00:1.00, and (y) with respect to any such Liens that rank *pari passu* with the Liens on the Collateral securing the Guaranteed Obligations, the Consolidated First Lien Net Leverage Ratio does not exceed, on a pro forma basis, 3.50:1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ba)Liens to secure Indebtedness or other obligations incurred to finance Necessary Capital Expenditures that encumber only the assets purchased, installed or otherwise acquired with the proceeds of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)Liens to secure Environmental CapEx Debt that encumber only the assets purchased, installed or otherwise acquired with the proceeds of such Environmental CapEx Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bc)Liens on assets or securities deemed to arise in connection with the execution, delivery or performance of contracts to sell such assets or stock otherwise permitted under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bd)any Liens resulting from restrictions on any Equity Interest or undivided interests, as the case may be, of a Person providing for a breach, termination or default under any joint venture, stockholder, membership, limited liability company, partnership, owners', participation or other similar agreement between such Person and one or more other holders of Equity Interests or undivided interests of such Person, as the case may be, if a security interest or Lien is created on such Equity Interest or undivided interest, as the case may be, as a result thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(be)Liens resulting from any customary provisions limiting the disposition or distribution of assets or property (including Equity Interests) or any related restrictions thereon in joint venture, partnership, membership, stockholder and limited liability company agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements, including owners', participation or similar agreements governing projects owned through an undivided interest; <u>provided</u>, <u>however</u>, that any such limitation is applicable only to the assets that are the subjects of such agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bf)those Liens or other exceptions to title, in either case on or in respect of any facility of the Parent Borrower or any Subsidiary, arising as a result of any shared facility agreement entered into after the closing date with respect to such facility, except to the extent that any such Liens or exceptions, individually or in the aggregate, materially adversely affect the value of the relevant property or materially impair the use of the relevant property in the operation of the business of the Parent Borrower or such Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bg)Liens on cash deposits and other funds maintained with a depository institution, in each case arising in the ordinary course of business by virtue of any statutory or common law provision relating to banker's liens, including Section 4-210 of the UCC, and/or arising from customary contractual fee provisions, the reimbursement of funds advanced by a depositary or intermediary institution (and/or its Affiliates) on account of investments made or securities purchased, indemnity, returned check and other similar provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bh)other than during any Collateral Release Period, any Liens on property and assets designated as Excluded Assets from time to time by the Parent Borrower under clause (xiii) of the definition of "Excluded Assets" that are (i) incurred since the Closing Date and existing as of the Fourteenth Amendment Effective Date and (ii) incurred since the Fourteenth Amendment Effective Date in an aggregate amount not to exceed at the time such Liens are first created, when taken together with all other property and assets that constitute Excluded Assets pursuant to such clause at the relevant time of determination, a Fair Market Value in excess of, at the time such Liens are first created, (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $750,000,000, (y) 3.0% of Total Assets and (z) 25.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $1,500,000,000, (y) 3.0% of Total Assets and (z) 25.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis); <u>provided</u>, <u>however</u>, that any Lien created, incurred or assumed pursuant to this clause (z) other than during a Collateral Release Period shall be permitted to remain outstanding during any subsequent Collateral Release Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bi)Liens on accounts receivable, other Securitization Assets, Sellers' Retained Interest or accounts into which collections or proceeds of Securitization Assets or Sellers' Retained Interest are deposited, in each case arising in connection with any Permitted Securitization Indebtedness permitted under Section 6.01(b)(xxi);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bj)Liens incurred by the Parent Borrower or any Subsidiary with respect to obligations not to exceed the sum of (i) the outstanding Indebtedness in respect of the Existing Tax-Exempt Bonds as of the Fourteenth Amendment Effective Date and (ii) (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $1,300,000,000, (y) 5.0% of Total Assets and (z) 40.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $2,250,000,000, (y) 5.0% of Total Assets and (z) 40.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bk)other than during a Collateral Release Period, Liens on the Collateral securing obligations in respect of Incremental Equivalent Debt and the Senior Secured Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bl)Liens on assets or Equity Interests of Restricted Subsidiaries that are not Loan Parties securing Indebtedness incurred by such Restricted Subsidiaries in accordance with Section 6.01; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bm)Liens securing Indebtedness permitted to be incurred by the Parent Borrower or any Restricted Subsidiary pursuant to Section 6.01(b)(xxiv), Section 6.01(b)(xxvi) and/or Section 6.01(b)(xxvii)*.*

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"<u>Permitted Refinancing Indebtedness</u>" shall mean any Indebtedness of the Parent Borrower or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to refund, refinance, replace, defease or discharge, other Indebtedness of the Parent Borrower or any of its Restricted Subsidiaries (other than intercompany Indebtedness); <u>provided</u> that, (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness extended, refinanced, renewed, replaced, defeased or refunded (<u>plus</u> all accrued interest on such Indebtedness and the amount of all expenses and premiums incurred in connection therewith); (b) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Guaranteed Obligations, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Guaranteed Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded and (c) such Indebtedness is incurred either by the Parent Borrower (and may be guaranteed by any Subsidiary Guarantor) or by the Restricted Subsidiary who is the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded.

"<u>Permitted Securitization Indebtedness</u>" shall mean any Third Party Securities issued in connection with a Securitization and any Securitization Related Indebtedness.

"<u>Permitted Tax Equity Financing</u>" shall mean a customary tax equity financing entered into solely in connection with the acquisition (or refinancing) by an Excluded Project Subsidiary of energy generating, transmission or distribution assets (and any assets related thereto).

"<u>Permitted Tax Equity Guarantees</u>" shall mean any unsecured (or secured to the extent permitted in respect of Equity Interests and Investments held in Excluded Subsidiaries) credit support and/or indemnification obligations (or similar obligations and Guarantees) made by an Excluded Project Subsidiary or a direct or indirect parent company of such Excluded Project Subsidiary that has entered into a Permitted Tax Equity Financing in favor of its Tax Equity Partner.

"<u>Permitted Tax Lease</u>" shall mean a sale and leaseback transaction consisting of a "payment in lieu of taxes" program or any similar structure (including leases, sale-leasebacks, etc.) primarily intended to provide tax benefits (and not primarily intended to create Indebtedness).

"<u>Person</u>" shall mean any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity.

"<u>Pledged Securities</u>" shall have the meaning assigned to such term in the Guarantee and Collateral Agreement.

"<u>Prepayment Amount</u>" shall have the meaning assigned to such term in Section 2.24(a).

"<u>Prepayment Date</u>" shall have the meaning assigned to such term in Section 2.13(b).

"<u>Pricing Certificate</u>" shall mean a certificate signed by a Financial Officer of the Parent Borrower in form and substance reasonably satisfactory to the Administrative Agent attaching (a) true and correct copies of the Parent Borrower's sustainability report for the immediately preceding fiscal year and setting forth each of the Applicable Sustainability Adjustments and, if applicable, the Pro Forma Greenhouse Gas Emission Amount, for the immediately preceding fiscal year and computations in reasonable detail and (b) a review report of the KPI Metric Auditor confirming that the KPI Metric Auditor is not aware of any material modifications that should be made to such computations in order for them to be presented in conformity with the applicable reporting criteria.

"<u>Prime Rate</u>" shall mean the rate of interest per annum publicly announced from time to time by <u>The Wall Street Journal</u> as the "base rate on corporate loans posted by at least 75% of the nation's 30 largest banks" (or, if <u>The Wall Street Journal</u> ceases quoting a base rate of the type described, the highest per annum rate of interest published by the Federal Reserve Board in Federal Reserve statistical release

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H.15 (519) entitled "Selected Interest Rates" as the Bank prime loan rate or its equivalent); each change in the Prime Rate shall be effective as of the opening of business on the date such change is publicly announced as being effective. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually available.

"<u>Priority Lien Obligations</u>" shall have the meaning assigned to such term in the Collateral Trust Agreement.

"<u>Pro Forma Cost Savings</u>" shall mean, without duplication, with respect to any period, any pro forma "run rate" cost savings, operating expense reductions and improvements that create cost benefits (including the entry into, amendment or renegotiation of any material contract or arrangement), restructuring charges and cost synergies related to operational efficiencies, strategic and cost saving initiatives, business optimization initiatives, purchasing improvements and operational improvements, acquisitions, divestitures, other Specified Transactions, restructurings, increased pricing or volume, new projects or new contracts and other initiatives and actions, in each case, actually realized or projected by the Parent Borrower to be realized within 24 months after the date of such calculation.

"<u>Pro Forma Greenhouse Gas Emission Amount</u>" has the meaning specified in Section 5.04(e).

"<u>Pro Rata Percentage</u>" of any Revolving Lender at any time shall mean the percentage of the Total Revolving Commitment represented by such Lender's Revolving Commitment. In the event the Revolving Commitments shall have expired or been terminated, the Pro Rata Percentages of any Revolving Lender shall be determined on the basis of the Revolving Commitments most recently in effect prior thereto.

"<u>Project Interest</u>" shall mean any undivided interest in a Facility.

"<u>Proposed Discounted Purchase Amount</u>" shall have the meaning assigned to such term in Section 2.12(e)(ii).

"<u>Prudent Industry Practice</u>" shall mean those practices and methods as are commonly used or adopted by Persons in the Permitted Business in the United States in connection with the conduct of the business of such industry, in each case as such practices or methods may evolve from time to time, consistent in all material respects with all Applicable Laws.

"<u>PUCT</u>" shall mean the Public Utility Commission of Texas.

"<u>PUHCA</u>" shall mean the Public Utility Holding Company Act of 2005 and the rules and regulations promulgated thereunder, effective February 8, 2006.

"<u>Purchasing Borrower Party</u>" shall mean the Parent Borrower or any of its Subsidiaries that makes a Discounted Voluntary Purchase pursuant to Section 2.12(e).

"<u>PURPA</u>" shall mean the Public Utility Regulatory Policies Act of 1978 and the rules and regulations promulgated thereunder, as amended from time to time.

"<u>QF</u>" shall mean a "qualifying facility" under PURPA.

"<u>QFC</u>" shall have 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).

"<u>Qualified Counterparty</u>" shall mean, with respect to any Specified Hedging Agreement, any counterparty thereto.

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"<u>Qualifying Equity Interests</u>" shall mean Equity Interests of the Parent Borrower other than (a) Disqualified Stock and (b) Equity Interests that were used to support an incurrence of Contribution Indebtedness.

"<u>Qualifying Lenders</u>" shall have the meaning assigned to such term in Section 2.12(e)(iv).

"<u>Qualifying Loans</u>" shall have the meaning assigned to such term in Section 2.12(e)(iv).

"<u>Rate</u>" shall have the meaning set forth in the definition of Type.

"<u>Rating Agency</u>" shall mean (a) each of Moody's, S&P and Fitch and (b) if any of Moody's, S&P or Fitch ceases to rate the senior, unsecured, non-credit enhanced, long-term debt securities of the Parent Borrower or fails to make such rating publicly available, a Nationally Recognized Statistical Rating Organization selected by the Parent Borrower which shall be substituted for Moody's, S&P or Fitch, as the case may be.

"<u>Ratio-Based Prong</u>" shall have the meaning assigned to such term in Section 2.24(a).

"<u>Reaffirmation Agreement</u>" shall mean the Reaffirmation Agreement, dated as of the Closing Date, executed and delivered by the Parent Borrower, each Subsidiary Guarantor, the Administrative Agent and the Collateral Trustee in form and substance reasonably acceptable to the Administrative Agent.

"<u>Realizable Value</u>" of an asset shall mean the lesser of (a) if applicable, the face value of such asset and (b) the market value of such asset as determined by the Parent Borrower in accordance with the agreement governing the applicable Securitization Related Indebtedness, as the case may be, (or, if such agreement does not contain any related provision, as determined in good faith by management of the Parent Borrower).

"<u>Reallocated Amount</u>" shall have the meaning assigned to such term in Section 2.24(a).

"<u>Reference Time</u>" with respect to any setting of the then-current Benchmark shall mean (1) if such Benchmark is the Term SOFR Rate, 6:00 a.m. (New York time) on the day that is two U.S. Government Securities Business Days preceding the date of such setting and (2) if such Benchmark is not the Term SOFR Rate, the time determined by the Administrative Agent and the Parent Borrower based on then prevailing market conventions.

"<u>Refinancing Amount Date</u>" shall have the meaning assigned to such term in Section 2.25(a).

"<u>Refinancing Commitments</u>" shall have the meaning assigned to such term in Section 2.25(a).

"<u>Refinancing Loans</u>" shall have the meaning assigned to such term in Section 2.25(a).

"<u>Refinancing Revolving Commitments</u>" shall have the meaning assigned to such term in Section 2.25(a).

"<u>Refinancing Revolving Lender</u>" shall have the meaning assigned to such term in Section 2.25(e).

"<u>Refinancing Revolving Loans</u>" shall have the meaning assigned to such term in Section 2.25(e).

"<u>Refinancing Term Commitments</u>" shall have the meaning assigned to such term in Section 2.25(a).

"<u>Refinancing Term Lender</u>" shall have the meaning assigned to such term in Section 2.25(c).

"<u>Refinancing Term Loan</u>" shall have the meaning assigned to such term in Section 2.25(c).

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"<u>Register</u>" shall have the meaning assigned to such term in Section 9.04(e).

"<u>Regulation S-X</u>" shall mean Regulation S-X under the Securities Act as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"<u>Regulation T</u>" shall mean Regulation T of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"<u>Regulation U</u>" shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"<u>Regulation X</u>" shall mean Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"<u>Related Fund</u>" shall mean, with respect to any Lender that is a fund that invests in bank loans, any other fund that invests in bank loans and is advised or managed by such Lender, an Affiliate of such Lender, the same investment advisor as such Lender or by an Affiliate of such investment advisor.

"<u>Related Parties</u>" shall mean, with respect to any specified Person, such Person's Affiliates and the respective directors, officers, trustees, employees, agents and advisors of such Person and such Person's Affiliates.

"<u>Release</u>" shall mean any release, spill, emission, leaking, pumping, injection, pouring, emptying, deposit, disposal, discharge, dispersal, dumping, escaping, leaching or migration into or through the environment or within or upon any building, structure, facility or fixture.

"<u>Relevant Governmental Body</u>" shall mean (i) with respect to a Benchmark Replacement in respect of Loans denominated in dollars, the Board and/or the NYFRB, the CME Term SOFR Administrator, as applicable, or a committee officially endorsed or convened by the Board and/or the NYFRB or, in each case, any successor thereto and (ii) with respect to a Benchmark Replacement in respect of Loans denominated in Canadian Dollars, the Bank of Canada, or a committee officially endorsed or convened by the Bank of Canada, or any successor thereto.

"<u>Replacement Amount</u>" shall have the meaning assigned to such term in Section 2.24(a).

"<u>Required Lenders</u>" shall mean, at any time, Lenders having Loans (excluding Swingline Loans), Revolving L/C Exposure, Swingline Exposure, unused Revolving Commitments, unused New Revolving Commitments (if any), unused Refinancing Revolving Commitments (if any), unused Term Commitments, unused New Term Commitments (if any) and unused Refinancing Term Commitments (if any) representing greater than 50% of the sum of all Loans outstanding (excluding Swingline Loans), Revolving L/C Exposure, Swingline Exposure, unused Revolving Commitments, unused New Revolving Commitments (if any), unused Refinancing Revolving Commitments (if any), unused Term Commitments (if any), unused New Term Commitments (if any) and unused Refinancing Term Commitments (if any) at such time.

"<u>Resolution Authority</u>" shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible Officer</u>" of a Person shall mean the President, any Financial Officer, the Chief Operating Officer, any Assistant Treasurer, the Controller, any Senior Vice President, Vice President, Secretary or Assistant Secretary of such Person, with respect to certain limited liability companies or partnerships that do not have officers, any manager, managing member or general partner thereof, any other senior officer of such Person designated as such in writing to the Administrative Agent by the Parent Borrower. Any document (other than a solvency certificate) delivered hereunder that is signed by a Responsible Officer shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership and/or other action on the part of the Borrowers or any other Loan

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Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Person.

"<u>Restatement Agreement</u>" shall mean the Amendment and Restatement Agreement dated as of the Closing Date, among the Parent Borrower, each Subsidiary Guarantor, the Administrative Agent, the Collateral Agent, the swingline lender, each Issuing Bank, the Collateral Trustee and the Lenders party thereto.

"<u>Restricted Investment</u>" shall mean an Investment other than a Permitted Investment.

"<u>Restricted Payment</u>" shall have the meaning assigned to such term in Section 6.06. For purposes of determining compliance with Section 6.06, no Hedging Obligation shall be deemed to be contractually subordinated to the Guaranteed Obligations.

"<u>Restricted Subsidiary</u>" of a Person shall mean any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. Unless otherwise indicated, any reference to a "Restricted Subsidiary" shall be deemed to be a reference to a Restricted Subsidiary of the Parent Borrower.

"<u>Retained Prepayment Amount Proceeds</u>" shall mean the cumulative portion of the Net Proceeds of any Asset Sale not required to be applied to prepay the Term Loans pursuant to Section 2.13(b) and Section 6.04 (including due to the Applicable Prepayment Event Percentage being less than 100%) (which, for the avoidance of doubt, shall include any Excluded Proceeds).

"<u>Revenue Carbon Intensity</u>" shall mean the Greenhouse Gas Emission Amount divided by the total operating revenue of the Parent Borrower and its Subsidiaries (as reported in the Parent Borrower's audited consolidated financial statements for the applicable fiscal year), where total operating revenue is measured in millions of U.S. dollars, as certified by the Parent Borrower in the applicable Pricing Certificate.

"<u>Revolving Borrowing</u>" shall mean a Borrowing comprised of Revolving Loans.

"<u>Revolving Commitment</u>" shall mean, with respect to each Lender, the Tranche A Revolving Commitment, if any, the Tranche B Revolving Commitment, if any, the Tranche C Revolving Commitment (including any 2025 New Revolving Commitment), if any, any New Revolving Commitment, if any, and/or any Refinancing Revolving Commitment, if any, of such Lender.

"<u>Revolving Exposure</u>" shall mean with respect to any Lender at any time, the sum of the Dollar Equivalent of (a) the aggregate principal amount at such time of all outstanding Revolving Loans of such Lender, plus (b) the aggregate amount at such time of such Lender's Revolving L/C Exposure.

"<u>Revolving L/C Exposure</u>" shall mean, at any time, the sum of the Dollar Equivalent of (a) the aggregate undrawn amount of all Letters of Credit at such time and (b) the aggregate amount of all L/C Disbursements that have not been reimbursed at such time. The Revolving L/C Exposure of any Revolving Lender at any time shall equal its Pro Rata Percentage of the aggregate Revolving L/C Exposure at such time.

"<u>Revolving Lender</u>" shall mean a Lender with a Revolving Commitment or a Revolving Loan.

"<u>Revolving Loans</u>" shall mean, collectively, the Loans made to the Borrowers pursuant to Section 2.01(c), any New Revolving Loans and/or any Refinancing Revolving Loans.

"<u>S&P</u>" shall mean S&P Global Ratings, a division of S&P Global Inc., or any successor entity.

"<u>Sanctioned Country</u>" shall mean, at any time, a country or territory that is subject to comprehensive Sanctions, including, as of the Eighth Amendment Effective Date, the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, Afghanistan, Cuba, Iran, North

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Korea, Syria, the Crimea region of Ukraine, the so-called Luhansk People's Republic and the so-called Donetsk People's Republic.

"<u>Sanctioned Person</u>" shall mean, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person.

"<u>Sanctions</u>" shall mean 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 the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or His Majesty's Treasury of the United Kingdom.

"<u>Secured Parties</u>" shall mean the Arrangers, the Administrative Agent, the Collateral Agent, the Co-Managers, the Lenders, the Issuing Banks and, with respect to any Specified Hedging Agreement, any Qualified Counterparty that has agreed to be bound by the provisions of Article VIII hereof and Section 7.2 of the Guarantee and Collateral Agreement as if it were a party hereto or thereto; <u>provided</u> that no Qualified Counterparty shall have any rights in connection with the management or release of any Collateral or the obligations of any Subsidiary Guarantor under the Guarantee and Collateral Agreement or the Collateral Trust Agreement.

"<u>Securities Account</u>" shall have the meaning assigned to such term in the UCC.

"<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

"<u>Securitization</u>" shall mean any transaction or series of transactions entered into by the Parent Borrower or any Restricted Subsidiary pursuant to which the Parent Borrower or such Restricted Subsidiary, as the case may be, sells, conveys, assigns, grants an interest in or otherwise transfers, from time to time, to one or more Securitization Vehicles the Securitization Assets (and/or grants a security interest in such Securitization Assets transferred or purported to be transferred to such Securitization Vehicle), and which Securitization Vehicle finances the acquisition of such Securitization Assets (i) with proceeds from the issuance by it or its subsidiary of Third Party Securities, (ii) with the issuance to the Parent Borrower or such Restricted Subsidiary of Sellers' Retained Interests or an increase in such Sellers' Retained Interests, or (iii) with proceeds from the sale or collection of Securitization Assets.

"<u>Securitization Assets</u>" shall mean any accounts receivable originated or expected to be originated by (and owed to) the Parent Borrower or any Restricted Subsidiary (in each case whether now existing or arising or acquired in the future) and any ancillary assets (including contract rights) which are of the type customarily conveyed with, or in respect of which security interests are customarily granted in connection with, such accounts receivable in a securitization transaction and which are sold, transferred or otherwise conveyed by the Parent Borrower or a Restricted Subsidiary to a Securitization Vehicle.

"<u>Securitization Related Indebtedness</u>" shall mean any financing arrangement of any kind other than a Securitization, with a financial institution or other lender or purchaser, in each case to finance the purchase, origination, pooling, funding or carrying of Securitization Assets or Seller's Retained Interest by the Parent Borrower or any Restricted Subsidiary that is secured solely by such Securitization Assets or Seller's Retained Interest and with respect to which the holder may have contractual recourse to the Parent Borrower or its Restricted Subsidiaries to the extent of the amount of the financing arrangement that exceeds the Realizable Value of the Securitization Assets and Seller's Retained Interest related thereto.

"<u>Securitization Vehicle</u>" shall mean a Person that is a direct wholly owned Subsidiary of the Parent Borrower or of any Restricted Subsidiary or of another Securitization Vehicle (a) formed for the purpose of effecting a Securitization, (b) to which the Parent Borrower and/or any Restricted Subsidiary and/or another Securitization Vehicle transfers Securitization Assets and (c) which, in connection

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therewith, issues (or has a subsidiary that is a Securitization Vehicle that issues) Third Party Securities; <u>provided</u> that (i) such Securitization Vehicle shall engage in no business other than the purchase of Securitization Assets pursuant to the Securitization permitted by Section 6.04, the sale of Securitization Assets to another Securitization Vehicle permitted by Section 6.04, the issuance of Third Party Securities or other funding of such Securitization and any activities reasonably related thereto and (ii) such Securitization Vehicle shall either issue Third Party Securities in a manner permitted under Section 6.01(b)(xxi) (or have a subsidiary that is a Securitization Vehicle that issues such Third Party Securities) or be an Unrestricted Subsidiary under this Agreement and an "Unrestricted Subsidiary" under the Senior Notes Documents and the documents relating to the Senior Secured Notes.

"<u>Security Documents</u>" shall mean the Guarantee and Collateral Agreement, the Mortgages, the Control Agreements, the Intellectual Property Security Agreements, the Collateral Trust Agreement, the Reaffirmation Agreement and each of the other security agreements, pledges, mortgages, assignments (collateral or otherwise), consents and other instruments and documents executed and delivered pursuant to any of the foregoing or pursuant to Section 5.09 or 5.10.

"<u>Sellers' Retained Interests</u>" shall mean the debt and/or equity interests (including any intercompany notes) held by the Parent Borrower or any Restricted Subsidiary in a Securitization Vehicle to which Securitization Assets have been transferred in a Securitization permitted by Section 6.04, including any such debt or equity received as consideration for, or as a portion of, the purchase price for the Securitization Assets transferred, and any other instrument through which the Parent Borrower or any Restricted Subsidiary has rights to or receives distributions in respect of any residual or excess interest in the Securitization Assets.

"<u>Senior Notes</u>" shall mean the Parent Borrower's 6.625% Senior Notes due 2027, 5.750% Senior Notes due 2028, 5.250% Senior Notes due 2029, 2.750% Convertible Senior Notes due 2048, 3.375% Senior Notes due 2029, 3.625% Senior Notes due 2031 and 3.875% Senior Notes due 2032.

"<u>Senior Notes Documents</u>" shall mean the indentures under which the Senior Notes are issued and all other instruments, agreements and other documents evidencing or governing the Senior Notes or providing for any Guarantee or other right in respect thereof, in each case as the same may be amended or supplemented from time to time in accordance with the terms hereof and thereof.

"<u>Senior Secured Notes</u>" shall mean the Parent Borrower's 3.750% Senior Secured First Lien Notes due 2024, 4.450% Senior Secured First Lien Notes due 2029, 2.000% Senior Secured First Lien Notes due 2025, 2.450% Senior Secured First Lien Notes due 2027 and 1.841% Senior Secured First Lien Notes due 2023 and any Senior Secured First Lien Notes issued by the Parent Borrower in connection with the consummation of the Jetson Acquisition and/or the Hurricane Acquisition.

"<u>Significant Subsidiary</u>" shall mean any Subsidiary that would be a "significant subsidiary" as defined in Article 1, Rule 1-02 of Regulation S-X, as such Regulation is in effect on the Closing Date.

"<u>Sixth Amendment</u>" shall mean the Sixth Amendment to Second Amended and Restated Credit Agreement, dated as of the Sixth Amendment Effective Date, among the Parent Borrower, each Subsidiary Guarantor, the Administrative Agent, the Collateral Agent and the Lenders and Issuing Banks party thereto.

"<u>Sixth Amendment Effective Date</u>" shall mean February 14, 2023.

"<u>SOFR</u>" shall mean a rate equal to the secured overnight financing rate as administered by the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator</u>" shall mean the NYFRB (or a successor administrator of the secured overnight financing rate).

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"<u>SOFR Administrator's Website</u>" shall mean 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.

"<u>SOFR Determination Day</u>" has the meaning provided in the definition of "Daily Simple SOFR".

"<u>SOFR Rate Day</u>" has the meaning provided in the definition of "Daily Simple SOFR".

"<u>SPC</u>" shall have the meaning assigned to such term in Section 9.04(j).

"<u>Specified Asset Sale</u>" shall mean Asset Sales consummated by the Parent Borrower or any of its Subsidiaries prior to the Eighth Amendment Effective Date.

"<u>Specified Event of Default</u>" shall mean any Event of Default under Section 7.01(b), Section 7.01(c), Section 7.01(g) (with respect to the Borrowers) or Section 7.01(h) (with respect to the Borrowers).

"<u>Specified Excluded Subsidiary</u>" shall mean any Excluded Subsidiary created or acquired after the Fourteenth Amendment Effective Date (other than the Hurricane Subsidiaries).

"<u>Specified Facility</u>" shall mean each of the following Facilities, or any part thereof and/or any other assets set forth below: (a) the Facilities held on the Closing Date by Vienna Power LLC, Meriden Gas Turbine LLC, Norwalk Power LLC, Connecticut Jet Power LLC (excluding the assets located at the Cos Cob site), Devon Power LLC, Montville Power LLC (including the Capital Stock of the entities owning such Facilities provided that such entities do not hold material assets other than the Facilities held on the Closing Date); (b) the following Facilities, or any part thereof: P.H. Robinson, H.O. Clarke, Webster, Unit 3 at Cedar Bayou, Unit 2 at T.H. Wharton and Greens Bayou; (c) the Capital Stock of the following Subsidiaries if such Subsidiary holds no assets other than the Capital Stock of a Foreign Subsidiary of the Parent Borrower: NRG International LLC, NRG Asia Pacific, Ltd., NRG International II Inc. and NRG International III Inc.; and (d) the Equity Interests issued by, and any assets (including any Facilities), of Long Beach Generation LLC and Middletown Power LLC.

"<u>Specified Hedging Agreement</u>" shall mean any Interest Rate/Currency Hedging Agreement entered into by the Borrowers or any Subsidiary Guarantor and any Qualified Counterparty.

"<u>Specified Representations</u>" shall mean the representations and warranties of each of the Borrowers and the other Loan Parties set forth in the following sections of this Agreement: (i) Section 3.01(a) and (d) (but solely with respect to its organizational existence and status and organizational power and authority as to the execution, delivery and performance of this Agreement and the other Loan Documents); (ii) Section 3.02(a) (but solely with respect to its authorization of this Agreement and the other Loan Documents); (iii) Section 3.02(b)(i)(A) (but solely with respect to non-conflict of this Agreement and the other Loan Documents (limited to their execution, delivery and performance of the Loan Documents, incurrence of the Obligations thereunder and the granting of guarantees and security interests in respect of such Obligations) with its certificate or article of incorporation or other charter document); (iv) Section 3.03 (but solely with respect to execution and delivery by it, and enforceability against it, of this Agreement and the other Loan Documents); (v) Section 3.11(b); (vi) Section 3.12; (vii) Section 3.19 (but solely with respect to the validity and perfection of the Liens on the Collateral and subject to Permitted Liens); (viii) Section 3.24; and (ix) Section 3.27(c) (in each case, solely as such representation relates to use of proceeds of any Indebtedness that is related to the applicable Limited Condition Transaction).

"<u>Specified Transaction</u>" shall mean, with respect to any period, any (a) acquisition, Investment, the signing of a letter of intent or purchase agreement with respect to any acquisition or Investment, (b) any sale, transfer or other disposition of assets or property other than in the ordinary course, (c) any

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capital expenditure, construction, repair, replacement, improvement, development, (d) any merger or consolidation, amalgamation or any similar transaction, (e) any incurrence, issuance or repayment of Indebtedness, (f) any dividend, distribution or other similar payment, (g) any Subsidiary designation or (h) any other event, in each case with respect to which the terms of the Loan Documents permitting such transaction require "pro forma compliance" with a test or covenant hereunder or requires such test or covenant to be calculated on a "pro forma basis" or to be given "pro forma effect."

"<u>Specified Unrestricted Subsidiary</u>" shall mean any Unrestricted Subsidiary designated as an Unrestricted Subsidiary after the Fourteenth Amendment Effective Date (other than the Hurricane Subsidiaries).

"<u>Standard Securitization Undertaking</u>" shall mean any representations, warranties, covenants, repurchase obligations and indemnities made by or entered into by the Parent Borrower or any Restricted Subsidiary of the Parent Borrower in connection with a permitted Securitization which the Parent Borrower has determined in good faith to be customary in a Securitization, including, without limitation, any obligation of a seller of Securitization Assets in a Securitization to repurchase, indemnify or pay deemed collections of Securitization Assets arising as a result of a breach of a representation, warranty or covenant, and any other undertaking relating to the origination, sale or servicing of the Securitization Assets and other assets of an entity engaging in any Securitization (including any special purpose parent of any entity engaging in such Securitization).

"<u>Stated Maturity</u>" shall mean, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the first date it was incurred in compliance with the terms hereof, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.

"<u>subsidiary</u>" shall mean, with respect to any Person (herein referred to as the "<u>parent</u>"), any corporation, partnership, limited liability company, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time any determination is being made, owned, controlled or held by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

"<u>Subsidiary</u>" shall mean any subsidiary (direct or indirect) of the Parent Borrower. In no event will any L/C Securities Issuer constitute a subsidiary (direct or indirect) of the Parent Borrower.

"<u>Subsidiary Guarantor</u>" shall mean on the Sixth Amendment Effective Date, each Restricted Subsidiary specified on <u>Schedule 1.01(f)</u> and, at any time thereafter, shall include each other Restricted Subsidiary that is not an Excluded Subsidiary; <u>provided</u> that if at any time any Subsidiary Guarantor is designated as (i) an Unrestricted Subsidiary or Excluded Project Subsidiary pursuant to and in accordance with Section 6.10 or (ii) an Excluded Subsidiary pursuant to and in accordance with clause (c) of the definition thereof, thereafter, such Person shall not be deemed a Subsidiary Guarantor.

"<u>Successor Rate</u>" shall have the meaning assigned to such term in Section 2.08(b)(ii).

"<u>Successor Rate Conforming Changes</u>" shall mean, with respect to any proposed Successor Rate, any conforming changes to the definition of Canadian Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, as agreed between the Administrative Agent and the Parent Borrower, to reflect the adoption of such Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent in consultation with the Parent Borrower determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such Successor Rate exists, in such other manner of administration as the Administrative Agent determines with the consent of the Parent Borrower). For the avoidance of doubt, any amendment effectuating any Successor Rate Conforming Changes shall be made in consultation with the Parent Borrower.

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"<u>Sustainability Pricing Adjustment Date</u>" has the meaning specified in the definition of "<u>Applicable Margin</u>".

"<u>Sustainability Structuring Agent</u>" shall have the meaning assigned to such term in the preamble.

"<u>Tax Code</u>" shall mean the Internal Revenue Code of 1986, as amended from time to time.

"<u>Tax Equity Partner</u>" shall mean any tax equity partner that has entered into a joint venture agreement, limited liability company agreement or similar arrangement with an Excluded Project Subsidiary in connection with the consummation of a Permitted Tax Equity Financing.

"<u>Tax-Exempt Bonds</u>" shall mean any bonds or other securities issued by a Governmental Authority (including any quasi-governmental agencies) for the direct or indirect benefit of the Borrowers or any Subsidiary Guarantor or, if permitted by Applicable Law, by the Borrowers or any Subsidiary Guarantor, the payment of interest on which is exempt from applicable federal, state and/or local taxes.

"<u>Tax Group</u>" shall have the meaning assigned to such term in Section 6.06(b)(xii).

"<u>Taxes</u>" shall mean any and all present or future taxes, levies, imposts, duties, deductions, charges, liabilities or withholdings (including interest, fines, penalties or additions to tax) imposed by any Governmental Authority.

"<u>Tenth Amendment</u>" shall mean the Tenth Amendment to Second Amended and Restated Credit Agreement, dated as of the Tenth Amendment Effective Date, among the Parent Borrower, each Subsidiary Guarantor, the Administrative Agent, the Collateral Agent and each Revolving Lender and each Issuing Bank Party thereto, pursuant to which such Revolving Lenders and Issuing Banks consented to the extension to the Tranche C Revolving Termination Date and certain other matters set forth therein.

"<u>Tenth Amendment Effective Date</u>" shall mean October 30, 2024.

"<u>Term Borrowing</u>" shall mean a Borrowing comprised of Term Loans.

"<u>Term Commitment</u>" shall mean, with respect to each Lender, the commitment to make Term Loans hereunder on the Closing Date, if any, its 2024 New Term Commitment, if any, any New Term Commitment, if any, and/or any Refinancing Term Commitment, if any, of such Lender, as the same may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The aggregate principal amount of the Term Commitments, as of the Eighth Amendment Effective Date, after the funding of the 2024 New Term Loans, is $0. The aggregate principal amount of the Term Commitments, as of the Eleventh Amendment Effective Date, after the funding of the 2024-2 New Term Loans, is $0.

"<u>Term CORRA</u>" shall mean, for any calculation with respect to a Term CORRA Loan, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "<u>Periodic Term CORRA Determination Day</u>") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator; <u>provided</u>, <u>however</u>, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then the Administrative Agent shall so notify the Borrowers and, at the option of the Borrowers, (i) Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Day; or (ii) the Term CORRA Reference Rate for such Periodic Term CORRA Determination Day shall be deemed to equal Daily Compounded CORRA on such day; <u>provided</u>, <u>further</u>, that if Term CORRA shall ever be less than the Floor, then Term CORRA shall be deemed to be the Floor.

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"<u>Term CORRA Administrator</u>" shall mean Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator.

"<u>Term CORRA Borrowing</u>" shall mean a Borrowing comprised of Term CORRA Loans.

"<u>Term CORRA Loan</u>" shall mean a Loan made pursuant to Section 2.01 that bears interest at a rate based on Term CORRA.

"<u>Term CORRA Reference Rate</u>" shall mean the forward-looking term rate based on CORRA.

"<u>Term Lender</u>" shall mean a Lender with a Term Commitment or an outstanding Term Loan, and includes each 2024 New Term Lender.

"<u>Term Loans</u>" shall mean, collectively, the Loans made to the Parent Borrower on the Closing Date pursuant to Section 2.01(a), the 2024 New Term Loans, any New Term Loans and/or any Refinancing Term Loans.

"<u>Term SOFR</u>" when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Term SOFR Rate.

"<u>Term SOFR Determination Day</u>" has the meaning specified in the definition of Term SOFR Reference Rate.

"<u>Term SOFR Rate</u>" shall mean, for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 6:00 a.m., New York 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; <u>provided</u> that, if such Term SOFR Rate is less than 0.00%, the Term SOFR Rate shall be deemed 0.00%.

"<u>Term SOFR Reference Rate</u>" shall mean, for any day and time (such day, the "<u>Term SOFR Determination Day</u>"), for any tenor comparable to the applicable Interest Period, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) 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 the Administrative Agent shall so notify the Borrowers and, at the option of the Borrowers, (i) 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 Business Day is not more than three (3) Business Days prior to such Term SOFR Determination Day or (ii) the Term SOFR Reference Rate for such Term SOFR Determination Day shall be deemed to equal Daily Simple SOFR on such day.

"<u>Test Period</u>" shall mean, for any date of determination under this Agreement, a single period consisting of the most recent four consecutive fiscal quarters of the Parent Borrower (whether or not such quarters are all within the same fiscal year) for which financial statements described in Section 5.04(a) or Section 5.04(b), as applicable, have been delivered, or were required to be delivered (or, at the sole option of the Parent Borrower, are internally available (as determined in good faith by the Parent Borrower); <u>provided</u>, that, such internally available financial statements are also delivered to the Administrative Agent and each Lender).

"<u>Texas Genco Retirement Plan</u>" shall mean a non-contributory defined benefit pension plan maintained for participation by eligible Texas-based employees of the Parent Borrower.

"<u>Third Party Securities</u>" shall mean, with respect to any Securitization, notes, bonds or other debt instruments, beneficial interests in a trust, undivided ownership interests in receivables or other securities

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issued for cash consideration by the relevant Securitization Vehicle to banks, financing conduits, investors or other financing sources (other than the Parent Borrower or any Subsidiary except in respect of the Sellers' Retained Interest) the proceeds of which are used to finance, in whole or in part, the purchase by such Securitization Vehicle of Securitization Assets in a Securitization. The amount of any Third Party Securities shall be deemed to equal the aggregate principal, stated or invested amount of such Third Party Securities which are outstanding at such time.

"<u>Thirteenth Amendment</u>" shall mean the Thirteenth Amendment to Second Amended and Restated Credit Agreement, dated as of the Thirteenth Amendment Effective Date, among the Parent Borrower, APX and the Administrative Agent.

"<u>Thirteenth Amendment Effective Date</u>" shall mean December 20, 2024.

"<u>Total Assets</u>" shall mean the total consolidated assets of the Parent Borrower and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP, as shown on the most recent balance sheet of the Parent Borrower (but calculated on a pro forma basis to give pro forma effect to any applicable transaction).

"<u>Total Debt</u>" shall mean, on any date of determination (without duplication), the aggregate amount of all third-party Indebtedness of the Parent Borrower and its Restricted Subsidiaries outstanding on such date of the type described in clause (a) (solely to the extent such Indebtedness matures more than one year from the date of its creation or matures within one year from such date that is renewable or extendable, at the sole option of the Parent Borrower or any Restricted Subsidiary, to a date more than one year from the date of its creation) or (b) (other than letters of credit (including Letters of Credit) or bank guarantees, to the extent undrawn and unreimbursed within three (3) Business Days and which are not cash collateralized or backstopped) or (d) of the definition thereof, in each case, in the amount that would be reflected on a balance sheet prepared at such time on a consolidated basis in accordance with GAAP, as such amount may be adjusted to reflect the effect (as determined by the Parent Borrower in good faith) of any hedge agreement or other derivative instrument entered into in respect of the currency exchange risk relating to such Indebtedness, calculated on a mark-to-market basis; <u>provided</u>, <u>however</u>, that (i) Total Debt will exclude all Indebtedness of Excluded Subsidiaries (but, for the avoidance of doubt, not Guarantees of such Indebtedness by the Loan Parties) and (ii) Total Debt will include the amount of any outstanding Indebtedness incurred pursuant to Section 6.01(b)(xxvi) (if any) that exceeds the Fair Market Value of the consumer loan assets related thereto (as determined in good faith by the Parent Borrower) (and then solely in the amount of such excess).

"<u>Total Revolving Commitment</u>" shall mean, at any time, the aggregate amount of the Revolving Commitments, as in effect at such time. As of the Fourteenth Amendment Effective Date, the Total Revolving Commitment is $4,595,000,000.00.

"<u>Tranche A Revolving Commitment</u>" shall mean, with respect to any Lender, the commitment, if any, of such Lender to make Tranche A Revolving Loans (and to acquire participations in Letters of Credit) hereunder as set forth on Schedule 1.01(e) (as such schedule may be restated pursuant to Section 9.04) or in the Assignment and Assumption or Joinder Agreement pursuant to which such Lender assumed its Tranche A Revolving Commitment as applicable, as the same may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender in accordance with Section 9.04. As of the Fourteenth Amendment Effective Date, the Tranche A Revolving Commitments of the Tranche A Revolving Lenders aggregate $0.

"<u>Tranche A Revolving Exposure</u>" shall mean, with respect to any Tranche A Revolving Lender at any time, the sum of the Dollar Equivalent of the (a) the aggregate principal amount at such time of all outstanding Tranche A Revolving Loans of such Tranche A Revolving Lender, <u>plus</u> (b) the aggregate amount at such time of such Tranche A Revolving Lender's Tranche A Revolving L/C Exposure.

"<u>Tranche A Revolving L/C Exposure</u>" shall mean, at any time, the sum of (a) the aggregate undrawn amount of all Letters of Credit of each Tranche A Revolving Lender at such time and (b) the aggregate amount of all L/C Disbursements of each Tranche A Revolving Lender that have not been

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reimbursed at such time. The Tranche A Revolving L/C Exposure of any Tranche A Revolving Lender at any time shall equal its Pro Rata Percentage of the aggregate Tranche A Revolving L/C Exposure at such time.

"<u>Tranche A Revolving Lender</u>" shall mean any Lender with a Tranche A Revolving Commitment or a Tranche A Revolving Loan.

"<u>Tranche A Revolving Loan</u>" shall mean any Revolving Loans made pursuant to Tranche A Revolving Commitments.

"<u>Tranche A Revolving Termination Date</u>" shall mean the earlier of (x) the date on which all Tranche A Revolving Commitments are terminated and (y) May 28, 2024.

"<u>Tranche B Revolving Commitment</u>" shall mean, with respect to any Lender, the commitment, if any, of such Lender to make Tranche B Revolving Loans (and to acquire participations in Letters of Credit) hereunder as set forth on Schedule 1.01(e) (as such schedule may be restated pursuant to Section 9.04) or in the Assignment and Assumption or Joinder Agreement pursuant to which such Lender assumed its Tranche B Revolving Commitment as applicable, as the same may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender in accordance with Section 9.04. As of the Eighth Amendment Effective Date, the Tranche B Revolving Commitments of the Tranche B Revolving Lenders aggregate $0.

"<u>Tranche B Revolving Exposure</u>" shall mean, with respect to any Tranche B Revolving Lender at any time, the sum of the Dollar Equivalent of the (a) the aggregate principal amount at such time of all outstanding Tranche B Revolving Loans of such Tranche B Revolving Lender, <u>plus</u> (b) the aggregate amount at such time of such Tranche B Revolving Lender's Tranche B Revolving L/C Exposure.

"<u>Tranche B Revolving L/C Exposure</u>" shall mean, at any time, the sum of (a) the aggregate undrawn amount of all Letters of Credit of each Tranche B Revolving Lender at such time and (b) the aggregate amount of all L/C Disbursements of each Tranche B Revolving Lender that have not been reimbursed at such time. The Tranche B Revolving L/C Exposure of any Tranche B Revolving Lender at any time shall equal its Pro Rata Percentage of the aggregate Tranche B Revolving L/C Exposure at such time.

"<u>Tranche B Revolving Lender</u>" shall mean any Lender with a Tranche B Revolving Commitment or a Tranche B Revolving Loan.

"<u>Tranche B Revolving Loan</u>" shall mean any Revolving Loans made pursuant to Tranche B Revolving Commitments.

"<u>Tranche B Revolving Termination Date</u>" shall mean the earlier of (x) the date on which all Tranche B Revolving Commitments are terminated and (y) July 5, 2023.

"<u>Tranche C Revolving Commitment</u>" shall mean, with respect to any Lender, (i) prior to the Fourteenth Amendment Effective Date, the commitment, if any, of such Lender to make Tranche C Revolving Loans (and to acquire participations in Letters of Credit) hereunder as set forth on Schedule 1.01(e) (as such schedule may be restated pursuant to Section 9.04) and (ii) from and after the Fourteenth Amendment Effective Date, the commitment, if any, of such Lender to make Tranche C Revolving Loans (and to acquire participations in Letters of Credit) hereunder as set forth on Schedule 1.01(e) attached as Annex B to the Fourteenth Amendment (as such schedule may be restated pursuant to Section 9.04) or, in the case of any Lender that becomes a party hereto pursuant to an Assignment and Assumption or Joinder Agreement pursuant to which such Lender assumed its Tranche C Revolving Commitment, the amount set forth in such Assignment and Assumption or Joinder Agreement, as applicable, in each case, as the same may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender in accordance with Section 9.04. As of the Fourteenth Amendment Effective Date, the Tranche C Revolving Commitments of the Tranche C

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Revolving Lenders aggregate $4,595,000,000.00. For the avoidance of doubt, the Tranche C Revolving Commitments include the 2025 New Revolving Commitments.

"<u>Tranche C Revolving Exposure</u>" shall mean, with respect to any Tranche C Revolving Lender at any time, the sum of the Dollar Equivalent of the (a) the aggregate principal amount at such time of all outstanding Tranche C Revolving Loans of such Tranche C Revolving Lender, <u>plus</u> (b) the aggregate amount at such time of such Tranche C Revolving Lender's Tranche C Revolving L/C Exposure.

"<u>Tranche C Revolving L/C Exposure</u>" shall mean, at any time, the sum of (a) the aggregate undrawn amount of all Letters of Credit of each Tranche C Revolving Lender at such time and (b) the aggregate amount of all L/C Disbursements of each Tranche C Revolving Lender that have not been reimbursed at such time. The Tranche C Revolving L/C Exposure of any Tranche C Revolving Lender at any time shall equal its Pro Rata Percentage of the aggregate Tranche C Revolving L/C Exposure at such time.

"<u>Tranche C Revolving Lender</u>" shall mean any Lender with a Tranche C Revolving Commitment or a Tranche C Revolving Loan, and shall include the 2025 New Revolving Lenders.

"<u>Tranche C Revolving Loan</u>" shall mean any Revolving Loans made pursuant to Tranche C Revolving Commitments.

"<u>Tranche C Revolving Termination Date</u>" shall mean the earlier of (x) the date on which all Tranche C Revolving Commitments are terminated and (y) October 30, 2029.

"<u>Transactions</u>" shall mean, collectively, (a) the execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a party, (b) the borrowings hereunder, the issuance of Letters of Credit and the use of proceeds of each of the foregoing, (c) the granting of Liens pursuant to the Security Documents, (d) the re-evidencing in full of all Term Loans (as defined in the Existing Credit Agreement) outstanding under the Existing Credit Agreement, (e) the replacement of the revolving credit facility (including the letter of credit facility and the swingline loan facility thereunder) under the Existing Credit Agreement with the revolving credit facility (including the letter of credit facility and swingline loan facility thereunder) under this Agreement, (f) [reserved], (g) any other transactions related to or entered into in connection with any of the foregoing and (h) the payment of fees, costs and expenses incurred in connection with the foregoing.

"<u>Twelfth Amendment</u>" shall mean the Twelfth Amendment to Second Amended and Restated Credit Agreement, dated as of the Twelfth Amendment Effective Date, among the Borrower, the Administrative Agent, the Collateral Agent and the 2024 New Term Lenders.

"<u>Twelfth Amendment Effective Date</u>" shall mean November 26, 2024.

"<u>Type</u>", when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans comprising such Borrowing is determined. For purposes hereof, the term "<u>Rate</u>" shall include the Term SOFR Rate, the Term CORRA Reference Rate, the Alternate Base Rate, the Canadian Base Rate, Daily Simple SOFR and Daily Compounded CORRA.

"<u>U.S. Government Securities Business Day</u>" shall mean 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>UCC</u>" shall mean the Uniform Commercial Code as in effect in the State of New York or any other applicable jurisdiction.

"<u>UK Financial Institution</u>" shall mean 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

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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.

"<u>UK Resolution Authority</u>" shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unadjusted Benchmark Replacement</u>" shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Uniform Customs</u>" shall have the meaning assigned to such term in Section 9.07.

"<u>Unrestricted Cash</u>" shall mean, without duplication, on any date, (a) all cash and Cash Equivalents included in the cash and Cash Equivalents accounts listed on the consolidated balance sheet of the Parent Borrower and the Restricted Subsidiaries as at such date (other than any such amounts listed as "restricted cash" thereon) and (b) all margin deposits related to commodity positions listed as assets on the consolidated balance sheet of the Parent Borrower and the Restricted Subsidiaries.

"<u>Unrestricted Subsidiary</u>" shall mean any Subsidiary that is designated by the Parent Borrower as an Unrestricted Subsidiary pursuant to a certificate executed by a Responsible Officer of the Parent Borrower, but only to the extent that such Subsidiary (a) has no Indebtedness other than Non-Recourse Debt; (b) except as permitted by Section 5.13, is not party to any agreement, contract, arrangement or understanding with the Parent Borrower or any Restricted Subsidiary unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Parent Borrower or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Parent Borrower; (c) is a Person with respect to which neither the Parent Borrower nor any of its Restricted Subsidiaries has any direct or indirect obligation (i) to subscribe for additional Equity Interests or (ii) to maintain or preserve such Person's financial condition or to cause such Person to achieve any specified levels of operating results except as otherwise permitted by this Agreement; and (d) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Parent Borrower or any of its Restricted Subsidiaries except as otherwise permitted by this Agreement. Any designation of a Subsidiary as an Unrestricted Subsidiary will be evidenced to the Administrative Agent by delivering to the Administrative Agent a certified copy of the certificate executed by a Responsible Officer of the Parent Borrower giving effect to such designation and certifying that such designation complied with the conditions described under Section 6.10 and was permitted by Section 6.04. If, at any time, any Unrestricted Subsidiary fails to meet the requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Agreement and (A) any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 6.01, the Parent Borrower will be in default of such covenant and (B) any assets of such Subsidiary will be deemed to be held by a Restricted Subsidiary as of such date. The Parent Borrower may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; <u>provided</u> that, such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be permitted if (1) such Indebtedness is permitted under Section 6.01, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period and (2) no Specified Event of Default would be in existence following such designation. The Unrestricted Subsidiaries on the Sixth Amendment Effective Date are set forth on <u>Schedule 1.01(h)</u>.

"<u>Valuation Date</u>" shall mean (i) in connection with borrowing any Revolving Loan, the date two Business Days prior to the making, continuing or converting of any Revolving Loan, (ii) in connection with any Letter of Credit not denominated in dollars, as of the last Business Day of each of March, June, September and December (with the valuation of the stated amount of any such Letter of Credit being based on the most recent such Valuation Date to have occurred), (iii) in connection with any reimbursement obligations with respect to any L/C Disbursement pursuant to Section 2.02(f) or Section 2.23(d)(ii), the date on which the applicable payment is required and (iv) in connection with any other determination of the Dollar Equivalent of any amount, the date of such determination.

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"<u>Voting Stock</u>" of any Person as of any date shall mean the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.

"<u>Withdrawal Liability</u>" shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

"<u>Write-Down and Conversion Powers</u>" shall mean (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 power 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.

Section 8.02<u>Terms Generally</u>. The definitions in Section 1.01 shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including", and words of similar import, shall not be limiting and shall be deemed to be followed by the phrase "without limitation". The word "will" shall be construed to have the same meaning and effect as the word "shall". The words "asset" and "property" shall be construed as having the same meaning and effect and to refer to any and all rights and interests in tangible and intangible assets and properties of any kind whatsoever, whether real, personal or mixed, including cash, securities, Equity Interests, accounts and contract rights. The word "control", when used in connection with the Collateral Trustee's rights with respect to, or security interest in, any Collateral, shall have the meaning specified in the UCC with respect to that type of Collateral. 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 of this Agreement unless the context shall otherwise require. All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. The phrase "permitted by" and the phrase "not prohibited by" shall be synonymous, and any transaction not specifically prohibited by the terms of the Loan Documents shall be deemed to be permitted by the Loan Documents. Except as otherwise expressly provided herein, (a) any definition of, or reference to, any Loan Document or any other agreement, instrument or document in this Agreement shall mean such Loan Document or other agreement, instrument or document as amended, restated, amended and restated, supplemented or otherwise modified from time to time (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein) and (b) all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; <u>provided</u>, <u>however</u>, that if the Borrowers notify the Administrative Agent that the Borrowers wish to amend any covenant in Article VI or any related definition to eliminate the effect of any change in GAAP occurring after the Closing Date on the operation of such covenant (or if the Administrative Agent notifies the Borrowers that the Required Lenders wish to amend Article VI or any related definition for such purpose), then the Borrowers' compliance with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrowers and the Required Lenders.

Section 8.03<u>Classification of Loans, Commitments and Borrowings</u>. For purposes of this Agreement, Loans may be classified and referred to by Class (*e.g.*, a "Revolving Loan", "Tranche A Revolving Loans", "Tranche B Revolving Loans" or "Tranche C Revolving Loans") or by Type (*e.g.*, a "Term SOFR Loan") or by Class and Type (*e.g.*, a "Term SOFR Revolving Loan"). Commitments also may be classified and referred to by Class (*e.g.*, a "Revolving Commitments", "Tranche A Revolving Commitments", "Tranche B Revolving Commitments" or "Tranche C Revolving Commitments"). Borrowings also may be classified and referred to by Class (*e.g.*, a "Revolving Borrowing") or by Type (*e.g.*, a "Term SOFR Borrowing") or by Class and Type (*e.g.*, a "Term SOFR Revolving Borrowing").

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Section 8.04<u>Exchange Rates and Conversion of Foreign Currencies</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Compliance under Article VI</u>. For purposes of determining compliance under Article VI with respect to any amount in a foreign currency, the U.S. dollar-equivalent amount thereof will be calculated based on the relevant currency exchange rate in effect at the time of such incurrence. The maximum amount of Indebtedness, Liens, Investments and other basket amounts that the Parent Borrower and its Subsidiaries may incur under Article VI shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, Liens, Investments and other basket amounts, solely as a result of fluctuations in the exchange rate of currencies, if as of the initial date of calculation the Parent Borrower determined that each such maximum amount had not been exceeded. When calculating capacity for the incurrence of additional Indebtedness, Liens, Investments and other basket amounts by the Parent Borrower and its Subsidiaries under Article VI the exchange rate of currencies shall be measured as of the date of calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Dollar Equivalents</u>. The Administrative Agent shall determine the Dollar Equivalent of any amount as of each Valuation Date (whether to determine compliance with any covenants specified herein or otherwise), and a determination thereof by the Administrative Agent shall be conclusive absent manifest error. Such determination shall become effective as of such Valuation Date. The Administrative Agent may, but shall not be obligated to, rely on any determination made by any Loan Party in any document delivered to the Administrative Agent. The Administrative Agent may determine or redetermine the Dollar Equivalent of any amount on any date either in its reasonable discretion or upon the reasonable request of the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Rounding-Off</u>. The Administrative Agent may set up appropriate rounding off mechanisms or otherwise round-off amounts hereunder to the nearest higher or lower amount in whole dollar or cent to ensure amounts owing by any party hereunder or that otherwise need to be calculated or converted hereunder are expressed in whole dollars or in whole cents, as may be necessary or appropriate.

Section 8.05<u>Limited Condition Transactions</u>. Notwithstanding anything in this Agreement or any other Loan Document to the contrary, when calculating any applicable ratio (including the Fixed Charge Coverage Ratio, the Consolidated Total Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio and the Consolidated First Lien Net Leverage Ratio), basket (including baskets measured as a percentage of Total Assets or Consolidated Cash Flow, if any) or determining other compliance with this Agreement (including the determination of compliance with any provision of this Agreement which requires that no Default or Event of Default has occurred, is continuing or would result therefrom, the accuracy of representations and warranties or the satisfaction of applicable covenants in connection with any action (including a Specified Transaction or any other transaction or plan undertaken or proposed to be undertaken in connection therewith) undertaken in connection with the consummation of a Limited Condition Transaction), the date of determination of such ratio or other compliance (including whether any Default or Event of Default has occurred, is continuing or would result therefrom or the accuracy of representations and warranties (other than, in the case of clause (a) below, the Specified Representations) or the satisfaction of applicable covenants) shall, in each case at the option of the Parent Borrower (the Parent Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "<u>LCT Election</u>" and such date selected, the "<u>LCT Test Date</u>"), be deemed to be the date that (a) in the case of any acquisition or other Investment (including with respect to any Indebtedness contemplated or incurred in connection therewith) or any designation of a Restricted Subsidiary, Unrestricted Subsidiary or Excluded Subsidiary, either, at the option of the Parent Borrower, (i) as of the date the definitive acquisition agreement for such acquisition or other Investment is entered into (or any documentation or agreement with a substantially similar effect as a binding acquisition agreement becomes effective) or (ii) at the time the relevant acquisition or other Investment is consummated, (b) in the case of any Restricted Payment (including with respect to any Indebtedness contemplated or incurred in connection therewith), either, at the option of the Parent Borrower, (i) at the time such Restricted Payment is declared or (ii) at the time of the making of such Restricted Payment and/or (c) in the case of any irrevocable Indebtedness repurchase or repayment (including with respect to any Indebtedness contemplated or incurred in connection therewith), either, at the option of the Parent Borrower, (i) at the time of delivery of notice with respect to such repurchase or repayment or (ii) at the time of the making of such repurchase or

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repayment, in each case, after giving effect to the relevant transaction, any related Indebtedness (including the intended use of proceeds thereof) and all other permitted pro forma adjustments (including Pro Forma Cost Savings) on a pro forma basis and if, after such applicable ratios and other provisions are measured on a pro forma basis after giving effect to such Limited Condition Transaction and such other related and specified actions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof, the granting of any Liens and the making of any Restricted Payment) as if they had occurred at the beginning of the Test Period being used to calculate such financial ratio or otherwise determine compliance with this Agreement ending prior to the LCT Test Date, the Parent Borrower could have taken such action on the relevant LCT Test Date in compliance with such applicable ratios and provisions, such applicable ratios and provisions shall be deemed to have been complied with. For the avoidance of doubt, if any of such ratios or other provisions are not complied with as a result of fluctuations in any ratio or other financial measurement (including due to fluctuations in Consolidated Cash Flow) at or prior to the consummation of the relevant Limited Condition Transaction, such ratios and other provisions will nevertheless be deemed to have been complied with solely for purposes of determining whether the Limited Condition Transaction (and all related transactions) are permitted hereunder; <u>provided</u> that, if such ratios or other financial tests improve as a result of such fluctuations, such improved ratios and other financial measurements, as the case may be, may be utilized at the option of the Parent Borrower and such ratios and other provisions shall not be tested at the time of consummation of such Limited Condition Transaction or related and specified actions. If the Parent Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to any other Limited Condition Transaction and related and specified actions on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement for such Limited Condition Transaction is terminated or expires or irrevocable notice is rescinded, as applicable, without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated on a pro forma basis assuming such Limited Condition Transaction and other related and specified actions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated.

Section 8.06<u>Divisions</u>.

Any reference herein to a merger, transfer, amalgamation, consolidation, assignment, sale or disposition, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such division or allocation), as if it were a merger, transfer, amalgamation, consolidation, assignment, sale or disposition, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

Section 8.07<u>Financial Ratios</u>.

Notwithstanding anything to the contrary in this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)with respect to any amounts incurred or any single transaction or series of related transactions entered into (or consummated) in reliance on a provision of this Agreement that does not require compliance with a financial ratio or test (including, without limitation, the financial covenant set forth in Section 6.12, any Fixed Charge Coverage Ratio test, any Consolidated First Lien Net Leverage Ratio test, any Consolidated Secured Net Leverage Ratio test, and/or any Consolidated Total Net Leverage Ratio test) (any such amounts, including such amounts that are based off Consolidated Cash Flow or Total Assets, the "<u>Fixed Amounts</u>") substantially concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this Agreement that requires compliance with a financial ratio or test (including the Consolidated First Lien Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio and the Consolidated Total Net Leverage Ratio) (any such amounts, the "<u>Incurrence-Based Amounts</u>"), the Fixed Amounts shall be disregarded in the calculation of the financial ratio or test applicable to such Incurrence-Based Amounts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Borrowers may classify (and reclassify) any Fixed Amounts as having been incurred under any Incurrence-Based Amounts within Section 2.24, Section 6.01, Section 6.02 (including the definition of "Permitted Liens") and Section 6.06 (including the definition of "Permitted Investments") (but not across such Sections and definitions), and, if any applicable ratios or financial tests for such Incurrence-Based Amounts would be satisfied in any fiscal quarter following the fiscal quarter in which such Fixed Amounts were incurred, such Fixed Amounts shall be deemed automatically reclassified as having been incurred under such Incurrence-Based Amounts if not elected by the Borrowers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)in the event an item of Indebtedness (or any portion thereof) is incurred or issued, any Lien is incurred or other transaction is undertaken in reliance on any ratio-based exceptions, thresholds and baskets, such ratio(s) shall be calculated without regard to the incurrence of any Revolving Loans solely to the extent such Revolving Loans are incurred substantially concurrently with the event for which such ratio(s) are being tested; <u>provided</u> that, immediately prior to the making of any such Investment and the concurrent incurrence of such Revolving Loans, the aggregate amount of all Unrestricted Cash shall be no less than the amount of such Investment.

Section 8.08<u>Cashless Settlement</u>. Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange, continue or rollover all or a portion of its Loans or Commitments in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrowers, the Administrative Agent and such Lender.

Section 8.09<u>Calculation of Baskets and Ratios</u>. If any of the baskets or thresholds set forth in this Agreement are exceeded solely as a result of fluctuations to Total Assets or Consolidated Cash Flow for the most recently completed fiscal quarter after the last time such baskets were calculated for any purpose under this Agreement, such baskets will not be deemed to have been exceeded solely as a result of such fluctuations. For purposes of determining compliance with any basket or threshold in this Agreement, Total Assets and Consolidated Cash Flow shall be calculated on a pro forma basis.

Article IX.<u><br>The Credits</u>

Section 9.01<u>Commitments</u>. Subject to the terms and conditions hereof and relying upon the representations and warranties set forth herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)on the Closing Date, in accordance with and upon the terms and conditions set forth in the Restatement Agreement, (i) each Exchanging Term Lender (as defined in the Restatement Agreement) agrees to exchange all of its Existing Term Loans (as defined in the Restatement Agreement) with Term Loans hereunder in an equal principal amount and (ii) each Additional Term Lender (as defined in the Restatement Agreement) agrees to make Term Loans in the form of Additional Term Loans (as defined in the Restatement Agreement) in dollars to the Parent Borrower in an amount notified to such Additional Term Lender by the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)each Revolving Lender agrees, severally and not jointly, to fund Revolving Loans in dollars or an Alternative Currency to one or more Borrowers, at any time and from time to time on or after the Sixth Amendment Effective Date and until the earlier of the Maturity Date for the applicable Class of Revolving Commitments and the termination of the applicable Revolving Commitment of such Revolving Lender in accordance with the terms hereof in an aggregate principal amount at any time outstanding that will not result in the Dollar Equivalent of such Revolving Lender's (w) Revolving Exposure exceeding such Revolving Lender's Revolving Commitment, (x) Tranche A Revolving Exposure exceeding such Revolving Lender's Tranche A Revolving Commitment, (y) Tranche B Revolving Exposure exceeding such Revolving Lender's Tranche B Revolving Commitment or (z) Tranche C Revolving Exposure exceeding such Revolving Lender's Tranche C Revolving Commitment.

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Within the limits set forth in clause (c) above and subject to the terms, conditions and limitations set forth herein, the Borrowers may borrow, pay or prepay and reborrow Revolving Loans. Amounts paid or prepaid in respect of Term Loans may not be reborrowed.

Section 9.02<u>Loans</u>. (a) Subject to the first proviso in this clause (a) and Section 2.2(h), each Loan shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class; <u>provided</u> that, any Borrowing of Revolving Loans on or after the Sixth Amendment Effective Date and until the applicable Maturity Date shall be made ratably with respect to the aggregate Tranche A Revolving Commitments, the aggregate Tranche B Revolving Commitments and the aggregate Tranche C Revolving Commitments; <u>provided</u>, <u>further</u>, that the failure of any Lender to make any Loan required to be made by it shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to make any Loan required to be made by such other Lender); <u>provided</u> that, for the avoidance of doubt, as of the Eighth Amendment Effective Date, Term Borrowings shall only be available as Term SOFR Loans or ABR Loans unless a Benchmark Transition Event has occurred pursuant to Section 2.04 with respect to Term SOFR. Except for Loans deemed made pursuant to Section 2.02(f) or Section 2.02(g), the Loans comprising any Borrowing shall be in an aggregate principal amount that is (i) an integral multiple of the Dollar Equivalent of $1,000,000 and not less than the Dollar Equivalent of $5,000,000 or (ii) equal to the remaining available balance of the applicable Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to Section 2.08 or Section 2.15, each Borrowing shall be comprised entirely of ABR Loans, Term SOFR Loans, Daily Simple SOFR Loans (other than with respect to a Borrowing of Tranche A Revolving Loans), Canadian Base Rate Loans or Term CORRA Loans as the Borrowers may request pursuant to Section 2.03. Each Lender may at its option make any Term SOFR Loan, Daily Simple SOFR Loan (other than with respect to Tranche A Revolving Loans) or Term CORRA Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; <u>provided</u> that, any exercise of such option shall (i) not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement, (ii) not result in increased costs for the Borrowers pursuant to Section 2.14, 2.15, 2.16 or 2.20 and (iii) take into account the obligations of each Lender to mitigate increased costs pursuant to Section 2.21 hereof. Borrowings of more than one Type may be outstanding at the same time; <u>provided</u>, <u>however</u>, that the Borrowers shall not be entitled to request any Borrowing that, if made, would result in more than 20 Term SOFR Borrowings, Daily Simple SOFR Borrowings and/or Term CORRA Borrowings outstanding hereunder at any time. For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except with respect to Loans made pursuant to Section 2.02(f) and as otherwise set forth in Section 2.01(a), each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds to such account in New York City as the Administrative Agent may designate not later than 11:00 a.m., New York City time, and the Administrative Agent shall promptly credit the amounts so received to an account designated by a Borrower in the applicable Borrowing Request or, if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, return the amounts so received to the respective Lenders. For the avoidance of doubt, all Revolving Loans made on or after the Sixth Amendment Effective Date and prior to the Tranche B Revolving Termination Date and/or the Tranche A Revolving Termination Date, as applicable, shall be made by each Revolving Lender *pro rata* in accordance with its respective Pro Rata Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender's portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with Section 2.02(c) and the Administrative Agent may, in reliance upon such assumption, make available to the Borrowers on such date a corresponding amount. If the Administrative Agent shall have so made funds available then, to the extent that such Lender shall not have made such portion available to the Administrative Agent, such Lender and the Borrowers severally agree to repay to the Administrative

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Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrowers to but excluding the date such amount is repaid to the Administrative Agent at (i) in the case of the Borrowers, the interest rate applicable at the time to the Loans comprising such Borrowing (in lieu of interest which would otherwise become due to such Lender pursuant to Section 2.06) or (ii) in the case of such Lender, a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent clearly demonstrable error). If such Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Lender's Loan as part of such Borrowing for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding any other provision of this Agreement, the Borrowers shall not be entitled to request any Revolving Borrowing which is a Term SOFR Borrowing or a Term CORRA Borrowing if the Interest Period requested with respect thereto would end after the latest applicable Maturity Date at such time with respect to which the aggregate amount of Revolving Commitments maturing on or after such Maturity Date shall equal or exceed the amount of such Revolving Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If the Issuing Bank shall not have received from the Borrowers the payment required to be made by Section 2.23(e) with respect to a Letter of Credit within the time specified in such Section, the Issuing Bank will promptly notify the Administrative Agent of the L/C Disbursement and the Administrative Agent will promptly notify each Revolving Lender of such L/C Disbursement and its Pro Rata Percentage thereof. Each Revolving Lender shall pay by wire transfer of immediately available funds in dollars to the Administrative Agent not later than 5:00 p.m., New York City time, on such date (or, if such Revolving Lender shall have received such notice later than 3:00 p.m., New York City time, on any day, not later than 10:00 a.m., New York City time, on the immediately following Business Day), an amount equal to such Lender's Pro Rata Percentage of the Dollar Equivalent of such L/C Disbursement (it being understood that such amount shall be deemed to constitute an ABR Revolving Loan of such Lender and such payment shall be deemed to have reduced the Revolving L/C Exposure), and the Administrative Agent will promptly pay to the Issuing Bank amounts so received by it from the Revolving Lenders. The Administrative Agent will promptly pay to the Issuing Bank any amounts received by it from the Borrowers pursuant to Section 2.23(e) prior to the time that any Revolving Lender makes any payment pursuant to this Section 2.02(f); any such amounts received by the Administrative Agent thereafter will be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made such payments and to the Issuing Bank, as their interests may appear. If any Revolving Lender shall not have made its Pro Rata Percentage of such L/C Disbursement available to the Administrative Agent as provided above, such Lender and the Borrowers severally agree to pay interest on such amount, for each day from and including the date such amount is required to be paid in accordance with this Section 2.02(f) to but excluding the date such amount is paid, to the Administrative Agent for the account of the Issuing Bank at (i) in the case of the Borrowers, a rate per annum equal to the interest rate applicable to Revolving Loans pursuant to Section 2.06(a) (in lieu of interest which would otherwise become due to such Lender pursuant to Section 2.06), and (ii) in the case of such Lender, for the first such day, the Federal Funds Effective Rate, and for each day thereafter, the Alternate Base Rate; and <u>provided</u>, <u>further</u>, that under no circumstances shall such Lender be entitled to seek indemnity from any Loan Party in respect of any interest so accrued or paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Notwithstanding anything to the contrary in this Agreement or any other Loan Document (but subject in all cases to <u>Section 2.08</u>), (i) Loans denominated in dollars may only be Term SOFR Loans, Daily Simple SOFR Loans or ABR Loans and (ii) Loans denominated in Canadian Dollars may only be Term CORRA Loans or Canadian Base Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)For the avoidance of doubt, (i) all Revolving Loans borrowed on or after the Sixth Amendment Effective Date and prior to the Tranche B Revolving Termination Date will be made by Revolving Lenders (including Tranche A Revolving Lenders, Tranche B Revolving Lenders and Tranche C Revolving Lenders) in accordance with their respective Pro Rata Percentage at such time (acting as a single Class), (ii) all Revolving Loans borrowed on or after the Tranche B Revolving Termination Date and prior to the Tranche A Revolving Termination Date will be made by Revolving Lenders (including Tranche A Revolving Lenders and Tranche C Revolving Lenders) in accordance

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with their respective Pro Rata Percentage at such time (acting as a single Class); <u>provided</u> that, for the avoidance of doubt, Tranche A Revolving Loans borrowed in dollars shall only be available as ABR Loans and Term SOFR Loans, and not Daily Simple SOFR Loans, and (iii) all Revolving Loans borrowed on or after the Tranche A Revolving Termination Date and prior to the Tranche C Revolving Termination Date will be made by Revolving Lenders in accordance with their respective Pro Rata Percentage at such time (acting as a single Class). Notwithstanding anything to the contrary in this Agreement or any other Loan Document, (x) each Borrowing of Revolving Loans advanced on or after the Sixth Amendment Effective Date and prior to the Tranche B Revolving Termination Date shall, until the Tranche B Revolving Termination Date, consist of Tranche A Revolving Loans, Tranche B Revolving Loans and Tranche C Revolving Loans subject to a single Interest Period and (y) each Borrowing of Revolving Loans advanced on or after the Tranche B Revolving Termination Date and prior to the Tranche A Revolving Termination Date shall, until the Tranche A Revolving Termination Date, consist of Tranche A Revolving Loans and Tranche C Revolving Loans subject to a single Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Except as specifically provided for in the Eleventh Amendment, the terms and provisions applicable to the 2024-2 New Term Loans shall be identical to those of the existing 2024 New Term Loans (including with respect to call protection, interest rate margins and interest rate floors, but other than with respect to upfront fees, OID or similar fees and as otherwise provided in the Eleventh Amendment and this Agreement), and in connection therewith, the 2024-2 New Term Loans shall be subject to all of the terms and provisions of this Agreement and the other Loan Documents pertaining thereto, as modified by the Eleventh Amendment. In connection with the foregoing, from and after the Eleventh Amendment Effective Date, all references in this Agreement and the other Loan Documents to the 2024 New Term Loans shall be deemed to include the 2024-2 New Term Loans and the 2024-2 New Term Loans shall (x) be deemed to constitute a portion of the outstanding balance of the 2024 New Term Loans for all purposes under this Agreement and the other Loan Documents, (y) be of the same Class as the 2024 New Term Loans funded on the Eight Amendment Effective Date and (z) be secured on a pari passu basis with the 2024 New Term Loans funded on the Eighth Amendment Effective Date.

Section 9.03<u>Borrowing Procedure</u>. In order to request a Borrowing (other than a deemed Borrowing pursuant to Section 2.01(a) or Section 2.02(f), as to which this Section 2.03 shall not apply), a Borrower shall notify the Administrative Agent by telephone (promptly confirmed by electronic communication) or shall hand deliver or send by electronic communication to the Administrative Agent a duly completed Borrowing Request (a) in the case of a Term SOFR Borrowing or a Term CORRA Borrowing, not later than 1:00 p.m., New York City time, three Business Days (or such later time as the Administrative Agent may reasonably agree), before a proposed Borrowing (or, in the case of a Borrowing on the Eighth Amendment Effective Date, prior to 1:00 p.m. New York City time on the Business Day immediately preceding the proposed Borrowing (or such later time as the Administrative Agent may reasonably agree)), (b) in the case of an ABR Borrowing or a Daily Simple SOFR Borrowing, not later than 1:00 p.m., New York City time, on the date of a proposed Borrowing (or such later time as the Administrative Agent may reasonably agree) and (c) in the case of a Canadian Base Rate Borrowing, not later than 11:00 a.m., New York City time, one Business Day before a proposed Borrowing (or such later time as the Administrative Agent may reasonably agree). Subject to the second proviso below, each Borrowing Request shall be irrevocable, shall be signed by or on behalf of a Borrower and shall specify the following information: (i) whether the Borrowing then being requested is to be a Term Borrowing or a Revolving Borrowing, and whether such Borrowing is to be a Term SOFR Borrowing, Daily Simple SOFR Borrowing, an ABR Borrowing, a Canadian Base Rate Borrowing or a Term CORRA Borrowing; <u>provided</u>, <u>however</u>, that, (x) each Term Borrowing shall be either a Term SOFR Borrowing or an ABR Borrowing and (y) Daily Simple SOFR Borrowings may only be requested with respect to Borrowings of Revolving Loans other than Tranche A Revolving Loans; (ii) the date of such Borrowing (which shall be a Business Day); (iii) the Borrower of such Borrowing, (iv) the number and location of the account to which funds are to be disbursed; (v) the amount of such Borrowing; (vi) for Revolving Loans, the currency of such Borrowing (<u>provided</u> that, each ABR Borrowing shall be denominated in dollars), and (vii) if such Borrowing is to be a Term SOFR Borrowing or a Term CORRA Borrowing, the initial Interest Period with respect thereto and the Class of Loans to which such initial Interest Period will apply;

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<u>provided</u>, <u>further</u>, that, a Borrowing Request may state that such Borrowing Request is conditioned upon the consummation of any transaction or other event so specified, in which case such Borrowing Request may be revoked (or the borrowing date extended) by a Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied, in any case, without premium, penalty or any other cost whatsoever; <u>provided</u>, <u>however</u>, that, notwithstanding any contrary specification in any Borrowing Request, each requested Borrowing shall comply with the requirements set forth in Section 2.02. If no election as to the Type of Borrowing is specified in any such notice, then the requested Borrowing shall be an ABR Borrowing. If no currency is specified with respect to the requested Borrowing, then the applicable Borrower shall be deemed to have selected dollars. If no Interest Period with respect to any Term SOFR Borrowing or Term CORRA Borrowing is specified in any such notice, then the applicable Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall promptly advise the applicable Lenders of any notice given in accordance with this Section 2.03 (and the contents thereof), and of each Lender's portion of the requested Borrowing.

Section 9.04<u>Repayment of Loans; Evidence of Debt</u>. (a) The Borrowers, jointly and severally, hereby unconditionally promise to pay to the Administrative Agent for the account of each Lender (i) the principal amount of each Term Loan of such Lender made to the Borrowers as provided in Section 2.11 and (ii) the then unpaid principal amount of each Revolving Loan of such Revolving Lender made to the Borrowers on the applicable Maturity Date with respect to such Revolving Loan of such Revolving Lender. Each Loan shall be repaid in the currency in which it was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrowers to such Lender resulting from each Loan made by such Lender to the Borrowers from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement, and shall provide copies of such accounts to the Borrowers upon its reasonable request (at the Borrowers' sole cost and expense).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Administrative Agent shall maintain accounts in which it will record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrowers or any Subsidiary Guarantor and each Lender's share thereof, and shall provide copies of such accounts to the Borrowers upon its reasonable request (at the Borrowers' sole cost and expense).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The entries made in the accounts maintained pursuant to Sections 2.04(b) and 2.04(c) shall be conclusive evidence of the existence and amounts of the obligations therein recorded absent clearly demonstrable error; <u>provided</u>, <u>however</u>, that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligations of the Borrowers to repay the Loans in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any Lender may request that Loans made by it hereunder be evidenced by a promissory note. In such event, the Borrowers shall execute and deliver to such Lender a promissory note payable to such Lender and its registered assigns (i) in the form of <u>Exhibit F</u>, if such promissory note relates to Revolving Borrowings, or (ii) in the form of <u>Exhibit G</u>, if such promissory note relates to Term Loans or, in any such case, any other form reasonably acceptable to the Administrative Agent. Notwithstanding any other provision of this Agreement, in the event any Lender shall request and receive such a promissory note, the interests represented by such note shall at all times (including after any assignment of all or part of such interests pursuant to Section 9.04) be represented by one or more promissory notes payable to the payee named therein or its registered assigns.

Section 9.05<u>Fees</u>. (a) The Borrowers, jointly and severally, agree to pay to each Lender, through the Administrative Agent, no later than 30 Business Days after the last day of March, June, September and December in each year and on each date on which any Revolving Commitment of such Lender shall expire or be terminated as provided herein, a commitment fee (a "<u>Commitment Fee</u>") equal to 0.50% per annum on the average daily unused amount of the Revolving Commitments of such Lender

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during the preceding quarter (or shorter or longer period commencing with the Closing Date and ending with the applicable Maturity Date with respect to the Commitments of such Lender or the date on which the applicable Commitments of such Lender shall expire or be terminated); <u>provided</u> that, if the Consolidated Total Net Leverage Ratio as of the end of any quarter shall be equal to or less than 3:00 to 1:00, the Commitment Fee payable in respect of such quarter shall be equal to 0.375% per annum. All Commitment Fees shall be computed on the basis of the actual number of days elapsed in a year of 360 days. The Commitment Fee due to each Lender shall commence to accrue on the Closing Date and shall cease to accrue on the date on which the Commitment of such Lender shall expire or be terminated as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless previously paid, the Borrowers, jointly and severally, agree to pay to the Administrative Agent, for its own account, the fees in the amounts and at the times from time to time agreed to in writing by the Borrowers and the Administrative Agent, including pursuant to that certain fee letter, dated as of May 4, 2011, between the Parent Borrower and Citigroup Global Markets Inc., as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof (the "<u>Administrative Agent Fees</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrowers, jointly and severally, agree to pay (i) to each Revolving Lender, through the Administrative Agent, no later than 30 Business Days after the last day of March, June, September and December of each year and on the date on which the Revolving Commitment of such Revolving Lender shall be terminated as provided herein (each, an "<u>L/C Fee Payment Date</u>") a fee (an "<u>L/C Participation Fee</u>") calculated on such Revolving Lender's Pro Rata Percentage of the daily aggregate Revolving L/C Exposure (excluding the portion thereof attributable to unreimbursed L/C Disbursements which are earning interim interest pursuant to Section 2.23(h)) during the preceding quarter (or shorter or longer period commencing with the Closing Date and ending with the Maturity Date with respect to the Revolving Commitment of such Revolving Lender or the date on which all Letters of Credit have been canceled or have expired and the Revolving Commitments of all Revolving Lenders shall have been terminated) at a rate per annum equal to the Applicable Margin used to determine the interest rate on Revolving Borrowings comprised of Term SOFR Loans pursuant to Section 2.06 and (ii) to the Issuing Bank with respect to each outstanding Letter of Credit issued at the request of a Borrower a fronting fee, which shall accrue at such rate as shall be separately agreed upon between the Borrowers and the Issuing Bank, on the Dollar Equivalent of the drawable amount of such Letter of Credit, payable quarterly in arrears on each L/C Fee Payment Date after the issuance date of such Letter of Credit (or as otherwise separately agreed upon between the Borrowers and the applicable Issuing Bank), as well as the Issuing Bank's customary documentary and processing charges with respect to the issuance, amendment, renewal or extension of any Letter of Credit issued at the request of a Borrower or processing of drawings thereunder (the fees in this clause (ii), collectively, the "<u>Issuing Bank Fees</u>"). All L/C Participation Fees and Issuing Bank Fees shall be computed on the basis of the actual number of days elapsed in a year of 360 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All Fees shall be paid on the dates due, in immediately available funds in dollars, to the Administrative Agent for distribution, if and as appropriate, among the Lenders, except that the Issuing Bank Fees shall be paid directly to the Issuing Bank. Once paid, none of the Fees actually owed and due shall be refundable under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding anything herein to the contrary, during such period as a Lender is a Defaulting Lender, such Defaulting Lender will not be entitled to any fees accruing during such period pursuant to Section 2.05(a) or 2.05(c)(i) (without prejudice to the rights of the non-Defaulting Lenders in respect of such fees); <u>provided</u> that, (i) to the extent that all or a portion of such Defaulting Lender's Pro Rata Percentage of any Revolving L/C Exposure is reallocated to the non-Defaulting Lenders pursuant to Section 2.26, such fees that would have accrued for the benefit of such Defaulting Lender will instead accrue for the benefit of and be payable to such non-Defaulting Lenders, pro rata in accordance with their respective Revolving Commitments, and (ii) to the extent that all or any portion of such Defaulting Lender's Pro Rata Percentage of any Revolving L/C Exposure cannot be so reallocated, such fees will instead accrue for the benefit of and be payable to the Issuing Bank (and the pro rata payment provisions of Section 2.17 will automatically be deemed adjusted to reflect the provisions of this Section 2.05(e)).

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Section 9.06<u>Interest on Loans</u>. (a) Subject to the provisions of Section 2.07, (x) the outstanding Loans comprising each ABR Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when the Alternate Base Rate is determined by reference to the Prime Rate and over a year of 360 days at all other times) at a rate per annum equal to the Alternate Base Rate <u>plus</u> the Applicable Margin and (y) the outstanding Loans comprising each Canadian Base Rate Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when the Canadian Base Rate is determined by reference to clause (a) of the definition thereof and over a year of 360 days when the Canadian Base Rate is determined by reference to clause (b) of the definition thereof) at a rate per annum equal to the Canadian Base Rate plus the Applicable Margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the provisions of Section 2.07, (i) the Loans comprising each Term SOFR Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Term SOFR Rate for the Interest Period in effect for such Borrowing <u>plus</u> the Applicable Margin, (ii) the Loans comprising each Term CORRA Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Term CORRA Reference Rate for the Interest Period in effect for such Borrowing <u>plus</u> the Applicable Margin and (iii) the Loans comprising each Daily Simple SOFR Borrowing and each Daily Compounded CORRA Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to Daily Simple SOFR or Daily Compounded CORRA, as applicable, for such Borrowing <u>plus</u> the Applicable Margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Interest on each Loan shall be payable on the Interest Payment Dates applicable to such Loan except as otherwise provided in this Agreement. Subject to Section 2.08, the applicable Alternate Base Rate, Canadian Base Rate, Term SOFR Rate, Daily Simple SOFR, Daily Compounded CORRA or Term CORRA Reference Rate for each Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto. Interest on Loans denominated in dollars shall be payable in dollars, and interest on Loans denominated in an Alternative Currency shall be payable in such Alternative Currency.

Section 9.07<u>Default Interest</u>. If the Borrowers shall default in the payment of the principal of or interest on any Loan or any other amount becoming due and payable hereunder or under any other Loan Document, by acceleration or otherwise, the Borrowers shall on demand from time to time pay interest, to the extent permitted by law, on such defaulted amount to but excluding the date of actual payment (after as well as before judgment) (a) in the case of overdue principal, at the rate otherwise applicable to such Loan pursuant to Section 2.06 <u>plus</u> 2.00% per annum and (b) in all other cases, at a rate per annum (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when determined by reference to the Prime Rate and over a year of 360 days at all other times) equal to the rate that would be applicable to an ABR Loan or, with respect to any Obligation denominated in an Alternative Currency, the Canadian Base Rate, <u>plus</u> 2.00%.

Section 9.08<u>Alternate Rate of Interest</u>. (i) Subject to clauses (ii), (iii), (iv), (v) and (vi) of this Section 2.08, if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Administrative Agent determines reasonably and in good faith (which determination shall be conclusive absent manifest error) (i) prior to the commencement of any Interest Period for a Term SOFR Borrowing or a Term CORRA Borrowing that adequate and reasonable means do not exist for ascertaining the Term SOFR Rate (including because the Term SOFR Reference Rate is not available or published on a current basis) or Term CORRA (including because the Term CORRA Reference Rate is not available or published on a current basis), as applicable, for such Interest Period or (ii) prior to the Borrowing of a Daily Simple SOFR Loan that adequate and reasonable means do not exist for ascertaining Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the Administrative Agent is advised by the Required Lenders reasonably and in good faith that (i) prior to the commencement of any Interest Period for a Term SOFR Borrowing or a Term CORRA Borrowing, the Term SOFR Rate or Term CORRA, as applicable, for such Interest Period

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will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Term SOFR Borrowing or Term CORRA Borrowing, as applicable, for such Interest Period or (ii) prior to the Borrowing of a Daily Simple SOFR Loan, Daily Simple SOFR will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Daily Simple SOFR Borrowing;

then the Administrative Agent shall give notice thereof to the Parent Borrower and the Lenders by telephone or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Parent Borrower and the Lenders, or the Required Lenders notify the Administrative and the Parent Borrower, as the case may be, that the circumstances giving rise to such notice no longer exist with respect to the relevant benchmark rate (which notice shall be delivered within five (5) Business Days after such circumstances cease to exist) and (y) the applicable Borrower delivers a notice of conversion or continuation in accordance with the terms of <u>Section 2.10</u> or a Borrowing Request in accordance with the terms of <u>Section 2.03</u>, any notice of conversion or continuation that requests the conversion of any Borrowing to a Term SOFR Borrowing, a Term CORRA Borrowing or a Daily Simple SOFR Borrowing, or continuation of any Borrowing as a Term SOFR Borrowing or a Term CORRA Borrowing, or any notice of Borrowing that requests a Term SOFR Borrowing, a Term CORRA Borrowing or a Daily Simple SOFR Borrowing, may be revoked by such Borrower and, failing that, shall instead be deemed to be a notice of conversion or continuation or a Borrowing Request for an ABR Loan (or, if Daily Simple SOFR is not subject to this Section 2.08(i), a Daily Simple SOFR Loan) or a Canadian Base Rate Loan (or, if Daily Compounded CORRA is not subject to this Section 2.08(i), a Daily Compounded CORRA Loan), as applicable. Furthermore, if any Term SOFR Loan, Term CORRA Loan or Daily Simple SOFR Loan is outstanding on the date of the Borrowers' receipt of the notice from the Administrative Agent referred to in this Section 2.08 with respect to the Term SOFR Rate, Term CORRA or Daily Simple SOFR, as applicable, then until (x) the Administrative Agent notifies the Borrowers and the Lenders, or the Required Lenders notify the Administrative and the Borrowers, as the case may be, that the circumstances giving rise to such notice no longer exist with respect to the relevant benchmark rate (which notice shall be delivered within five (5) Business Days after such circumstances cease to exist) and (y) the applicable Borrower delivers a new notice of conversion or continuation in accordance with the terms of <u>Section 2.10</u> or a new Borrowing Request in accordance with the terms of <u>Section 2.03</u>, any (A) such Term SOFR Loan or Term CORRA Loan shall on the last day of the Interest Period applicable to such Term SOFR Loan or Term CORRA Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, an ABR Loan (or, if Daily Simple SOFR is not subject to this Section 2.08(i), a Daily Simple SOFR Loan) or a Canadian Base Rate Loan (or, if Daily Compounded CORRA is not subject to this Section 2.08(i), a Daily Compounded CORRA Loan), as applicable, or (B) any such Daily Simple SOFR Loan shall on the Business Day immediately following the date of receipt of such notice be converted by the Administrative Agent to, and shall constitute, an ABR Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Notwithstanding anything to the contrary herein or in any other Loan 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 Loan 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 Loan 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 Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time; or, with respect to a replacement of Term CORRA, Toronto Time) on the fifth (5th)

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Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. If the Benchmark Replacement is Daily Compounded CORRA, all interest payments will be payable on the last day of each Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Notwithstanding anything to the contrary herein (including in Section 9.08 of this Agreement) or in any other Loan Document, the Administrative Agent will have the right, in consultation with the Parent Borrower, to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan 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 Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Administrative Agent will promptly notify the Borrowers and the Lenders 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 (v) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, the Parent Borrower or any Lender pursuant to this Section 2.08, 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 Loan Document, except, in each case, as expressly required pursuant to this Section 2.08.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Notwithstanding anything to the contrary herein or in any other Loan 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 Term CORRA) 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 Administrative Agent in its reasonable discretion or (b) the administrator of such Benchmark or 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 Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) 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 Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)A Borrower may revoke any request for a Borrowing of Term SOFR Loans, Term CORRA Loans or Daily Simple Loans, a conversion to a Term SOFR Loans, Term CORRA Loans or Daily Simple Loans or a continuation of a Term SOFR Loan or Term CORRA Loan, in each case, during any Benchmark Unavailability Period and, failing that, such Borrower will be deemed to have converted any such request into a request for a Borrowing of, or conversion to, an ABR Loan (or, for so long as Daily Simple SOFR is not the subject of a Benchmark Transition Event, a Daily Simple SOFR Loan) or a Canadian Base Rate Loan (or, for so long as Daily Compounded CORRA is not the subject of a Benchmark Transition Event, a Daily Compounded CORRA Loan), as applicable. 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 ABR or the Canadian Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR or the Canadian Base Rate, as applicable. Furthermore, if any Term SOFR Loan, Term CORRA Loan or Daily Simple Loan is outstanding on the date of the Parent Borrower's receipt of notice of the

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commencement of a Benchmark Unavailability Period with respect to the Term SOFR Rate, Daily Simple SOFR or Term CORRA, as applicable, then until such time as a Benchmark Replacement is implemented pursuant to this Section 2.08, (A) any Term SOFR Loan or Term CORRA Loan shall on the last day of the Interest Period applicable to such Term SOFR Loan or Term CORRA Loan (or the next succeeding Business Day if such day is not a Business Day) be converted by the Administrative Agent to, and shall constitute, an ABR Loan (or, for so long as Daily Simple SOFR is not the subject of a Benchmark Transition Event, a Daily Simple SOFR Loan) or a Canadian Base Rate Loan (or, for so long as Daily Compounded CORRA is not the subject of a Benchmark Transition Event, a Daily Compounded CORRA Loan), as applicable, and (B) any such Daily Simple SOFR Loan shall on the Business Day immediately following the date of receipt of such notice be converted by the Administrative Agent to, and shall constitute, an ABR Loan.

Section 9.09<u>Termination and Reduction of Commitments</u>. (a) Unless previously terminated in accordance with the terms hereof, (i) the Term Commitments in respect of the Term Loans made on the Closing Date shall automatically terminate at 5:00 p.m., New York City time, on the Closing Date, (ii) the 2024 New Term Commitments (other than the 2024-2 New Term Commitments) shall automatically terminate upon the initial funding of the 2024 New Term Loans on the Eighth Amendment Effective Date, (iii) the 2024-2 New Term Commitments shall automatically terminate upon the initial funding of the 2024-2 New Term Loans on the Eleventh Amendment Effective Date and (iv) the Revolving Commitments and the L/C Commitment shall automatically terminate on the applicable Maturity Date with respect to such Revolving Commitments (<u>provided</u> that, notwithstanding anything else herein to the contrary, the Maturity Date applicable to the L/C Commitment shall be the Tranche C Revolving Termination Date unless such date is extended with the prior written consent of, in the case of the L/C Commitment, the Issuing Banks). If any Letter of Credit remains outstanding on the Maturity Date with respect to the Revolving Commitments applicable to such Letter of Credit (and, at the time thereof, after giving effect to the reallocations of Letter of Credit participations provided for in Section 2.23(d)(iii) and the repayment of the applicable Revolving Loans at such time, the Revolving Exposure of the applicable Revolving Lenders exceeds the available Revolving Commitments of such Revolving Lenders), the Borrowers shall deposit with the Administrative Agent an amount in cash equal to 103% of the aggregate undrawn amount of such Letter of Credit to secure the full obligations with respect to any drawings that may occur thereunder, which amount shall be promptly returned to the Borrowers upon each such Letter of Credit being terminated or cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Upon at least three Business Days' prior irrevocable written notice by the Parent Borrower to the Administrative Agent, the Borrowers may at any time in whole permanently terminate, or from time to time in part permanently reduce, in each case without premium or penalty, the Revolving Commitments; <u>provided</u>, <u>however</u>, that (i) each partial reduction of the Revolving Commitments shall be in an integral multiple of $1,000,000 and in a minimum amount of $5,000,000 and (ii) the Total Revolving Commitment shall not be reduced to an amount that is less than the Aggregate Revolving Exposure then in effect; <u>provided</u>, <u>further</u>, that a notice of termination may state that such termination is conditioned upon the effectiveness of other credit facilities or any other event, in which case such notice may be revoked (or the termination date extended) by the Parent Borrower (by notice to the Administrative Agent on or prior to the specified termination date) if such condition is not satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each reduction in the Revolving Commitments shall be made, at the Borrowers' option, to either (i) on a pro rata basis all Classes of Revolving Commitments outstanding on such date or (ii) the Classes of Revolving Commitments outstanding on such date in the order of the maturity date thereof, in each case, ratably among the applicable Lenders in accordance with their Pro Rata Percentages; <u>provided</u>, <u>however</u>, that (i) to the extent applicable, the Tranche A Revolving Commitments may not be reduced to an amount less than the sum of the aggregate principal amount of Tranche A Revolving Loans and the Tranche A Revolving L/C Exposure then outstanding, (ii) to the extent applicable, the Tranche B Revolving Commitments may not be reduced to an amount less than the sum of the aggregate principal amount of Tranche B Revolving Loans and the Tranche B Revolving L/C Exposure then outstanding and (iii) to the extent applicable, the Tranche C Revolving Commitments may not be reduced to an amount less than the sum of the aggregate principal amount of Tranche C Revolving Loans and the Tranche C Revolving L/C Exposure then outstanding. The

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Borrowers shall pay to the Administrative Agent for the account of the applicable Lenders, on the date of each termination or reduction, the Commitment Fees on the amount of the Dollar Equivalent of the Commitments so terminated or reduced accrued to but excluding the date of such termination or reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Borrowers may terminate the unused amount of the Commitment of a Defaulting Lender upon not less than ten Business Days' prior notice by the Parent Borrower to the Administrative Agent (which will promptly notify the Lenders thereof), and in such event the provisions of Section 2.26(e) shall apply to all amounts thereafter paid by the Borrowers for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); <u>provided</u> that, such termination will not be deemed to be a waiver or release of any claim the Borrowers, the Administrative Agent, the Issuing Bank or any Lender may have against such Defaulting Lender.

Section 9.10<u>Conversion and Continuation of Borrowings</u>. The Borrowers shall have the right at any time upon prior irrevocable notice by the Parent Borrower to the Administrative Agent (a) not later than 1:00 p.m., New York City time, on the day of conversion, to convert any Term SOFR Borrowing or Daily Simple SOFR Borrowing into an ABR Borrowing, any Term SOFR Borrowing into a Daily Simple SOFR Borrowing or any ABR Borrowing into a Daily Simple SOFR Borrowing, (b) not later than 1:00 p.m., New York City time, one Business Day prior to conversion, to convert any Term CORRA Borrowing into a Canadian Base Rate Borrowing and (c) not later than 1:00 p.m., New York City time, three Business Days prior to conversion or continuation, to convert any ABR Borrowing into a Term SOFR Borrowing, any Daily Simple SOFR Borrowing into a Term SOFR Borrowing or any Canadian Base Rate Borrowing into a Term CORRA Borrowing or to continue any Term SOFR Borrowing as a Term SOFR Borrowing or a Term CORRA Borrowing as a Term CORRA Borrowing for an additional Interest Period, and (d) not later than 1:00 p.m., New York City time, three Business Days prior to conversion or continuation, to convert or continue the Interest Period with respect to any Term SOFR Borrowing or Term CORRA Borrowing of the Borrowers to another permissible Interest Period or an additional Interest Period, as applicable, subject in each case to the following; <u>provided</u> that, for the avoidance of doubt, as of the Eighth Amendment Effective Date, Term Borrowings may only be converted into Term SOFR Loans or ABR Loans unless a Benchmark Transition Event has occurred pursuant to Section 2.04 with respect to Term SOFR:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)each conversion or continuation shall be made pro rata among the Lenders in accordance with the respective principal amounts of the Loans comprising the converted or continued Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if less than all the outstanding principal amount of any Borrowing shall be converted or continued, then each resulting Borrowing shall satisfy the limitations specified in Sections 2.02(a) and 2.02(b) regarding the principal amount and maximum number of Borrowings of the relevant Type;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)each conversion shall be effected by each Lender and the Administrative Agent by recording for the account of such Lender the new Loan of such Lender resulting from such conversion and reducing the Loan (or portion thereof) of such Lender being converted by an equivalent principal amount; accrued and unpaid interest on any Term SOFR Loan or Term CORRA Loan (or portion thereof) being converted shall be paid by the Borrowers at the time of conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)if any Term SOFR Borrowing or Term CORRA Borrowing is converted at a time other than the end of the Interest Period applicable thereto, the Borrowers shall pay, upon demand, any amounts due to the Lenders pursuant to Section 2.16;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any portion of a Borrowing maturing or required to be repaid in less than one month may not be converted into or continued as a Term SOFR Borrowing or Term CORRA Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any portion of a Term SOFR Borrowing or Term CORRA Borrowing that cannot be converted into or continued as a Term SOFR Borrowing or Term CORRA Borrowing (as applicable)

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by reason of the immediately preceding clause shall be automatically converted at the end of the Interest Period in effect for such Borrowing into an ABR Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)[reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)after the occurrence and during the continuance of an Event of Default, no outstanding Loan may be converted into, or continued as, a Term SOFR Loan or a Term CORRA Loan.

Each notice pursuant to this Section 2.10 shall be irrevocable and shall refer to this Agreement and specify (A) the identity, amount and currency of the Borrowing that a Borrower requests be converted or continued, (B) whether such Borrowing is to be converted to or continued as a Term SOFR Borrowing, a Term CORRA Borrowing, a Daily Simple SOFR Loan, a Canadian Base Rate Borrowing or an ABR Borrowing, (C) if such notice requests a conversion, the date of such conversion (which shall be a Business Day) and (D) if such Borrowing is to be converted to or continued as a Term SOFR Borrowing or Term CORRA Borrowing, the Interest Period with respect thereto. If no Interest Period is specified in any such notice with respect to any conversion to or continuation as a Term SOFR Borrowing or Term CORRA Borrowing, such Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall advise the Lenders of any notice given pursuant to this Section 2.10 and of each Lender's portion of any converted or continued Borrowing. If the applicable Borrower shall not have given notice in accordance with this Section 2.10 to continue any Borrowing into a subsequent Interest Period (and shall not otherwise have given notice in accordance with this Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of the Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically be converted or continued into (x) in the case of Loans denominated in dollars, a Term SOFR Borrowing with an Interest Period of one month and (y) in the case of Loans denominated in Canadian Dollars, a Term CORRA Borrowing with an Interest Period of one month.

Section 9.11<u>Repayment of Term Loans</u>. (a) All Term Loans and New Term Loans outstanding on the Fourth Amendment Effective Date have been repaid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event and on each occasion that any Term Commitments shall be reduced or shall expire or terminate other than as a result of the making of a Term Loan, the installments payable on each applicable repayment date, as applicable, shall be reduced pro rata by an aggregate amount equal to the amount of such reduction, expiration or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)With respect to (a) 2024 New Term Loans, on the last Business Day of each March, June, September and December, commencing with the last Business Day of the Parent Borrower's first fiscal quarter following the Eleventh Amendment Effective Date, the Borrowers shall pay to the Administrative Agent, for the account of the Lenders holding 2024 New Term Loans, an amount equal to $3,318,153.27, and (b) any other Term Loans, on the dates and in the amounts (as applicable) set forth in the applicable Joinder Agreement, the Borrowers shall pay to the Administrative Agent, for the account of the applicable Lenders, principal amounts as set forth in such Joinder Agreement, in each case, as adjusted from time to time pursuant to the terms hereof; *provided* that the amortization schedule for the 2024 New Term Loans may provide for amortization in such other percentage(s) to be agreed by Borrowers and the Administrative Agent to ensure that the 2024-2 New Term Loans are fungible for U.S. federal income tax purposes with the 2024 New Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the extent not previously repaid, the outstanding principal amount of all Term Loans (in each case, as adjusted from time to time pursuant to Sections 2.11(b), 2.12 and 2.13(b)) will be due and payable on the applicable Maturity Date for such applicable Class of Term Loans, in each case,

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together with accrued and unpaid interest and Fees on the amount to be paid to but excluding the date of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)All repayments pursuant to this Section 2.11 shall be subject to Section 2.16, but shall otherwise be without premium or penalty.

Section 9.12<u>Prepayment</u>. (a) The Borrowers shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, subject to the provisions of Section 2.12(d) below, upon at least three Business Days' prior written notice by the Parent Borrower (or telephone notice promptly confirmed by written notice) in the case of Term SOFR Loans and Term CORRA Loans, or written notice by the Parent Borrower (or telephone notice promptly confirmed by written notice) at least one Business Day prior to the date of prepayment in the case of Daily Simple SOFR Loans, ABR Loans and Canadian Base Rate Loans, to the Administrative Agent before 11:00 a.m., New York City time; <u>provided</u>, <u>however</u>, that each partial prepayment shall be in an amount that is an integral multiple of the Dollar Equivalent of $1,000,000 and not less than the Dollar Equivalent of $5,000,000; <u>provided</u>, <u>further</u>, that partial prepayments may be made in respect of Tranche A Revolving Loans and Tranche B Revolving Loans on the Tranche A Revolving Termination Date and Tranche B Revolving Termination Date, respectively, without a pro rata payment of any Revolving Loans of a different Class that constitute the same Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as otherwise set forth in Section 2.12(e) below, optional prepayments of Term Loans shall be applied among the Classes of Term Loans as directed by the Borrowers in their sole and absolute discretion (or, in the case of no such direction, pro rata to each of the Classes of Term Loans) and within each Class of Term Loans subject to such prepayment prepayments will be applied to the remaining scheduled amortization payments of such applicable Class of Term Loans as directed by the Borrowers (or in the absence of such direction, in direct order of maturity, to the amortization payments of such applicable Class of Term Loans) and will be applied ratably to the Term Loans of such Class included in the prepaid Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each notice of prepayment shall be substantially in the form of <u>Exhibit H</u>, shall be irrevocable and shall commit the Borrowers to prepay such Borrowing by the amount stated therein on the date stated therein; <u>provided</u> that, a notice of prepayment may state that such prepayment is conditioned upon the effectiveness of other credit facilities or any other event, in which case such notice may be revoked (or the prepayment date extended) by the Parent Borrower (by notice to the Administrative Agent on or prior to the specified prepayment date) if such condition is not satisfied. All prepayments and failures to prepay under this Section 2.12 shall be subject to Section 2.16. All prepayments under this Section 2.12 shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any (i) amendment, amendment and restatement or other modification of this Agreement consummated after the Twelfth Amendment Effective Date but on or prior to the date that is six months after the Twelfth Amendment Effective Date or (ii) voluntary prepayment of all but not less than all of the 2024 New Term Loans then outstanding consummated after the Twelfth Amendment Effective Date but on or prior to the date that is six months after the Twelfth Amendment Effective Date with the proceeds of a substantially concurrent issuance or incurrence of new bank loans (which voluntary prepayment shall be deemed to have occurred even if a portion of the 2024 New Term Loans then outstanding are replaced, converted or re-evidenced with, into or by such new term loans so long as all but not less than all of such 2024 New Term Loans then outstanding are so prepaid) the primary purpose of which, in the case of either clause (i) or clause (ii), is to decrease the Applicable Margin with respect to the 2024 New Term Loans then outstanding, shall be accompanied by a fee payable to the Lenders holding the 2024 New Term Loans then outstanding (which shall include any Non-Consenting Lender that is repaid in connection with any such amendment or amendment and restatement), in an amount equal to 1.00% of the aggregate principal amount of such 2024 New Term Loans then outstanding only if such amendment, amendment and restatement, other modification or prepayment is not otherwise undertaken in connection with another material transaction or series of related material transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)(i) Notwithstanding anything to the contrary in this Agreement, including but not limited to Sections 2.12(a), 2.12(b), 2.17, 2.18 and 2.19 (which provisions shall not be applicable to this Section 2.12(e)) or any other Loan Document, any Purchasing Borrower Party shall have the right at any time and from time to time prior to the Latest Maturity Date in respect to any Term Borrowing to purchase Loans under such Term Borrowing from the applicable Lenders at a discount to the par value of such Loans (each, a "<u>Discounted Voluntary Purchase</u>") pursuant to and in accordance with this Section 2.12(e). Each Discounted Voluntary Purchase shall be subject to each of the following conditions: (A) no Discounted Voluntary Purchase shall be made, directly or indirectly, with the proceeds of any Loan, (B) any Discounted Voluntary Purchase may, at the election of the Purchasing Borrower Party, be offered in respect of one or more Classes of Term Loans, but shall be offered pro rata to all Term Lenders within the Classes of Term Loans selected by the Purchasing Borrower Party, (C) such Purchasing Borrower Party shall deliver to the Administrative Agent a certificate stating that (1) no Default or Event of Default has occurred and is continuing or would result from the Discounted Voluntary Purchase (after giving effect to any related waivers, supplements or amendments obtained in connection with such Discounted Voluntary Purchase) and (2) each of the conditions to such Discounted Voluntary Purchase contained in this Section 2.12(e) has been satisfied, (D) no Discounted Voluntary Purchase shall be deemed to be a prepayment pursuant to this Section 2.12 and (E) any Term Loans repurchased in any Discounted Voluntary Purchase by any Purchasing Borrower Party shall, without further action by any Person, be deemed cancelled and no longer outstanding (and may not be resold by any Purchasing Borrower Party) for all purposes of this Agreement and all other Loan Documents, including (x) the making of, or the application of, any payments to the Lenders under this Agreement or any other Loan Document, (y) the making of any request, demand, authorization, direction, notice, consent or waiver under this Agreement or any other Loan Document or (z) the determination of Required Lenders, Majority Term Lenders or for any similar or related purpose, under this Agreement or any other Loan Document, and the Administrative Agent is hereby authorized to make appropriate entries in the Register to reflect any such cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)To the extent that a Purchasing Borrower Party seeks to make a Discounted Voluntary Purchase, such Purchasing Borrower Party will deliver to the Administrative Agent written notice substantially in the form of <u>Exhibit I</u> and with such changes as agreed to by the Administrative Agent (each, a "<u>Discounted Purchase Option Notice</u>") not later than 11:00 a.m., New York City time, at least ten Business Days prior to the proposed Acceptance Date that such Purchasing Borrower Party desires to purchase Term Loans in an aggregate principal amount specified therein by the Purchasing Borrower Party (each, a "<u>Proposed Discounted Purchase Amount</u>"), in each case at a discount to the par value of such Term Loans as specified below. The Proposed Discounted Purchase Amount of Term Loans shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000. The Discounted Purchase Option Notice shall further specify with respect to the proposed Discounted Voluntary Purchase: (A) the Proposed Discounted Purchase Amount of Term Loans, (B) a discount range (which may be a single percentage) selected by the Purchasing Borrower Party with respect to such proposed Discounted Voluntary Purchase (representing the percentage of par of the principal amount of Term Loans to be prepaid) (the "<u>Discount Range</u>") and (C) the date by which Term Lenders are required to indicate their election to participate in such proposed Discounted Voluntary Purchase which shall be at least five Business Days following the date of the Discounted Purchase Option Notice (the "<u>Acceptance Date</u>"); <u>provided</u> that any Term Lender offered or approached to participate in any Discounted Voluntary Purchase (x) may elect or decline, in its sole discretion, to participate in such Discounted Voluntary Purchase, (y) shall make its own decision on whether to sell any of its Term Loans and, if it decides to do so, the principal amount of and price to be sought for such Term Loans and (z) shall, in its sole discretion, consult its own attorney, business advisor or tax advisor as to legal, business, tax and related matters concerning such Discounted Voluntary Purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Upon receipt of a Discounted Purchase Option Notice in accordance with Section 2.12(e)(ii), the Administrative Agent shall promptly notify each Term Lender thereof. On or prior to the Acceptance Date, each such Term Lender may, in its discretion, specify, by delivering a written notice substantially in the form of <u>Exhibit J</u> and with such changes as agreed to by the Administrative Agent (each, a "<u>Lender Participation Notice</u>") to the Administrative Agent, (A) a minimum price (the "<u>Acceptable Price</u>") within the Discount Range (for example, 80.0% of the par value of the Term Loans to be prepaid) and (B) a maximum principal amount (subject to rounding requirements specified by the Administrative Agent) of Term Loans with respect to which such Term Lender is willing

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to permit a Discounted Voluntary Purchase at the Acceptable Price ("<u>Offered Loans</u>"). Based on the Acceptable Prices and principal amounts of Term Loans specified by the Term Lenders in the applicable Lender Participation Notice, the Administrative Agent, in consultation with the Purchasing Borrower Party, shall determine the applicable discount for Term Loans (the "<u>Applicable Discount</u>"), which Applicable Discount shall be (x) the percentage specified by the Purchasing Borrower Party if the Purchasing Borrower Party has selected a single percentage pursuant to Section 2.12(e)(ii) for the Discounted Voluntary Purchase or (y) otherwise, the lowest Acceptable Price at which the Purchasing Borrower Party can pay the Proposed Discounted Purchase Amount in full (determined by adding the principal amounts of Offered Loans commencing with the Offered Loans with the lowest Acceptable Price); <u>provided</u>, <u>however</u>, that in the event that such Proposed Discounted Purchase Amount cannot be paid in full at any Acceptable Price, the Applicable Discount shall be the highest Acceptable Price specified by the Term Lenders that is within the Discount Range. The Applicable Discount shall be applicable to all Term Lenders who have offered to participate in the Discounted Voluntary Purchase and hold Qualifying Loans. Any Term Lender with outstanding Term Loans whose Lender Participation Notice is not received by the Administrative Agent on or prior to the Acceptance Date shall be deemed to have declined to participate in a Discounted Voluntary Purchase of any of its Term Loans at any discount to their par value within the Applicable Discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Purchasing Borrower Party shall make a Discounted Voluntary Purchase by prepaying at the Applicable Discount those Term Loans (or the respective portions thereof) offered by the Term Lenders (the "<u>Qualifying Lenders</u>") that specify an Acceptable Price that is equal to or lower than the Applicable Discount (the "<u>Qualifying Loans</u>"); <u>provided</u> that if the aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest and other amounts due and payable with respect thereto at such time) would exceed the amount of aggregate proceeds required to prepay the Proposed Discounted Purchase Amount, calculated by applying the Applicable Discount, the Purchasing Borrower Party shall prepay such Qualifying Loans ratably among the Qualifying Lenders based on their respective principal amounts of such Qualifying Loans (subject to rounding requirements specified by the Administrative Agent). If the aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest and other amounts due and payable with respect thereto at such time) would be less than the amount of the aggregate proceeds required to prepay the Proposed Discounted Purchase Amount, calculated by applying the Applicable Discount, the Purchasing Borrower Party shall prepay all Qualifying Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Each Discounted Voluntary Purchase shall be made within four Business Days of the Acceptance Date (or such other date as the Administrative Agent may reasonably agree to, given the time required to calculate the Applicable Discount and determine the amount and holders of Qualifying Loans), without premium or penalty (but subject to the provisions of Section 2.12(d)), upon irrevocable notice substantially in the form of <u>Exhibit K</u> and with such changes as agreed to by the Administrative Agent (each a "<u>Discounted Voluntary Purchase Notice</u>"), delivered by the applicable Purchasing Borrower Party to the Administrative Agent no later than 11:00 a.m. (New York City time), three Business Days prior to the date of such Discounted Voluntary Purchase, which notice shall specify the date and amount of the Discounted Voluntary Purchase and the Applicable Discount determined by the Administrative Agent. Upon receipt of any Discounted Voluntary Purchase Notice, the Administrative Agent shall promptly notify each relevant Term Lender thereof. If any Discounted Voluntary Purchase Notice is given, the Purchasing Borrower Party shall pay the amount specified in such Discounted Voluntary Purchase Notice to the applicable Qualifying Lenders on the date specified therein, together with accrued and unpaid interest on the par principal amount of such applicable Qualifying Loans to but excluding the date of payment, and each such Discounted Voluntary Purchase shall be consummated pursuant to an Assignment and Assumption executed by the applicable Purchasing Borrower Party and each applicable Qualifying Lender and shall be recorded in the Register in accordance with Section 9.04(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)To the extent not expressly set forth herein, each Discounted Voluntary Purchase shall be consummated pursuant to reasonable procedures (including as to timing, rounding and calculation of Applicable Discount in accordance with Section 2.12(e)(iii) above) established by the Administrative Agent and the Parent Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Prior to the delivery of a Discounted Voluntary Purchase Notice, upon written notice to the Administrative Agent, the Purchasing Borrower Party may withdraw its offer to make a Discounted Voluntary Purchase pursuant to any Discounted Purchase Option Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Each of each Qualifying Lender and each Purchasing Borrower Party acknowledges and agrees that, with respect to any Discounted Voluntary Purchase, (A) it or any other party to such Discounted Voluntary Purchase may have, or come into possession of, information (collectively, the "<u>Excluded Information</u>") regarding the Parent Borrower, its Subsidiaries, their respective securities or the Loan Documents (including financial results and business plans) that is not known or available to any Agent, any Arranger, any Issuing Bank, any Loan Party or any Lender and that may be material to its or such other party's decision to enter into such Discounted Voluntary Purchase (including material non-public information with respect to the Parent Borrower, its Subsidiaries or their respective securities), and that it or any other party to such Discounted Voluntary Purchase may be entering into such Discounted Voluntary Purchase based on the Excluded Information, (B) it has independently and without reliance on any Agent, any Arranger, any Issuing Bank, any Loan Party or any Lender (and no, Agent, Arranger, Issuing Bank, Loan Party or Lender shall have any duty or responsibility to conduct any analysis on its behalf), and based on such information as it has deemed appropriate (including, if applicable, the Excluded Information), made its own independent analysis (including credit, legal, tax and bankruptcy analysis), consulted with its own advisors with respect thereto as it has deemed appropriate and determined to enter into such Discounted Voluntary Purchase and to consummate the transactions contemplated thereby, notwithstanding its lack of knowledge of the Excluded Information or the knowledge by any other party to such Discounted Voluntary Purchase of the Excluded Information, and (C) none of any Agent, any Arranger, any Issuing Bank, any Loan Party or any Lender shall have any liability to it with respect to the nondisclosure of the Excluded Information, and it hereby to the extent permitted by law waives and releases any claims it may have against any Agent, any Arranger, any Issuing Bank, any Loan Party or any Lender under applicable laws or otherwise, with respect to the nondisclosure of the Excluded Information; <u>provided</u> that the Excluded Information shall not and does not affect the truth or accuracy of any representations or warranties made by it in any documents executed by it with respect to such Discounted Voluntary Purchase or any representations or warranties made by any Loan Party under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)None of any Agent, any Arranger, any Issuing Bank, any Lender or any of their respective affiliates assumes any responsibility for the accuracy or completeness of the information concerning the Borrowers, the Loan Parties, or any of their Affiliates (whether contained in the documents with respect to any Discounted Voluntary Purchase or otherwise) or for any failure to disclose events that may have occurred and may affect the significance or accuracy of such information.

Section 9.13<u>Mandatory Prepayments</u>. (a) In the event of any termination in full of all the Revolving Commitments, the Borrowers shall, on the date of such termination, repay or prepay all its outstanding Revolving Borrowings and replace all its outstanding Letters of Credit and/or deposit an amount equal to the Revolving L/C Exposure in cash in a cash collateral account established with the Administrative Agent for the benefit of the Revolving Lenders and the Issuing Bank. If as a result of any partial reduction of the Revolving Commitments the Aggregate Revolving Exposure would exceed the Total Revolving Commitment, after giving effect thereto, then the Borrowers shall, on the date of such reduction, repay or prepay Revolving Borrowings and/or cash collateralize Letters of Credit in an amount sufficient to eliminate such excess. Each prepayment under this Section 2.13(a) shall be made on a *pro rata* basis among the Revolving Commitments based on the Pro Rata Percentages of each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event that the Parent Borrower or any Restricted Subsidiary is required to make a mandatory prepayment of Term Loans pursuant to Section 6.04(e) with Excess Proceeds, the Borrowers shall make such prepayment within ten (10) Business Days following the date set forth in such Section 6.04(e); <u>provided</u> that, if at the time that any such prepayment would be required, the Borrowers are required to, or are required to offer to, repurchase, redeem, repay or prepay Indebtedness secured on a *pari passu* basis with the Guaranteed Obligations and constitute Priority Lien Obligations (as defined in the Collateral Trust Agreement) (any such Indebtedness, "<u>Other Applicable Indebtedness</u>"), then the Borrowers may apply the Excess Proceeds to redeem, repurchase, repay or prepay Term Loans and Other Applicable Indebtedness on a *pro rata* basis (determined on the basis of the aggregate

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outstanding principal amount of such applicable Term Loans and Other Applicable Indebtedness at such time); <u>provided</u>, <u>however</u>, that the portion of such Excess Proceeds allocated to the Other Applicable Indebtedness will not exceed the amount of such Excess Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Excess Proceeds will be allocated to the prepayment of the Term Loans (in accordance with the terms hereof) and to the repurchase or repayment of Other Applicable Indebtedness, and the amount of the prepayment of the Term Loans that would have otherwise been required pursuant to this Section 2.12(b) shall be reduced accordingly; <u>provided</u>, <u>further</u>, that to the extent the holders of Other Applicable Indebtedness decline to have such Indebtedness repurchased, redeemed, repaid or prepaid with such prepayment amount, the declined amount of such prepayment amount will promptly (and in any event within ten (10) Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms hereof (to the extent such prepayment amount would otherwise have been required to be so applied if such Other Applicable Indebtedness was not then outstanding).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Parent Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made pursuant to Section 2.13(b) at least three (3) Business Days prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the amount of such prepayment. The Administrative Agent will promptly notify each applicable Term Lender of the contents of such Borrower's prepayment notice and of such Term Lender's *pro rata* share of such prepayment, following which, (A) each applicable Term Lender will have the right to refuse such prepayment by giving written notice of such refusal to the Administrative Agent within one Business Day after such Lender's receipt of notice from the Administrative Agent of such offer of prepayment ("<u>Declined Proceeds</u>") (in which case such Borrower shall not prepay any Term Loans of such Lender on the date that is specified in clause (B) below), (B) such Borrower will make all such prepayments not so refused upon the fourth Business Day after delivery of notice by the Parent Borrower pursuant to Section 2.05(b)(vi) and (C) any Declined Proceeds may be retained by the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)At the time of each prepayment, reduction or cash collateralization required under Section 2.13(a), the applicable Borrower shall deliver to the Administrative Agent and the applicable Issuing Bank a certificate signed by a Financial Officer of such Borrower setting forth in reasonable detail the calculation of the amount of such prepayment, reduction or cash collateralization. Each notice of reduction or cash collateralization shall specify the reduction or cash collateralization date, the Type and Class of each Loan being prepaid and the principal amount of each Loan (or portion thereof) to be prepaid and the amount of any reduction of Revolving Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each mandatory prepayment of Term Loans pursuant to Section 2.13(b) will be applied as directed by the Borrowers in their sole and absolute discretion (or, in the case of no such direction, *pro rata* to each of the Classes of Term Loans) and within each Class of Term Loans subject to such prepayment prepayments will be applied to the remaining scheduled amortization payments of such applicable Class of Term Loans as directed by the Borrowers in their sole and absolute discretion (or in the absence of such direction, in direct order of maturity, to the amortization payments of such applicable Class of Term Loans and ratably to the Term Loans of such Class included in the prepaid Borrowing); <u>provided</u> that, if no Term Lenders exercise the right to decline a mandatory prepayment of the Term Loans pursuant to Section 2.13(c) then, with respect to any such mandatory prepayment, the amount of such mandatory prepayment will be applied first to Term Loans that are ABR Loans to the full extent thereof before application to Term Loans that are SOFR Loans in a manner that minimizes the amount of any payments required to be made by the Borrowers pursuant to Section 2.16; <u>provided</u>, <u>however</u>, that any prepayment due under this Section 2.13, other than prepayments under Sections 2.13(a), may, at the Borrowers' option, be made at the end of the next applicable Interest Period; <u>provided</u>, <u>further</u>, that any prepayment of New Term Loans or Refinancing Term Loans will be applied in the order specified in the applicable Joinder Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)All prepayments of Borrowings or reductions of Revolving Commitments pursuant to this Section 2.13 shall be accompanied by accrued and unpaid interest on the principal amount to be paid to but excluding the date of payment and shall be subject to Section 2.16, but shall otherwise be without premium or penalty.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Notwithstanding any provisions of this Section 2.13 to the contrary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to the extent that any or all of the Net Proceeds of any Asset Sale by a Foreign Subsidiary or attributable to a Foreign Subsidiary giving rise to a mandatory prepayment pursuant to Section 2.13(b) are prohibited or delayed by (i) applicable local law (including laws related to financial assistance, corporate benefit, thin capitalization, capital maintenance, liquidity maintenance and similar legal principles, and in respect of restrictions on upstreaming of cash intra-group and the fiduciary and statutory duties of the Board of Directors of the applicable Restricted Subsidiaries) or (ii) material organizational document or other contractual restrictions as a result of minority ownership or in any material agreements, in each case, from being repatriated to the United States, the portion of such Net Proceeds so affected will not be required to be applied to prepay Term Loans at the times provided in this Section 2.13(b), but may be retained by the applicable Foreign Subsidiary for so long, but only so long, as the applicable local law or restriction will not permit repatriation to the United States. Once such repatriation of any of such affected Net Proceeds is permitted under the applicable local law or restriction, such repatriation will be effected promptly and such repatriated Net Proceeds will be promptly applied (net of additional Taxes payable or reserved against as a result thereof) to the prepayment of the Term Loans pursuant to Section 2.13(b) to the extent provided herein; <u>provided</u> that, the Borrowers hereby agree, and will cause any applicable Subsidiary, to promptly take all commercially reasonable actions required by applicable local law to permit any such repatriation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to the extent that the Parent Borrower has reasonably determined in good faith that repatriation of any or all of the Net Proceeds of any Asset Sale by a Foreign Subsidiary or attributable to a Foreign Subsidiary giving rise to a prepayment event pursuant to Section 2.13(b) would have material adverse Tax consequences to the Parent Borrower or any of its Subsidiaries, the Net Proceeds so affected will not be required to be applied to prepay Term Loans at the times provided in Section 2.13(b), but may be retained by the Parent Borrower or the applicable Subsidiary without being repatriated; <u>provided</u> that, in the case of this subclause (ii), on or before the date on which any such Net Proceeds so retained would otherwise have been required to be applied to reinvestments or prepayments pursuant to Section 2.13(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the applicable Borrower applies an amount equal to such Net Proceeds to such reinvestments or prepayments, as applicable, as if such Net Proceeds had been received by the Borrowers rather than such Foreign Subsidiary, *less* the amount of additional taxes that would have been payable or reserved against if such Net Proceeds had been repatriated (or, if less, the Net Proceeds that would be calculated if received by such Foreign Subsidiary); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)such Net Proceeds are applied towards the permanent extinguishment (including, in the case of a revolving facility, a permanent reduction of commitments only) of Indebtedness of any Subsidiary.

For purposes of this Section 2.13(g), references to "law" mean, with respect to any Person, (1) the common law and any federal, state, local, foreign, multinational or international statutes, laws, treaties, judicial decisions, standards, rules and regulations, guidances, guidelines, ordinances, rules, judgments, writs, orders, decrees, codes, plans, injunctions, permits, concessions, grants, franchises, governmental agreements and governmental restrictions (including administrative or judicial precedents or authorities), in each case whether now or hereafter in effect, and (2) the interpretation or administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, in each case whether or not having the force of law and that are applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

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Section 9.14<u>Reserve Requirements; Change in Circumstances</u>. (a) Notwithstanding any other provision of this Agreement, if any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender, the Administrative Agent or the Issuing Bank,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)subject any Lender, the Administrative Agent or any Issuing Bank to any Taxes (other than Indemnified Taxes or Excluded Taxes) on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)impose on any Lender, the Administrative Agent or any Issuing Bank or the relevant interbank market any other condition affecting this Agreement or Term SOFR Loans, Daily Simple SOFR Loans or Term CORRA Loans made by such Lender or any Letter of Credit (except, in each case, any such reserve requirement which is reflected in the Term SOFR Rate or Term CORRA),

and the result of any of the foregoing shall be to increase the cost to such Lender or such Issuing Bank of making or maintaining, continuing or converting to any Term SOFR Loan, Daily Simple SOFR Loan or Term CORRA Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to any Lender, the Administrative Agent or any Issuing Bank of issuing or maintaining any Letter of Credit or purchasing or maintaining a participation therein or to reduce the amount of any sum received or receivable by such Lender or such Issuing Bank hereunder (whether of principal, interest or otherwise) by an amount reasonably deemed by such Lender, the Administrative Agent or such Issuing Bank to be material, then the Borrowers will pay to such Lender, the Administrative Agent or the Issuing Bank, as the case may be, promptly upon demand such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If any Lender, the Administrative Agent or any Issuing Bank shall have determined that any Change in Law regarding capital adequacy or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's, the Administrative Agent's or the Issuing Bank's capital or on the capital of such Lender's, the Administrative Agent's or the Issuing Bank's holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit purchased by, such Lender or the Letters of Credit issued by such Issuing Bank to a level below that which such Lender, the Administrative Agent or such Issuing Bank or such Lender's, the Administrative Agent's or such Issuing Bank's holding company could have achieved but for such Change in Law (taking into consideration such Lender's, the Administrative Agent's or such Issuing Bank's policies and the policies of such Lender's, the Administrative Agent's or such Issuing Bank's holding company with respect to capital adequacy or liquidity) by an amount reasonably deemed by such Lender, the Administrative Agent or such Issuing Bank to be material, then from time to time the Borrowers shall pay to such Lender, the Administrative Agent or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender, the Administrative Agent or such Issuing Bank or such Lender's, the Administrative Agent's or such Issuing Bank's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A certificate of a Lender, the Administrative Agent or an Issuing Bank setting forth the amount or amounts reasonably determined by such Person to be necessary to compensate such Lender, the Administrative Agent or such Issuing Bank or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section, the calculations and criteria applied to determine such amount or amounts, and other documentation or information reasonably supporting the conclusions in such certificate, shall be delivered to the Borrowers and shall, absent clearly demonstrable error, be final and conclusive and binding. The Borrowers shall pay such Lender, the Administrative Agent or the Issuing Bank, as the case may be, the amount or amounts shown as due on any such certificate delivered by it within 10 days after its receipt of the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Failure or delay on the part of any Lender, the Administrative Agent or any Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's, the Administrative Agent's or the Issuing Bank's right to demand such compensation; <u>provided</u> that the Borrowers shall not be under any obligation to compensate any Lender, the Administrative Agent or any Issuing Bank under paragraph (a) or (b) above for increased costs or reductions with respect to any period prior to the date that is 270 days prior to such request; <u>provided</u>, <u>further</u>, that the foregoing limitation shall not apply to any increased costs or reductions arising out of the retroactive application of any Change in Law within such 270-day period. The protection of this Section shall be available to each Lender, the Administrative Agent and each Issuing Bank regardless of any possible contention of the invalidity or inapplicability of the Change in Law that shall have occurred or been imposed.

Section 9.15<u>Change in Legality</u>. (a) Notwithstanding any other provision of this Agreement, if any Change in Law shall make it unlawful for any Lender to make or maintain any Term SOFR Loan, Daily Simple SOFR Loan or Term CORRA Loan or to give effect to its obligations as contemplated hereby with respect to any Term SOFR Loan, Daily Simple SOFR Loan or Term CORRA Loan, then, by written notice to the Parent Borrower (which notice shall include documentation or information in reasonable detail supporting the conclusions in such notice) and to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such Lender may declare that Term SOFR Loans, Daily Simple SOFR Loans and/or Term CORRA Loans in the affected currency or currencies will not thereafter (for the duration of such unlawfulness) be made by such Lender hereunder (or be continued for additional Interest Periods and ABR Loans will not thereafter (for such duration) be converted into Term SOFR Loans or Daily Simple SOFR Loans and Canadian Base Rate Loans will not thereafter (for such duration) be converted into Term CORRA Loans), whereupon any request for a Term SOFR Borrowing, Daily Simple SOFR Borrowing or Term CORRA Borrowing (or to convert an ABR Borrowing to a Term SOFR Borrowing or Daily Simple SOFR Borrowing or a Canadian Base Rate Borrowing to a Term CORRA Borrowing or to maintain a Daily Simple SOFR Loan at Daily Simple SOFR or to continue a Term SOFR Borrowing as a Term SOFR Borrowing or a Term CORRA Borrowing as a Term CORRA Borrowing for an additional Interest Period) shall, as to such Lender only, be deemed a request for an ABR Loan or a Canadian Base Rate Loan (or a request to convert a Term SOFR Loan or a Daily Simple SOFR Loan into an ABR Loan or a Term CORRA Loan into a Canadian Base Rate Loan, as the case may be), as applicable, unless such declaration shall be subsequently withdrawn; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such Lender may require that (x) all outstanding Term SOFR Loans, Daily Simple SOFR Loans or Term CORRA Loans made by it be converted to ABR Loans or Canadian Base Rate Loans, as applicable, in which event all such Term SOFR Loans, Daily Simple SOFR Loans or Term CORRA Loans shall be automatically converted to ABR Loans or Canadian Base Rate Loans, as applicable, as of the effective date of such notice as provided in paragraph (b) below and (y) cause the interest rate with respect to all outstanding Term CORRA Loans denominated in Canadian Dollars to be determined by an alternative rate mutually acceptable to the Parent Borrower and the applicable Lenders.

In the event any Lender shall exercise its rights under (i), (ii) or (iii) above, all payments and prepayments of principal that would otherwise have been applied to repay the Term SOFR Loans, Daily Simple SOFR Loans or Term CORRA Loans that would have been made by such Lender or the converted Term SOFR Loans, Daily Simple SOFR Loans or Term CORRA Loans of such Lender shall instead be applied to repay the ABR Loans or Canadian Base Rate Loans, as applicable, made by such Lender in lieu of, or resulting from the conversion of, such Term SOFR Loans, Daily Simple SOFR Loans or Term CORRA Loans, as applicable. Any such conversion of a Term SOFR Loan, Daily Simple SOFR Loan or Term CORRA Loans under (i) above shall be subject to Section 2.16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For purposes of this Section 2.15, a notice to the Parent Borrower by any Lender shall be effective as to each Term SOFR Loan, Daily Simple SOFR Loan and Term CORRA Loan made by such Lender, if lawful, on the last day of the Interest Period then applicable to such Term SOFR Loan or Term CORRA Loan, as applicable; in all other cases such notice shall be effective on the date of receipt by the Borrowers.

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Section 9.16<u>Indemnity</u>. The Borrowers shall indemnify each Lender against any loss or expense that such Lender may sustain or incur as a consequence of (a) any event, other than a default by such Lender in the performance of its obligations hereunder, which results in (i) such Lender receiving or being deemed to receive any amount on account of the principal of any Term SOFR Loan or Term CORRA Loan prior to the end of the Interest Period in effect therefor, (ii) the conversion of any Term SOFR Loan to an ABR Loan or any Term CORRA Loan to a Canadian Base Rate Loan, or the conversion of the Interest Period with respect to any Term SOFR Loan or Term CORRA Loan, in each case other than on the last day of the Interest Period in effect therefor or (iii) any Term SOFR Loan or Term CORRA Loan to be made by such Lender (including any Term SOFR Loan or Term CORRA Loan to be made pursuant to a conversion or continuation under Section 2.10) not being made after notice of such Loan shall have been given by a Borrower hereunder (any of the events referred to in this clause (a) being called a "<u>Breakage Event</u>") or (b) any default in the making of any payment or prepayment required to be made hereunder. In the case of any Breakage Event, such loss shall include, in the case of a Lender, an amount equal to the excess, as reasonably determined by such Lender, of (i) its cost of obtaining funds for the Term SOFR Loan or Term CORRA Loan that is the subject of such Breakage Event for the period from the date of such Breakage Event to the last day of the Interest Period in effect (or that would have been in effect) for such Loan over (ii) the amount of interest likely to be realized by such Lender in redeploying the funds released or not utilized by reason of such Breakage Event for such period. A certificate of any Lender setting forth any amount or amounts which such Lender believes it is entitled to receive pursuant to this Section 2.16, including the calculations and criteria applied to determine such amount or amounts, and other documentation or information reasonably supporting the conclusions in such certificate, shall be delivered to the Borrowers and shall, absent clearly demonstrable error, be final and conclusive and binding.

Section 9.17<u>Pro Rata Treatment</u> Except as required under Section 2.09(d), 2.12(a), 2.12(e), 2.13, 2.14, 2.15, 2.20, 2.21, 2.23(d)(ii), 2.23(d)(iii), 2.24, 2.25, 9.04, or 9.19, each Borrowing, each payment or prepayment of principal of any Borrowing by the Borrowers, each payment of reimbursement obligations, each payment of interest on the Loans, each payment of the Commitment Fees, each reduction of the Term Commitments and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type, in each case, by the Borrowers, shall be allocated pro rata among the Lenders in accordance with their respective applicable Commitments (or, if such Commitments shall have expired or been terminated, in accordance with the respective principal amounts of their outstanding Loans). Each Lender agrees that in computing such Lender's portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lender's percentage of such Borrowing to the next higher or lower whole dollar amount.

Section 9.18<u>Sharing of Setoffs</u>. Each Lender agrees that if, other than as a result of any assignment of Loans pursuant to and in accordance with this Agreement (including any assignment to any Purchasing Borrower Party pursuant to and in accordance with Section 2.12(e) and any assignment by a Lender pursuant to and in accordance with Section 9.04), it shall, through the exercise of a right of banker's lien, setoff or counterclaim against the Borrowers or any other Loan Party, or pursuant to a secured claim under Section 506 of Title 11 of the United States Code, 11 U.S.C. §§ 101, <u>et</u> <u>seq</u>., as amended from time to time, or other security or interest arising from, or in lieu of, such secured claim, received by such Lender under any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means, obtain payment (voluntary or involuntary) in respect of any Loan or Loans or L/C Disbursement as a result of which the unpaid principal portion of its Loans and participations in L/C Disbursements shall be proportionately less than the unpaid principal portion of the Loans and participations in L/C Disbursements of any other Lender, it shall be deemed simultaneously to have purchased from such other Lender at face value, and shall promptly pay to such other Lender the purchase price for, a participation in the Loans and Revolving L/C Exposure of such other Lender, so that the aggregate unpaid principal amount of the Loans and Revolving L/C Exposure and participations in Loans and Revolving L/C Exposure held by each Lender shall be in the same proportion to the aggregate unpaid principal amount of all Loans and Revolving L/C Exposure then outstanding as the principal amount of its Loans and Revolving L/C Exposure prior to such exercise of banker's lien, setoff or counterclaim or other event was to the principal amount of all Loans and Revolving L/C Exposure outstanding prior to such exercise of banker's lien, setoff or counterclaim or other event; <u>provided</u>, <u>however</u>, that if any such purchase or purchases or adjustments shall be made pursuant to this Section 2.18 and the payment giving rise thereto shall thereafter be recovered, such purchase or purchases or adjustments shall be rescinded to

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the extent of such recovery and the purchase price or prices or adjustment restored without interest; <u>provided</u>, <u>further</u>, that in the event that any Defaulting Lender exercises any such right of setoff, (a) all amounts so set off will be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.26 and, pending such payment, will be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Bank and the Lenders and (b) the Defaulting Lender will provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The Borrowers expressly consent to the foregoing arrangements and agree that any Lender holding a participation in a Loan or L/C Disbursement deemed to have been so purchased may exercise any and all rights of banker's lien, setoff or counterclaim with respect to any and all moneys owing by the Borrower to such Lender by reason thereof as fully as if such Lender had made a Loan directly to the Borrower in the amount of such participation.

Section 9.19<u>Payments</u>. (a) The Borrowers shall make each payment (including principal of or interest on any Borrowing or any L/C Disbursement or any Fees or other amounts) hereunder and under any other Loan Document not later than 12:00 (noon) (or such other time as otherwise required by Section 2.23(e)), New York City time, on the date when due in immediately available funds, without setoff, defense or counterclaim. Each such payment (other than (i) Issuing Bank Fees, which shall be paid directly to the Issuing Bank and (ii) payments pursuant to Sections 2.14, 2.16 or 2.20, which at the election of the Borrowers may be made directly to the Lender claiming the benefit of any such Sections) shall be made to the Administrative Agent at its offices at 390 Greenwich Street, New York, NY 10013 by wire transfer of immediately available funds (or as otherwise agreed by the Parent Borrower and the Administrative Agent). The Administrative Agent shall pay to each Lender any payment received on such Lender's behalf promptly after the Administrative Agent's receipt of such payment. All payments hereunder and under each other Loan Document shall be made in dollars or with respect to any Borrowing or L/C Disbursement in an Alternative Currency, in the applicable Alternative Currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as otherwise expressly provided herein, whenever any payment (including principal of or interest on any Borrowing or any Fees or other amounts) hereunder or under any other Loan Document shall become due, or otherwise would occur, on a day that is not a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of interest or Fees, if applicable.

Section 9.20<u>Taxes</u>. (a) Except as otherwise provided herein, any and all payments by or on account of any obligation of the Borrowers or any other Loan Party hereunder or under any other Loan Document shall be made free and clear of and without deduction or withholding for any Indemnified Taxes or Other Taxes; <u>provided</u> that if the Borrowers or any other Loan Party or the Administrative Agent shall be required to deduct or withhold any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable by the Borrowers or such other Loan Party shall be increased as necessary so that after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this Section) the Administrative Agent, such Issuing Bank or such Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions and withholdings been made, (ii) the Borrowers or such other Loan Party shall make (or cause to be made) such deductions and withholdings and (iii) the Borrowers or such other Loan Party shall pay (or cause to be paid) the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law. In addition, the Borrowers or any other Loan Party hereunder shall pay (or cause to be paid) any Other Taxes imposed other than by deduction or withholding to the relevant Governmental Authority in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrowers shall indemnify the Administrative Agent, each Issuing Bank and each Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Issuing Bank or such Lender, as the case may be, or any of their respective Affiliates, on or with respect to any payment by or on account of any obligation of the Borrowers or any Loan Party hereunder or under any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by

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the relevant Government Authority. A certificate as to the amount of such payment or liability shall be delivered to the Borrowers by an Issuing Bank or a Lender, or by the Administrative Agent on its behalf or on behalf of an Issuing Bank or a Lender, promptly upon such party's determination of an indemnifiable event and such certificate shall be conclusive absent clearly demonstrable error; <u>provided</u> that the failure to deliver such certificate shall not affect the obligations of the Borrowers under this Section 2.20(b) except to the extent the Borrowers are actually prejudiced thereby. Payment under this Section 2.20(b) shall be made within 15 days from the date of delivery of such certificate; <u>provided</u> that the Borrowers shall not be obligated to make any such payment to the Administrative Agent, the Issuing Bank or the Lender (as the case may be) in respect of penalties, interest and other liabilities attributable to any Indemnified Taxes or Other Taxes if and to the extent that such penalties, interest and other liabilities are attributable to the gross negligence or willful misconduct of the Administrative Agent, such Issuing Bank or such Lender, in each case, as determined by a court of competent jurisdiction by final and nonappealable judgment, or to the failure of the Administrative Agent, an Issuing Bank or a Lender to deliver a timely certificate as to the amount of an indemnifiable liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrowers or any other Loan Party to a Governmental Authority, and in any event within 60 days of such payment being due, the applicable Borrower shall deliver to the Administrative Agent, the relevant Lender or the relevant Issuing Bank, if applicable, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent, the relevant Lender or the relevant Issuing Bank, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrowers are located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrowers (with a copy to the Administrative Agent), at the reasonable written request of the Borrowers, 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; <u>provided</u> that, such Lender is legally entitled to complete, execute and deliver such documentation and in such Lender's judgment such completion, execution or delivery would not materially prejudice the legal position of such Lender.

In addition, each Foreign Lender shall (i) furnish to the Administrative Agent and the Borrowers on or before it becomes a party to this Agreement, two accurate and complete copies of executed (a) U.S. Internal Revenue Service Forms W-8BEN or W-8BEN-E, as applicable (or successor form), (b) to the extent the Foreign Lender is not the beneficial owner, U.S. Internal Revenue Service Forms W-8IMY, accompanied by U.S. Internal Revenue Service Form W-8ECI (or successor form), U.S. Internal Revenue Service Forms W-8BEN or W-BEN-E, as applicable (or successor form), U.S. Internal Revenue Service Form W-9 (or successor form), and/or other certification documents from each beneficial owner, as applicable, or (c) U.S. Internal Revenue Service Form W-8ECI (or successor form), certifying, in each case, to such Foreign Lender's legal entitlement to an exemption or reduction from U.S. federal withholding tax with respect to all interest payments hereunder, and (ii) provide new (a) U.S. Internal Revenue Service Forms W-8BEN or W-8BEN-E, as applicable (or successor form), (b) to the extent the Foreign Lender is not the beneficial owner, U.S. Internal Revenue Service Forms W-8IMY, accompanied by U.S. Internal Revenue Service Form W-8ECI (or successor form), U.S. Internal Revenue Service Forms W-8BEN or W-BEN-E, as applicable (or successor form), U.S. Internal Revenue Service Form W-9 (or successor form), and/or other certification documents from each beneficial owner, as applicable, or (c) U.S. Internal Revenue Service Form W-8ECI (or successor form), in each case, upon the expiration or obsolescence of any previously delivered form to reconfirm any complete exemption from, or any entitlement to a reduction in, U.S. federal withholding tax with respect to any interest payment hereunder; <u>provided</u> that any Foreign Lender that is not a "bank" within the meaning of Section 881(c)(3)(A) of the Tax Code and is relying on the so-called "portfolio interest exemption" shall also furnish a "Non-Bank Certificate" in the form of <u>Exhibit M</u> together with a Form W-8BEN (or W-8BEN-E or successor form).

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Notwithstanding any other provision of this Section 2.20(d), a Foreign Lender shall not be required to deliver any form pursuant to this Section 2.20(d) that such Foreign Lender is not legally able to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any Lender that is a United States person, as defined in Section 7701(a)(30) of the Tax Code shall deliver to the Borrowers (with a copy to the Administrative Agent) two accurate and complete original signed copies of Internal Revenue Service Form W-9, or any successor form that such person is entitled to provide at such time in order to comply with United States back-up withholding requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If a payment made to a Lender hereunder may be subject to U.S. federal withholding tax under FATCA, such Lender shall deliver to the Borrowers and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent, such documentation prescribed by applicable law and such additional documentation reasonably requested by the Borrowers or the Administrative Agent to comply with its withholding obligations, to determine that such Lender has complied with such Lender's obligations or to determine the amount to deduct and withhold from such payment. Solely for purposes of this paragraph (f), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.20 (including by the payment of additional amounts pursuant to this Section 2.20), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Without prejudice to the survival of any other agreement of the Borrowers hereunder, the agreements and obligations of the Borrowers contained in this Section 2.20 shall survive the payment in full of all amounts due hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)For purposes of determining withholding Taxes imposed under FATCA, from and after the Closing Date, the Borrowers and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative 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).

Section 9.21<u>Assignment of Commitments Under Certain Circumstances; Duty to Mitigate</u>. (a) In the event (i) any Lender or any Issuing Bank delivers a certificate requesting compensation pursuant to Section 2.14, (ii) any Lender or any Issuing Bank delivers a notice described in Section 2.15, (iii) the Borrowers are required to pay any additional amount to any Lender or any Issuing Bank or any Governmental Authority on account of any Lender or any Issuing Bank pursuant to Section 2.20 or (iv) any Lender is a Defaulting Lender, a Borrower may, at its sole expense and effort (including with respect to the processing and recordation fee referred to in Section 9.04(b)), upon notice to such Lender or such Issuing Bank and the Administrative Agent, require such Lender or such Issuing Bank to transfer and assign, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all

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of its interests, rights and obligations under this Agreement to an assignee that shall assume such assigned obligations (which assignee may be another Lender, if a Lender accepts such assignment); <u>provided</u> that (A) such assignment shall not conflict with any law, rule or regulation or order of any court or other Governmental Authority having jurisdiction, (B) the Borrowers shall have received the prior written consent of the Administrative Agent (and, if a Revolving Commitment is being assigned, of the Issuing Banks), which consent shall not unreasonably be withheld or delayed, and (C) the Borrowers or such assignee shall have paid to the affected Lender or Issuing Bank in immediately available funds an amount equal to the sum of the principal of and interest accrued to the date of such payment on the outstanding Loans or L/C Disbursements of such Lender or the Issuing Bank, respectively, <u>plus</u> all Fees and other amounts accrued for the account of such Lender or such Issuing Bank hereunder (including any amounts under Section 2.14 and Section 2.16); <u>provided</u>, <u>further</u>, that, if prior to any such transfer and assignment the circumstances or event that resulted in such Lender's or the Issuing Bank's claim for compensation under Section 2.14 or notice under Section 2.15 or the amounts paid pursuant to Section 2.20, as the case may be, cease to cause such Lender or such Issuing Bank to suffer increased costs or reductions in amounts received or receivable or reduction in return on capital, or cease to have the consequences specified in Section 2.15, or cease to result in amounts being payable under Section 2.20, as the case may be (including as a result of any action taken by such Lender or such Issuing Bank pursuant to paragraph (b) below), or if such Lender or such Issuing Bank shall waive its right to claim further compensation under Section 2.14 in respect of such circumstances or event or shall withdraw its notice under Section 2.15 or shall waive its right to further payments under Section 2.20 in respect of such circumstances or event, as the case may be, then such Lender or such Issuing Bank shall not thereafter be required to make any such transfer and assignment hereunder. Each of each Lender and each Issuing Bank agrees that, if a Borrower exercises its option under this Section 2.21(a), such Lender or such Issuing Bank, as applicable, shall, promptly after receipt of written notice from the Parent Borrower of such election, execute and deliver all documentation necessary to effectuate such assignment in accordance with Section 9.04 (including an Assignment and Assumption duly executed by such Lender or such Issuing Bank, as applicable, with respect to such assignment). In the event that a Lender or an Issuing Bank, as applicable, does not comply with the requirements of the immediately preceding sentence within one Business Day after receipt of such notice, the applicable Borrower shall be entitled (but not obligated), and such Lender or such Issuing Bank, as applicable, authorizes, directs and grants an irrevocable power of attorney (which power is coupled with an interest) to such Borrower, to execute and deliver, on behalf of such Lender or such Issuing Bank, as applicable, as assignor, all documentation necessary to effectuate such assignment in accordance with Sections 2.21 and 9.04 (including an Assignment and Assumption) in the circumstances contemplated by this Section 2.21(a) and any documentation so executed and delivered by such Borrower shall be effective for all purposes of documenting an assignment pursuant to and in accordance with Section 9.04.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If (i) any Lender or any Issuing Bank shall request compensation under Section 2.14, (ii) any Lender or any Issuing Bank delivers a notice described in Section 2.15 or (iii) the Borrowers are required to pay any additional amount to any Lender or any Issuing Bank or any Governmental Authority on account of any Lender or the Issuing Bank, pursuant to Section 2.20, then such Lender or such Issuing Bank shall use reasonable efforts (which shall not require such Lender or such Issuing Bank to incur an unreimbursed loss or unreimbursed cost or expense or otherwise take any action inconsistent with its internal policies or legal or regulatory restrictions or suffer any disadvantage or burden reasonably deemed by it to be significant) (A) to file any certificate or document reasonably requested in writing by a Borrower or (B) to assign its rights and delegate and transfer its obligations hereunder to another of its offices, branches or affiliates, if such filing or assignment would reduce or eliminate its claims for compensation under Section 2.14 or enable it to withdraw its notice pursuant to Section 2.15 or would reduce or eliminate amounts payable pursuant to Section 2.20, as the case may be, in the future. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender or any Issuing Bank in connection with any such filing or assignment, delegation and transfer.

Section 9.22<u>[Reserved]</u>.

Section 9.23<u>Letters of Credit</u>. (a) <u>General</u>. Subject to the terms and conditions hereof, each Issuing Bank agrees to issue, upon a Borrower's request, a Letter of Credit denominated in dollars or an Alternative Currency in such form as may be reasonably approved from time to time by the Issuing Bank

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at any time and from time to time while the Revolving Commitments remain in effect for such Borrower's account or for the account of any of the Subsidiaries or any Minority Investment; <u>provided</u> that (A) the agreement of the Issuing Bank to issue Letters of Credit shall not extend beyond the Tranche C Revolving Termination Date, without the prior written consent of the Issuing Bank, (B) if such Letter of Credit is being issued for the account of a Subsidiary, such Borrower and such Subsidiary, as the case may be, shall be co-applicants with respect to such Letter of Credit, (C) if such Letter of Credit is being issued for the account of a Subsidiary or any Minority Investment, the Issuing Bank shall have received at least three Business Days (or such shorter period of time acceptable to the Issuing Bank) prior to the proposed date of issuance of such Letter of Credit all documentation and other information reasonably requested by it with respect to such Subsidiary or Minority Investment that is required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the PATRIOT Act, (D) no Issuing Bank will be required to provide documentary, trade or commercial letters of credit or bankers' acceptances of a similar nature without its prior written consent (in such Issuing Bank's sole discretion) and (E) the Dollar Equivalent of the maximum amount of Letters of Credit at any time issued and outstanding of any Issuing Bank shall not exceed the amount set forth on Schedule 2.23(b) (as such schedule may be updated from time to time with the consent of the applicable Issuing Banks) without the prior written consent of the applicable Borrower and the applicable Issuing Bank (it being understood and agreed that (x) Natixis and the Parent Borrower hereby consent to the Dollar Equivalent of the maximum amount of Letters of Credit issued by Natixis prior to the Sixth Amendment Effective Date exceeding the amount set forth on Schedule 2.23(b) (as in effect on the Sixth Amendment Effective Date) that is applicable to Natixis until March 31, 2023 (or such later date as approved by Natixis in its sole discretion) by which date the Parent Borrower shall have terminated Letters of Credit issued by Natixis in such an amount that the aggregate amount of Letters of Credit issued by Natixis and still outstanding does not exceed the amount set forth on Schedule 2.23(b) and (y) no other consent (including pursuant to Section 9.08 of this Agreement) will be required to increase or decrease such amount and only the consent of such Borrower and the applicable Issuing Bank will be required to establish, increase or decrease the maximum amount of Letters of Credit with respect to such Issuing Bank), and no Issuing Bank shall have any obligation to issue, amend, renew, increase or extend any Letter of Credit issued or to be issued by it if such issuance, amendment, renewal, increase or extension shall (after giving effect thereto) cause the Dollar Equivalent of the maximum amount of Letters of Credit issued or to be issued by it to exceed the applicable foregoing maximum amount with respect to such Issuing Bank. This Section shall not be construed to impose an obligation upon any Issuing Bank to issue any Letter of Credit that is inconsistent with the terms and conditions of this Agreement.

Notwithstanding the foregoing, no Issuing Bank is under any obligation to issue any Letter of Credit if at the time of such issuance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain such Issuing Bank from issuing such Letter of Credit or any requirement of law applicable to such Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank with respect to such Letter of Credit any restriction or reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not in effect with respect to such Issuing Bank on the Closing Date, or any unreimbursed loss, cost or expense which was not applicable or in effect with respect to such Issuing Bank as of the Closing Date and which such Issuing Bank reasonably and in good faith deems material to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such Issuing Bank shall have received from the applicable Borrower or the Administrative Agent prior to the issuance of such Letter of Credit notice that the issuance of such Letter of Credit is not permitted under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Notice of Issuance, Amendment, Renewal, Increase, Extension; Certain Conditions</u>. In order to request the issuance of a Letter of Credit or to amend, renew, increase or extend an existing Letter of Credit, the applicable Borrower shall hand deliver or deliver by means of electronic communication (including through the Internet or other electronic platform (including any digital agency business or electronic trading and communications platform provided thereby, approved by each such Issuing Bank)) to the Issuing Bank and the Administrative Agent (no less than three Business Days (or such shorter period of time acceptable to the Issuing Bank)) in advance of the requested date of issuance, amendment, renewal, increase or extension, a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed, increased or extended, the date of issuance, amendment, renewal, increase or extension, the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) below), the amount and currency of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be reasonably necessary to prepare such Letter of Credit. If requested by the Issuing Bank, the applicable Borrower shall also submit a letter of credit application on the Issuing Bank's standard form in connection with any request for a Letter of Credit. The Issuing Bank shall promptly (i) notify the Administrative Agent in writing of the amount and expiry date of each Letter of Credit issued by it and (ii) provide a copy of such Letter of Credit (and any amendments, renewals, increases or extensions thereof) to the Administrative Agent. A Letter of Credit shall be issued, amended, renewed, increased or extended only if, and upon issuance, amendment, renewal, increase or extension of each such Letter of Credit the applicable Borrower shall be deemed to represent and warrant that, after giving effect to such issuance, amendment, renewal, increase or extension, the Aggregate Revolving Exposure shall not exceed the Total Revolving Commitment and that the other conditions expressly set forth herein are satisfied in respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Expiration Date</u>. Each Letter of Credit shall expire at the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit and (ii) the date that is five Business Days prior to the latest applicable Maturity Date with respect to which the aggregate amount of Revolving Commitments maturing on or after such Maturity Date shall equal or exceed the Revolving L/C Exposure related to such Letter of Credit and all other Letters of Credit expiring on or after the date thereof, unless such Letter of Credit expires by its terms on an earlier date; <u>provided</u>, <u>however</u>, that a Letter of Credit may, upon the request of the applicable Borrower, include a provision whereby such Letter of Credit shall be renewed automatically for additional consecutive periods of 12 months or less (but not beyond the date that is five Business Days prior to the applicable Maturity Date described above) unless the Issuing Bank notifies the beneficiary thereof at least 30 days (or within such longer period as specified in such Letter of Credit) prior to the then-applicable expiration date that such Letter of Credit will not be renewed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)By the issuance of a Letter of Credit and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each such Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender's Pro Rata Percentage of the Dollar Equivalent of the aggregate amount available to be drawn under such Letter of Credit, effective upon the issuance of such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender's Pro Rata Percentage of the Dollar Equivalent of each L/C Disbursement made by the Issuing Bank and not reimbursed by the Borrowers (or, if applicable, another party pursuant to its obligations under any other Loan Document) forthwith on the date due as provided in Section 2.02(f). Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this Section 2.23(d) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or an Event of Default, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)On the Fourth Amendment Effective Date, the participations in any issued and outstanding Letters of Credit shall be reallocated so that after giving effect thereto, the Revolving Lenders shall share ratably in such participations in accordance with the aggregate Revolving Commitments. On the Sixth Amendment Effective Date, the participations in any issued and outstanding Letters of Credit

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shall be reallocated so that after giving effect thereto, the Revolving Lenders shall share ratably in such participations in accordance with the aggregate Revolving Commitments. Thereafter, participations in any newly issued Letters of Credit shall be allocated in accordance with the aggregate Revolving Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)On the Tranche A Revolving Termination Date, the participations in any issued and outstanding Letters of Credit shall be reallocated so that after giving effect thereto, the Tranche C Revolving Lenders shall share ratably in such participations in accordance with the aggregate Tranche C Revolving Commitments but only to the extent that such allocation would not cause the Tranche C Revolving Exposure of any Tranche C Revolving Lender to exceed such Lender's Tranche C Revolving Commitments. Thereafter, participations in any newly issued Letters of Credit shall be allocated in accordance with the aggregate Revolving Commitments. If the allocation or reallocation described herein cannot, or can only partially, be effected as a result of the limitations set forth in this Section 2.23(d)(iii), the Borrowers shall, within three Business Days following notice by the Administrative Agent to the Parent Borrower, cash collateralize such Tranche C Revolving Lenders' participations in the outstanding Letters of Credit (after giving effect to any partial reallocation pursuant to this Section 2.23(d)(iii)) in accordance with Section 2.23(j)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)On the Tranche B Revolving Termination Date, the participations in any issued and outstanding Letters of Credit shall be reallocated so that after giving effect thereto, the Tranche C Revolving Lenders and the Tranche A Revolving Lenders shall share ratably in such participations in accordance with the aggregate Tranche C Revolving Commitments and Tranche A Revolving Commitments but only to the extent that such allocation would not cause the Tranche C Revolving Exposure of any Tranche C Revolving Lender to exceed such Lender's Tranche C Revolving Commitments or the Tranche A Revolving Exposure of any Tranche A Revolving Lender to exceed such Lender's Tranche A Revolving Commitments. Thereafter, participations in any newly issued Letters of Credit shall be allocated in accordance with the aggregate Revolving Commitments. If the allocation or reallocation described herein cannot, or can only partially, be effected as a result of the limitations set forth in this Section 2.23(d)(iv), the Borrowers shall, within three Business Days following notice by the Administrative Agent to the Parent Borrower, cash collateralize such Tranche C Revolving Lenders' and/or such Tranche A Revolving Lenders' participations in the outstanding Letters of Credit (after giving effect to any partial reallocation pursuant to this Section 2.23(d)(iv)) in accordance with Section 2.23(j)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Reimbursement</u>. If the Issuing Bank shall make any L/C Disbursement in respect of a Letter of Credit, the Borrowers shall pay or cause to be paid to the Administrative Agent an amount equal to such L/C Disbursement in the currency of such drawing not later than two hours after the Parent Borrower shall have received notice from the Issuing Bank that payment of such draft will be made, or, if the Parent Borrower shall have received such notice later than 1:00 p.m., New York City time, on any Business Day, not later than 12:00 (noon), New York City time, on the immediately following Business Day. If the Borrowers fail to make the L/C Disbursement on the date and at the time required, then if such payment relates to a Letter of Credit denominated in an Alternative Currency, automatically and with no further action required, the Borrowers' reimbursement obligation shall be permanently converted into an obligation to reimburse the Dollar Equivalent, calculated using the applicable Exchange Rate on the date when such payment was due, of such L/C Disbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Obligations Absolute</u>. The Borrowers' obligations to reimburse L/C Disbursements as provided in Section 2.23(e) above shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances whatsoever, and irrespective of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any lack of validity or enforceability of any Letter of Credit or any Loan Document, or any term or provision therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any amendment or waiver of, or any consent to departure from, all or any of the provisions of any Letter of Credit or any Loan Document;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the existence of any claim, setoff, defense or other right that the Borrowers, any other party guaranteeing, or otherwise obligated with, the Borrowers, any subsidiary or other Affiliate thereof or any other Person may at any time have against the beneficiary under any Letter of Credit, the Issuing Bank, the Administrative Agent or any Lender or any other Person, whether in connection with this Agreement, any other Loan Document or any other related or unrelated agreement or transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any draft or other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any other act or omission to act or delay of any kind of the Issuing Bank, any Lender, the Administrative Agent or any other Person or any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of the Borrowers' obligations hereunder.

Without limiting the generality of the foregoing, it is expressly understood and agreed that the absolute and unconditional obligation of the Borrowers hereunder to reimburse L/C Disbursements will not be excused by the gross negligence or willful misconduct of the Issuing Bank. However, the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrowers to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted by applicable law) suffered by the Borrowers that are caused by the Issuing Bank's gross negligence or willful misconduct, as determined by a court of competent jurisdiction by final and nonappealable judgment, in determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof; it is understood that the Issuing Bank may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary and, in making any payment under any Letter of Credit (A) the Issuing Bank's exclusive reliance on the documents presented to it under such Letter of Credit as to any and all matters set forth therein, including reliance on the amount of any draft presented under such Letter of Credit, whether or not the amount due to the beneficiary thereunder equals the amount of such draft and whether or not any document presented pursuant to such Letter of Credit proves to be insufficient in any respect, if such document on its face appears to be in order, and whether or not any other statement or any other document presented pursuant to such Letter of Credit proves to be forged or invalid or any statement therein proves to be inaccurate or untrue in any respect whatsoever and (B) any noncompliance in any immaterial respect of the documents presented under such Letter of Credit with the terms thereof shall, in each case, be deemed not to constitute willful misconduct or gross negligence of the Issuing Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Disbursement Procedures</u>. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall as promptly as possible give telephonic notification, confirmed in writing (including by electronic communication), to the Administrative Agent and the Borrowers of such demand for payment and whether the Issuing Bank has made or will make an L/C Disbursement thereunder; <u>provided</u> that any failure to give or delay in giving such notice shall not relieve the Borrowers of their obligation to reimburse the Issuing Bank and the applicable Revolving Lenders with respect to any such L/C Disbursement. The Administrative Agent shall promptly give each Revolving Lender notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Interim Interest</u>. If the Issuing Bank shall make any L/C Disbursement in respect of a Letter of Credit, then, unless the Borrowers shall reimburse such L/C Disbursement in full on the date required by Section 2.23(e), the unpaid amount thereof shall bear interest for the account of the Issuing Bank, for each day from and including the date of such L/C Disbursement to but excluding the earlier of

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the date of payment by the Borrowers or the date on which interest shall commence to accrue thereon as provided in Section 2.02(f), at the rate per annum that would apply to such amount if such amount were an ABR Revolving Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Resignation or Removal of the Issuing Bank</u>. Any Issuing Bank may resign at any time by giving 30 days' prior written notice to the Administrative Agent, the Lenders and the Borrowers, and may be removed at any time by the Parent Borrower by notice to such Issuing Bank, the Administrative Agent and the Lenders. Upon the acceptance of any appointment as an Issuing Bank hereunder by a Lender that shall agree to serve as successor Issuing Bank, such successor shall succeed to and become vested with all the interests, rights and obligations of the retiring Issuing Bank and the retiring Issuing Bank shall be discharged from its obligations to issue additional, extend, or increase the amount of Letters of Credit hereunder without affecting its rights and obligations with respect to Letters of Credit previously issued by it. At the time such removal or resignation shall become effective, the Borrowers shall pay all accrued and unpaid fees pursuant to Section 2.05(c)(ii). The acceptance of any appointment as an Issuing Bank hereunder by a successor Lender shall be evidenced by an agreement entered into by such successor, in a form reasonably satisfactory to the Parent Borrower and the Administrative Agent, and, from and after the effective date of such agreement, (i) such successor Lender shall have all the rights and obligations of the previous Issuing Bank under this Agreement and the other Loan Documents and (ii) references herein and in the other Loan Documents to the term "Issuing Bank" shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the resignation or removal of the Issuing Bank hereunder, the retiring Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank set forth in this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation or removal, but, after receipt by the Administrative Agent, the Lenders and the Parent Borrower of notice of resignation from an Issuing Bank or after the receipt by an Issuing Bank, the Administrative Agent and the Lenders of notice of removal from the Parent Borrower, as applicable, such Issuing Bank shall not be required to issue additional Letters of Credit or extend or increase the amount of Letters of Credit then outstanding. The provisions of this Section 2.23(i) shall, with respect to CS, be subject to Section 2.23(l) and, in the event of a conflict, the provisions of Section 2.23(l) shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Cash Conversion / Cash Collateralization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)In the event that the Loans become immediately due and payable on any date pursuant to Section 7.01, all amounts (i) that the Borrowers are at the time or thereafter become required to reimburse or otherwise pay to the Administrative Agent in respect of drawings made under any Letters of Credit denominated in an Alternative Currency (other than amounts in respect of which the Borrowers have deposited cash collateral pursuant to Section 2.23(j)(ii), if such cash collateral was deposited in the applicable Alternative Currency to the extent so deposited or applied), (ii) that the Lenders are at the time or thereafter become required to pay to the Administrative Agent and the Administrative Agent is at the time or thereafter becomes required to distribute to the applicable Issuing Bank pursuant to Section 2.02(f) in respect of unreimbursed drawings made under any Letters of Credit and (iii) of each Lender's participation in any Letters of Credit denominated in an Alternative Currency under which a drawing has been made shall, automatically and with no further action required, be converted into the Dollar Equivalent, calculated using the applicable Exchange Rates on such date (or in the case of any drawing made after such date, on the date such drawing is made), of such amounts. On and after such conversion, all amounts accruing and owed to the Administrative Agent, the applicable Issuing Bank or any Lender in respect of the obligations described in this Section 2.23(j)(i) shall accrue and be payable in dollars at the rates otherwise applicable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If a Specified Event of Default shall occur and be continuing, or the maturity of the Loans has been accelerated and/or the Commitments have been terminated, the Borrowers shall, on the Business Day the Parent Borrower receives notice from the Administrative Agent or the Majority Revolving Lenders thereof and of the amount to be deposited, deposit in an account with the Administrative Agent, for the ratable benefit of the Issuing Banks and the Lenders with Revolving L/C Exposure, an amount in cash in dollars equal to the Revolving L/C Exposure as of such date. Such deposit shall be held, upon the occurrence of any such Event of Default, and for so long as such Event of

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Default is continuing, by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrowers with respect to Letters of Credit under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits in Cash Equivalents, which investments shall be made by the Administrative Agent in accordance with its internal policies applied to transactions of the size and nature provided for in the Loan Documents, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Upon the occurrence and during the continuance of a Specified Event of Default, or acceleration of the maturity of the Loans, and/or termination of the Commitments, moneys in such account shall (i) automatically be applied by the Administrative Agent to reimburse the Issuing Bank for L/C Disbursements for which it has not been reimbursed, (ii) be held for the satisfaction of the reimbursement obligations of the Borrowers for the Revolving L/C Exposure at such time and (iii) if the maturity of the Loans has been accelerated (but subject to the consent of the Majority Revolving Lenders), be applied to satisfy the Guaranteed Obligations hereunder. If the Borrowers are required to provide an amount of cash collateral hereunder as a result of the occurrence and during the continuance of a Specified Event of Default or acceleration of the maturity of the Loans and/or termination of the Commitments, such amount (to the extent not applied as aforesaid) shall be returned to the Borrowers within three Business Days after all such Events of Default have been cured or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Additional Issuing Banks</u>. The Borrowers may, at any time and from time to time with the consent of the Administrative Agent (which consent shall not be unreasonably withheld) and such Lender, designate one or more additional Lenders to act as an issuing bank under the terms of the Agreement. Any Lender designated as an issuing bank pursuant to this Section 2.23(k) shall be deemed to be an "Issuing Bank" (in addition to being a Lender) in respect of Letters of Credit issued or to be issued by such Lender, and, with respect to such Letters of Credit, such term shall thereafter apply to the other Issuing Bank and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Deemed Reissuance of Letters of Credit</u>. At any time and from time to time on or after the Sixth Amendment Effective Date, upon at least three Business Days' (or such shorter time period as the applicable Issuing Bank may agree) prior written request by a Borrower to the applicable Issuing Bank and the Administrative Agent, (i) a Letter of Credit issued under this Agreement may, subject to the prior written consent (in its sole discretion) of the applicable Issuing Bank and the acknowledgement (but, for the avoidance of doubt, not the consent) of the Administrative Agent (and the prior payment in full of all accrued and unpaid fees due and owing with respect to such Letter of Credit), be deemed to no longer be issued and outstanding under this Agreement and instead be deemed issued and outstanding as a letter of credit under such other letter of credit facility to which a Borrower and such Issuing Bank are a party and which such Borrower and such Issuing Bank have designated in the applicable written request for deemed reissuance and (ii) a letter of credit issued and outstanding by an Issuing Bank under another letter of credit facility to which such Borrower and such Issuing Bank are a party may, subject to the prior written consent of such Issuing Bank and the acknowledgement (but, for the avoidance of doubt, not the consent) of the Administrative Agent, be deemed to no longer be issued and outstanding under such letter of credit facility and instead be deemed and constitute a "Letter of Credit" issued and outstanding under this Agreement for all purposes of the Loan Documents (and be subject to all terms and provisions applicable to Letters of Credit hereunder and thereunder), subject to the satisfaction (or waiver in accordance with Section 9.08) of the conditions set forth in Section 4.01 on the date of such deemed issuance.

Section 9.24<u>Incremental Facilities</u>. (a) A Borrower may, by written notice by the Parent Borrower to the Administrative Agent, elect to request, from time to time, on one or more occasions, (i) the establishment of one or more new term loan commitments (by way of adding one or more new term loan facilities and/or increasing the term loans under an existing term loan facility prior to its maturity date) (the "<u>New Term Commitments</u>") and/or (ii) the establishment of one or more new revolving commitments (by way of adding one or more revolving credit facilities and/or increasing any existing Class of Revolving Commitments prior to their applicable Maturity Date) denominated in dollars or an Alternative Currency (the "<u>New Revolving Commitments</u>" and, together with the New Term

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Commitments, the "<u>New Commitments</u>"), in each case, to the extent agreed by the Persons providing the same, in a principal amount (A) not less than the Dollar Equivalent of $50,000,000 individually (or such lesser amount which shall be reasonably approved by the Administrative Agent or that shall constitute the remaining available amount of New Commitments permitted to be established pursuant to and in accordance with this Section 2.24(a)), and integral multiples of the Dollar Equivalent of $5,000,000 in excess thereof, and (B) not to exceed, for all New Commitments established pursuant to this Section 2.24(a) after the Fourteenth Amendment Effective Date (other than amounts incurred pursuant to the Ratio-Based Prong), an aggregate amount equal to the sum of the Dollar Equivalent of (1) (X) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $2,710,000,000, (y) 10.50% of Total Assets and (z) 85.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (Y) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $4,500,000,000, (y) 10.50% of Total Assets and (z) 85.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis) (this clause (1), the "<u>Free and Clear Amount</u>"), *plus* (2) amounts available under Section 6.01(b)(xxii) at such time (it being understood that usage of such amounts shall reduce availability under such basket on a dollar-for-dollar basis) (this clause (2), the "<u>Reallocated Amount</u>"), *plus* (3) the aggregate amount of any voluntary prepayment, redemption, repurchase or other retirement of Term Loans and/or any permanent reductions of the commitments under any Revolving Facility (including loan buybacks and open market purchases permitted under this Agreement and the other Loan Documents or termination from the "yank-a-bank" provisions, to the extent of the actual purchase price paid in cash) and/or the amount of any permanent prepayment of Indebtedness secured on a *pari passu* basis with the Guaranteed Obligations (this clause (3), the "<u>Prepayment Amount</u>"), *plus* (4) in the case of New Commitments that serve to effectively refinance, replace and/or extend the maturity of then-existing Term Loans, Revolving Commitments and/or Revolving Loans, an amount equal to the portion of such Term Loans, Revolving Commitments and/or Revolving Loans to be replaced with such New Commitments (this clause (4), the "<u>Replacement Amount</u>" and, the Replacement Amount, collectively with the Free and Clear Amount, the Reallocated Amount and the Prepayment Amount, the "<u>Non-Ratio Based Prong</u>"), in the case of the Prepayment Amount and the Replacement Amount, to the extent not funded or effected with any long term Indebtedness (other than revolving Indebtedness); <u>provided</u> that, any Borrower shall also have the right to obtain additional New Commitments without regard to the Non-Ratio Based Prong in an unlimited amount (the "<u>Ratio-Based Prong</u>" and, the Ratio-Based Prong, together with the Non-Ratio Based Prong, the "<u>Maximum Incremental Amount</u>") so long as, in the case of this Ratio-Based Prong, on a pro forma basis after giving effect to the incurrence of such New Commitments incurred pursuant to this Section 2.24 or any Indebtedness incurred pursuant to Section 6.01(b)(xxiii), and the application of the proceeds thereof (without netting the cash proceeds thereof, and, in the case of any New Commitments in the form of New Revolving Commitments, Revolving Commitments and/or Revolving Loans, or revolving facilities or revolving commitments pursuant to Section 6.01(b)(xxiii) then being established, assuming a full drawing thereunder), (1) in the case of Indebtedness secured by a Lien on the Collateral that ranks *pari passu* with the Lien securing the Guaranteed Obligations, the Consolidated First Lien Net Leverage Ratio would not exceed, on a pro forma basis, (X) prior to the Hurricane Acquisition Closing Date, 1.25:1.00, and (Y) on and after the Hurricane Acquisition Closing Date, 3.50:1.00 (or, to the extent incurred in connection with an acquisition, Investment (including a prospective Investment as contemplated by the definition of "Specified Transaction"), disposition or capital expenditure, the Consolidated First Lien Net Leverage Ratio (on a pro forma basis for such transaction and the incurrence of such Indebtedness) would not exceed the greater of (A) (X) prior to the Hurricane Acquisition Closing Date, 1.25:1.00, and (Y) on and after the Hurricane Acquisition Closing Date, 3.50:1.00, and (B) the Consolidated First Lien Net Leverage Ratio immediately prior to such acquisition, Investment (including a prospective Investment as contemplated by the definition of "Specified Transaction"), disposition or capital expenditure), (2) in the case of Indebtedness secured by a Lien on the Collateral that ranks junior to the Lien securing the Guaranteed Obligations, the Consolidated Secured Net Leverage Ratio would not exceed, on a pro forma basis, (X) prior to the Hurricane Acquisition Closing Date, 1.75:1.00, and (Y) on and after the Hurricane Acquisition Closing Date, 4.00:1.00 (or, to the extent incurred in connection with an acquisition, Investment (including a prospective Investment as contemplated by the definition of "Specified Transaction"), disposition or capital expenditure, the Consolidated Secured Net Leverage Ratio (on a pro forma basis for such transaction and the incurrence of such Indebtedness) would not exceed the greater of (A) (X) prior to the Hurricane Acquisition Closing Date, 1.75:1.00, and (Y) on and after the Hurricane Acquisition Closing Date, 4.00:1.00, and (B) the Consolidated Secured Net Leverage Ratio immediately prior to such acquisition, Investment (including a prospective Investment as

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contemplated by the definition of "Specified Transaction"), disposition or capital expenditure) and (3) in the case of unsecured Indebtedness or Indebtedness secured only by a Lien on assets that do not constitute Collateral either (A) the Consolidated Total Net Leverage Ratio would not exceed, on a pro forma basis, (X) prior to the Hurricane Acquisition Closing Date, 4.00:1.00, and (Y) on and after the Hurricane Acquisition Closing Date, 4.50:1.00 (or, to the extent incurred in connection with an acquisition, Investment (including a prospective Investment as contemplated by the definition of "Specified Transaction"), disposition or capital expenditure, the Consolidated Total Net Leverage Ratio (on a pro forma basis for such transaction and the incurrence of such Indebtedness) would not exceed the greater of (I) (X) prior to the Hurricane Acquisition Closing Date, 4.00:1.00, and (Y) on and after the Hurricane Acquisition Closing Date, 4.50:1.00, and (II) the Consolidated Total Net Leverage Ratio immediately prior to such acquisition, Investment (including a prospective Investment as contemplated by the definition of "Specified Transaction"), disposition or capital expenditure) or (B) the Fixed Charge Coverage Ratio would be no less than, on a pro forma basis, 2.00:1.00 (or, to the extent incurred in connection with an acquisition, Investment (including a prospective Investment as contemplated by the definition of "Specified Transaction"), disposition or capital expenditure, the Fixed Charge Coverage Ratio (on a pro forma basis for such transaction and the incurrence of such Indebtedness) would be no less than the lesser of (I) 2.00:1.00 and (II) the Fixed Charge Coverage Ratio immediately prior to such acquisition, Investment (including a prospective Investment as contemplated by the definition of "Specified Transaction"), disposition or capital expenditure), it being understood and agreed that, unless the Parent Borrower otherwise elects, availability under the Ratio-Based Prong shall be deemed used prior to availability under the Free and Clear Amount, the Reallocated Amount, the Prepayment Amount or the Replacement Amount to the maximum extent permitted thereunder. Any such New Commitments established pursuant to this Section 2.24(a) shall be subject to any restrictions thereon set forth in Sections 6.01 and 6.02. Each such notice shall specify the date (each, an "<u>Increased Amount Date</u>") on which the applicable Borrower proposes that the New Commitments shall be effective, which shall be a date not less than five Business Days after the date on which such notice is delivered to the Administrative Agent. Such New Commitments shall become effective as of such Increased Amount Date; <u>provided</u> that, (A) subject to Section 1.05, the availability of any New Commitments will be subject solely to (I) no Event of Default existing on such Increased Amount Date immediately before or immediately after giving effect to such New Commitments (or, if the proceeds of the loans made pursuant to such New Commitments are used to finance a Limited Condition Transaction, no Specified Event of Default existing on such Increased Amount Date immediately before or immediately after giving effect to such New Commitments, which may be waived by the lenders providing such New Commitments) and (II) the satisfaction on the Increased Amount Date of the condition set forth in Section 4.01(d); (B) the New Commitments shall be effected pursuant to one or more Joinder Agreements executed by the Borrowers, the Lenders providing such New Commitments and the Administrative Agent, and each of which shall be recorded in the Register; (C) the applicable Borrower shall make any payments required pursuant to Section 2.16 in connection with the New Commitments, as applicable; and (D) the applicable Borrower shall deliver or cause to be delivered, to the extent reasonably requested by the Administrative Agent, any customary and appropriate legal opinions or other documents in connection with any such transaction. Any New Term Loans, New Revolving Commitments or New Revolving Loans (other than any New Commitments, New Term Loans and New Revolving Loans provided by way of increasing the principal amount of any existing term loan facility or existing revolving credit facility, as applicable) made on an Increased Amount Date shall be designated as a separate Class of Term Loans for all purposes of this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;On any Increased Amount Date on which New Revolving Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (i) each of the Lenders with Revolving Commitments shall assign to each Lender with a New Revolving Commitment (each, a "<u>New Revolving Lender</u>") and each of the New Revolving Lenders shall purchase from each of the Lenders with Revolving Commitments, at the principal amount thereof (together with accrued interest), such interests in the Revolving Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Loans will be held by existing Lenders with Revolving Loans and New Revolving Lenders ratably in accordance with their Revolving Commitments after giving effect to the addition of such New Revolving Commitments to the Revolving Commitments, (ii) each New Revolving Commitment shall be deemed for all purposes a Revolving

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Commitment and each loan made thereunder (a "<u>New Revolving Loan</u>") shall be deemed, for all applicable purposes and as of the Increased Amount Date, a Revolving Loan and (iii) each New Revolving Lender shall become a Lender as of the Increased Amount Date with respect to its New Revolving Commitment and all matters relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On any Increased Amount Date on which any New Term Commitments of any Class are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Commitment (each, a "<u>New Term Lender</u>") of any Class shall make a loan to the applicable Borrower (a "<u>New Term Loan</u>") in an amount equal to its New Term Commitment of such Class, and (ii) each New Term Lender of any Class shall become a Lender hereunder with respect to its New Term Commitment of such Class and the New Term Loans of such Class made by such Lender pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Administrative Agent shall notify the Lenders promptly upon receipt of the Parent Borrower's notice of each Increased Amount Date and in respect thereof (i) the Class of New Term Commitments and New Term Lenders of such Class or the Class of New Revolving Commitments and New Revolving Lenders of such Class, as applicable, and (ii) in the case of each notice to any Lender with Revolving Loans, the respective interests in such Lender's Revolving Loans subject to the assignments contemplated by <u>Section 2.24(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(A) any New Term Loans that are not provided by increasing the principal amount of any existing term loan facility may provide for the ability to participate (i) with respect to any voluntary prepayments, on a *pro rata* basis, greater than *pro rata* basis, or less than a *pro rata* basis with the then-outstanding Term Loans and (ii) with respect to any mandatory prepayments, on a *pro rata* basis (only in respect of New Term Loans that are *pari passu* with the then-outstanding Term Loans) or less than a *pro rata* basis with the then-outstanding Term Loans (and on greater than a *pro rata* basis with respect to prepayments of any such New Term Loans with the proceeds of Refinancing Term Loans) and (B) any New Revolving Loans and New Revolving Commitments that are not provided by increasing the principal amount of any existing revolving credit facility may provide for the ability to (i) participate with respect to Borrowings and mandatory repayments on a non *pro rata* basis with the then existing Revolving Loans and the Revolving Commitments and (ii) permanently repay and terminate the related revolving commitments on a non *pro rata* basis with the then existing Revolving Loans and the Revolving Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)As of the Increased Amount Date, (1) solely in the case of any New Term Loans and New Term Commitments provided by way of increasing the principal amount of any existing term loan facility, the terms, provisions and documentation of such New Term Loans and New Term Commitments shall be identical (other than with respect to upfront fees, original issue discount and arrangement, structuring or similar fees payable in connection therewith) to the applicable Term Loans being increased, in each case, as existing on such Increased Amount Date and (2) the terms and provisions of any other New Term Loans and the New Term Commitments (excluding pricing, fees, rate floors, maturity, or amortization terms and except as otherwise set forth herein or in the applicable Joinder Agreement), other than such terms and provisions that (x) are applicable only after the Maturity Date of the then-existing Term Loans and (y) are conformed (or added) to the Loan Documents for the benefit of the Lenders of the then-existing Term Loans and the Administrative Agent, as applicable, pursuant to an amendment hereto (with any such amendment being effected in consultation with the Administrative Agent, but only requiring execution by the Borrowers) shall (A) reflect then-current market terms and conditions (taken as a whole) at the time of incurrence of such New Term Loans (as reasonably determined by the Parent Borrower in good faith), (B) not be materially more favorable to the lenders or agent of such New Term Loans and New Term Commitments, taken as a whole (as reasonably determined by the Parent Borrower in good faith), or (C) be reasonably satisfactory to the Administrative Agent; <u>provided</u>, <u>however</u>, that (i) the Maturity Date for any Class shall be determined by the applicable Borrower and the applicable New Term Lenders and shall be set forth in the applicable Joinder Agreement, (ii) the rate of interest applicable to the New Term Loans of each Class shall be determined by the applicable Borrower and the applicable New Term Lenders and shall be set forth in the applicable Joinder Agreement; <u>provided</u> that, the all-in yield (including interest rate margins, any interest rate floors, original issue discount and upfront fees (based on a four-year average life to maturity or the remaining life to maturity), but excluding customary

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arrangement, commitment, structuring, amendment, underwriting and/or similar fees paid or payable to any arranger or any arranger's Affiliates with respect to such New Term Loans of any Class) applicable to any broadly syndicated dollar-denominated New Term Loans that rank pari passu in right of security and payment with the 2024 New Term Loans as of the date of funding thereof shall not be more than 0.50% per annum higher than the corresponding all-in yield (determined on the same basis) applicable to such 2024 New Term Loans, unless the interest rate margin (and the interest rate floor, if applicable) with respect to such then outstanding 2024 New Term Loans is increased by an amount equal to the difference between the all-in yield with respect to such New Term Loans of such Class and the all-in yield on such 2024 New Term Loans *minus* 0.50% per annum (this clause (ii), the "<u>MFN Adjustment</u>"), and (iii) any New Term Loans incurred during a Collateral Release Period shall be unsecured and may be subject to substantially the same provisions with respect to a Collateral Reinstatement Event and subsequent Collateral Release Event as the Revolving Loans; <u>provided</u>, <u>further</u>, that the MFN Adjustment shall not apply to New Term Loans (a) that mature on or after the sixth month anniversary of the Maturity Date of the 2024 New Term Loans, (b) that are incurred after the sixth month anniversary of the Eighth Amendment Effective Date, (c) that are incurred in reliance on any component of the Non-Ratio Based Prong, (d) the proceeds of which are used to consummate a Permitted Acquisition or (e) in an amount of up to (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $1,300,000,000, (y) 5.0% of Total Assets and (z) 40.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $2,250,000,000, (y) 5.0% of Total Assets and (z) 40.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)As of the Increased Amount Date, (1) solely in the case of any New Revolving Loans and the New Revolving Commitments provided by way of increasing the principal amount of any existing revolving credit facility, the terms, provisions and documentation of such New Revolving Loans and New Revolving Commitments shall be identical (other than with respect to upfront fees, original issue discount and arrangement, structuring or similar fees payable in connection therewith) to the applicable Revolving Loans and the Revolving Commitments being increased, in each case, as existing on such Increased Amount Date and (2) the terms and provisions of any other New Revolving Loans and the New Revolving Commitments (excluding pricing, fees, rate floors, maturity, or amortization terms and except as otherwise set forth herein or in the applicable Joinder Agreement), other than such terms and provisions that (x) are applicable only after the Maturity Date of the then-existing Revolving Loans and Revolving Commitments and (y) are conformed (or added) to the Loan Documents for the benefit of the Lenders of the of the then-existing Revolving Loans and Revolving Commitments and the Administrative Agent, as applicable, pursuant to an amendment hereto (with any such amendment being effected in consultation with the Administrative Agent, but only requiring execution by the applicable Borrower) shall (A) reflect then-current market terms and conditions (taken as a whole) at the time of incurrence or establishment of such New Revolving Loans and New Revolving Commitments (as reasonably determined by the Parent Borrower in good faith), (B) not be materially more favorable to the lenders or agent of such New Revolving Loans and New Revolving Commitments, taken as a whole (as reasonably determined by the Parent Borrower in good faith), or (C) be reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Each Joinder Agreement may, without the consent of any Person other than the Administrative Agent, the applicable Borrower and the Lenders providing such New Commitments, effect such amendments to this Agreement and the other Loan Documents as may be necessary, advisable or appropriate, in the opinion of the Administrative Agent and the applicable Borrower, to effect the provisions of this Section 2.24 and the transactions contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Notwithstanding anything herein to the contrary, the Borrowers and the Administrative Agent may effectuate changes to the amortization schedule of any class of existing Term Loans to the extent (but only to the extent) necessary to allow for the New Term Loans to be treated as "fungible" for tax purposes with such Class of existing Term Loans.

Section 9.25<u>Refinancing Facilities</u>. (a) A Borrower may, by written notice by the Parent Borrower to the Administrative Agent, elect to request the establishment of one or more new tranches of (i) term loan commitments (the "<u>Refinancing Term Commitments</u>") and (ii) revolving commitments (the

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"<u>Refinancing Revolving Commitments</u>" and, together with the Refinancing Term Commitments, the "<u>Refinancing Commitments</u>"), in each case, in an aggregate amount not less than the Dollar Equivalent of $50,000,000 individually (or such lesser amount which shall be reasonably approved by the Administrative Agent), and integral multiples of the Dollar Equivalent of $5,000,000 in excess thereof, the proceeds of which shall be used solely in exchange for, or to extend, renew, replace or refinance, in whole or part Indebtedness that is existing Term Loans, Revolving Loans or Revolving Commitments (such Indebtedness, "<u>Refinancing Loans</u>"). Each such notice shall specify the date (each, a "<u>Refinancing Amount Date</u>") on which the applicable Borrower proposes that the Refinancing Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. Such Refinancing Commitments shall become effective as of such Refinancing Amount Date; <u>provided</u> that, (A) the Refinancing Commitments shall be provided by one or more Lenders and/or any other Person that is an eligible assignee pursuant to and in accordance with Section 9.04(b); <u>provided</u>, <u>however</u>, that any Lender offered or approached to provide all or a portion of the Refinancing Commitments may elect or decline, in its sole discretion, to provide a Refinancing Commitment; (B) the Refinancing Commitments shall be effected pursuant to one or more Joinder Agreements executed by the applicable Borrower, the Lenders and/or Persons that are eligible assignees pursuant to and in accordance with Section 9.04(b), in each case, providing such Refinancing Commitments and the Administrative Agent, and each of which shall be recorded in the Register; (C) the effectiveness of any Joinder Agreement will be subject only to the satisfaction (or waiver) on the date thereof of such of the conditions set forth in Section 4.01 as may be requested by the providers of Refinancing Loans; (D) the applicable Borrower shall pay all fees and expenses due and payable to the Agents and the Lenders in connection with the Refinancing Commitments, as applicable; and (E) the applicable Borrower shall deliver or cause to be delivered, to the extent reasonably requested by the Administrative Agent, any customary and appropriate legal opinions or other documents in connection with any such transaction. Any Refinancing Term Loans, Refinancing Loans and/or Refinancing Commitments made on a Refinancing Amount Date shall be designated as a separate Class of Term Loans, Revolving Loans and/or Refinancing Commitments, respectively, for all purposes under this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the extent applicable as of the Refinancing Amount Date, the terms and provisions of any Refinancing Term Loans (excluding pricing, fees, rate floors, maturity, or amortization terms and except as otherwise set forth herein or in a Joinder Agreement), other than such terms and provisions that (x) are applicable only after the Maturity Date of the applicable Term Loans subject to such refinancing and (y) are conformed (or added) to the Loan Documents for the benefit of the applicable Term Lenders whose Term Loans are subject to such refinancing and the Administrative Agent, as applicable, pursuant to an amendment hereto (with any such amendment being effected in consultation with the Administrative Agent, but only requiring execution by the applicable Borrower) shall (A) reflect then-current market terms and conditions (taken as a whole) at the time of incurrence of such Refinancing Term Loans (as reasonably determined by the Parent Borrower in good faith), (B) not be materially more favorable to the lenders or agent of such Refinancing Term Loans, taken as a whole (as reasonably determined by the Parent Borrower in good faith), or (C) be reasonably satisfactory to the Administrative Agent; <u>provided</u>, <u>however</u>, that (i) the rate of interest applicable to the Refinancing Term Loans of each Class shall be determined by the applicable Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement and (ii) any Refinancing Term Loans incurred during a Collateral Release Period shall be unsecured and may be subject to substantially the same provisions with respect to a Collateral Reinstatement Event and subsequent Collateral Release Event as the Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)On any Refinancing Amount Date on which any Refinancing Term Commitments of any Class are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a Refinancing Term Commitment (each, a "<u>Refinancing Term Lender</u>") of any Refinancing Series shall make a Loan to the applicable Borrower (a "<u>Refinancing Term Loan</u>") in an amount equal to its Refinancing Term Commitment of such Class and (ii) each Refinancing Term Lender of any Class shall become a Lender hereunder with respect to the Refinancing Term Commitment of such Class and the Refinancing Term Loans of such Class made pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the extent applicable as of the Refinancing Amount Date, the terms and provisions of any Refinancing Revolving Loans and Refinancing Revolving Commitments (excluding pricing, fees,

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rate floors, maturity, or amortization terms and except as otherwise set forth herein or in a Joinder Agreement), other than such terms and provisions that (x) are applicable only after the Maturity Date of the applicable Revolving Loans and Revolving Commitments subject to such refinancing and (y) are conformed (or added) to the Loan Documents for the benefit of the applicable Revolving Lenders whose Revolving Loans and Revolving Commitments are subject to such refinancing and the Administrative Agent, as applicable, pursuant to an amendment hereto (with any such amendment being effected in consultation with the Administrative Agent, but only requiring execution by the applicable Borrower) shall (A) reflect then-current market terms and conditions (taken as a whole) at the time of incurrence or establishment of such Refinancing Revolving Loans and Refinancing Revolving Commitments (as reasonably determined by the Parent Borrower in good faith), (B) not be materially more favorable to the lenders or agent of such Refinancing Revolving Loans and Refinancing Revolving Commitments, taken as a whole (as reasonably determined by the Parent Borrower in good faith), or (C) be reasonably satisfactory to the Administrative Agent; <u>provided</u>, <u>however</u>, that (i) the rate of interest applicable to such Refinancing Revolving Loans shall be determined by the applicable Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement and (ii) any Refinancing Revolving Loans incurred during a Collateral Release Period shall be unsecured and may be subject to substantially the same provisions with respect to a Collateral Reinstatement Event and subsequent Collateral Release Event as the Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)On any Refinancing Amount Date on which any Refinancing Revolving Commitments are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a Refinancing Revolving Commitment (each, a "<u>Refinancing Revolving Lender</u>") shall commit to make Revolving Loans to the applicable Borrower ("<u>Refinancing Revolving Loans</u>") in an amount equal to its Refinancing Revolving Commitment and (ii) each Refinancing Revolving Lender shall become a Lender hereunder with respect to the Refinancing Revolving Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each Joinder Agreement may, without the consent of any Person other than the Administrative Agent, the applicable Borrower and the Lenders providing such Refinancing Commitments, effect such amendments to this Agreement and the other Loan Documents as may be necessary, advisable or appropriate, in the opinion of the Administrative Agent and the applicable Borrower, to effect the provisions of this Section 2.25 and the transactions contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)There is no requirement that any Joinder Agreement be subject to any "most favored nation" pricing provisions.

Section 9.26<u>Defaulting Lenders</u>. Notwithstanding any provision of this Agreement to the contrary, if any Revolving Lender becomes, and during the period it remains, a Defaulting Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)if any Revolving L/C Exposure exists at the time such Revolving Lender becomes a Defaulting Lender then so long as such Revolving L/C Exposure exists, all or any part of the Revolving L/C Exposure of such Defaulting Lender shall automatically, for so long as such Revolving L/C Exposure is outstanding, be reallocated among the non-Defaulting Revolving Lenders in accordance with their respective Pro Rata Percentages but only to the extent the sum of all non-Defaulting Revolving Lenders' Revolving Exposures plus such Defaulting Lender's Revolving L/C Exposure does not exceed the total of all non-Defaulting Revolving Lenders' Revolving Commitments; <u>provided</u> that, subject to Section 9.22, neither such reallocation nor any payment by a non-Defaulting Revolving Lender pursuant thereto will constitute a waiver or release of any claim the Borrowers, the Administrative Agent, the Issuing Bank or any other Lender may have against such Defaulting Lender or cause such Defaulting Lender to no longer be a Defaulting Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if the reallocation described in clause (a) above cannot, or can only partially, be effected, the Borrowers shall, within one Business Day following notice by the Administrative Agent, cash collateralize for the benefit of the Issuing Bank only the Borrowers' obligations corresponding to such Defaulting Lender's Revolving L/C Exposure (after giving effect to any partial reallocation pursuant to clause (a) above) in accordance with the procedures set forth in Section 2.23(j) for so long as such Revolving L/C Exposure is outstanding;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)in furtherance of the foregoing, each of the Issuing Bank is hereby authorized by the Borrowers (which authorization is irrevocable and coupled with an interest) to give, in its discretion, through the Administrative Agent, a Borrowing Request pursuant to Section 2.03 in such amounts and in such times as may be required to (i) reimburse an outstanding L/C Disbursement and/or (ii) cash collateralize the obligations of the Borrowers in respect of outstanding Letters of Credit in an amount at least equal to the aggregate amount of the obligations (contingent or otherwise) of such Defaulting Lender in respect of such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)so long as such Lender is a Defaulting Lender or if any Issuing Bank has a good faith and reasonable belief that any Lender has defaulted in fulfilling its obligations generally under other agreements in which it commits to extend credit, then no Issuing Bank shall be required to issue, amend, renew, increase or extend any Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the available Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrowers in accordance with clauses (a) and (b) above, and participating interests in any such newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with clause (a) (and such Defaulting Lender shall not participate therein); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any amount paid by the Borrowers or otherwise received by the Administrative Agent for the account of a Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity payments or other amounts) will not be paid or distributed to such Defaulting Lender, but will instead be retained by the Administrative Agent in a segregated account until (subject to the last paragraph of this Section 2.26) the termination of the Commitments and payment in full of all obligations of the Borrowers hereunder and will be applied by the Administrative Agent, to the fullest extent permitted by Applicable Law, to the making of payments from time to time in the following order of priority: *first*, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent under this Agreement; *second*, to the payment of any amounts owing by such Defaulting Lender to the Issuing Bank (<u>pro</u> <u>rata</u> as to the respective amounts owing to each of them) under this Agreement; *third*, to the payment of post-default interest and then current interest due and payable to the Lenders hereunder other than Defaulting Lenders, ratably among them in accordance with the amounts of such interest then due and payable to them; *fourth*, to the payment of fees then due and payable to the non-Defaulting Lenders hereunder, ratably among them in accordance with the amounts of such fees then due and payable to them; *fifth*, to pay principal and unreimbursed L/C Disbursements then due and payable to the non-Defaulting Lenders hereunder ratably in accordance with the amounts thereof then due and payable to them; *sixth*, to the ratable payment of other amounts then due and payable to the non-Defaulting Lenders; and, *seventh*, after the termination of the Commitments and payment in full of all obligations of the Borrowers hereunder, to pay amounts owing under this Agreement to such Defaulting Lender or as a court of competent jurisdiction may otherwise direct.

In the event that the Administrative Agent, the Parent Borrower and the Issuing Banks each agrees in writing that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Administrative Agent shall so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any amounts then held in the segregated account referred to in Section 2.26(e)), such Lender will, to the extent applicable, purchase at par such portion of outstanding Loans of the other Lenders and/or make such other adjustments as the Administrative Agent may determine to be necessary to cause the Revolving Exposure, Revolving L/C Exposure of the Revolving Lenders to be held in accordance with their Pro Rata Percentage in accordance with their respective Commitments, whereupon such Lender will cease to be a Defaulting Lender and will be a non-Defaulting Lender (and such Revolving Exposure, Revolving L/C Exposure of each Revolving Lender will automatically be adjusted on a prospective basis to reflect the foregoing); <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while such Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to non-

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Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender having been a Defaulting Lender.

Subject to Section 9.24, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a non-Defaulting Lender as a result of such non-Defaulting Lender's increased exposure following such reallocation.

Article X.<u><br>Representations and Warranties</u>

Each Borrower represents and warrants to the Arrangers, the Administrative Agent, the Collateral Agent, each of the Issuing Banks and each of the Lenders that:

Section 10.01<u>Organization; Powers</u>. Each of the Borrowers and their Restricted Subsidiaries (other than any Immaterial Subsidiary) (a) is duly organized or formed, validly existing and, subject to Section 4.2(b) of the Fourteenth Amendment, in good standing under the laws of the jurisdiction of its organization or formation, (b) has all requisite power and authority, and the legal right, to own and operate its property and assets, to lease the property it operates as lessee and to carry on its business as now conducted and, except to the extent the failure to do so could not reasonably be expected to result in a Material Adverse Effect, as proposed to be conducted, (c) is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where the failure to so qualify or to so be in good standing, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect and (d) has the power and authority, and the legal right, to execute, deliver and perform its obligations under this Agreement, each of the other Loan Documents and each other agreement or instrument contemplated hereby or thereby to which it is or will be a party, including, in the case of the Borrowers, to borrow hereunder, in the case of each Loan Party, to grant the Liens contemplated to be granted by it under the Security Documents and, in the case of each Subsidiary Guarantor, to Guarantee the Guaranteed Obligations hereunder as contemplated by the Guarantee and Collateral Agreement.

Section 10.02<u>Authorization; No Conflicts</u>. The Transactions (a) have been duly authorized by all requisite corporate, partnership or limited liability company and, if required, stockholder, partner or member action and (b) will not (i) violate (A) any applicable provision of any material law, statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws of the Borrowers or any other Loan Party, (B) any order of any Governmental Authority or arbitrator or (C) any provision of any indenture or any material agreement or other material instrument to which the Borrowers or any of their Restricted Subsidiaries is a party or by which any of them or any of their property is or may be bound, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any such indenture or material agreement or other material instrument or (iii) result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by the Borrowers or any other Loan Party (other than Liens created under the Security Documents).

Section 10.03<u>Enforceability</u>. This Agreement has been duly executed and delivered by the Borrowers and constitutes, and each other Loan Document when executed and delivered by each Loan Party party thereto will constitute, a legal, valid and binding obligation of such Loan Party enforceable against such Loan Party, in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other laws now or hereafter in effect relating to creditors' rights generally and (including with respect to specific performance) subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, and to the discretion of the court before which any proceeding therefor may be brought.

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Section 10.04<u>Governmental Approvals</u>. No action, consent or approval of, registration or filing with, notice to, or any other action by, any Governmental Authority is or will be required in connection with the Transactions, except for (a) the filing of UCC financing statements and filings with the United States Patent and Trademark Office and the United States Copyright Office, (b) recordation of the Mortgages, (c) such other actions specifically described in Section 3.19, (d) any immaterial actions, consents, approvals, registrations or filings or (e) such as have been made or obtained and are in full force and effect.

Section 10.05<u>Financial Statements</u>. The Parent Borrower has, on or prior to the Closing Date, furnished to the Arrangers and the Lenders consolidated balance sheets and related statements of income, equity and cash flows of the Parent Borrower and its consolidated Subsidiaries (i) as of and for the fiscal year ended December 31, 2015 audited by and accompanied by the opinion of KPMG LLP, independent public accountants, and (ii) as of and for the fiscal quarter ended March 31, 2016, certified by a Financial Officer of the Parent Borrower and reviewed by KPMG LLP, independent public accountants, as provided in Statement on Auditing Standards No. 100. Such financial statements present fairly in all material respects the financial condition and results of operations of the Parent Borrower and its consolidated Subsidiaries, as applicable, as of such dates and for such periods, subject to normal year-end audit adjustments and the absence of footnotes in the case of the financial statements referred to in clause (ii) above. Such balance sheets and the notes thereto disclose all material liabilities, direct or contingent, of the Parent Borrower and its consolidated Subsidiaries, as applicable, as of the dates thereof. Such financial statements were prepared in accordance with GAAP applied on a consistent basis (except, with respect to such financial statements referred to in clause (ii) above, for normal year-end adjustments and the absence of footnotes).

Section 10.06<u>No Material Adverse Effect</u>. Since December 31, 2024, no event, change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect.

Section 10.07<u>Title to Properties; Possession Under Leases</u>. (a) The Borrowers and the other Loan Parties have good and marketable title to, valid leasehold interests in, or a license or other right to use, all their respective material properties and material assets that are included in the Collateral (including all Mortgaged Property) and including valid rights, title and interests in or rights to control or occupy easements or rights of way used in connection with such properties and assets, free and clear of all Liens or other exceptions to title other than Permitted Liens and minor defects in title that, in the aggregate, are not substantial in amount and do not materially detract from the value of the property subject thereto or interfere with its ability to conduct its business as currently conducted or to utilize such properties and assets for their intended purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as set forth in <u>Schedule 3.07</u> or where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, (i) each of the Loan Parties has complied with all material obligations under all material leases to which it is a party and all such material leases are in full force and effect and (ii) each of the Loan Parties enjoys peaceful and undisturbed possession under all such material leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as set forth in <u>Schedule 3.07</u>, none of the Borrowers or any of the other Loan Parties has received any notice of, nor has any knowledge of, any pending or contemplated condemnation proceeding affecting the Mortgaged Properties or any sale or disposition thereof in lieu of condemnation (i) as of the Closing Date or (ii) at any time thereafter, which in the case of clause (ii) has had, or could reasonably be expected to have, a Material Adverse Effect.

Section 10.08<u>Subsidiaries</u>. <u>Schedule 3.08</u> sets forth as of the Sixth Amendment Effective Date a list of all Subsidiaries, including each Subsidiary's exact legal name (as reflected in such Subsidiary's certificate or articles of incorporation or other constitutive documents) and jurisdiction of incorporation or formation and the percentage ownership interest of the Borrowers (direct or indirect) therein, and identifies each Subsidiary that is a Loan Party. As of the Sixth Amendment Effective Date, the shares of Capital Stock or other Equity Interests so indicated on <u>Schedule 3.08</u> are owned by the Borrowers, directly or indirectly, free and clear of all Liens (other than Liens created under the Security Documents and, in the case of Equity Interests (other than Pledged Securities), Permitted Liens, and in respect of

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Pledged Securities, the Permitted Liens set forth in <u>clauses (g)</u> and <u>(o)</u> of the definition thereof) and all such shares of capital stock are fully paid, and to the extent issued by a corporation, non-assessable.

Section 10.09<u>Litigation; Compliance with Laws</u>. (a) Except as set forth on <u>Schedule 3.09</u>, there are no actions, suits or proceedings at law or in equity or by or before any arbitrator or Governmental Authority now pending or, to the knowledge of the Parent Borrower, threatened against the Parent Borrower or any Restricted Subsidiary or any business, property or material rights of the Parent Borrower or any Restricted Subsidiary (i) that, as of the Closing Date, involve any Loan Document or the Transactions or, at any time thereafter, involve any Loan Document or the Transactions and which could reasonably be expected to be material and adverse to the interests of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, or the Lenders, or (ii) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as set forth on <u>Schedule 3.09</u>, none of the Parent Borrower or any of the Restricted Subsidiaries or any of their respective material properties or assets is in violation of any law, rule or regulation (including any zoning, building, ordinance, code or approval or any building permits), or is in default with respect to any judgment, writ, injunction, decree or order of any Governmental Authority, where such violation or default, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect (but not including, in each case, any Environmental Law which is the subject of Section 3.17 or any energy regulation matter which is the subject of Section 3.23).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All material permits are in effect for each Mortgaged Property as currently constructed.

Section 10.10<u>Agreements</u>. None of the Parent Borrower or any of the Restricted Subsidiaries is in default under any provision of any indenture or other agreement or instrument evidencing Indebtedness, or any other material agreement or instrument to which it is a party or by which it or any of its properties or assets are or may be bound, where such default, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.

Section 10.11<u>Federal Reserve Regulations</u>. (a) None of the Parent Borrower or any of the Restricted Subsidiaries is engaged principally, or as one of its material activities, in the business of extending credit for the purpose of buying or carrying Margin Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No part of the proceeds of any Loan or any Letter of Credit will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for purchasing or carrying Margin Stock or for the purpose of purchasing, carrying or trading in any securities under such circumstances as to involve the Borrowers in a violation of Regulation X or to involve any broker or dealer in a violation of Regulation T. No Indebtedness being reduced or retired out of the proceeds of any Loans or Letters of Credit was or will be incurred for the purpose of purchasing or carrying any Margin Stock. Following the application of the proceeds of the Loans and the Letters of Credit, Margin Stock will not constitute more than 25% of the value of the assets of the Parent Borrower and the Restricted Subsidiaries. None of the transactions contemplated by this Agreement will violate or result in the violation of any of the provisions of the Regulations of the Board, including Regulation T, U or X. If requested by any Lender or the Administrative Agent, the Borrowers will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1 referred to in Regulation U.

Section 10.12<u>Investment Company Act</u>. None of the Borrowers or any of the other Loan Parties is an "investment company" as defined in, and subject to registration under, the Investment Company Act of 1940, as amended from time to time.

Section 10.13<u>Use of Proceeds</u>. The Borrowers will use the proceeds of (a) the Term Loans on the Closing Date, together with other funds available to it, to (i) re-evidence in full all Term Loans (as defined in the Existing Credit Agreement) outstanding under the Existing Credit Agreement, on the terms and subject to the conditions set forth herein, including via the assignment by certain of the Lenders under

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and as defined in the Existing Credit Agreement who do not remain Lenders hereunder on the Closing Date to certain of the Lenders hereunder as of the Closing Date of certain of the Term Loans under and as defined in the Existing Credit Agreement, which shall thereafter be continued as and be deemed to be a portion of the Term Loans hereunder, and (ii) pay or cause to be paid fees, costs and expenses incurred in connection with the Transactions in accordance with the terms and conditions of this Agreement, (b) the Revolving Loans to finance the working capital needs and other general corporate purposes of the Borrowers and its respective Subsidiaries (including, without limitation, for capital expenditures, acquisitions and other Investments, funding Minority Investments and permitted joint ventures, earn-out payments, deferred purchase price payments and/or purchase price adjustments), Restricted Payments, refinancing of Indebtedness, the payment of fees and expenses in connection with this Agreement and the transactions related thereto and any other transactions or purposes not prohibited by the terms of the Loan Documents (including to replenish balance sheet cash used to finance any of the foregoing), (c) the 2024 New Term Loans to finance the working capital needs and other general corporate purposes of the Parent Borrower and its respective Subsidiaries, including, without limitation, to repay Indebtedness outstanding on the Eighth Amendment Effective Date, to pay fees and expenses in connection with the transactions contemplated by the Eighth Amendment and for any other purposes not prohibited by the terms of the Loan Documents, (d) the 2024-2 New Term Loans (A) to finance in part the repayment of certain Indebtedness of certain Restricted Subsidiaries of the Parent Borrower outstanding on the Eleventh Amendment Effective Date, (B) to pay fees and expenses in connection with the transactions contemplated by the Eleventh Amendment, (C) to fund the working capital needs and other general corporate purposes of the Parent Borrower and its Subsidiaries and (D) for any other purposes not prohibited by the terms of the Loan Documents, (e) any New Term Loans and New Revolving Loans to finance the working capital needs and other general corporate purposes of the Parent Borrower and its respective Subsidiaries (including, without limitation, for capital expenditures, acquisitions and other Investments, funding Minority Investments and permitted joint ventures, earn-out payments, deferred purchase price payments and/or purchase price adjustments), Restricted Payments, refinancing of Indebtedness, the payment of fees and expenses in connection with this Agreement and the transactions related thereto and any other transactions or purposes not prohibited by the terms of the Loan Documents and (f) the Refinancing Term Loans and Refinancing Revolving Commitments solely for the purposes set forth in Section 2.25(a). The Borrowers will request the issuance of Letters of Credit solely for the working capital requirements and general corporate purposes of the Parent Borrower and its Subsidiaries or any Minority Investment.

Section 10.14<u>Tax Returns</u>. The Parent Borrower and each of the Restricted Subsidiaries has timely filed or timely caused to be filed all material Federal, state, local and non-U.S. tax returns or materials required to have been filed by it and all such tax returns are correct and complete in all material respects. The Parent Borrower and each of the Restricted Subsidiaries has timely paid or caused to be timely paid all material Taxes due and payable by it and all assessments received by it, except Taxes that are being contested in good faith by appropriate proceedings and for which the Parent Borrower or such Restricted Subsidiary, as applicable, shall have set aside on its books adequate reserves in accordance with GAAP or except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. The Borrowers have made adequate provision in accordance with GAAP for all Taxes accrued and not yet due and payable. Subject to Section 4.3 of the Sixth Amendment, except as permitted in clauses (z) and (bb) of the definition of "Permitted Liens," no Lien for Taxes has been filed (except for Taxes not yet delinquent that are being contested in good faith by appropriate proceedings), and to the knowledge of the Parent Borrower and each of the Restricted Subsidiaries, based on the receipt of written notice, no claim is being asserted, with respect to any Tax. Neither the Parent Borrower nor any of the Restricted Subsidiaries (a) intends to treat the Loans, the Transactions or any of the other transactions contemplated by any Loan Document as being a "reportable transaction" (within the meaning of Treasury Regulation Section 1.6011-4) or (b) is aware of any facts or events that would result in such treatment.

Section 10.15<u>No Material Misstatements</u>. No written information, report, financial statement, exhibit or schedule furnished by or on behalf of the Parent Borrower or any Restricted Subsidiary to any Arranger, the Administrative Agent, the Collateral Agent, any Co-Manager, any Issuing Bank or any Lender for use in connection with the Transactions or the other transactions contemplated by the Loan Documents or in connection with the negotiation of any Loan Document or included therein or delivered pursuant thereto (including any Pricing Certificate) contained, contains or will, when furnished, contain any material misstatement of fact or omitted, omits or will, when furnished, omit to state any material fact

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necessary to make the statements therein, in the light of the circumstances under which they were, are or will be made, not misleading; <u>provided</u> that, to the extent any such written information, report, financial statement, exhibit or schedule is based upon or constitutes a forecast or projection (including pro forma financial statements) or is information of a general economic or industry nature, each Borrower represents only that it acted in good faith and upon assumptions believed to be reasonable at the time made and at the time such information, report, financial statement, exhibit or schedule is made available to any Arranger, the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender, it being understood that projections are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrowers and their Restricted Subsidiaries, and that no assurance can be given that such projections will be realized.

Section 10.16<u>Employee Benefit Plans</u>. Except as could not reasonably be expected to result in a Material Adverse Effect, the Parent Borrower and each ERISA Affiliate is in compliance with the applicable provisions of ERISA and, in respect of the Benefit Plans and Multiemployer Plans, the Tax Code and the regulations and published interpretations thereunder. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events, could reasonably be expected to result in a Material Adverse Effect.

Section 10.17<u>Environmental Matters</u>. (a) Except as set forth in <u>Schedule 3.17</u> or except with respect to any matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, none of the Parent Borrower or any of the Restricted Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)has failed to comply with any Environmental Law or to take all actions necessary to obtain, maintain, renew and comply with any permit, license, registration or other approval required under Environmental Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)has become a party to any administrative or judicial proceeding, or possesses knowledge of any such proceeding that has been threatened, that could result in the termination, revocation or modification of any permit, license, registration or other approval required under Environmental Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)possesses knowledge that the Parent Borrower or any of the Restricted Subsidiaries has become subject to any Environmental Liability on any Mortgaged Property (A) is subject to any Lien imposed pursuant to Environmental Law or (B) contains Hazardous Materials of a form or type or in a quantity or location that could reasonably be expected to result in any Environmental Liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)has received written notice of any claim or threatened claim, with respect to any Environmental Liability other than those which have been fully and finally resolved and for which no obligations remain outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)possesses knowledge of any facts or circumstances that could reasonably be expected to result in any Environmental Liability or could reasonably be expected to materially interfere with or prevent continued material compliance with Environmental Laws in effect as of the Closing Date and the date of each Credit Event by the Parent Borrower or the Restricted Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Since the Closing Date, there has been no change in the status of the matters disclosed on <u>Schedule 3.17</u> that, individually or in the aggregate, has resulted in, or could reasonably be expected to result in, a Material Adverse Effect.

The representations and warranties in this Section 3.17 are the sole representations and warranties in any Loan Document with respect to environmental matters, including those relating to Environmental Law or Hazardous Materials.

Section 10.18<u>Insurance</u>. <u>Schedule 3.18</u> sets forth a true, complete and correct description of all material insurance coverage maintained by or on behalf of the Parent Borrower and the Restricted

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Subsidiaries as of the Sixth Amendment Effective Date. As of the Sixth Amendment Effective Date, such insurance is in full force and effect and all premiums that are due and owed have been duly paid. The Parent Borrower and the Restricted Subsidiaries are insured by financially sound insurers (subject to the proviso in Section 5.02) and such insurance is in such amounts and covering such risks and liabilities (and with such deductibles, retentions and exclusions) as are maintained by companies of a similar size operating in the same or similar businesses.

Section 10.19<u>Security Documents</u>. (a) The Guarantee and Collateral Agreement is effective to create in favor of the Collateral Trustee, for the ratable benefit of the Secured Parties, a legal, valid, binding and enforceable security interest in the Collateral described therein and proceeds thereof (other than money not constituting identifiable proceeds of any Collateral), subject to applicable insolvency, bankruptcy, reorganization, moratorium, fraudulent transfer and other laws now or hereafter in effect generally affecting rights of creditors and (including with respect to specific performance) principles of equity, whether considered in a proceeding in equity or in law and to the discretion of the court before which any proceeding therefor may be brought, and (i) in the case of the Pledged Securities, upon the earlier of (A) when such Pledged Securities are delivered to the Collateral Trustee and (B) when financing statements in appropriate form are filed in the offices specified on <u>Schedule 3.19(a)</u>, (ii) in the case of Deposit Accounts not constituting Excluded Perfection Assets or Counterparty Accounts, by the execution and delivery of control agreements providing for "control" as described in Section 9-104 of the UCC, (iii) in the case of Securities Accounts not constituting Excluded Perfection Assets or Counterparty Accounts, upon the earlier of (A) the filing of financing statements in the offices specified on <u>Schedule 3.19(a)</u> and (B) the execution and delivery of control agreements providing for "control" as described in Section 9-106 of the UCC and (iv) in the case of all other Collateral described therein (other than Excluded Perfection Assets, Intellectual Property Collateral, money not credited to a Deposit Account or letter of credit rights not constituting supporting obligations), when financing statements in appropriate form are filed in the offices specified on <u>Schedule 3.19(a)</u>, the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, all right, title and interest of the Secured Parties in such Collateral and proceeds thereof, as security for the Guaranteed Obligations hereunder, in each case prior and superior to the rights of any other Person (except, in the case of all Collateral other than Pledged Securities in the possession of the Collateral Trustee, with respect to Permitted Liens, and in respect of Pledged Securities in the possession of the Collateral Trustee, the Permitted Liens set forth in <u>clauses (g)</u> and <u>(o)</u> of the definition thereof and with respect to any other Priority Lien Obligations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Intellectual Property Security Agreement is effective to create in favor of the Collateral Trustee, for the ratable benefit of the Secured Parties, a legal, valid, binding and enforceable security interest in the Intellectual Property Collateral described therein and proceeds thereof (other than money not constituting identifiable proceeds of any Intellectual Property Collateral), subject to applicable insolvency, bankruptcy, reorganization, moratorium, fraudulent transfer and other laws now or hereafter in effect generally affecting rights of creditors and (including with respect to specific performance) principles of equity, whether considered in a proceeding in equity or in law and to the discretion of the court before which any proceeding therefor may be brought. When each Intellectual Property Security Agreement is filed in the United States Patent and Trademark Office and the United States Copyright Office, respectively, together with financing statements in appropriate form filed in the offices specified in <u>Schedule 3.19(a)</u>, in each case within the time period prescribed by applicable law, such Intellectual Property Security Agreement shall constitute a fully perfected Lien on, and security interest in (if and to the extent perfection may be achieved by such filings), all right, title and interest of the grantors thereunder in the Intellectual Property Collateral, as security for the Guaranteed Obligations hereunder, in each case prior and superior in right to any other Person (except with respect to Permitted Liens) (it being understood that subsequent recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a Lien on registered trademarks, trademark applications, patents, patent applications, copyright registrations and copyright applications acquired by the grantors after the Closing Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of the Mortgages is effective to create in favor of the Collateral Trustee, for the ratable benefit of the Secured Parties, a legal, valid, binding, subsisting and enforceable Lien on, and security interest in all of the Loan Parties' right, title and interest in and to the Mortgaged Property described therein and proceeds thereof (other than money not constituting identifiable proceeds of any

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Mortgaged Property), subject to applicable insolvency, bankruptcy, reorganization, moratorium, fraudulent transfer and other laws now or hereafter in effect generally affecting rights of creditors and (including with respect to specific performance) principles of equity, whether considered in a proceeding in equity or in law, and to the discretion of the court before which any proceeding therefor may be brought. When the Mortgages are filed in the offices specified on <u>Schedule 3.19(c)</u>, each such Mortgage shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the grantors thereof in such Mortgaged Property and proceeds thereof, as security for the Guaranteed Obligations hereunder, in each case prior and superior in right to any other Person (except the Permitted Liens set forth in clauses (e), (f), (g), (h), (i), (j) (solely with respect to Permitted Refinancing Indebtedness refinancing Indebtedness secured by a Permitted Lien set forth in clause (e), (g), (h), (i), (m) or (o) of the definition thereof), (m), (o) and (x) of the definition thereof and with respect to any other Priority Lien Obligations).

Notwithstanding any other provision of this Agreement or any other Loan Document, the Borrowers do not and shall not make any representation or warranty under this Section 3.19 during or related to any Collateral Release Period.

Section 10.20<u>Location of Real Property</u>. <u>Schedule 3.20</u> lists completely and correctly as of the Sixth Amendment Effective Date (a) all real property owned or leased by the Borrowers and the other Loan Parties (except for such real property that (i) does not constitute Collateral or (ii) constitutes an Excluded Perfection Asset) and (b) all real property (except for (i) such interest therein that does not constitute Collateral, (ii) such interest therein that constitutes an Excluded Perfection Asset or (iii) where the Fair Market Value of such interest therein is less than $10,000,000 individually or $50,000,000 in the aggregate) to which the Borrowers and the other Loan Parties have an interest via easement, license or permit and, in the case of each of clauses (a) and (b), the addresses thereof, indicating for each parcel whether it is owned or leased. As of the Sixth Amendment Effective Date, the Borrowers and the other Loan Parties own in fee or have valid leasehold or easement interests in, as the case may be, all the real property set forth on <u>Schedule 3.20</u>.

Section 10.21<u>Labor Matters</u>. As of the Closing Date, there are no strikes, lockouts or slowdowns against the Parent Borrower or any Restricted Subsidiary pending or, to the knowledge of the Parent Borrower, threatened. The hours worked by and payments made to employees of the Parent Borrower and the Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, material local or material foreign law applicable to such matters in any material respect. All payments due from the Parent Borrower or any Restricted Subsidiary, or for which any claim may be made against the Parent Borrower or any Restricted Subsidiary, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of the Parent Borrower or such Restricted Subsidiary, except as could not reasonably be expected to have a Material Adverse Effect. The consummation of the Transactions will not give rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which the Parent Borrower or any Restricted Subsidiary is bound.

Section 10.22<u>Intellectual Property</u>. Except in each case as could not reasonably be expected to result in a Material Adverse Effect, (a) the Parent Borrower and each of the Restricted Subsidiaries owns, or is licensed or otherwise has the right to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and (b) the use thereof by the Parent Borrower and the Restricted Subsidiaries does not infringe upon the rights of any other Person.

Section 10.23<u>Energy Regulation</u>. (a) The Borrowers and any Subsidiary Guarantor that is a holding company as such term is defined in PUHCA is exempt in accordance with 18 CFR § 366.3 from the accounting, record-retention and reporting requirements of PUHCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrowers are not subject to regulation as a "public utility" as such term is defined in the FPA. Each Subsidiary Guarantor that is a "public utility" within the meaning of the FPA and not otherwise exempt from regulation under Section 205 and 206 of the FPA ("<u>FPA-Jurisdictional Subsidiary Guarantors</u>"), has a validly-issued order from FERC, not subject to any pending challenge or investigation, except as could not reasonably be expected to result in a Material Adverse Effect and

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other than generic proceedings generally applicable in the industry: (x) authorizing it to engage in wholesale sales of electric energy, capacity and certain ancillary services and, to the extent permitted under its market-based rate tariff, other transactions at market-based rates and (y) granting such waivers and blanket authorizations as are customarily granted to entities with market-based rate authority, including blanket authorizations to issue securities and to assume liabilities pursuant to Section 204 of the FPA (together, "<u>FPA MBR Authorizations, Exemptions and Waivers</u>"). As of the Sixth Amendment Effective Date, except as could not reasonably be expected to result in a Material Adverse Effect and except as set forth on <u>Schedule 3.23(b)</u>, the FERC has not imposed any rate caps, mitigation measures, or other limitations on the FPA MBR Authorizations, Exemptions and Waivers of any FPA-Jurisdictional Subsidiary Guarantor or any of the FPA-Jurisdictional Subsidiary Guarantors' authority to engage in sales of electricity at market-based rates, other than (i) rate caps and mitigation measures generally applicable to wholesale suppliers participating in the applicable FERC-jurisdictional electric market (although, to the knowledge of the Parent Borrower, there are no generally applicable challenges currently pending before FERC to the market-based rate authorization of wholesale suppliers in the electric markets in which the Subsidiary Guarantors described in the previous sentence make wholesale sales under their market-based rate tariffs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Subsidiary Guarantor participating in the wholesale or retail power market that is not a FPA-Jurisdictional Subsidiary Guarantor ("<u>Non-FPA-Jurisdictional Subsidiary Guarantors</u>") has made all filings with and obtained all authorizations necessary from the applicable Governmental Authority to generate electric energy and sell electric energy, capacity or ancillary services at wholesale or retail ("<u>Non-FPA Sales Authorizations</u>"), and, except as could not reasonably be expected to result in a Material Adverse Effect, the applicable Governmental Authority has not imposed any specific rate cap or mitigation measure on such Non-FPA Sales Authorizations (other than generic proceedings generally applicable in the industry). To each Non-FPA-Jurisdictional Subsidiary Guarantor's knowledge, as of the Closing Date, the rates charged by such Non-FPA-Jurisdictional Subsidiary Guarantor are not subject to any pending challenge or investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Except as could not reasonably be expected to result in a Material Adverse Effect and except as set forth on <u>Schedule 3.23(d)</u>, there are no complaint proceedings pending with the FERC or the PUCT seeking abrogation or modification or refunds, or otherwise investigating the rates, terms or conditions, of a sale of power by the Borrowers or the Subsidiary Guarantors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Except as could not reasonably be expected to result in a Material Adverse Effect, each of the Borrowers and each of the Subsidiary Guarantors, as applicable, has filed or caused to be filed with the applicable state or local utility commission or regulatory bodies, ERCOT and the FERC all forms, applications, notices, statements, reports and documents (including all exhibits and amendments thereto) required to be filed by it under all Applicable Laws, including PUHCA, the FPA and state utility laws and the respective rules thereunder, all of which complied with the applicable requirements of the appropriate act and rules, regulations and orders thereunder in effect on the date each was filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)None of the Borrowers or any of the Subsidiary Guarantors is subject to any material state laws or material regulations respecting rates or the financial or organizational regulation of utilities, other than (i) with respect to those Subsidiary Guarantors that are QFs, such state regulations contemplated by 18 C.F.R. Section 292.602(c), (ii) "lightened regulation" by the New York State Public Service Commission (the "<u>NYPSC</u>") of the type described in the NYPSC's order issued on September 23, 2004 in Case 04-E-0884, (iii) the assertion of jurisdiction by the State of California over maintenance and operating standards of all generating facilities pursuant to SB 39XX, (iv) with respect to Subsidiary Guarantors making sales of wholesale energy within ERCOT, regulations issued by the PUCT and (v) with respect to Subsidiary Guarantors that are retail electric providers, regulations issued by the respective state legislatures and regulatory Commissions. Other than the approval of the NYPSC, which was granted by an order issued in Case 10-E-0405 (November 18, 2010), no approval is required to be obtained in connection with the Transactions by Borrowers or the Subsidiary Guarantors from the PUCT, the FERC, or any other state or federal Governmental Authority with jurisdiction over the energy sales or financing arrangements of the Borrowers and the Subsidiary Guarantors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)As of the Sixth Amendment Effective Date, (i) each Facility identified as a "QF" in <u>Schedule 3.23(g)</u> is a QF under PURPA and the current rules and regulations promulgated thereunder; (ii) each Person identified as an "EWG" in <u>Schedule 3.23(g)</u> is an "exempt wholesale generator" within the meaning of PUHCA and the Energy Policy Act of 2005, as amended, and (iii) each Person identified as a FUCO in <u>Schedule 3.23(g)</u> is a "foreign utility company" within the meaning of PUHCA.

Section 10.24<u>Solvency</u>. Immediately after the consummation of the Transactions on the Closing Date and immediately following the making of each Loan (or other extension of credit hereunder) and after giving effect to the application of the proceeds of each Loan (or other extension of credit hereunder), (a) the fair value of the assets of the Loan Parties, taken as a whole, at a fair valuation, taking into account the effect of any indemnities, contribution or subrogation rights, will exceed their debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of the Loan Parties, taken as a whole, taking into account the effect of any indemnities, contribution or subrogation rights, will be greater than the amount that will be required to pay the probable liability of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Loan Parties, taken as a whole, will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) the Loan Parties, taken as a whole, will not have unreasonably small capital with which to conduct the business in which they are engaged as such business is now conducted and is proposed to be conducted following the Closing Date.

Section 10.25<u>[Reserved]</u>.

Section 10.26<u>Anti-Terrorism Laws</u>. To the extent applicable, each Loan Party and its Subsidiaries are in compliance with Anti-Terrorism Laws in all material respects.

Section 10.27<u>Anti-Corruption Laws and Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Parent Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Parent Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Parent Borrower and its Subsidiaries and, to the knowledge of the Parent Borrower, their respective officers, directors and employees, are not Sanctioned Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No part of the proceeds of the Loans or the Letters of Credit will be used, directly, or to the knowledge of the Parent Borrower, indirectly (i) in violation of the Anti-Corruption Laws or (ii) in violation of Section 6.14.

Article XI.<u><br>Conditions of Lending</u>

The obligations of the Lenders to make Loans and the obligations of the Issuing Banks to issue Letters of Credit hereunder (other than, for the avoidance of doubt, requesting only a conversion of Loans to another Type, or a continuation of Term SOFR Loans or Term CORRA Loans or selection of an Interest Period and other than in connection with an amendment entered into in accordance Section 2.24 and Section 2.25) are subject to the satisfaction (or waiver in accordance with Section 9.08) of the

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following conditions, in each case, subject to the provisions set forth herein in connection with Limited Condition Transactions:

Section 11.01<u>All Credit Events</u>. On the date of each Borrowing on or after the Closing Date, and on the date of each issuance, amendment, extension or renewal of a Letter of Credit on or after the Closing Date (each such event being called a "<u>Credit Event</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Administrative Agent shall have received a Borrowing Request as required by Section 2.03 (or such notice shall have been deemed given in accordance with Section 2.03) or, in the case of the issuance, amendment, extension or renewal of a Letter of Credit, the Issuing Bank and the Administrative Agent shall have received a notice requesting the issuance, amendment, extension or renewal of such Letter of Credit as required by Section 2.23(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The representations and warranties set forth in each Loan Document shall be true and correct in all material respects on and as of the date of such Credit Event with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects on and as of such earlier date; <u>provided</u> that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality (or Material Adverse Effect) in the text thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)At the time of and immediately after such Credit Event, no Default or Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)After giving effect to such Credit Event, the Aggregate Revolving Exposure does not exceed the Total Revolving Commitment.

Each Credit Event shall be deemed to constitute a representation and warranty by the Borrowers on the date of such Credit Event as to the matters specified in Sections 4.01(b), 4.01(c) and 4.01(d).

Section 11.02<u>Conditions Precedent to the Closing Date</u>. On the Closing Date, the conditions set forth in Section 4.1 of the Restatement Agreement.

Article XII.<u><br>Affirmative Covenants</u>

Each Borrower covenants and agrees with each Lender that so long as this Agreement shall remain in effect and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document (other than indemnification and other contingent obligations that expressly survive pursuant to the terms of any Loan Document, in each case, not then due and payable) shall have been paid in full and all Letters of Credit have been canceled or have expired and all amounts drawn thereunder have been reimbursed in full or reimbursement thereof shall have been cash-collateralized in an amount equal to 103% of the Revolving L/C Exposure as of such time, such Borrower will, and will cause each of its Restricted Subsidiaries to:

Section 12.01<u>Corporate Existence</u>. Subject to Section 6.08, do or cause to be done all things necessary to preserve and keep in full force and effect (a) its corporate existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries (other than any Immaterial Subsidiary), in accordance with the respective organizational documents (as the same may be amended from time to time) of the Parent Borrower or any such Restricted Subsidiary and (b) the rights (charter and statutory), licenses and franchises of the Parent Borrower and its Restricted Subsidiaries; <u>provided</u>, <u>however</u>, that no Borrower shall be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Restricted Subsidiaries, if (i) the Parent Borrower

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shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Lenders and (ii) if a Restricted Subsidiary is to be dissolved, such Restricted Subsidiary has no assets.

Section 12.02<u>Insurance</u>. (a) Except to the extent any such insurance is not generally available in the marketplace from commercial insurers, keep its properties that are of an insurable character adequately insured in accordance with industry standards at all times by financially sound insurers (provided, however, that there shall be no breach of this Section 5.02 if any such insurer becomes financially unsound and such Loan Party obtains reasonably promptly insurance coverage from a different financially sound insurer), which, in the case of any insurance on any Mortgaged Property, are licensed to do business in the States where the applicable Mortgaged Property is located; maintain such other insurance, to such extent and against such risks (and with such deductibles, retentions and exclusions), in each case as is customary with companies of a similar size operating in the same or similar businesses; maintain such other insurance as may be required by law; and maintain such other insurance as otherwise required by the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If any Mortgaged Property is required to be insured pursuant to the Flood Disaster Protection Act of 1973 or the National Flood Insurance Act of 1968, and the regulations promulgated thereunder, because it is located in an area which has been identified by the Secretary of Housing and Urban Development as a "special flood hazard area," provide, maintain and keep in force at all times (subject, in each case, to the terms and conditions of Section 5.09(b)) flood insurance covering such Mortgaged Property in an amount not less than the lesser of (i) the outstanding principal amount of Indebtedness secured by the applicable Mortgage or (ii) the maximum amount of coverage made available with respect to the particular type of property under the National Flood Insurance Act of 1968, as amended by the Flood Disaster Protection Act of 1973 (or any greater limits to the extent required by applicable law from time to time).

Section 12.03<u>Taxes</u>. Pay, and cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material Taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings, and for which the applicable Restricted Subsidiary has set aside on its books adequate reserves in accordance with GAAP, or where the failure to effect such payment is not adverse in any material respect to the Lenders.

Section 12.04<u>Financial Statements, Reports, etc</u>. In the case of the Parent Borrower, furnish to the Administrative Agent for distribution to each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)within 90 days after the end of each fiscal year beginning with the fiscal year ending on December 31, 2016, its consolidated balance sheet and related statements of income, stockholders' equity and cash flows showing the financial condition as of the close of such fiscal year of the Parent Borrower and its consolidated Subsidiaries at such time and the results of its operations and the operations of such Subsidiaries during such year, together with comparative figures for the immediately preceding fiscal year, all audited by KPMG LLP or other independent public accountants of recognized national standing and accompanied by an opinion of such accountants reasonably satisfactory to the Administrative Agent (which shall not be qualified in any material respect, except for qualifications (A) as a result of maturities of Indebtedness within the following twelve-month period, (B) relating to accounting changes (with which such independent public accountants shall concur) in response to FASB releases or other authoritative pronouncements, (C) relating to the activities, operations, assets or liabilities of any Unrestricted Subsidiary, and/or (D) relating to any breach or anticipated breach of any financial covenant) to the effect that such consolidated financial statements fairly present the financial condition and results of operations of the Parent Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)within 45 days after the end of each of the first three fiscal quarters of each fiscal year beginning with the fiscal quarter ending on June 30, 2016, its unaudited consolidated balance sheet and related statements of income, stockholders' equity and cash flows showing the financial condition as of the close of such fiscal quarter of the Parent Borrower and its consolidated Subsidiaries at such time and

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the results of its operations and the operations of such Subsidiaries during such fiscal quarter and the then elapsed portion of the fiscal year, and comparative figures for the same periods in the immediately preceding fiscal year, all certified by one of its Financial Officers to the effect that such financial statements, while not examined by independent public accountants, reflect in the opinion of the Parent Borrower all adjustments necessary to present fairly in all material respects the financial condition and results of operations of the Parent Borrower and its consolidated Subsidiaries on a consolidated basis as of the end of and for such periods in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(i) concurrently with any delivery of financial statements under Section 5.04(a), a letter from the independent public accountants rendering the opinion on such statements (which letter may be limited to accounting matters and disclaim responsibility for legal interpretations) stating whether, in connection with their audit examination, anything has come to their attention which would cause them to believe that any Default or Event of Default existed on the date of such financial statements and if such a condition or event has come to their attention and (ii) concurrently with any delivery of financial statements under Section 5.04(a) or 5.04(b), an Officer's Certificate of a Financial Officer of the Parent Borrower (A) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (B) to the extent such Officer's Certificate is being delivered for a fiscal quarter or fiscal year in which a Compliance Period is in effect setting forth computations in reasonable detail as is reasonably satisfactory to the Administrative Agent demonstrating compliance with the financial covenant set forth in Section 6.12 as of the last day of the fiscal year or fiscal quarter with respect to which such financial statements are being delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)within 30 days following the commencement of each fiscal year of the Parent Borrower, a detailed consolidated budget for such fiscal year (including a projected consolidated balance sheet and related statements of projected operations and cash flows as of the end of and for such fiscal year and setting forth the assumptions used for purposes of preparing such budget) and, promptly when available, any significant revisions of such budget;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)within 135 days after the end of each fiscal year beginning with the fiscal year ending December 31, 2019, a Pricing Certificate setting forth the calculations of the Applicable Sustainability Adjustment for the preceding fiscal year and, if applicable, the quantity set forth in clause (i) of the definition of "Baseline Sustainability Amount" (as it may have been previously adjusted pursuant to this Section 5.04(e)) for the preceding fiscal year calculated after giving pro forma effect to any acquisition or disposition of assets (including, without limitation, in the form of Equity Interests) consummated by the Parent Borrower or any of its Subsidiaries during such fiscal year in accordance with the Credit Agreement (each, a "<u>Pro Forma Greenhouse Gas Emission Amount</u>"), and all information supporting such calculations reasonably requested by Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Parent Borrower or any Restricted Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any domestic national securities exchange, or distributed to its shareholders generally, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)promptly after the receipt thereof by the Parent Borrower or any of the Restricted Subsidiaries, a copy of any "management letter" received by any such Person from its certified public accountants and the management's response thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)promptly, from time to time, such other information regarding the operations, business affairs and financial condition of the Parent Borrower or any Restricted Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent or any Lender (acting through the Administrative Agent) may reasonably request.

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Section 12.05<u>Litigation and Other Notices</u>. Furnish to the Administrative Agent written notice of the following promptly after the Parent Borrower obtains knowledge thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) taken or proposed to be taken with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the filing or commencement of any action, suit or proceeding, whether at law or in equity or by or before any arbitrator or Governmental Authority, against the Parent Borrower or any Restricted Subsidiary that could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the occurrence of any ERISA Event that could reasonably be expected to result in a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)any development that has resulted in, or could reasonably be expected to result in, a Material Adverse Effect.

Section 12.06<u>Information Regarding Collateral</u>. (a) No later than the date on which the Parent Borrower delivers an Officer's Certificate pursuant to Section 5.04(c)(ii) for the relevant period, furnish, and will cause each Loan Party to furnish, to each of the Administrative Agent, the Collateral Agent and the Collateral Trustee written notice of (i) any change (A) in any Loan Party's corporate name as set forth in its certificate of incorporation, certificate of formation or other relevant organizational documents, (B) except during any Collateral Release Period, any office or facility (other than any location within the control of the Administrative Agent, the Collateral Agent or the Collateral Trustee) at which material portions of Collateral owned by it are located (including the establishment of any such new office or facility) (it being understood and agreed that with respect to any such office or facility at which is located any Collateral with a Fair Market Value in excess of (X) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $250,000,000, (y) 1.0% of Total Assets and (z) 8.0% of Consolidated Cash Flow for the most recently ended Test Period, and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $500,000,000, (y) 1.0% of Total Assets and (z) 8.0% of Consolidated Cash Flow for the most recently ended Test Period, the Parent Borrower shall provide prompt notice thereof to the Administrative Agent, the Collateral Agent and the Collateral Trustee), (C) in any Loan Party's corporate structure or (D) except during any Collateral Release Period, in any Loan Party's Federal Taxpayer Identification Number; (ii) any formation or acquisition after the Closing Date of any Subsidiary that is not an Excluded Subsidiary; (iii) any sale, transfer, lease, issuance or other disposition (by way of merger, consolidation, operation of law or otherwise) after the Closing Date of any Equity Interests of any Subsidiary that is not an Excluded Subsidiary to any Person other than the Parent Borrower or another Subsidiary; and (iv) any Subsidiary that is an Excluded Subsidiary as of the Closing Date or at any time thereafter ceasing to be an Excluded Subsidiary. Except during a Collateral Release Period, each Borrower agrees not to effect or permit any change referred to in the preceding sentence unless a reasonable period has been provided (such period to be at least 3 Business Days) for making all filings under the UCC or otherwise and taking all other actions, in each case that are required in order for the Collateral Trustee to continue at all times following such change to have a valid, legal and perfected (subject to the limitations set forth in Section 3.19) security interest in all the Collateral (other than any Excluded Perfection Assets). The Parent Borrower also agrees promptly to notify each of the Administrative Agent, the Collateral Agent and the Collateral Trustee if any material portion of the Collateral is damaged or destroyed, other than during a Collateral Release Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the case of the Parent Borrower, each year, at the time of delivery of the annual financial statements with respect to the preceding fiscal year pursuant to Section 5.04(a) except during a Collateral Release Period, deliver to the Administrative Agent a certificate of a Financial Officer of the Parent Borrower setting forth (i) the information required pursuant to Section I of the Perfection Certificate or confirming that there has been no change in such information since the date of the Perfection Certificate delivered on the Closing Date or the date of the most recent certificate delivered pursuant to this Section and (ii) any liquidation or dissolution during such preceding fiscal year of any Subsidiary Guarantor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Promptly after the occurrence of a Collateral Reinstatement Event, furnish and cause each Loan Party to furnish to each of the Administrative Agent, the Collateral Agent and the Collateral Trustee prompt written notice of any event described in Section 5.06(a)(i)(B) or Section 5.06(a)(i)(D) that occurred during the applicable Collateral Release Period.

Section 12.07<u>Maintaining Records; Access to Properties and Inspections; Environmental Assessments</u>. (a) Keep, and cause each Restricted Subsidiary to keep, proper books of record and account in which full, true and correct entries in conformity with GAAP and all applicable requirements of law are made of all financial operations. No more than once in any fiscal year (except if an Event of Default has occurred and is continuing) the Parent Borrower will, and will cause each of its Restricted Subsidiaries to, permit, if requested by the Administrative Agent, any representatives designated by the Administrative Agent or any Lender to visit and inspect the financial records and the properties of the Parent Borrower or any of its Restricted Subsidiaries at reasonable times and as reasonably requested and to make extracts from and copies of such financial records, and permit any representatives designated by the Administrative Agent or any Lender to discuss the affairs, finances and condition of the Parent Borrower or any of its Restricted Subsidiaries with the officers thereof and independent accountants therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At its election, the Administrative Agent may retain, or require the Borrowers to retain, an independent engineer or environmental consultant to conduct an environmental assessment of any Mortgaged Property or facility of the Parent Borrower or any Restricted Subsidiary. Any such environmental assessments conducted pursuant to this Section 5.07(b) shall be at the Borrowers' sole cost and expense only if conducted following the occurrence of (i) an Event of Default or (ii) any event, circumstance or condition that could reasonably be expected to result in an Event of Default, in the case of each of clause (i) and (ii) that concerns or relates to any Environmental Liabilities of the Parent Borrower or any Restricted Subsidiary; <u>provided</u> that the Borrowers shall only be responsible for such costs and expenses to the extent that such environmental assessment is limited to that which is reasonably necessary to assess the subject matter of such Event of Default or such event, circumstance or condition that could reasonably be expected to result in an Event of Default. In addition, environmental assessments conducted pursuant to this Section 5.07(b) shall not be conducted more than once every twelve months with respect to any parcel of Mortgaged Property or any single facility of the Parent Borrower or any Restricted Subsidiary unless such environmental assessments are conducted following the occurrence of (i) an Event of Default or (ii) any event, circumstance or condition that could reasonably be expected to result in an Event of Default, in the case of each of clause (i) and (ii) that concerns or relates to any Environmental Liabilities of the Parent Borrower or any Restricted Subsidiary. The Borrowers shall, and shall cause each of their Restricted Subsidiaries to, reasonably cooperate in the performance of any such environmental assessment and permit any such engineer or consultant designated by the Administrative Agent to have reasonable access to each property or facility at reasonable times and after reasonable notice to the Parent Borrower of the plans to conduct such an environmental assessment. Environmental assessments conducted under this Section 5.07(b) shall be limited to visual inspections of the Mortgaged Property or facility, interviews with representatives of the Borrowers or facility personnel, and review of applicable records and documents pertaining to the property or facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event that the Administrative Agent reasonably believes that Hazardous Materials have been Released or are threatened to be Released on any Mortgaged Property or other facility of the Parent Borrower or any Restricted Subsidiary or that any such property or facility is not being operated in compliance with applicable Environmental Law, in each case where the Release, threatened Release or failure to comply has resulted in, or could reasonably be expected to result in, a material Environmental Liability of the Parent Borrower any of the Restricted Subsidiaries, the Administrative Agent may, at its election and after reasonable notice to the Parent Borrower, retain, or require the Borrowers to retain, an independent engineer or other qualified environmental consultant to reasonably assess the subject matter of such Release, threatened Release or failure to comply with applicable Environmental Law. Such environmental assessments may include detailed visual inspections of the Mortgaged Property or facility, including any and all storage areas, storage tanks, drains, dry wells and leaching areas, and the taking of soil samples, surface water samples and groundwater samples as well as such other reasonable investigations or analyses in each case as are reasonable and necessary to

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assess the subject matter of the Release, threatened Release or failure to comply. The Borrowers shall, and shall cause each of their Restricted Subsidiaries to, reasonably cooperate in the performance of any such environmental assessment and permit any such engineer or consultant designated by the Administrative Agent to have reasonable access to each property or facility at reasonable times and after reasonable notice to the Parent Borrower of the plans to conduct such an environmental assessment. All environmental assessments conducted pursuant to this Section 5.07(c) shall be at the Borrowers' sole cost and expense.

Section 12.08<u>Use of Proceeds</u>. Use the proceeds of the Loans and request the issuance of Letters of Credit only for the purposes set forth in Section 3.13.

Section 12.09<u>Additional Collateral, etc</u>. (a) Except during a Collateral Release Period, with respect to any Collateral acquired after the Closing Date or with respect to any property or asset which becomes Collateral pursuant to the definition thereof after the Closing Date, (A) with respect to any Deposit Account, Securities Account or Commodities Account, within the time period set forth in (and in all cases subject to) the second paragraph of Section 5.10 applicable to such Deposit Account, Securities Account or Commodities Account and (B) with respect to any other Collateral or any other property or asset which becomes Collateral, within 60 days following the date of such acquisition or designation, or in each case, such longer period as consented to by the Administrative Agent in its sole discretion, (i) execute and deliver to the Administrative Agent, the Collateral Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement or such other Security Documents as the Collateral Agent or the Collateral Trustee, as the case may be, deems necessary or reasonably advisable to grant to the Collateral Trustee, for the benefit of the Secured Parties, a security interest in such Collateral and (ii) take all actions necessary or reasonably requested by the Administrative Agent to grant to the Collateral Trustee, for the benefit of the Secured Parties, a perfected (subject to the limitations set forth in Section 3.19) first priority security interest in such Collateral (other than any Excluded Perfection Assets and, except with respect to Pledged Securities in the possession of the Collateral Trustee, subject to Permitted Liens, and in respect of Pledged Securities in the possession of the Collateral Trustee, the Permitted Liens set forth in <u>clauses (g)</u> and <u>(o)</u> of the definition thereof and with respect to any other Priority Lien Obligations), including the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent, the Collateral Agent or the Collateral Trustee (it being understood and agreed that no Control Agreements shall be required pursuant to this Section 5.09(a) (x) in respect of any Counterparty Accounts and (y) on and after the Sixth Amendment Effective Date). Notwithstanding anything set forth herein or in any other Loan Document to the contrary, this Section 5.09(a) shall not apply to Intellectual Property Collateral acquired after the Closing Date or with respect to any property or asset which becomes Intellectual Property Collateral pursuant to the definition of Collateral after the Closing Date (it being agreed and understood that such Intellectual Property Collateral shall be subject to the applicable provisions of the Guarantee and Collateral Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except during a Collateral Release Period, with respect to any fee interest in any Collateral consisting of real property or any lease of Collateral consisting of real property acquired or leased after the Closing Date by the Borrowers or any other Loan Party or which becomes Collateral pursuant to the definition thereof (other than any Excluded Perfection Assets), subject to the last sentence of this Section 5.09(b), within 90 days following the date of such acquisition or such longer period as consented to by the Administrative Agent in its sole discretion, (i) execute and deliver a first priority Mortgage in favor of the Collateral Trustee, for the benefit of the Secured Parties, covering such real property and complying with the provisions herein and in the Security Documents, (ii) provide the Secured Parties with (A) title and extended coverage insurance (or, if approved by the Administrative Agent in its sole discretion, a UCC title insurance policy) covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent, the Collateral Agent or the Collateral Trustee, which may be the value of the generation assets, if applicable, situated thereon), together with such endorsements as are reasonably required by the Administrative Agent, the Collateral Agent or the Collateral Trustee and are obtainable in the State in which such Mortgaged Property is located, as well as a current ALTA survey thereof complying with the requirements set forth in <u>Schedule 5.09(b)</u> and all of the other provisions herein and in the Security Documents, together with a surveyor's certificate and

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&nbsp;&nbsp;&nbsp;&nbsp;(B) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent, the Collateral Agent or the Collateral Trustee in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent, the Collateral Agent and the Collateral Trustee, (iii) if any such Collateral (other than any Excluded Perfection Assets) consisting of fee-owned real property is required to be insured pursuant to the Flood Disaster Protection Act of 1973 or the National Flood Insurance Act of 1968, and the regulations promulgated thereunder, because it is located in an area which has been identified by the Secretary of Housing and Urban Development as a "special flood hazard area," deliver to the Administrative Agent (A) a policy of flood insurance that (1) covers such Collateral and (2) is written in an amount reasonably satisfactory to the Administrative Agent, (B) a "life of loan" standard flood hazard determination with respect to such Collateral and (C) a confirmation that the Borrowers or such other Loan Party has received the notice requested pursuant to Section 208(e)(3) of Regulation H of the Board, (iv) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent, the Collateral Agent and the Collateral Trustee legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent, the Collateral Agent and the Collateral Trustee and (v) deliver to the Administrative Agent a notice identifying the consultant's reports, environmental site assessments or other documents relied upon by the Borrowers or any other Loan Party to determine that any such real property included in such Collateral does not contain Hazardous Materials of a form or type or in a quantity or location that could, or to determine that the operations on any such real property included in such Collateral is in compliance with Environmental Law except to the extent any non-compliance could not, reasonably be expected to result in a material Environmental Liability. Notwithstanding the foregoing, the Administrative Agent shall not enter into any Mortgage in respect of any real property acquired by any Loan Party after the Fifth Amendment Effective Date unless the Administrative Agent has provided each Revolving Lender, by way of posting such materials on the Approved Electronic Platform, at least ten (10) Business Days prior to entering into such Mortgage, (x) a completed a "life of loan" standard flood hazard determination with respect to such real property from a third-party vendor if such Mortgaged Property relates to a property not located in a "special flood hazard area" or (y) a completed a "life of loan" standard flood hazard determination with respect to such real property from a third-party vendor as well as the documentation listed in clause (iii) hereof if such Mortgaged Property relates to a property located in a "special flood hazard area" and the 90-day period (or such longer period as consented to by the Administrative Agent in its sole discretion) set forth in the first sentence of this Section 5.09(b) shall be automatically extended, as necessary, to accommodate the notice period set forth in this sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except during a Collateral Release Period (other than for purposes of providing Guarantees of the Guaranteed Obligations hereunder), with respect to any new Subsidiary (other than an Unrestricted Subsidiary or an Excluded Subsidiary) created or acquired after the Closing Date (which, for the purposes of this Section 5.09(c), shall include any existing Subsidiary that ceases to be an Unrestricted Subsidiary, an Excluded Foreign Subsidiary or an Excluded Project Subsidiary) by the Parent Borrower or any of the Subsidiaries, within 60 days following such creation or the date of such acquisition or such longer period as consented to by the Administrative Agent in its sole discretion, (i) execute and deliver to the Administrative Agent, the Collateral Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement as the Administrative Agent, the Collateral Agent or the Collateral Trustee deems necessary or reasonably advisable to grant to the Collateral Trustee, for the benefit of the Secured Parties, a valid, perfected first priority security interest in the Equity Interests in such new Subsidiary that are owned by the Parent Borrower or any of the Subsidiaries, (ii) deliver to the Collateral Trustee the certificates, if any, representing such Equity Interests, together with undated instruments of transfer or stock powers, in blank, executed and delivered by a duly authorized officer of the Parent Borrower or such Subsidiary, as the case may be, (iii) cause such new Subsidiary that is not an Excluded Subsidiary or an Unrestricted Subsidiary (A) to become a party to the Guarantee and Collateral Agreement to, among other things, provide Guarantees of the Guaranteed Obligations hereunder, the Collateral Trust Agreement and the Intellectual Property Security Agreements and (B) to take such actions necessary or reasonably requested by the Administrative Agent to grant to the Collateral Trustee, for the benefit of the Secured Parties, a perfected (subject to the limitations set forth in Section 3.19) first priority security interest (except with respect to Pledged Securities, subject to Permitted Liens, and in respect of Pledged Securities, the Permitted Liens in <u>clauses (g)</u> and <u>(o)</u> of the definition thereof) in the Collateral described in the Guarantee and Collateral Agreement and the Intellectual Property Security Agreement with respect to

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such new Subsidiary that is not an Excluded Subsidiary, including the recording of instruments in the United States Patent and Trademark Office and the United States Copyright Office (but not in any intellectual property offices in any jurisdiction outside the United States), the execution and delivery by all necessary Persons of Control Agreements (other than (x) with respect to any Counterparty Accounts and (y) on and after the Sixth Amendment Effective Date) and the filing of UCC financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent, the Collateral Agent or the Collateral Trustee and (iv) deliver to the Administrative Agent, the Collateral Agent and the Collateral Trustee, if reasonably requested, legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent, the Collateral Agent and the Collateral Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Except during a Collateral Release Period, with respect to any new Excluded Foreign Subsidiary (other than an Unrestricted Subsidiary or an Excluded Subsidiary pursuant to clause (b) or (c) of the definition thereof) created or acquired after the Closing Date by the Parent Borrower or any of its Subsidiaries, within 60 days following such creation or the date of such acquisition or such longer period as consented to by the Administrative Agent in its sole discretion, (i) execute and deliver to the Administrative Agent, the Collateral Agent and the Collateral Trustee such amendments to the Guarantee and Collateral Agreement as the Administrative Agent, the Collateral Agent or the Collateral Trustee deems necessary or advisable in order to grant to the Collateral Trustee, for the benefit of the Secured Parties, a perfected first priority security interest in the Equity Interests in such new Excluded Foreign Subsidiary that is directly owned by the Parent Borrower or any of its Domestic Subsidiaries (<u>provided</u> that in no event shall more than 66% of the total outstanding voting first-tier Equity Interests in any such new Excluded Foreign Subsidiary be required to be so pledged), (ii) deliver to the Collateral Trustee the certificates representing such Equity Interests, together with undated instruments of transfer or stock powers, in blank, executed and delivered by a duly authorized officer of the Parent Borrower or such Domestic Subsidiary, as the case may be, and take such other action as may be necessary or, in the reasonable opinion of the Administrative Agent, the Collateral Agent or the Collateral Trustee, desirable to perfect the security interest of the Collateral Trustee thereon and (iii) deliver to the Administrative Agent, the Collateral Agent and the Collateral Trustee, if reasonably requested, legal opinions (which may be delivered by in-house counsel if admitted in the relevant jurisdiction) relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent, the Collateral Agent and the Collateral Trustee.

Section 12.10<u>Further Assurances</u>. (a) From time to time duly authorize, execute and deliver, or cause to be duly authorized, executed and delivered, such additional instruments, certificates, financing statements, agreements or documents, and take all such actions (including filing UCC and other financing statements, except during a Collateral Release Period), as the Administrative Agent, the Collateral Agent or the Collateral Trustee may reasonably request, for the purposes of implementing or effectuating the provisions of this Agreement and the other Loan Documents, or (except during a Collateral Release Period) perfecting or renewing the rights of the Administrative Agent, the Collateral Agent, the Issuing Bank, the Collateral Trustee and the Secured Parties with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds or products thereof or with respect to any other property or assets hereafter acquired by the Parent Borrower or any Restricted Subsidiary which assets or property may be deemed to be part of the Collateral), as applicable, pursuant hereto or thereto. Upon the exercise by the Administrative Agent, the Collateral Agent, the Issuing Bank, the Collateral Trustee or any Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents which requires any consent, approval, recording, qualification or authorization of any Governmental Authority, the Borrower will execute and deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that the Administrative Agent, the Collateral Agent, the Issuing Bank, the Collateral Trustee or such Lender may be required to obtain from the Parent Borrower or any of the Restricted Subsidiaries for such governmental consent, approval, recording, qualification or authorization.

Except during a Collateral Release Period or on or after the Sixth Amendment Effective Date, on or prior to the 45<sup>th</sup> day after the date any additional Deposit Account, Securities Account or Commodities Account is opened during the period commencing on the Closing Date and ending on the Sixth

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Amendment Effective Date (except to the extent any such account is an Excluded Asset, an Excluded Perfection Asset or a Counterparty Account) or such longer period as consented to by the Administrative Agent in its sole discretion, at its sole expense, with respect to any such Deposit Account, Securities Account or Commodities Account, each applicable Subsidiary Guarantor shall take any actions required for the Collateral Trustee to obtain "control" (within the meaning of the applicable Uniform Commercial Code) with respect thereto, including executing and delivering and causing the relevant depositary bank or securities intermediary to execute and deliver a Control Agreement in form and substance reasonably satisfactory to the Collateral Trustee. For the avoidance of doubt, and notwithstanding anything to the contrary in this Agreement or in any other Loan Document (including the Guarantee and Collateral Agreement), in no event shall any Loan Party be required to enter into any Control Agreement pursuant to this Agreement or any other Loan Document at any time on and after the Sixth Amendment Effective Date.

Section 12.11<u>[Reserved]</u>.

Section 12.12<u>Maintenance of Energy Regulatory Authorizations and Status</u>. (a) Each of the FPA-Jurisdictional Subsidiary Guarantors shall maintain and preserve its (i) FPA MBR Authorizations, Exemptions and Waivers and (ii) status as either an EWG within the meaning of PUHCA or the status of its Facility as a QF under PURPA, except to the extent failure to do so could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each of the Non-FPA-Jurisdictional Subsidiary Guarantors shall maintain and preserve its (i) Non-FPA Sales Authorizations and (ii) status as either an EWG within the meaning of PUHCA or the status of its Facility as a QF under PURPA, except to the extent failure to do so could not reasonably be expected to have a Material Adverse Effect.

Section 12.13<u>Transactions with Affiliates</u>. (a) Not make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Parent Borrower (each, an "<u>Affiliate Transaction</u>") involving aggregate payments in excess of (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $125,000,000, (y) 0.50% of Total Assets and (z) 4.0% of Consolidated Cash Flow for the most recently ended Test Period, and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $250,000,000, (y) 0.50% of Total Assets and (z) 4.0% of Consolidated Cash Flow for the most recently ended Test Period, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Affiliate Transaction is on terms that are no less favorable to the Parent Borrower (as reasonably determined by the Parent Borrower) or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Parent Borrower or such Restricted Subsidiary with an unrelated Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Parent Borrower delivers to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $200,000,000, (y) 0.75% of Total Assets and (z) 6.0% of Consolidated Cash Flow for the most recently ended Test Period, and (B) on and after the Hurricane Acquisition Closing Date for the most recently ended Test Period, the greatest of (x) $350,000,000, (y) 0.75% of Total Assets and (z) 6.0% of Consolidated Cash Flow for the most recently ended Test Period, a resolution of the Board of Directors set forth in an Officer's Certificate certifying that such Affiliate Transaction complies with this Section 5.13 and that such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $650,000,000, (y) 2.50% of Total Assets and (z) 20.0% of Consolidated Cash Flow for the most recently ended Test Period, and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $1,250,000,000, (y) 2.50% of Total Assets and (z) 20.0% of Consolidated Cash Flow for the most recently ended Test Period, an opinion as to the fairness to the Parent Borrower or such Restricted Subsidiary of such Affiliate Transaction from a financial point of view issued by an Independent Financial Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The following items shall not be deemed to be Affiliate Transactions and, therefore, shall not be subject to the provisions of the prior paragraph:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any employment agreement or director's engagement agreement, employee benefit plan, officer and director indemnification agreement or any similar arrangement entered into by the Parent Borrower or any of its Restricted Subsidiaries or approved by a Responsible Officer of the Parent Borrower in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)transactions between or among the Parent Borrower and/or its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)transactions with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of the Parent Borrower solely because the Parent Borrower owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)payment of directors' fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any issuance of Equity Interests (other than Disqualified Stock) of the Parent Borrower or its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Restricted Payments that do not violate the provisions of Section 6.06;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)any agreement in effect as of the Closing Date or any amendment thereto or replacement thereof and any transaction contemplated thereby or permitted thereunder, so long as any such amendment or replacement agreement taken as a whole is not more disadvantageous to the Lenders than the original agreement as in effect on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)payments or advances to employees or consultants that are incurred in the ordinary course of business or that are approved by a Responsible Officer of the Parent Borrower in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)the existence of, or the performance by the Parent Borrower or any of its Restricted Subsidiaries of its obligations under the terms of, any stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Closing Date and any similar agreements which it may enter into thereafter; <u>provided</u>, <u>however</u>, that the existence of, or the performance by the Parent Borrower or any of its Restricted Subsidiaries of obligations under, any future amendment to any such existing agreement or under any similar agreement entered into after the Closing Date shall only be permitted by this Section 5.13(b)(ix) to the extent that the terms of any such amendment or new agreement are not otherwise more disadvantageous to the Lenders in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)transactions permitted by, and complying with, the provisions of Section 6.08;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)transactions with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services (including pursuant to joint venture agreements) in compliance with the terms of this Agreement that are fair to the Parent Borrower and its Restricted Subsidiaries, in the reasonable determination of a Financial Officer of the Parent Borrower, or are on terms not materially less

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favorable taken as a whole as might reasonably have been obtained at such time from an unaffiliated party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)any repurchase, redemption or other retirement of Capital Stock of the Borrower held by employees of the Parent Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)loans or advances to employees or consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)any Permitted Investment in another Person involved in a Permitted Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)transactions in which the Parent Borrower or any Restricted Subsidiary, as the case may be, delivers to the Administrative Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Parent Borrower or such Restricted Subsidiary from a financial point of view or meets the requirements of Section 5.13(a)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)the issuance of any letters of credit to support obligations of any Excluded Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)transactions between or among Excluded Subsidiaries, and any Guarantee, guarantee and/or other credit support provided by the Parent Borrower and/or any Restricted Subsidiary in respect of any Subsidiary or any Minority Investment so long as all holders of Equity Interests in such Subsidiary or Minority Investment (including the Parent Borrower or any Restricted Subsidiary, as applicable) shall participate directly or indirectly in such applicable Guarantee, guarantee and/or other credit support or shall provide a commitment in respect of any related obligation, in each case, on a pro rata basis relative to their Equity Interests in such Minority Investment; <u>provided</u> that, any such transaction shall be fair and reasonable and beneficial to the Parent Borrower and its Restricted Subsidiaries (taken as a whole) and consistent with Prudent Industry Practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)transactions relating to management, marketing, administrative or technical services between the Parent Borrower and its Restricted Subsidiaries, or between Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)any tax sharing agreement between or among the Parent Borrower and its Subsidiaries so long as such tax sharing agreement is on fair and reasonable terms with respect to each participant therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)any customary transaction with a Securitization Vehicle effected as part of a Securitization permitted hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)any agreement to do any of the foregoing.

Article XIII.<u><br>Negative Covenants</u>

Each Borrower covenants and agrees with each Lender that, so long as this Agreement shall remain in effect and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document (other than indemnification and other contingent obligations that expressly survive pursuant to the terms of any Loan Document, in each case, not then due and payable) shall have been paid in full and all Letters of Credit have been cancelled or have expired and all amounts drawn thereunder have been reimbursed in full or reimbursement thereof shall have been cash-collateralized in an amount equal to 103% of the Revolving

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L/C Exposure as of such time, such Borrower will not, nor (except with respect to Section 6.08 which applies only to the Borrowers) will it cause or permit any of its Restricted Subsidiaries to:

Section 13.01<u>Incurrence of Indebtedness and Issuance of Preferred Stock</u>. (a) Directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, "<u>incur</u>") any Indebtedness (including Acquired Debt), and the Borrowers shall not issue any Disqualified Stock and shall not permit any of their Restricted Subsidiaries to issue any shares of preferred stock; <u>provided</u>, <u>however</u>, that the Borrowers may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, and any of their respective Restricted Subsidiaries may incur Indebtedness (including Acquired Debt) or issue preferred stock, so long as the Fixed Charge Coverage Ratio is equal to or greater than 2.00:1.00 for the most recently ended Test Period (calculated on a pro forma basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The provisions of Section 6.01(a) shall not prohibit the incurrence of any of the following items of Indebtedness (collectively, "<u>Permitted Debt</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)(A) the incurrence of Indebtedness and Letters of Credit hereunder and under the other Loan Documents (other than any Indebtedness and Letters of Credit arising from New Commitments pursuant to and in accordance with Section 2.24) and (B) the incurrence by the Borrowers, any Subsidiary Guarantor and any Excluded Subsidiary pursuant to and in accordance with clause (c) of the definition thereof (and the guarantee thereof by the Borrowers, the Subsidiary Guarantors and/or any Excluded Subsidiary pursuant to and in accordance with clause (c) of the definition thereof) of Indebtedness and letters of credit under other Credit Facilities and Indebtedness and Letters of Credit arising from New Commitments pursuant to and in accordance with Section 2.24 in an aggregate principal amount at any one time outstanding under this clause (i)(B) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Parent Borrower and its Restricted Subsidiaries thereunder) not to exceed the difference between (x) (X) prior to the Hurricane Acquisition Closing Date, the greater of (I) $10,930,250,000 and (II) 42% of Total Assets, and (Y) on and after the Hurricane Acquisition Closing Date, the greater of (I) $15,000,000,000 and (II) 42% of Total Assets, and (y) the aggregate principal amount at such time outstanding under clause (i)(A) above *less* the aggregate amount of all repayments, optional or mandatory, of the principal of any term Indebtedness under a Credit Facility that have been made by the Parent Borrower or any of its Restricted Subsidiaries since the Issue Date with the Net Proceeds of Asset Sales (other than Excluded Proceeds) and *less*, without duplication, the aggregate amount of all repayments or commitment reductions with respect to any revolving credit borrowings under a Credit Facility that have been made by the Parent Borrower or any of its Restricted Subsidiaries since the Issue Date as a result of the application of the Net Proceeds of Asset Sales (other than Excluded Proceeds), in each case in accordance with Sections 2.13(b) and 6.04 (excluding temporary reductions in revolving credit borrowings as contemplated by Section 6.04);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the incurrence by the Parent Borrower and its Restricted Subsidiaries of the Existing Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the incurrence by the Borrowers of Indebtedness represented by the Senior Notes and the Senior Secured Notes issued on or prior to the Fourteenth Amendment Effective Date (or, solely with respect to the Senior Secured First Lien Notes issued by the Borrowers in connection with the consummation of the Jetson Acquisition and/or the Hurricane Acquisition referred to in the definition of "Senior Secured Notes", on or prior to the Jetson Acquisition Closing Date and/or the Hurricane Acquisition Closing Date, as applicable) and the related Guarantees thereof by the Subsidiary Guarantors and any Excluded Subsidiary pursuant to and in accordance with clause (c) of the definition thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the incurrence by the Parent Borrower or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation or improvement or lease of property (real or personal), plant or equipment used or useful in the business of the Parent Borrower or any of its Restricted Subsidiaries or incurred within 180 days thereafter, in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance, replace, defease or discharge any Indebtedness incurred

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pursuant to this clause (iv), in an aggregate outstanding principal amount not to exceed as of any date of incurrence (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $1,800,000,000, (y) 7.0% of Total Assets and (z) 55.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $3,000,000,000, (y) 7.0% of Total Assets and (z) 55.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis) (the "<u>Non-Ratio Based Purchase Money Basket</u>"); <u>provided</u> that, the Parent Borrower or any Restricted Subsidiary may incur additional amounts under this clause (iv) (without regard to, and at any time prior to the utilization of amounts under, the Non-Ratio Based Purchase Money Basket) in an unlimited amount long as the Consolidated Total Net Leverage Ratio does not exceed (A) prior to the Hurricane Acquisition Closing Date, 3.00:1.00 for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, 4.00:1.00 for the most recently ended Test Period (calculated on a pro forma basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the incurrence by the Parent Borrower or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund, refinance, replace, defease or discharge Indebtedness that was permitted by this Agreement to be incurred under Section 6.01(a) or Sections 6.01(b)(ii), 6.01(b)(iii), 6.01(b)(iv), 6.01(b)(v), 6.01(b)(vi), 6.01(b)(xv), 6.01(b)(xvi), 6.01(b)(xvii), 6.01(b)(xviii), 6.01(b)(xix), 6.01(b)(xxii), 6.01(b)(xxiii), 6.01(b)(xxiv), 6.01(b)(xxv) and 6.01(b)(xxvi);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the incurrence by the Parent Borrower or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Parent Borrower and any of its Restricted Subsidiaries; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)if any Borrower or Subsidiary Guarantor is the obligor on such Indebtedness and the payee is not a Borrower or Subsidiary Guarantor, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Guaranteed Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)(A) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Parent Borrower or a Restricted Subsidiary and (B) any sale or other transfer of any such Indebtedness to a Person that is not either the Parent Borrower or a Restricted Subsidiary;

will be deemed, in each case, to constitute an incurrence of such Indebtedness by the Parent Borrower or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (vi);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the issuance by any of the Parent Borrower's Restricted Subsidiaries to the Parent Borrower or to any of its Restricted Subsidiaries of shares of preferred stock; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)any subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than the Parent Borrower or a Restricted Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)any sale or other transfer of any such preferred stock to a Person that is not either the Parent Borrower or a Restricted Subsidiary;

will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this clause (vii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)the incurrence by the Parent Borrower or any of its Restricted Subsidiaries of Hedging Obligations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)the Guarantee by (i) the Borrowers or any of the Subsidiary Guarantors of Indebtedness of the Borrowers or a Subsidiary Guarantor that was permitted to be incurred by another provision of this Section 6.01; (ii) any of the Excluded Project Subsidiaries of Indebtedness of any other Excluded Project Subsidiary; and (iii) any of the Excluded Foreign Subsidiaries of Indebtedness of any other Excluded Foreign Subsidiary; <u>provided</u> that, if the Indebtedness being guaranteed is subordinated to or pari passu with the Guaranteed Obligations, then the guarantee shall be subordinated to the same extent as the Indebtedness guaranteed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)the incurrence by the Parent Borrower or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument (except in the case of daylight overdrafts) inadvertently drawn against insufficient funds in the ordinary course of business, so long as such Indebtedness is covered within five Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)the incurrence by the Parent Borrower or any of its Restricted Subsidiaries of Indebtedness in respect of (i) workers' compensation claims, self-insurance obligations, bankers' acceptance and (ii) performance and surety bonds provided by the Parent Borrower or a Restricted Subsidiary in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)the incurrence of Non-Recourse Debt by any Excluded Project Subsidiary, and any Non-Recourse Guarantee in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)the incurrence of Indebtedness arising (or deemed to be arising) from agreements of the Parent Borrower or any Restricted Subsidiary providing for indemnification, earn-outs, seller notes, adjustment of purchase price or any similar obligations, in each case, incurred or assumed in connection with any acquisition or Investment or the disposition of any business, assets or Equity Interests of any Subsidiary; <u>provided</u> that, the aggregate maximum liability associated with such provisions may not exceed the gross proceeds (including non-cash proceeds) of such disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)the incurrence by the Parent Borrower or any Restricted Subsidiary of Indebtedness represented by letters of credit, guarantees or other similar instruments supporting Hedging Obligations of the Parent Borrower or any of its Restricted Subsidiaries (other than Excluded Subsidiaries) permitted to be incurred by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)Indebtedness, Disqualified Stock or preferred stock of Persons or assets that are acquired by the Parent Borrower or any Restricted Subsidiary or merged into the Parent Borrower or a Restricted Subsidiary in accordance with the terms of this Agreement; <u>provided</u> that, such Indebtedness, Disqualified Stock or preferred stock is not incurred in contemplation of such acquisition or merger; and <u>provided</u>, <u>further</u>, that after giving effect to such acquisition or merger, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Borrowers would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 6.01(a); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the Fixed Charge Coverage Ratio would be greater than immediately prior to such acquisition or merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)Environmental CapEx Debt; <u>provided</u> that, prior to the incurrence of any Environmental CapEx Debt, the Parent Borrower shall deliver to the Administrative Agent an Officer's Certificate designating such Indebtedness as Environmental CapEx Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)Indebtedness incurred to finance Necessary Capital Expenditures; <u>provided</u> that, prior to the incurrence of any Indebtedness to finance Necessary Capital Expenditures, the Parent Borrower shall deliver to the Administrative Agent an Officer's Certificate designating such Indebtedness as Necessary CapEx Debt;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)Indebtedness of the Parent Borrower or any Restricted Subsidiary consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)the incurrence by the Parent Borrower or any of its Restricted Subsidiaries of Contribution Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)the incurrence by the Parent Borrower and/or any of its Restricted Subsidiaries of Indebtedness that constitutes a Permitted Tax Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)the issuance of Third Party Securities by a Securitization Vehicle and the incurrence of Securitization Related Indebtedness in an aggregate outstanding principal amount not to exceed as of any date of issuance (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $2,500,000,000, (y) 10% of Total Assets and (z) 80.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $4,250,000,000, (y) 10% of Total Assets and (z) 80.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and to the extent constituting Indebtedness, any Standard Securitization Undertaking relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)the incurrence, issuance or assumption by the Parent Borrower and/or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate principal amount (or accreted value, as applicable), including all Permitted Refinancing Indebtedness incurred to refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (xxii), in an aggregate outstanding principal amount not to exceed as of any date of incurrence, issuance or assumption (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $1,300,000,000, (y) 5.0% of Total Assets and (z) 40.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $2,250,000,000, (y) 5.0% of Total Assets and (z) 40.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis); <u>provided</u> that, the amount of Indebtedness permitted to be incurred, issued or assumed pursuant to this clause (xxii) shall be reduced on a dollar-for-dollar basis by the amount of Indebtedness incurred in reliance on the Reallocated Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)the incurrence by a Borrower and/or any of its Restricted Subsidiaries of senior or subordinated notes (including notes issued in a public offering, Rule 144A or other private placement or bridge financing in lieu of the foregoing) or senior or subordinated loans (and/or commitments in respect of any of the foregoing) issued or incurred in lieu of New Commitments (such notes or loans, "<u>Incremental Equivalent Debt</u>"); <u>provided</u> that, (i) the aggregate outstanding principal amount (or committed amount, if applicable) of all Incremental Equivalent Debt shall not exceed the Maximum Incremental Amount less the aggregate principal amount of New Commitments (and loans made pursuant to such New Commitments) established pursuant to Section 2.24, (ii) to the extent any Incremental Equivalent Debt is secured by the Collateral, it shall be secured only on a *pari passu* or junior basis with the Liens securing the Obligations and be subject to a customary intercreditor agreement reasonably acceptable to the Administrative Agent and the Parent Borrower, (iii) the aggregate outstanding principal amount of Incremental Equivalent Debt that is guaranteed by any Restricted Subsidiary that is not a Loan Party or secured by assets other than the Collateral (other than cash collateral or letters of credit, which may be used as exclusive security) shall not exceed as of any date of incurrence or issuance (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $300,000,000, (y) 1.25% of Total Assets and (z) 10.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $600,000,000, (y) 1.25% of Total Assets and (z) 10.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis); (iv) no Event of Default shall immediately before or immediately after giving effect to the incurrence of such Incremental Equivalent Debt (or, if the proceeds of such Incremental Equivalent Debt are used to finance a Limited Condition Transaction, no Specified Event of Default existing on such Increased Amount Date immediately before or immediately after giving effect to the incurrence of such Incremental Equivalent Debt, (v) the covenants and defaults applicable to such Incremental Equivalent Debt (excluding pricing, fees, rate floors, maturity, amortization or redemption terms and except as otherwise set forth herein or in the definitive documentation therefor), other than such

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covenants and defaults that (x) are applicable only after the Maturity Date of the then-existing Term Loans and (y) are conformed (or added) to the Loan Documents for the benefit of the Lenders of the then-existing Term Loans and the Administrative Agent, as applicable, pursuant to an amendment hereto (with any such amendment being effected in consultation with the Administrative Agent, but only requiring execution by the applicable Borrower) shall (A) reflect then-current market terms and conditions (taken as a whole) at the time of incurrence or issuance of such Incremental Equivalent Debt (as reasonably determined by the Parent Borrower in good faith), (B) not be materially more favorable to the holders of such Incremental Equivalent Debt, taken as a whole (as reasonably determined by the Parent Borrower in good faith), or (C) be reasonably satisfactory to the Administrative Agent, (vi) (A) any prepayment of Incremental Equivalent Debt may provide for the ability to participate (I) with respect to any voluntary prepayments, on a *pro rata* basis, greater than *pro rata* basis, or less than a *pro rata* basis with any then-existing Term Loans and (II) with respect to any mandatory prepayments, on a *pro rata* basis (only in respect of an Incremental Term Facility that is *pari passu* with any then-existing Term Loans) or less than a *pro rata* basis with any then-existing Term Loans (and on greater than a *pro rata* basis with respect to prepayments of any such Incremental Equivalent Debt with the proceeds of Refinancing Term Loans) and (vii) any Incremental Equivalent Debt incurred during a Collateral Release Period shall be unsecured and may be subject to substantially the same provisions with respect to a Collateral Reinstatement Event and subsequent Collateral Release Event as the Revolving Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)the incurrence of Indebtedness by the Parent Borrower or any Restricted Subsidiary under any Liquidity Facility in an aggregate principal amount (or accreted value, as applicable) not to exceed as of any date of incurrence (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $1,300,000,000, (y) 5.0% of Total Assets and (z) 40.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $2,250,000,000, (y) 5.0% of Total Assets and (z) 40.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)the incurrence, issuance or assumption by the Parent Borrower and/or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate principal amount (or accreted value, as applicable), including all Permitted Refinancing Indebtedness incurred to refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (xxv), not to exceed the aggregate amount of Restricted Payments that are permitted to be made pursuant to Section 6.06(b)(v) and Section 6.06(b)(xi) at the time of incurrence, issuance or assumption; <u>provided</u> that, the aggregate amount incurred, issued or assumed under this clause (xxv) (and not reclassified) shall reduce the corresponding baskets under Section 6.06(b)(v) and Section 6.06(b)(xi) on a dollar-for-dollar basis (which reduction shall be allocated as among such baskets as directed by the Parent Borrower in its sole discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)Indebtedness incurred in connection with consumer financing programs (including any related warehouse facilities) in an aggregate outstanding principal amount not to exceed the Fair Market Value of the consumer loan assets related thereto (as determined in good faith by the Parent Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)to the extent constituting Indebtedness, any Banking Services Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii)the incurrence of Indebtedness (or any guarantee thereof) by the Parent Borrower and/or any Restricted Subsidiary that is not a Subsidiary Guarantor (including any Excluded Project Subsidiary) in an aggregate principal amount not to exceed as of any date of incurrence (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $1,000,000,000, (y) 5.0% of Total Assets and (z) 35.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $1,850,000,000, (y) 5.0% of Total Assets and (z) 35% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis) for the purposes of financing the construction or upgrade of gas turbine power generating facilities located in Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Incur any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Borrowers or any Subsidiary Guarantor unless such

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Indebtedness is also contractually subordinated in right of payment to the Guaranteed Obligations on substantially identical terms; <u>provided</u>, <u>however</u>, that no Indebtedness of the Borrowers shall be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Borrowers solely by virtue of being unsecured or by virtue of being secured on a first or junior Lien basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Indebtedness under this Agreement outstanding on the Closing Date will initially be deemed to have been incurred on such date in reliance on the exception provided by Section 6.01(b)(i). The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock shall not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this Section 6.01; <u>provided</u>, in each such case, that the amount thereof is included in the Fixed Charges of the Parent Borrower as accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency will be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred; <u>provided</u> that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-dominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-dominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of the Indebtedness being refinanced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The amount of any Indebtedness outstanding as of any date will be (i) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; (ii) the principal amount of the Indebtedness, in the case of any other Indebtedness; and (iii) in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of (x) the Fair Market Value of such asset at the date of determination and (y) the amount of the Indebtedness of the other Person; <u>provided</u> that any changes in any of the above shall not give rise to a default under this Section 6.01.

Section 13.02<u>Liens</u>. Create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind (other than Permitted Liens) upon any of their property or assets, now owned or hereafter acquired, unless, to the extent any such Liens are created, incurred or otherwise become effective during a Collateral Release Period, all Guaranteed Obligations are secured on an equal and ratable basis with the other obligations secured by such Lien.

Section 13.03<u>Limitation on Sale and Leaseback Transactions</u>. Enter into any sale and leaseback transaction (other than (x) a Permitted Tax Lease, which shall not be restricted by this Section 6.03 and (y) any sale and leaseback transaction existing on the Closing Date and set forth on <u>Schedule 6.03</u>); <u>provided</u> that the Parent Borrower or any Restricted Subsidiary may enter into a sale and leaseback transaction if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Parent Borrower or that Restricted Subsidiary, as applicable, could have (a) incurred Indebtedness in an amount equal to the Attributable Debt relating to such sale and leaseback transaction under the provisions of Section 6.01 and (b) incurred a Lien to secure such Indebtedness pursuant to Section 6.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the gross proceeds of that sale and leaseback transaction are at least equal to the Fair Market Value of the property that is the subject of that sale and leaseback transaction, as determined in good faith by a Financial Officer of the Parent Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)if such sale and leaseback transaction constitutes an Asset Sale, the transfer of assets in that sale and leaseback transaction is permitted by, and the Parent Borrower applies the proceeds of such transaction in compliance with, the provisions of Sections 2.13(b) and 6.04.

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Section 13.04<u>Asset Sales</u>. (a) Consummate an Asset Sale unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Parent Borrower (or its Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)at least 75% of the consideration received in the Asset Sale by the Parent Borrower or such Restricted Subsidiary is in the form of cash. For purposes of this clause (ii), each of the following will be deemed to be cash:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)any liabilities, as shown on the Parent Borrower's most recent consolidated balance sheet or in the footnotes thereto (or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Parent Borrower's or such Restricted Subsidiary's consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such balance sheet), of the Parent Borrower or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Guaranteed Obligations) that are assumed by the transferee of any such assets pursuant to a customary novation agreement that releases the Parent Borrower or such Restricted Subsidiary from further liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the amount of any trade-in value applied to the purchase price of any replacement assets acquired in connection with such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)any securities, notes or other obligations received by the Parent Borrower or any such Restricted Subsidiary from such transferee that are converted by the Parent Borrower or such Restricted Subsidiary into cash within 180 days of the receipt of such securities, notes or other obligations, to the extent of the cash received in such conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)any stock or assets of the kind referred to in Section 6.04(b)(ii) or 6.04(b)(iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)any non-cash proceeds received in the form of Real Estate, Indebtedness or Capital Stock and Cash Equivalents that are pledged to the Collateral Trustee to the extent required under Section 5.09; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)any Designated Non-Cash Consideration received by the Parent Borrower or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value not to exceed (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $900,000,000, (y) 3.50% of Total Assets and (z) 30.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $1,750,000,000, (y) 3.50% of Total Assets and (z) 30.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis) at the time of the receipt of such Designated Non-Cash Consideration, with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Within 24 months after the receipt of any Net Proceeds from an Asset Sale (other than Excluded Proceeds), or, if a Borrower (or the applicable Restricted Subsidiary, as the case may be), at its option, enters into a binding commitment or letter of intent (together with any binding commitment or letter of intent provided in Section 6.04(c)(i), each, an "<u>Acceptable Commitment</u>") to apply such Net Proceeds within such 24-month period, within 30 months after the receipt of such Net Proceeds, such Borrower (or its Restricted Subsidiary) may apply such Net Proceeds:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in the case of an Asset Sale by a Restricted Subsidiary that is not a Subsidiary Guarantor, to repay Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor (other than Indebtedness owed to the Parent Borrower or another Restricted Subsidiary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to voluntarily prepay or repurchase Term Loans, New Term Loans or Refinancing Term Loans (in each case, to the extent such prepayment or repurchase is made at par);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to acquire all or substantially all of the assets of, or any business unit, division or line of business of, or any Capital Stock of, another Person engaged primarily in a Permitted Business, if, after giving effect to any such acquisition of Capital Stock, such Person is or becomes a Restricted Subsidiary and a Subsidiary Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to make a capital expenditure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)to acquire, maintain, develop, construct, improve, upgrade, restore or repair other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Pending the final application of such Net Proceeds in accordance with this Section 6.04, the Borrowers may temporarily reduce revolving credit borrowings (including, for the avoidance of doubt, Revolving Borrowings) or otherwise use the Net Proceeds in any manner that is not prohibited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding the preceding paragraph, (i) any amounts reinvested or contractually committed (including pursuant to a letter of intent) to be so reinvested by the Borrowers (or any of their Restricted Subsidiaries) pursuant to one or more transactions contemplated in clauses (i) through (vi) of this Section 6.04(b) within the 180 day period prior to the receipt of the Net Proceeds of an Asset Sale (other than Excluded Proceeds) shall be deemed to be reinvested or committed to be reinvested in accordance with this Section 6.04 so long as, to the extent so committed, such amounts are used within 30 months after the receipt of such Net Proceeds and (ii) in the event that regulatory approval is necessary for an asset or investment, or the construction, repair or restoration of any asset or investment has commenced (including pursuant to clause (i) above), then the Borrowers or any of their Restricted Subsidiaries shall have an additional 365 days to apply the Net Proceeds from such Asset Sale in accordance with the preceding paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any Acceptable Commitment that is later canceled or terminated for any reason before such Net Proceeds are so applied shall be treated as a permitted application of the Net Proceeds if the Parent Borrower or such Restricted Subsidiary enters into another Acceptable Commitment within the later of (a) nine months of such cancellation or termination or (b) 30 months after the initial receipt of such Net Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)When the aggregate amount of Net Proceeds from Asset Sales received after the Closing Date (other than Excluded Proceeds) that are not applied or invested as provided in this Section 6.04 (including pursuant to Section 6.04(c)(i)) exceeds, in any Fiscal Year, individually for each such Asset Sale, (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $200,000,000, (y) 0.75% of Total Assets and (z) 6.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $350,000,000, (y) 0.75% of Total Assets and (z) 6.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis) or, in an aggregate for all such Asset Sales, (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $400,000,000, (y) 1.60% of Total Assets and (z) 12.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $750,000,000, (y) 1.60% of Total Assets and (z) 12.0% of Consolidated Cash Flow for

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the most recently ended Test Period (calculated on a pro forma basis) (the aggregate amount of such Net Proceeds that exceeds such amounts, being "<u>Excess Proceeds</u>"), the Borrowers will make a mandatory prepayment of Term Loans pursuant to and in accordance with the terms of Section 2.13(a) in an amount equal to the Applicable Prepayment Event Percentage of all such Excess Proceeds received.

Section 13.05<u>Dividend and Other Payment Restrictions Affecting Subsidiaries</u>. (a) Directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary (other than an Excluded Subsidiary) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)pay dividends or make any other distributions on its Capital Stock to the Parent Borrower or any of its Restricted Subsidiaries (other than Excluded Subsidiaries), or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Parent Borrower or any of its Restricted Subsidiaries (other than Excluded Subsidiaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)make loans or advances to the Parent Borrower or any of its Restricted Subsidiaries (other than Excluded Subsidiaries); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)transfer any of its properties or assets to the Parent Borrower or any of its Restricted Subsidiaries (other than Excluded Subsidiaries).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The restrictions in Section 6.05(a) above shall not apply to encumbrances or restrictions existing under or by reason of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)this Agreement and other agreements governing Existing Indebtedness on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Senior Notes Documents, the Additional Senior Notes Documents and any documents relating to the Senior Secured Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)applicable law, rule, regulation or order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)customary non-assignment provisions in contracts, agreements, leases, permits and licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)purchase money obligations for property acquired and Capital Lease Obligations that impose restrictions on the property purchased or leased of the nature described in Section 6.05(a)(iii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any agreement for the sale or other disposition of the stock or assets of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending the sale or other disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Permitted Refinancing Indebtedness; <u>provided</u> that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Liens permitted to be incurred under Section 6.02 and associated agreements that limit the right of the debtor to dispose of the assets subject to such Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)provisions limiting the disposition or distribution of assets or property in joint venture, partnership, membership, stockholder and limited liability company agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements, including owners', participation or similar agreements governing projects owned through an undivided interest, which limitation is applicable only to the assets that are the subject of such agreements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in connection with a Permitted Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)restrictions or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or similar agreement to which the Parent Borrower or any Restricted Subsidiary is a party entered into in connection with a Permitted Business; <u>provided</u> that such agreement prohibits the encumbrance of solely the property or assets of the Parent Borrower or such Restricted Subsidiary that are the subject of that agreement, the payment rights arising thereunder and/or the proceeds thereof and not to any other asset or property of the Parent Borrower or such Restricted Subsidiary or the assets or property of any other Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)any instrument governing Indebtedness or Capital Stock of a Person acquired by the Parent Borrower or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; <u>provided</u> that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this Agreement to be incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)Indebtedness of a Restricted Subsidiary existing at the time it became a Restricted Subsidiary if such restriction was not created in connection with or in anticipation of the transaction or series of transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)with respect only to Section 6.05(a)(iii), restrictions encumbering property at the time such property was acquired by the Parent Borrower or any of its Restricted Subsidiaries, so long as such restriction relates solely to the property so acquired and was not created in connection with or in anticipation of such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)provisions limiting the disposition or distribution of assets or property in agreements governing Non-Recourse Debt, which limitation is applicable only to the assets that are the subject of such agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)customary restrictions created in connection with any Permitted Securitization Indebtedness permitted under Section 6.01(b)(xxi) that, in the good faith determination of a Responsible Officer of the Parent Borrower, are necessary or advisable to effect such Permitted Securitization Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)any encumbrance or restrictions of the type referred to in Sections 6.05(a)(i), 6.05(a)(ii) and 6.05(a)(iii) imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through (xvi) above; <u>provided</u> that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of a Financial Officer of the Parent Borrower, no more restrictive with respect to such dividend and other payment restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewals, increase, supplement, refunding, replacement or refinancing.

Section 13.06<u>Restricted Payments</u>. (a) Directly or indirectly (w) declare or pay any dividend or make any other payment or distribution on account of the Parent Borrower's or any of its Restricted Subsidiaries' Equity Interests (including any payment in connection with any merger or consolidation involving the Parent Borrower or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Parent Borrower's or any of its Restricted Subsidiaries' Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Parent Borrower or to the Parent Borrower or a Restricted Subsidiary); (x) purchase, redeem or otherwise acquire or retire for value (including in connection with any merger or consolidation involving the Parent Borrower) any Equity Interests of the Parent Borrower or any direct or indirect parent of the Parent

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Borrower (other than any such Equity Interests owned by the Parent Borrower or any Restricted Subsidiary); (y) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of the Borrowers or any Subsidiary Guarantor with an aggregate outstanding principal amount of greater than (A) prior to the Hurricane Acquisition Closing Date, the greatest of (i) $100,000,000, (ii) 0.50% of Total Assets and (iii) 4.0% of Consolidated Cash Flow for the most recently ended Test Period, and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (i) $250,000,000, (ii) 0.50% of Total Assets and (iii) 4.0% of Consolidated Cash Flow for the most recently ended Test Period and that is contractually subordinated to the Guaranteed Obligations (excluding any intercompany Indebtedness between or among the Parent Borrower and any of its Restricted Subsidiaries), except (1) a payment of interest or principal at the Stated Maturity thereof, (2) a payment, purchase, redemption, defeasance, acquisition or retirement of any subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or payment at final maturity, in each case due within one year of the date of payment, purchase, redemption, defeasance, acquisition or retirement or (3) AHYDO Catch-Up Payments; or (z) make any Restricted Investment (all such payments and other actions set forth in these clauses (w) through (z) above being collectively referred to as "<u>Restricted Payments</u>"), unless, at the time of and after giving effect to such Restricted Payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in the case of any Restricted Payments set forth in clauses (w), (x) and (y) of the definition thereof that are made in reliance on Section 6.06(a)(ii)(1), no Specified Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Parent Borrower and its Restricted Subsidiaries since the Original Issue Date (excluding Restricted Payments permitted by Sections 6.06(b)(ii), 6.06(b)(iii), 6.06(b)(iv), 6.06(b)(vi), 6.06(b)(vii), 6.06(b)(viii), 6.06(b)(ix), 6.06(b)(x) and 6.06(b)(xi)), is less than the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consolidated Cash Flow of the Parent Borrower, minus 140% of Consolidated Interest Expense of the Parent Borrower, in each case for the period (taken as one accounting period) from March 31, 2009 to the end of the Parent Borrower's most recently ended fiscal quarter for which financial statements are publicly available at the time of such Restricted Payment, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)100% of the Fair Market Value of any property or assets and the aggregate net cash proceeds, in each case received by the Parent Borrower or any of its Restricted Subsidiaries since the Original Issue Date in exchange for Qualifying Equity Interests or from the issue or sale of Qualifying Equity Interests of the Parent Borrower (other than Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Parent Borrower that have been converted into or exchanged for such Qualifying Equity Interests (other than Qualifying Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary), <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)to the extent that any Restricted Investment that was made after the Original Closing Date is sold for cash or otherwise liquidated or repaid for cash after the Original Issue Date, the cash return with respect to such Restricted Investment (less the cost of disposition, if any) to the extent not already included in the Consolidated Cash Flow of the Parent Borrower since the Original Issue Date, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)100% of any cash received by the Parent Borrower or a Restricted Subsidiary after the Original Issue Date from an Unrestricted Subsidiary, to the extent that such cash was not otherwise included in Consolidated Cash Flow of the Parent Borrower for such period, <u>plus</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)to the extent that any Unrestricted Subsidiary is redesignated as a Restricted Subsidiary after the Original Issue Date, the Fair Market Value of the Parent Borrower's Investment in such Subsidiary as of the date of such redesignation, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)100% of Retained Prepayment Amount Proceeds and Declined Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The provisions of Section 6.06(a) shall not prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the payment of any dividend within 90 days after the date of declaration of the dividend, if at the date of declaration the dividend payment would have complied with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)so long as no Event of Default has occurred and is continuing or would be caused thereby, the making of any Restricted Payment in exchange for, or out of the aggregate proceeds of the substantially concurrent sale (other than to a Subsidiary) of, Equity Interests of the Parent Borrower (other than Disqualified Stock) or from the contribution of equity capital (unless such contribution would constitute Disqualified Stock) to the Parent Borrower; <u>provided</u> that, the amount of any such proceeds that are utilized for any such Restricted Payment will be excluded from clause 6.06(a)(y)(2);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)so long as no Event of Default has occurred and is continuing or would be caused thereby, the defeasance, redemption, repurchase or other acquisition of Indebtedness of the Borrowers or any Subsidiary Guarantor that is contractually subordinated to the Guaranteed Obligations with the proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a Restricted Subsidiary to the holders of its Equity Interests on a pro rata basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)so long as no Event of Default has occurred and is continuing or would be caused thereby, (A) the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Parent Borrower or any Restricted Subsidiary held by any current or former officer, director or employee of the Parent Borrower or any of its Restricted Subsidiaries pursuant to any equity subscription agreement, stock option agreement, severance agreement, shareholders' agreement or similar agreement, employee benefit plan or (B) the cancellation of Indebtedness owing to the Parent Borrower or any of its Restricted Subsidiaries from any current or former officer, director or employee of the Parent Borrower or any of its Restricted Subsidiaries in connection with a repurchase of Equity Interests of the Parent Borrower or any of its Restricted Subsidiaries; <u>provided</u> that, the aggregate price paid for the actions in clause (A) may not exceed at the time of such purchase or redemption (I) (X) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $50,000,000, (y) 0.25% of Total Assets and (z) 2.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (Y) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $125,000,000, (y) 0.25% of Total Assets and (z) 2.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis) in any twelve-month period (with unused amounts in any period being carried over to succeeding periods) and (II) (X) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $125,000,000, (y) 0.50% of Total Assets and (z) 4.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (Y) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $250,000,000, (y) 0.50% of Total Assets and (z) 4.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis) in the aggregate since the Fourteenth Amendment Effective Date; <u>provided</u>, <u>further</u>, that (1) such amount in any calendar year may be increased by the cash proceeds of "key man" life insurance policies received by the Parent Borrower and its Restricted Subsidiaries after the Closing Date less any amount previously applied to the making of Restricted Payments pursuant to this Section 6.06(b)(v) since the Closing Date and (2) cancellation of the Indebtedness owing to the Parent Borrower from employees, officers, directors and consultants of the Parent Borrower or any of its Restricted Subsidiaries in connection with a repurchase of Equity Interests of the Parent Borrower from such Persons shall be permitted under this Section 6.06(b)(v) as if it were a repurchase, redemption, acquisition or retirement for value subject hereto; <u>provided</u>, <u>however</u>, that the amount of Restricted Payments permitted to be made pursuant to

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clause (A) above shall be reduced on a dollar-for-dollar basis by the amount of Indebtedness incurred, issued or assumed in reliance on Section 6.01(b)(xxv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the repurchase of Equity Interests in connection with the exercise of stock options to the extent such Equity Interests represent a portion of the exercise price of those stock options and the repurchases of Equity Interests in connection with the withholding of a portion of the Equity Interests granted or awarded to an employee to pay for the taxes payable by such employee upon such grant or award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)so long as no Event of Default has occurred and is continuing or would be caused thereby, the declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of (A) preferred stock outstanding on the Closing Date, (B) Disqualified Stock of the Parent Borrower or any Restricted Subsidiary issued on or after the Issue Date in accordance with the terms of this Agreement or (C) preferred stock issued on or after the Issue Date in accordance with the terms of this Agreement or, in the event that any of the instruments described in (A) through (C) above have been converted into or exchanged for Qualifying Equity Interests, other Restricted Payments in an amount no greater than and with timing of such payments not earlier than the dividends that would have otherwise been payable on such instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)payments to holders of the Parent Borrower's Capital Stock in lieu of the issuance of fractional shares of its Capital Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)the purchase, redemption, acquisition, cancellation or other retirement for a nominal value per right of any rights granted to all the holders of Capital Stock of the Parent Borrower pursuant to any shareholders' rights plan adopted for the purpose of protecting shareholders from unfair takeover tactics; <u>provided</u> that any such purchase, redemption, acquisition, cancellation or other retirement of such rights is not for the purpose of evading the limitations of this covenant (all as determined in good faith by a Financial Officer of the Parent Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)so long as no Event of Default has occurred and is continuing or would be caused thereby, other Restricted Payments since the Fourteenth Amendment Effective Date in an aggregate amount not to exceed, as of the date such Restricted Payment is made, (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $950,000,000, (y) 3.75% of Total Assets and (z) 30.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis), and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $1,750,000,000 (y) 3.75% of Total Assets and (z) 30.0% of Consolidated Cash Flow for the most recently ended Test Period (calculated on a pro forma basis); <u>provided</u> that, the amount of Restricted Payments permitted to be made pursuant to this clause (xi) shall be reduced on a dollar-for-dollar basis by the amount of Indebtedness incurred, issued or assumed in reliance on Section 6.01(b)(xxv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)the payment of any dividend or distribution in an amount not to exceed the aggregate Taxes of a consolidated, combined, unitary, affiliated or similar income tax group of which Parent Borrower is the common parent (a "<u>Tax Group</u>") from any Restricted Subsidiary to another Restricted Subsidiary or to the Parent Borrower for any taxable period in which the Parent Borrower or such Restricted Subsidiary (or its "tax owner," so long as such Restricted Subsidiary is treated as a "disregarded entity" for U.S. federal income tax purposes) is a member of such Tax Group; <u>provided</u> that, such distributions shall not exceed the amount of Taxes that such Restricted Subsidiary would have paid had it been a stand-alone taxpayer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)the Parent Borrower may make distributions of, or Investments in Securitization Assets for purposes of inclusion in any Securitization permitted under Section 6.01(b)(xxi);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)additional Restricted Payments so long as, as of the date such Restricted Payments are made, the Consolidated Total Net Leverage Ratio, on a pro forma basis, does not exceed, (a) in the case of Restricted Payments set forth in clauses (w) and (x) of the definition thereof, (A) prior to

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the Hurricane Acquisition Closing Date, 2.00:1.00, and (B) on and after the Hurricane Acquisition Closing Date, 2.50:1.00, and (b) in the case of Restricted Payments set forth in clause (y) of the definition thereof, (A) prior to the Hurricane Acquisition Closing Date, 2.25:1.00, and (B) on and after the Hurricane Acquisition Closing Date, 2.75:1.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)the distribution, as a return of capital, dividend or otherwise, of shares of Capital Stock of, Indebtedness issued by, or assets of, one or more Unrestricted Subsidiaries.

The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Parent Borrower or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that are required to be valued by this Section 6.06 will be determined by a Financial Officer of the Parent Borrower whose certification with respect thereto will be delivered to the Administrative Agent.

Section 13.07<u>[Reserved]</u>.

Section 13.08<u>Merger, Consolidation or Sale of Assets</u>. (a) The Parent Borrower will not, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not the Parent Borrower is the surviving corporation); or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Parent Borrower and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person; unless, subject to Section 9.22:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)either (A) the Parent Borrower is the surviving corporation or (B) the Person formed by or surviving any such consolidation or merger (if other than the Parent Borrower) or to which such sale, assignment, transfer, conveyance or other disposition has been made is a corporation, partnership or limited liability company organized or existing under the laws of the United States, any state of the United States or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Person formed by or surviving any such consolidation or merger (if other than the Parent Borrower) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Parent Borrower under the Loan Documents pursuant to joinder agreements or other documents and agreements reasonably satisfactory to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) immediately after such transaction, no Default or Event of Default exists; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)(A) the Parent Borrower or the Person formed by or surviving any such consolidation or merger (if other than the Parent Borrower), or to which such sale, assignment, transfer, conveyance or other disposition has been made will, on the date of such transaction after giving pro forma effect thereto and to any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the provisions of Section 6.01(a) or (B) the Fixed Charge Coverage Ratio of the Parent Borrower or the Person formed by or surviving any such consolidation or merger (if other than the Parent Borrower) is greater after giving pro forma effect to such consolidation or merger and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period than the Parent Borrower's actual Fixed Charge Coverage Ratio for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In addition, the Parent Borrower shall not, directly or indirectly, lease all or substantially all of its properties or assets, in one or more related transactions, to any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Section 6.08 shall not apply to (i) a merger of the Parent Borrower with an Affiliate solely for the purpose of reincorporating the Parent Borrower in another jurisdiction or forming a direct holding company of the Parent Borrower; and (ii) any sale, transfer, assignment, conveyance, lease or

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other disposition of assets between or among the Parent Borrower and its Restricted Subsidiaries, including by way of merger or consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Parent Borrower and its Restricted Subsidiaries taken as a whole in a transaction that is subject to, and that complies with the provisions of, Sections 6.08(a) through and including 6.08(d), the successor corporation formed by such consolidation or into or with which the Parent Borrower is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Agreement and the other Loan Documents referring to the "Parent Borrower" shall refer instead to the successor corporation and not to the Parent Borrower), and may exercise every right and power of the Parent Borrower under this Agreement and the other Loan Documents with the same effect as if such successor Person had been named as the Parent Borrower herein; <u>provided</u>, <u>however</u>, that the predecessor Parent Borrower shall not be relieved from its payment obligations hereunder except in the case of a sale of all of the Parent Borrower's assets in a transaction that is subject to, and that complies with the provisions of, Section 6.08(a) through and including 6.08(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)A Borrower (other than the Parent Borrower) will not, directly or indirectly, consolidate or merge with or into another Person (other than the Parent Borrower), unless either (A) such Borrower is the surviving Person or (B) the Person formed by or surviving any such consolidation or merger is a Loan Party.

Section 13.09<u>[Reserved]</u>.

Section 13.10<u>Designation of Restricted, Unrestricted and Excluded Project Subsidiaries</u>. (a) The Parent Borrower may designate, by a certificate executed by a Responsible Officer of the Parent Borrower, any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Specified Event of Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Parent Borrower and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under the provisions of Section 6.06 or under one or more clauses of the definition of Permitted Investments, as determined by the Parent Borrower; provided, however, that to the extent an Excluded Subsidiary is designated as an Unrestricted Subsidiary, the amount of the Investment deemed to have been made in respect of such Unrestricted Subsidiary will be calculated without duplication of the amount of the Investment made as a result of such Excluded Subsidiary's initial designation as such plus any subsequent Investments made in such Excluded Subsidiary prior to such subsequent designation. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. A Responsible Officer of the Parent Borrower may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Specified Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Parent Borrower may designate, by a certificate executed by a Responsible Officer of the Parent Borrower, any Restricted Subsidiary or Unrestricted Subsidiary to be an Excluded Project Subsidiary if that designation would not cause a Specified Event of Default. If a Restricted Subsidiary or Unrestricted Subsidiary that is not an Excluded Project Subsidiary is designated as an Excluded Project Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Parent Borrower and its Restricted Subsidiaries in the Subsidiary designated as an Excluded Project Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under the provisions of Section 6.06 or under one or more clauses of the definition of Permitted Investments, as determined by the Parent Borrower; <u>provided</u>, <u>however</u>, that to the extent an Excluded Subsidiary (other than an Excluded Project Subsidiary) or an Unrestricted Subsidiary is designated as an Excluded Project Subsidiary, the amount of the Investment deemed to have been made in respect of such Excluded Project Subsidiary will be calculated without duplication of the amount of the Investment made as a result of such Excluded Subsidiary's or Unrestricted Subsidiary's initial designation as such plus any subsequent Investments made in such Excluded

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Subsidiary or Unrestricted Subsidiary prior to such subsequent designation. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary or Unrestricted Subsidiary otherwise meets the definition of an Excluded Project Subsidiary. A Responsible Officer of the Parent Borrower may redesignate any Excluded Project Subsidiary (including, for the avoidance of doubt, any Hurricane Subsidiary) to be a Restricted Subsidiary that is not an Excluded Project Subsidiary or an Unrestricted Subsidiary if that redesignation would not cause a Specified Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any designation of a Subsidiary as an Unrestricted Subsidiary or Excluded Project Subsidiary will be evidenced to the Administrative Agent by delivering to the Administrative Agent a certified copy of a resolution of the Board of Directors giving effect to such designation and an Officer's Certificate certifying that such designation complied with the preceding conditions and was permitted by Section 6.06. If, at any time, any Unrestricted Subsidiary or Excluded Project Subsidiary should fail to meet the preceding requirements as, respectively, an Unrestricted Subsidiary or Excluded Project Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary or Excluded Project Subsidiary for the purposes of this Agreement and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary or an Excluded Project Subsidiary as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 6.01, the Parent Borrower will be in default of such covenant. The Board of Directors of the Parent Borrower may at any time designate any Unrestricted Subsidiary or Excluded Project Subsidiary to be a Restricted Subsidiary; <u>provided</u> that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary or Excluded Project Subsidiary, and such designation will only be permitted if (i) such Indebtedness is permitted under Section 6.01(a), calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable four-quarter reference period and (ii) no Specified Event of Default would be in existence following such designation.

Section 13.11<u>[Reserved]</u>.

Section 13.12<u>Leverage Ratio</u>. Permit (a) at any time during a Collateral Release Period during a Compliance Period, the Consolidated Total Net Leverage Ratio, calculated as of the last day of the most recently ended fiscal quarter during such Compliance Period, to be greater than 5.50 to 1.00 and (b) at any other time during a Compliance Period, the Consolidated First Lien Net Leverage Ratio, calculated as of the last day of the most recently ended fiscal quarter during such Compliance Period (commencing with the first full fiscal quarter after the Closing Date), to be greater than 4.00 to 1.00.

Section 13.13<u>Fiscal Year</u>. With respect to any Borrower, change its fiscal year-end to a date other than December 31.

Section 13.14<u>Use of Proceeds</u>. Directly or, to the knowledge of the Borrowers, indirectly use the proceeds of any Loan or Letter of Credit or otherwise make available such proceeds to any Subsidiary or any other Person to fund, finance or facilitate any activities or business of or with any Person that is, at the time of such funding, a Sanctioned Person or in any country or territory that is at the time of such funding a Sanctioned Country or in any other manner that would result in a violation of Sanctions by any Person (including a Lender, Arranger, Administrative Agent, Issuing Bank or otherwise).

Article XIV.<u><br>Events of Default</u>

Section 14.01<u>Events of Default</u>. In case of the happening of any of the following events (each, an "<u>Event of Default</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any representation or warranty made or deemed made in or in connection with any Loan Document (other than those specified in clause (l) below) or the Borrowings or issuances of Letters of Credit hereunder, or any representation, warranty, statement or information contained in any report, certificate, financial statement or other instrument furnished in connection with or pursuant to any Loan

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Document by any Loan Party, shall prove to have been false or misleading in any material respect when so made, deemed made or furnished and (to the extent capable of being cured) is not cured within 30 days thereafter; <u>provided</u> that, inaccuracy in any material respect of any representation or warranty made in connection with a Borrowing of Revolving Loans or an issuance, amendment, extension or renewal of a Letter of Credit shall not constitute a Default or Event of Default for purposes of any Term Loan unless and until the date that the Majority Revolving Lenders have actually declared all Revolving Loans to be immediately due and payable and terminated the Revolving Commitments as a result of such inaccuracy and such declaration has not been rescinded on or before such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)default shall be made in the payment of any principal of any Loan or the reimbursement with respect to any L/C Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)default shall be made in the payment of any interest on any Loan or any L/C Disbursement or any Fee or any other amount (other than an amount referred to in (b) above) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period of five Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)default shall be made in the due observance or performance by the Parent Borrower or any Restricted Subsidiary of any covenant, condition or agreement contained in Section 5.01(a), 5.05, 5.08 or 5.11 or in Article VI; <u>provided</u> that, a default in the due observance or performance by the Parent Borrower or any Restricted Subsidiary of any covenant, condition or agreement contained in Section 6.12 shall not constitute an Event of Default with respect to any Term Loans until the date on which the Administrative Agent or the Majority Revolving Lenders shall declare the Revolving Loans (including, for the avoidance of doubt, any New Revolving Loans and Refinancing Revolving Loans) to be due and payable or shall terminate the Revolving Commitments (including, for the avoidance of doubt, any New Revolving Commitments and Refinancing Revolving Commitments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)default shall be made in the due observance or performance by the Parent Borrower or any Restricted Subsidiary of any covenant, condition or agreement contained in any Loan Document (other than those specified in clauses (b), (c) or (d) above or clause (l) below) and such default shall continue unremedied for a period of 45 days after notice thereof from the Administrative Agent to the Parent Borrower, the Collateral Agent, the Collateral Trustee or any Lender to the Parent Borrower; <u>provided</u> that, a default in the due observance or performance by any Borrower of any covenant, condition or agreement contained in <u>Section 5.04(e)</u> shall not constitute an Event of Default with respect to any Term Loans until the date on which the Administrative Agent or the Majority Revolving Lenders shall declare the Revolving Loans (including, for the avoidance of doubt, any New Revolving Loans and Refinancing Revolving Loans) to be due and payable or shall terminate the Revolving Commitments (including, for the avoidance of doubt, any New Revolving Commitments and Refinancing Revolving Commitments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the Parent Borrower or any Restricted Subsidiary shall (A) fail to pay any principal or interest, regardless of amount, due in respect of any Material Indebtedness (other than Indebtedness hereunder), when and as the same shall become due and payable, or (B) any other event or condition occurs that results in any Material Indebtedness (other than Indebtedness hereunder) becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness (other than Indebtedness hereunder) or any trustee or agent on its or their behalf to cause any Material Indebtedness (other than Indebtedness hereunder) to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; <u>provided</u> that, this clause (f) shall not apply to (I) in the case of subclause (B) above, secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, (II) any Material Indebtedness if (x) the sole remedy of the holder thereof in the event of the non-payment of such Material Indebtedness or the non-payment or non-performance of obligations related thereto or (y) the sole option is to elect, in each case, to convert such Material Indebtedness into Equity Interests (other than Disqualified Stock) (or cash in lieu of fractional shares) and (C) in the case of Material Indebtedness which the holder thereof may elect to convert into Equity Interests (other than Disqualified Stock), such Material Indebtedness from

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and after the date, if any, on which such conversion has been effected; <u>provided</u>, <u>further</u>, that such event or condition is unremedied and is not waived or cured by the holders of such Indebtedness prior to any acceleration of the Loans and termination of the Commitments pursuant to the final paragraph of this Section 7.01; <u>provided</u>, <u>further</u>, that a breach of any financial covenant under any other Indebtedness shall not constitute an Event of Default unless the lenders under such Indebtedness document have accelerated the Indebtedness thereunder or terminated such commitments thereunder as a result of such breach; <u>provided</u>, <u>further</u>, that clauses (A) and (B) shall not apply to (1) any Non-Recourse Debt of the Parent Borrower and the Restricted Subsidiaries (except to the extent that the Parent Borrower or any of the Restricted Subsidiaries that are not parties to such Non-Recourse Debt (other than Exempt Subsidiaries) is then liable for any such Non-Recourse Debt of a Significant Subsidiary that is Indebtedness for borrowed money thereunder and such liability, individually or in the aggregate, exceeds (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $250,000,000, (y) 1.0% of Total Assets and (z) 8.0% of Consolidated Cash Flow for the most recently ended Test Period, and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $500,000,000, (y) 1.0% of Total Assets and (z) 8.0% of Consolidated Cash Flow for the most recently ended Test Period) or (2) to the extent constituting Indebtedness, any indemnification, guarantee or other credit support obligations of the Parent Borrower or any Restricted Subsidiary constituting Permitted Tax Equity Guarantees or a Standard Securitization Undertaking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Parent Borrower or any of its Restricted Subsidiaries (other than the Exempt Subsidiaries) that is a Significant Subsidiary or any group of Restricted Subsidiaries (other than the Exempt Subsidiaries) that, taken together, would constitute a Significant Subsidiary in an involuntary case; (ii) appoints a custodian of the Parent Borrower or any of its Restricted Subsidiaries (other than the Exempt Subsidiaries) that is a Significant Subsidiary or any group of Restricted Subsidiaries (other than the Exempt Subsidiaries) that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Parent Borrower or any of its Restricted Subsidiaries (other than the Exempt Subsidiaries) that is a Significant Subsidiary or any group of Restricted Subsidiaries (other than the Exempt Subsidiaries) that, taken together, would constitute a Significant Subsidiary; or (iii) orders the liquidation of the Parent Borrower or any of its Restricted Subsidiaries (other than the Exempt Subsidiaries) that is a Significant Subsidiary or any group of Restricted Subsidiaries (other than the Exempt Subsidiaries) that, taken together, would constitute a Significant Subsidiary; and, in each of clauses (i), (ii) or (iii), the order or decree remains unstayed and in effect for 60 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)the Parent Borrower or any of its Restricted Subsidiaries (other than the Exempt Subsidiaries) that is a Significant Subsidiary or any group of Restricted Subsidiaries (other than the Exempt Subsidiaries) that, taken together, would constitute a Significant Subsidiary, pursuant to or within the meaning of Bankruptcy Law (i) commences a voluntary case; (ii) consents to the entry of an order for relief against it in an involuntary case; (iii) consents to the appointment of a custodian of it or for all or substantially all of its property; (iv) makes a general assignment for the benefit of its creditors; or (v) generally is not paying its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)one or more judgments for the payment of money in an aggregate amount in excess of (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $250,000,000, (y) 1.0% of Total Assets and (z) 8.0% of Consolidated Cash Flow for the most recently ended Test Period, and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $500,000,000, (y) 1.0% of Total Assets and (z) 8.0% of Consolidated Cash Flow for the most recently ended Test Period (excluding therefrom any amount covered by insurance) shall be rendered against the Parent Borrower or any Restricted Subsidiary (other than an Exempt Subsidiary) or any combination thereof and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of the Parent Borrower or any of its Restricted Subsidiaries to enforce any such judgment; <u>provided</u> that, this clause (i) shall not apply to (A) any Non-Recourse Debt of the Parent Borrower and the Restricted Subsidiaries (except to the extent that the Parent Borrower or any of the Restricted Subsidiaries that are not parties to such Non-Recourse Debt is then liable for any such Non-Recourse Debt of a Significant Subsidiary that is Indebtedness for borrowed money thereunder and such liability, individually or in the

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aggregate, exceeds (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $250,000,000, (y) 1.0% of Total Assets and (z) 8.0% of Consolidated Cash Flow for the most recently ended Test Period, and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $500,000,000, (y) 1.0% of Total Assets and (z) 8.0% of Consolidated Cash Flow for the most recently ended Test Period) or (B) to the extent constituting Indebtedness, any indemnification, guarantee or other credit support obligations of the Parent Borrower or any Restricted Subsidiary constituting Permitted Tax Equity Guarantees or a Standard Securitization Undertaking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)an ERISA Event shall have occurred that, when taken together with all other such ERISA Events, would reasonably be expected to result in a Material Adverse Effect; <u>provided</u>, <u>however</u>, that the parties acknowledge and agree that that certain Irrevocable Standby Letter of Credit (or any renewal, extension or replacement thereof that does not increase the face amount thereof) issued by the Sumitomo Mitsui Banking Corporation in favor of the Benefits Committee of the Texas Genco Retirement Plan, dated as of June 28, 2005, for an amount not exceeding $54,900,000, shall not be deemed to be a liability for purposes of determining whether a Material Adverse Effect has occurred for purposes of this Section 7.01(j) is exceeded (but that any other letter of credit or other security provided pursuant to Section 401(a)(29) of the Tax Code that constitutes an ERISA Event shall be deemed to be a liability for purposes of this Section 7.01);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)except as permitted by this Agreement or as a result of the discharge of such Subsidiary Guarantor in accordance with the terms of the Loan Documents, any Guarantee by a Significant Subsidiary (or group of Subsidiaries that taken as a whole would be deemed a Significant Subsidiary) under the Guarantee and Collateral Agreement shall be held by a final decision issued in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Subsidiary Guarantor (or any group of Subsidiary Guarantors) that constitutes a Significant Subsidiary shall deny or disaffirm in writing its or their obligations under its or their Guarantee(s) under the Guarantee and Collateral Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)material breach by any Borrower or any of the other Loan Parties of any material representation or warranty or covenant, condition or agreement in the Security Documents, the repudiation by any Borrower or any of the other Loan Parties of any of its material obligations under any of the Security Documents or the unenforceability of any of the Security Documents against any Borrower or any of the other Loan Parties for any reason with respect to Collateral having an aggregate Fair Market Value that exceeds (A) prior to the Hurricane Acquisition Closing Date, the greatest of (x) $250,000,000, (y) 1.0% of Total Assets and (z) 8.0% of Consolidated Cash Flow for the most recently ended Test Period, and (B) on and after the Hurricane Acquisition Closing Date, the greatest of (x) $500,000,000, (y) 1.0% of Total Assets and (z) 8.0% of Consolidated Cash Flow for the most recently ended Test Period in the aggregate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)there shall have occurred a Change of Control;

then, and in every such event (other than an event with respect to the Parent Borrower described in paragraph (g) or (h) above), and at any time thereafter during the continuance of such event either or both of the following actions may be taken: (i) the Administrative Agent may with the consent of the Majority Revolving Lenders, and at the request of the Majority Revolving Lenders shall, by notice to the Parent Borrower, terminate forthwith the Revolving Commitments (including, for the avoidance of doubt, any New Revolving Commitments and Refinancing Revolving Commitments) and (ii)(A) the Administrative Agent may with the consent of the Majority Revolving Lenders, and at the request of the Majority Revolving Lenders shall, by notice to the Parent Borrower, declare the Revolving Loans and/or (B) the Administrative Agent may with the consent of the Majority Term Lenders, and at the request of the Majority Term Lenders shall, by notice to the Parent Borrower, declare the Term Loans, in the case of each of clauses (A) and (B), then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of such Loans so declared to be due and payable, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrowers accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment, demand,

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protest or any other notice of any kind, all of which are hereby expressly waived by the Borrowers, anything contained herein or in any other Loan Document to the contrary notwithstanding, and the Administrative Agent and the Collateral Agent shall have the right to take all or any actions and exercise any remedies available to a secured party under the Security Documents or applicable law or in equity; and in any event with respect to an event in respect of the Borrowers described in paragraph (g) or (h) above, the Revolving Commitments shall automatically terminate and the principal of such Loans so declared to be due and payable then outstanding, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrowers accrued hereunder and under any other Loan Document, shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrowers, anything contained herein or in any other Loan Document to the contrary notwithstanding, and the Administrative Agent and the Collateral Agent shall have the right to take all or any actions and exercise any remedies available to a secured party under the Security Documents or applicable law or in equity; <u>provided</u> that, notwithstanding any provision to the contrary in any Loan Document, during any period during which an Event of Default under Section 6.12 exists solely with respect to the Revolving Loans (including, for the avoidance of doubt, any New Revolving Loans and Refinancing Revolving Loans), the Revolving Commitments (including, for the avoidance of doubt, any New Revolving Commitments and Refinancing Revolving Commitments) and/or the Letters of Credit, the Administrative Agent may with the consent of the Majority Revolving Lenders, and at the request of the Majority Revolving Lenders shall, by notice to the Parent Borrower, take any of the foregoing actions solely as they relate to the Revolving Loans (including, for the avoidance of doubt, any New Revolving Loans and Refinancing Revolving Loans), the Revolving Commitments (including, for the avoidance of doubt, any New Revolving Commitments and Refinancing Revolving Commitments) and the Letters of Credit.

Notwithstanding anything herein to the contrary or in any other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)none of the Administrative Agent, the Required Lenders, the Majority Term Lenders or the Majority Revolving Lenders may take any of the actions described in this Section 7.01 with respect to any Default or Event of Default resulting from any action, inaction, omission or the occurrence of any event, in each case, that is reported publicly or otherwise disclosed to the Lenders more than two years following such date of disclosure or public report, from and after which time any such Default or Event of Default shall be deemed not to "exist" or be "continuing"; <u>provided</u>, that, it is understood and agreed that a press release, a filing with the SEC or a posting to the applicable Approved Electronic Platform for the Credit Facilities shall constitute such a public report or disclosure; <u>provided</u>, <u>further</u>, that, no such two year limitation shall apply if (x) prior to the expiration of such two year period, the Administrative Agent has commenced any remedial action with respect to such Default or Event of Default or has provided the Borrowers with a reservation of rights letter with respect to such Default or Event of Default or (y) a Responsible Officer of any Loan Party had actual knowledge of the occurrence of any such Default or Event of Default and failed to provide notice thereof pursuant to Section 5.05(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any Default or Event of Default arising from any failure to deliver a notice of Default with respect to any Default or Event of Default or any other information or documentation required to be delivered within a specified time period shall automatically be deemed cured and to be no longer continuing immediately upon either (a) the delivery of such notice, information or documentation, as applicable or (b) in the case of a notice of Default with respect to any Default or Event of Default, the cessation of the existence of the underlying Default or Event of Default, so long as, in each case, (x) at such time the Loans have not been accelerated by the Lenders pursuant to this Section 7.01 and (y) at the time of such failure to deliver a notice of Default with respect to any Default or Event of Default or any other information or documentation required to be delivered within a specified time period, no Responsible Officer of the Parent Borrower had knowledge of the same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)no Event of Default shall arise as a result of any limitation or threshold in dollars being exceeded solely as a result of changes in exchange rates from those rates applicable on the first day

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of the fiscal quarter in which such determination occurs or in respect of which such determination is made.

Section 14.02<u>Application of Proceeds</u>. Without limitation of, and after giving effect to, Section 6.7 of the Guarantee and Collateral Agreement and Section 3.4 of the Collateral Trust Agreement, all proceeds received by the Administrative Agent or the Collateral Agent, as the case may be, either from the Collateral Trustee or any other Person in respect of any sale of, collection from, or other realization upon all or any part of the Collateral under any Security Document shall be held by the Administrative Agent or the Collateral Agent as Collateral for, and applied in full or in part by the Administrative Agent or the Collateral Agent against, the applicable Guaranteed Obligations hereunder then due and owing in the following order of priority: *first*, to the ratable payment of (a) all costs and expenses of such sale, collection or other realization, including reasonable and documented fees, costs and expenses of the Agents and their agents and counsel, and all other expenses, liabilities and advances made or incurred by the Agents in connection therewith, and all amounts in each case for which such Agents are entitled to payment, reimbursement or indemnification under the Loan Documents (in their capacity as such), and to the payment of all costs and expenses paid or incurred by the Agents in connection with the exercise of any right or remedy under the Loan Documents, all in accordance with the terms of the Loan Documents, (b) any principal and interest owed to the Administrative Agent in respect of outstanding Revolving Loans advanced on behalf of any Lender by the Administrative Agent for which the Administrative Agent has not then been reimbursed by such Lender or the Borrowers and (c) any amounts owed to the Issuing Bank under a Letter of Credit issued by it for which it has not then been reimbursed by any Lender or the Borrowers; *second*, to the extent of any excess proceeds, to the payment of all other Guaranteed Obligations hereunder for the ratable benefit of the holders thereof; and *third*, to the extent of any excess proceeds, to the payment to or upon the order of the applicable Loan Party or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

Section 14.03<u>Cure Right</u>. Notwithstanding anything to the contrary contained in this Section 7.03, in the event that the Borrowers fail to comply with the requirements of Section 6.12, until the expiration of the 15<sup>th</sup> day subsequent to the date the certificate calculating such compliance is required to be delivered pursuant to Section 5.04(c), the Parent Borrower shall have the right to issue Permitted Cure Securities for cash or otherwise receive cash contributions to the capital of the Parent Borrower (collectively, the "<u>Cure Right</u>"), and upon the receipt by the Parent Borrower of such cash (the "<u>Cure Amount</u>") pursuant to the exercise by the Parent Borrower of such Cure Right compliance with the financial covenant set forth in Section 6.12 shall be recalculated giving effect to the following pro forma adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Consolidated Cash Flow shall be increased, solely for the purpose of measuring compliance with Section 6.12 and not for any other purpose under this Agreement, by an amount equal to the Cure Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if, after giving effect to the foregoing recalculations, the Borrowers shall then be in compliance with the requirements of Section 6.12, the Borrowers shall be deemed to have satisfied the requirements of Section 6.12 as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of Section 6.12 that had occurred shall be deemed cured for the purposes of this Agreement.

Notwithstanding anything herein to the contrary, (a) in each four-fiscal-quarter period there shall be at least one fiscal quarter in which the Cure Right is not exercised, (b) in each eight-fiscal-quarter period, there shall be a period of at least four consecutive fiscal quarters during which the Cure Right is not exercised and (c) the Cure Amount shall be no greater than the amount required for purposes of complying with Section 6.12 as of the relevant date of determination.

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Article XV.<u><br>The Agents, the Arrangers and the Lenders</u>

Each of the Lenders and the Issuing Banks hereby irrevocably appoints each of the Administrative Agent, the Collateral Agent and the Sustainability Structuring Agent (the Administrative Agent, the Collateral Agent and the Sustainability Structuring Agent are referred to collectively as the "<u>Agents</u>") as its agent and authorizes the Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. Without limiting the generality of the foregoing, the Agents are hereby expressly authorized by the Lenders to execute any and all documents (including releases and documents pursuant to the Collateral Trust Agreement and the other Security Documents) with respect to the Collateral and the rights of the Secured Parties with respect thereto. Each of the Lenders and the Issuing Banks hereby irrevocably (a) acknowledges and agrees that the Collateral Trustee (as defined in the Collateral Trust Agreement) has been appointed as the Secured Parties' agent in respect of the Collateral Trust Agreement and the other Security Documents, in each case as contemplated by and in accordance with the provisions of this Agreement and the Security Documents and (b) expressly authorizes and directs the Collateral Trustee (as defined in the Collateral Trust Agreement) to execute such documents or instruments as may be required or contemplated by the Collateral Trust Agreement and the other Security Documents, in each case, as contemplated by and in accordance with the provisions of this Agreement and the Security Documents. Each of the Lenders and the Issuing Banks hereby agrees to be bound by the priority of the security interests and allocation of the benefits of the Collateral and proceeds thereof set forth in the Security Documents.

Each institution serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Parent Borrower or any Subsidiary or any Affiliate thereof as if it were not an Agent hereunder.

Notwithstanding anything herein to the contrary, if at any time the Required Lenders determine that the Person serving as Administrative Agent is (without taking into account any provision in the definition of "Defaulting Lender" requiring notice from the Administrative Agent or any other party) a Defaulting Lender, the Required Lenders (determined after giving effect to Section 9.08) may, by notice to the Parent Borrower and such Person, remove such Person as Administrative Agent and, in consultation with the Parent Borrower, appoint a replacement Administrative Agent hereunder. Such removal will, to the fullest extent permitted by Applicable Law, be effective on the earlier of (a) the date a replacement Administrative Agent is appointed and (b) the date 30 days after the giving of such notice by the Required Lenders (regardless of whether a replacement Administrative Agent has been appointed).

No Agent or Lender shall have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) none of any Agent, any Arranger, any Co-Manager or any Lender shall be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default has occurred and is continuing and, in performing its functions and duties hereunder, each Agent shall act solely as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for the Parent Borrower or any of its Subsidiaries, (b) no Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent, the Collateral Agent or the Sustainability Structuring

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Agent is required to exercise as directed in writing by the Required Lenders, the Majority Revolving Lenders, the Majority Term Lenders or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.08, as applicable; <u>provided</u> that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose it to liability or that is contrary to any Loan Document or Applicable Law, including for the avoidance of doubt, any action that may be in violation of the automatic stay under any Bankruptcy Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Bankruptcy Law, and (c) except as expressly set forth in the Loan Documents, no Agent shall have any duty to disclose, nor shall it be liable for the failure to disclose, any information relating to the Parent Borrower or any of the Subsidiaries that is communicated to or obtained by the bank serving as any Agent or any of its Affiliates in any capacity. No Agent shall be liable for any action taken or not taken by it under or in connection with any Loan Document except to the extent caused by its own gross negligence or willful misconduct, as determined by a court of competent jurisdiction by final and nonappealable judgment. No Agent shall be deemed to have knowledge of any Default or Event of Default unless and until written notice thereof is given to such Agent by the Parent Borrower or a Lender, and no Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to such Agent.

Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent may also rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. Each Agent may consult with legal counsel (who may be counsel for the Parent Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Each Agent may perform any and all of its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it. Each Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Agent.

Subject to the appointment and acceptance of a successor Agent as provided below, each Agent may resign at any time by notifying the Lenders, the Issuing Banks and the Borrowers. Upon any such resignation of the Administrative Agent, the Collateral Agent or the Sustainability Structuring Agent, the Required Lenders (or, in the case of the Sustainability Structuring Agent, the Majority Revolving Lenders) shall have the right to appoint a successor, subject to the Borrowers' approval (not to be unreasonably withheld or delayed) so long as no Default or Event of Default shall have occurred and be continuing. If no successor shall have been so appointed by the Required Lenders (or, in the case of the Sustainability Structuring Agent, the Majority Revolving Lenders) and shall have accepted such

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appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Agent which shall be a bank with an office in New York, New York, 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 Borrowers to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After an Agent's resignation hereunder, the provisions of this Article and Section 9.05 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 acting as Agent.

Each Co-Manager and each Arranger, in each case, in its capacity as such, shall have no duties or responsibilities, and shall incur no liability, under this Agreement or any other Loan Document.

Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, the Collateral Agent, the Sustainability Structuring Agent, the Co-Managers, the Arrangers, or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent, the Sustainability Structuring Agent, the Arrangers, or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement or any other Loan Document, any related agreement or any document furnished hereunder or thereunder.

To the extent required by any applicable law, the Administrative Agent may withhold from any interest payment to any Lender an amount equivalent to any applicable withholding tax. If any payment has been made to any Lender by the Administrative Agent without the applicable withholding Tax being withheld from such payment and the Administrative Agent has paid over the applicable withholding Tax to the Internal Revenue Service or any other Governmental Authority, or the Internal Revenue Service or any other Governmental Authority asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender because the appropriate form was not delivered or was not properly executed or because such Lender failed to notify the Administrative Agent of a change in circumstance which rendered the exemption from, or reduction of, withholding tax ineffective or for any other reason, such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including any penalties or interest and together with all expenses (including legal expenses, allocated internal costs and out-of-pocket expenses) incurred.

Article XVI.<u><br>Miscellaneous</u>

Section 16.01<u>Notices</u>. (a) Notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail, sent any telecommunication device capable of creating a written record (including electronic mail), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if to the Borrowers, to it at NRG Energy, Inc., 804 Carnegie Center, Princeton, NJ 08540, Attention of Treasurer, Chief Financial Officer and General Counsel (Email: ogc@nrg.com);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if to the Administrative Agent, the Collateral Agent or to Citicorp North America, Inc., in its capacity as an Issuing Bank hereunder, to Citibank N.A., 1615 Brett Road, OPS III, New Castle, DE 19720, Attention of Citi Loan Operations (Tel No. 302-894-6010; Email: glagentofficeops@citi.com); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)if to an Issuing Bank (other than Citicorp North America, Inc., in its capacity as an Issuing Bank hereunder) or a Lender, to it at its address (or email address) set forth on the Administrative Questionnaire delivered by such Issuing Bank or such Lender to the Administrative Agent or the Assignment and Assumption or the Joinder Agreement pursuant to which such Issuing Bank or such Lender shall have become a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given (i) on the date of receipt if delivered by hand or overnight courier service or sent by electronic mail, (ii) on the date five Business Days after dispatch by certified or registered mail if mailed, (iii) on the date on which such notice or other communication has been made generally available on an Approved Electronic Platform, Internet website or similar telecommunication device to the class of Person(s) being notified (regardless of whether any such Person must accomplish, and whether or not any such Person shall have accomplished, any action prior to obtaining access to such items, including registration, disclosure of contact information, compliance with a standard user agreement or undertaking a duty of confidentiality) and such Person has been notified in respect of such posting that a communication has been posted to such Approved Electronic Platform, Internet website or similar telecommunication device if delivered by posting to such Approved Electronic Platform, Internet website or similar telecommunication device requiring that a user have prior access to such Approved Electronic Platform, Internet website or similar telecommunication device or (iv) on the date on which transmitted to an electronic mail address (or by another means of electronic delivery) if delivered by electronic mail or any other telecommunications device, in the case of each of clauses (i) – (iv), delivered, sent or mailed (properly addressed) to such party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01; <u>provided</u>, <u>however</u>, that notices and other communications to the Administrative Agent pursuant to Article II or Article VIII shall not be effective until received by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding Sections 9.01(a) and 9.01(b) (unless the Administrative Agent requests that the provisions of Sections 9.01(a) and 9.01(b) be followed) and any other provision in this Agreement or any other Loan Document providing for the delivery of any Approved Electronic Communication by any other means, the Loan Parties shall deliver all Approved Electronic Communications to the Administrative Agent by properly transmitting such Approved Electronic Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to oploanswebadmin@citigroup.com or such other electronic mail address (or similar means of electronic delivery) as the Administrative Agent may notify to the Borrowers. Nothing in this Section 9.01(c) shall prejudice the right of the Administrative Agent or any Lender to deliver any Approved Electronic Communication to any Loan Party in any manner authorized in this Agreement or to request that the Parent Borrower effect delivery in such manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Posting of Approved Electronic Communications</u>. (i) Each Lender and each Loan Party agree that the Administrative Agent may, but shall not be obligated to, make the Approved Electronic Communications available to the Lenders by posting such Approved Electronic Communications on IntraLinks™ or a substantially similar electronic platform chosen by the Administrative Agent to be its electronic transmission system (the "<u>Approved Electronic Platform</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Closing Date, a dual firewall and a User ID/Password Authorization System) and the Approved Electronic Platform is secured through a single-user-per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each Lender and each Loan Party acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and

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other risks associated with such distribution. In consideration for the convenience and other benefits afforded by such distribution and for the other consideration provided hereunder, the receipt and sufficiency of which is hereby acknowledged, each Lender and each Loan Party hereby approves distribution of the Approved Electronic Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)THE APPROVED ELECTRONIC PLATFORM AND THE APPROVED ELECTRONIC COMMUNICATIONS ARE PROVIDED "AS IS" AND "AS AVAILABLE". NONE OF THE ADMINISTRATIVE AGENT NOR ANY OF ITS AFFILIATES WARRANT THE ACCURACY, ADEQUACY OR COMPLETENESS OF THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM AND EACH EXPRESSLY DISCLAIMS ANY LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES IN CONNECTION WITH THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Each Lender and each Loan Party agree that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Approved Electronic Communications on the Approved Electronic Platform in accordance with the Administrative Agent's generally-applicable document retention procedures and policies.

Section 16.02<u>Survival of Agreement</u>. All covenants, agreements, representations and warranties made by the Borrowers herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and the Issuing Banks and shall survive the making by the Lenders of the Loans and the issuance of Letters of Credit by the Issuing Bank, regardless of any investigation made by the Lenders or the Issuing Banks or on their behalf, and shall continue in full force and effect (but such representations and warranties shall be deemed made by the Borrowers only at such times and as of such dates as set forth in Section 4.01(b)) as long as the principal of or any accrued interest on any Loan or any Fee or any other amount payable (other than indemnification and other contingent obligations that expressly survive pursuant to the terms of any Loan Document, in each case, not then due and payable) under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not been terminated. The provisions of Sections 2.14, 2.16, 2.20, 2.21 and 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the expiration of the Commitments, the expiration of any Letter of Credit, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, the Collateral Agent, any Lender or the Issuing Bank.

Section 16.03<u>Binding Effect</u>. This Agreement shall become effective when it shall have been executed by the Parent Borrower and the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto. Upon the satisfaction of the conditions precedent set forth in Section 4.02, this Agreement shall become effective, binding upon and enforceable against the Parent Borrower and each of the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders.

Section 16.04<u>Successors and Assigns</u>. (a) Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Borrowers, the

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Administrative Agent, the Collateral Agent, the Issuing Banks or the Lenders that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Lender may assign to one or more assignees (other than any natural person, the Borrowers or any of their Affiliates, except, for the avoidance of doubt, any Purchasing Borrower Party pursuant to and in accordance with Section 2.12(e)) all or a portion of its interests, rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); <u>provided</u>, <u>however</u>, that (i) (x) except in the case of an assignment of a Term Loan to a Lender or an Affiliate or Related Fund of a Lender, the Administrative Agent and the Borrowers (and, in the case of any assignment of a Revolving Commitment and/or a Revolving Loan, the Issuing Banks) must give its prior written consent to such assignment (which consent shall not be unreasonably withheld or delayed); <u>provided</u> that, (A) the consent of the Borrowers shall not be required to any such assignment (1) during the continuance of a Specified Event of Default or (2) to a Lender or an Affiliate or Related Fund of a Lender, and (B) other than in respect of an assignment of a Revolving Commitment and/or a Revolving Loan, the Borrowers shall be deemed to have consented to any such assignment unless the Parent Borrower shall object thereto by written notice to the Administrative Agent within fifteen Business Days after having received notice thereof, and (y) except in the case of an assignment to a Lender or an Affiliate or Related Fund of a Lender, the amount of the Commitment or Loan of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than (A) $2,500,000 in the case of any assignment of a Revolving Commitment or (B) $1,000,000 in the case of any assignment of a Term Loan (or, in each case, if less, the entire remaining amount of such Lender's Commitment or Loans, as the case may be, and Related Funds shall be aggregated for this purpose), (ii) the parties to each such assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption (such Assignment and Assumption to be (x) electronically executed and delivered to the Administrative Agent via an electronic settlement system then acceptable to the Administrative Agent, which shall initially be the settlement system of ClearPar, LLC, or (y) manually executed and delivered), together with a processing and recordation fee of $3,500 (which shall be payable by either the assignor or the assignee, as they may agree); <u>provided</u>, <u>however</u>, that no such processing and recordation fee shall be payable in connection with assignments made by a Lender to an affiliate thereof, by or to an Arranger or an affiliate thereof or to a Lender or an affiliate or Related Fund of a Lender or a Person under common management with a Lender and (iii) the assignee, if it shall not be a Lender immediately prior to the assignment, shall deliver to the Administrative Agent an Administrative Questionnaire. No Lender is permitted to assign all or any portion of its interests, rights or obligations under this Agreement (including all or a portion of its Commitment and the Loans at any time owing to it) except as specifically set forth in the immediately preceding sentence and any purported assignment not in conformity therewith shall be null and void. Upon acceptance and recording pursuant to Section 9.04(e), from and after the effective date specified in each Assignment and Assumption, (A) the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement and (B) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all or the remaining portion of an assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits and obligations of Sections 2.14, 2.16, 2.20, 2.21 and 9.05, as well as to any Fees accrued for its account and not yet paid). Notwithstanding the foregoing (but subject to the consent rights set forth in the first sentence of this Section 9.04(b)), an assignment by a Lender to one of its Affiliates or Related Funds will be effective, valid, legal and binding without regard to whether the assignor has delivered an Assignment and Assumption or Administrative Questionnaire to the Administrative Agent (and the acceptance and recordation thereof under paragraph (e) of this Section shall not be required); <u>provided</u> that the Administrative Agent and the Borrowers shall be entitled to deal solely with the assignor unless and until the date that an Assignment and Assumption and Administrative Questionnaire have been delivered to the Administrative Agent with respect to the applicable assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)By executing and delivering (to the Administrative Agent or the assigning Lender in the case of an assignment by a Lender to one of its Affiliates or Related Funds pursuant to the last sentence of paragraph (b) of this Section) an Assignment and Assumption, the assigning Lender thereunder and

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the assignee thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender represents and warrants that it is the legal and beneficial owner of the interest being assigned thereby and that its Commitment, and the outstanding balances of its Loans, in each case without giving effect to assignments thereof which have not become effective, are as set forth in such Assignment and Assumption; (ii) unless otherwise agreed to by the assigning Lender and the assignee, the interest being assigned by such assigning Lender is free and clear of any lien, encumbrance or other adverse claim; (iii) such assigning Lender has full power and authority, and has taken all action necessary, to execute and deliver the applicable Assignment and Assumption and to consummate the transactions contemplated thereby; (iv) such assigning Lender assumes no responsibility with respect to (A) any statements, warranties or representations made in or in connection with this Agreement or any other Loan Document, (B) the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto or any Collateral thereunder, (C) the financial condition of the Parent Borrower, any Subsidiary, any Affiliate of the Parent Borrower or any other Person obligated in respect of any Loan Document or (D) the performance or observance by the Parent Borrower, any Subsidiary, any Affiliate of the Parent Borrower or any other Person obligated in respect of any Loan Document of any of their respective obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (v) such assignee represents and warrants that (A) it has full power and authority, and has taken all action necessary, to execute and deliver the applicable Assignment and Assumption and to consummate the transactions contemplated thereby and to become a Lender under this Agreement, (B) it meets all the requirements to be an assignee under Section 9.04(b) (subject to such consents, if any, as may be required under Section 9.04(b)), (C) from and after the effective date set forth in the applicable Assignment and Assumption, it shall be bound by the provisions of this Agreement as a Lender hereunder and, to the extent of the interest being assigned to it pursuant to the applicable Assignment and Assumption, shall have the obligations of a Lender hereunder, (D) it is sophisticated with respect to decisions to acquire assets of the type represented by the interest being assigned to it pursuant to the applicable Assignment and Assumption and either it, or the Person exercising discretion in making its decision to acquire such interest, is experienced in acquiring assets of such type (it being understood and agreed that the representation and warranty set forth in this Section 9.04(c)(v)(D) shall not apply to any assignee that is a Purchasing Borrower Party in connection with any Discounted Voluntary Purchase pursuant to and in accordance with Section 2.12(e)), (E) it has received a copy of this Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.04, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into the applicable Assignment and Assumption and to purchase the interest being assigned to it thereby and (F) it has, independently and without reliance upon the Administrative Agent, the Collateral Agent, the Co-Managers, the Arrangers, such assigning Lender or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into the applicable Assignment and Assumption and to purchase the interest assigned thereby; (vi) such assignee will independently and without reliance upon the Administrative Agent, the Collateral Agent, the Co-Managers, the Arrangers, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (vii) such assignee appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent and the Collateral Agent, respectively, by the terms hereof, together with such powers as are reasonably incidental thereto; and (viii) such assignee agrees that it will perform in accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment will be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to such assignment make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or sub-participations, or other compensating actions, including funding, with the consent of the Parent Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent),

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to (i) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Issuing Bank and each other Lender hereunder (and interest accrued thereon) and (ii) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit in accordance with its applicable percentage thereof. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder becomes effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest will be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Administrative Agent, acting for this purpose as an agent of the Borrowers, shall maintain at one of its offices in the City of New York a copy of each Assignment and Assumption delivered to it and one or more registers for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error and the Borrowers, the Administrative Agent, the Issuing Bank, the Collateral Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, the Issuing Bank, the Collateral Agent, any Arranger and any Lender, at any reasonable time and from time to time upon reasonable prior notice, and the Administrative Agent hereby agrees, so long as MSSF is a Lender or an Issuing Bank, to (i) furnish to MSSF, upon MSSF's request, a copy of the Register, (ii) cooperate with MSSF in granting access to the Platform to any Lenders (or potential Lenders) identified by MSSF and (iii) maintain MSSF's access to the Platform. In the case of any assignment made in accordance with the last sentence of paragraph (b) of this Section that is not reflected in the Register, the assigning Lender shall maintain a comparable register reflecting such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder) and, if required, the written consent of the Issuing Banks and the Administrative Agent to such assignment, the Administrative Agent shall (i) accept such Assignment and Assumption, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Lenders, the Issuing Bank and the Borrowers. No assignment shall be effective unless it has been recorded in the Register as provided in this Section 9.04(f). Notwithstanding the foregoing, an assignment by a Lender to an Affiliate or Related Fund pursuant to the last sentence of paragraph (b) of this Section shall not be required to be recorded in the Register to be effective; <u>provided</u> that, (i) such assignment is recorded in a comparable register maintained by the assignor as provided in paragraph (b) of this Section and (ii) the Administrative Agent and the Borrowers shall be entitled to deal solely and directly with the assignor unless and until the date that an Assignment and Assumption and Administrative Questionnaire have been delivered to the Administrative Agent with respect to the applicable assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Each Lender may, without the consent of the Borrowers, the Issuing Banks or the Administrative Agent, sell participations to one or more banks or other entities (other than, for the avoidance of doubt, any natural person) in all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); <u>provided</u>, <u>however</u>, that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the participating banks or other entities shall be entitled to the benefit of the cost protection provisions and related obligations contained in Sections 2.14, 2.16, 2.20 and 2.21 to the same extent as if they were Lenders (but, with respect to any particular participant, to no greater extent than the Lender that sold the participation to such participant), and such participating banks or other entities shall deliver any forms required to be delivered under such Sections directly to such Lender, (iv) the Borrowers, the Administrative Agent, the Issuing Banks and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement, and such Lender shall retain the sole right to enforce the obligations of the Borrowers relating to the Loans or L/C Disbursements and to approve any amendment, modification or waiver of any provision of this Agreement (other than amendments, modifications or waivers decreasing any fees

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payable hereunder or the amount of principal of or the rate at which interest is payable on the Loans, extending any scheduled principal payment date or date fixed for the payment of interest on the Loans, increasing or extending the Commitments or releasing any Subsidiary Guarantor or all or substantially all of the Collateral) and (v) each Lender that sells a participation shall, acting solely for this purpose as a nonfiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each participating bank or other entity and the principal amounts (and stated interest) of each such participating bank's or other entity's interest in the Loans or other obligations under the Loan Documents; <u>provided</u>, <u>further</u>, that no Lender shall have any obligation to disclose all or any portion of any such register to any Person (including the identity of any participating bank or other entity or any information relating to interests in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the Treasury Regulations; <u>provided</u>, <u>further</u>, the entries in such register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in such register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Any Lender or participant may, in connection with any assignment, pledge or participation or proposed assignment, pledge or participation pursuant to this Section 9.04, disclose to the assignee or participant or proposed assignee or participant any information relating to the Borrowers furnished to such Lender by or on behalf of the Borrowers; <u>provided</u> that, each such disclosure shall be subject to an agreement by such assignee or participant or proposed assignee or participant pursuant to and in accordance with Section 9.16(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Each Lender may, without the consent of the Borrowers, the Issuing Banks or the Administrative Agent, at any time pledge or assign all or any portion of its rights under this Agreement to secure extensions of credit to such Lender or in support of obligations owed by such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and, in the case of any Lender that is a fund that invests in bank loans, such Lender may, without the consent of the Borrowers, the Issuing Banks or the Administrative Agent, collaterally pledge or assign all or any portion of its rights under this Agreement, including the Loans and promissory notes or any other instrument evidencing its rights as a Lender hereunder, to any holder of, trustee for, or any other representative of any holders of, obligations owed or securities issued by such fund as security for such obligations or securities; <u>provided</u> that no such pledge or assignment described in this clause (i) shall release such Lender from any of its obligations hereunder or substitute any such assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Notwithstanding anything to the contrary contained herein, any Lender (a "<u>Granting Lender</u>") may grant to a special purpose funding vehicle (an "<u>SPC</u>"), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrowers, the option to provide to the Borrowers all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrowers pursuant to this Agreement; <u>provided</u> that (i) nothing herein shall constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything to the contrary contained in this Section 9.04, any SPC may (i) with notice to, but without the prior written consent of, the Parent Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to

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by the Borrowers and Administrative Agent) providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The Borrowers shall not assign or delegate any of their rights or duties hereunder without the prior written consent of the Administrative Agent, each Issuing Bank and each Lender, and any attempted assignment without such consent shall be null and void.

Section 16.05<u>Expenses; Indemnity</u>. (a) Each Borrower agrees to pay all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent, the Arrangers and the Issuing Banks, including the reasonable fees, charges and disbursements of Latham & Watkins LLP, counsel for the Administrative Agent and the Collateral Agent, in connection with the syndication of the credit facilities provided for herein and the preparation and administration of this Agreement and the other Loan Documents or in connection with any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions hereby or thereby contemplated shall be consummated); <u>provided</u> that, the Borrowers shall not be responsible for the reasonable fees, charges and disbursements of more than one separate law firm (in addition to one local counsel per relevant jurisdiction or special counsel, including special workout or regulatory counsel) pursuant to its obligations under this sentence only. Each Borrower also agrees to pay all documented out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent, the Arrangers, the Issuing Banks or any Lender in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents or in connection with the Loans made or Letters of Credit issued hereunder, including the fees, charges and disbursements of Latham & Watkins LLP, counsel for the Administrative Agent and the Collateral Agent, and, in connection with any such enforcement or protection, the fees, charges and disbursements of any other counsel (including special workout counsel) for the Administrative Agent, the Collateral Agent, the Arrangers, the Issuing Banks or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Borrower agrees to indemnify the Administrative Agent, the Collateral Agent, the Sustainability Structuring Agent, the Co-Managers, the Arrangers, each Lender, the Issuing Banks and each Related Party of any of the foregoing Persons (each such Person being called an "<u>Indemnitee</u>") against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable and documented counsel fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated thereby, the performance by the parties thereto of their respective obligations thereunder (including the undertaking of each Indemnitee under Section 9.21) or the consummation of the Transactions and the other transactions contemplated thereby, (ii) the use of the proceeds of the Loans or issuance of Letters of Credit, (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto, or (iv) any actual or alleged presence or Release of Hazardous Materials, or any non-compliance with Environmental Law, on any property owned or operated by the Borrowers or any of the Subsidiaries, or any Environmental Liability related in any way to the Borrowers or any of the Subsidiaries; <u>provided</u> that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, or to the extent such judgment finds that any such loss, claim, damage, liability or related expense has resulted from such Indemnitee's material breach of the Loan Documents, (y) arises out of any claim, litigation, investigation or proceeding brought by such Indemnitee against another Indemnitee (other than any claim, litigation, investigation or proceeding that is brought by or against the Administrative Agent or any other Agent or Arranger, acting in its capacity as such) that does not involve any act or omission of the Parent Borrower or any of its Subsidiaries or (z) apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To the extent that the Borrowers fail to pay any amount required to be paid by them to the Administrative Agent, the Collateral Agent, the Arrangers or the Issuing Banks under paragraph (a) or

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&nbsp;&nbsp;&nbsp;&nbsp;(b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the Collateral Agent, the Arrangers or the Issuing Banks, as the case may be, such Lender's pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; <u>provided</u> that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Collateral Agent, the Arrangers or the Issuing Banks in its capacity as such. For purposes hereof, a Lender's "pro rata share" shall be determined based upon its share of the sum of the Aggregate Revolving Exposure (including, for the avoidance of doubt any New Revolving Loans and Refinancing Revolving Loans), outstanding Term Loans and unused Commitments at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the extent permitted by applicable law, the Borrowers shall not assert, and each hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the expiration of the Commitments, the expiration of any Letter of Credit, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, the Collateral Agent, the Co-Managers, the Arrangers, any Lender or the Issuing Banks. All amounts due under this Section 9.05 shall be payable promptly upon written demand therefor.

Section 16.06<u>Right of Setoff</u>. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time and from time to time, except to the extent prohibited by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of the Borrowers against any of and all the obligations of the Borrowers now or hereafter existing under this Agreement and other Loan Documents held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or such other Loan Document and although such obligations may be unmatured and shall notify the Administrative Agent promptly of any such setoff. The rights of each Lender under this Section 9.06 are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.

Section 16.07<u>Applicable Law</u>. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS OF CREDIT AND AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) AND ANY CLAIM, CONTROVERSY, DISPUTE, PROCEEDING OR CAUSE OF ACTION (WHETHER IN CONTRACT, TORT OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH LETTER OF CREDIT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OR RULES DESIGNATED IN SUCH LETTER OF CREDIT, OR IF NO SUCH LAWS OR RULES ARE DESIGNATED, THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS MOST RECENTLY PUBLISHED AND IN EFFECT, ON THE DATE SUCH LETTER OF CREDIT WAS ISSUED, BY THE INTERNATIONAL CHAMBER OF COMMERCE (THE "<u>UNIFORM CUSTOMS</u>") AND, AS TO MATTERS NOT GOVERNED BY THE UNIFORM CUSTOMS, THE LAWS OF THE STATE OF NEW YORK.

Section 16.08<u>Waivers; Amendment; Replacement of Non-Consenting Lenders</u>. (a) No failure or delay of the Administrative Agent, the Collateral Agent, any Lender or the Issuing Banks in exercising

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any power or right hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Borrowers or any other Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on the Parent Borrower in any case shall entitle the Parent Borrower to any other or further notice or demand in similar or other circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Neither this Agreement nor any provision hereof may be waived, amended or modified except (A) as expressly provided in Sections 2.24, 2.25 or 9.19 or as otherwise expressly provided in any Loan Document as in effect on the Eighth Amendment Effective Date and (B) pursuant to an agreement or agreements in writing entered into by a Borrower and the Required Lenders; <u>provided</u>, <u>however</u>, that except as expressly necessary to effect the provisions of Sections 2.24, 2.25 or 9.19 as in effect on the Eighth Amendment Effective Date no such waiver, agreement or modification shall (i) decrease or forgive the principal amount of, or extend the maturity or any scheduled principal payment date or date for the payment of any interest on, any Loan or any date for reimbursement of an L/C Disbursement, or waive or excuse any such payment or any part thereof, or decrease the rate of interest on any Loan or L/C Disbursement, without the prior written consent of each Lender directly affected thereby (it being understood that waivers or modifications of conditions precedent, covenants, default interest, Defaults, Events of Default or a mandatory prepayment or a change in any financial ratio shall not constitute a decrease or forgiveness of the principal amount of, or the extension of the maturity or any scheduled principal payment date or date for payment of any interest on, any Loan or any date for reimbursement of an L/C Disbursement, or the waiver or excusal of any such payment or any part thereof, or decrease of the rate of interest on any Loan or L/C Disbursement), (ii) increase or extend the Commitment or decrease or extend the date for payment of any Fees of any Lender directly affected thereby without the prior written consent of such Lender (it being understood that waivers or modifications of the applicability of the MFN Adjustment, conditions precedent, covenants, Defaults, Events of Default or a mandatory prepayment or change in financial ratio shall not constitute an increase or extension of the Commitments of any Lender or an extension of the date for payment of any Fees of any Lender), (iii) amend or modify the pro rata requirements of Section 2.17, the provisions of Sections 2.02, 2.09 and 2.18 requiring ratable distribution or sharing or ratable funding, the provisions of Section 9.04(k), the provisions of this Section or the definition of the term "Required Lenders" or release all or substantially all of the Subsidiary Guarantors, except in connection with a release expressly permitted under the Loan Documents, without the prior written consent of each affected Lender, (iv) amend or modify the definition of the term "Majority Revolving Lenders" or "Pro Rata Percentage" without the prior written consent of each Revolving Lender, (v) amend or modify the definition of the term "Majority Term Lenders" without the prior written consent of each Term Lender (or, if there are no Term Lenders at such time, without the consent of the Required Lenders), (vi) except upon payment in full of the Guaranteed Obligations hereunder (other than indemnification and other contingent obligations that expressly survive pursuant to the terms of any Loan Document, in each case, not then due and payable), release all or substantially all of the Collateral, except in connection with a disposition expressly permitted under the Loan Documents, without the prior written consent of each Lender, (vii) change the provisions of any Loan Document in a manner that by its terms adversely affects the rights in respect of payments due to Lenders holding Loans of one Class differently from the rights of Lenders holding Loans of any other Class without the prior written consent of Lenders holding a majority in interest of the outstanding Loans and unused Commitments of each adversely affected Class, (viii) modify the protections afforded to an SPC pursuant to the provisions of Section 9.04(j) without the written consent of such SPC or (ix) change the currency in which any Loan or Commitment of any Lender is denominated without the written consent of such Lender; <u>provided</u>, <u>further</u>, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Collateral Agent, the Issuing Bank or the Sustainability Structuring Agent hereunder or under any other Loan Document without the prior written consent of the Administrative Agent, the Collateral Agent, the Issuing Bank or the Sustainability Structuring Agent, as applicable (it being understood and agreed that only the prior written consent of the applicable Borrower and the applicable

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Issuing Bank will be required to establish, increase or decrease the maximum Revolving L/C Exposure in respect of Letters of Credit at any time outstanding issued by such Issuing Bank pursuant to and in accordance with Section 2.23(a)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything to the contrary contained in this Section 9.08 or any other provision of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)(x) any amendment, modification, termination, discharge or waiver of any term or provision of Section 6.12 (including the underlying definitions used therein solely insofar as they are used for purposes of the financial covenant set forth therein and not for any other purpose under this Agreement) or the proviso at the end of the last paragraph of Section 7.01 or Section 7.03 or any waiver of any Default or Event of Default as a result of a failure to comply with Section 6.12, and/or any waiver of any such Default of Event of Default, or with respect to any such provision, for purposes of Section 4.01 or 4.02, and/or for purposes of any other provision requiring the absence of a Default or Event of Default (including the availability of any baskets or other exceptions or carve-outs to any covenant hereunder) to the extent such Default or Event of Default relates to Section 6.12, and any amendment to the definition of "Applicable Sustainability Adjustment" (but not to the amount of any adjustment provided for therein), "Baseline Sustainability Amount", "KPI Metrics" or any definitions or provisions directly or indirectly related thereto, shall, in each case, require, and be effective pursuant to, an agreement or agreements in writing entered into by the Parent Borrower and the Majority Revolving Lenders only, and shall not require the prior written consent of the Required Lenders, and (y) the Parent Borrower and the Administrative Agent may enter into amendments implementing changes relating to the Benchmark Replacement and other Benchmark Replacement Conforming Changes and/or the Successor Rate and other Successor Rate Conforming Changes, in each case, in accordance with the applicable terms of Section 2.08;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)this Agreement and any other Loan Document (i) may be amended solely with the consent of the Administrative Agent and the Parent Borrower without the need to obtain the consent of any other Lender if such amendment is delivered in order to correct, amend or cure any ambiguity, mistake, inconsistency or defect or correct any typographical or obvious error or other manifest error in any Loan Document or any necessary or desirable technical change (including, without limitation, to effect administrative changes of a technical or immaterial nature or incorrect cross references or similar inaccuracies in this Agreement or the applicable Loan Document) and (ii) may be amended in a manner that, in the reasonable opinion of the Parent Borrower and Administrative Agent, is more favorable to all Lenders, and such amendment shall become effective without any further action or consent of any other party to any Loan Documents if the same is not objected to in writing by the Required Lenders within ten (10) Business Days following receipt of notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Parent Borrower may enter into any amendment to this Agreement in accordance with Sections 2.24, 2.25 or 9.19 as expressly necessary to effect the provisions thereof as in effect on the Eighth Amendment Effective Date and such amendments shall be effective to amend the terms of this Agreement and the other applicable Loan Documents, in each case, without any further action or consent of any other party to any Loan Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any amendment or waiver that by its terms affects the rights or duties of Lenders holding Loans or Commitments of a particular Class (but not the rights or duties of Lenders holding Loans or Commitments of any other Class) will require only the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto if such Class of Lenders were the only Class of Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)this Agreement may be amended (or amended and restated) without the consent of any Lender (but with the consent of the Loan Parties and the Administrative Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated), the Commitments of such Lender shall have terminated (but such Lender shall continue to be entitled to the benefits of Section 2.16 and Section 2.20), such Lender shall have no other commitment or other obligation hereunder and such Lender shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent, and the Loan Parties to add one or more additional credit facilities to this Agreement, to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Loans and the accrued interest and fees in respect thereof and to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Lender grants (i) to the Administrative Agent the right (with the prior written consent of the Borrowers) to purchase all, or all of any Class, of such Lender's Commitments and Loans owing to it and any related promissory notes held by it and all its rights and obligations hereunder and under the other Loan Documents and (ii) to the Parent Borrower the right to (A) repay all, or all of any Class, of such Lender's Loans owing to it and any related promissory notes held by it on a non-pro rata basis or (B) cause an assignment of all, or all of any Class, of such Lender's Commitments and Loans owing to it and any related promissory notes held by it and all its rights and obligations hereunder and under the other Loan Documents to one or more eligible assignees pursuant to Section 9.04, which right, in each case of <u>clauses (i)</u>, <u>(ii)(A)</u> and <u>(ii)(B)</u> above, may be exercised by the Administrative Agent or the Parent Borrower, as the case may be, if such Lender (a "<u>Non-Consenting Lender</u>") refuses to execute any amendment, modification, termination, waiver or consent to this Agreement; <u>provided</u> that, such Non-Consenting Lender shall receive in connection with such repayment, purchase or assignment, as applicable, payment equal to the aggregate amount of outstanding Loans owed to such Lender, together with all accrued and unpaid interest, fees and other amounts (other than indemnification and other contingent obligations that expressly survive pursuant to the terms of any Loan Document, in each case, not then due and payable) owed to such Lender under the Loan Documents at such time; and <u>provided</u>, <u>further</u>, that any such assignee under <u>clauses (i)</u> and <u>(ii)(B)</u> above shall agree to such amendment, modification, termination, waiver or consent. Each Lender agrees that, if the Administrative Agent or the Parent Borrower, as the case may be, exercises its option under <u>clauses (i)</u> and <u>(ii)(B)</u> of this <u>Section 9.08(d)</u>, such Lender shall promptly, after receipt of written notice of such election, execute and deliver all documentation necessary to effectuate such assignment in accordance with <u>Section 9.04</u> (including an Assignment and Assumption duly executed by such Lender with respect to such assignment). In the event that a Lender does not comply with the requirements of the immediately preceding sentence within one Business Day after receipt of such notice, the Parent Borrower shall be entitled (but not obligated), and such Lender authorizes, directs and grants an irrevocable power of attorney (which power is coupled with an interest) to the Parent Borrower, to execute and deliver, on behalf of such Lender as assignor, all documentation necessary to effectuate such assignment in accordance with <u>Section 9.04</u> (including an Assignment and Assumption duly executed by such Lender with respect to such assignment) in the circumstances contemplated by this <u>Section 9.08(d)</u> and any documentation so executed and delivered by the Parent Borrower shall be effective for all purposes of documenting an assignment pursuant to and in accordance with <u>Section 9.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding anything herein to the contrary, during such period as a Lender is a Defaulting Lender, to the fullest extent permitted by Applicable Law, such Defaulting Lender shall not be entitled to vote in respect of waivers, amendments or modifications to any Loan Document and the Commitment and the outstanding Loans or other extensions of credit of such Defaulting Lender hereunder shall not be taken into account in determining whether the Required Lenders, Majority Revolving Lenders, Majority Term Lenders, all of the Lenders or any other class of Lenders, as required by this Section 9.08 or otherwise, have approved any such waiver, amendment or modification (and the definitions of "Required Lenders," "Majority Revolving Lenders" and "Majority Term Lenders" will automatically be deemed modified accordingly for the duration of such period); <u>provided</u> that, any such waiver, amendment or modification that would increase or extend the term of the Commitment of such Defaulting Lender, extend the date fixed for the payment of principal or interest owing to such Defaulting Lender hereunder, reduce the principal amount of any obligation owing to such Defaulting Lender, reduce the amount of or the rate or amount of interest on any amount owing to such Defaulting Lender or of any fee payable to such Defaulting Lender hereunder, or alter the terms of this proviso, shall require the prior written consent of such Defaulting Lender.

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Section 16.09<u>Interest Rate Limitation</u>. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan or participation in any L/C Disbursement, together with all fees, charges and other amounts which are treated as interest on such Loan or participation in such L/C Disbursement under applicable law (collectively the "<u>Charges</u>"), shall exceed the maximum lawful rate (the "<u>Maximum Rate</u>") which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan or participation in accordance with applicable law, the rate of interest payable in respect of such Loan or participation hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan or participation but were not payable as a result of the operation of this Section 9.09 shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or participations or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

Section 16.10<u>Entire Agreement</u>. This Agreement and the other Loan Documents constitute the entire contract between the parties relative to the subject matter hereof. Any other previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement and the other Loan Documents. Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any Person (other than the parties hereto and thereto, their respective successors and assigns permitted hereunder (including any Affiliate of the Issuing Bank that issues any Letter of Credit) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the Arrangers, the Issuing Banks and the Lenders) any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents.

Section 16.11<u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION (WHETHER IN CONTRACT, TORT OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY) DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11.

Section 16.12<u>Severability</u>. In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Section 16.13<u>Counterparts</u>. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as provided in Section 9.03. Delivery of an executed signature page to this Agreement by electronic transmission (including in .pdf or .tif format) shall be as effective as delivery of a manually signed counterpart of this Agreement. The words "execution," "execute", "signed," "signature," "delivery," and words of like import in this Agreement and the other Loan Documents including any Assignment and Assumption shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, 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

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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.

Section 16.14<u>Headings</u>. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

Section 16.15<u>Jurisdiction; Consent to Service of Process</u>. (a) Each Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court located in New York City, Borough of Manhattan, or Federal court of the United States of America sitting in the Southern District of New York, located in New York City, Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding (whether in contract, tort or otherwise and whether at law or in equity) arising out of or relating to this Agreement or the other Loan Documents (other than with respect to any action or proceeding by the Administrative Agent, the Collateral Agent, the Borrowers or any other Loan Party in respect of rights under any Security Document governed by laws other than the laws of the State of New York or with respect to any Collateral subject thereto), or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, the Collateral Agent, the Arrangers, the Issuing Banks or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against each Borrower or its properties in the courts of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York State or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

Section 16.16<u>Confidentiality</u>. Each of the Administrative Agent, the Collateral Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information, except that Information may be disclosed (a) to its respective Affiliates and to its and its Affiliates' respective partners, trustees, controlling persons, members, officers, directors, employees, representatives 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 purporting to have jurisdiction over it or any of its affiliates (including any self-regulatory authority, such as the National Association of Insurance Commissioners or any bank regulatory authority), (c) to the extent required by Applicable Laws or by any subpoena or similar legal or administrative process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document (or any of the transactions contemplated hereby or thereby) or the enforcement of its rights hereunder or thereunder, (f) subject to an agreement containing provisions at least as restrictive as those of this Section 9.16 (including any "click through" or similar agreement), to (i) any actual or prospective assignee of or participant in any of its rights or obligations under this Agreement and the other Loan Documents, (ii) any pledgee referred to in Section 9.04(h) or (iii) any actual or prospective counterparty (or its advisors) to any interest rate swap or other similar derivative transaction relating to this Agreement or other transaction under which payments are to be made by reference to the Borrowers and its

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obligations under this Agreement or payments hereunder, (g) to credit insurance providers or, with prior written notice to the Parent Borrower, to the extent required by a potential or actual insurer or reinsurer in connection with providing insurance, reinsurance or other credit risk mitigation coverage under which payments are to be made or may be made by reference to the Parent Borrower, any of its Subsidiaries and any of their respective obligations, this Agreement or payments hereunder, (h) with the consent of the Borrowers, (i) to the extent such Information becomes publicly available other than as a result of a breach of this Section 9.16, (j) to ratings agencies or (k) to market data collectors, similar services providers to the lending industry, and service providers to the Administrative Agent, the Collateral Agent, the Issuing Banks and the Lenders in connection with the administration and management of this Agreement and the other Loan Documents. For the purposes of this Section, "<u>Information</u>" shall mean all financial statements, certificates, reports, agreements and other information received from the Parent Borrower or its Subsidiaries and related to the Parent Borrower or its business, other than any such financial statements, certificates, reports, agreements and other information that was available to the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender on a nonconfidential basis prior to its disclosure by the Borrowers or is or was independently developed by the Administrative Agent, the Collateral Agent, any Issuing Bank, any Lender or any of their respective affiliates; <u>provided</u> that any Information received from the Borrowers after the Closing Date shall be clearly identified in writing at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section 9.16 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 its own confidential information. Notwithstanding any other express or implied agreement, arrangement or understanding to the contrary, each of the parties hereto agrees that each other party hereto (and each of its employees, representatives or agents) are permitted to disclose to any Persons, without limitation, the tax treatment and tax structure of the Loans and the other transactions contemplated by the Loan Documents and all materials of any kind (including opinions and tax analyses) that are provided to the Loan Parties, the Lenders, the Arrangers or any Agent related to such tax treatment and tax aspects. To the extent not inconsistent with the immediately preceding sentence, this authorization does not extend to disclosure of any other information or any other term or detail not related to the tax treatment or tax aspects of the Loans or the transactions contemplated by the Loan Documents. For the avoidance of doubt, nothing in this Section 9.16 shall prohibit any Person from voluntarily disclosing or providing any Information within the scope of this confidentiality provision to any governmental, regulatory or self-regulatory organization (any such entity, a "<u>Regulatory Authority</u>") to the extent that any such prohibition on disclosure set forth in this Section 9.16 shall be prohibited by the laws or regulations applicable to such Regulatory Authority.

Section 16.17<u>Mortgage Modifications</u>. In connection with the Borrowers' incurrence of additional Indebtedness pursuant to Section 2.24 or 2.25 and to the extent applicable additional Indebtedness is required by its terms to be secured by a first priority Lien pursuant to clause (a) of the definition of "Permitted Liens," the Borrowers, solely to the extent reasonably requested by the Administrative Agent and subject to the time requirements to be set forth in the applicable definitive documentation executed in connection with the incurrence of such Indebtedness, shall take (or cause the applicable Subsidiary Guarantor to take) the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)enter into, and deliver to the Administrative Agent and the Collateral Trustee, at the direction and in the sole and reasonable discretion of the Administrative Agent and/or the Collateral Trustee (i) in the case of additional Indebtedness incurred pursuant to Section 2.24 or 2.25, a mortgage modification or new Mortgage, and (ii) in the case of additional Indebtedness required by its terms to be secured by a first priority Lien pursuant to clause (a) of the definition of "Permitted Liens," a new Mortgage; in each case in proper form for recording in the relevant jurisdiction and in a form reasonably satisfactory to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)deliver a local counsel opinion in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)cause a title company approved by the Administrative Agent to have delivered to the Administrative Agent and the Collateral Trustee an endorsement to the title insurance policy delivered pursuant to the Existing Credit Agreement, date down(s) or other title insurance product evidence

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reasonably satisfactory to the Administrative Agent and/or the Collateral Trustee (including, without limitation, a title search) confirming and/or insuring that (i) the priority of the liens evidenced by insuring the continuing priority of the Lien of the Mortgage as security for such Indebtedness has not changed and (ii) confirming and/or insuring that (a) since the immediately prior incurrence of such additional Indebtedness, there has been no change in the condition of title and (b) there are no intervening liens or encumbrances which may then or thereafter take priority over the Lien of the Mortgage, other than the Permitted Liens (without adding any additional exclusions or exceptions to coverage);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)with respect to each Mortgaged Property required to be insured pursuant to the Flood Disaster Protection Act of 1973 or the National Flood Insurance Act of 1968, and the regulations promulgated thereunder, because it is located in an area which has been identified by the Secretary of Housing and Urban Development as a "special flood hazard area," deliver to the Administrative Agent (i) a policy of flood insurance that (A) covers such Mortgaged Property and (B) is written in an amount reasonably satisfactory to the Administrative Agent, (ii) a "life of loan" standard flood hazard determination with respect to such Collateral and (iii) a confirmation that the Borrowers or such Subsidiary Guarantor has received the notice requested pursuant to Section 208(e)(3) of Regulation H of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)upon the reasonable request of the Administrative Agent and/or the Collateral Trustee, deliver to the approved title company, the Collateral Trustee, the Administrative Agent and/or all other relevant third parties all other items reasonably necessary to maintain the continuing priority of the Lien of the Mortgage as security for such Indebtedness;

provided that, commencing on the Sixth Amendment Effective Date, the Administrative Agent may waive the requirements set forth in clauses (a), (b), (c) and (e) of this Section 9.17 in its sole and reasonable discretion.

Section 16.18<u>Effect of Amendment and Restatement</u>

. (a) On the Closing Date, the Existing Credit Agreement shall be refinanced in its entirety by this Agreement, and the Existing Credit Agreement shall thereafter be of no further force and effect and shall be deemed replaced and superseded in all respects by this Agreement, except to evidence the incurrence by the Borrowers of the "Obligations" under and as defined in the Existing Credit Agreement (whether or not such "Obligations" are contingent as of the Closing Date) and the Liens and security interests as granted under the applicable Loan Documents securing payment of such "Obligations" are in all respects continuing and in full force and effect and are reaffirmed hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Lenders hereby authorize and direct the Collateral Trustee (as defined in the Collateral Trust Agreement) to execute and deliver all Security Documents and other documents or instruments necessary or advisable to effect this Agreement, including, for the avoidance of doubt, any modifications to any Mortgages previously executed and delivered to the Collateral Trustee (as defined in the Collateral Trust Agreement) by any Loan Party.

Section 16.19<u>Permitted Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Without limiting the foregoing, a Borrower may, by written notice from the Parent Borrower to the Administrative Agent from time to time, make one or more offers to all Lenders of an applicable Class to make one or more Permitted Amendments pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to such Borrower. Such notice shall set forth (i) the terms and conditions of the requested Permitted Amendments and (ii) the date on which responses from the applicable Lenders in respect of such Permitted Amendment are required to be received (which shall not be less than three Business Days after the date of such notice). Only those Lenders that consent to such Permitted Amendment (the "<u>Accepting Lenders</u>") will have the maturity of their applicable Loans and Commitments extended and be entitled to receive any increase in the

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Applicable Margin and any fees (including prepayment premiums or fees), in each case, as provided therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The applicable Borrower and each Accepting Lender shall execute and deliver to the Administrative Agent such documentation as the Administrative Agent shall reasonably specify to evidence the acceptance of the Permitted Amendments and the terms and conditions thereof. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Permitted Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Permitted Amendment, this Agreement shall be deemed amended, as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the terms and provisions of the Permitted Amendment with respect to the Loans and Commitments of the Accepting Lenders (including any amendments necessary to treat the Loans and Commitments of the Accepting Lenders in a manner consistent with the other Loans and Commitments under this Agreement). Notwithstanding the foregoing, no Permitted Amendment shall become effective under this Section 9.19 unless the Administrative Agent, to the extent so reasonably requested by the Administrative Agent, shall have received legal opinions, board resolutions and customary Officer's Certificates.

Section 16.20<u>Certain Undertakings with Respect to Securitization Vehicles</u>. (a) Each Secured Party, the Administrative Agent and the Collateral Agent agrees, and shall instruct the Collateral Trustee, that, prior to the date that is one year and one day after the payment in full of all the obligations of the Securitization Vehicle in connection with and under a Securitization, (i) the Collateral Agent and the other Secured Parties shall not be entitled, whether before or after the occurrence of any Event of Default, to (A) institute against, or join any other Person in instituting against, any Securitization Vehicle any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under the laws of the United States or any State thereof, (B) transfer and register the capital stock of any Securitization Vehicle or any other instrument evidencing any Sellers' Retained Interest in the name of the Collateral Agent or a Secured Party or any designee or nominee thereof, (C) foreclose such security interest regardless of the bankruptcy or insolvency of the Parent Borrower or any Restricted Subsidiary, (D) exercise any voting rights granted or appurtenant to such capital stock of any Securitization Vehicle or any other instrument evidencing any Sellers' Retained Interest or (E) enforce any right that the holder of any such capital stock of any Securitization Vehicle or any other instrument evidencing any Sellers' Retained Interest might otherwise have to liquidate, consolidate, combine, collapse or disregard the entity status of such Securitization Vehicle and (ii) the Collateral Agent and other Secured Parties hereby waive and release any right to require (A) that any Securitization Vehicle be in any manner merged, combined, collapsed or consolidated with or into the Parent Borrower or any Restricted Subsidiary, including by way of substantive consolidation in a bankruptcy case or (B) that the status of any Securitization Vehicle as a separate entity be in any respect disregarded. Each Secured Party, the Administrative Agent and the Collateral Agent agree and acknowledge, and shall instruct the Collateral Trustee, that the agent acting on behalf of the holders of securitization indebtedness of the Securitization Vehicle is an express third party beneficiary with respect to this Section 9.20 and such agent shall have the right to enforce compliance by the Secured Parties, the Administrative Agent, the Collateral Agent and the Collateral Trustee with this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Upon the transfer or purported transfer by the Parent Borrower or any Restricted Subsidiary of Securitization Assets to a Securitization Vehicle in a Securitization, any Liens with respect to such Securitization Assets arising under this Agreement or any Security Document related to this Agreement shall automatically be released (and each of the Administrative Agent and the Collateral Agent, as applicable, is hereby authorized, and shall instruct the Collateral Trustee, to execute and enter into any such releases and other documents as the Parent Borrower may reasonably request in order to give effect thereto).

Section 16.21<u>[Reserved]</u>.

Section 16.22<u>PATRIOT Act</u>. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers and each other Loan Party that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other

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information that will allow such Lender or Administrative Agent, as applicable, to identify such Loan Party in accordance with the PATRIOT Act.

Section 16.23<u>No Fiduciary Duty</u>. Each Agent, each Arranger, each Co-Manager, each Lender and their respective Affiliates (collectively, solely for purposes of this Section 9.23, the "<u>Lenders</u>"), may have economic interests that conflict with those of the Loan Parties, their equity holders and/or their Affiliates. Each Borrower hereby agrees that nothing in the Loan Documents will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Borrower, its equity holders or its Affiliates, on the other hand. Each Borrower hereby acknowledges and agrees that (a) the transactions contemplated by this Agreement and the other Loan Documents are arm's-length commercial transactions between the Lenders, on the one hand, and the Loan Parties, on the other hand, and (b) in connection therewith and with the process leading thereto, (i) no Lender has assumed an advisory or fiduciary responsibility in favor of any Loan Party, its equity holders or its Affiliates with respect to the transactions contemplated by this Agreement and the other Loan Documents (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Loan Party, its equity holders or its Affiliates on other matters) or any other obligation to any Loan Party except the obligations expressly set forth in the Loan Documents and (ii) each Lender is acting solely as principal and not as the agent or fiduciary of any Loan Party, its management, stockholders, creditors or any other Person. Each Loan Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Loan Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary duty to such Loan Party, in connection with such transaction or the process leading thereto.

Section 16.24<u>Acknowledgment and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Loan 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 Loan Document, to the extent such liability is unsecured, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the effects of any Bail-in Action on any such liability, including, if applicable:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 undertaking, 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 Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

Section 16.25<u>Release and Reinstatement of Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, if at any time (including after a Collateral Reinstatement Event shall have occurred) a Collateral Release Event shall have occurred and be continuing, the Borrowers shall have the right to require that the Liens and other security interests created under the Security Documents shall no longer secure the Guaranteed Obligations, and that the Guaranteed Obligations shall no longer constitute Priority Lien Obligations under the Collateral Trust Agreement. Upon delivery to the Administrative

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Agent, the Collateral Agent and the Collateral Trustee of an Officer's Certificate certifying to the occurrence of the Collateral Release Event and directing the Collateral Agent and the Collateral Trustee to release the Collateral securing the Guaranteed Obligations (the date of delivery of such Officer's Certificate, the "<u>Collateral Release Date</u>"), all Liens and other security interests created under the Security Documents shall automatically cease to secure the Guaranteed Obligations and all covenants contained in this Agreement or any other Loan Document related to the grant or perfection of Liens on the Collateral to secure the Guaranteed Obligations shall be deemed to be of no force or effect. On and after the Collateral Release Date, the Collateral Agent shall, and shall direct the Collateral Trustee to, execute and deliver all such instruments, releases, financing statement amendments, Mortgage amendments or other agreements, and take all such further actions, at the request and expense of the Borrowers, as shall be necessary to effectuate the foregoing and ensure that the Guaranteed Obligations shall no longer constitute Priority Lien Obligations under the Collateral Trust Agreement and, each of the Lenders hereby irrevocably authorizes and directs the Administrative Agent, the Collateral Agent and the Collateral Trustee to execute and deliver each such instrument, release, financing statement amendment, Mortgage amendment or other agreement. Each Lender hereby authorizes the Administrative Agent, the Collateral Agent and the Collateral Trustee to enter into such amendments to the Collateral Trust Agreement and the other Security Documents as the Collateral Trustee, the Administrative Agent and the Collateral Agent reasonably deem necessary or advisable to effect the release of Liens and security interests securing the Guaranteed Obligations during a Collateral Release Period as contemplated in this Section 9.25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If, on any subsequent date, a Collateral Reinstatement Event shall occur, all Collateral and the Security Documents, and all Liens and security interests created thereunder, shall be reinstated automatically to secure the Guaranteed Obligations on the same terms as of the applicable Collateral Reinstatement Date, and the Loan Parties shall take all actions and deliver and execute all documents necessary or reasonably requested by the Administrative Agent to satisfy Section 5.09 and otherwise to grant to the Collateral Trustee, for the benefit of the Secured Parties, a perfected (subject to the limitations set forth in Section 3.19) first priority security interest in the Collateral (other than any Excluded Perfection Assets and, except with respect to Pledged Securities in the possession of the Collateral Trustee, subject to Permitted Liens, and in respect of Pledged Securities in the possession of the Collateral Trustee, the Permitted Liens set forth in <u>clauses (g)</u> and <u>(o)</u> of the definition thereof and with respect to any other Priority Lien Obligations) within 30 days of the occurrence of such Collateral Reinstatement Event (which 30 day period may be extended by the Administrative Agent in its reasonable discretion, without the requirement of any Lender consent) (the first date on which new security documentation is required to be delivered pursuant to the foregoing, the "<u>Collateral Reinstatement Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event of any such reinstatement on a Collateral Reinstatement Date, no action taken or omitted to be taken by Parent Borrower or any of its Subsidiaries relating to the Borrowers' and the Guarantor's obligations to secure the Guaranteed Obligations with the Collateral prior to such reinstatement will give rise to a Default or Event of Default, and no Default or Event of Default will be deemed to exist or have occurred as a result of any failure by the Borrowers or any Guarantor to secure the Guaranteed Obligations with the Collateral prior to such reinstatement; <u>provided</u> that all Liens incurred pursuant to clause (bb) of the definition of "Permitted Liens" during the Collateral Release Period will be classified to have been incurred or issued pursuant to clause (f) of the definition of "Permitted Liens". Notwithstanding that obligations to secure the Guaranteed Obligations with the Collateral may be reinstated after the Collateral Reinstatement Date, no Default, Event of Default or breach of any kind related to the obligations to secure the Guaranteed Obligations with the Collateral will be deemed to exist hereunder with respect to the such covenants, and none of the Borrowers or any of the Guarantors shall bear any liability for any actions taken or events occurring during the Collateral Release Period, or any actions taken at any time pursuant to any contractual obligation arising during any Collateral Release Period, in each case as a result of a failure to comply with such covenants during the Collateral Release Period (or, upon termination of the Release Period or after that time based solely on any action taken or event that occurred during the Collateral Release Period).

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Section 16.26<u>Acknowledgement Regarding Any Supported QFCs</u>.

To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedging Obligations or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>" and each such QFC a "<u>Supported QFC</u>"), the parties acknowledge and agree that 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>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions set out herein applicable notwithstanding that the Loan 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 "<u>Covered Party</u>") 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 Loan 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 Loan 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 Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

Section 16.27<u>Judgment Currency</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The obligations of the Borrowers under the Loan Documents to make payments in dollars or an Alternative Currency, as the case may be (the "<u>Obligation Currency</u>"), shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such tender or recovery results in the effective receipt by the Administrative Agent or a Lender of the full amount of the Obligation Currency expressed to be payable to the Administrative Agent or Lender under the Loan Documents. If, for the purpose of obtaining or enforcing judgment against any Loan Party in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as the "<u>Judgment Currency</u>") an amount due in the Obligation Currency, the conversion shall be made, at the Dollar Equivalent of such amount, in each case, as of the date immediately preceding the day on which the judgment is given (such Business Day being hereinafter referred to as the "<u>Judgment Currency Conversion Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of the amount due, each Borrower covenants and agrees to pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the Judgment Currency Conversion Date. Each Borrower shall indemnify and save the Administrative Agent and the Lenders harmless from and against all loss or damage arising as a result of such deficiency. This

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indemnity shall constitute an obligation separate and independent from the other obligations contained in this Agreement and the other Loan Documents, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Administrative Agent from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due under this Agreement or any other Loan Document or under any judgment or order.

For purposes of determining the Dollar Equivalent, such amounts shall include any premium and costs payable in connection with the purchase of the Obligation Currency.

Section 16.28<u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If the Administrative Agent (x) notifies a Lender, Issuing Bank, Secured Party or any other Person (other than a Loan Party) (each, together with their respective successors and assigns, a "<u>Payment Recipient</u>") who has received funds on behalf of a Lender, Issuing Bank or Secured Party (and each of their respective successors and assigns) that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from the Administrative Agent) received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient or other recipient that receives funds on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "<u>Erroneous Payment</u>") and (y) demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this <u>Section 9.28</u> and held in trust for the benefit of the Administrative Agent, and such Payment Recipient shall (and shall cause any other recipient that receives funds on its behalf to) promptly, but in no event later than two Business Days thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without limiting immediately preceding clause (a), each Payment Recipient agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender, Issuing Bank or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), then in each such case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)it acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such Payment Recipient shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge

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of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this <u>Section 9.28(b)</u>.

For the avoidance of doubt, the failure to deliver a notice to the Administrative Agent pursuant to this <u>Section 9.28(b)</u> shall not have any effect on a Payment Recipient's obligations pursuant to <u>Section 9.28(a)</u> or on whether or not an Erroneous Payment has been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Payment Recipient authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Payment Recipient under any Loan Document with respect to any payment of principal, interest, fees or other amounts, against any amount that the Administrative Agent has demanded to be returned pursuant to <u>Section 9.28(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor in accordance with <u>Section 9.28(a)</u>, from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "<u>Erroneous Payment Return Deficiency</u>"), upon the Administrative Agent's notice to such Lender at any time, then effective immediately (with the consideration therefor being acknowledged by the parties hereto), (A) such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the "<u>Erroneous Payment Impacted Class</u>") in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the "<u>Erroneous Payment Deficiency Assignment</u>") (on a cashless basis and such amount calculated at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance)), and is hereby (together with the Borrowers) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any notes evidencing such Loans to the Borrowers or the Administrative Agent (but the failure of such Person to deliver any such notes shall not affect the effectiveness of the foregoing assignment), (B) the Administrative Agent as the assignee Lender shall be deemed to have acquired the Erroneous Payment Deficiency Assignment, (C) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender, (D) the Administrative Agent and the Borrowers shall each be deemed to have waived any consents required under this Agreement to any such Erroneous Payment Deficiency Assignment, and (E) the Administrative Agent will reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Subject to <u>Section 9.28(d)</u> (but excluding, in all events, any assignment consent or approval requirements (whether from the Borrowers or otherwise)), the Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment in accordance with <u>Section 9.04</u> and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable assigning Lender shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf). In addition, an Erroneous Payment Return Deficiency owing by an assigning Lender (x) shall be reduced by the proceeds of prepayments or repayments of principal and interest, or other

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distribution in respect of principal and interest, received by the Administrative Agent on or with respect to any such Loans acquired from such Lender pursuant to an Erroneous Payment Deficiency Assignment (to the extent that any such Loans are then owned by the Administrative Agent) and (y) may, in the sole discretion of the Administrative Agent, be reduced by any amount specified by the Administrative Agent in writing to such Lender from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The parties hereto agree that (x) irrespective of whether the Administrative Agent may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender, Issuing Bank or Secured Party, to the rights and interests of such Lender, Issuing Bank or Secured Party, as the case may be) under the Loan Documents with respect to such amount (the "<u>Erroneous Payment Subrogation Rights</u>") (<u>provided</u> that the Loan Parties' Obligations under the Loan Documents in respect of the Erroneous Payment Subrogation Rights shall not be duplicative of such Obligations in respect of Loans that have been assigned to the Administrative Agent under an Erroneous Payment Deficiency Assignment) and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrowers or any other Loan Party; <u>provided</u> that this <u>Section 9.28</u> shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Obligations of the Borrowers relative to the amount (and/or timing for payment) of the Obligations that would have been payable had such Erroneous Payment not been made by the Administrative Agent; <u>provided</u>, <u>further</u>, that for the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrowers or any other Loan Party for the purpose of making such Erroneous Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including, without limitation, any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Each party's obligations, agreements and waivers under this <u>Section 9.28</u> shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Issuing Bank, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

Section 16.29<u>Additional Borrowers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Obligations of the Borrowers shall be joint and several in nature regardless of which such Person actually receives proceeds of any Credit Events hereunder or the amount of such proceeds received or the manner in which any Secured Party accounts for such proceeds on its books and records. Each Borrower hereby irrevocably appoints the Parent Borrower to act as its agent for all purposes of this Agreement and the other Loan Documents and agrees that (i) the Parent Borrower, may execute such documents on behalf of such Borrower as the Parent Borrower deems appropriate in its sole discretion and each Borrower shall be obligated by all of the terms of any such document executed on its behalf, (ii) any notice or communication delivered by any Secured Party to the Parent Borrower shall be deemed delivered to each Borrower and (iii) the Secured Parties may accept, and be permitted to rely on, any document, instrument or agreement executed by the Parent Borrower on behalf of each of the Loan Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Borrower (other than the Parent Borrower) shall, for so long as it remains a Borrower, be a Subsidiary Guarantor. In the event of (x) a designation of any Borrower (other than the Parent Borrower) (such Borrower, a "<u>Released Borrower</u>") as an Excluded Project Subsidiary pursuant to <u>Section 6.10</u> or (y) any sale or other disposition of all of the Equity Interests in a Released Borrower to a Person that is not (either before or after giving effect to such transactions) the Parent Borrower or a Subsidiary Guarantor, then, in each case of <u>clauses (x)</u> and <u>(y)</u> above, such Released Borrower shall be automatically released and relieved of its obligations and rights (including its eligibility to request Borrowings) as a Borrower under this Agreement and all other Loan Documents; <u>provided</u> that, (i) in each case of <u>clauses (x)</u> and <u>(y)</u> above, each Borrower (other than such Released Borrower) shall have reaffirmed in writing all Obligations (including its obligations in respect of all Loans incurred by, and Letters of Credit issued on account of, such Released Borrower) and (ii) in respect of <u>clause</u> <u>(y)</u> above, such sale or other disposition is not prohibited by this Agreement and the proceeds of such sale or other disposition are applied in accordance with the applicable provisions hereof. At the expense of the Parent Borrower, the Administrative Agent shall execute and deliver to the Parent Borrower such documents as the Parent Borrower may reasonably request from time to time to evidence the release of a Released Borrower provided in this <u>Section 9.29(b)</u>.

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## Exhibit 10.3

**Exhibit 10.3**

**EXECUTION VERSION**

AMENDMENT NO. 5

TO

RECEIVABLES LOAN AND SERVICING AGREEMENT

This AMENDMENT NO. 5 TO RECEIVABLES LOAN AND SERVICING AGREEMENT (this "<u>Amendment</u>") dated as of June 20, 2025 is among NRG RETAIL LLC, as Servicer (the "<u>Servicer</u>"), NRG RECEIVABLES LLC, as Borrower (the "<u>Borrower</u>"), NRG Energy, Inc., as Performance Guarantor (the "<u>Performance Guarantor</u>"), the Conduit Lenders, Committed Lenders, Facility Agents and LC Issuers party hereto (being all of the Lenders, Facility Agents and LC Issuers party to the Loan Agreement (as defined below)), and ROYAL BANK OF CANADA, as Administrative Agent (the "<u>Administrative Agent</u>"). Capitalized terms used herein but not defined herein shall have the meanings given to such terms in the Loan Agreement.

PRELIMINARY STATEMENTS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto (other than the Performance Guarantor) are parties to that certain Receivables Loan and Servicing Agreement dated as of September 22, 2020 (as amended prior to the date hereof, the "<u>Loan Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto wish to amend the Loan Agreement, in accordance with Section 10.01(b) thereof, upon the terms and subject to the conditions set forth herein, and the Lenders have requested that the Performance Guarantor reaffirm its obligations under the Performance Guaranty in connection with such amendments.

NOW, THEREFORE, the parties hereto agree as follows:

Section 1.<u>Amendments to the Loan Agreement</u>. Section 1.01 of the Loan Agreement is hereby amended by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)adding the definition of "Amendment No. 5 Effective Date" in the proper alphabetical sequence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Amendment No. 5 Effective Date</u>" means June 20, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)amending and restating the definition of "Period 1" in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Section 2.""<u>Period 1</u>" means, (i) initially, the period beginning on and including the Amendment No. 5 Effective Date and ending on but not including, the Settlement Date occurring in July 2025 and (ii) for each calendar year thereafter, the period beginning on and including the Settlement Date occurring in June of each calendar year and ending on but not including, the Settlement Date occurring in July of the same calendar year."

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)amending and restating the definition of "Scheduled Termination Date" in its entirety as follows:

Section 3.""<u>Scheduled Termination Date</u>" means June 18, 2026, unless such date is extended with the consent of the parties hereto; provided, that if any Lender Group has agreed to an extension of the Scheduled Termination Date, then the Scheduled Termination Date shall be the date agreed to by the Borrower and such Lender(s) or LC Issuer(s) as the termination date for such extension; provided, further, that, for purposes of commitment to make Credit Extensions or to fund Reimbursement Borrowings hereunder, the "Scheduled Termination Date" for any Early Terminating Lender Group, shall be the applicable Early Termination Date."

Section 4.<u>Conditions of Effectiveness</u>. This Amendment shall become effective as of the date hereof (the "<u>Effective Date</u>") upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the receipt by the Administrative Agent of this Amendment, duly executed by all of the parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the receipt by the Administrative Agent of the Renewal Fee Letter dated as of the date hereof (the "<u>Renewal Fee Letter</u>"), duly executed by all of the parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the receipt by the Administrative Agent of a secretary certificate for each of the Borrower, the Servicer and the Performance Guarantor in form and substance reasonably acceptable to the Administrative Agent; and

(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the receipt by each Facility Agent of the fees required to be paid pursuant to the Renewal Fee Letter in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section 5.<u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Upon the effectiveness of this Amendment, each of the Borrower and the Servicer hereby reaffirms all covenants, representations and warranties made by it in the Loan Agreement and agrees that all such covenants, representations and warranties shall be deemed to have been re-made as of the effective date of this Amendment, unless such representations and warranties by their terms refer to an earlier date than the Effective Date, in which case they shall be correct on and as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of the Borrower and the Servicer hereby represents and warrants as to itself (i) that this Amendment and the Loan Agreement, as amended by this Amendment, constitute the legal, valid and binding obligation of such party enforceable against such party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and general principles of equity which may limit the availability of equitable remedies and (ii) upon the effectiveness of this Amendment, that no event shall have occurred and be continuing which constitutes an Event of Termination or an Potential Event of Termination.

Section 6.<u>Reference to and Effect on the Loan Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On and after the effective date of this Amendment, each reference in the Loan Agreement to "this Agreement", "hereunder", "hereof", "herein" or words of like import referring to the Loan Agreement and each reference to the Loan Agreement in any other Facility Document and any other document or certificate delivered in connection therewith, shall mean and be a reference to the Loan Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of the parties hereto hereby agrees that, except as specifically amended above, the Loan Agreement is hereby ratified and confirmed and shall continue to be in full force and effect and enforceable, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors' rights generally and general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender, LC Issuer, any Facility Agent or the Administrative Agent under the Loan Agreement or any of the other Facility Documents, nor constitute a waiver of any provision contained therein.

Section 7.<u>Reaffirmation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)After giving effect to this Amendment and each of the other transactions contemplated hereby and thereby, all of the provisions of the Performance Guaranty shall remain in full force and effect and the Performance Guarantor hereby ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in full force and effect in accordance with its terms. The Performance Guarantor acknowledges and agrees that the Performance Guaranty is granted on behalf of the Originators (including all Originators that have joined the Receivables Sale Agreement on or prior to the Effective Date) and the Servicer, in favor of the Administrative Agent, on behalf of the Lender Groups and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Performance Guarantor hereby represents and warrants that the Performance Guaranty constitutes the legal, valid and binding obligation of Performance Guarantor enforceable against Performance Guarantor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and general principles of equity which may limit the availability of equitable remedies.<br>

Section 8.<u>Execution in Counterparts</u>. This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile or other electronic transmission (including electronic PDF, Docusign, Adobe "fill and sign" or such other provider as specified in writing by the applicable party) shall be effective as delivery of a manually executed counterpart hereof and shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes. The words "execution," "execute," "signed," "signature," and words of like import in or related to any document to be signed in connection with this Amendment, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000, the New York State Electronic Signatures and Records Act, or any other

&nbsp;&nbsp;&nbsp;&nbsp;3

------

similar state laws based on the Uniform Electronic Transactions Act. Notwithstanding the foregoing, if any party shall request manually signed counterpart signatures to this Amendment, each of the other parties hereby agrees to provide such manually signed signature pages as soon as commercially reasonable.

Section 9.<u>Governing Law</u>. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF (OTHER THAN §5-1401 AND §5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WHICH SHALL APPLY HERETO).

Section 10.<u>Section Headings</u>. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Loan Agreement or any provision hereof or thereof.

Section 11.<u>Successors and Assigns</u>. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

Section 12.<u>Severability</u>. If any one or more of the agreements, provisions or terms of this Amendment shall for any reason whatsoever be held invalid or unenforceable, then such agreements, provisions or terms shall be deemed severable from the remaining agreements, provisions and terms of this Amendment and shall in no way affect the validity or enforceability of the provisions of this Amendment or the Loan Agreement.

Section 13.[*Signature Pages Follow*]

&nbsp;&nbsp;&nbsp;&nbsp;4

------

IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first above written.

---

| | |
|:---|:---|
| NRG RECEIVABLES LLC,<br>as Borrower | NRG RECEIVABLES LLC,<br>as Borrower |
| By: | /s/ Jean-Pierre Breaux |
| Name: | Jean-Pierre Breaux |
| Title: | Vice President and Treasurer |

---

---

| | |
|:---|:---|
| NRG RETAIL LLC,<br>as Servicer | NRG RETAIL LLC,<br>as Servicer |
| By: | /s/ Jean-Pierre Breaux |
| Name: | Jean-Pierre Breaux |
| Title: | Vice President and Treasurer |

---

---

| | |
|:---|:---|
| NRG ENERGY, INC.,<br>as Performance Guarantor | NRG ENERGY, INC.,<br>as Performance Guarantor |
| By: | /s/ Kevin L. Cole |
| Name: | Kevin L. Cole |
| Title: | Senior Vice President |

---

*Signature Page to Amendment No. 5 to<br>Receivables Loan and Servicing Agreement*

------

---

| | |
|:---|:---|
| ROYAL BANK OF CANADA<br>as Administrative Agent, a Facility Agent, a Committed Lender and an LC Issuer | ROYAL BANK OF CANADA<br>as Administrative Agent, a Facility Agent, a Committed Lender and an LC Issuer |
| By: | /s/ Veronica L. Gallagher |
| Name: | Veronica L. Gallagher |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| By: | /s/ Lisa Wang |
| Name: | Lisa Wang |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| OLD LINE FUNDING, LLC, as a Conduit Lender | OLD LINE FUNDING, LLC, as a Conduit Lender |
| By: | /s/ Veronica L. Gallagher |
| Name: | Veronica L. Gallagher |
| Title: | Authorized Signatory |

---

*Signature Page to Amendment No. 5 to<br>Receivables Loan and Servicing Agreement*

------

---

| | |
|:---|:---|
| CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Facility Agent, a Committed Lender and an LC Issuer | CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Facility Agent, a Committed Lender and an LC Issuer |
| By: | /s/ David R NÚÑEZ |
| Name: | David R NÚÑEZ |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| By: | /s/ Michael Regan |
| Name: | Michael Regan |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| ATLANTIC ASSET SECURITIZATION LLC, as a Conduit Lender | ATLANTIC ASSET SECURITIZATION LLC, as a Conduit Lender |
| By: Crédit Agricole Corporate and Investment Bank, as attorney-in-fact | By: Crédit Agricole Corporate and Investment Bank, as attorney-in-fact |
| By: | /s/ David R NÚÑEZ |
| Name: | David R NÚÑEZ |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| By: | /s/ Michael Regan |
| Name: | Michael Regan |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| LA FAYETTE ASSET SECURITIZATION LLC, as a Conduit Lender | LA FAYETTE ASSET SECURITIZATION LLC, as a Conduit Lender |
| By: Crédit Agricole Corporate and Investment Bank, as attorney-in-fact  | By: Crédit Agricole Corporate and Investment Bank, as attorney-in-fact  |
| By: | /s/ David R NÚÑEZ |
| Name: | David R NÚÑEZ |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| By: | /s/ Michael Regan |
| Name: | Michael Regan |
| Title: | Managing Director |

---

*Signature Page to Amendment No. 5 to<br>Receivables Loan and Servicing Agreement*

------

---

| | |
|:---|:---|
| MUFG BANK, LTD., as a Facility Agent and a Committed Lender  | MUFG BANK, LTD., as a Facility Agent and a Committed Lender  |
| By: | /s/ Eric Williams |
| Name: | Eric Williams |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| GOTHAM FUNDING CORPORATION, as a Conduit Lender | GOTHAM FUNDING CORPORATION, as a Conduit Lender |
| By: | /s/ Kevin J. Corrigan |
| Name: | Kevin J. Corrigan |
| Title: | Vice President |

---

*Signature Page to Amendment No. 5 to<br>Receivables Loan and Servicing Agreement*

------

---

| | |
|:---|:---|
| MIZUHO BANK, LTD., as a Facility Agent, a Committed Lender and an LC Issuer | MIZUHO BANK, LTD., as a Facility Agent, a Committed Lender and an LC Issuer |
| By: | /s/ Jeremy Ebrahim |
| Name: | Jeremy Ebrahim |
| Title: | Managing Director |

---

*Signature Page to Amendment No. 5 to<br>Receivables Loan and Servicing Agreement*

------

---

| | |
|:---|:---|
| BANCO SANTANDER, S.A., as a Facility Agent, a Committed Lender and an LC Issuer | BANCO SANTANDER, S.A., as a Facility Agent, a Committed Lender and an LC Issuer |
| By: | /s/ Claudia Gomez Arsenault |
| Name: | Claudia Gomez Arsenault |
| Title: | Managing Director, Trade |

---

---

| | |
|:---|:---|
| By: | /s/ David John Diaz Fendlera |
| Name: | David John Diaz Fendlera |
| Title: | Associate |

---

*Signature Page to Amendment No. 5 to<br>Receivables Loan and Servicing Agreement*

------

---

| | |
|:---|:---|
| TRUIST BANK, as a Facility Agent, a Committed Lender and an LC Issuer | TRUIST BANK, as a Facility Agent, a Committed Lender and an LC Issuer |
| By: | /s/ Chris Curtis |
| Name: | Chris Curtis |
| Title: | Managing Director |

---

4913-9880-0461v.2

4913-9880-0461v.2

------

**CONFORMED COPY**

**INCORPORATING AMENDMENT NO. 1, DATED AS OF JULY 26, 2021<br>INCORPORATING AMENDMENT NO. 2, DATED AS OF JULY 26, 2022**

**INCORPORATING AMENDMENT NO. 3, DATED AS OF JUNE 22, 2023**

**INCORPORATING AMENDMENT NO. 4, DATED AS OF JUNE 21, 2024**

**INCORPORATING AMENDMENT NO. 5, DATED AS OF JUNE 20, 2025**

<u>______________________________________________________________________________</u>

RECEIVABLES LOAN AND SERVICING AGREEMENT

dated as of September 22, 2020

among

NRG RECEIVABLES LLC,

as Borrower

NRG RETAIL LLC,

as Servicer

THE PERSONS FROM TIME TO TIME

PARTY HERETO AS CONDUIT LENDERS,

THE PERSONS FROM TIME TO TIME

PARTY HERETO AS COMMITTED LENDERS,

THE PERSONS FROM TIME TO TIME

PARTY HERETO AS FACILITY AGENTS,

THE FINANCIAL INSTITUTIONS FROM TIME TO TIME

PARTY HERETO AS LC ISSUERS,

and

ROYAL BANK OF CANADA

as Administrative Agent

<u>______________________________________________________________________________</u>

4913-9880-0461v.2

4913-9880-0461v.2

------

**TABLE OF CONTENTS**

<u>Page</u>

<u>[SECTION 1.01. Certain Defined Terms.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[1](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 1.02. Other Terms and Constructions.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[36](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 1.03. Computation of Time Periods.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[37](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[ARTICLE II](#ib547d693c3bf4e6da402c9608bf80613_13)[](#ib547d693c3bf4e6da402c9608bf80613_13)[THE COMMITMENTS AND CREDIT EXTENSIONS](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[37](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.01. The Loan Facility.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[37](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.02. Borrowing Procedures.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[39](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.03. Borrowing Base Computation; Selection and Allocation of Interest Rates.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[39](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.04. Letter of Credit Subfacility.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[40](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.05. Interest and Fees.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[49](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.06. Repayment.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[50](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.07. Application of Collections Prior to Termination Date.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[50](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.08. Application of Collections After Termination Date.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[52](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.09. Deemed Collections.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[53](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.10. Payments and Computations, Etc.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[54](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.11. SOFR Rate Unascertainable; Increased Costs; Illegality; Benchmark Replacement Setting.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[54](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.12. Increased Costs.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[62](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.13. Indemnity for Taxes.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[63](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.14. Taxes; FATCA.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[66](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.15. Security Interest.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[68](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.16. Release of Security Interest.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[69](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.17. Evidence of Debt.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[69](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 2.18. Conforming Changes Relating to Term SOFR Rate.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[69](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[ARTICLE III](#ib547d693c3bf4e6da402c9608bf80613_13)[](#ib547d693c3bf4e6da402c9608bf80613_13)[CONDITIONS OF EFFECTIVENESS AND LOANS](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[69](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 3.01. Conditions Precedent to Effectiveness and Initial Credit Extension.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[69](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 3.02. Conditions Precedent to All Credit Extensions and Releases.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[70](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[ARTICLE IV](#ib547d693c3bf4e6da402c9608bf80613_13)[](#ib547d693c3bf4e6da402c9608bf80613_13)[REPRESENTATIONS AND WARRANTIES](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[71](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 4.01. Representations and Warranties of the Borrower.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[71](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 4.02. Representations and Warranties of the Servicer.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[75](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[ARTICLE V](#ib547d693c3bf4e6da402c9608bf80613_13)[](#ib547d693c3bf4e6da402c9608bf80613_13)[GENERAL COVENANTS](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[78](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 5.01. Affirmative Covenants of the Borrower.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[78](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 5.02. Reporting Requirements of the Borrower.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[84](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 5.03. Negative Covenants of the Borrower.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[88](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 5.04. Affirmative Covenants of the Servicer.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[91](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 5.05. Reporting Requirements of the Servicer.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[93](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 5.06. Negative Covenants of the Servicer.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[95](#ib547d693c3bf4e6da402c9608bf80613_13)

i

------

<u>[ARTICLE VI](#ib547d693c3bf4e6da402c9608bf80613_13)[](#ib547d693c3bf4e6da402c9608bf80613_13)[ADMINISTRATION OF RECEIVABLES](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[95](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 6.01. Designation of Servicer.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[95](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 6.02. Duties of the Servicer.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[97](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 6.03. Deposit Account and Lock-Box Arrangements.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[98](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 6.04. Rights of the Administrative Agent.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[98](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 6.05. Responsibilities of the Borrower.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[99](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 6.06. Further Action Evidencing Administrative Agent's Interest.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[100](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[ARTICLE VII](#ib547d693c3bf4e6da402c9608bf80613_13)[](#ib547d693c3bf4e6da402c9608bf80613_13)[EVENTS OF TERMINATION](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[100](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 7.01. Events of Termination.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[100](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[ARTICLE VIII](#ib547d693c3bf4e6da402c9608bf80613_13)[](#ib547d693c3bf4e6da402c9608bf80613_13)[INDEMNIFICATION](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[103](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 8.01. Indemnities by the Borrower.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[103](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 8.02. Indemnities by the Servicer.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[106](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 8.03. Limited Liability of Indemnified Parties](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[107](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[ARTICLE IX](#ib547d693c3bf4e6da402c9608bf80613_13)[](#ib547d693c3bf4e6da402c9608bf80613_13)[THE AGENTS](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[107](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 9.01. Authorization and Action.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[107](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 9.02. Agents' Reliance, Etc.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[108](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 9.03. Agents and Affiliates.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[110](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 9.04. Decision to Extend Credit.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[110](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 9.05. Delegation of Duties.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[111](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 9.06. Indemnification.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[111](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 9.07. Successor Agents.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[111](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 9.08. Erroneous Payments.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[11](#ib547d693c3bf4e6da402c9608bf80613_13)2

<u>[ARTICLE X](#ib547d693c3bf4e6da402c9608bf80613_13)[](#ib547d693c3bf4e6da402c9608bf80613_13)[MISCELLANEOUS](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[114](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.01. Amendments, Etc.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[114](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.02. Notices, Etc.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[115](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.03. Assignments; Participations.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[115](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.04. Additional Lender Groups.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[118](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.05. Consent to Jurisdiction.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[119](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.06. WAIVER OF JURY TRIAL.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[119](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.07. Right of Setoff.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[119](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.08. Ratable Payments.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[120](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.09. Limitation of Liability.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[120](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.10. Costs, Expenses and Taxes.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[121](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.11. No Proceedings.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[121](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.12. Confidentiality.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[121](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.13. No Waiver; Remedies.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[122](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.14. GOVERNING LAW.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[122](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.15. Execution in Counterparts.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[123](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.16. Integration; Binding Effect; Survival of Termination.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[123](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.17. Patriot Act.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[123](#ib547d693c3bf4e6da402c9608bf80613_13)

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<u>[SECTION 10.18. Acknowledgment and Consent to Bail-In of EEA Financial Institutions.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[124](#ib547d693c3bf4e6da402c9608bf80613_13)

<u>[SECTION 10.19. Acknowledgement Regarding Any Supported QFCs.](#ib547d693c3bf4e6da402c9608bf80613_13)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ib547d693c3bf4e6da402c9608bf80613_13)[124](#ib547d693c3bf4e6da402c9608bf80613_13)

iii

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EXHIBITS AND SCHEDULES

EXHIBIT A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Borrowing Request

EXHIBIT B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Letter of Credit Request

EXHIBIT C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Monthly Report

EXHIBIT D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Borrowing Base Certificate

EXHIBIT E&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;List of Offices of Borrower where Records Are Kept

EXHIBIT F&nbsp;&nbsp;&nbsp;&nbsp;List of Payment Processors, Deposit Account Banks, Deposit Accounts and Lock-Boxes

EXHIBIT G&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;List of Closing Documents

EXHIBIT H&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Assignment and Acceptance

EXHIBIT I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Joinder Agreement

EXHIBIT J&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Prepayment Notice

EXHIBIT K&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved

EXHIBIT L&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of U.S. Tax Compliance Certificate

SCHEDULE I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lender Groups; Commitments; LC Commitments; Lender Group Limits

SCHEDULE II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice Addresses

iv

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RECEIVABLES LOAN AND SERVICING AGREEMENT

This RECEIVABLES LOAN AND SERVICING AGREEMENT dated as of September 22, 2020 is among NRG RECEIVABLES LLC, a Delaware limited liability company, as Borrower, NRG RETAIL LLC, a Delaware limited liability company, as Servicer, OLD LINE FUNDING, LLC, ATLANTIC ASSET SECURITIZATION LLC, LA FAYETTE ASSET SECURITIZATION LLC and GOTHAM FUNDING CORPORATION, as Conduit Lenders, THE PERSONS FROM TIME TO TIME PARTY HERETO, as Committed Lenders, THE PERSONS FROM TIME TO TIME PARTY HERETO, as Facility Agents, THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO, as LC Issuers, and ROYAL BANK OF CANADA, as Administrative Agent for the Conduit Lenders, the Committed Lenders, the LC Issuers and the Facility Agents. Capitalized terms used herein shall have the meanings specified in <u>Section 1.01</u>.

*PRELIMINARY STATEMENTS*

WHEREAS, the Borrower has purchased and may from time to time purchase Receivables from the Originators pursuant to the Receivables Sale Agreement;

WHEREAS, to fund its purchases under the Receivables Sale Agreement, the Borrower may from time to time request Loans from the Lenders and the issuance of Letters of Credit from the LC Issuers on the terms and conditions of this Agreement;

WHEREAS, the Conduit Lenders may, in their sole discretion, make Loans so requested from time to time, and if a Conduit Lender in any Lender Group elects not to make any such Loan, the Committed Lenders in such Lender Group have agreed that they shall make such Loan, in each case subject to the terms and conditions of this Agreement;

NOW THEREFORE, in consideration of the premises, the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party agrees as follows:

Section 1.<br>DEFINITIONS

Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Certain Defined Terms</u>. As used in this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Administrative Agent</u>" means RBC, in its capacity as agent for the Lenders, the LC Issuers and the Facility Agents, together with its successors and permitted assigns.

"<u>Administrative Agent Fee Letter</u>" means that certain Amended and Restated Administrative Agent Fee Letter, dated as of the Amendment No. 4 Effective Date, between the Borrower and the Administrative Agent.

"<u>Advance Suspension Event</u>" means, the occurrence of any of the following:

*Signature Page to Amendment No. 5 to<br>Receivables Loan and Servicing Agreement*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any Transaction Party shall fail to make any payment or deposit required to be made by it hereunder or under any other Facility Document to the Borrower, the Administrative Agent or any Secured Party when due, without giving effect to the proviso at the end of <u>Section 5.01</u>, <u>5.02</u>, <u>5.04</u> or <u>5.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Servicer shall fail to deliver a Borrowing Base Certificate on the Monthly Reporting Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any Loan Party shall fail to perform or observe any term, covenant or agreement contained in this Agreement or any other Facility Document (unless otherwise provided in this definition of Advance Suspension Event) where such failure is continuing and such Loan Party is relying on the proviso in Section 5.01, 5.02, 5.04 or 5.05 for such failure not to constitute a breach; <u>provided</u>, that there shall be no Advance Suspension Event if such breach is specific to a Pool Receivable that (x) would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party and (y) with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any representation or warranty made or deemed to be made by any Loan Party under or in connection with this Agreement or any other Facility Document (including any Monthly Report, any Borrowing Request, any Borrowing Base Certificate, any Letter of Credit Request or other information or report delivered pursuant hereto) shall prove to have been materially false or incorrect (except that the materiality standard in this clause (d) shall not apply to any such representation or warranty that is qualified by a materiality standard by its terms) when made or deemed made or delivered, and in each case, is not cured; <u>provided</u>, that there shall be no Advance Suspension Event if any such representation or warranty is specific to a Pool Receivable that (x) would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party and (y) with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)as of the close of business on any date, any Borrowing Base Deficiency shall exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Adverse Claim</u>" means a Lien other than any Permitted Lien.

------

"<u>Affected Person</u>" means any Lender, any LC Issuer, the Administrative Agent, any Facility Agent, any Liquidity Provider, any other Program Support Provider, any Program Administrator and, with respect to each of the foregoing, any of their respective Affiliates.

"<u>Affiliate</u>" means, with respect to any Person, any other Person that directly or indirectly controls or is controlled by or is under common control with such specified Person.

"<u>Aggregate Commitment</u>" means, at any time, the sum of the Commitments then in effect (giving effect to the adjustments to the Commitments for each Period). The initial Aggregate Commitment as of the Effective Date is $750,000,000, the Aggregate Commitment as of the Amendment No. 1 Effective Date is $800,000,000, the Aggregate Commitment as of the Amendment No. 2 Effective Date is $1,000,000,000, the Aggregate Commitment as of the Amendment No. 3 Effective Date is $1,400,000,000 and the Aggregate Commitment as of the Amendment No. 4 Effective Date is $2,300,000,000.

"<u>Aggregate Exposure Amount</u>" means, at any time, without duplication, the aggregate of all Exposure Amounts of all Lenders and LC Issuers hereunder.

"<u>Aggregate Principal Balance</u>" means, at any time, the aggregate outstanding Principal Balance of the Loans hereunder at such time.

"<u>Agreement</u>" means this Receivables Loan and Servicing Agreement, as amended, restated, supplemented or otherwise modified from time to time.

"<u>Amendment No. 1 Effective Date</u>" means July 26, 2021.

"<u>Amendment No. 2 Effective Date</u>" means July 26, 2022.

"<u>Amendment No. 3 Effective Date</u>" means June 22, 2023.

"<u>Amendment No. 4 Effective Date</u>" means June 21, 2024.

"<u>Amendment No. 5 Effective Date</u>" means June 20, 2025.

"<u>Anti-Corruption Laws</u>" means the United States Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010 and, to the extent applicable, other similar legislation in any other jurisdictions.&nbsp;&nbsp;&nbsp;&nbsp;

"<u>Anti-Terrorism Laws</u>" means (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the PATRIOT Act.

"<u>Apollo Billing Platform</u>" means the billing platform used by NRGBM to generate invoices to Obligors, which maintains a subledger showing the receivables created and the cash received and applied to such receivables.

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"<u>Assignment and Acceptance</u>" means an agreement substantially in the form set forth as <u>Exhibit H</u> hereto pursuant to which a new Conduit Lender or Committed Lender becomes party to this Agreement.

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

"<u>Bail-In Legislation</u>" means, 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 for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

"<u>Bankruptcy Code</u>" means Title 11 of the United States Code, 11 U.S.C. Section 101 *et seq*., as amended from time to time, or any successor thereto.

"<u>Basel III</u>" means the third Basel Accord issued by the Basel Committee on Banking Supervision.

"<u>Base Rate</u>" means a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall at all times be equal to the highest of: (A) the Prime Rate, (B) the Federal Funds Rate plus 0.50% and (C) the Term SOFR Rate (to the extent available) plus 1.00%.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation in a form provided to the Servicer, on behalf of the Borrower, by the Administrative Agent or such other form as is reasonably acceptable to the Administrative Agent.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Billed Receivable</u>" means any Receivable which is not an Unbilled Receivable.

"<u>Board of Directors</u>" means (a) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board; (b) with respect to a partnership, the board of directors of the general partner of the partnership; (c) with respect to a limited liability company, any managing member or members, any controlling committee of managing members, any board of directors or any board of managers thereof, as applicable, that has the power to direct the management of such limited liability company; and (d) with respect to any other Person, the board or committee of such Person serving a similar function.

"<u>Borrower</u>" means NRG Receivables LLC, a Delaware limited liability company, in its capacity as Borrower hereunder, together with its successors and permitted assigns.

"<u>Borrower Obligations</u>" means all present and future indebtedness and other liabilities and obligations (howsoever created or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to the Secured Parties arising under this Agreement or any other Facility Document or the transactions contemplated hereby or thereby, and shall include, without limitation, the repayment of the Aggregate Principal Balance and the payment of Interest, Fees, Fronting Fees, Other LC Fees, Reimbursement Obligations, and all

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other amounts due or to become due from the Borrower under the Facility Documents (whether in respect of fees, expenses, indemnifications, breakage costs, increased costs or otherwise), including, without limitation, interest, fees and other obligations that accrue after the commencement of any bankruptcy, insolvency or similar proceeding with respect to any Transaction Party (in each case whether or not allowed as a claim in such proceeding).

"<u>Borrowing</u>" means a borrowing of Loans under this Agreement.

"<u>Borrowing Base</u>" means, at any time, an amount equal to (a) the sum of (i) the Net Receivables Balance at such time <u>plus</u> (ii) an amount equal to cash held at such time in the Collection Account, the Designated Deposit Account or any other account designated by the Administrative Agent pursuant to <u>Section 2.07(a)(viii)</u> <u>minus</u> (b) the Total Reserve Amount at such time.

"<u>Borrowing Base Certificate</u>" has the meaning specified in <u>Section 2.03(a)</u>.

"<u>Borrowing Base Default</u>" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a Borrowing Base Deficiency exists and continues to exist (i) at 5 p.m. (New York city time) on the second Business Day after the Borrower or the Servicer has knowledge thereof or (ii) past 11:00 a.m. (New York city time) on the third Business Day after the Borrower or the Servicer has knowledge thereof if (x) the Servicer has notified the Administrative Agent no later than the end of such second Business Day that the Borrower will have sufficient cash to eliminate such Borrowing Base Deficiency and (y) such Borrowing Base Deficiency does not exceed five percent (5%) of the Aggregate Exposure Amount at such time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)on the first day of any Period, the LC Obligations exceed the LC Sublimit, or the portion of the LC Obligations attributable to Letters of Credit issued by any LC Issuer exceed its LC Commitment, and any such excess continues for two (2) Business Days.

For purposes of this definition, the Borrower and the Servicer shall be deemed to have "knowledge" of a Borrowing Base Deficiency if either (i) the President or the Treasurer of the Servicer, or any of their successors or any officers with similar roles or responsibilities has knowledge of such Borrowing Base Deficiency or (ii) a Borrowing Base Certificate evidencing a Borrowing Base Deficiency is delivered hereunder. For the avoidance of doubt, the LC Obligations shall be calculated without giving effect to any Cash Collateral as a reduction of the LC Obligation.

"<u>Borrowing Base Deficiency</u>" means, at any time, the excess, if any, of (i) the Aggregate Exposure Amount over (ii) the lesser of (A) the Borrowing Base and (B) the Facility Limit.

"<u>Borrowing Date</u>" has the meaning specified in <u>Section 2.02(a)</u>.

"<u>Borrowing Request</u>" has the meaning specified in <u>Section 2.02(a)</u>.

"<u>Business Day</u>" means any day other than a Saturday, Sunday or public holiday or the equivalent for banks in New York City, New York; provided that for purposes of any direct or

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indirect calculation or determination of, or when used in connection with any interest rate settings, fundings, disbursements, settlements, payments, or other dealings with respect to any Loan that bears interest at a rate based on SOFR, the term "Business Day" means any such day that is also a day on which SOFR is published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, or any successor website thereto.

"<u>CACIB Lender Group</u>" means the Crédit Agricole Corporate and Investment Bank Lender Group as defined on <u>Schedule I</u>.

"<u>Calculation Period</u>" means each calendar month.

"<u>Carrying Cost Reserve Amount</u>" means, at any time, an amount equal to the product of (i) the Carrying Cost Reserve Percentage at such time and (ii) the Net Receivables Balance at such time.

"<u>Carrying Cost Reserve Percentage</u>" means, at any time, the product of (i) 1.5, (ii) the Default Rate and (iii) a fraction, the numerator of which is the highest Days' Sales Outstanding for the prior twelve (12) Calculation Periods, and the denominator of which is 360.

"<u>Cash Collateralize</u>" means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the LC Issuers or the Lenders, as collateral for LC Obligations or, to the extent that Cash Collateralize relates to any Lender obligations, obligations of the Lenders to fund Reimbursement Borrowings in respect of LC Obligations, cash or deposit account balances or, if the Administrative Agent and the LC Issuer shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and the LC Issuer. "<u>Cash Collateral</u>" shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

"<u>CCS Billing Platform</u>" means the billing platform used by the Originators to generate invoices to Obligors, which maintains a subledger showing the receivables created and the cash received and applied to such receivables.

"<u>Change in Control</u>" means (i) with respect to the Borrower, NRG Retail LLC shall cease to directly own 100% of the issued and outstanding ownership interests of the Borrower, free of any Adverse Claims, (ii) with respect to an Originator, the Performance Guarantor ceases to own, directly or indirectly, 100% of the ownership interests having ordinary voting power to elect a majority of the Board of Directors or other Persons performing similar functions of such Originator free of all Adverse Claims, (iii) with respect to the Servicer, the Performance Guarantor ceases to own, directly or indirectly, 100% of the ownership interests having ordinary voting power to elect a majority of the Board of Directors or other Persons performing similar functions of the Servicer free of all Adverse Claims, or (iv) with respect to the Performance Guarantor, a "Change in Control" (as defined in the Parent Credit Agreement) occurs. Notwithstanding the foregoing, any Person may pledge, grant a security interest in, or create a charge over, the shares or other forms of ownership interest it owns in any Originator, the Servicer or the Performance Guarantor as long as such pledge, security interest or charge does not result in the Performance Guarantor, or the applicable Originator or the Servicer, as the case

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may be, ceasing to have the power, directly or indirectly, to direct the management and policies of the entity the ownership interest in which is pledged.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute of similar import, together with the regulations thereunder, in each case as in effect from time to time. References to sections of the Code also refer to any successor sections.

"<u>Collateral</u>" has the meaning set forth in <u>Section 2.15</u>.

"<u>Collection Account</u>" means the account which may be established and maintained pursuant to <u>Section 6.04(c)</u> by and in the name of the Administrative Agent on behalf of the Lender Groups, for the purpose of receiving Collections, or any other account which may be designated by the Administrative Agent from time to time upon written notice to the Servicer and the Borrower.

"<u>Collections</u>" means, with respect to any Receivable: (a) any and all funds that are received (whether in the form of cash, wire transfer, check or otherwise) by the Borrower (including from the Servicer or any Originator pursuant to the Receivables Sale Agreement or this Agreement) in payment of any amounts owed in respect of such Receivable (including purchase price, finance charges, interest, Taxes, transmission charges (if any) and all other charges) or applied to amounts owed in respect of such Receivable (including insurance payments and net proceeds of the sale or disposition of repossessed goods or other collateral or property of the related Obligor or any other Person directly or indirectly liable for the payment of such Receivable and available to be applied thereon), and (b) any amounts deemed to have been received with respect to such Receivable pursuant to <u>Section 2.09</u> hereof.

"<u>Commercial Paper Notes</u>" means short-term promissory notes issued or to be issued by any Conduit Lender to fund its investments in accounts receivable or other financial assets.

"<u>Commitment</u>" means, for each Committed Lender at any time, the commitment of such Committed Lender to fund Loans and purchase participation interests in respect of LC Credit Extensions under <u>Section 2.04(f)</u>, in each case in the event that each Conduit Lender (if any) in its Lender Group declines to fund a Loan or a Reimbursement Borrowing under <u>Section 2.04</u>, in an amount not to exceed, in the aggregate, the Dollar amount set forth opposite such Committed Lender's name on <u>Schedule I</u> hereto for the applicable Period or, in the case of a Committed Lender that becomes a party to this Agreement pursuant to a Joinder Agreement or an Assignment and Acceptance, the amount set forth therein as such Committed Lender's "Commitment", in each case, as such amount may be modified in accordance with the terms hereof.

"<u>Committed Lender</u>" means, as to any Lender Group, each of the financial institutions listed on <u>Schedule I</u> as a "Committed Lender" for such Lender Group, together with its respective successors and permitted assigns.

"<u>Concentration Limit</u>" means, for any Obligor at any time, an amount equal to the product of (a) the applicable percentage set forth in the chart below for such Obligor and (b) the Outstanding Balance of all Eligible Receivables at such time:

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| | |
|:---|:---|
| Rating of Obligor<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentration Limit |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A-1 by S&P / P-1 by Moody's (A+ by S&P / A1 by Moody's) or above | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Below A-1 by S&P / P-1 by Moody's (A+ by S&P / A1 by Moody's) but at least A-2 by S&P / P-2 by Moody's (BBB+ by S&P / Baa1 by Moody's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Below A-2 by S&P / P-2 by Moody's (BBB+ by S&P / Baa1 by Moody's) but at least A-3 by S&P / P-3 by Moody's (BBB- by S&P / Baa3 by Moody's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Below A-3 by S&P / P-3 by Moody's (BBB- by S&P / Baa3 by Moody's) or unrated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If an Obligor's short-term rating is split, the lower of the available ratings shall be used to determine the applicable Concentration Limit. If no short-term rating is available, the long-term equivalent (specified in the parentheticals above) shall be used, and if such long-term rating is split, the higher long-term ratings shall be used to determine the applicable Concentration Limit. If only one rating is available, such rating category will apply to determine the applicable Concentration Limit. If an Obligor's payment obligation under a Contract is guaranteed by such Obligor's parent, such parent's rating shall be used, subject to the same rules of construction set forth in the three preceding sentences.

"<u>Conduit Lender</u>" means, collectively, the Persons identified as "Conduit Lenders" on <u>Schedule I</u> and their respective successors and permitted assigns.

"<u>Consolidated Total Net Leverage Ratio</u>" shall have the meaning assigned to such term in the Parent Credit Agreement.

"<u>Contract</u>" means, with respect to any Pool Receivable, any and all contracts, instruments, agreements, leases, invoices, notes or other writings pursuant to which such Pool Receivable arises or that evidence such Pool Receivable or under which an Obligor becomes or is obligated to make payment in respect of such Pool Receivable.

"<u>CP Rate</u>" means, for any Conduit Lender, for any period and with respect to any portion of any Credit Extension funded by Commercial Paper Notes, any rate designated as the "CP Rate" for such Conduit Lender in the Fee Letter, an Assignment and Acceptance or a Joinder Agreement pursuant to which such Person becomes a party as a Conduit Lender to this Agreement, or any other writing or agreement provided by such Conduit Lender to the Borrower, the Servicer and the applicable Facility Agent from time to time.

"<u>Credit and Collection Policy</u>" means the credit and collection policies and practices relating to the Receivables and the related Obligors that have been delivered to the Administrative Agent, as modified from time to time in accordance with the terms of <u>Section 5.03(c)</u> and delivered to the Administrative Agent thereafter.

"<u>Credit Extension</u>" means a Loan or an LC Credit Extension.

"<u>Customer Deposit Amount</u>" means (a) at any time that the Performance Guarantor has a long-term credit rating of at least BB- by S&P and Ba3 by Moody's, $0 and (b) at any other time, the aggregate Customer Deposits at such time.

"<u>Customer Deposits</u>" means any cash or credits held by an Originator for the account of an Obligor as security for, or for application to, the payment of the Receivables of such Obligor.

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"<u>Days' Sales Outstanding</u>" means, at any time, an amount equal to the product of (i) a fraction, the numerator of which is the Outstanding Balance of all Receivables on the first day of the immediately preceding Calculation Period, and the denominator of which is the aggregate Outstanding Balance (in each case, at the time of billing) of all Billed Receivables generated by the Originators during such Calculation Period, <u>multiplied</u> <u>by</u> (ii) 30. Notwithstanding the foregoing, Receivables for which the Obligor is not an Eligible Obligor will not be included for purposes of this calculation.

"<u>DE LLC Act</u>" means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., as it may be amended from time to time, and any successor thereto.

"<u>Debtor Relief Laws</u>" means (i) the United States Bankruptcy Code and (ii) all other applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, receivership, insolvency, reorganization, suspension of payments, adjustment of debt, marshalling of assets or similar debtor relief laws of the United States, any state or any foreign country from time to time in effect affecting the rights of creditors generally.

"<u>Debt Rating</u>" means, with respect to any Person at any time, the then current rating by S&P or Moody's of such Person's long-term public senior unsecured non-credit enhanced debt.

"<u>Default Rate</u>" means an interest rate per annum equal to the Base Rate plus 2.00%.

"<u>Default Ratio</u>" means, as of any time, with respect to the immediately preceding Calculation Period, the fraction (expressed as a percentage), (a) the numerator of which is the aggregate Outstanding Balance of all Billed Receivables that were not Defaulted Receivables at the beginning of such Calculation Period but that became Defaulted Receivables during such Calculation Period and (b) the denominator of which is the aggregate amounts payable in respect of all Billed Receivables (including any Unbilled Receivable that became a Billed Receivable) billed by an Originator in the four (4) consecutive Calculation Periods ending immediately prior to such Calculation Period. Notwithstanding the foregoing, Receivables for which the Obligor is not an Eligible Obligor will not be included for purposes of this calculation.

"<u>Defaulted Receivable</u>" means a Receivable: (i) as to which any payment, or part thereof, remains unpaid for ninety-one (91) or more days from the original due date thereof taking into account any Deferred Payment Plan, (ii) as to which the Obligor thereof is subject to an Event of Bankruptcy, (iii) which has been identified by the Servicer or the applicable Originator as uncollectible or (iv) which, consistent with the Credit and Collection Policy, has been or should be written off as uncollectible.

"<u>Defaulting Committed Lender</u>" means any Committed Lender that (a) has failed to fund all or any portion of its share of a Credit Extension on the date required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Committed Lender's good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) as determined by the Administrative Agent, has failed to fund any of its Lender Group Percentage of a Reimbursement Borrowing in accordance with <u>Section 2.04(f)</u>, (c) has notified the Borrower, the Servicer, the Administrative Agent, any Facility Agent or any other Lender 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 Committed Lender's good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with

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any applicable default, shall be specifically identified in such writing) has not been satisfied or (d) has become the subject of an Event of Bankruptcy; <u>provided</u> that a Committed Lender shall not be a Defaulting Committed Lender pursuant to this clause (d) solely by virtue of the ownership or acquisition of any equity interest in such Committed Lender or its parent company by a Governmental Authority or agency thereof.

"<u>Deferred Payment Plan</u>" means with respect to any Receivable, a payment plan that permits the related Obligor to make a down payment on the Outstanding Balance of such Receivable on the original due date, unless charging a down payment is not permitted by federal, state or local laws, regulations, orders or guidelines, and the balance of which or the remaining balance of which, as the case may be, is to be repaid over the following 5 months.

"<u>Deferred Payment Plan Excess Concentration Amount</u>" means, at any time, the amount by which the aggregate Outstanding Balance of all Eligible Receivables that are subject to a Deferred Payment Plan exceeds the product of (a) 5.0% and (b) the aggregate Outstanding Balance of all Eligible Receivables.

"<u>Delinquency Ratio</u>" means, as of any time, with respect to the immediately preceding Calculation Period, the fraction (expressed as a percentage), (a) the numerator of which is the aggregate Outstanding Balance of all Delinquent Receivables as of the end of such Calculation Period and (b) the denominator of which is the aggregate Outstanding Balance of all Pool Receivables as of the end of such Calculation Period. Notwithstanding the foregoing, Receivables for which the Obligor is not an Eligible Obligor will not be included for purposes of this calculation.

"<u>Delinquent Receivable</u>" means a Receivable which is not a Defaulted Receivable (i) as to which any payment, or part thereof, remains unpaid for sixty-one (61) or more days from the original due date thereof or (ii) which, consistent with the Credit and Collection Policy, has been or should be classified as delinquent by the applicable Originator or the Servicer.

"<u>Deposit Account</u>" means each depositary account, concentration account or other similar account into which Collections are collected or deposited.

"<u>Deposit Account Bank</u>" means a financial institution at which a Deposit Account is maintained.

"<u>Deposit Account Control Agreement</u>" means an agreement with respect to a Deposit Account at a Deposit Account Bank, in a form acceptable to the Administrative Agent in its reasonable discretion, among the Borrower, the Administrative Agent and such Deposit Account Bank.

"<u>DES</u>" means Direct Energy Services, LLC.

"<u>Designated Deposit Account</u>" means the Deposit Account (i) identified as the "Designated Deposit Account" on <u>Exhibit F</u> or such other Deposit Account as identified by the Borrower (or the Servicer on its behalf) to the Administrative Agent in writing and (ii) that is subject to a valid and enforceable Deposit Account Control Agreement. For avoidance of doubt, if such identified Deposit Account is not subject to a valid and enforceable Deposit Account Control Agreement, it shall not be the Designated Deposit Account any purpose under this Agreement.

"<u>Diluted Receivable</u>" means that portion of any Receivable which is either (a) reduced or canceled as a result of a Dilution Factor or (b) subject to any bona fide specific dispute, offset, counterclaim or defense whatsoever.

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"<u>Dilution Factor</u>" means any of the following factors giving rise to dilution: (i) any failure by an Originator to deliver electric power or natural gas or to perform any services or otherwise perform as required by the underlying Contract or invoice, (ii) any change, cash discount, rebate, allowance, cancellation of any terms of such contract, invoice or billing error by an Originator or any other party that generates such invoice, applied Customer Deposits or any other adjustment applied to an invoice which, in each case, reduces the amount payable by an Obligor on the related Billed Receivable and (iii) any setoff in respect of any claim by the Obligor thereof (whether such claim arises out of the same or a related transaction or an unrelated transaction).

"<u>Dilution Horizon Ratio</u>" means, at any time, with respect to the immediately preceding Calculation Period, the fraction, (i) the numerator of which equals the aggregate Outstanding Balance (in each case, at the time of billing) of all Billed Receivables generated by the Originators during the Calculation Period and (ii) the denominator of which equals the Net Receivables Balance at the end of such Calculation Period. Notwithstanding the foregoing, Receivables for which the Obligor is not an Eligible Obligor will not be included for purposes of this calculation.

"<u>Dilution Ratio</u>" means, at any time, with respect to the immediately preceding Calculation Period, the fraction, (i) the numerator of which is the portion of all Receivables which became Diluted Receivables during such Calculation Period, and (i) the denominator of which is the aggregate Outstanding Balance (in each case, at the time of billing) of all Billed Receivables generated during the Calculation Period immediately preceding the Calculation Period referred to in clause (i). Notwithstanding the foregoing, Receivables for which the Obligor is not an Eligible Obligor will not be included for purposes of this calculation.

"<u>Dilution Reserve Amount</u>" means, at any time, an amount equal to the product of (i) the Dilution Reserve Percentage at such time and (ii) the Net Receivables Balance at such time.

"<u>Dilution Reserve Percentage</u>" means, at any time, with respect to the immediately preceding Calculation Period, the percentage that is equal to the greater of (a) the product of (i) the highest Dilution Ratio for any calendar month in the twelve (12) most recent calendar months and (ii) the Dilution Horizon Ratio and (b) the percentage calculated in accordance with the following formula:

*((SF x ED) + ((DS - ED) x (DS / ED))) x DHR*

where:

SF&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Stress Factor

ED&nbsp;&nbsp;&nbsp;&nbsp;= &nbsp;&nbsp;&nbsp;&nbsp;the average of the Dilution Ratios for each of the twelve (12) most &nbsp;&nbsp;&nbsp;&nbsp;recently ended Calculation Periods;

DS &nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the highest Dilution Ratio during the twelve (12) most recently &nbsp;&nbsp;&nbsp;&nbsp;ended Calculation Periods; and

DHR&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Dilution Horizon Ratio at such time.

"<u>Direct Taxes</u>" means any sales, use, gross receipts, goods and services, excise or personal property Taxes imposed on or with respect of any Pool Receivable.

"<u>Direct Taxes Amount</u>" means (a) at any time that the Performance Guarantor has a long-term credit rating of at least BB- by S&P and Ba3 by Moody's, $0 and (b) at any other time, the aggregate amount of Direct Taxes owed with respect to the Pool Receivables at such time.

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"<u>Discovery Billing Platform</u>" means the billing platform which may be used by DES to generate invoices to Obligors, which maintains a subledger showing the receivables created and the cash received and applied to such receivables.

"<u>Dollars</u>" and "<u>$</u>" each mean the lawful currency of the United States of America.

"<u>DPP Factor</u>" means 1.00.

"<u>Drawing Date</u>" has the meaning set forth in <u>Section 2.04(f)(i)</u>.

"<u>Early Terminating Lender Group</u>" means each of (a) any Non-Renewing Lender Group and (b) the CACIB Lender Group, if the related Facility Agent has designated an Early Termination Date.

"<u>Early Termination Date</u>" means, (a) for any Non-Renewing Lender Group, Lenders and LC Issuers therein and the Facility Agent thereof, the last agreed-to Scheduled Termination Date of such Lender Group and (b) for the CACIB Lender Group, Lenders and LC Issuers therein and the Facility Agent thereof, any date so designated in writing no later than 30 days in advance of the occurrence of such date (such writing to be irrevocable unless the Borrower and the Servicer consent to any revocation thereof) by the related Facility Agent (in its sole discretion) to the Administrative Agent, the Borrower and the Servicer, after the occurrence of a Liquidity-Based Amortization Event.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm 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 financial 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.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" 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.

"<u>Effective Date</u>" means September 22, 2020.

"<u>Eligible Account Bank</u>" means a depository institution organized under the laws of the United States or any one of the states thereof, including the District of Columbia (or any United States branch or agency of a foreign bank), which is subject to supervision and examination by federal or state banking authorities, the deposits of which are insured by the Federal Deposit Insurance Corporation and which at all times (a) has a net worth in excess of $100,000,000 and (b) has either (x) a long-term rating of A2 or higher by Moody's and A or higher by S&P's or (y) a short-term certificate of deposit rating of P-1 by Moody's and A-1 by S&P.

"<u>Eligible Assignee</u>" means any Person that meets the requirements to be an assignee under Section 10.03 (subject to such consents, if any, as may be required under Section 10.03).

"<u>Eligible Obligors</u>" means all Obligors except for the Obligors separately identified by the Borrower to the Administrative Agent and the Facility Agents, and agreed to in writing by the Administrative Agent and each Facility Agent.

"<u>Eligible Originator</u>" means an Originator with respect to which no Purchase Termination Event has occurred and is continuing.

"<u>Eligible Receivable</u>" means, at any time, a Receivable:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Obligor of which (a) has a service address in the United States, (b) is not an Affiliate of any Transaction Party and (c) is not a Sanctioned Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;which is not a Defaulted Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;(a) which is denominated and payable only in Dollars within the United States and (b) the related electricity, electric power, natural gas and/or related services of which were provided to an address in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;which, together with the related Contract, does not contravene any applicable law, rule or regulation and no party to such Contract is in violation of any such law, rule or regulation, in each case, if such contravention or violation, as applicable, would impair the validity, enforceability or collectability of such Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;in which the Borrower owns good and marketable title, free and clear of any Adverse Claims, and that is freely assignable and no consent, authorization or approval of, or notice to, the Obligor thereof, any Governmental Authority or any other Person (except for such consent, authorization or approval that has been obtained or such notice that has been given) is required to (a) convey such Receivable, the Related Security and the Collections from the related Originator to the Borrower, or (b) grant a security interest in such Receivable, the Related Security and the Collections by the Borrower to the Administrative Agent, for the benefit of the Secured Parties (except, that none of any Originator, the Servicer or the Borrower shall be required to comply with the Federal Assignment of Claims Act in connection with the assignment or subsequent reassignment of any Receivable and any restrictions on the right of any Person to enforce any Receivable the Obligor of which is a Federal Government Obligor directly against such Federal Government Obligor to the extent that the applicable provisions of the Federal Assignment of Claims Act have not been complied with shall not cause such Receivable to not be an Eligible Receivable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;the related Contract of which does not contain confidentiality provisions that would be breached if such Receivable (together with all Related Security and Collections with respect thereto) were assigned to the Administrative Agent pursuant to the Facility Documents or to any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;which was originated by an Originator in accordance, and complies, in all material respects with all applicable requirements of the Credit and Collection Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;which, pursuant to the Contract related thereto, (x) in the case of a Retail Receivable originated by either NRGBM or Direct Energy Business, LLC, is (or, in the case of an Unbilled Receivable, will be) required to be paid in full within 180 days of the original invoice date therefor, (y) in the case of a Retail Receivable originated by any other Originator, is (or, in the case of an Unbilled Receivable, will be) required to be paid in full within 60 days of the original invoice date therefor and (z) in the case of a POR Receivable, is due and payable within 65 days after the sale of the related Purchased-by Utility Receivable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;which (a) (x) in the case of a Retail Receivable, is an "account" within the meaning of 9-102 of the UCC or (y) in the case of a POR Receivable, is an "account" or a "payment intangible" within the meaning of 9-102 of the UCC, (b) together with the Contract related thereto, (x) has been duly authorized, (y) is in full force and effect, and (z) represents a bona fide obligation of the related Obligor to pay the stated amount and constitutes the legal, valid and binding obligation of the Obligor thereof enforceable against such Obligor in accordance with its terms, subject to the Enforceability Exceptions, (c) has not been satisfied, released, canceled, subordinated or rescinded, nor has any instrument been executed by the related Originator or the Borrower which would effect any such satisfaction, release, cancellation, subordination or rescission, (d) which has not been waived, restructured or otherwise modified, has not had its due date deferred, is not subject to forbearance and has not otherwise had its invoice date or due date changed on the books and records of the related Originator or the Servicer and (e) is not subject to any setoff, recoupment, counterclaim, defense, right of rescission or bona fide dispute, whether arising out of transactions concerning such Receivable or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;in and to which (a) the applicable Originator has validly sold all of its right, title and interest in and to such Receivable, together with all Related Security and Collections with respect thereto, to the Borrower pursuant to the Receivables Sale Agreement, free and clear of any Adverse Claim, (b) the Borrower owns good and marketable title to the Receivable, Related Security and Collections with respect thereto, free and clear of Adverse Claim and (c) the Administrative Agent has a first priority security interest in such Receivable, the Related Security and the Collections with respect thereto, free and clear of any Adverse Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;which arises under a Contract, (i) (x) in the case of a Retail Receivable, for the sale of electricity or electric power, natural gas and/or related services of an Originator to an Obligor in the ordinary course of such Originator's business or (y) in the case of a POR Receivable, for the sale of Purchased-by-Utility Receivables in the ordinary course of such Originator's business, (ii) that is governed by the laws of the United States or one of the United States and (iii) that contains an obligation to pay a specified sum of money, which, in the case of Retail Receivables, is contingent only upon the sale of goods or the provision of services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;with respect to which all obligations on the part of the Originator (other than, in the case of an Unbilled Receivable, the rendering of an invoice) have been performed to the extent necessary to establish the right to receive full payment, and no further action is required to be performed by such Originator or any other person with respect thereto other than payment thereon by the applicable Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;which is not interest-bearing (except for any late payment charges);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;payment of which by the applicable Obligor is not subject to any withholding tax;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;which, if a Retail Receivable, is evidenced by a final (and not provisional) invoice with a unique invoice number that does not correspond to any other Retail Receivable and which represents amounts not less than the invoiced balance or, if such Retail Receivable is an Unbilled Receivable, has been individualized in the related Originator's accounting systems such that such Retail Receivable is easily distinguished from all other Retail Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;which has not been compromised, adjusted or modified (including by extension of time of payment) other than pursuant to a Deferred Payment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;which, if an Unbilled Receivable, (a) has not remained unbilled for more than sixty (60) consecutive calendar days after the earlier of (i) the end of the calendar month during which the related goods were sold or the services were performed and (ii) the date on which the obligation or agreement of the related Originator to sell goods or provide services to the related Obligor is terminated and (b) the Performance Guarantor has (x) a long-term local issuer credit rating from Standard & Poor's and (y) a long-term corporate family rating from Moody's and such rating is not less than B- by Standard & Poor's or B3 by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;as to which the related Obligor or applicable Payment Processor is required to make payments directly to a Lock-Box or Deposit Account listed on <u>Exhibit F</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)&nbsp;&nbsp;&nbsp;&nbsp;which is registered on the CCS Billing Platform, Apollo Billing Platform, Discovery Billing Platform or ERM Billing Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp;which, if a POR Receivable, is identified by Utility in the applicable Originator's accounting system and arose from the sale of retail electric services and/or gas services in the applicable Originator's ordinary course of business and for which the applicable Utility is obligated to invoice, collect and purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)&nbsp;&nbsp;&nbsp;&nbsp;with respect to which all representations and warranties under this Agreement are true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)&nbsp;&nbsp;&nbsp;&nbsp;with respect to which all representations and warranties under the Receivables Sale Agreement are true and correct as of the date of sale to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;the related Originator is an Eligible Originator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) the related Obligor is an Eligible Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) which, if subject to a payment plan, is subject to a payment plan that is a Deferred Payment Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) which, with respect to Receivables originated by DES, is not due from a Michigan local distribution company.

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"<u>Enforceability Exceptions</u>" means exceptions to the enforceability of an obligation arising under (i) bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting creditors' rights generally, and (ii) general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance, regardless of whether considered in a proceeding at equity or at law.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor statute of similar import, together with the regulations thereunder, in each case as in effect from time to time. References to sections of ERISA also refer to any successor sections.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) that, together with any Person, is treated as a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

"<u>ERISA Event</u>" means (a) any "reportable event" (as that term is defined in Section 4043 of ERISA or the regulations issued thereunder (other than an event for which the 30 day notice period is waived)) with respect to a Plan; (b) a withdrawal by any Originator or any of its ERISA Affiliates from a Plan subject to Section 4063 of ERISA during a plan year in which the relevant entity is a "substantial employer" (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA which could reasonably be expected to give rise to any liability with respect to such withdrawal; (c) a complete or partial withdrawal by such Originator or any of its ERISA Affiliates from a Multiemployer Plan; (d) the filing of a notice of intent to terminate a Plan in a distress termination under Section 4041(c) of ERISA, the treatment of a Plan or Multiemployer Plan amendment as a termination under Sections 4041(c) or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Plan or Multiemployer Plan or to appoint a trustee to administer any Plan or Multiemployer Plan; or (e) the imposition of any liability under Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Originator or any of its ERISA Affiliates.

"<u>ERM Billing Platform</u>" means the billing platform which may be used by Direct Energy Business, LLC to generate invoices to Obligors, which maintains a subledger showing the receivables created and the cash received and applied to such receivables.

"<u>Erroneous Payment</u>" has the meaning set forth in <u>Section 9.08(a)</u>.

"<u>Erroneous Payment Subrogation Rights</u>" has the meaning set forth in <u>Section 9.08(d)</u>.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>Event of Bankruptcy</u>" means, with respect to any Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;such Person shall fail generally to pay his, her or its debts as they come due, or shall make a general assignment for the benefit of creditors; or any case or other proceeding shall be instituted by such Person seeking to adjudicate him, her or it as bankrupt or insolvent, or seeking liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of him, her or it or his, her or its debts under the Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, or seeking the entry of an order for relief or the appointment of a trustee, receiver, custodian,

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liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets; or such Person shall take any corporate or limited liability company action to authorize any of such actions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;a case or other proceeding shall be commenced, without the application or consent of such Person in any court seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets, or any similar action with respect to such Person under the Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and (A) such case or proceeding shall continue undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days or (B) an order for relief in respect of such Person shall be entered in such case or proceeding or a decree or order granting such other requested relief shall be entered.

"<u>Event of Termination</u>" has the meaning assigned to that term in <u>Section 7.01</u>.

<u>"</u><u>Excluded Taxes</u>" means, with respect to an Affected Person, any of the following Taxes imposed on or with respect to such Affected Person or required to be withheld or deducted from a payment to such Affected Person: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, state gross receipts Taxes, and branch profits Taxes, in each case, imposed as a result of such Affected Person being organized under the Laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or that are Other Connection Taxes, (b) United States federal withholding Taxes imposed on amounts payable to or for the account of such Affected Person with respect to its portion of Aggregate Exposure Amount pursuant to a law in effect on the date on which (i) such Affected Person first funds a portion of Aggregate Exposure Amount or first becomes obligated to fund a portion of Aggregate Exposure Amount (other than pursuant to an assignment request by the Borrower under Section 2.13(f)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.13, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) any Tax, assignment or other governmental charge attributable to such Affected Person's failure to comply with the requirements contained in <u>Section 2.14</u>, and (d) any withholding Taxes imposed under FATCA.

"<u>Exposure Amount</u>" of any Lender or LC Issuer means, at any time, (A) the portion of the Principal Balance of the Loans made to the Borrower by such Lender <u>plus</u> (B) the aggregate amount paid by such Lender to an LC Issuer to fund Reimbursement Borrowings pursuant to <u>Section 2.04</u> <u>plus</u> (C) the portion of the LC Undrawn Amount for all Letters of Credit then outstanding that such Lender is committed to reimburse pursuant to <u>Section 2.04</u> that have not been otherwise Cash Collateralized, <u>plus</u> (D) with respect to an LC Issuer, the aggregate amount of Reimbursement Obligations then owing to such LC Issuer (including all Participation Advances deemed to have been funded by such LC Issuer) that have not been otherwise paid or Cash Collateralized, <u>minus</u> (E) sum of the aggregate amount of Collections and other payments received by the Administrative Agent, the Facility Agents or the Lenders in respect thereof which in each case are applied to reduce such Exposure Amount in accordance with the terms and conditions of this Agreement; <u>provided</u>, that if such Exposure Amount shall have been

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reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned for any reason, such Exposure Amount shall be increased by the amount of such rescinded or returned distribution, as though it had not been received by such Lender or LC Issuer, as applicable.

"<u>FACA</u>" means the Federal Assignment of Claims Act, 41 U.S.C. § 15, as supplemented by the Federal Acquisition Regulations, 48 C.F.R.

"<u>Facility Agent</u>" means, as to any Conduit Lender or Committed Lender, the Person listed on <u>Schedule I</u> as the "Facility Agent" for such Lenders, together with its respective successors and permitted assigns.

"<u>Facility Documents</u>" means collectively, this Agreement, each Borrowing Request, each Letter of Credit Request, each Letter of Credit Application, the Receivables Sale Agreement, the Subordinated Note, the Fee Letter, the Administrative Agent Fee Letter, the Performance Guaranty, each Deposit Account Control Agreement, each LC Fronting Fee Letter, the Risk Retention Agreement and all other agreements, documents and instruments delivered pursuant thereto or in connection therewith.

"<u>Facility Limit</u>" means, at any time, the lesser of (i) the Aggregate Commitment and (ii) the aggregate amount of the Commitments of the Committed Lenders set forth on Schedule I for the applicable Period in effect at such time, as such amount may be increased or decreased in accordance with <u>Sections 2.01(c)</u> and 10.04 and on the Scheduled Termination Date with respect to an Early Terminating Lender Group.

"<u>FATCA</u>" means Section 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, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities in respect thereof.

"<u>Federal Funds Rate</u>" means, with respect to any Lender for any period, a fluctuating interest rate <u>per</u> <u>annum</u> equal (for each day during such period) to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York; or if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the applicable Facility Agent from three federal funds brokers of recognized standing selected by it. Notwithstanding the foregoing, if the rate in the preceding sentence is below zero, the "Federal Funds Rate" will be deemed to be zero.

"<u>Federal Government Obligor</u>" means the United States, any territory, possession or commonwealth of the United States, or any agency, department or instrumentality of any of the foregoing.

"<u>Federal Governmental Excess Concentration Amount</u>" means, at any time, the aggregate amount by which the Outstanding Balance of Eligible Receivables for which the Obligor is a Federal Government Obligor exceeds the product of (x) 5.00% and (y) the aggregate Outstanding Balance of all Pool Receivables at such time.

"<u>Fee Letter</u>" means the Second Amended and Restated Fee Letter, dated as of the Amendment No. 4 Effective Date, between the Facility Agents and the Borrower.

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"<u>Fees</u>" means, collectively, all Used Fees, Unused Fees, Other Fees and any fees set forth in the Administrative Agent Fee Letter.

"<u>Final Collection Date</u>" means the date on or following the Termination Date on which the Aggregate Principal Balance has been reduced to zero, all other Borrower Obligations have been paid in full and all Letters of Credit have been cancelled or expired.

"<u>Final Maturity Date</u>" means the date that is 120 days after the Termination Date, or if such date is not a Business Day, the next succeeding Business Day.

"<u>Financial Officer</u>" of any Person means any of the chief executive officer, chief financial officer or treasurer (or if no individual shall have such designation, the Person charged by the Board of Directors of such Person (or a committee thereof) with such powers and duties as are customarily bestowed upon the individual with such designation) or the audit or finance committee of the Board of Directors of such Person.

"<u>Foreign Affected Party</u>" has the meaning set forth in <u>Section 2.14(b)(ii)</u>.

"<u>Foreign Lender</u>" has the meaning set forth in <u>Section 2.14(b)(ii)</u>.

"<u>Fronting Fees</u>" has the meaning set forth in <u>Section 2.04(k)</u>.

"<u>GAAP</u>" means generally accepted accounting principles as in effect in the United States of America from time to time, consistently applied.

"<u>Governmental Authority</u>" means any national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, regulatory, public or statutory instrumentality, authority, body, agency, bureau or entity (including any zoning authority, the Federal Energy Regulatory Commission, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party to this Agreement at law.

"<u>Indebtedness</u>" of any Person means, without duplication, means (a) indebtedness for borrowed money; (b) obligations evidenced by bonds, debentures, notes, mortgages, indentures or other similar instruments; (c) obligations to pay the deferred purchase price of property or services (other than trade accounts payable due not more than six months after such property is acquired or such services are completed); (d) all capital lease obligations; and (e) obligations under guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to in <u>clauses (a)</u> through <u>(d)</u>.

"<u>Indemnified Party</u>" has the meaning set forth in <u>Section 8.01</u>.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower, any Originator or the Performance Guarantor under any Facility Document and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Initial Credit Extension</u>" means the first Credit Extension made pursuant to this Agreement.

"<u>Interest</u>" means, for any Loan (or portion thereof) and any Interest Period, the sum for each day during such Interest Period (or portion thereof) of the following:

(IR x PB) / CB

where:

IR&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Interest Rate for such Loan for such day.

PB&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Principal Balance of such Loan on such day.

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CB&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;if such Loan (or portion thereof) is funded based upon: (i) the

Base Rate, 365 or 366 days, as applicable and (ii) Benchmark or CP Rate, 360 days.

"<u>Interest and Fee Payment Date</u>" means (i) the fifth (5th) Business Day of each calendar month, or if such day is not a Business Day, the next succeeding Business Day and (ii) (A) during any period when the conditions precedent set forth in <u>Section 3.02</u> are not satisfied and (B) on and after the occurrence of the Termination Date, each Business Day.

"<u>Interest Period</u>" means (a) (i) initially the period commencing on the Effective Date and ending on (and including) the last day of September 2020; and (ii) thereafter, each period beginning on the first day of each calendar month and ending on (and including) the last day of such calendar month and (b) on and after the Termination Date, each Business Day.

"<u>Interest Rate</u>" means, with respect to any Loan on any day: (a) in the case of any portion of any Loan funded by Commercial Paper Notes, the applicable CP Rate, and (b) in the case of any portion of any Loan not funded by Commercial Paper Notes (including under a Liquidity Agreement or other Program Support Agreement), the Benchmark; <u>provided</u>, that, following an Event of Termination, the "Interest Rate" for any Loan funded or maintained hereunder shall be the Default Rate.

"<u>Investment Company Act</u>" has the meaning set forth in <u>Section 4.01(q)</u>.

"<u>IRS</u>" means the Internal Revenue Service of the United States of America.

"<u>Issuance Date</u>" means the date on which a Letter of Credit is issued in accordance with the terms of <u>Section 2.04</u>.

"<u>Joinder Agreement</u>" means a joinder agreement substantially in the form set forth as <u>Exhibit I</u> hereto pursuant to which a new Lender Group becomes party to this Agreement.

"<u>Law</u>" means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or award of any government or political subdivision or any agency, authority, bureau, central bank, commission, department or instrumentality of either, or any court, tribunal, grand jury or arbitrator, in each case, whether foreign or domestic.

"<u>LC Cash Collateral Date</u>" means the earlier of (i) with respect to any Letters of Credit that are scheduled to expire after the then-current Scheduled Termination Date, the date that is 30 days prior to the then-current Scheduled Termination Date, *provided that*, if the Loan Parties hereto are working in good faith to extend the then Scheduled Termination Date, then the LC Cash Collateral Date pursuant to this clause (i) shall be extended on a daily basis, by one day unless and until the earlier of (x) the date on which any LC Issuer provides written notice (which notice may be given by email) to the Borrower, each other LC Issuer, each Lender and the Administrative Agent that such extensions shall cease and (y) the date on which the Scheduled Termination Date is amended and (ii) the Termination Date.

"<u>LC Collateral Account</u>" has the meaning set forth in <u>2.04(n)(i)</u>.

"<u>LC Commitment</u>" means, with respect to any LC Issuer, its obligation to issue Letters of Credit to the Borrower pursuant to <u>Section 2.04</u>, in the amount not to exceed the amount set forth on <u>Schedule I</u> (or in the Joinder Agreement pursuant to which such LC Issuer became party hereto), subject to assignment pursuant to <u>Section 10.03</u>.

"<u>LC Credit Extension</u>" has the meaning set forth in <u>Section 2.01(a)</u>.

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"<u>LC Fronting Fee Letter</u>" means the Third Amended and Restated Letter of Credit Fronting Fee Letter, dated as of the Amendment No. 4 Effective Date, among the Borrower, the Facility Agent and the LC Issuer for the CACIB Lender Group, the Facility Agent and LC Issuer for the RBC Lender Group, the Facility Agent and the LC Issuer for the Mizuho Lender Group, the Facility Agent and LC Issuer for the Santander Lender Group and the Facility Agent and LC Issuer for the Truist Lender Group.

"<u>LC Issuer</u>" means any Person listed on <u>Schedule I</u> hereto (or in the Joinder Agreement pursuant to which such Person became party hereto) as an "LC Issuer", or which has been designated in writing to the Borrower and the Administrative Agent as an "LC Issuer" by the related Facility Agent, together with their respective successors and permitted assigns hereunder.

"<u>LC Obligations</u>" means, at any time, the sum, without duplication, of (a) the LC Undrawn Amount at such time, <u>plus</u> (b) the aggregate unpaid amount at such time of all Reimbursement Obligations.

"<u>LC Sublimit</u>" means, for each Period, the applicable amount set forth in Schedule I for such Period. The LC Sublimit is part of, and not in addition to, the Aggregate Commitments.

"<u>LC Undrawn Amount</u>" means, at any time, the aggregate undrawn amount of all outstanding Letters of Credit at such time.

"<u>Lender</u>" means any Conduit Lender or Committed Lender, as applicable, and "<u>Lenders</u>" means, collectively, the Conduit Lenders and the Committed Lenders.

"<u>Lender Group</u>" means each group consisting of a Facility Agent, one or more related Conduit Lenders, if any, one or more related Committed Lenders and a related LC Issuer, if any.

"<u>Lender Group Limit</u>" means, for any Lender Group at any time, the amount set forth on <u>Schedule I</u> (or in the Joinder Agreement pursuant to which such Lender Group became party hereto) for the applicable Period in effect at such time subject to assignment pursuant to <u>Section 10.03</u>, as such amount may be reduced in accordance with <u>Section 2.01(c)</u>. The Lender Group Limit for any Lender Group shall be equal to the aggregate Commitments of all Committed Lenders in such Lender Group.

"<u>Lender Group Percentage</u>" means, for any Lender Group at any time, the percentage equivalent of a fraction (expressed out to five decimal places), the numerator of which is the aggregate Commitments of all Committed Lenders in such Lender Group at such time and the denominator of which is the Facility Limit at such time. If all of the Commitments have terminated or expired, the Lender Group Percentages shall be determined based upon the Commitments most recently in effect.

"<u>Letter of Credit</u>" means a stand-by or documentary letter of credit issued by an LC Issuer pursuant to this Agreement in Dollars for the account of an Originator or an Affiliate of an Originator at the request of such Originator under and pursuant to the Receivables Sale Agreement.

"<u>Letter of Credit Application</u>" has the meaning set forth in <u>Section 2.04(b)</u>.

"<u>Letter of Credit Request</u>" has the meaning set forth in <u>Section 2.04(b)</u>.

"<u>Lien</u>" means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), or preference, priority, charge or other security agreement or preferential arrangement of any kind or nature whatsoever that is intended as security.

"<u>Liquidity Advance</u>" means a loan, advance, purchase or other similar action made by a Liquidity Provider pursuant to a Liquidity Agreement.

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"<u>Liquidity Agreement</u>" means any agreement entered into, directly or indirectly, in connection with or related to, this Agreement pursuant to which a Liquidity Provider agrees to make loans or advances to, or purchase assets from, a Conduit Lender (directly or indirectly) in order to provide liquidity or other enhancement for such Conduit Lender's Commercial Paper Notes or other senior indebtedness.

"<u>Liquidity Provider</u>" means each bank, other financial institution or other Person that is at any time party to a Liquidity Agreement as a lender (or any participant thereof).

"<u>Liquidity-Based Amortization Event</u>" shall be deemed to have occurred when the Facility Agent of the CACIB Lender Group notifies the Administrative Agent, the other Facility Agents, the Borrower and the Servicer in writing that each Conduit Lender in such Facility Agent's Lender Group has been funding such Conduit Lender's Exposure Amount through such Conduit Lender's Program Support Agreement(s) (rather than through the issuance of Commercial Paper Notes) for a period of 270 consecutive days.

"<u>Loan</u>" has the meaning set forth in <u>Section 2.01(a)</u>.

"<u>Loan Parties</u>" means, collectively, the Borrower, the Performance Guarantor, NRG Energy, Inc., as the EU Retention Holder under the Risk Retention Agreement, and, so long as it is NRG Retail LLC or an Affiliate thereof, the Servicer.

"<u>Lock-Box</u>" means any post office box maintained by a Deposit Account Bank or a Payment Processor for the purpose of receiving payments on Receivables or other Collections.

"<u>Lock-Box Control Agreement</u>" means an agreement with respect to a Lock-Box administered by a Payment Processor, in a form acceptable to the Administrative Agent in its reasonable discretion, among the Borrower, the Administrative Agent and such Payment Processor.

"<u>Long-Term Receivable Excess Concentration Amount</u>" means, at any time, the amount by which the aggregate Outstanding Balance of all Eligible Receivables that are Retail Receivables and have payment terms of more than 60 days at such time exceeds the product of (a) 3.0% and (b) the aggregate Outstanding Balance of all Eligible Receivables at such time.

"<u>Loss Horizon Ratio</u>" means, at any time, with respect to the immediately preceding Calculation Period, the fraction, (a) the numerator of which is equal to (x) the sum of (i) the aggregate Outstanding Balance (in each case, at the time of billing) of all Billed Receivables generated during the four (4) most recent Calculation Periods preceding such Calculation Period and (ii) the Outstanding Balance of Unbilled Receivables generated during such Calculation Period multiplied by the sum of (x) the DPP Factor plus (y) the Weighted Average Term Factor minus (z) 1 and (b) the denominator of which is equal to the Net Receivables Balance on the last day of such Calculation Period. Notwithstanding the foregoing, Receivables for which the Obligor is not an Eligible Obligor will not be included for purposes of this calculation.

"<u>Loss Ratio</u>" means, at any time, the highest average of the Default Ratios for any three (3) consecutive Calculation Periods during the past twelve (12) Calculation Periods.

"<u>Loss Reserve Amount</u>" means, at any time, an amount equal to the product of (i) the Loss Reserve Percentage at such time and (ii) the Net Receivables Balance at such time.

"<u>Loss Reserve Percentage</u>" means, at any time, the greatest of (a) 10.0% and (b) the product of (i) the Stress Factor, (ii) the Loss Ratio at such time and (iii) the Loss Horizon Ratio at such time.

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"<u>Low Ratings Deposit Account Bank</u>" shall have the meaning set forth in <u>Section 6.03(b)</u>.

"<u>Majority Facility Agents</u>" means, at any time, Facility Agents whose Lender Group Limits together exceed fifty percent (50%) of the Facility Limit at such time; <u>provided</u>, that, if any Lender Group includes a Committed Lender that is a Defaulting Committed Lender, the Lender Group Limit of such Lender Group (including as part of the Facility Limit) shall not be included for purposes of this definition; <u>provided</u>, <u>further</u>, that, if there are only two Facility Agents of which the Lender Group does not include a Defaulting Committed Lender, "Majority Facility Agents" means both Facility Agents.

"<u>Material Adverse Effect</u>" means a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the business, financial condition, results of operations or properties of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the business, financial condition, results of operations or properties of the Transaction Parties, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the ability of any Loan Party to perform its obligations under any Facility Document to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the legality, validity or enforceability of any Facility Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the collectability of all or any material portion of the Pool Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the rights or interests of the Administrative Agent, the Facility Agents, the Lenders or the Liquidity Providers hereunder or with respect to the Collateral; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)the perfection, priority or enforceability of the Administrative Agent's security interest in the Collateral.

"<u>Mizuho Lender Group</u>" means the Mizuho Bank, Ltd. Lender Group as defined on <u>Schedule I</u>.

"<u>Modification Date</u>" means the date on which a Letter of Credit is amended or extended in accordance with the terms of <u>Section 2.04</u>.

"<u>Modified Days' Sales Outstanding</u>" means, at any time, an amount equal to the product of (i) a fraction, the numerator of which is the Outstanding Balance of all Billed Receivables on the first day of the immediately preceding Calculation Period, and the denominator of which is the aggregate Outstanding Balance (in each case, at the time of billing) of all Billed Receivables generated by the Originators during such Calculation Period, <u>multiplied</u> <u>by</u> (ii) 30. Notwithstanding the foregoing, all Billed Receivables for which the Obligor is not an Eligible Obligor will not be included for purposes of this calculation.

"<u>Monthly Report</u>" means a report, in substantially the form of <u>Exhibit C</u>, furnished by the Servicer to the Facility Agents pursuant to <u>Section 5.05(e)</u>.

"<u>Monthly Reporting Date</u>" means the twentieth (20<sup>th</sup>) day of each calendar month (or, if such day is not a Business Day, the next succeeding Business Day).

"<u>Moody's</u>" means Moody's Investors Service, Inc., and its successors.

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"<u>MUFG Lender Group</u>" means the MUFG Bank, Ltd. Lender Group as defined on <u>Schedule I</u>.

"<u>Multiemployer Plan</u>" means a multiemployer plan within the meaning of Section 3(37) of ERISA to which any Transaction Party or any of its ERISA Affiliates makes or is obligated to make contributions.

"<u>Net Receivables Balance</u>" means at any time of calculation hereunder, an amount equal to the sum of the amount equal to the Outstanding Balances of all Pool Receivables that are Eligible Receivables at such time, <u>minus</u>, without duplication, (i) the aggregate Obligor Excess Concentration Amounts at such time, (ii) the Federal Governmental Excess Concentration Amount at such time, (iii) the Unbilled Receivables Excess Concentration Amount at such time, (iv) the Customer Deposit Amount at such time, (v) the Direct Taxes Amount at such time, (vi) the Deferred Payment Plan Excess Concentration Amount at such time, (vii) the Unbilled 31-60 Day Excess Concentration Amount and (viii) the Long-Term Receivable Excess Concentration Amount.

"<u>Non-Consenting Lender</u>" means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all or all affected Lenders in accordance with the terms of Section 10.01 hereof and (ii) has been approved by a majority of the Lenders (measured by reference to the commitments of such Lender's Lender Group and in accordance with the same logic used to determine "Majority Facility Agents").

"<u>Non-Renewing Lender Group</u>" means, any Lender Group that has not agreed to extend the Scheduled Termination Date.

"<u>Non-Seasonal Reduction</u>" has the meaning set forth in <u>Section 2.01(c)</u>.

"<u>NRGBM</u>" means NRG Business Marketing LLC.

"<u>Obligor</u>" means any Person obligated to make payments pursuant to a Contract.

"<u>Obligor Excess Concentration Amount</u>" means, at any time, the amount by which the aggregate Outstanding Balance of all Eligible Receivables owing by an Obligor or one or more of its Affiliates exceeds the applicable Concentration Limit for such Obligor at such time.

"<u>OFAC</u>" means the Office of Foreign Assets Control of the United States Department of the Treasury.

"<u>Originator</u>" means any retail energy subsidiary of NRG Energy, Inc. party to the Receivables Sale Agreement in accordance with the terms thereof and as consented to by the Administrative Agent and the Majority Facility Agents in their sole discretion. As of the Amendment No. 4 Effective Date, the Originators are Reliant Energy Retail Services, LLC, Reliant Energy Northeast LLC, Green Mountain Energy Company, US Retailers LLC, Stream SPE, Ltd., XOOM Energy Texas, LLC, Direct Energy, LP, Direct Energy Business, LLC, NRGBM and DES.

"<u>Other Connection Taxes</u>" means with respect to any Affected Person, Taxes imposed as a result of a present or former connection between such Affected Person and the jurisdiction imposing such Tax (other than connections arising from such Affected Person having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Facility Document, or sold or assigned an interest in any portion of the Aggregate Exposure Amount).

"<u>Other Fees</u>" means amounts owed by the Borrower hereunder pursuant to <u>Sections</u> <u>2.04</u>, <u>2.12</u>, <u>2.13</u>, <u>2.14</u>, <u>8.01</u> and <u>10.10</u>.

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"<u>Other LC Fees</u>" has the meaning set forth in <u>Section 2.04(k)</u>.

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Facility Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.13(f)).

"<u>Outstanding Balance</u>" means, with respect to a Receivable at any time, the then outstanding principal balance thereof; *provided that* any Receivable originated by DES that is due from a Michigan local distribution company, shall be deemed to have an Outstanding Balance of zero.

"<u>Parent Credit Agreement</u>" means that certain Second Amended and Restated Credit Agreement, dated as of June 30, 2016, among the Performance Guarantor, as borrower, the credit parties from time to time party thereto and Citicorp North America, Inc., as administrative agent and collateral agent, except as expressly stated otherwise herein or in any Facility Document, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

"<u>Participant</u>" has the meaning specified in <u>Section 10.03(a)</u>.

"<u>Participation Advance</u>" means, with respect to any Reimbursement Borrowing requested in respect of any draw on any Letter of Credit, the amount that the related LC Issuer shall be deemed to have advanced to cover a Defaulting Committed Lender's failure to fund its Lender Group Percentage of such Reimbursement Borrowing.

"<u>Patriot Act</u>" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (commonly known as the USA PATRIOT Act).

"<u>Payment Processor</u>" means any third party service provider (including, if applicable, any Deposit Account Bank maintaining Lock-Boxes on behalf of the Borrower) administering or processing payments or Collections on behalf of the Servicer or the Borrower.

"<u>Payment Recipient</u>" has the meaning set forth in <u>Section 9.08(a)</u>.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation and any successor entity performing similar functions.

"<u>Performance Guarantor</u>" means NRG Energy, Inc., a Delaware corporation.

"<u>Performance Guaranty</u>" means that certain Performance Guaranty, dated as of the Effective Date, by the Performance Guarantor in favor of the Administrative Agent, on behalf of the Secured Parties, and the Borrower.

"<u>Period</u>" means Period 1, Period 2, Period 3, Period 4, Period 5, Period 6, Period 7, Period 8, Period 9, Period 10, Period 11 and Period 12.

"<u>Period 1</u>" means, (i) initially, the period beginning on and including the Amendment No. 5 Effective Date and ending on but not including, the Settlement Date occurring in July 2025 and (ii) for each calendar year thereafter, the period beginning on and including the Settlement Date occurring in June of each calendar year and ending on but not including, the Settlement Date occurring in July of the same calendar year.

"<u>Period 2</u>" means, for each calendar year, the period beginning on and including the Settlement Date occurring in July of each calendar year and ending on but not including, the Settlement Date occurring in August of the same calendar year.

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"<u>Period 3</u>" means, for each calendar year, the period beginning on and including the Settlement Date occurring in August of each calendar year and ending on but not including, the Settlement Date occurring in September of the same calendar year.

"<u>Period 4</u>" means, for each calendar year, the period beginning on and including the Settlement Date occurring in September of each calendar year and ending on but not including, the Settlement Date occurring in October of the same calendar year.

"<u>Period 5</u>" means, for each calendar year, the period beginning on and including the Settlement Date occurring in October of each calendar year and ending on but not including, the Settlement Date occurring in November of the same calendar year.

"<u>Period 6</u>" means, for each calendar year, the period beginning on and including the Settlement Date occurring in November of each calendar year and ending on but not including, the Settlement Date occurring in December of the same calendar year.

"<u>Period 7</u>" means, for each calendar year, the period beginning on and including the Settlement Date occurring in December of each calendar year and ending on but not including, the Settlement Date occurring in January of the following calendar year.

"<u>Period 8</u>" means, for each calendar year, the period beginning on and including the Settlement Date occurring in January of each calendar year and ending on but not including, the Settlement Date occurring in February of the same calendar year.

"<u>Period 9</u>" means, for each calendar year, the period beginning on and including the Settlement Date occurring in February of each calendar year and ending on but not including, the Settlement Date occurring in March of the same calendar year.

"<u>Period 10</u>" means, for each calendar year, the period beginning on and including the Settlement Date occurring in March of each calendar year and ending on but not including, the Settlement Date occurring in April of the same calendar year.

"<u>Period 11</u>" means, for each calendar year, the period beginning on and including the Settlement Date occurring in April of each calendar year and ending on but not including, the Settlement Date occurring in May of the same calendar year.

"<u>Period 12</u>" means, for each calendar year, the period beginning on and including the Settlement Date occurring in May of each calendar year and ending on but not including, the Scheduled Termination Date.

"<u>Permitted Liens</u>" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Liens for taxes and assessments (i) which are not yet due and payable or (ii) the validity of which are being contested in good faith by appropriate proceedings and with respect to which the Borrower is maintaining adequate reserves in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Liens in favor of the Administrative Agent or any Secured Party, including any Liquidity Providers (but only in connection with this Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Liens in favor of the Borrower arising pursuant to the Receivables Sale Agreement.

"<u>Person</u>" means an individual, partnership, corporation (including a business trust), joint stock company, limited liability company, trust, unincorporated association, joint venture, Governmental Authority or other entity.

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"<u>Plan</u>" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Performance Guarantor or any of its ERISA Affiliates contributes or has an obligation to contribute (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to contribute or have an obligation to contribute).

"<u>Pool Receivable</u>" means each Receivable in which an interest has been transferred or purported to be transferred to the Borrower by an Originator pursuant to the Receivables Sale Agreement.

"<u>POR Receivable</u>" means a payment obligation of a Utility to an Originator arising from the sale of a Purchased-by-Utility Receivable by such Originator to such Utility.

"<u>Potential Event of Termination</u>" means any event which, with the giving of notice or lapse of time or both, would constitute an Event of Termination.

"<u>Potential Servicer Default</u>" means any event which, with the giving of notice or lapse of time or both, would constitute a Servicer Default.

"<u>Prime Rate</u>" means the rate of interest per annum publicly announced from time to time by The Wall Street Journal as the "base rate on corporate loans posted by at least 75% of the nation's 30 largest banks" (or, if The Wall Street Journal ceases quoting a base rate of the type described, the highest per annum rate of interest published by the Federal Reserve Board in Federal Reserve statistical release H.15 (519) entitled "Selected Interest Rates" as the Bank prime loan rate or its equivalent); each change in the Prime Rate shall be effective as of the opening of business on the date such change is publicly announced as being effective. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually available.

"<u>Principal Balance</u>" means, with respect to any Lender, the aggregate principal amount of all Loans made to the Borrower and to fund Reimbursement Borrowings, as such amount may be reduced by Collections and other amounts received by such Lender pursuant to <u>Section 2.06</u> or <u>Section 2.07</u>, as applicable, that have been applied to reduce such amount; <u>provided</u>, that if such Principal Balance shall have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned for any reason, such Principal Balance shall be increased by the amount of such rescinded or returned distribution, as though it had not been received by such Lender.

"<u>Proceeds</u>" has the meaning ascribed thereto in Article 9 of the UCC in effect in the State of New York.

"<u>Program Administration Agreement</u>" means any administration agreement between any Conduit Lender and Program Administrator governing certain aspects of the administration of such Conduit Lender's commercial paper facility or any other agreement having similar purposes, as in effect from time to time.

"<u>Program Administrator</u>" means the administrator designated for Lender under the Program Administration Agreement.

"<u>Program Support Agreement</u>" means and includes any Liquidity Agreement and any other agreement entered into by any Program Support Provider providing for: (a) the issuance of one or more letters of credit for the account of any Conduit Lender, (b) the issuance of one or more surety bonds for which the such Conduit Lender is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, (c) the sale by such Conduit Lender to

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any Program Support Provider of the rights of such Conduit Lender hereunder (including to the Loans) and/or (d) the making of loans and/or other extensions of credit to any Conduit Lender in connection with such Conduit Lender's securitization program contemplated in this Agreement, together with any letter of credit, surety bond or other instrument issued thereunder.

"<u>Program Support Provider</u>" means and includes with respect to each Conduit Lender any Liquidity Provider and any other Person (other than any customer of such Conduit Lender) now or hereafter extending credit or having a commitment to extend credit to or for the account of, or to make purchases from, such Conduit Lender pursuant to any Program Support Agreement.

"<u>Purchased-by-Utility Program</u>" means a "purchase of receivables" or similar program pursuant to which a Utility agrees to purchase Retail Receivables from an Originator.

"<u>Purchased-by-Utility Receivable</u>" means any Retail Receivable sold or contracted to be sold, by an Originator to a Utility pursuant to a Purchased-by-Utility Program.

"<u>RBC</u>" means Royal Bank of Canada.

"<u>RBC Lender Group</u>" means the Royal Bank of Canada Lender Group as defined on <u>Schedule I</u>.

"<u>Receivable</u>" means any (i) Retail Receivable other than any Purchased-by-Utility Receivable or (ii) POR Receivable, in each case that is registered on the CCS Billing Platform, Apollo Billing Platform, Discovery Billing Platform or ERM Billing Platform or is included in any Borrowing Base Certificate or Monthly Report.

"<u>Receivables Sale Agreement</u>" means that certain Receivables Sale Agreement dated as of the Effective Date between the Originators and the Borrower.

"<u>Records</u>" means all Contracts and all other material agreements, documents, instruments, books, records and other information (including, without limitation, computer programs, tapes, discs, punch cards, data processing software and related property and rights) maintained by or on behalf of the Borrower or the Servicer with respect to the Pool Receivables, the related Obligors and the Related Security.

"<u>Register</u>" has the meaning set forth in <u>Section 10.03(e)</u>.

"<u>Regulatory Change</u>" means any treaty, law, rule, regulation or guideline of any jurisdiction or any directive or request of any Governmental Authority (whether or not having the force of law).

"<u>Reimbursement Borrowing</u>" has the meaning set forth in <u>Section 2.04(f)(i)</u>.

"<u>Reimbursement Obligations</u>" means all outstanding matured reimbursement or repayment obligations of the Borrower to any LC Issuer (and the participating Lenders) with respect to amounts drawn on a Letter of Credit, whether pursuant to <u>Section 2.04</u> or otherwise.

"<u>Related Security</u>" means, with respect to any Pool Receivable: (i) all instruments and chattel paper that may evidence such Pool Receivable, (ii) all security interests or liens and property subject thereto from time to time purporting to secure payment of such Pool Receivable, whether pursuant to the related Contract or otherwise, (iii) all UCC financing statements or other filings covering any collateral securing payment of such Pool Receivable (it being understood that such UCC financing statements will not be assigned of record to the Administrative Agent unless requested by the Administrative Agent after an Event of Termination), (iv) (x) with respect to a Retail Receivable, all of the Borrower's rights, interests and claims to receive payment under the Contract(s) with respect to such Retail Receivable or (y) with respect to a POR Receivable, all of the Borrower's rights, interests and claims to receive payment from the applicable Utility under the Contract(s) with respect to such POR Receivable and, in each case,

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all guaranties, indemnities, insurance and other agreements (including under the related Contract), supporting obligations (as defined in the UCC), letters of credit or arrangements of whatever character from time to time, supporting or securing payment of such Pool Receivable or otherwise relating to such Pool Receivable, whether pursuant to the Contract related to such Receivable or otherwise, (v) all books and records (excluding the Contracts) relating to such Pool Receivable or any of the foregoing (it being understood that such books and records will be maintained by the Servicer), (vi) all of the Borrower's right, title and interest in and to the Receivables Sale Agreement, including (x) all monies due or to become due thereunder to the Borrower from any Originator and (y) all rights, remedies, powers, claims and privileges of the Borrower against any Originator thereunder or in connection therewith, and (vii) all proceeds of the foregoing; <u>provided</u> that, notwithstanding the foregoing, any of the foregoing for which an assignment from the applicable Originator to the Borrower or the granting of a security interest from Borrower to Administrative Agent would violate any law, regulation or agreement binding upon such Originator or the Borrower (but, in the case of any agreement, only to the extent no law or regulation exists which would render such anti-assignment provision unenforceable), shall not be deemed to be Related Security; and <u>provided</u>, <u>further</u>, that the applicable Originator and the Borrower shall not be required to notify the related Obligor or to record the assignment to the Administrative Agent of any Related Security unless requested by the Administrative Agent after an Event of Termination.

"<u>Release</u>" has the meaning specified in <u>Section 2.07(a)(viii)</u>.

"<u>Release Suspension Notice</u>" has the meaning specified in <u>Section 2.07(a)(viii)</u>.

"<u>Required LC Cash Collateral Amount</u>" means, with respect to all Letters of Credit then outstanding, (A) prior to the LC Cash Collateral Date, the sum of (i) any amount necessary to Cash Collateralize any outstanding Participation Advances and any Interest thereon in connection with a Defaulting Committed Lender's failure to fund its portion of Reimbursement Borrowings in respect of prior drawings on any such Letter of Credit, (ii) any amount necessary to Cash Collateralize the Lender Group Percentage of each Early Terminating Lender Group of the Stated Amount of each Letter of Credit, in an amount equal to each such Early Terminating Lender Group's ratable share (in accordance with such Lender Group's share of the Aggregate Exposure Amount) of the balance of such Collections (such ratable share to be determined on each Business Day, solely for the purposes of this <u>clause (ii)</u>, based upon the outstanding Aggregate Exposure Amount and the Lender Group Percentages with respect to the LC Undrawn Amount immediately preceding such Early Termination Date), (iii) the amount of any unpaid Borrowing Base Deficiency required to be held in the LC Collateral Account and (iv) the amount of fees accrued or to accrue on such Letters of Credit through the stated expiration thereof, including, without limitation, Used Fees, Fronting Fees and Other LC Fees; and (B) on or after the LC Cash Collateral Date, the sum of (i) the Stated Amount of all such Letters of Credit, (ii) any amount necessary to Cash Collateralize any outstanding Participation Advances and any Interest thereon in connection with a Defaulting Committed Lender's failure to fund its portion of Reimbursement Borrowings in respect of prior drawings on any such Letter of Credit, (iii) the amount of any unpaid Borrowing Base Deficiency required to be held in the LC Collateral Account and (iv) the amount of fees accrued or to accrue on such Letters of Credit through the stated expiration thereof, including, without limitation, Used Fees, Fronting Fees and Other LC Fees.

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"<u>Responsible Officer</u>" means, with respect to any Person, the chief executive officer, the president, any vice president, the chief financial officer or the treasurer of such Person, any other officer having substantially the same authority and responsibility.

"<u>Retail Receivable</u>" means any indebtedness and other obligations of any Obligor, whether constituting an account, chattel paper, instrument or general intangible, representing part or all of the sales price of the non-wholesale sale of goods and/or the rendering of services by or for energy provided by any Originator to such Obligor, and includes the obligation of the Obligor thereon to pay any finance charges, fees and other charges with respect thereto, including, without limitation, with respect to any Unbilled Receivables, 100% of the amount to be or thereafter invoiced to the Obligor.

"<u>Risk Retention Agreement</u>" means that certain EU Risk Retention Agreement dated as of the Amendment No. 4 Effective Date among NRG Energy, Inc., the Borrower, Administrative Agent and each Originator.

"<u>S&P</u>" means S&P Global Ratings, a Standard & Poor's Financial Services LLC business, or any successor.

"<u>Sanctioned Country</u>" means, at any time, a country or territory that is subject to comprehensive Sanctions, including the non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine.

"<u>Sanctioned Person</u>" means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person.

"<u>Sanctions</u>" means 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 the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, His Majesty's Treasury of the United Kingdom.

"<u>Santander Lender Group</u>" means the Banco Santander, S.A. Lender Group as defined on <u>Schedule I</u>.

"<u>Scheduled Termination Date</u>" means June 18, 2026, unless such date is extended with the consent of the parties hereto; provided, that if any Lender Group has agreed to an extension of the Scheduled Termination Date, then the Scheduled Termination Date shall be the date agreed to by the Borrower and such Lender(s) or LC Issuer(s) as the termination date for such extension; provided, further, that, for purposes of commitment to make Credit Extensions or to fund Reimbursement Borrowings hereunder, the "Scheduled Termination Date" for any Early Terminating Lender Group, shall be the applicable Early Termination Date.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Secured Parties</u>" means, collectively, the Lenders, each Facility Agent, each LC Issuer, the Administrative Agent and each other Indemnified Party.

"<u>Servicer</u>" means NRG Retail LLC, or such other Person(s) then authorized pursuant to <u>Section 6.01</u> to service, administer, bill and collect Pool Receivables.

"<u>Servicer Default</u>" means the occurrence of any of the following with respect to the Servicer:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Servicer shall fail to make any payment or deposit required to be made by it hereunder or under any other Facility Document to the Borrower, the Administrative Agent or any Secured Party when due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Servicer shall fail to deliver the Monthly Report on or prior to the second Business Day after the Monthly Reporting Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the Servicer shall breach any term, covenant or agreement contained in this Agreement or any other Facility Document on its part to be performed or observed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any representation or warranty made or deemed to be made by the Servicer under this Agreement, any other Facility Document, any Monthly Report, any Borrowing Request, and Borrowing Base Certificate or any Letter of Credit Request or other written information or report delivered pursuant hereto shall, after expiration of any applicable cure period, prove to have been false or incorrect in any material respect when made or deemed made or delivered (or any representation or warranty qualified by materiality shall prove to have been false or incorrect); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;an Event of Bankruptcy shall have occurred with respect to the Servicer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;a Material Adverse Effect with respect to the Servicer.

"<u>Servicer Fee</u>" means a fee with respect to each Calculation Period, payable in arrears on each Interest and Fee Payment Date for the account of the Servicer, in an amount equal to the product of (i) the aggregate Outstanding Balances of all Pool Receivables as of the last day of such Calculation Period, (ii) the Servicer Fee Rate and (iii) a fraction equal to the number of actual days elapsed in such Calculation Period divided by 360, or such other amount agreed to between the Servicer (including a successor servicer) and the Facility Agents.

"<u>Servicer Fee Rate</u>" means a rate per annum equal to one point seventy-five percent (1.75%).

"<u>Servicer Fee Reserve Amount</u>" means, at any time, an amount equal to the product of (i) the Servicer Fee Reserve Percentage at such time and (ii) the Net Receivables Balance at such time.

"<u>Servicer Fee Reserve Percentage</u>" means, at any time, the product of (i) the Servicer Fee Rate, (ii) 1.5, (iii) a percentage expressed as a fraction, the numerator of which is the highest Days' Sales Outstanding for the prior twelve (12) Calculation Periods, and the denominator of which is 360.

"<u>Settlement Date</u>" means, the Business Day immediately following the Monthly Reporting Date.

"<u>Specified Matter</u>" means this Agreement, any other Facility Document, the ownership, maintenance or financing of any portion of the Aggregate Exposure Amount, the Pool Receivables, the payment of any amount due thereunder, or any obligation to advance or otherwise remit funds hereunder or to or for the benefit of a Lender under a Liquidity Agreement or other Program Support Agreement.

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"<u>Stated Amount</u>" means, with respect to any Letter of Credit at any time, the maximum amount that remains available to be drawn thereunder in accordance with its terms at such time.

"<u>Stress Factor</u>" means 2.25.

"<u>Sub-Servicer</u>" has the meaning set forth in <u>Section 6.01(d)</u>.

"<u>Subordinated Note</u>" means the Subordinated Note specified in Section 3.1 of the Receivables Sale Agreement.

"<u>Subsidiary</u>" means, as to any Person, (i) any corporation, association or other business entity of which more than 50% of the total voting power of shares of capital stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders' agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and (ii) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

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

"<u>Termination Date</u>" means the earliest to occur of: (i) the Scheduled Termination Date, (ii) the declaration or automatic occurrence of the Termination Date pursuant to <u>Section 7.01</u>, and (iii) in the case of any Early Terminating Lender Group, the applicable Early Termination Date.

"<u>Total Reserve Amount</u>" means, at any time, the sum of (i) the Loss Reserve Amount, (ii) the Dilution Reserve Amount, (iii) the Carrying Cost Reserve Amount and (iv) the Servicer Fee Reserve Amount. Notwithstanding the foregoing, Receivables for which the Obligor is not an Eligible Obligor will not be included for purposes of this calculation.

"<u>Transaction Parties</u>" means, collectively, the Borrower, each Originator, the Performance Guarantor and, so long as it is NRG Retail LLC or an Affiliate thereof, the Servicer.

"<u>Truist Lender Group</u>" means the Truist Bank Lender Group as defined on <u>Schedule I</u>.

"<u>UCC</u>" means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

"<u>U.S. Person</u>" means any Person that is a "United States Person" as defined in Section 7701(a)(30) of the Code.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning set forth in <u>Section 2.14(b)(ii)(C)</u>.

"<u>Unbilled 31-60 Day Excess Concentration Amount</u>" means, at any time, the amount by which (a) the aggregate Outstanding Balance of all Eligible Receivables which are Unbilled Receivables that have remained unbilled for more than thirty (30) consecutive calendar days after the earlier of (i) the end of the calendar month during which the related goods were sold or the services were performed and (ii) the date on which the obligation or agreement of the related Originator to sell goods or provide services to the related Obligor is terminated exceeds (b) the product of (i) 5.0% and (ii) the aggregate Outstanding Balance of all Eligible Receivables.

"<u>Unbilled Receivable</u>" means a Pool Receivable that is a Retail Receivable as to which all services have been rendered in full and/or all goods have been delivered to the Obligor and is accounted for on the applicable Originator's books and records as unbilled revenue in accordance

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with its current financial accounting practices but for which, at the time of determination, an invoice or any other evidence of the obligation of such Obligor thereunder has not been duly submitted to such Obligor for payment of the amount thereof. Notwithstanding the foregoing, the Outstanding Balance of all Unbilled Receivables for Obligors that are not Eligible Obligors for any Calculation Period will be deemed to be an amount agreed upon by the Borrower and the Committed Lenders in writing (which may be by email).

"<u>Unbilled Receivables Excess Concentration Amount</u>" means, at any time, the amount by which the aggregate Outstanding Balance of all Unbilled Receivables that are Eligible Receivables exceeds the product of (a) (i) if the Performance Guarantor has (x) a long-term local issuer credit rating of at least B from S&P and (y) a long-term corporate family rating of at least B2 from Moody's, 60.0% or (ii) if Performance Guarantor has (x) a long-term local issuer credit rating of B- or less (or no long-term local issuer credit rating) by S&P or (y) a long-term corporate family rating of B3 or less (or no long-term local issuer credit rating) from Moody's, 35.0% and (b) the aggregate Outstanding Balance of all Eligible Receivables.

"<u>Unused Fee</u>" has the meaning specified in the Fee Letter.

"<u>Used Fee</u>" has the meaning specified in the Fee Letter.

"<u>Utility</u>" means an electric and/or gas utility (or affiliated captive finance company).

"<u>Volcker Rule</u>" has the meaning set forth in <u>Section 4.01(q)</u>.

"<u>Weighted Average Term Factor</u>" means the greater of (i) 1.0 and (ii) the weighted average payment terms (as agreed upon by the Administrative Agent and the Borrower) plus 90 divided by 120.

"<u>Write-Down and Conversion Powers</u>" means, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Other Terms and Constructions</u>. Under this Agreement, all accounting terms not specifically defined herein shall be construed in accordance with GAAP as in effect in the United States, and all accounting determinations made and all financial statements prepared hereunder shall be made and prepared in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. The words "herein," "hereof," and "hereunder" and other words of similar import refer to this Agreement as a whole, including the exhibits and schedules hereto, as the same may from time to time be amended or supplemented and not to any particular section, subsection, or clause contained in this Agreement, and all references to Sections, Exhibits and Schedules shall mean, unless the context clearly indicates otherwise, the Sections hereof and the Exhibits and Schedules attached hereto, the terms of which Exhibits and Schedules are hereby incorporated into this Agreement. The captions and section numbers appearing in this Agreement are inserted only as a matter of convenience and do not define, limit, construe or describe the scope or intent of the provisions of this Agreement. Each of the definitions set forth in <u>Section 1.01</u> hereof shall be equally applicable to both the singular and plural forms of the defined terms. Unless specifically stated otherwise, all references herein to any agreements, documents or

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instruments shall be references to the same as amended, restated, supplemented or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Computation of Time Periods</u>. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each means "to but excluding."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Letter of Credit Amounts</u>. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the amount of such Letter of Credit available to be drawn at such time; <u>provided</u> that with respect to any Letter of Credit that, by its terms, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such time.

Section 3.<br>THE COMMITMENTS AND CREDIT EXTENSIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>The Loan Facility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On the terms and subject to the conditions hereof, on the Effective Date, and thereafter from time to time prior to the Termination Date, the Borrower may request that the Lenders make loans (each a "<u>Loan</u>") or that the LC Issuers issue, extend or modify one or more Letters of Credit for the benefit of the Borrower or its designee (an "<u>LC Credit Extension</u>"), in each case, subject to the terms herein. The terms and conditions of the LC Credit Extensions are set forth in <u>Section 2.04</u>. Subject to the terms and conditions set forth herein, each Conduit Lender may in its sole discretion, and each Committed Lender shall, only if each Conduit Lender in its Lender Group elects not to (and has notified the Borrower, the Servicer, the Administrative Agent and the related Facility Agent) or there is no Conduit Lender in a Lender Group, make such Lender Group's share of the Loans to the Borrower in an amount, for each Lender Group, equal to its Lender Group Percentage of the amount requested by the Borrower pursuant to <u>Section 2.02</u>; <u>provided</u> that no Lender shall make any such Loan if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Aggregate Exposure Amount shall exceed the Facility Limit at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the aggregate Exposure Amount of the Lenders in any Lender Group would exceed such Lender Group's Lender Group Limit at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the aggregate Exposure Amount of any Committed Lender would exceed its Commitment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Aggregate Exposure Amount shall exceed the Borrowing Base.

(b)Each Borrowing shall be in a minimum principal amount equal to $1,000,000 and in integral multiples of $100,000 in excess thereof for each Lender Group party hereto. Subject to the foregoing and to the limitations set forth in <u>Section 2.05</u>, the Borrower may borrow, prepay and reborrow the Loans hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Rebalancing of Lender Group Percentages</u>. On each Settlement Date on which the Lender Group Percentages of any Lender Groups change in connection with the start of a new Period as set forth on <u>Schedule I</u>, the Borrower shall be deemed to have requested a non-ratable reduction of the Principal Balance of the Loans owing to each Assigning Lender Group and a non-ratable Loan from each Assignee Lender Group, in amounts with respect to each Assigning Lender Group and Assignee Lender Group, as applicable, such that, after giving effect to such reductions and Loans, the outstanding aggregate Principal Balance of the Loans owing to each Lender Group shall be equal to such Lender Group's Lender Group Percentage (after giving effect to the adjustments set forth on <u>Schedule I</u> of this Agreement, as applicable) times the Aggregate Principal Balance. For administrative convenience, the Borrower may instruct Assignee Lender Groups to fund the foregoing Loans by paying the proceeds thereof directly to the Assigning Lender Groups as the foregoing reduction in the Principal Balance owing to the Assigning Lending Groups on the Borrower's behalf and such Assignee Lender Groups shall fund such rebalancing Loans to the Assigning Lender Groups regardless of whether the conditions precedent to a Loan set forth in <u>Section 3.02</u> or otherwise in this Agreement are satisfied. For purposes of this paragraph the following terms shall have the following meanings:

"<u>Assignee Lender Group</u>" means a Lender Group for which the Lender Group Percentage of such Lender Group (after giving effect to such adjustments occurring on such Settlement Date, as applicable) *times* the Aggregate Principal Balance exceeds the outstanding Principal Balance of the Loans owing to such Lender Group at such time.

"<u>Assigning Lender Group</u>" means a Lender Group for which the Lender Group Percentage of such Lender Group (after giving effect to such adjustments occurring on such Settlement Date, as applicable) *times* the Aggregate Principal Balance is less than the outstanding Principal Balance of the Loans owing to such Lender Group at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Permanent Reduction of the Facility Limit</u>. The Borrower may, from time to time upon at least fifteen (15) calendar days' prior written notice to each Facility Agent, elect to reduce the Facility Limit in whole or in part (a "<u>Non-Seasonal Reduction</u>"), <u>provided</u> that (x) any such Non-Seasonal Reduction shall be in a minimum amount of $5,000,000 and in integral multiples of $1,000,000 in excess thereof, (y) any such Non-Seasonal Reduction shall not decrease the Facility Limit to an amount that is less than $500,000,000 and (z) after giving effect to any such Non-Seasonal Reduction and any principal payments on such date, the Aggregate Exposure Amount shall not exceed the Facility Limit. Each Non-Seasonal Reduction shall reduce each Lender Group Limit hereunder ratably in accordance with their respective Lender Group Percentages. Following any Non-Seasonal Reduction, (x) the Facility Limit shall be reduced in accordance with Schedule I for any subsequent Period for which the

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Commitments are to be reduced as set forth in Schedule I and (y) the Facility Limit shall not be increased in any subsequent Period, notwithstanding that Schedule I sets forth an increase in Commitments for such Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Committed Lender's Commitment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If a Conduit Lender chooses not to fund a Loan or a Reimbursement Borrowing under <u>Section 2.04</u>, its ratable share of the Loan or the Reimbursement Borrowing (in accordance with its Lender Group Percentage) shall be funded by the related Committed Lenders in its Lender Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The obligations of any Committed Lender to make Loans and fund Reimbursement Obligations hereunder are several from the obligations of any other Committed Lenders. The failure of any Committed Lender to make Loans or to fund Reimbursement Borrowings hereunder shall not release the obligations of any other Committed Lender to make Loans or to fund Reimbursement Borrowings hereunder, but no Committed Lender shall be responsible for the failure of any other Committed Lender to make any Loan or to fund a Reimbursement Borrowing hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Borrowing Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Borrowing Requests</u>. The Borrower shall request a Borrowing hereunder by submitting to the Administrative Agent and each Facility Agent a written notice, substantially in the form of <u>Exhibit A</u> (each, a "<u>Borrowing Request</u>") by 12 noon (New York City time) at least one (1) Business Day prior to the date of the proposed Borrowing (each, a "<u>Borrowing Date</u>"), which Borrowing Request shall: (A) specify (1) the amount of the requested Borrowing and the allocation of such amount among the Lender Groups (which shall be proportional in accordance with the Lender Group Percentages of each Lender Group), (2) the Aggregate Principal Balance after giving effect to such Borrowing, (3) the Aggregate Exposure Amount after giving effect to such Borrowing, (4) the desired Borrowing Date, and (5) the account of the Borrower to which the proceeds of such Borrowing are to be remitted and (B) certify that, after giving effect to the proposed Borrowing, no Borrowing Base Deficiency shall exist and including a Borrowing Base Certificate containing a pro forma calculation demonstrating the lack of a Borrowing Base Deficiency after giving effect to such Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Disbursement of Funds</u>. On each Borrowing Date, each applicable Lender shall, upon satisfaction of the applicable conditions precedent set forth in <u>Section 3.02</u>, make available to the Borrower in same day funds, at the account designated in writing by the Borrower to the Administrative Agent and each Facility Agent, an amount equal to the portion of the Loan to be funded by such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Borrowing Base Computation; Selection and Allocation of Interest Rates</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Borrowing Base Computation.</u> The Borrowing Base shall be initially computed on the date of the Initial Credit Extension hereunder. Thereafter, until the Termination Date, (i) the Servicer shall deliver a certificate in the form set forth on <u>Exhibit D</u> hereto (each such certificate, a "<u>Borrowing Base Certificate</u>") to the email addresses specified for such certificate on <u>Schedule II</u> setting forth a calculation of the Borrowing Base (A) on or before the second Business Day following each Monthly Reporting Date, (B) within two (2) Business Days after a request therefor has been delivered to the Servicer at the email address specified for such requests on <u>Schedule II</u> by the Administrative Agent or any Facility Agent (it being understood that any request by a Facility Agent shall be directed through the Administrative Agent) and (C) in connection with each Credit Extension hereunder and (ii) the Borrowing Base shall be automatically deemed recomputed on each other Business Day prior to the Termination Date, it being understood that the Servicer shall not be required to provide reports or evidence of such automatic computation but shall only be required to deliver computations of the Borrowing Base as provided above in this Section and in <u>Section 3.02</u>, and further understood that a deemed recomputation of the Borrowing Base shall not give rise to any Advance Suspension Event, Event of Termination or Potential Event of Termination hereunder or under any Facility Document. With respect to each calculation of the Borrowing Base, the Total Reserve Amount used in such calculation shall be measured using the information reported in the most recent Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Allocation of Interest Rates</u>. Subject to the requirements set forth in this Agreement, the Administrative Agent and the Facility Agents shall from time to time, only for purposes of computing Interest with respect to each Lender, account for such Lender's portion of the Aggregate Principal Balance in terms of one or more portions (or tranches), and the applicable Interest Rate may be different for each portion of such Aggregate Principal Balance. Each Lender's Loans shall be allocated to each portion of the Aggregate Principal Balance by the Administrative Agent or the applicable Facility Agent to reflect the funding sources for each such portion of such Loan, so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)there will be an Interest Rate for the portion of Aggregate Principal Balance funded or maintained through the issuance of Commercial Paper Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)there will be an Interest Rate for the portion of Aggregate Principal Balance not funded or maintained through the issuance of Commercial Paper Notes (including by outstanding Liquidity Advances or by funding under any Program Support Agreement);

<u>provided</u>, that, notwithstanding the foregoing, following an Event of Termination, all portions of the Aggregate Principal Balance funded or maintained hereunder shall accrue at the Default Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Letter of Credit Subfacility</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Generally</u>. Subject to the terms and conditions set forth herein, the LC Issuers shall make LC Credit Extensions requested by the Borrower from time to time; <u>provided</u>, that no LC Credit Extension shall be made if, after giving effect to such LC Credit Extension (i) a Borrowing Base Deficiency would exist, (ii) the LC Obligations would exceed the LC Sublimit as of the date of issuance of a Letter of Credit or (iii) the portion of the LC Obligations attributable to Letters of Credit issued by any LC Issuer would exceed its LC Commitment as of the date of issuance of a Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Letter of Credit Requests</u>. To request an LC Credit Extension from an LC Issuer, the Borrower shall deliver a written request therefor, substantially in the form of <u>Exhibit B</u> hereto (each such request, a "<u>Letter of Credit Request</u>") to Administrative Agent and the related Facility Agent of the applicable LC Issuer not later than 12 noon (New York City time) on the date that is at least three (3) Business Days prior to the requested Issuance Date or the Modification Date of such Letter of Credit and include a Borrowing Base Certificate containing a pro forma calculation demonstrating the lack of a Borrowing Base Deficiency after giving effect to such LC Credit Extension. Such Letter of Credit Request shall, unless otherwise agreed by the applicable LC Issuer, be irrevocable and shall specify the face amount of the requested Letter of Credit, the account party (which shall be an Originator or an Affiliate thereof) and beneficiary for the requested Letter of Credit, the requested expiration date of such Letter of Credit and the requested Issuance Date or Modification Date, as applicable, thereof; <u>provided</u>, that each Letter of Credit issued hereunder shall have a face amount of not less than $1,000,000; <u>provided</u>, <u>further</u>, that no LC Issuer shall have any obligation to issue, modify or extend a Letter of Credit if any Committed Lender is at that time a Defaulting Committed Lender, unless such LC Issuer is satisfied that the actual fronting exposure with respect to the Defaulting Committed Lender's related Lender Group Percentage of any LC Obligations in respect of issued Letters of Credit or any potential fronting exposure arising from the Letter of Credit then proposed to be issued will be entirely covered by Cash Collateral (or other satisfactory arrangements with respect thereto in the sole discretion of such LC Issuer shall have been made) provided to such LC Issuer in accordance with this Agreement. Each LC Credit Extension by an LC Issuer of any Letter of Credit shall be, in addition to the conditions precedent set forth in <u>Article III</u>, subject to the conditions precedent that (1) the LC Cash Collateral Date shall not have occurred, (2) the form of such Letter of Credit shall be reasonably acceptable to such LC Issuer, (3) such Letter of Credit shall not be issued to a Sanctioned Person or for the benefit of, or to make funds available to, any Person to fund, finance or facilitate any activities or business of or with any Person that is, at the time of such funding, a Sanctioned Person or in any country or territory that is at the time of such funding a Sanctioned Country or in any other manner that would result in a violation of Sanctions or any other applicable Law by any Person (including such LC Issuer or any other Secured Party), (4) the Borrower (and, to the extent required by the applicable LC Issuer, the applicable Originator or such Affiliate thereof which is to be the "Account Party" with respect thereto) shall have executed and delivered such application agreement and/or such other documentation, information, instruments and agreements relating to such Letter of Credit as the applicable LC Issuer shall have reasonably requested, including all

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applicable "know your customer" and anti-money laundering rules and regulations, including the PATRIOT Act (collectively, "<u>Letter of Credit Application</u>"), and (5) the Borrower shall have paid, prior to the issuance, amendment, modification or extension thereof, to the applicable LC Issuer, any accrued and unpaid Fronting Fees then owing to such LC Issuer and any Other LC Fees due and owing with respect to such Letter of Credit. Each Letter of Credit issued or modified in connection with an LC Credit Extension or otherwise shall comply with the provisions of <u>Section 2.04</u> and the related Letter of Credit Application. The Borrower shall have the right to give instructions and make agreements with respect to any Letter of Credit Application and the disposition of documents, and to agree with Administrative Agent, the applicable Facility Agent and the applicable LC Issuer upon any amendment or extension of any Letter of Credit. In no event shall an LC Issuer be obligated to issue a modification in respect of a Letter of Credit if, on the proposed Modification Date, the applicable LC Issuer would not be obligated to issue new Letters of Credit under the terms hereof if requested or if the beneficiary does not consent to the proposed terms of the modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>LC Credit Extensions</u>. The related Facility Agent for an LC Issuer shall promptly notify such LC Issuer and Lenders in its Lender Group of the request by the Borrower for an LC Credit Extension hereunder, and shall provide the related LC Issuer with the applicable Letter of Credit Application delivered to Administrative Agent and the applicable Facility Agent by the Borrower pursuant to <u>clause (b)</u> above, by the close of business on the day received or if received on a day that is not a Business Day or on any Business Day after 2:00 p.m. (New York City time) on such day, on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Participation Commitment</u>. Immediately upon the issuance of each Letter of Credit by an LC Issuer (or an amendment to a Letter of Credit increasing the Stated Amount thereof), the Committed Lenders of each Lender Group shall be deemed to, and hereby irrevocably and unconditionally agree to, purchase from such LC Issuer, a participation in such Letter of Credit (as it may be so amended) and each drawing thereunder in an amount equal to their respective Lender Group Percentages of the Stated Amount of such Letter of Credit and the amount of such drawing, respectively. Such participations in such LC Credit Extensions by each Committed Lender shall constitute an agreement by such Committed Lender to make a Loan under <u>Section 2.02</u> only in the event that (i) the related Letter of Credit is subsequently drawn upon and (ii) the Conduit Lenders in its Lender Group do not fund the Lender Group Percentage of a Reimbursement Borrowing in connection with such draw. In the event any Letter of Credit expires or is surrendered to the applicable LC Issuer in accordance with its terms without being drawn (in whole or in part) then, in such event, the foregoing obligation of the Committed Lenders to make such Loan in respect of such Letter of Credit shall expire to the extent of the face amount thereof which has expired or been so surrendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Issuance of Letters of Credi</u>t. (i) Each Letter of Credit shall, among other things, (A) provide for the payment of sight drafts or other written demands for payment when presented for honor thereunder in accordance with the terms thereof and when accompanied by the documents described therein, (B) expire at or prior to the close of business on the date that is one year after the Issuance Date or the Modification Date (if such Letter of Credit has been amended or extended); <u>provided</u>, <u>however</u>, that in

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accordance with clause (ii) of this subsection (e), a Letter of Credit may provide for the automatic extension thereof for additional periods which shall not extend beyond the date that is one year after its then current expiration date; <u>provided</u>, <u>further</u>, that no Letter of Credit may be extended (automatically or otherwise) on or after the LC Cash Collateral Date, and (C) be in form and substance reasonably acceptable to the applicable LC Issuer in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the Borrower so requests in any applicable Letter of Credit Request or Letter of Credit Application, each LC Issuer may, in its sole discretion, issue a Letter of Credit that has automatic extension provisions (each, an "<u>Auto-Extension Letter of Credi</u>t"); <u>provided</u> that any such Auto-Extension Letter of Credit must permit the LC Issuer which issued such Letter of Credit to prevent any such extension at least once in each twelve-month period (commencing with the Issuance Date of such Letter of Credit) by giving prior notice to the beneficiary thereof and the Borrower not later than the Business Day prior to the then-current LC Cash Collateral Date (the "<u>Non-Extension Notice Date</u>"). Unless otherwise directed by an LC Issuer, the Borrower shall not be required to make a specific request to the applicable LC Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the LC Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than one year after the earlier of (x) its then current expiration date and (y) the day before the LC Cash Collateral Date; <u>provided</u>, <u>however</u>, that no LC Issuer shall permit any such extension if (A) such LC Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof, or (B) it has received written notice on or before the day that is five (5) Business Days before the Non-Extension Notice Date from the Administrative Agent, any Lender or any Transaction Party that one or more of the applicable conditions specified in <u>Section 3.02</u> is not then satisfied and directing such LC Issuer not to permit such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Each LC Issuer may, at its election, or as directed in writing by the Administrative Agent or any Facility Agent (with a copy to the Administrative Agent), deliver any notices of termination or other communications to any Letter of Credit beneficiary, and take any other action as necessary or appropriate, at any time and from time to time, in order to cause the expiry date of any Auto-Extension Letter of Credit issued by such LC Issuer to be a date not later than one year after the earlier of (x) its then current expiration date and (y) the day before the LC Cash Collateral Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The Borrower hereby authorizes and directs each LC Issuer to name any Originator or any Affiliate of any Originator as designated by an Originator pursuant to the Receivables Sale Agreement and specified to the applicable LC Issuer in the Letter of Credit Request as the "Account Party" of each Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Letter of Credit Participations; Disbursements, Reimbursement</u>. (i) In the event of any request for a drawing under a Letter of Credit issued by an LC Issuer by the beneficiary thereof, the applicable LC Issuer will promptly notify Administrative Agent, each Facility Agent, the Servicer and the Borrower of such request (the date of such notice, if such notice is delivered prior to 2:00 p.m. (New York City time) or the following Business Day, if such notice is delivered after such time, the "<u>Drawing Date</u>"). Unless (A) the Borrower has notified the LC Issuer, the Administrative Agent and the Facility Agents that it has deposited an amount equal to the Reimbursement Obligations

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with respect to such drawing in the LC Collateral Account (and the Administrative Agent has confirmed receipt of such funds) or (B) the LC Issuer notifies the Administrative Agent and the Facility Agents that the Borrower has otherwise settled such Reimbursement Obligations to the satisfaction of the LC Issuer, upon the delivery of such notice, the Borrower shall be deemed to have requested that a Loan be made ratably by the Lender Groups on such date with respect to such Letter of Credit in accordance with <u>Section 2.02</u> (the funding of such Loan, a "<u>Reimbursement Borrowing</u>"). Any notice given pursuant to this <u>Section 2.04(f)</u> will be in writing, or may be oral if immediately confirmed in writing by the party giving such notice (or by the Administrative Agent on its behalf following delivery of written confirmation to the Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If a Reimbursement Borrowing has been requested (or deemed requested) pursuant to <u>clause (i)</u> above, the Conduit Lenders may, each at their option, and the related Committed Lenders shall if such Conduit Lenders decline to, make available to the applicable LC Issuer an amount in immediately available funds equal to the related Lender Group Percentage of the amount of such Reimbursement Borrowing. If any Committed Lender so notified fails to (and its related Conduit Lender(s) have elected not to) make available to such LC Issuer the amount of such Lender Group's Lender Group Percentage of the Reimbursement Borrowing on the Drawing Date, the LC Issuer shall be deemed to have made a Participation Advance with respect to such amount, and interest shall accrue on such Participation Advance, from such date to the date on which such LC Issuer is reimbursed at a rate per annum equal to the Base Rate. From and after the Drawing Date on which the Defaulting Committed Lender failed to fund its Lender Group Percentage of the Reimbursement Borrowing, any payment of principal, Interest or other amounts received by the Administrative Agent or the Facility Agent of such Defaulting Committed Lender from the Borrower or the Servicer for the account of any Lender in the Lender Group of such Defaulting Committed Lender, shall be applied, on a pro rata basis, to the repayment of all outstanding Participation Advances that were deemed to have been made in connection with such Defaulting Committed Lender's failure to fund its portion of Reimbursement Borrowings, together with all Interest that has accrued on such outstanding Participation Advances in accordance with this <u>subclause (ii)</u>. Each LC Issuer will promptly give notice of the occurrence of a draw on a Letter of Credit affecting it, but failure of an LC Issuer to give any such notice upon such drawing to enable any related Committed Lender to effect such payment on such date shall not relieve any Committed Lender from its obligation under this <u>subclause (ii)</u>, <u>provided</u> that such Committed Lender shall not be obligated to pay interest as provided in this <u>subclause (ii)</u> until and commencing from the Drawing Date. Each Committed Lender's obligation under this <u>Section 2.04</u> shall continue until the occurrence of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Repayment of Letter of Credit Participation Advances</u>. (i) Upon (and only upon) receipt by an LC Issuer for its account of immediately available funds from the Borrower (A) in reimbursement of any payment made by such LC Issuer under a Letter of Credit with respect to which any Lender has made a payment pursuant to <u>clause (f)</u> above, or (B) in payment of Interest on the Loans made or deemed to have been made

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in connection with any such draw, the applicable LC Issuer will pay to the applicable Facility Agents, ratably (based on the outstanding drawn amounts funded by each such Lender Group in respect of such Letter of Credit), in the same funds as those received by such LC Issuer; <u>it being understood</u> that such LC Issuer shall retain the ratable amount of such funds that were not the subject of any payment in respect of such Letter of Credit by any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If an LC Issuer is required at any time to return to the Borrower, or to a trustee, receiver, liquidator, custodian, or any official in any insolvency proceeding, any portion of the payments made by the Borrower to such LC Issuer pursuant to this Agreement or any Letter of Credit issued by it in reimbursement of a payment made under any such Letter of Credit or interest or fee thereon or with respect thereto, each Facility Agent (on behalf of the Committed Lenders in its Lender Group) shall, on demand of such LC Issuer, instruct the Committed Lenders in its Lender Group to return, and such Committed Lenders shall return, to such LC Issuer the amount of its Lender Group Percentage of any amounts so returned by such LC Issuer plus interest at the Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Documentation</u>. The Borrower agrees to be bound by the terms of the applicable Letter of Credit Application and by the applicable LC Issuer's interpretations of any Letter of Credit it issues and by such LC Issuer's written regulations and customary practices relating to Letters of Credit, though the terms of each Letter of Credit Application, each applicable LC Issuer's interpretation of its Letters of Credit and each LC Issuer's regulations and practices may be different from the Borrower's own and from that of another LC Issuer. In the event of a conflict or inconsistency between a Letter of Credit Application and this Agreement, this Agreement shall control. It is understood and agreed that, except in the case of gross negligence or willful misconduct by an LC Issuer, as determined by a final non-applicable judgment of a Court of competent jurisdiction, such LC Issuer shall not be liable for any error, breach, negligence and/or mistakes, whether of omission or commission, in following the Borrower's instructions or those contained in the Letters of Credit issued by it or any modifications, amendments or supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Determination to Honor Drawing Request</u>. In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary thereof, each LC Issuer shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit and that any other drawing condition appearing on the face of such Letter of Credit has been satisfied in the manner so set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Nature of Participation and Reimbursement Obligations</u>. Each Committed Lender's obligation in accordance with this Agreement to fund Reimbursement Borrowings as a result of a drawing under a Letter of Credit issued by the LC Issuer under this <u>Section 2.04</u> that the Conduit Lender(s) in its Lender Group do not fund, and the Reimbursement Obligations of the Borrower with respect to any draw under a Letter of Credit, shall be absolute, unconditional and irrevocable, shall not be subject to any defenses whatsoever (other than, in the case of the Committed Lenders, the

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occurrence of the Scheduled Termination Date or the failure of the LC Credit Extension to satisfy the terms and conditions of <u>Section 2.04(a)</u>), and shall be performed strictly in accordance with the terms of this <u>Section 2.04</u> under all circumstances, including each of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)any set-off, counterclaim, recoupment, defense or other right which such Committed Lender may have against an LC Issuer, any Conduit Lender, another Committed Lender, any Facility Agent, the Administrative Agent, the Borrower, the Servicer, any Originator, the Performance Guarantor or any other Person for any reason whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the failure of the Borrower or any other Person to comply with the conditions set forth in this Agreement for the making of Loans, requests for Letters of Credit or otherwise, it being acknowledged that such conditions are not required for the making of Reimbursement Borrowings hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)any lack of validity or enforceability of any Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)any claim of breach of warranty that might be made by the Borrower, the Servicer, any Originator, the Performance Guarantor, the Administrative Agent, any LC Issuer, any Facility Agent, any Lender or any other Person against the beneficiary of a Letter of Credit, or the existence of any claim, set-off, defense or other right which the Borrower, the Servicer, any Originator, the Performance Guarantor, the Administrative Agent, any LC Issuer, any Facility Agent, any Lender or any other Person may have at any time against a beneficiary, any successor beneficiary or any transferee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee may be acting), any LC Issuer, any Conduit Lender, any Committed Lender, any Facility Agent, the Administrative Agent or any other Person, whether in connection with this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between the Servicer, any Originator, the Performance Guarantor, the Borrower or any of their respective Affiliates and the beneficiary for which any Letter of Credit was procured);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)the lack of power or authority of any signer of, or lack of validity, sufficiency, accuracy, enforceability or genuineness of, any draft, demand, instrument, certificate or other document presented under any Letter of Credit, or any such draft, demand, instrument, certificate or other document proving to be forged, fraudulent, invalid, defective or insufficient in any respect or any statement therein being untrue or inaccurate in any respect, even if another LC Issuer, the Administrative Agent, a Facility Agent or a Lender has been notified thereof; <u>provided</u>, that the foregoing shall not be construed to excuse any LC Issuer from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such LC Issuer's failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof; <u>provided</u>, <u>further</u>, that, in the absence of gross negligence or willful misconduct on the part of the applicable LC Issuer (as

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finally determined by a court of competent jurisdiction), such LC Issuer shall be deemed to have exercised care in each such determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)payment by an LC Issuer under a Letter of Credit issued by it against presentation of a demand, draft or certificate or other document which does not comply with the terms of such Letter of Credit other than as a result of the gross negligence or willful misconduct of such LC Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)the solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic of any property or services relating to a Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)any failure by an LC Issuer or any of an LC Issuer's Affiliates to issue any Letter of Credit in the form requested by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)any Material Adverse Effect with respect to the Borrower, the Servicer, the Performance Guarantor, any Originator or any of their respective Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)any breach of this Agreement or any other Facility Document by any party thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)the occurrence and/or continuance of an Advance Suspension Event, an Event of Termination or a Potential Event of Termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)the fact that this Agreement or the obligations of the Borrower or the Servicer hereunder shall have been terminated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)any other circumstance or happening whatsoever, whether or not similar to any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Fronting Fees; Other LC Fees</u>. With respect to each Letter of Credit, the Borrower shall pay to the applicable LC Issuer all fronting fees or similar fees with respect to such Letter of Credit in the amount and otherwise in accordance with the terms agreed in writing between the Borrower and such LC Issuer (the "<u>Fronting Fees</u>"). The Borrower shall pay all Fronting Fees accrued through and including the last day of each calendar month, as reflected in an invoice delivered to the Borrower in accordance with <u>Section 2.05(a)</u>, in arrears, on the Interest and Fee Payment Date immediately succeeding the end of such calendar month. The Borrower shall pay to each LC Issuer, in addition to all other amounts due hereunder, all customary expenses incurred by each LC Issuer in connection with each Letter of Credit issued by it or the maintenance thereof and its customary drawing, amendment, extension, processing, transfer and other applicable customary fees (collectively, "<u>Other LC Fees</u>"). The Borrower shall pay all Other LC Fees on demand or as otherwise agreed between the Borrower and such LC Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Liability for Acts and Omissions</u>. (i) As between the Borrower, on the one hand, and each LC Issuer and each other Indemnified Party, on the other, the Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the respective foregoing, no Indemnified Party shall be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid,

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insufficient, inaccurate, fraudulent or forged (even if such LC Issuer or such other Indemnified Party shall have been notified thereof); <u>provided</u>, that the foregoing shall not be construed to excuse any LC Issuer from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such LC Issuer's failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof; <u>provided</u>, <u>further</u>, that, in the absence of gross negligence or willful misconduct on the part of the applicable LC Issuer (as finally determined by a court of competent jurisdiction), such LC Issuer shall be deemed to have exercised care in each such determination; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any such Letter of Credit, or any other party to which such Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon such Letter of Credit or any other claim of the Borrower against any beneficiary of such Letter of Credit, or any such transferee, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any such transferee; (D) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of such Indemnified Party, and none of the above shall affect or impair, or prevent the vesting of, any LC Issuer's or any other Indemnified Party's rights or powers hereunder. In no event shall any of such LC Issuer or other Indemnified Party be liable to the Borrower or any other Person for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including attorneys' fees), or for any damages resulting from any change in the value of any property relating to a Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Without limiting the generality of the foregoing, each LC Issuer (A) may rely on any written communication believed in good faith by such Person to have been authorized or given by or on behalf of the applicant for a Letter of Credit; (B) may honor any presentation if the documents presented appear on their face to comply with the terms and conditions of the relevant Letter of Credit; (C) may honor a previously dishonored presentation under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or compromise any claim of wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together with any interest paid by an LC

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Issuer or its Affiliates; (D) may honor any drawing that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document is being delivered separately), and shall not be liable for any failure of any such draft or other document to arrive, or to conform in any way with the relevant Letter of Credit; and (E) may pay any paying or negotiating bank claiming that it rightfully honored under the laws or practices of the place where such bank is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In furtherance and extension and not in limitation of the specific provisions set forth above, any action taken or omitted by an LC Issuer under or in connection with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted in good faith and without gross negligence or willful misconduct, as determined by a final non-appealable judgment of a court of competent jurisdiction, shall not put such LC Issuer under any resulting liability to the Borrower, the Servicer, the Performance Guarantor, any Originator, any Lender, any Facility Agent, the Administrative Agent or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Termination of Letters of Credit</u>. An LC Issuer shall only terminate a given Letter of Credit (in whole or in part) upon receipt of appropriate documentation from the beneficiary thereof or, upon the expiration thereof in accordance with its terms. Funds remaining in the LC Collateral Account to Cash Collateralize such terminated Letter of Credit shall be applied in accordance with <u>clause (n)</u> of this <u>Section 2.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>LC Collateral Accoun</u>t. (i) The Administrative Agent shall maintain, in the name of the Administrative Agent, on behalf of the Secured Parties, a segregated cash collateral account (such account the "<u>LC Collateral Account</u>") at an Eligible Account Bank selected by the Administrative Agent into which Cash Collateral shall be deposited as and when required under the terms of this Agreement. Such deposits shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of Borrower (or, with respect to Cash Collateral deposited in respect of a Defaulting Committed Lender, such Defaulting Committed Lender) under this Agreement and the other Facility Documents. The Administrative Agent (for the benefit of the LC Issuers and the Lenders) shall have exclusive dominion and control, including the exclusive right of withdrawal, over the LC Collateral Account. Amounts on deposit in the LC Collateral Account shall not be invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Amounts on deposit in the LC Collateral Account shall be applied by the Administrative Agent to reimburse the applicable LC Issuer and for fees related to the Letters of Credit and for any Reimbursement Obligations that have not been repaid by the Borrower or through Collections and any portion of Reimbursement Borrowings that are not funded by Defaulting Committed

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Lenders or, if the Termination Date has occurred to satisfy other remaining Aggregate Exposure Amounts. If on any Interest and Fee Payment Date prior to the LC Cash Collateral Date, the balance in the LC Collateral Account in respect of all outstanding Letters of Credit exceeds the Required LC Cash Collateral Amount as of such Interest and Fee Payment Date, then, unless an Event of Termination, an Advance Suspension Event or a Potential Event of Termination shall exist and be continuing, the Administrative Agent shall release the excess Cash Collateral to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)To the extent that any Letters of Credit are outstanding and undrawn on the LC Cash Collateral Date, the LC Collateral Account shall be funded in an amount up to the Required LC Cash Collateral Amount pursuant to Section 2.07(a)(vi) or Section 2.08(b)(v), as applicable, it being understood that funds on deposit in the LC Collateral Account will not be used to fund draws prior to the Termination Date. On the Interest and Fee Payment Date after the Termination Date after which all Letters of Credit have expired or been terminated, all draws on the Letters of Credit have been reimbursed, all Participation Advances have been repaid, all Used Fees, Fronting Fees and Other LC Fees due with respect to such Letters of Credit have been paid in full and the Final Collection Date has occurred, all funds in the LC Collateral Account shall be remitted to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Interest and Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On each Interest and Fee Payment Date, in accordance with the provisions set forth in <u>Section 2.07</u> or <u>2.08</u>, as applicable, the Borrower shall pay to each Facility Agent on behalf of the Lenders in its Lender Group, all accrued and unpaid Interest with respect to the Loans funded and maintained by such Lender Group and the Used Fees and Unused Fees, as calculated in accordance with the Fee Letter. On or before the second Business Day after the end of each calendar month each Facility Agent shall furnish the Borrower with an invoice setting forth the amount of the accrued and unpaid Interest, Used Fees, Unused Fees and any Fronting Fees and Other LC Fees payable to the Lenders or the LC Issuer (if applicable) in such Facility Agent's Lender Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)On each Interest and Fee Payment Date, in accordance with the provisions set forth in <u>Section 2.07</u> or <u>2.08</u>, as applicable, the Borrower shall pay to the Administrative Agent the fees set forth in the Administrative Agent Fee Letter, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Repayment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Repayment on the Final Maturity Date*. On or prior to the Final Maturity Date, the Borrower shall repay in full the Aggregate Principal Balance and all other Borrower Obligations and shall Cash Collateralize all outstanding Letters of Credit up to the Required LC Cash Collateral Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Mandatory Prepayments*. The Borrower shall eliminate any Borrowing Base Deficiency prior to the occurrence of a Borrowing Base Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Optional Prepayments*. The Borrower may, at its option, prepay on any Business Day all or any portion of any Loan in accordance with this <u>Section 2.06(c)</u>. The Borrower may do as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Borrower shall deliver to the Administrative Agent, each Facility Agent and the Servicer written notice in substantially the form of <u>Exhibit J</u> (the "<u>Prepayment Notice</u>") at least two (2) Business Days' prior to the date of such prepayment of the Aggregate Exposure Amount, which notice shall include the amount of such proposed prepayment and the proposed date on which such prepayment will commence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)on the proposed date of prepayment, the Servicer shall cause Collections that have been set aside pursuant to Section 2.07(b)(i) to make such prepayment;

<u>provided</u>, that the amount of any such prepayment as specified in the Prepayment Notice (if not a prepayment to zero of the Aggregate Principal Balance and Cash Collateral of all LC Undrawn Amounts) shall be not less than $1,000,000 and shall be an integral multiple of $100,000, and the entire Aggregate Exposure Amount after giving effect to such reduction shall be not less than $10,000,000 (unless the entire Aggregate Principal Balance shall have been reduced to zero and all LC Undrawn Amounts shall have been fully Cash Collateralized).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Application of Collections Prior to Termination Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On each Business Day prior to the Termination Date, the Servicer shall cause all Collections received (or deemed received pursuant to <u>Section 2.09</u>) on such day to be applied in the following order and priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*first*, if such day is an Interest and Fee Payment Date, on a pro rata basis, (x) to the Facility Agents, on behalf of the Lenders and LC Issuers in their respective Lender Groups, accrued and unpaid Interest, Used Fees, Unused Fees, Fronting Fees and Other LC Fees, (y) to the Administrative Agent, the fees owed to it under the Administrative Agent Fee Letter and (z) to the Servicer, all accrued and unpaid Servicer Fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*second*, to the Administrative Agent, an amount equal to the Borrower Obligations owing to the Administrative Agent in respect of all costs and expenses which the Administrative Agent is entitled to have reimbursed, including pursuant to <u>Section 10.10</u> incurred by it in connection with the enforcement of any Facility Document or the collection of any amounts due thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)*third,* to any LC Issuers holding Participation Advances, ratably based on the portion of the aggregate outstanding Reimbursement Obligations owed to each until such Participation Advances are reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)*fourth,* in the following order of priority, *first*, (x) if a Borrowing Base Deficiency exists, an amount equal to such Borrowing Base Deficiency (such amount to be allocated *first*, to the Lenders ratably in accordance with the portion of the Aggregate Exposure Amount held by each and *second*, to the LC Collateral Account to Cash Collateralize LC Undrawn Amounts) and then *second*, (y) if the LC Obligations owing to any LC Issuers exceed the LC Commitments of such LC Issuers, the amount necessary to cause the LC Obligations owing to such LC Issuers to be less than or equal to their respective LC Commitments (such amount to be deposited into the LC Collateral Account to Cash Collateralize LC Undrawn Amounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)*fifth*, from and after any Early Termination Date, on a pro rata basis, to (x) the Facility Agents of each Early Terminating Lender Group in payment of

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the Principal Balance of the Loans held by the Lenders in each such Lender Group and (y) the LC Collateral Account, to Cash Collateralize the Lender Group Percentage of each Early Terminating Lender Group of the LC Undrawn Amount, in an amount equal to each such Early Terminating Lender Group's ratable share (in accordance with such Lender Group's share of the Aggregate Exposure Amount) of the balance of such Collections (such ratable share to be determined on each Business Day, solely for the purposes of this <u>clause (y)</u>, based upon the outstanding Aggregate Exposure Amount and the Lender Group Percentages with respect to the LC Undrawn Amount immediately preceding such Early Termination Date), until the Principal Balance of the Loans of each such Early Terminating Lender Group are reduced to zero and the Lender Group Percentage of the LC Undrawn Amount of each such Early Terminating Lender Group is fully Cash Collateralized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)*sixth*, on and after the LC Cash Collateral Date, to fund the LC Collateral Account up to the Required LC Cash Collateral Amount with respect to Letters of Credit that are scheduled to expire after the Scheduled Termination Date to the extent required under <u>Section 2.04(n)(iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)*seventh*, if any Borrower Obligations (other than Interest, Used Fees, Unused Fees, Fronting Fees, Other LC Fees, the Servicer Fee and the Loans) are then due and payable by the Borrower to any Secured Party, to each such Secured Party (ratably in accordance with the amounts owing to each) the Borrower Obligations so due and payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)*eighth*, to the Borrower for application in accordance with <u>Section 2.07(b)</u> below (any such remittance, a "<u>Release</u>"); <u>provided</u> that, if (x) the conditions precedent for such Release set forth in <u>Section 3.02</u> are not satisfied or (y) following an Advance Suspension Event, the Administrative Agent has, (A) at the request of the Majority Facility Agents (or, at any time during which there are only two Facility Agents, at the request of either Facility Agent) or (B) with the consent of the Majority Facility Agents, notified the Borrower and the Servicer that an Advance Suspension Event has occurred and that the Releases shall no longer be permitted hereunder until such Advance Suspension Event no longer exists (such notice, a "<u>Release Suspension Notice</u>"), then the Servicer shall, for so long as such Advance Suspension Event remains in effect or the conditions precedent for such Release set forth in <u>Section 3.02</u> are not satisfied, deposit such Collections into the Collection Account or, if the Collection Account has not been established, the Designated Deposit Account, or such other account as designated by the Administrative Agent for application on the next Business Day in accordance with this <u>Section 2.07(a)</u> or <u>Section 2.08</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Collections remitted to the Borrower pursuant to <u>Section 2.07(a)(viii)</u> shall be applied by the Servicer, on behalf of the Borrower: (i) *first*, if so requested by the Borrower, to pay or prepay (or set aside for the payment or prepayment of) Loans or to Cash Collateralize outstanding Letters of Credit, (ii) *second*, to pay the purchase price for Receivables to be acquired by the Borrower from one or more Originators on such day under the Receivables Sale Agreement and (iii) *third*, in such other manner as the Borrower may specify and that is not prohibited by the terms of the Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Application of Collections After Termination Date</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On the Termination Date, the Servicer shall deposit to the Collection Account or, if the Collection Account has not been established, the Designated Deposit Account, all Collections held by it on such date (including amounts previously set aside or held by it pursuant to <u>Section 2.07(b)</u>). On each Business Day thereafter, the Servicer shall deposit to the Collection Account or, if the Collection Account has not been established, the Designated Deposit Account, within one (1) Business Day of its receipt thereof, all Collections received by it that have not previously been deposited to the Collection Account or, if the Collection Account has not been established, the Designated Deposit Account. The Servicer shall not make any withdrawals from the Collection Account or the Designated Deposit Account during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)On each Interest and Fee Payment Date from and after the Termination Date, the Administrative Agent, in consultation with the Servicer as needed, shall cause all Collections received since the prior Interest and Fee Payment Date, and all funds, if any, on deposit in the Collection Account and the Designated Deposit Account that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) to be applied in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*first*, to the Administrative Agent an amount equal to the Borrower Obligations (other than those described in <u>clause (iii)</u> below) owing to the Administrative Agent in respect of fees due to it and all costs and expenses which the Administrative Agent is entitled to have reimbursed, including pursuant to <u>Section 10.10</u> incurred by it in connection with the enforcement of any Facility Document or the collection of any amounts due thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*second*, to the Servicer the accrued and unpaid Servicer Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)*third*, to the Administrative Agent, to be distributed to each Facility Agent, for the benefit of the Lenders and LC Issuers in its Lender Group, and to itself in payment of all accrued and unpaid Interest, Used Fees, Unused Fees, Fronting Fees, Other LC Fees, and Other Fees and the fees owed under the Administrative Agent Fee Letter then due and payable, ratably in accordance with such amounts owed to such parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)*fourth*, to any LC Issuers holding Participation Advances, ratably based on the portion of the aggregate outstanding Reimbursement Obligations owed to each until such Participation Advances are reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)*fifth*, to fund the LC Collateral Account up to the Required LC Cash Collateral Amount as required under <u>Section 2.04(n)(iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)*sixth*, to the Administrative Agent, to be distributed to each Facility Agent, for the benefit of the Lenders and LC Issuers in its Lender Group, in reduction of the Aggregate Exposure Amount then due and payable (such amount to be allocated ratably in accordance with such amounts owed to such parties) until the Aggregate Principal Balance is reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)*seventh*, if any Borrower Obligations (other than the amounts paid pursuant to <u>clauses (i)</u> through <u>(vi)</u> above) are then due and payable by the Borrower to any Secured Party, to each such Secured Party (ratably in accordance with the amounts owing to each) the Borrower Obligations so due and payable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)*eighth*, on the Final Collection Date, remit any remaining funds to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Deemed Collections</u>. If (a) on any day the Outstanding Balance of any Pool Receivable is either reduced or canceled as a result of a Dilution Factor, the Borrower shall be deemed to have received on such day, an amount equal to the amount of such reduction, or in the case of a cancellation, the Outstanding Balance of such Diluted Receivable and (b) if the representations and warranties made by an Originator with respect to a Receivable in Article V of the Receivables Sale Agreement is not true, the Borrower shall be deemed to have received on such day, an amount equal to the Outstanding Balance of such Receivable and the related Originator shall be obligated to pay such deemed collection to the Borrower pursuant to Section 3.3 of the Receivables Sale Agreement; <u>provided</u>, that such deemed Collections may be applied to the purchase price paid to the applicable Originator for newly purchased Receivables to the extent permitted under the Receivables Sale Agreement. If the Borrower on any day receives payments from the Originator or Servicer on Collections deemed to have been received pursuant to this <u>Section 2.09</u> from and after the Termination Date, on such day the Borrower shall pay an amount of funds equal to such received deemed Collections to the Servicer for allocation and application in accordance with <u>Section 2.08</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Payments and Computations, Etc.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All amounts to be paid or deposited by the Borrower or the Servicer hereunder or under any other Facility Document to the Administrative Agent or any Secured Party shall be made without reduction for offset or counterclaim and shall be paid or deposited no later than noon (New York, New York time) on the day when due in same day funds to the account for each Lender maintained by the applicable Facility Agent as may be designated from time to time by such Facility Agent to the Borrower and the Servicer. All amounts received after 4:00 p.m. (New York city time) will be deemed to have been received on the next Business Day. Except as expressly set forth herein, each Facility Agent shall distribute the amounts paid to it hereunder for the benefit of the Lenders in its Lender Group to the Lenders within its Lender Group ratably (x) in the case of such amounts paid in respect of Interest and fees, according to the Interest and fees payable to such Lenders and (y) in the case of such amounts paid in respect of the Aggregate Principal Balance (or in respect of any other obligations other than Interest and fees), according to the outstanding portions of the Aggregate Principal Balance funded by such Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower (with respect to amounts payable by the Borrower) or the Servicer (with respect to amounts payable by the Servicer), as the case may be, shall, to the extent permitted by law, pay interest on any amount not paid or deposited by the Borrower or the Servicer, as the case may be, when due and payable hereunder, at the Default Rate, payable on demand; provided, that such rate shall not at any time exceed the maximum rate permitted by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All computations of interest under <u>clause (b)</u> and all computations of Interest, fees and other amounts hereunder shall be made on the basis of a year of 360 days (or 365 or 366 days, as applicable, with respect to Interest or other amounts

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calculated by reference to the Base Rate) for the actual number of days elapsed. Whenever any payment or deposit to be made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made on the next Business Day and such extension of time shall be included in the computation of such payment or deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>SOFR Rate Unascertainable; Increased Costs; Illegality; Benchmark Replacement Setting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Unascertainable; Increased Costs</u>. If, on or prior to the first day of an Interest Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Administrative Agent shall have determined (which determination shall be conclusive and binding absent manifest error) that (x) the Term SOFR Rate cannot be determined pursuant to the definition thereof; or (y) a fundamental change has occurred with respect to the Term SOFR Rate (including, without limitation, changes in national or international financial, political or economic conditions); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any Lender determines that for any reason that the Term SOFR Rate for any requested Interest Period does not adequately and fairly reflect the cost to such Lender of funding such Lender's Loans, and such Lender has provided notice of such determination to the Administrative Agent;

the Administrative Agent shall have the rights specified in <u>Section 2.11(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Illegality</u>. If at any time any Lender shall have determined that the making, maintenance or funding of any Loan accruing Interest by reference to the Term SOFR Rate has been made impracticable or unlawful, by compliance by such Lender in good faith with any applicable Law or any interpretation or application thereof by any Governmental Authority or with any request or directive of any such Governmental Authority (whether or not having the force of applicable Law), then the Lender shall have the rights specified in <u>Section 2.11(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Administrative Agent's and Lender's Rights</u>. In the case of any event specified in <u>Section 2.11(a)</u>, the Administrative Agent shall promptly so notify the Lenders and the Borrower thereof, and in the case of an event specified in <u>Section 2.11(b)</u>, such Lender shall promptly so notify the Administrative Agent and endorse a certificate to such notice as to the specific circumstances of such notice, and the Administrative Agent shall promptly send copies of such notice and certificate to the other Lenders and the Borrower.

Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (i) the Lenders, in the case of such notice given by the Administrative Agent, or (ii) such Lender, in the case of such notice given by such Lender, to fund, and the right of the Borrower to select, convert or renew, a Loan accruing Interest by reference to the Term SOFR Rate shall be suspended (to the extent of the affected Interest Periods) until the Administrative Agent shall have later notified the Borrower, or such Lender shall have later notified the Administrative Agent and the Borrower, of the Administrative Agent's or such Lender's, as the case may be, determination that the circumstances giving rise to such previous determination no longer exist.

If at any time the Administrative Agent or a Lender makes a determination under <u>Sections 2.11(a) or (b)</u>, (A) if the Borrower has delivered a Borrowing Request for an affected Loan that has not yet been made, such Borrowing Request shall be deemed to have requested a

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Loan accruing Interest at the Base Rate and (B) any outstanding affected Loan (or portion thereof) shall be deemed to have been converted into a Loan accruing Interest at the Base Rate at the end of the applicable Interest Period; <u>provided</u> that the Borrower may revoke any such Borrowing Request (without penalty) prior to the borrowing of such Loan upon written notice to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Benchmark Replacement Setting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Benchmark Replacement</u>. Notwithstanding anything to the contrary herein or in any other Facility Document, if a Benchmark Transition Event and its related Benchmark Replacement Date has 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 Facility 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 Facility 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 Facility 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 Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Facility Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Facility Agents comprising the Majority Facility Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Benchmark Replacement Conforming Changes</u>. In connection with the implementation and administration of a Benchmark Replacement, the Administrative Agent will have the right (in consultation with the Borrower) to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Facility 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 Facility Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly notify the Borrower and the Facility Agents of (A) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to <u>paragraph (iv)</u> below and (E) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this <u>Section 2.11</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an

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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 Facility Document except, in each case, as expressly required pursuant to this <u>Section 2.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Unavailability of Tenor of Benchmark</u>. Notwithstanding anything to the contrary herein or in any other Facility Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (I) 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 Administrative Agent in its reasonable discretion or (II) the administrator of such Benchmark or 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 not or will not be representative, then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definitions) for any Benchmark settings at or after such time to remove any tenor of such Benchmark that is unavailable or a non-representative tenor; and (B) if a tenor that was removed pursuant to <u>clause (A)</u> above either (I) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (II) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definitions) for any Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a Loan to be made at the then-current Benchmark, conversion to or continuation of a Loan bearing Interest based on the then-current Benchmark to be made, converted or continued during any Benchmark Unavailability Period and, failing that, (i) the Borrower will be deemed to have converted any such request into a request for a Loan to be made at the Base Rate and (ii) any outstanding Loans accruing Interest by reference to the Term SOFR Rate will be deemed to have been converted into Loans accruing Interest by reference to the Base Rate. 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 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 Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Certain Defined Terms</u>. As used in this <u>Section 2.11</u>:

***"Available Tenor"*** means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark is a term rate or is based on a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for

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determining the length of an interest period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed pursuant to <u>Section 2.11(d)(iv)</u>.

**"*Benchmark*"** means, initially, the Term SOFR Rate; provided that if a Benchmark Transition Event has occurred with respect to 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 this <u>Section 2.11(d)</u>.

**"*Benchmark Replacement*"** means, with respect to any Benchmark Transition Event, the first applicable alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

(1)the sum of: (A) Daily Simple SOFR and (B) the SOFR Adjustment; and

(2)the sum of (A) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to (x) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (y) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities at such time and (B) the related Benchmark Replacement Adjustment;

<u>provided that</u>, if the Benchmark Replacement 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 Facility Documents; and provided further, that any Benchmark Replacement shall be administratively feasible as determined by the Administrative Agent in its sole discretion.

***"Benchmark Replacement Adjustment*"** means, with respect to any replacement of the then-current Benchmark with an 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 Administrative Agent and the Borrower for the applicable Corresponding Tenor, giving due consideration to (A) 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 or (B) 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 the either the use or administration of Term SOFR Rate or the use, administration, adoption or implementation of any Benchmark Replacement in relation thereto, any technical, administrative or operational changes (including changes to the definition of "Base Rate," the

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definition of "Business Day," the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period") timing and frequency of determining rates and the timing of making payments of Interest, timing of purchase requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of the Term SOFR Rate or such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Term SOFR Rate or the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Facility Documents).

***"Benchmark Replacement Date"*** means a date and time determined by the Administrative Agent, which date shall be no later than the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;(2)in the case of clause (3) of the definition of "Benchmark Transition Event," the date determined by the Administrative Agent, which date shall promptly follow the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, 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, the occurrence of one or more of the following events, with respect to the 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 a Governmental Authority having jurisdiction over the Administrative Agent, the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, 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) or

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a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), 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) or a Governmental Authority having jurisdiction over the Administrative Agent announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not 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 the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Facility Document in accordance with this <u>Section 2.11(d)</u> titled "Benchmark Replacement Setting" and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Facility Document in accordance with this <u>Section 2.11(d)</u> titled "Benchmark Replacement Setting."

***"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.

***"Daily Simple SOFR"*** means, for any day (a "<u>SOFR Rate Day</u>") SOFR for the day (the "<u>SOFR Determination Date</u>") that is 2 Business Days prior to (i) such SOFR Rate Day if such SOFR Rate Day is a Business Day or (ii) the Business Day immediately preceding such SOFR Rate Day if such SOFR Rate Day is not a Business Day, in each case, as such SOFR is published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source identified by the Federal Reserve Bank of New York or its successor administrator for the secured overnight financing rate from time to time. If Daily Simple SOFR as determined above would be less than the SOFR Floor, then Daily Simple SOFR shall be deemed to be the SOFR Floor. If SOFR for any SOFR Determination Date has not been published or replaced with a Benchmark Replacement by 5:00 p.m. (New York City time) on the second Business Day immediately following such SOFR Determination Date, then SOFR for such SOFR Determination Date will be SOFR for the first Business Day preceding such SOFR Determination Date for which SOFR was published in accordance with the definition of "SOFR"; provided that SOFR determined pursuant to this sentence shall be used for purposes of calculating Daily Simple SOFR for no more than 3 consecutive SOFR Rate Days. If and when Daily Simple SOFR as determined

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above changes, any applicable rate of interest based on Daily Simple SOFR will change automatically without notice to the Borrower, effective on the date of any such change.

***"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 Term SOFR Rate or, if no floor is specified, zero.

***"Reference Time"*** means, with respect to any setting of the then-current Benchmark means (i) if such Benchmark is the Term SOFR Rate, the Term SOFR Determination Date (as such term is defined in the definition of Term SOFR Rate), (ii) if such Benchmark is Daily SOFR, the SOFR Determination Date (as such term is defined in the definition of Daily SOFR) and (iii) if such Benchmark is not the Term SOFR Rate or Daily SOFR, the time determined by the Administrative Agent in its reasonable discretion.

***"Relevant Governmental Body"*** means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

***"SOFR"*** means, for any day, a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"***SOFR Adjustment***" means ten basis points (0.10%).

***"SOFR Administrator's Website"*** means the website of the Federal Reserve Bank of New York, currently at <u>http://www.newyorkfed.org</u>, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"***SOFR Floor***" means a rate of interest per annum equal to zero basis points (0.00%).

***"Term SOFR Administrator"*** means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

***"Term SOFR Rate"*** means, with respect to any amount for which the Term SOFR Reference Rate applies, (i) the Term SOFR Reference Rate for a term of one-month on the day (the "<u>Term SOFR Determination Date</u>") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator and (ii) the SOFR Adjustment. If the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator or replaced with a Benchmark Replacement by 5:00 p.m. (New York City time) on the Term SOFR Determination Date, then the Term SOFR Reference Rate shall be the Term SOFR Reference Rate for such tenor on the first Business Day preceding such Term SOFR Determination Date for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator in accordance herewith, so long as such first preceding Business Day is not more than three (3) Business Days prior to such Term SOFR Determination Date. If the Term SOFR Rate, determined as provided above, would be less than the SOFR Floor, then the Term SOFR Rate shall be deemed to be the SOFR Floor.

"***Term SOFR Reference Rate***" means the forward-looking term rate based on SOFR.

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***"Unadjusted Benchmark Replacement"*** means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Neither the Administrative Agent nor any Facility Agent warrants or accepts any responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Base Rate, Daily Simple SOFR, the Term SOFR Reference Rate, or the Term SOFR Rate, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Base Rate, Daily Simple SOFR, the Term SOFR Reference Rate, or the Term SOFR Rate, or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Benchmark Replacement Conforming Changes. The Administrative Agent, the Facility Agents and their affiliates and/or other related entities may engage in transactions that affect the calculation of the Base Rate, Daily Simple SOFR, the Term SOFR Reference Rate, the Term SOFR Rate, any alternative, successor or replacement rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower and its affiliates. The Administrative Agent or any Facility Agent may select information sources or services in its reasonable discretion to ascertain the Base Rate, Daily Simple SOFR, the Term SOFR Reference Rate, the Term SOFR Rate, or any other Benchmark, or any component definitions thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, the Administrative Agent, any Facility Agent, any Lender 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Increased Costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Generally</u>. If (A) the adoption after the date hereof of any Regulatory Change or any change therein after the date hereof, (B) any change after the date hereof in the interpretation or administration of any Regulatory Change by any Governmental Authority charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of any such Governmental Authority, or (c) without regard to the date of adoption, effectiveness or implementation, any of the following or any Regulatory Change promulgated by any Governmental Authority in connection with any of the following: (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act, or (y) any accord or other pronouncement of the Bank for International Settlements, the Basel Committee on Banking Supervision or any successor or similar authority, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)subject any Affected Person to any Taxes with respect to any Specified Matter (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Other

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Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)impose, modify or deem applicable any reserve, assessment, fee, insurance charge, special deposit, requirement for the maintenance of assets or capital, liquidity or similar requirement against assets of, deposits with or for the account of, liabilities of or credit extended by, any Affected Person or shall impose on any Affected Person or on the United States market for commercial paper or the London interbank market any other condition affecting or otherwise in respect of any Specified Matter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)impose any other condition the result of which is to increase the cost to an Affected Person of performing its obligations under or in connection with this Agreement, or to reduce the rate of return on Affected Person's capital or assets as a consequence of its obligations under or in connection with this Agreement, or to reduce the amount of any sum received or receivable by an Affected Person, or to require any payment calculated by reference to the amount of interests or loans held or interest received by it,

then, promptly following demand by such Affected Person through the Administrative Agent, the Borrower shall pay to the Administrative Agent for the benefit of such Affected Person, such additional amount or amounts as will compensate such Affected Person for such Tax, increased cost or reduction. Notwithstanding the foregoing, no Affected Person shall be entitled to request or receive any such additional amounts for any Tax, increased cost or reduction unless such Affected Person is otherwise generally requesting similar additional amounts from other similarly situated Persons under facilities similar to the facility provided by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Delay in Requests</u>. Failure or delay on the part of any Affected Person to demand compensation pursuant to this Section shall not constitute a waiver of such Affected Person's right to demand such compensation; <u>provided</u> that the Borrower shall not be required to compensate an Affected Person pursuant to this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Affected Person notifies the Borrower of the Regulatory Change giving rise to such increased costs or reductions and of such Affected Person's intention to claim compensation therefor (except that, if the Regulatory Change giving rise to such increased costs or reductions is retroactive, then the 180 day period referred to above shall be extended to include the period of retroactive effect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Indemnity for Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any and all payments by or on account of any obligation of the Borrower hereunder shall be made without deduction or withholding for any Taxes, except as required by applicable Law. If any applicable Law requires the deduction or withholding of any Tax from any such payment by the Borrower, then the Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings

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applicable to additional sums payable under this Section) the applicable Affected Person receives an amount equal to the sum it would have received had no such deduction or withholding been made. Subject to Section 2.13(b), the Borrower shall indemnify each Affected Person for the full amount of any Indemnified Taxes including Indemnified Taxes imposed or asserted on or attributable to amount payable under this Section payable or paid by such Affected Person or required to be withheld or deducted from a payment to such Affected Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Affected Person will promptly notify the Borrower in writing of any event of which it has knowledge, which will entitle such Affected Person to compensation pursuant to this Section 2.13; <u>provided</u>*,* however*,* that failure of any Affected Person to demand indemnification for any Indemnified Taxes shall not constitute a waiver of such right to indemnification, except that the Borrower shall not be required to indemnify an Affected Person for Taxes under this <u>Section 2.13</u> unless such Affected Person notifies the Borrower of such claim no later than 180 days after such Affected Person has knowledge of such Taxes being imposed or arising. Any notice claiming compensation under this <u>Section 2.13</u> shall set forth in reasonable detail the additional amount or amounts to be paid to it hereunder and shall be conclusive in the absence of manifest error. The Borrower shall be obligated to pay any claim for Indemnified Taxes within 10 days upon receipt of such written notice (other than Indemnified Taxes and expenses payable by reason of the action or inaction of the applicable Affected Person); <u>provided</u> that if the Borrower reasonably believes that such Taxes were not correctly or legally asserted, the Affected Person will use reasonable efforts to cooperate with the Borrower to obtain a refund of such Taxes (which shall be paid in accordance with <u>Section 2.13(c)</u>) so long as such efforts would not, in the sole determination of the Affected Person, result in any additional costs or expenses or be otherwise disadvantageous to the Affected Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If an Affected Person determines, in its sole discretion, exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by the Borrower, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this <u>Section 2.13</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses of such Affected Person and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund net of any applicable Taxes payable in respect of such interest); <u>provided</u>, that the Borrower agrees to repay each such Affected Person, promptly after the request of such Affected Person, the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by

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the relevant Governmental Authority) in the event such Affected Person is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary, in no event will any Affected Person be required to pay any amount to the Borrower the payment of which would place such Affected Person in a less favorable net after-Tax position than such Affected Person would have been in if the Taxes subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Taxes had never been paid. This <u>Section 2.13</u> shall not be construed to require any Affected Person to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the Borrower or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If any Lender requests compensation under <u>Section 2.12</u>, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to this <u>Section 2.13</u>, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking its portion of Aggregate Exposure Amount hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section 2.12</u> or <u>Section 2.13</u>, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense, would not otherwise be disadvantageous or burdensome to such Lender and would not otherwise require such Lender to take any action inconsistent with its internal policies or legal or regulatory restrictions. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)(I) If any Lender requests compensation under <u>Section 2.12</u>, the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.13</u> and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with paragraph (e) of this Section, (II) if any Committed Lender becomes a Defaulting Committed Lender or (III) if any Lender is a Non-Consenting Lender, then, in each case, the Borrower may, at its sole expense and effort, upon notice to the Facility Agent of such Lender Group and the Administrative Agent, require such Lender Group to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, <u>Section 10.03</u>), all of its interests, rights (other than its existing rights to payments pursuant to <u>Section 2.12</u> or <u>Section 2.13</u>) and obligations under this Agreement and the related Specified Matter to an Eligible Assignee that shall assume such obligations (which assignee

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may be another Lender, if a Lender accepts such assignment); provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in <u>Section 10.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Borrower shall have received consent from the Administrative Agent and each LC Issuer (other than any LC Issuer that is part of the Lender Group that is being replaced), which consent shall not be unreasonably withheld or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)such Lender Group shall have received payment of an amount equal to the outstanding principal of its Aggregate Exposure Amount, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)in the case of any assignment by a Lender Group resulting from a Lender in such Lender Group becoming a Non-Consenting Lender, the applicable assignee Lender Group shall have consented to the applicable amendment, waiver or consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)in the case of any such assignment resulting from a claim for compensation under <u>Section 2.12</u> or payments required to be made pursuant to <u>Section 2.13</u>, such assignment will result in a reduction in such compensation or payments thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)such assignment does not conflict with applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)all Letters of Credit issued by the LC Issuer in such Lender Group shall have been canceled or terminated and all accrued and unpaid fees related thereto shall have been paid in full.

A Lender Group shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Taxes; FATCA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Lender shall deliver to the Borrower and to the Administrative Agent, on the Effective Date (or, if later, on the date on which it becomes a Lender), or at the time or times prescribed by applicable Laws, or when reasonably requested by the Borrower, the Servicer, the Performance Guarantor or the Administrative Agent, and each Affected Person (other than the Lenders) shall deliver to the Borrower and to the Administrative Agent, on or prior to receipt of its first payment under any Facility Document, such properly completed and executed documentation prescribed by applicable Laws or by the relevant Governmental Authority of any jurisdiction and such other reasonably requested information as will permit the Borrower, the Servicer, Performance Guarantor, the Administrative Agent or the applicable Facility Agent, as the case may be, to determine (i) whether or not payments made hereunder are subject to Taxes, (ii) if applicable, the required rate of withholding or deduction, and (iii) such Lender's (or such other Affected Person's) entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Lender (or such other Affected Person) by the Borrower pursuant to this Agreement or

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otherwise to establish such Lender's (or such other Affected Person's) status for withholding Tax purposes in the applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Each Lender (and each Affected Person, other than the Lenders, that receives a payment under any Facility Document) that is a "United States person" within the meaning of Section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent executed copies of IRS Form W-9 certifying that such Lender or Affected Person is exempt from United States federal backup withholding tax; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)each Lender (and each Affected Person, other than the Lenders, that receives a payment under any Facility Document) that is organized under the Laws of a jurisdiction other than the United States (including each State thereof and the District of Columbia) (a "<u>Foreign Lender</u>" and a "<u>Foreign Affected Party</u>", respectively) that is entitled under the Code or any applicable treaty to an exemption from or reduction of withholding Tax with respect to payments hereunder shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be reasonably requested by the Borrower or the Administrative Agent) on or prior to the date on which such Foreign Lender becomes a Lender with respect to this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), or in the case of a Foreign Affected Party, on or prior to receipt of its first payment under any Facility Document, whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)(A)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Foreign Lender (or Foreign Affected Party), claiming eligibility for benefits of an income tax treaty to which the United States is a party, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)(B)&nbsp;&nbsp;&nbsp;&nbsp;executed copy of IRS Form W-8ECI,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)(C)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Foreign Lender (or Foreign Affected Party) claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate (a "<u>U.S. Tax Compliance Certificate</u>" in the form contained in <u>Exhibit L-1</u>) to the effect that such Foreign Lender (or Foreign Affected Party) is not (A) a "bank" within the meaning of section 881(c)(3)(A) of the Code, (B) a "10 percent shareholder" of the Borrower within the meaning of section 871(h)(3)(A) of the Code, or (C) a "controlled foreign corporation" described in section 881(c)(3)(C) of the Code, and (y) executed copies of IRS Form W 8BEN or IRS Form W-8BEN-E, as applicable, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)(D)&nbsp;&nbsp;&nbsp;&nbsp;to the extent a Foreign Lender (or Foreign Affected Party) is not the beneficial owner, executed copies of IRS Form W-8IMY and all required supporting documentation, including, without limitation, IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit L-2</u> or <u>Exhibit L-3</u>, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u>, that if the Foreign Lender (or Foreign Affected Party) is a partnership and one or more direct or indirect partners of such Foreign Lender (or Foreign Affected Party) are claiming the portfolio interest exemption, such Foreign Lender (or Foreign Affected Party) may provide a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit L-4</u> on behalf of any such direct or indirect partner, or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)(E)&nbsp;&nbsp;&nbsp;&nbsp;duly completed executed copies of any other form prescribed by applicable Laws as a basis for claiming exemption from or a reduction in United States federal withholding Tax together with such supplementary documentation as may be prescribed by applicable Laws to permit the Borrower, the Performance Guarantor or the Administrative Agent to determine the withholding or deduction required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If a payment made hereunder to any Lender (or other Affected Person) would be subject to United States federal withholding Tax imposed by FATCA if such Lender (or such other Affected Person) were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender (or such other Affected Person) shall deliver to the Borrower, the applicable Facility Agent and the Administrative Agent at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower, the applicable Facility Agent or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower, the applicable Facility Agent or the Administrative Agent as may be necessary for the Borrower, the applicable Facility Agent or the Administrative Agent to comply with its obligations under FATCA and to determine that such Lender (or such other Affected Person) has complied with such Lender's (or such other Affected Person's) obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this *clause (iii)*, "FATCA" shall include any amendments made to FATCA after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Lender (and each Affected Person, other than the Lenders, that receives a payment under any Facility Document) shall promptly notify the Borrower, the applicable Facility Agent and the Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Security Interest</u>. As security for the performance by the Borrower of all the terms, covenants and agreements on the part of the Borrower to be performed under this Agreement or any other Facility Document, including the payment when due of all Borrower Obligations, the Borrower hereby grants to the Administrative Agent, for the benefit of the Secured Parties, a security interest in all of the Borrower's right, title and interest in, to and under the following (collectively, the "<u>Collateral</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all Pool Receivables, whether now owned and existing or hereafter acquired or arising, together with all Related Security and Collections with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Collection Account, the LC Collateral Account, each Deposit Account and each Lock-Box, including, without limitation, (i) all Collections held therein and all certificates and instruments, if any, from time to time representing or evidencing any of such accounts or any Collections held therein, (ii) all investment property and other financial assets representing Collections or proceeds thereof held in, or acquired with funds from, such accounts and all certificates and instruments from time to time

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representing or evidencing such investment property and financial assets, (iii) all notes, certificates of deposit and other instruments from time to time hereafter delivered or transferred to, or otherwise possessed by, the Administrative Agent in substitution for any of the then existing accounts and (iv) all interest, dividends, cash, instruments, financial assets, investment property and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any and all of such accounts, in each case, related to Pool Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)to the extent not included in the foregoing, all Proceeds of any and all of the foregoing.

The Borrower hereby authorizes the filing of financing statements, and continuation statements and amendments thereto and assignments thereof, describing the collateral covered thereby as "all of debtor's personal property or assets whether now owned or hereafter acquired" or words to that effect, notwithstanding that such wording may be broader in scope than the collateral described in this <u>Section 2.15</u>. This Agreement shall constitute a security agreement under applicable law. Each of the Borrower, each Lender, each LC Issuer and the Administrative Agent represents and warrants as to itself that each remittance of Collections and other property by the Borrower hereunder will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower, the Lenders, the LC Issuers and the Administrative Agent and (ii) made in the ordinary course of business or financial affairs of the Borrower, the Lenders, the LC Issuers and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Release of Security Interest</u>. After giving effect to the distributions made pursuant to Section 2.08 on the Final Collection Date, the security interest granted pursuant to <u>Section 2.15</u> shall terminate. If a Receivable has been reconveyed to an Originator pursuant to Section 3.4 of the Receivables Sale Agreement, the security interest in such Receivable and the Related Security with respect thereto shall automatically terminate. The Administrative Agent shall execute and deliver to the Borrower, at the Borrower's expense, all documents that the Borrower shall reasonably request to evidence such termination or release and shall perform such other actions reasonably requested by the Borrower to effect and document such release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>Evidence of Debt</u>. Each Lender shall maintain an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the outstanding principal balance of such Loans and the amount of Interest payable and paid to such Lender from time to time hereunder. The entries made in such accounts of the Lenders shall be *prima facie* evidence of the existence and amounts of the obligations recorded therein; provided, however, that the failure of any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Conforming Changes Relating to Term SOFR Rate</u>. With respect to the Term SOFR Rate, the Administrative 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 Facility Document, any amendments implementing such Benchmark Replacement Conforming Changes

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will become effective without any further action or consent of any other party to this Agreement or any other Facility Document; provided that, with respect to any such amendment effected, the Administrative Agent shall provide notice to the Borrower and the Lenders of each such amendment implementing such Benchmark Replacement Conforming Changes reasonably promptly after such amendment becomes effective.

Section 3.<br>CONDITIONS OF EFFECTIVENESS AND LOANS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Conditions Precedent to Effectiveness and Initial Credit Extension</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)As conditions precedent to the effectiveness of this Agreement, (i) the Facility Agents shall have received each of the documents, instruments, legal opinions and other agreements listed on <u>Exhibit G</u>, together with all fees due and payable on the date hereof and on the Effective Date; (ii) since December 31, 2019, no event has occurred which would have a Material Adverse Effect and (iii) each Facility Agent shall have completed satisfactory due diligence and audits with respect to each Originator, the Borrower, the Servicer, the Performance Guarantor and the Receivables and each Lender and LC Issuer shall have received all necessary credit approvals in order to consummate the transactions contemplated by this Agreement; <u>provided</u> <u>that</u> the foregoing clause (iii) shall be deemed to be satisfied with respect to each Facility Agent upon execution and delivery of this Agreement by such Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)As conditions precedent to the Initial Credit Extension hereunder, (i) all of the conditions precedent to the effectiveness of this Agreement set forth in paragraph (a) above shall have been satisfied; and (ii) since December 31, 2019, no event has occurred which would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Conditions Precedent to All Credit Extensions and Releases</u>. Each Credit Extension (including, without limitation, the Initial Credit Extension) made by the Lenders or one or more LC Issuers, as the case may be, to the Borrower and each Release, shall be subject to the further conditions precedent that on the date of each Credit Extension or Release, each of the following shall be true and correct both before and immediately after giving effect to such Credit Extension or Release, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(i) each Facility Agent shall have received from the Servicer the Monthly Report most recently required to be delivered pursuant to <u>Section 5.05</u>, (ii) in the case of a Credit Extension that is a Loan, the Administrative Agent and each Facility Agent shall have received a Borrowing Request and (iii) in the case of a Credit Extension that is an LC Credit Extension, the Administrative Agent and the Facility Agent for the applicable LC Issuer shall have received a Letter of Credit Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the representations and warranties contained in <u>Article IV</u> shall be correct in all material respects (except that the materiality standard in this clause (b) shall not apply to any such representation or warranty that is qualified by a materiality standard by its terms) on and as of such date as though made on and as of such date unless such representation and warranties by their terms refer to an earlier date, in which case they shall be correct on and as of such earlier date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)no event has occurred and is continuing, or would result from such Credit Extension or Release, which constitutes an Event of Termination, a Servicer Default, a Potential Event of Termination or a Potential Servicer Default after taking into account application of Collections, prepayments and purchases of Receivables to occur on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)with respect to any Credit Extension, no event has occurred and is continuing, or would result from such Credit Extension which constitutes an Advance Suspension Event after taking into account application of Collections, prepayments and purchases of Receivables to occur on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)with respect to any Release, no Release Suspension Notice has been delivered with respect to any Advance Suspension Event that remains in effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the Termination Date has not occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)no Borrowing Base Deficiency shall exist.

Each delivery of a Borrowing Request to the Administrative Agent and the Facility Agents or of a Letter of Credit Request to the Administrative Agent and the Facility Agent for the applicable LC Issuer, and the acceptance by the Borrower of the proceeds of any Borrowing or any Release or of any Letter of Credit as contemplated in <u>Section 2.04</u>, shall constitute a representation and warranty by the Borrower that, as of the date of such Credit Extension or Release, both before and after giving effect thereto and the application of the proceeds thereof, each of the applicable statements set forth in <u>clauses (a)</u> through <u>(g)</u> above are true and correct.

Section 4.<br>REPRESENTATIONS AND WARRANTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Representations and Warranties of the Borrower</u>. The Borrower represents and warrants on and as of the Effective Date and on and as of each day until the Final Collection Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Due Formation and Good Standing</u>. The Borrower is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware (or such other jurisdiction pursuant to <u>Section 5.03(g)</u>) and is duly qualified to do business, and is in good standing, in every jurisdiction where the nature of its business requires it to be so qualified, other than where failure to be so qualified could not be reasonably expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Due Authorization and No Conflict</u>. The execution, delivery and performance by the Borrower of this Agreement, the Receivables Sale Agreement and all other Facility Documents to which it is a party, and the transactions contemplated hereby and thereby, are within the Borrower's limited liability company powers, have been duly authorized by all necessary limited liability company action and do not contravene or constitute a default (i) under any provision of applicable law, tariff or regulation, (ii) of the Borrower's certificate of formation or limited liability company agreement or (iii) of any agreement, judgment, injunction, decree or other instrument binding upon the Borrower, except in the case of clauses (i) or (iii) above, any contravention or default that could not be reasonably expected to have a Material Adverse Effect, or result in the creation or imposition of any Adverse Claim on any asset of the Borrower. This Agreement, the Receivables Sale Agreement and the other Facility Documents to which the Borrower is a party have been duly executed and delivered on behalf of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Governmental Approvals</u>. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by the Borrower of this Agreement, the Receivables Sale Agreement or any other agreement, document or instrument to be delivered by it hereunder that has not already been given or obtained, except for filings under the UCC required under <u>Article III</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Enforceability of Facility Documents</u>. Each of this Agreement, the Receivables Sale Agreement and each other Facility Document to be delivered by the Borrower in connection herewith, constitutes the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms, subject to the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>No Litigation</u>. There are no actions, suits or proceedings pending, or to the knowledge of the Borrower threatened, against the Borrower or the property of the Borrower, in any court, or before any arbitrator of any kind, or before or by any Governmental Authority. The Borrower is not in default with respect to any order of any court, arbitrator or Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Perfection of Interest in Collateral</u>. Each Pool Receivable is owned by the Borrower free and clear of any Adverse Claim, and the Administrative Agent, for the benefit of the Secured Parties, has a first priority perfected security interest in each Pool Receivable, and in the Related Security, Collections and other Collateral, in each case free and clear of any Adverse

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Claim. This Agreement creates a security interest in favor of the Administrative Agent, on behalf of the Secured Parties, in each Pool Receivable, and in the Related Security, Collections and other Collateral. No effective financing statement or other instrument similar in effect, is filed in any appropriate recording office listing the Borrower as debtor or seller, covering any Collateral except such as may be filed in favor of the Administrative Agent in accordance with this Agreement, and no effective financing statement or other instrument similar in effect, is filed in any recording office listing any Originator as a debtor or seller, covering any Collateral except (i) as may be filed in favor of the Borrower and assigned to the Administrative Agent in accordance with this Agreement or (ii) such filings in respect of which the security interests over any Collateral by such filings have been released and for which UCC-3 filings excluding the Collateral have been filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Compliance with Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Borrower is in compliance with all laws, rules and regulations applicable to it except where such non-compliance could not reasonably be expected to have a Material Adverse Effect (including, without limitation, laws, rules and regulations relating to public utilities, energy delivery and sales, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy) other than as set forth in clauses (ii) through (v) below with respect to Sanctions, Anti-Corruption Laws and Anti-Terrorism Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)To the extent applicable, the Borrower is in compliance with Anti-Terrorism Laws in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower and its directors, officers and employees with Anti-Corruption Laws and applicable Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The Borrower and, to the knowledge of the Borrower, its officers, directors and employees, are not Sanctioned Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)No part of the proceeds of any Credit Extension or Release will be used, directly, or to the knowledge of Borrower, indirectly (i) in violation of the Anti-Corruption Laws or (ii) in violation of <u>Section 5.03(r)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Accuracy of Information</u>. All information heretofore furnished by the Borrower or any of its Affiliates to the Administrative Agent, any Facility Agent, any Lender or any LC Issuer for purposes of or in connection with this Agreement, any Monthly Report, any of the other Facility Documents or any transaction contemplated hereby or thereby is, and all such information hereafter furnished by the Borrower or any of its Affiliates to the Administrative Agent, any Facility Agent, any Lender or any LC Issuer will be, true and complete in every material respect on the date such information is stated or certified and does not and will not contain any material misstatement of fact or omit to state a material fact necessary to make the statements contained therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Location of Borrower; Location of Records</u>. The Borrower is organized solely under the laws of the State of Delaware, and the Borrower's "location" (within the meaning of Section 9-307 of the UCC) is Delaware or such other jurisdiction pursuant to <u>Section 5.03(g)</u>. The locations of the offices where the Borrower keeps all the Records are listed on <u>Exhibit E</u> or such other locations as the Borrower or the Servicer may notify the Administrative Agent from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Collection Information</u>. The names and addresses of all Payment Processors and Deposit Account Banks, together with the account numbers of the Deposit Accounts and associated Lock-Box numbers are as specified in <u>Exhibit F</u>. The Lock-Boxes set forth on <u>Exhibit F</u> are the only addresses to which Obligors and Payment Processors of Pool Receivables are directed to make payment. The Deposit Accounts set forth on <u>Exhibit F</u> are the only accounts to which Obligors or Payment Processors remit Collections of Pool Receivables by electronic check

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deposits, wire transfer or electronic funds transfer. No Transaction Party has granted any Person, other than the Administrative Agent, "control" (within the meaning of Section 9-102 of any applicable enactment of the UCC) of any Deposit Account or the right to take control of any Deposit Account at a future time or upon the occurrence of a future event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Legal Name; No Trade Names</u>. The Borrower's complete limited liability company name is set forth in the preamble to this Agreement (or such other name pursuant to <u>Section 5.03(g)</u>), and other than pursuant to <u>Section 5.03(g)</u>, and it does not use and has not during the last year used any other limited liability company name, trade name, doing-business name or fictitious name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Investments</u>. The Borrower does not own or hold, directly or indirectly (i) any capital stock or equity security of, or any equity interest in, any Person or (ii) any debt security or other evidence of indebtedness of any Person (other than any Deposit Accounts and the Collection Account). The Borrower has no Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Facility Documents.</u> The Receivables Sale Agreement is the only agreement pursuant to which the Borrower directly or indirectly purchases Receivables or any other accounts receivable from the Originators and the Facility Documents delivered to the Administrative Agent represent all agreements between the Originators and the Borrower relating to the transfer of the Receivables except for other agreements related to the transactions that are permitted by <u>Section 5.03(k)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Business</u>. Since its formation, the Borrower has conducted no business other than entering into and performing its obligations under the Facility Documents to which it is a party, and such other activities as are incidental to the foregoing. The Facility Documents to which it is a party, and any agreements entered into in connection with the transactions that are permitted by <u>Section 5.03(k)</u>, are the only agreements to which the Borrower is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Taxes</u>. The Borrower has filed all material Tax returns and reports required by Law to be filed by it and has timely paid all Taxes, governmental charges and energy surcharges at any time owing, except for Taxes, charges or surcharges that are being contested in good faith by appropriate proceedings and for which appropriate reserves in accordance with relevant GAAP shall have been set aside on its books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Solvency; Indebtedness; Etc.</u> The Borrower (i) is not "insolvent" (as such term is defined in §101(32)(A) of the Bankruptcy Code), (ii) is able to pay its debts as they come due, (iii) has a tangible net worth, at all times, equal to the greater of (x) 2.00% of the Facility Limit as of such date and (y) $46,000,000, and (iv) does not have unreasonably small capital for the business in which it is engaged or for any business or transaction in which it is about to engage. The Borrower has no Indebtedness (whether matured or unmatured) outstanding other than as permitted by or contemplated by the Facility Documents (including the Subordinated Note). Each remittance of Collections by or on behalf of the Borrower pursuant to the Facility Documents and any related accounts or amounts owing hereunder in respect of the Credit Extensions will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and (ii) made in the ordinary course of business or financial affairs of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>Investment Company, Etc</u>. The Borrower is neither (i) an "investment company" or a company "controlled by an investment company" within the meaning of the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"), nor (ii) a "covered fund" under Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder (the "<u>Volcker Rule</u>"). In determining that the Borrower is not a covered fund, the Borrower is entitled to rely on the exemption from the definition of "investment company" set forth in Section 3(c)(5) of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Use of Proceeds</u>. No proceeds of any Credit Extension or Release shall be used for purposes that violate Regulations T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)<u>Ownership</u>. As of the Effective Date, all of the issued and outstanding capital stock of the Borrower are directly owned of record by NRG Retail LLC, all of which are validly issued, fully paid and nonassessable and there are no options, warrants or other rights to acquire any shares of capital stock of the Borrower by any other Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)<u>Beneficial Ownership Certification</u>. As of the Effective Date, the information included in the Beneficial Ownership Certification for the Borrower is true and correct in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)<u>Eligibility</u>. Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Balance satisfies the requirements of eligibility contained in the definition of "Eligible Receivable" as of the date of such inclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Payments to Originators</u>. With respect to each Pool Receivable, the Borrower shall have purchased such Pool Receivable from an Originator in exchange for payment made by such Originator in accordance with the provisions of the Receivables Sale Agreement in an amount which constitutes fair consideration and reasonably equivalent value. No such sale shall have been made for or on account of an antecedent debt owed by the Originator to the Borrower and no such sale is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)<u>Material Adverse Effect</u>. Since its most recent fiscal year end, there has been no change in the business, operations, financial condition, properties or assets of the Borrower that would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)<u>No Advance Suspension Event, Event of Termination or Potential Event of Termination</u>. No event (i) has occurred and is continuing that constitutes an Event of Termination, or (ii) if this representation is made in connection with any Credit Extension or any Release, has occurred or would result from a Credit Extension or a Release in respect of the Pool Receivables or from the application of the proceeds therefrom, that constitutes an Advance Suspension Event, an Event of Termination or a Potential Event of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)<u>Compliance with Credit and Collection Policy</u>. The Borrower has complied in all material respects with the Credit and Collection Policy with regard to the Pool Receivables and the related Contracts and has not made any change to such Credit and Collection Policy other than as permitted under <u>Section 5.03(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)<u>Tax Status</u>. The Borrower is treated as an entity that is disregarded as separate from its owner (as defined in Treasury Regulation Section 301.7701-2(a)) for United States federal income tax purposes. The entity from which the Borrower is disregarded as a separate entity is a "United States person" within the meaning of Section 7701(a)(30) of the Code.

<u>Provided,</u> that any incorrect representation or warranty made or deemed made (other than any representation or warranty with respect to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party) that is capable of being cured shall not be deemed to have been false or incorrect when made or deemed made unless it has not been so cured within 30 days after any Secured Party gives notice thereof to the Borrower or the Borrower otherwise obtains knowledge thereof and, <u>provided</u>, <u>further</u>, that any incorrect representation or warranty made or deemed made with respect to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default shall not be deemed to have been false or incorrect when made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Representations and Warranties of the Servicer</u>. The Servicer represents and warrants on and as of the Effective Date and on and as of each day until the Final Collection Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Due Formation and Good Standing</u>. The Servicer is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware, has all limited liability company power and authority to carry on its business as now conducted and is qualified to do business in, and is in good standing in, every jurisdiction where the nature of its business requires it to be so qualified except where the failure so to qualify could not reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Due Authorization and No Conflict</u>. The execution, delivery and performance by the Servicer of this Agreement are within the Servicer's limited liability company powers, have been duly authorized by all necessary limited liability company action on the part of the Servicer and do not contravene or constitute a default (i) under any provision of applicable law, tariff or regulation, (ii) of the Servicer's certificate of formation or limited liability company agreement or (iii) of any agreement, judgment, injunction, decree or other instrument binding upon the Servicer, except in the case of clause (i) or (iii), any contravention or default that could not be reasonably expected to have a Material Adverse Effect or result in the creation or imposition of any Adverse Claim on any asset of the Servicer upon or with respect to any of its properties. This Agreement and the other Facility Documents to which the Servicer is a party have been duly executed and delivered on behalf of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Governmental Approvals</u>. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by the Servicer of this Agreement or any other agreement, document or instrument to be delivered by it hereunder that has not already been given or obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Enforceability of Facility Documents</u>. This Agreement and each other Facility Document to be delivered by the Servicer in connection herewith constitutes the legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms, subject to the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>No Litigation</u>. Except as publicly disclosed by the Performance Guarantor in its securities filings, there is no action, suit or proceeding pending against, or to the Servicer's knowledge threatened against or affecting, the Servicer before any court or arbitrator or any Governmental Authority in which there is a reasonable possibility of an adverse decision which could reasonably be expected to have a Material Adverse Effect or that seeks to prevent the consummation of the transactions contemplated by this Agreement and the other Facility Documents. Except as publicly disclosed by the Performance Guarantor in its securities filings, the Servicer is not in default with respect to any order of any court, arbitrator or other Governmental Authority, which default could reasonably be expected to have a Material Adverse Effect or prevent the consummation of the transactions contemplated by this Agreement and the other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Compliance with Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Except as publicly disclosed by the Performance Guarantor in its securities filings, the Servicer is in compliance with all laws, rules and regulations applicable to it except where such non-compliance could not reasonably be expected to have a Material Adverse Effect (including, without limitation, laws, rules and regulations relating to public utilities, energy delivery and sales, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy) other than as set forth in clauses (ii) through (v) below with respect to Sanctions, Anti-Corruption Laws and Anti-Terrorism Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)To the extent applicable, the Servicer is in compliance with Anti-Terrorism Laws in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Servicer has implemented and maintains in effect policies and procedures designed to ensure compliance by the Servicer, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The Servicer and its Subsidiaries and, to the knowledge of the Servicer, its officers, directors and employees, are not Sanctioned Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)No part of the proceeds of any Credit Extension or Release will be used, directly, or to the knowledge of Servicer, indirectly (i) in violation of the Anti-Corruption Laws or (ii) in violation of <u>Section 5.06(e)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Accuracy of Information</u>. All information heretofore furnished by the Servicer or any of its Affiliates to the Administrative Agent, any Facility Agent, any Lender or any LC Issuer for purposes of or in connection with this Agreement, any Monthly Report, any Borrowing Base Certificate, any of the other Facility Documents or any transaction contemplated hereby or thereby is, and all such information hereafter furnished by the Servicer or any of its Affiliates to the Administrative Agent, any Facility Agent, any Lender or any LC Issuer will be, true and complete in every material respect on the date such information is stated or certified and does not and will not contain any material misstatement of fact or omit to state a material fact necessary to make the statements contained therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Collection Information</u>. The names and addresses of all Payment Processors and Deposit Account Banks, together with the account numbers of the Deposit Accounts and associated Lock-Box numbers are as specified in <u>Exhibit F</u>. The Lock-Boxes set forth on <u>Exhibit F</u> are the only addresses to which Obligors and Payment Processors of Pool Receivables are directed to make payment. The Deposit Accounts set forth on <u>Exhibit F</u> are the only accounts to which Obligors or Payment Processors remit Collections of Pool Receivables by wire transfer or electronic funds transfer. No Transaction Party has granted any Person, other than the Administrative Agent, "control" (within the meaning of Section 9-102 of any applicable enactment of the UCC) of any Deposit Account or the right to take control of any Deposit Account at a future time or upon the occurrence of a future event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Software</u>. The Servicer has the right (whether by license, sublicense or assignment) to use all of the computer software used to account for the Pool Receivables to the extent necessary to administer the Pool Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Location of Records</u>. The locations of the offices where the Servicer keeps all the Records are listed on <u>Exhibit E</u> or such other locations as the Servicer or the Servicer may notify the Administrative Agent from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Investment Company Act</u>. The Servicer is not required to register as an "investment company" under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Credit and Collection Policy</u>. The Servicer has complied in all material respects with the Credit and Collection Policy with regard to each Pool Receivable and the related Contract and has not made any change to such Credit and Collection Policy other than as permitted under <u>Section 5.03(c)</u>.

<u>Provided,</u> that any incorrect representation or warranty made or deemed made (other than any representation or warranty with respect to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party) that is capable of being cured shall not be deemed to have been false or incorrect when made or deemed made unless it has not been so cured within 30 days after any Secured Party gives notice thereof to the Servicer or the Servicer otherwise obtains knowledge thereof and, <u>provided</u>, <u>further</u>, that any incorrect representation or warranty made or deemed made with respect to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default shall not be deemed to have been false or incorrect when made.

Section 5.<br>GENERAL COVENANTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Affirmative Covenants of the Borrower</u>. From the Effective Date until the Final Collection Date, the Borrower shall, unless the Administrative Agent and the Majority Facility Agents shall otherwise consent in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Compliance with Laws, Etc.</u> Comply with all applicable laws, rules, regulations and orders applicable to it (other than those specifically relating to any Anti-Corruption Laws, Anti-Terrorism Laws or Sanctions) (including, without limitation, laws, rules and regulations

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relating to public utilities, energy delivery and sales, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy), and preserve and maintain its existence, rights, franchises, qualifications and privileges, except to the extent that the failure so to comply with any such laws, rules, regulations and orders or the failure so to preserve and maintain such rights, franchises, qualifications and privileges could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Preservation of Existence</u>. (i) Observe all procedures required by its certificate of formation and limited liability company agreement and preserve and maintain its limited liability company existence, rights, franchises and privileges in the jurisdiction of its formation, and (ii) qualify and remain qualified in good standing as a foreign limited liability company in each other jurisdiction where the nature of its business requires such qualification and where, in the case of clause (ii), the failure to be so qualified could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Diligence and Inspections</u>. At any time and from time to time during regular business hours and upon reasonable prior notice, permit the Administrative Agent, the Facility Agents or their agents or representatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to conduct periodic audits of the Pool Receivables and the Related Security and the related Records and collection systems of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to examine and make copies of and abstracts from the books and records in its possession or control relating to the Pool Receivables and Related Security, including, without limitation, the related Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to visit the offices and properties of the Borrower for the purpose of examining the materials described in clause (ii) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to discuss matters relating to the Receivables or the Borrower's performance hereunder with any of the officers or employees of the Borrower having knowledge of such matters;

<u>provided</u> that, (i) so long as no Advance Suspension Event, Potential Event of Termination or Event of Termination shall have occurred, the Borrower shall not be required to pay the expenses of more than one due diligence visit and one audit per year, (ii) the Administrative Agent and the Facility Agents shall coordinate their due diligence visits with each other and with their inspection of the Servicer pursuant to <u>Section 5.04(c)</u> and (iii) the Administrative Agent and the Facility Agents shall use commercially reasonable efforts to minimize disruption to the business of the Transaction Parties and to coordinate their due diligence visits with the audits to be conducted pursuant to <u>Section 5.04(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Keeping of Records and Books of Account and Marking of Records</u>. Maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing the Pool Receivables in the event of the destruction of the originals thereof) and keep and maintain (or cause the Servicer to keep and maintain) all documents, books, records and other information reasonably necessary for the collection of all Pool Receivables, and in which timely entries are made in accordance with GAAP. Mark (or cause the Servicer to mark) its master data processing records relating to Pool Receivables with a legend evidencing that the ownership interest of the Borrower and the first priority security interest of the Administrative Agent, for the benefit of the Secured Parties, with regard to the Pool Receivables have been granted in accordance with this Agreement. Such books and records shall include, without limitation, records adequate to permit the daily identification of each new Pool Receivable and all Collections of and adjustments to each existing Pool Receivable, as well as the Borrower's actual experience with respect to any Dilution Factor. The Borrower shall promptly notify the Administrative Agent and each Facility Agent of any material conversion or substitution (excluding, in each case, version upgrades) of the computer software used by the Borrower (or the Servicer, as applicable) in its collection of Pool Receivables.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Performance and Compliance with Pool Receivables and Contracts</u>. At its expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it with respect to the Pool Receivables and the Contracts related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Credit and Collection Policy</u>. Comply in all material respects with the Credit and Collection Policy in regard to the Pool Receivables and the related Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Deposits to Deposit Accounts</u>. Direct the Servicer to instruct all Obligors to make payments of all Pool Receivables to one or more Deposit Accounts or Lock-Boxes in each case subject to a Deposit Account Control Agreement or a Lock-Box Control Agreement, or to Payment Processors. Direct the Servicer to instruct all Payment Processors to remit all payments of all Pool Receivables received by such Payment Processors to one or more Deposit Accounts or Lock-Boxes, in each case subject to a Deposit Account Control Agreement or a Lock-Box Control Agreement. Direct each Deposit Account Bank and Payment Processors to deposit all checks received into a Lock-Box in a Deposit Account subject to a Deposit Account Control Agreement. If the Servicer fails to so instruct an Obligor or a Payment Processor, or if an Obligor or a Payment Processor fails to so deliver payments to a Deposit Account or Lock-Box, use all reasonable efforts to cause such Obligor or Payment Processor to deliver subsequent payments on Pool Receivables to a Deposit Account or Lock-Box and deposit, or cause to be deposited, any Collections received by it, into a Deposit Account subject to a Deposit Account Control Agreement not later than two (2) Business Days after receipt thereof, unless during any calendar month, such aggregate undeposited amount is less than 2% of total Collections received during such month. Cause all Lock-Boxes to be subject to a Deposit Account Control Agreement or a Lock-Box Control Agreement. Only add a Payment Processor to those listed on <u>Exhibit F</u> to this Agreement if the Administrative Agent has received prior written notice of such addition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Posting of Collections and Pool Receivables</u>. Apply all Collections to the Pool Receivables owed by the applicable Obligor in a timely manner in accordance with its business practices in existence as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Separate Corporate Existence</u>. Take all reasonable steps (including, without limitation, all steps that the Administrative Agent or any Facility Agent may from time to time reasonably request) to maintain the Borrower's identity as a separate legal entity from the Servicer and to make it manifest to third parties that the Borrower is an entity with assets and liabilities distinct from those of any other Transaction Party and each other Affiliate thereof. Without limiting the generality of the foregoing, the Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)be a limited liability company whose primary activities are restricted in its limited liability company agreement to (A) purchasing or otherwise acquiring, owning, holding, granting security interests in Pool Receivables, the Related Security, the Collections and the other Collateral with respect thereto, (B) entering into agreements for the selling and servicing of the Pool Receivables, and (C) conducting such other activities as it deems are related or incidental to and necessary, convenient or advisable for the accomplishment of the foregoing activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)not engage in any business or activity, or incur any Indebtedness or liability, other than as expressly permitted by the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)at all times maintain at least one independent manager (the "<u>Independent Manager</u>"), who shall be an individual who (A) is not, and has not at any time during the five-year period prior to his or her appointment as Independent Manager been, a direct, indirect or beneficial owner, employee, director, stockholder, member, partner, attorney or counsel, officer, customer or supplier of the Performance Guarantor, the Servicer, any Originator or any their respective Affiliates (other than his or her service as an independent manager or in a similar capacity of any such Person), (B) has at least three

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years of employment experience with one or more entities that provide, in the ordinary course of its businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities, and (C) shall not at any time serve as a trustee in bankruptcy for any Transaction Party or any of their respective other Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)maintain the requirement that the Borrower's limited liability company agreement at all times provide (A) that the Borrower's Board of Managers (as defined in its limited liability company agreement) shall not approve, or take any other action to cause the filing of, a voluntary bankruptcy petition with respect to the Borrower unless the Board of Managers, including the Independent Manager (as defined in its limited liability company agreement), shall approve the taking of such action in writing before the taking of such action, and (B) that such provision cannot be amended without the unanimous written consent of the Board of Managers, including the Independent Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)maintain (A) its assets and transactions separately from those of any other Transaction Party or any Affiliate thereof and reflect such assets and transactions in financial statements separate and distinct from those of any other Transaction Party or any Affiliate thereof and evidence such assets and transactions by appropriate entries in books and records separate and distinct from those of any other Transaction Party or any Affiliate thereof and (B) records of all intercompany debits and credits and transfers of funds made by the Originators on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)(A) prepare its unaudited financial statements separately from those of any other Transaction Party or any Affiliate thereof and (B) insure that any consolidated financial statements of any other Transaction Party or any Affiliate thereof that are filed with the SEC or any other governmental agency or are furnished to any creditors of any other Transaction Party or any Affiliate thereof will include notes clearly stating that the Borrower is a separate corporate entity and that its assets are available first and foremost to satisfy the claims of the creditors of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)maintain an arm's length relationship with unaffiliated parties, and not enter into any transaction with an Affiliate of the Borrower except on commercially reasonable terms similar to those available to unaffiliated parties in an arm's length transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)pay its own operating expenses and liabilities, including the allocated expenses of services provided by employees of any of its Affiliates, if any, only out of its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)conduct its business in its own name and from a clearly identified office space separate from the office space of its Affiliates, which may be located in the same facility as the offices of one or more of its Affiliates. Clearly identify its offices, if any, as its offices and, to the extent that the Borrower and its Affiliates have offices in the same location, allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including services performed by an employee of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)at all times hold itself out to the public under its own name as a legal and economic entity separate from any Person, and strictly comply with all organizational formalities to maintain its separate existence;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)have stationery and other business forms and a telephone number separate from that of NRG Retail LLC or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)maintain adequate capital and a sufficient number of employees, if any employees are so needed, in light of its contemplated business purposes, transactions and liabilities and in order to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)cause its Board of Directors to meet at least annually or act pursuant to written consent, make and retain minutes of such meetings and otherwise observe all limited liability company formalities as a distinct entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)not hold out its credit or assets as being available to satisfy the obligations of any other Person nor pledge its assets for the benefit of any other Person (except for Permitted Liens) nor make any intercompany loans to any Affiliate of the Borrower nor accept any intercompany loans from any Affiliate of the Borrower (except as permitted by the Facility Documents, including the Subordinated Note);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)not incur, create or assume any indebtedness, or guarantee the indebtedness of any other Person, other than as expressly permitted under the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)not maintain a joint account with any other Person or otherwise commingle its assets with assets of any other Person and, except as otherwise contemplated in <u>Section 2.06</u>, not maintain bank accounts or other depository accounts to which any Affiliate is an account party, into which any Affiliate makes deposits or from which any Affiliate has the power to make withdrawals except as otherwise contemplated hereunder or under the Receivables Sale Agreement with respect to its or the Servicer's administration of Collections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)not direct or participate in the management of any other Transaction Party's operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)take all other actions reasonably necessary on its part to operate its business and perform its obligations under the Facility Documents in a manner consistent with the factual assumptions described in the legal opinions with respect to non-consolidation or true sale matters of Shearman & Sterling LLP and White & Case LLP delivered to the Administrative Agent and the Facility Agents pursuant to <u>Section 3.01</u> hereof, or any back-up certificates related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Rights under the Receivables Sale Agreement</u>. From and after an Event of Termination, direct, instruct, or request any lawful action under the Receivables Sale Agreement, including without limitation, in connection with enforcement of its rights thereunder, as instructed by the Administrative Agent; <u>provided</u>, <u>however</u>, that both before and after the Termination Date, the Borrower shall deliver any lawful notice as directed by the Administrative Agent, the delivery of which is a condition precedent to any "Purchase Termination Event" under (and as defined in) the Receivables Sale Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Location of Records</u>. Keep its chief place of business and chief executive office and the offices where it keeps the books and records at (i) the address(es) of the Borrower referred to on Schedule II or (ii) upon 30 days' prior written notice to the Administrative Agent, at any other location in the United States where all actions reasonably requested by any Facility Agent to protect and perfect the interests of the Administrative Agent and the Lenders in the Collateral have been taken and completed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Taxes</u>. File all material tax returns and reports required by law to be filed by it and promptly pay all Taxes and governmental charges at any time owing, except such as are being contested in good faith by appropriate proceedings and for which appropriate reserves have been established. Pay when due, or at the option of the Administrative Agent timely reimburse it for the payment of, any Direct Taxes payable in connection with the Pool Receivables, exclusive of any Direct Taxes the validity of which are being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with relevant GAAP shall have been set aside on its books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Performance and Enforcement of Receivables Sale Agreement</u>. (i) Perform and require the Originators to perform each of their respective obligations and undertakings under and pursuant to the Receivables Sale Agreement and purchase Receivables thereunder in compliance with the terms thereof; (ii) enforce the rights and remedies accorded to the Borrower under the Receivables Sale Agreement and (iii) take all actions to perfect and enforce its rights and interests (and the rights and interests of the Administrative Agent and the Secured Parties as assignees of the Borrower) under the Receivables Sale Agreement as the Administrative Agent or any Facility Agent may from time to time reasonably request, including, without limitation, making claims to which it may be entitled under any indemnity, reimbursement or similar provision contained in the Receivables Sale Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Other Information</u>. The Borrower shall deliver such other information (including nonfinancial information) as any Lender, LC Issuer, Administrative Agent or Facility Agent may from time to time reasonably request in order to assist such persons (or any related Program Support Provider) in complying with the requirements of Regulation (EU) No. 2017/2402 of the European Parliament as may be applicable to such Lender (or Program Support Provider).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Ownership</u>. Take all necessary action to (i) vest legal and equitable title to the Pool Receivables, the Related Security and the Collections purchased under the Receivables Sale Agreement irrevocably in the Borrower, free and clear of any Adverse Claims (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect the Borrower's interest in such Pool Receivables, Related Security and Collections and such other action to perfect, protect or more fully evidence the interest of Borrower therein as the Administrative Agent or any Facility Agent may reasonably request), and (ii) establish and maintain, in favor of the Administrative Agent, for the benefit of the Lenders, a valid and perfected first priority perfected security interest in all Pool Receivables, Related Security and Collections to the full extent contemplated herein, free and clear of any Adverse Claims other than Permitted Liens (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect the Administrative Agent's (for the benefit of the Lenders) security interest in such Pool Receivables, Related Security and Collections and such other action to perfect, protect or more fully evidence the interest of the Administrative Agent for the benefit of the Lenders as the Administrative Agent or any Facility Agent may reasonably request). Without limiting the foregoing, the Borrower hereby authorizes, and will, upon the request of the Administrative Agent or any Facility Agent, at the Borrower's own expense, execute (if necessary) and file such financing or continuation statements, or amendments thereto, and such other instruments and documents, that may be necessary or desirable, or that the Administrative Agent or any Facility Agent may reasonably request, to perfect, protect or evidence any of the foregoing. The Borrower authorizes the Administrative Agent to file financing or continuation statements, and amendments thereto and assignments thereof, relating to the Pool Receivables, the Related Security and the Collections with respect thereto and the other Collateral, including with language set forth in <u>Section 2.15(c)</u>, and without the signature of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Other Agreements and Undertakings</u>. Comply with, observe and perform all other terms, covenants and agreements of the Borrower contained in this Agreement or any other Facility Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>UCC-3 Amendment</u>. Cause a UCC-3 amendment, in form and substance acceptable to the Administrative Agent, to be filed with respect to the UCC-1 filings in favor of Deutsche Bank Trust Company, the secured party, against DES within fifteen (15) Business Days after the Amendment No. 4 Effective Date, or such longer period with the consent of the Administrative Agent.

<u>Provided</u>, that any failure by the Borrower to comply with any of the foregoing shall not be deemed a breach of any such covenant or this Agreement if such failure has been remedied on or before (i) thirty (30) days after any Secured Party gives notice thereof to the Borrower or the Borrower otherwise obtains knowledge thereof or (ii) two Business Days, if such term, covenant or agreement relates to the payment to any Secured Party or a deposit required to be made; <u>provided</u>, <u>further</u>, that the foregoing proviso shall not apply to any breach of <u>Section 2.03(a)</u>, <u>5.01(i)</u> or <u>5.03</u> hereof; <u>provided</u>, <u>even</u>, <u>further</u>, that, notwithstanding either of the above provisos, any breach of any term, covenant or agreement with respect to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default shall not be deemed to have been breached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Reporting Requirements of the Borrower</u>. From the Effective Date until the later of the Termination Date and the Final Collection Date, the Borrower shall, unless the Administrative Agent and the Majority Facility Agents shall otherwise consent in writing, furnish or cause to be furnished to the Administrative Agent and each Facility Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Event of Termination</u>. As soon as reasonably practicable and in any event within three (3) Business Days after any Responsible Officer of the Borrower obtains knowledge of the occurrence of each Advance Suspension Event, Event of Termination or Potential Event of Termination (if such Advance Suspension Event or Potential Event of Termination is continuing on the date of such notice), the statement of a Responsible Officer of the Borrower setting forth the details of such Advance Suspension Event, Event of Termination or Potential Event of Termination and the action which the Borrower is taking or proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)As soon as available, and in any event within ninety (90) days after the end of each fiscal year of the Borrower, an unaudited balance sheet of the Borrower as of the end of such fiscal year and an unaudited statement of income, stockholders' equity and cash flows of the Borrower for such fiscal year, together with comparative figures for the immediately preceding fiscal year, certified by a Financial Officer of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)As soon as is available, and in any event within ninety (90) days after the end of each fiscal year of the Performance Guarantor, a consolidated balance sheet of the Performance Guarantor and its consolidated Subsidiaries as of the end of such fiscal year and a statement of income, stockholders' equity and cash flows showing the financial condition of the Performance Guarantor and retained earnings of the Performance Guarantor and its consolidated Subsidiaries for such fiscal year, all reported in accordance with GAAP, together with comparative figures for the immediately preceding fiscal year, audited by KPMG LLP or other independent public accountants of nationally recognized standing and accompanied by an opinion of such accountants reasonably satisfactory to the Administrative Agent (which shall not be qualified in any material respect, except for qualifications as a result of maturities of Indebtedness within the following twelve-month period, and/or relating to accounting changes (with which such independent public accountants shall concur) in response to FASB releases or other

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authoritative pronouncements) to the effect that such consolidated financial statements fairly present the financial condition and results of operations of the Performance Guarantor and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)within 45 days after the end of each of the first three fiscal quarters of each fiscal year, the Borrower's unaudited consolidated balance sheet and related statements of income, stockholders' equity and cash flows showing the financial condition as of the close of such fiscal quarter of the Borrower and the results of its operations during such fiscal quarter and the then elapsed portion of the fiscal year, and comparative figures for the same periods in the immediately preceding fiscal year, all certified by one of its Financial Officers to the effect that such financial statements, while not examined by independent public accountants, reflect in the opinion of the Borrower all adjustments necessary to present fairly in all material respects the financial condition and results of operations of the Borrower as of the end of and for such periods in accordance with GAAP consistently applied subject to normal year-end audit adjustments and absence of footnotes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)within 45 days after the end of each of the first three fiscal quarters of each fiscal year, the Performance Guarantor's unaudited consolidated balance sheet and related statements of income, stockholders' equity and cash flows showing the financial condition as of the close of such fiscal quarter of the Performance Guarantor and its consolidated Subsidiaries at such time and the results of its operations and the operations of such Subsidiaries during such fiscal quarter and the then elapsed portion of the fiscal year, and comparative figures for the same periods in the immediately preceding fiscal year, all certified by one of its Financial Officers to the effect that such financial statements, while not examined by independent public accountants, reflect in the opinion of the Performance Guarantor all adjustments necessary to present fairly in all material respects the financial condition and results of operations of the Performance Guarantor and its consolidated Subsidiaries on a consolidated basis as of the end of and for such periods in accordance with GAAP consistently applied subject to normal year-end audit adjustments and absence of footnotes.

As long as the Performance Guarantor is required or permitted to file reports under the Securities Exchange Act of 1934, as amended, a copy of its report on Form 10-K shall satisfy the requirements of <u>Section 5.02(b)(ii)</u> of this Agreement and a copy of its report on Form 10-Q filed with the SEC shall satisfy the requirements of <u>Section 5.02(b)(iv)</u> of this Agreement. Information required to be delivered pursuant to <u>clause (b)</u> of this <u>Section 5.02</u> shall be deemed to have been delivered on the date on which such information has been posted on the Internet at <u>sec.gov/edgar/searchedgar/webusers.htm</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Compliance Certificates</u>. Concurrently with any delivery of information under <u>clause (b)</u> above, a certificate of a Responsible Officer of the Borrower (i) setting forth in reasonable detail the calculations required to establish whether the Event of Termination set forth in <u>Section 7.01(q)</u> has occurred and (ii) certifying that no Advance Suspension Event, Event of Termination or Potential Event of Termination exists on the date of such certificate or, if Advance Suspension Event, an Event of Termination or Potential Event of Termination then exists, setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>[Reserved]</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Reporting on Adverse Effects</u>. Promptly and in no event more than two (2) Business Days after any Responsible Officer of the Borrower obtains knowledge of any (i) matter or the occurrence of any event concerning any Transaction Party which would reasonably be expected to have a Material Adverse Effect, (ii) litigation or proceeding that may exist at any time between one or more Transaction Parties and any Governmental Authority that, if not cured or if adversely determined, as the case may be, could reasonably be expected to have a Material Adverse Effect, (iii) litigation or proceedings adversely affecting one or more Transaction Parties in which the amount involved could reasonably be expected to have a material adverse effect on such Person(s) or in which injunctive relief is sought that could reasonably be expected to have a Material Adverse Effect on such Person(s) or (iv) litigation or proceeding relating to any Facility Document, notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Adverse Claims</u>. Promptly, notice in writing of (A) any Adverse Claim upon the Pool Receivables or Collections with respect thereto, (B) any Person other than the Borrower, the Servicer or the Administrative Agent obtaining any rights or directing any action with respect to any Deposit Account, Lock-Box or Payment Processor or (C) any Obligor receiving any change in payment instructions with respect to Pool Receivable(s) from a Person other than the Borrower, the Servicer or the Administrative Agent in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Defaults</u>. Promptly and in no event more than three (3) Business Days after any Responsible Officer of the Borrower obtains knowledge of any default by the Borrower under any agreement other than the Facility Documents to which the Borrower is a party which could reasonably be expected to have a Material Adverse Effect, the statement of a Responsible Officer of the Borrower setting forth the details of such default and the action which the Borrower is taking or proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Ratings</u>. Promptly and in no event more than three (3) Business Days after any Responsible Officer of the Borrower obtains knowledge of any downgrade or withdrawal of the Debt Rating of the Performance Guarantor, notice of such downgrade or withdrawal of such Debt Rating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Copies of Notices</u>. Promptly after receipt thereof, copies of any notice, request for consent, or certification delivered to it by any Originator under the Receivables Sale Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Credit and Collection Policy</u>. Promptly and in no event more than three (3) Business Days after any Responsible Officer of the Borrower obtains knowledge of (i) any amendment, modification, supplement or other change to the Credit and Collection Policy or (ii) the adoption, implementation or institution of any tariff, rule, regulation, ordinance or decree of a government regulator having agency authority over an Originator or the Servicer, in either case, that could have a material adverse effect on the collectability of the Receivables, the statement of a Responsible Officer of the Borrower setting forth the details of such amendment, modification, supplement, change, tariff, rule, regulation, ordinance or decree and the action which the Borrower is taking or proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Other Information</u>. As soon as reasonably practicable, from time to time, such other information, documents, records or reports respecting the Pool Receivables or the conditions or operations, financial or otherwise, of the Borrower as the Administrative Agent or any Facility Agent may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)[<u>Reserved</u>].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Change in Beneficial Ownership</u>. Promptly after obtaining knowledge thereof, notify the Administrative Agent and each Facility Agent of any change in the information provided in the Beneficial Ownership Certification for the Borrower that would result in a change to the list of beneficial owners identified therein.

<u>Provided</u>, that any failure by the Borrower to comply with any of the foregoing shall not be deemed a breach of any such covenant or this Agreement if such failure has been remedied on or before thirty (30) days after any Secured Party gives notice thereof to the Borrower or the Borrower otherwise obtains knowledge thereof; <u>provided</u>, <u>further</u>, that any breach of any term, covenant or agreement with respect to any Pool Receivable that would not cause any material

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liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default shall not be deemed to have been breached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Negative Covenants of the Borrower</u>. From the Effective Date until the Final Collection Date, the Borrower shall not, without the written consent of the Administrative Agent and the Majority Facility Agents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Sales, Liens, Etc. Against Collateral</u>. Sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon or with respect to, any Collateral or assign any right to receive income in respect thereof except in each case as contemplated or provided hereunder or under the Receivables Sale Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Extension or Amendment of Pool Receivables</u>. Extend, amend, waive or otherwise modify, the terms of any Pool Receivable or any Contract related thereto, except (i) in accordance with any rule, regulation, ordinance or other directive of a government regulator having agency authority over an Originator or the Servicer, (ii) in accordance with the Credit and Collection Policy or (iii) as otherwise permitted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Change in Business or Credit and Collection Policy</u>. Make any change in (A) the Credit and Collection Policy, which change would materially and adversely affect the collectability of the Pool Receivables, the credit quality of the Pool Receivables or the enforceability of the Contracts, other than any change implemented for purposes of complying with federal, state or local laws, regulations, orders or guidelines, or (B) the character of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Change in Payment Instructions to Obligors</u>. Make any change in its instructions to Obligors regarding the making of payments in respect of the Pool Receivables to any Lock-Box or Deposit Account, other than instructing Obligors to remit payments to another Lock-Box or Deposit Account that are subject to a Deposit Account Control Agreement or a Lock-Box Control Agreement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Changes to Lock-Boxes, Deposit Accounts and Deposit Account Control Agreements</u>. Add any account as a Deposit Account, any bank as a Deposit Account Bank, or any lock-box as a Lock-Box with respect to any Collateral, in each case other than those then listed in <u>Exhibit F</u>, unless the Administrative Agent shall have received (i) thirty (30) days' prior written notice of such addition and (ii) prior to the effective date of such addition, (x) executed copies of Deposit Account Control Agreements (in the case of each new Deposit Account) and Lock-Box Agreements (in the case of a new Lock-Box not subject to a Deposit Account Control Agreement), (y) copies of all material agreements signed by the Borrower, the Servicer or the respective Deposit Account Bank or Payment Processor with respect to any new Deposit Account, Deposit Account Bank or Lock-Box, and (z) a revised <u>Exhibit F</u> hereto. The Borrower shall provide the Administrative Agent and each Facility Agent with prompt written notice of any termination of any bank as a Deposit Account Bank, together with a revised <u>Exhibit F</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Merger, Consolidation, Division, Etc.</u> Sell any equity interest to any Person (other than NRG Retail LLC) or consolidate with or merge into or with any Person, or purchase or otherwise acquire all or substantially all of the assets or capital stock, or other ownership interest of, any Person or from any Subsidiary, or sell, transfer, lease or otherwise dispose of all or substantially all of its assets to any Person, or permit or suffer a plan of division (as defined in Section 18-217 of the DE LLC Act), in each case, except as expressly provided or permitted under the terms of this Agreement or as consented to in writing by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Change in Name; Jurisdiction of Organization</u>. (i) Make any change to its name (within the meaning of Section 9-507(c) of any applicable enactment of the UCC) indicated on its certificate of formation (or equivalent organizational document), or (ii) change its form of organization or its jurisdiction of organization, unless, in either case, 30 days prior to the effective date of such change, it delivers to the Administrative Agent such financing statements

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or amendments to financing statements (Form UCC-1 or Form UCC-3, respectively) authorized by it which the Administrative Agent may request to reflect such name change or change in form or jurisdiction of organization, together with such other documents, legal opinions and instruments that the Administrative Agent may reasonably request in connection with the transaction giving rise thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>ERISA Matters</u>. Establish or be a party to any Plan or Multiemployer Plan other than any such plan established by an Affiliate of the Performance Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Indebtedness</u>. Create, incur, assume or suffer to exist any Indebtedness except for (i) Indebtedness to the Administrative Agent, any Lender, any Affected Person or the Servicer expressly contemplated hereunder or (ii) Indebtedness to the Originators and the Servicer pursuant to the Receivables Sale Agreement or the Subordinated Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Guarantees</u>. Guarantee, endorse or otherwise be or become contingently liable (including by agreement to maintain balance sheet tests) in connection with the obligations of any other Person, except endorsements of negotiable instruments for collection in the ordinary course of business and reimbursement and indemnification obligations in favor of the Administrative Agent, any Facility Agent, any Lender, any LC Issuer or any Affected Person as provided for under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Limitation on Transactions with Affiliates</u>. Enter into, or be a party to any transaction with any Affiliate of the Borrower, except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the transactions contemplated hereby, by the Receivables Sale Agreement and by the other Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)capital contributions by NRG Retail LLC to the Borrower which are in compliance with <u>Section 5.01(i)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to the extent not otherwise prohibited under this Agreement, other transactions in the nature of employment contracts and directors' or manager's fees, upon fair and reasonable terms materially no less favorable to the Borrower than would be obtained in a comparable arm's-length transaction with a Person not an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Restricted Payments</u>. The Borrower will not (A) purchase or redeem any of its membership interests; (B) declare or pay any dividend or other distribution in respect of its membership interests or set aside any funds for any such purpose; (C) prepay, purchase or redeem any Indebtedness other than Indebtedness incurred pursuant to this Agreement and the Facility Documents; (D) lend or advance any funds; or (E) repay any loans or advances to, for or from any of its Affiliates (the amounts described in <u>clauses (A)</u> through <u>(E)</u>; being referred to as *"*<u>Restricted Payments</u>*"*), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Subject to the limitations set forth in <u>clause (ii)</u> below, the Borrower may (A) make cash payments (including prepayments) on the Subordinated Note in accordance with their terms; and (B) declare and pay dividends or make other distributions in respect of its membership interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Borrower may make Restricted Payments only out of the funds it receives pursuant to <u>Section 2.07(a)(viii)</u> or <u>Section 2.08(b)(viii)</u>.

Notwithstanding the foregoing, the Borrower shall not pay, make or declare: (A) any dividend or other distribution in respect of its membership interests if, after giving effect thereto, the Borrower's tangible net worth would be less than the greater of (x) $16,500,000 and (y) the amount that is 2.00% of the Facility Limit as of such date; or (B) any Restricted Payment (including any dividend) if, after giving effect thereto, any Advance Suspension Event, Event of Termination or Potential Event of Termination shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Facility Documents</u>. Terminate, amend or otherwise modify the Receivables Sale Agreement, the Subordinated Note, any Deposit Account Control Agreement or any other Facility Document, or grant any waiver or consent thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Limitation on Investments</u>. Make or suffer to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate or any other Person other than the purchase of Receivables and related assets pursuant to the terms of the Receivables Sale Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Organizational Documents</u>. (i) Change, amend, alter or otherwise modify its limited liability company agreement in any fashion that could reasonably be expected to have a Material Adverse Effect or (ii) change, amend, alter or otherwise modify its certificate of formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Treatment as Sales</u>. Not account for or treat (whether in financial statements or otherwise) the transactions contemplated by the Receivables Sale Agreement in any manner other than as the sale and/or absolute conveyance of the Pool Receivables by the Originators to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>Use of Proceeds</u>. Use the proceeds of the Credit Extensions and Releases for (i) any purpose other than the purchase of Receivables from the Originators pursuant to the Receivables Sale Agreement or as permitted under <u>Section 2.07(b)</u> or (ii) any purposes that violate Regulations T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Sanctions; Anti-Corruption</u>. Directly or, to the knowledge of the Borrower, indirectly use the proceeds of any Credit Extension or Release or otherwise make available such proceeds to any Person to fund, finance or facilitate any activities or business of or with any Person that is, at the time of such funding, a Sanctioned Person or in any country or territory that is at the time of such funding a Sanctioned Country or in any other manner that would result in a violation of Sanctions by any Person (including a Lender, Facility Agent, LC Issuer, Administrative Agent or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)<u>Securities</u>. The Borrower will not issue any securities other than to (i) a Lender hereunder or (ii) NRG Retail LLC but only (x) evidencing NRG Retail LLC's ownership interest in the Borrower and (y) the Subordinated Note issued under the Receivables Sale Agreement to NRG Retail LLC on behalf of the Originators.

<u>Provided</u>, that any breach of any term, covenant or agreement with respect to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default shall not be deemed to have been breached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Affirmative Covenants of the Servicer</u>. From the Effective Date until the Final Collection Date, the Servicer shall, unless the Administrative Agent and the Majority Facility Agents shall otherwise consent in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Compliance with Laws, Etc.</u> Comply with all applicable laws, rules, regulations and orders applicable to it (other than those specifically relating to any Anti-Corruption Laws, Anti-Terrorism Laws or Sanctions) (including, without limitation, laws, rules and regulations relating to public utilities, energy delivery and sales, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy), except to the extent that the failure so to comply with any such laws, rules, regulations and orders could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Preservation of Existence</u>. (i) Observe all procedures required by its certificate of formation and limited liability company agreement and preserve and maintain its limited liability company existence, rights, franchises and privileges in the jurisdiction of its formation except where the failure to preserve and maintain such rights, franchises and privileges could not reasonably be expected to have a Material Adverse Effect, and (ii) qualify and remain qualified in good standing as a foreign limited liability company in each other jurisdiction where the nature of its business requires such qualification and where, in the case of clause (ii), failure to be so qualified could reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Diligence and Inspections</u>. At any time and from time to time during regular business hours and upon reasonable prior notice, permit the Administrative Agent, the Facility Agents or their agents or representatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to conduct periodic audits of the Pool Receivables and the Related Security and the related books and records and collection systems of the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to examine and make copies of and abstracts from the books and records in its possession or control relating to the Pool Receivables and Related Security, including, without limitation, the related Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to visit the offices and properties of the Servicer for the purpose of examining the materials described in clause (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to discuss matters relating to the Receivables or the Servicer's performance hereunder with any of the officers or employees of the Servicer having knowledge of such matters;

<u>provided</u> that, (i) so long as no Advance Suspension Event, Potential Event of Termination or Event of Termination shall have occurred, the Servicer shall not be required to pay the expenses of more than one due diligence visit per year, (ii) the Administrative Agent and the Facility Agents shall coordinate their due diligence visits with each other and with their inspection of the Borrower pursuant to <u>Section 5.01(c)</u> and (iii) the Administrative Agent and the Facility Agents shall use commercially reasonable efforts to minimize disruption to the business of the Transaction Parties and to coordinate their due diligence visits with the audits to be conducted pursuant to <u>Section 5.04(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Agreed Upon Procedures</u>. The Servicer shall cause FTI Consulting, Inc. or another firm selected by the Administrative Agent and reasonably acceptable to the Servicer, to furnish a report to the Administrative Agent and each Facility Agent pursuant to procedures agreed upon by the Servicer and the Administrative Agent as follows: (x) no more than once per calendar year as long as no Advance Suspension Event, Event of Termination or Potential Event of Termination, has occurred and is continuing, and (y) if an Advance Suspension Event, an Event of Termination or Potential Event of Termination has occurred and is continuing, at any time upon request of the Administrative Agent or any Facility Agent. The Servicer shall pay the costs of the audits performed under this clause (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Keeping of Records and Books of Account and Marking of Records</u>. Maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing the Pool Receivables in the event of the destruction of the originals thereof) and keep and maintain (or cause the Originator to keep and maintain) all documents, books, records and other information reasonably necessary for the collection of all Pool Receivables, and in which timely entries are made in accordance with GAAP at least monthly reflecting the acquisitions, payment of Pool Receivables and other relevant transactions relating to such Pool Receivables during the preceding calendar month (or such other time period consistent with the Servicer's ordinary course operations). Mark its master data processing records relating to Pool Receivables and related Contracts with a legend evidencing that the ownership interest of the Borrower and the first priority security interest of the Administrative Agent, for the benefit of the Secured Parties, with regard to the Pool Receivables and related Contracts have been granted in accordance with this Agreement. Such master data processing records shall include, without limitation, records adequate to permit the daily identification of each new Pool Receivable and all Collections of and adjustments to each existing Pool Receivable, as well as the Servicer's actual experience with respect to any Dilution Factor. The Servicer shall promptly notify the Administrative Agent and each Facility Agent of any material conversion or substitution (excluding in each case, version upgrades) of the computer software used by the Servicer in its collection of the Pool Receivables.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Performance and Compliance with Pool Receivables</u>. At its expense timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it with respect to the Pool Receivables and the Contracts related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Credit and Collection Policy</u>. Comply in all material respects with the Credit and Collection Policy in regard to the Pool Receivables and the related Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Collections</u>. Comply with the provisions of <u>Section 5.01(g)</u> as if the obligations of the Borrower pursuant to <u>Section 5.01(g)</u> were the obligations of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Posting of Collections and Pool Receivables</u>. Apply all Collections to the Pool Receivables owed by the applicable Obligor in a timely manner in accordance with the servicing practices of the Originators in existence as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Other Agreements and Undertakings</u>. Comply with, observe and perform all other terms, covenants and agreements contained in this Agreement (including in <u>Article VI</u> hereof) or any other Facility Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Provided</u>, that, any failure by the Servicer to comply with any of the foregoing shall not be deemed a breach of any such covenant or this Agreement if such failure has been remedied on or before (i) thirty (30) days after any Secured Party gives notice thereof to the Servicer or the Servicer otherwise obtains knowledge thereof or (i) two Business Days, if such term, covenant or agreement relates to the payment to any Secured Party or a deposit required to be made or the delivery of the Monthly Report; <u>provided</u>, <u>further</u>, that the foregoing proviso shall not apply to any breach of <u>Section 2.03(a)</u> or <u>5.06</u> hereof; <u>provided</u>, <u>even</u>, <u>further</u>, that, notwithstanding either of the above provisos, any breach of any term, covenant or agreement with respect to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default shall not be deemed to have been breached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Reporting Requirements of the Servicer</u>. From the Effective Date until the Final Collection Date, the Servicer will, unless the Administrative Agent and the Majority Facility Agents shall otherwise consent in writing, furnish to the Administrative Agent and each Facility Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)as soon as reasonably practicable and in any event within three (3) Business Days after any Responsible Officer of the Servicer or the Borrower obtains knowledge of the occurrence of each Advance Suspension Event, Event of Termination or Potential Event of Termination (if such Advance Suspension Event or Potential Event of Termination is continuing on the date of such notice), the statement of a Responsible Officer of the Servicer setting forth the details of such Advance Suspension Event, Event of Termination or Potential Event of Termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)promptly and in any event within five (5) Business Days after obtaining knowledge of the occurrence or existence of any ERISA Event which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, notice of such ERISA Event setting forth the details of such ERISA Event and the action that it proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)as soon as reasonably practicable and in any event within three (3) Business Days after any Responsible Officer of the Servicer obtains knowledge of the occurrence a Servicer Default or Potential Servicer Default (if such Potential Servicer Default is continuing on the date of such notice), the statement of a Responsible Officer of the Servicer setting forth the details of such Servicer Default or Potential Servicer Default and the action which the Servicer proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)promptly and in no event more than two (2) Business Days after any Responsible Officer of the Servicer obtains knowledge of (i) any matter or the occurrence of any event concerning any Transaction Party which would reasonably be expected to have a Material Adverse Effect, (ii) litigation or proceeding that may exist at any time between one or more

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Transaction Parties and any Governmental Authority that, if not cured or if adversely determined, as the case may be, could reasonably be expected to have a Material Adverse Effect, (iii) litigation or proceedings adversely affecting one or more Transaction Parties in which the amount involved could reasonably be expected to have a material adverse effect on such Person(s) or in which injunctive relief is sought that could reasonably be expected to have a Material Adverse Effect on such Person(s) or (iv) litigation or proceeding relating to any Facility Document, notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)promptly, notice in writing of (A) any Adverse Claim upon the Pool Receivables or Collections with respect thereto, (B) any Person other than the Borrower, the Servicer or the Administrative Agent obtaining any rights or directing any action with respect to any Deposit Account, Lock-Box or Payment Processor or (C) any Obligor receiving any change in payment instructions with respect to Pool Receivable(s) from a Person other than the Borrower, the Servicer or the Administrative Agent in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)as soon as reasonably practicable, from time to time, such other information, documents, records or reports within its possession respecting the Pool Receivables or the conditions or operations, financial or otherwise, of the Servicer as the Administrative Agent or any Facility Agent may from time to time reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)on or before each Monthly Reporting Date, a Monthly Report.

<u>Provided</u>, that, any failure by the Servicer to comply with any of the foregoing shall not be deemed a breach of any such covenant or this Agreement if such failure has been remedied on or before (i) thirty (30) days after any Secured Party gives notice thereof to the Servicer or the Servicer otherwise obtains knowledge thereof or (ii) two Business Days, if such term, covenant or agreement relates to the delivery of the Monthly Report; <u>provided</u>, <u>further</u>, that any breach of any term, covenant or agreement with respect to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default shall not be deemed to have been breached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Negative Covenants of the Servicer</u>. From the Effective Date until the Final Collection Date, the Servicer shall not, without the written consent of the Administrative Agent and the Majority Facility Agents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Extension or Amendment of Pool Receivables</u>. Extend, amend, waive or otherwise modify, the terms of any Pool Receivable or any Contract related thereto, except (i) in accordance with any rule, regulation, ordinance or other directive of a government regulator having agency authority over an Originator or the Servicer, (ii) in accordance with the Credit and Collection Policy or (iii) as otherwise permitted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Change in Business or Credit and Collection Policy</u>. Make any change in the character of its servicing practices or in the Credit and Collection Policy, which change would, in either case, be reasonably expected to have a Material Adverse Effect, other than any change implemented for purposes of complying with federal, state or local laws, regulations, orders or guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Change in Payment Instructions to Obligors</u>. Make any change in its instructions to Obligors regarding the making of payments in respect of the Pool Receivables to any Lock-Box or Deposit Account, other than instructing Obligors to remit payments to another Lock-Box or Deposit Account that is subject to a Deposit Account Control Agreement or a Lock-Box Control Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Changes to Lock-Boxes, Deposit Accounts and Deposit Account Control Agreements</u>. Fail to comply with the provisions of <u>Section 5.03(e)</u> as if the obligations of the Borrower pursuant to <u>Section 5.03(e)</u> were the obligations of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Sanctions and Anti-Corruption</u>. Directly or, to the knowledge of the Servicer, indirectly use the proceeds of any Credit Extension or Release or otherwise make available such

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proceeds to any Person to fund, finance or facilitate any activities or business of or with any Person that is, at the time of such funding, a Sanctioned Person or in any country or territory that is at the time of such funding a Sanctioned Country or in any other manner that would result in a violation of Sanctions by any Person (including a Lender, Facility Agent, LC Issuer, Administrative Agent or otherwise).

<u>Provided</u>, <u>further</u>, that any breach of any term, covenant or agreement with respect to any Pool Receivable that would not cause any material liability or potential material liability for the Borrower, the Administrative Agent or any other Secured Party and that, with the removal of such Pool Receivable from the calculation of Net Receivables Balance, does not cause a Borrowing Base Default shall not be deemed to have been breached.

Section 6.<br>ADMINISTRATION OF RECEIVABLES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Designation of Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The servicing, administering and collection of the Pool Receivables shall be conducted by the Person so designated from time to time in accordance with this <u>Section 6.01</u>. Until the Administrative Agent, with the consent or at the direction of the Facility Agents, gives notice to the Borrower and the Servicer of the designation of a new Servicer as provided in <u>Section 6.01(b)</u> below, NRG Retail LLC is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof. The Borrower hereby grants to Servicer an irrevocable power of attorney, with full power of substitution, coupled with an interest, to take in the name of the Borrower any and all steps which are necessary or advisable to endorse, negotiate or otherwise realize on any writing or other right of any kind in connection with any Pool Receivable or other Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon the occurrence of any Event of Termination that has not been waived in writing, the Administrative Agent (i) shall at the request of the Majority Facility Agents or, at any time during which there are only two Facility Agents, at the request of either Facility Agent, or (ii) may with the consent of the Majority Facility Agents, (A) by written notice to the parties hereto designate as Servicer any Person to succeed NRG Retail LLC (or any successor Servicer) subject to the condition that any such Person so designated shall agree to perform the duties and obligations of the Servicer pursuant to the terms hereof and such replacement servicer shall have all required licenses and shall conduct its servicing at all times so as to not cause Borrower or any of its Affiliates to violate any applicable Law and (B) instruct the Borrower or the Servicer to give notice of the Administrative Agent's interest in the Pool Receivables to each Obligor, which notice shall direct that payments be made directly to the Administrative Agent or its designee (for the benefit of each Secured Party), and the Borrower or the Servicer, as the case may be, shall give such notice at the expense of the Borrower or the Servicer, as the case may be; <u>provided</u>, that if the Borrower or the Servicer, as the case may be, fails to so notify each Obligor within 30 days after receipt of such instruction, the Administrative Agent (at the Borrower's or the Servicer's, as the case may be, expense) may so notify the Obligors. The Servicer shall not resign from the obligations and duties hereby imposed on it except upon the reasonable determination by the Servicer that (x) the performance of its duties hereunder is no longer permissible under applicable law and (y) there is no reasonable action which the Servicer could take to make the performance of its duties hereunder permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)NRG Retail LLC and any other Servicer agrees that, upon its resignation or replacement as Servicer pursuant to <u>Section 6.01(b)</u> above, it will cooperate with the Borrower, the Administrative Agent and the successor Servicer in effecting the termination of its responsibilities and rights as Servicer hereunder, including, without limitation, using commercially reasonable efforts in (i) assisting the successor Servicer in enforcing all of Borrower's rights under the Pool Receivables and Related Security, (ii) transferring, promptly upon receipt, to the successor Servicer or to the Borrower, any Collections or other amounts related to the Pool Receivables received by such Servicer, (iii) transferring to the successor Servicer all books and records including the Contracts (or copies of books and records and

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Contracts) held by or under the control of such Servicer and (iv) permitting the successor Servicer to have access to all tapes, discs, diskettes and related property containing information concerning the Pool Receivables and the books and records (including the Contracts) and taking all commercially reasonable actions necessary in its control to permit the successor Servicer to use all computer software that may facilitate the Servicer's access to and use of such information and acting as data processing agent for such successor Servicer if requested. Upon the resignation or replacement of NRG Retail LLC as Servicer, NRG Retail LLC shall no longer be entitled to the Servicer Fee accruing from and after the effective date of such resignation or replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Servicer may delegate its duties and obligations hereunder to any sub-servicer (each a "<u>Sub-Servicer</u>"); <u>provided</u>, that, in each such delegation (i) the Servicer shall remain primarily liable for the performance of the duties and obligations so delegated; (ii) the Borrower, the Administrative Agent and each Lender Group shall have the right to look solely to the Servicer for performance; (iii) unless such Sub-Servicer is a Utility that is providing invoicing services to an Originator, the terms of any agreement with any Sub-Servicer shall provide that such agreement shall terminate upon the termination of the Servicer hereunder by giving notice of its desire to terminate such agreement to the Servicer (and the Servicer shall provide appropriate notice to each such Sub-Servicer) and (iv) unless such Sub-Servicer is an Originator, another Affiliate of the Servicer or a Utility that is providing invoicing services to an Originator, the Administrative Agent shall have consented in writing in advance to such delegation. For the avoidance of doubt, this <u>Section 6.01(d)</u> shall not apply to any Payment Processor, any third party collection agency collecting Defaulted Receivables or any other third party service provider assisting in the servicing of the Defaulted Receivables. None of the Borrower, the Administrative Agent and the members of the Lender Groups shall have any obligations, duties or liabilities with respect to any Sub-Servicer, Payment Processor, any third party collection agency collecting Defaulted Receivables or any other third party service provider assisting in the servicing of the Defaulted Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Duties of the Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Servicer shall take or cause to be taken all such actions as it deems necessary or advisable to collect each Pool Receivable from time to time, all in accordance, in all material respects, with applicable laws, tariffs, rules, regulations and the Credit and Collection Policy. Each of the Borrower, each Lender, each LC Issuer, each Liquidity Provider, each Facility Agent and the Administrative Agent hereby appoints as its agent the Servicer, from time to time designated pursuant to <u>Section 6.01</u>, to enforce its respective rights and interests in and under the Pool Receivables and the Related Security. The Servicer (so long as it is NRG Retail LLC) will at all times apply the same standards and follow the same procedures with respect to the decision to commence litigation with respect to the Pool Receivables, and in prosecuting and litigating with respect to Pool Receivables, as it applies and follows with respect to trade accounts receivable serviced by it which are not Pool Receivables; <u>provided</u>, <u>however</u>, that from and after an Event of Termination, the Servicer shall commence or settle any legal action to enforce collection of any Delinquent Receivable or Defaulted Receivable as directed by the Administrative Agent; <u>provided</u>, <u>further</u>, that the Servicer shall not be required to take any action that (i) is contrary to any applicable law or (ii) any existing applicable agreement. In no event shall the Servicer be entitled to make the Administrative Agent, any Facility Agent, any Lender or any Liquidity Provider a party to any litigation without the such Person's express prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event the Servicer receives any Collections or other proceeds of the Collateral, it shall hold such Collections and other proceeds on behalf of the Borrower for application and remittance in accordance with <u>Section 2.07</u> or <u>2.08</u>, as applicable, and it shall remit the same to the Collection Account or, if the Collection Account is not established, the Designated Deposit Account to the extent required hereunder. The Borrower shall deliver to the Servicer, and the Servicer shall hold in trust for the Borrower, the Lenders and the Liquidity Providers in accordance with their respective interests, all books and records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Servicer shall, as soon as practicable following receipt, turn over to the Person entitled thereto collections in respect of any receivable which is not a Pool Receivable less, to the extent the Servicer performed any collection or enforcement actions which it was authorized by such Person to perform, all reasonable and appropriate out of pocket costs and expenses of such Servicer incurred in collecting and enforcing such receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Deposit Account and Lock-Box Arrangements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On or prior to the Effective Date, the Borrower shall have delivered to the Administrative Agent a Deposit Account Control Agreement in respect of each Deposit Account identified on <u>Exhibit F</u> as of the Effective Date. On or prior to the Amendment No. 4 Effective Date, the Borrower shall have delivered to the Administrative Agent an amendment to the Deposit Account Control Agreement related to the Citibank, N.A. accounts in respect of the Deposit Accounts at Citibank. Each Deposit Account Control Agreement for the Deposit Accounts shall provide the Administrative Agent with "control" within the meaning of Section 9-104 of the UCC over such Deposit Accounts. Neither the Borrower nor the Servicer shall, or shall permit, any other Person to, attempt to close any Deposit Account unless the Collections directed to such Deposit Account are redirected to another Deposit Account subject to a Deposit Account Control Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If at any time, a Deposit Account Bank has a short term unsecured debt rating lower than A-1 by Standard & Poor's or P-1 by Moody's (each a "<u>Low Ratings Deposit Account Bank</u>"), the Administrative may (and at the direction of the Majority Facility Agents, shall) require that the Borrower open new Deposit Accounts with a new Deposit Account Bank having such ratings. Such establishment of new deposit accounts and the execution and delivery of appropriate Deposit Account Control Agreements shall be completed promptly but in any event no later than thirty (30) days following the Administrative Agent's notice. If any Deposit Account remains at the applicable Low Ratings Deposit Account Bank ninety (90) days after the Administrative Agent's delivery of such notice it shall cease to be eligible Deposit Account Bank for all purposes hereunder (but the Administrative Agent shall not be under any obligation to terminate any existing Deposit Account Control Agreements until such time as no Collections are received by such non-eligible bank).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Rights of the Administrative Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Following the occurrence and during the continuation of any Event of Termination, the Administrative Agent (i) shall at the request of the Majority Facility Agents or, at any time during which there are only two Facility Agents, at the request of either Facility Agent, or (ii) may with the consent of the Majority Facility Agents, exercise its right to take exclusive ownership and control of the Collection Account, the Lock-Boxes and the Deposit Accounts (including the Designated Deposit Account), and each of the Borrower and the Servicer hereby agrees to take any further action necessary that the Administrative Agent may reasonably request to effect such control. From and after the date the Administrative Agent exercises its right to take exclusive control of the Collection Account, or if the Collection Account has not been established, the Designated Deposit Account, all withdrawals and distributions to be made from the Collection Account, the Designated Deposit Account or any other Deposit Account by the Servicer hereunder shall be made by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower hereby grants to the Administrative Agent an irrevocable power of attorney, with full power of substitution, coupled with an interest, to take in the name of the Borrower, following the occurrence and during the continuance of an Event of Termination and the Termination Date has been declared or has automatically occurred pursuant to <u>Section 7.01</u>, any and all steps which are necessary or advisable to endorse, negotiate or otherwise realize on any writing or other right of any kind in connection with any Pool Receivable or other Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)At any time after the Effective Date, the Administrative Agent may, and upon the request of the Majority Facility Agents shall, cause the Collection Account to be established. The Collection Account shall be established in the name of the Administrative Agent at an Eligible Account Bank selected by the Administrative Agent, and the Administrative Agent shall have exclusive dominion and control over the Collection Account and the authority to direct the

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disposition of the funds in the Collection Account without the consent of the Borrower; <u>provided</u> that until the Administrative Agent provides such instructions to such Eligible Account Bank (in accordance with <u>Section 6.04(a)</u>), such Eligible Account Bank shall be entitled to comply with instructions originated by the Servicer directing disposition of the funds in the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each of the Borrower and the Servicer hereby authorizes the Administrative Agent (for the benefit of each Lender Group), and irrevocably appoints the Administrative Agent (for the benefit of each Lender Group) as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Borrower or the Servicer, as applicable, which appointment is coupled with an interest, to take any and all steps in the name of the Borrower or the Servicer, as applicable, and on behalf of the Borrower or the Servicer, as applicable, as may be necessary or desirable, in the reasonable determination of the Administrative Agent to collect any and all amounts or portions thereof due under any and all Collateral, including endorsing the name of the Borrower or the Servicer, as applicable, on all checks and other instruments representing Collections and enforcing such Collateral. Notwithstanding anything to the contrary contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to the preceding sentence shall subject such attorney- in- fact to any liability if any action taken by it shall prove to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever. The Administrative Agent shall only be entitled to act as contemplated in this <u>clause (d)</u> while an Event of Termination is continuing or after the Termination Date has been declared pursuant to <u>Section 7.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Responsibilities of the Borrower</u>. Anything herein to the contrary notwithstanding, the Borrower shall (i) perform all of its obligations with respect to the Pool Receivables to the same extent as if a security interest in the Pool Receivables had not been granted hereunder and the exercise by the Administrative Agent of its rights hereunder shall not relieve Borrower from such obligations and (ii) pay when due any taxes, including without limitation, sales, excise and personal property taxes payable by it in connection with the Pool Receivables. None of the Administrative Agent, the Facility Agents, the Lenders or the Liquidity Providers shall have any obligation or liability with respect to any Pool Receivables or other Collateral, nor shall any of them be obligated to perform any of the obligations of the Borrower thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Further Action Evidencing Administrative Agent's Interest</u>. Each of the Borrower and the Servicer agrees that from time to time, at its expense, it will promptly execute and deliver all further instruments and documents, and take all further action that the Administrative Agent, any Lender, any LC Issuer or any Facility Agent may reasonably request in order to perfect, protect or more fully evidence the interest of the Administrative Agent or the Secured Parties granted hereunder or pursuant to any other Facility Document or to enable the Administrative Agent or any LC Issuer to exercise or enforce any of its or any of the Secured Parties' rights hereunder or under any other Facility Document. Without limiting the generality of the foregoing, each of the Borrower and the Servicer will (i) code its master data processing records evidencing such Pool Receivables to evidence that a security interest therein has been granted to the Administrative Agent under this Agreement, and (ii) upon the request of the Administrative Agent, any Lender, any LC Issuer or any Facility Agent, file such financing statements, continuation statements or amendments thereto or assignments thereof, and execute and file such other instruments or notices, as may be necessary or appropriate or as the Administrative Agent, any Lender, any LC Issuer or any Facility Agent may reasonably request. If after the occurrence and during the continuation of any Event of Termination, either the Borrower or the Servicer fails to perform any of its respective agreements or obligations under this Agreement, the

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Administrative Agent may (but shall not be required to) itself perform, or cause performance of, such agreement or obligation, and the reasonable out-of-pocket expenses of the Administrative Agent incurred in connection therewith shall be payable by the Borrower or the Servicer, as applicable, upon the Administrative Agent's demand therefor.

Section 7.<br>EVENTS OF TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Events of Termination</u>. If any of the following events (each, an "<u>Event of Termination</u>") shall occur (<u>provided</u>, <u>however</u>, that the occurrence of any of the events described in <u>clauses (b)</u>, <u>(c)</u>, <u>(d)</u> or <u>(o)</u> below with respect to one or more Pool Receivables shall not constitute an Event of Termination if, after such Pool Receivable(s) are removed from the calculation of Net Receivable Balance, no Borrowing Base Default shall exist):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(i) Any Transaction Party shall fail to make any payment or deposit required to be made by it hereunder or under any other Facility Document to the Borrower, the Administrative Agent or any Secured Party when due and such payment shall not be deemed to have been timely made or (ii) the Servicer shall fail to deliver a Borrowing Base Certificate as required by <u>Section 2.03(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Loan Party shall breach any term, covenant or agreement contained in this Agreement or any other Facility Document (unless otherwise provided in this <u>Section 7.01</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any representation or warranty made or deemed to be made by any Loan Party under or in connection with this Agreement or any other Facility Document (including any Monthly Report, any Borrowing Request, any Borrowing Base Certificate, any Letter of Credit Request or other information or report delivered pursuant hereto) shall, after expiration of any applicable cure period, prove to have been materially false or incorrect (except that the materiality standard in this clause (c) shall not apply to any such representation or warranty that is qualified by a materiality standard by its terms) when made or deemed made or delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Administrative Agent, on behalf of the Secured Parties, shall cease to have a valid and perfected first priority security interest in the Pool Receivables and the Related Security and Collections with respect thereto or any other Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)An Event of Bankruptcy shall occur with respect to any Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)A Material Adverse Effect shall occur with respect to any Loan Party or the Pool Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)A "Purchase Termination Event" shall occur under (and as defined in) the Receivables Sale Agreement with respect to (x) three or more Originators or (y) Originators whose Receivables constitute 25% or more of the aggregate Outstanding Balance of all Pool Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)As of the last day of any Calculation Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the average of the Dilution Ratios for any three (3) consecutive Calculation Periods shall exceed 2.25%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the average of the Default Ratios for any three (3) consecutive Calculation Periods shall exceed 4.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the average of the Modified Days' Sales Outstanding for any three (3) consecutive Calculation Periods shall exceed 35 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the average of the Delinquency Ratios for any three (3) consecutive Calculation Periods shall exceed 9.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A Borrowing Base Default shall exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)A Servicer Default shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)(i) (A) The Borrower shall fail to make any payment in respect of any Indebtedness in an aggregate principal amount exceeding $15,000, when and as the same shall become due and payable or (B) an event of default shall have occurred and be continuing under an agreement, or related agreements, under which the Borrower has outstanding Indebtedness; or

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(ii) (A) any Loan Party other than the Borrower (or any combination of Transaction Parties) shall default for a period beyond any applicable grace period (x) in the payment of any principal, interest or other amount due under any Indebtedness (other than trade payables or non-recourse indebtedness), or (y) any other event shall occur or condition shall exist under an agreement, or related agreements, under which such Loan Party has, or such Transaction Parties have, outstanding Indebtedness (other than trade payables or non-recourse indebtedness), if the effect of such event or condition is to permit the acceleration of the maturity of such Indebtedness (other than trade payables or non-recourse indebtedness), and the outstanding amount or amounts payable under all such Indebtedness under clauses (x) and (y) equals or exceeds $150,000,000 or (B) an event of default shall have occurred and be continuing under an agreement, or related agreements, under which any Loan Party other than the Borrower (or any combination of Transaction Parties) has outstanding Indebtedness (other than trade payables or non-recourse indebtedness) of $150,000,000 or more and, in the case of this clause (B), such debt has been accelerated by the holder of such debt, or the holder of such debt has attempted to accelerate but such acceleration was prevented by applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)(i) One or more final judgments, decrees or orders for the payment of money in the aggregate amount of $15,000 or more shall be rendered against the Borrower or (ii) one or more judgments for the payment of money in an aggregate amount in excess of $150,000,000 (excluding therefrom any amount covered by insurance) shall be rendered against any Loan Party other than the Borrower, or any combination of Transaction Parties, and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of any Loan Party or any combination of Transaction Parties to enforce any such judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)Any of this Agreement, the Receivables Sale Agreement, the Performance Guaranty, any Subordinated Note, the Fee Letter, the Administrative Agent Fee Letter or the LC Fronting Fee Letter shall cease to be in full force and effect or any of the Borrower, any Originator, the Performance Guarantor or the Servicer shall so assert in writing or otherwise seek to terminate or disaffirm its obligations under any such Facility Document at any time following the execution thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)A Change in Control shall have occurred with respect to any Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)There shall have been filed (i) notice of a Lien from the IRS pursuant to Section 6323 of the Code against any of the Collateral, (ii) notice of a Lien from the PBGC pursuant to Section 430(k) of the Code or Section 303(k) of ERISA against any Transaction Party for a failure to make a required installment or other payment to a Plan to which either of such sections applies, or (iii) a notice of any other Lien the existence of which could reasonably be expected to have a Material Adverse Effect against any Transaction Party and, in each case, such Lien shall not have been released or withdrawn within ten (10) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)The Borrower (i) shall become a "covered fund" under the Volcker Rule, or (ii) shall become or shall be required to register as an "investment company" or shall become "controlled by an investment company" (or a company required to register as an "investment company"), in each case within the meaning of the Investment Company Act or (iii) no longer be permitted to rely on the exemption set forth in Section 3(c)(5) of the Investment Company Act from the requirement to register as an "investment company" within the meaning of the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)The Performance Guarantor shall breach its covenant (which, as of the Effective Date, is set forth in Section 6.12 of the Parent Credit Agreement) with respect to its Consolidated Total Net Leverage Ratio under and as defined in the Parent Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)NRG Retail LLC shall resign as Servicer, and no successor Servicer reasonably satisfactory to the Administrative Agent shall have been appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)The Borrower shall fail to repay in full the Aggregate Principal Balance and all other Borrower Obligations and to Cash Collateralize the outstanding Letters of Credit up to the Required LC Cash Collateral Amount on or prior to the Final Maturity Date;

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then, and in any such event, the Administrative Agent (i) shall at the request of the Majority Facility Agents or, at any time during which there are only two Facility Agents, at the request of either Facility Agent, or (ii) may with the consent of the Majority Facility Agents, by notice to the Borrower, (A) declare the Termination Date to have occurred; <u>provided</u>, <u>however</u>, that, in the case of any event described in <u>subsection (e)</u> above, the Termination Date shall be deemed to have occurred automatically upon the occurrence of such event and (B) replace the Servicer pursuant to <u>Section 6.01</u>. In addition, the Administrative Agent may deliver the notices of exclusive control under any Deposit Account Control Agreement after the occurrence of an Event of Termination. Upon any such declaration or automatic occurrence, the Administrative Agent and the Secured Parties shall have, in addition to all other rights and remedies under this Agreement or otherwise but subject to the following sentence and <u>Section 10.09</u> hereof, all other rights and remedies provided under the UCC of the applicable jurisdiction and other applicable laws, which rights shall be cumulative. Upon the declaration or automatic occurrence of the Termination Date in accordance with this <u>Section 7.01</u>, all obligations hereunder shall be immediately due and payable and all Loans shall be immediately due and payable.

Section 8.<br>INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Indemnities by the Borrower</u>. Without limiting any other rights which any Affected Person may have hereunder or under applicable law (including, without limitation, the right to recover damages for breach of contract), the Borrower hereby agrees to indemnify and hold harmless each Affected Person and their respective Affiliates, agents, employees, officers, and directors (collectively, the "<u>Indemnified Parties</u>"), from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable external attorneys' fees and disbursements and all costs and expenses incurred, including reasonable external attorneys' fees and disbursements, in connection with the enforcement of this provision (all of the foregoing being collectively referred to as "<u>Indemnified Amounts</u>"), awarded against or incurred by such Indemnified Party to the extent relating to or arising from or as a result of this Agreement, the funding, issuing or maintenance of Credit Extensions hereunder, the use of the Letters of Credit, or proceeds of Loans or Releases, or any interest therein, or in respect of any Pool Receivable, Related Security or Contract, or in respect of any other Facility Document subject to the *proviso* set forth below. Without limiting the generality of the foregoing indemnification, the Borrower shall indemnify the Indemnified Parties for Indemnified Amounts to the extent relating to or resulting from any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the failure of any Pool Receivable represented by the Borrower to be an Eligible Receivable hereunder to be an "Eligible Receivable" at the time of such representation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)reliance on any representation or warranty made or deemed made by the Borrower under this Agreement or any other Facility Document to which it is a party which shall have been false or incorrect when made or deemed made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the failure by the Borrower to comply with any term, provision or covenant contained in this Agreement, the Receivables Sale Agreement or any other Facility Document to which it is party or with any applicable law, tariff, rule or regulation with respect to any Pool Receivable, the related Contract, or the Related Security, or the nonconformity of any Pool Receivable, the related Contract or the Related Security with any such applicable law, tariff, rule or regulation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising out of or in connection with goods or services, the sale or provision of which gave rise to or are the subject of any Pool Receivable or Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the failure to pay when due any taxes, including, without limitation, sales, excise or personal property taxes payable by the Borrower in connection with the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the payment by such Indemnified Party of taxes, including, without limitation, any taxes imposed by any jurisdiction on amounts payable and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, to the extent caused by the Borrower's actions or failure to act in breach of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the failure to vest and maintain vested in the Administrative Agent, on behalf of the Secured Parties, a first priority perfected security interest in the Pool Receivables, together with all Collections, Related Security and other Collateral, free and clear of any Lien except a Lien in favor of any Affected Person, whether existing at the time such Pool Receivable arose or at any time thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the applicable UCC or other applicable laws naming the Borrower as "Debtor" with respect to any Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)any dispute, claim, offset or defense (other than as a result of the bankruptcy or insolvency of the related Obligor) of an Obligor to the payment of any Pool Receivable (including, without limitation, a defense based on such Pool Receivable not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of goods or services related to such Pool Receivable or the furnishing or failure to furnish such goods or services (other than as a result of the bankruptcy or insolvency of the related Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)the commingling of Collections with any other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)any failure by the Borrower to give reasonably equivalent value to the Originator in consideration for the transfer by the Originator to the Borrower of any Pool Receivables, or any attempt by any Person to void any such transfer under any statutory provision or common law or equitable action, including, without limitation, any provision of the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)the failure of any Deposit Account Bank or Payment Processor to remit any amounts or items of payment held in a Deposit Account or in a Lock-Box pursuant to the instructions of the Administrative Agent given in accordance with this Agreement, the applicable Deposit Account Control Agreement, the applicable Lock-Box Control Agreement or the other Facility Documents, whether by reason of the exercise of setoff rights or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)any investigation, litigation or proceeding related to this Agreement, or the use of proceeds of Loans made pursuant to this Agreement or any other Facility Document delivered hereunder or in respect of any of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)any claim brought by any Person arising from any activity by the Borrower in servicing, administering or collecting any Pool Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)the grant by the Borrower of a security interest in any Receivable in violation of any applicable law, tariff, rule or regulation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)the failure of the Borrower to furnish accurate and complete documentation (including, without limitation, a Contract or invoice) to any Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)the failure of any Payment Processor, Sub-Servicer or any other third party with a contractual relationship with the Borrower for the acceptance or processing of Collections, to remit any Collections received by it to a Lock-Box or a Deposit Account within two (2) Business Days of receipt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)the failure of any Transaction Party to pay when due any Direct Taxes, energy surcharges or other governmental charges payable by it in connection with the Pool Receivables or the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)the amendment, modification or termination of any tariff or similar contract governing any Pool Receivable or the activities of the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)the failure of the sale and pledge of any Pool Receivable under the Facility Documents to comply with the requirements of the Federal Assignment of Claims Act or any analogous State or local Laws.

<u>provided</u>, <u>however</u>, that the Borrower shall not be required to indemnify any Indemnified Party to the extent of any amounts (x) resulting from the gross negligence or willful misconduct of such Indemnified Party as determined by final non-appealable judgment of a court of competent jurisdiction; (y) for which indemnification would constitute recourse (except as otherwise specifically provided in this Agreement to be paid by the Borrower hereunder) for uncollectible Receivables; or (z) in respect of Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. Any amounts subject to the indemnification provisions of this <u>Section 8.01</u> shall be paid by the Borrower to the related Indemnified Party within five (5) Business Days following demand therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Indemnities by the Servicer</u>. Without limiting any other rights that any Affected Party may have hereunder or under applicable Law, the Servicer hereby agrees to indemnify each Indemnified Party and hold each Indemnified Party harmless from and against any and all Indemnified Amounts arising out of or resulting from a breach by the Servicer of any of its obligations or representations and warranties under this Agreement or any other Facility Document and for Indemnified Amounts to the extent arising out of or resulting from any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the failure of any Pool Receivable represented by the Servicer to be an Eligible Receivable hereunder (including in any Monthly Report) to be an "Eligible Receivable" at the time of such representation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)reliance on any representation or warranty made or deemed made by the Servicer under this Agreement or any other Facility Document to which it is a party, which shall have been false or incorrect when made or deemed made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the failure by the Servicer to comply with any term, provision or covenant contained in this Agreement, the Receivables Sale Agreement or any Facility Document to which it is party or with any applicable law, tariff, rule or regulation with respect to any Pool Receivable or the Related Security (including, without limitation, the covenants with respect to commingling of Collections set forth in <u>Section 5.04(h</u>));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the failure of any Payment Processor, Sub-Servicer or any other third party with a contractual relationship with the Servicer or any of its Affiliates for the acceptance

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or processing of Collections, to remit any Collections received by it to a Lock-Box or a Deposit Account within two (2) Business Days of receipt; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any action or omission by the Servicer which reduces or impairs the rights or interests of the Administrative Agent, the Facility Agents or any Lender with respect to any Collateral or the value of any Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any claim brought by any Person arising from any activity by the Servicer in servicing, administering or collecting any Pool Receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the failure of any information provided by or on behalf of the Servicer for inclusion in any Monthly Report to be true and correct, or the failure of any other information required to be provided to such Indemnified Party by, or on behalf of, the Servicer to be true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)the failure to cause the payment when due of any Direct Taxes, energy surcharges or other governmental charges payable by a Transaction Party in connection with the Pool Receivables or the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)any dispute, claim, offset or defense of the Obligor to the payment of any Pool Receivable in resulting from or related to the collection activities of the Servicer with respect to such Receivable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)the failure of the Servicer to furnish accurate and complete documentation (including, without limitation, a Contract or invoice) to any Obligor;

<u>provided</u>, <u>however</u>, that the Servicer shall not be required to indemnify any Indemnified Party to the extent of any amounts (x) resulting from the gross negligence or willful misconduct of such Indemnified Party as determined by a final, non-appealable order of a court of law; (y) for which indemnification would constitute recourse (except as otherwise specifically provided in this Agreement to be paid by the Borrower hereunder) for uncollectible Receivables or with respect to an Obligor's financial inability to pay; or (z) in respect of Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. Any amounts subject to the indemnification provisions of this <u>Section 8.02</u> shall be paid by the Servicer to the related Indemnified Party within five (5) Business Days following demand therefor. In no event, however, shall the Servicer be liable on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings); <u>provided</u>, <u>however</u>, that the forgoing is not intended to limit any obligation of any Transaction Party to reimburse any Indemnified Party hereunder for any special, indirect, consequential or punitive damages which such Indemnified Party is required to pay to any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Limited Liability of Indemnified Parties</u>. No Indemnified Party shall have any liability (whether in contract, tort or otherwise) to Transaction Party or any of their security holders or creditors for or in connection with the transactions contemplated hereby, except to the extent such liability is determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Indemnified Party's gross negligence or willful misconduct or breach of its obligations under this Agreement. In no event, however, shall any Indemnified Party be liable on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings).

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Section 9.<br>THE AGENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Authorization and Action</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender, LC Issuer and Facility Agent hereby irrevocably designates and appoints RBC, as the "Administrative Agent" hereunder and authorizes the Administrative Agent to take such actions and to exercise such powers as are delegated to the Administrative Agent hereby and to exercise such other powers as are reasonably incidental thereto. The Administrative Agent shall have no duties or responsibilities except those expressly set forth in this Agreement or in the other Facility Documents. The duties of the Administrative Agent shall be mechanical and administrative in nature. At no time shall the Administrative Agent have any duty or responsibility to any Person to investigate or confirm the correctness or accuracy of any information or documents delivered to it in its role as Administrative Agent hereunder or any obligation in respect of the failure of any Person (other than the Administrative Agent) to perform any obligation hereunder or under any other Facility Document. The Administrative Agent shall not have, by reason of this Agreement, a fiduciary relationship in respect of any Facility Agent, Lender LC Issuer or Transaction Party. Nothing in this Agreement or any of the Facility Documents, express or implied, is intended to or shall be construed to impose upon the Administrative Agent any obligations in respect of this Agreement or any of the Facility Documents except as expressly set forth herein or therein. The Administrative Agent shall not have any duty or responsibility, either initially or on a continuing basis, to provide any Lender, LC Issuer or any Facility Agent with any credit or other information with respect to any Transaction Party or their Affiliates, whether coming into its possession before the Effective Date or at any time or times thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Lender and LC Issuer hereby irrevocably designates and appoints the respective institution identified as the Facility Agent for such Lender's or LC Issuer's Lender Group on the signature pages hereto or in the Joinder Agreement or Assignment and Acceptance pursuant to which such Lender or LC Issuer becomes a party hereto, and each authorizes such Facility Agent to take such action on its behalf under the provisions of this Agreement and to exercise such powers and perform such duties as are expressly delegated to such Facility Agent by the terms of this Agreement, if any, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, no Facility Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, LC Issuer or other Facility Agent or the Administrative Agent, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Facility Agent shall be read into this Agreement or otherwise exist against such Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specifically provided in this Agreement, the provisions of this <u>Article IX</u> are solely for the benefit of the Facility Agents, the Administrative Agent, the Lenders and the LC Issuers, and none of the Transaction Parties shall have any rights as a third party beneficiary or otherwise under any of the provisions of this <u>Article IX</u>, except that this <u>Article IX</u> shall not affect any obligations which any Facility Agent, the Administrative Agent, any Lender or any LC Issuer may have to any Transaction Party under the other provisions of this Agreement. Furthermore, no Lender or LC Issuer shall have any rights as a third-party

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beneficiary or otherwise under any of the provisions hereof in respect of a Facility Agent which is not the Facility Agent for such Lender or LC Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In performing its functions and duties hereunder, the Administrative Agent shall act solely as the agent of the Lenders, LC Issuers and the Facility Agents and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for any Transaction Party or any of their successors and assigns. In performing its functions and duties hereunder, each Facility Agent shall act solely as the agent of its respective Lenders and LC Issuers and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for any Transaction Party, any other Facility Agent or the Administrative Agent, or any of their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Agents' Reliance, Etc</u>. (a) Neither the Administrative Agent nor any Facility Agent nor any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or such Facility Agent or the Administrative Agent under or in connection with this Agreement, (i) with the consent or at the direction of the Majority Facility Agents (or in the case of any Facility Agent, the Lenders and the LC Issuers within its Lender Group that have a majority of the aggregate Commitments of such Lender Group) or (ii) in the absence of such Person's gross negligence or willful misconduct. Without limiting the generality of the foregoing, each of the Administrative Agent and the Facility Agents: (i) may consult with legal counsel (including counsel for the Performance Guarantor, the Borrower, the Servicer or any other Affiliate of the Performance Guarantor), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations made in or in connection with this Agreement; (iii) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of the Performance Guarantor, the Borrower, the Servicer or any other Affiliate of Performance Guarantor or to inspect the property (including the books and records) of the Performance Guarantor, the Borrower, the Servicer or any other Affiliate of Performance Guarantor; (iv) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and (v) shall incur no liability under or in respect of this Agreement by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties. The Administrative Agent shall not be responsible to any Lender, LC Issuer, Facility Agent or other Person for (i) any recitals, representations, warranties or other statements made by any Transaction Party or any of their Affiliates, (ii) the value, validity, effectiveness, genuineness, enforceability or sufficiency of any Facility Document, (iii) any failure of any Transaction Party or any of their Affiliates to perform any obligation hereunder or under the other Facility Documents to which it is a party (or under any Contract), or (iv) the satisfaction of any condition specified in <u>Article III</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Facility Agent and the Administrative Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or other writing or conversation

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believed by it to be genuine and correct and to have been signed, sent or made by the proper Person and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by the Administrative Agent. Each Facility Agent and the Administrative Agent shall in all cases be fully justified in failing or refusing to take any action under any Facility Document unless it shall first receive such advice or concurrence of the Majority Facility Agents (or in the case of any Facility Agent, the Lenders and the LC Issuers within its Lender Group that have a majority of the aggregate Commitment of such Lender Group), and assurance of its indemnification, as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent 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 Facility Agents, and such request and any action taken or failure to act pursuant thereto shall be binding upon all Lenders, LC Issuers, the Administrative Agent and Facility Agents.

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Lenders and LC Issuers within each Lender Group with a majority of the Commitments of such Lender Group shall be entitled to request or direct the related Facility Agent to take action, or refrain from taking action, under this Agreement on behalf of such Lenders and LC Issuers. Such Facility Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of such Lenders and LC Issuers, and such request and any action taken or failure to act pursuant thereto shall be binding upon all of such Facility Agent's Lenders and LC Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise advised in writing by a Facility Agent or by any Lenders or LC Issuers on whose behalf such Facility Agent is purportedly acting, each party to this Agreement may assume that (i) such Facility Agent is acting for the benefit of each of the Lenders and LC Issuers in respect of which such Facility Agent is identified as being the "Facility Agent" in the definition of "Facility Agent" hereto, as well as for the benefit of each assignee or other transferee from any such Person, and (ii) each action taken by such Facility Agent has been duly authorized and approved by all necessary action on the part of the Lenders and LC Issuers on whose behalf it is purportedly acting. Each Facility Agent and its Lenders and LC Issuers shall agree amongst themselves as to the circumstances and procedures for removal, resignation and replacement of such Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Neither any Facility Agent nor the Administrative Agent shall be deemed to have knowledge or notice of the occurrence of any Advance Suspension Event, Event of Termination or Potential Event of Termination unless the Administrative Agent and the Facility Agents have received notice from any Lender, LC Issuer or a Transaction Party stating that an Advance Suspension Event, an Event of Termination or an Potential Event of Termination has occurred hereunder and describing such Advance Suspension Event, Event of Termination or Potential Event of Termination. In the event that the Administrative Agent receives such a notice, it shall promptly give notice thereof to each Facility Agent whereupon each such Facility Agent shall promptly give notice thereof to its related Lenders and LC Issuers, if applicable. In the event that a Facility Agent receives such a notice (other than from the Administrative Agent), it shall promptly give notice thereof to the Administrative Agent. The Administrative Agent shall take such action concerning an Advance Suspension Event, an Event of Termination or an Potential Event of Termination as may be directed by the Majority Facility Agents (unless such action otherwise requires the consent of all Lenders and LC Issuers), but until the Administrative Agent

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receives such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, as the Administrative Agent deems advisable and in the best interests of the Lenders and the Facility Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Agents and Affiliates</u>. Each of the Administrative Agent, the Lenders, the LC Issuers and the Facility Agents and any of their respective Affiliates may extend credit to, accept deposits from and generally engage in any kind of banking, trust, debt, equity or other business with any Transaction Party or any of their Affiliates. With respect to the acquisition of the Eligible Receivables pursuant to this Agreement, each of the Facility Agents and the Administrative Agent shall have the same rights and powers under this Agreement as any Lender or LC Issuer and may exercise the same as though it were not such an agent, and the terms "Lender," "LC Issuer," "Lenders" and "LC Issuers" shall include, to the extent applicable, each of the Facility Agents and the Administrative Agent in their individual capacities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Decision to Extend Credit</u>. Each Lender and LC Issuer expressly acknowledges that none of the Administrative Agent, the Facility Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent, or any Facility Agent hereafter taken, including any review of the affairs of any Transaction Party, shall be deemed to constitute any representation or warranty by the Administrative Agent or such Facility Agent, as applicable. Each Lender and each LC Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent, any Facility Agent, any of their respective Affiliates or any other Lender, and based on such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement and, if it so determines, to make Credit Extensions hereunder. Each Lender and each LC Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Facility Agent, any of their respective Affiliates, or any other Lender or LC Issuer, and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement. Except for items specifically required to be delivered hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Facility Agent with any information concerning any Transaction Party or any of their Affiliates that comes into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Delegation of Duties</u>. The Administrative Agent and each Facility Agent may each execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Neither the Administrative Agent nor any Facility Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Indemnification</u>. Each Facility Agent severally agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower, the Servicer, an Originator or the Performance Guarantor), ratably according to its related Lender Group Percentage, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any action taken or omitted by the Administrative Agent under this Agreement; <u>provided</u>, that no Facility Agent shall be liable for any portion of such liabilities,

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obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting or arising from the Administrative Agent's gross negligence or willful misconduct to the extent such gross negligence or willful misconduct is determined by a court of competent jurisdiction in a final and non-appealable decision. Without limitation of the generality of the foregoing, each Facility Agent agrees to reimburse the Administrative Agent, ratably according to its related Lender Group Percentage, promptly upon demand, for any reasonable out-of-pocket expenses (including reasonable counsel fees) incurred by the Administrative Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement; <u>provided</u>, that no Facility Agent shall be responsible for the costs and expenses of the Administrative Agent in defending itself against any claim alleging the gross negligence or willful misconduct of the Administrative Agent to the extent such gross negligence or willful misconduct is determined by a court of competent jurisdiction in a final and non-appealable decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Successor Agents</u>. The Administrative Agent and each Facility Agent may, upon thirty (30) days' notice to the Borrower, each Lender, each LC Issuer and each other party hereto, resign as Administrative Agent or Facility Agent, as applicable. If any such party shall resign as Administrative Agent or Facility Agent under this Agreement, then, in the case of the Administrative Agent, the Majority Facility Agents, and in the case of any Facility Agent, its related Conduit Lenders, during such thirty-day period shall appoint a successor agent, whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent or applicable Facility Agent and references herein to the Administrative Agent or such Facility Agent shall mean such successor agent, effective upon its appointment; and such former Administrative Agent's or Facility Agent's rights, powers and duties in such capacity shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or Facility Agent or any of the parties to this Agreement. After any retiring Administrative Agent's or Facility Agent's resignation hereunder as such agent, the provisions of <u>Article VIII</u>, this <u>Article IX</u> and <u>Section 10.09</u> shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent or a Facility Agent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If the Administrative Agent notifies a Lender or Secured Party, or any Person who has received funds on behalf of a Lender or another Secured Party (any such Lender, Secured Party or other recipient (and each of their respective successors and assigns), a "<u>Payment Recipient</u>"), that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from the Administrative Agent) received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "<u>Erroneous Payment</u>") and demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this <u>Section 9.08</u> and held in trust for the benefit of the Administrative Agent, and such Lender or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to)

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promptly, but in no event later than two Business Days thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without limiting immediately preceding clause (a), each Lender or Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party (and each of their respective successors and assigns) agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) then in each such case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)it acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)such Lender or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this <u>Section 9.08(b)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For the avoidance of doubt, the failure to deliver a notice to the Administrative Agent pursuant to this <u>Section 9.08</u> shall not have any effect on a Payment Recipient's obligations pursuant to <u>Section 9.08</u> or on whether or not an Erroneous Payment has been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each Lender or Secured Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender or Secured Party under any Facility Document, or otherwise payable or distributable by the Administrative Agent to such Lender or Secured Party under any Facility Document with respect to any payment of principal, interest, fees or other amounts, against any amount that the Administrative Agent has demanded to be returned under immediately preceding clause (a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The parties hereto agree that (x) irrespective of whether the Administrative Agent may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender or Secured Party, to the rights and interests of such Lender or Secured Party, as the case may be) under the Facility Documents with respect to such amount (the "<u>Erroneous Payment Subrogation Rights</u>") and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Borrower Obligations owed by the Borrower; <u>provided</u> that this <u>Section 9.08</u> shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Borrower Obligations of the Borrower relative to the amount (and/or timing for payment) of the Borrower Obligations that would have been payable had such Erroneous Payment not been made by the Administrative Agent; <u>provided</u>, <u>further</u>, that for the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from, or on behalf of (including through the exercise of remedies under any Facility Document), the Borrower for the purpose of a payment on the Borrower Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)To the extent permitted by Law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including, without limitation, any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Each party's obligations, agreements and waivers under this <u>Section 9.08</u> shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Facility Limit and/or the repayment, satisfaction or discharge of all Borrower Obligations (or any portion thereof) under any Facility Document.

Section 10.<br>MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Amendments, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No waiver of any provision of this Agreement nor consent to any departure by the Borrower or the Servicer therefrom shall in any event be effective unless the same shall be in writing and signed by the Administrative Agent and each Facility Agent, or Lender and LC Issuer, required to amend the relevant provision pursuant to Section 10.01(b) hereof, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)No amendment to this Agreement shall be effective unless the same shall be in writing and signed by each of the Borrower, the Servicer, the Administrative Agent and the Majority Facility Agents, <u>provided</u>, <u>however</u>, that, without the written consent of each affected Lender and each affected LC Issuer, no such amendment shall (i) extend the Termination Date, (ii) extend the date of any payment or deposit of Collections by the Borrower or by the Servicer or the time of payment of Interest, (iii) release the security interest in or transfer all or any material portion of the Collateral, (iv) change the outstanding Principal Balance of any of the Loans made by any Lender hereunder other than as provided herein, (v) change the amount of any Lender Group Limit, Commitment or LC Commitment other than as provided herein or increase the Facility Limit hereunder, (vi) increase the Concentration Limit, (vii) amend, modify or waive any provision of the definitions of "Eligible Receivables", "Majority Facility Agents", "Net Receivables Balance," "Total Reserve Amount," "Borrowing Base", "Borrowing Base Deficiency," "Period," "Majority Facility Agents," "Final Maturity Date" or any of the defined

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terms used in such definitions or this <u>Section 10.01</u>, (viii) consent to or permit the assignment or transfer by the Borrower or any of its rights and obligations under this Agreement or of any of its right, title or interest in or to the Pool Receivables, (ix) amend or modify any provision of <u>Section 7.01</u> or <u>Section 10.03</u>, (x) terminate the Performance Guaranty and/or release the Performance Guarantor from its obligations thereunder, (xi) reduce any Fees payable to any Lender or Facility Agent pursuant to the Fee Letter, reduce any Fees payable to any LC Issuer or Facility Agent pursuant to the LC Fronting Fee Letter or any Interest payable to any Lender hereunder, (xii) amend or modify <u>Section 2.01(c)</u> to alter the requirement that Non-Seasonal Reductions shall reduce the Lender Group Limit ratably, (xiii) amend or modify <u>Section 10.08</u>, (xiv) amend or modify the order of application of payments in <u>Section 2.07</u> and <u>Section 2.08</u> or (xv) modify any defined term (or any defined term used directly or indirectly in such defined term) used in <u>clauses (i)</u> through <u>(xiv)</u> above in a manner which would circumvent the intention of the restrictions set forth in such clauses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything to the contrary herein, to the fullest extent permitted by Law, no Facility Agent that has a Committed Lender in its Lender Group that is currently a Defaulting Committed Lender and no Committed Lender that is currently a Defaulting Committed Lender, shall be entitled to vote in respect of waivers, amendments or modifications to any Facility Document and the Commitment and the outstanding Loans or other extensions of credit of such Defaulting Committed Lender hereunder shall not be taken into account in determining whether the Majority Facility Agents or all of the Lenders or any other class of Lenders, as required by this <u>Section 10.01</u> or otherwise, have approved any such waiver, amendment or modification (and the definition of "Majority Facility Agents" will automatically be deemed modified accordingly for the duration of such period); <u>provided</u> that any such waiver, amendment or modification that would increase or extend the term of the Commitment of such Defaulting Committed Lender, extend the date fixed for the payment of principal or interest owing to such Defaulting Committed Lender hereunder, reduce the principal amount of any obligation owing to such Defaulting Committed Lender, reduce the amount of or the rate or amount of interest on any amount owing to such Defaulting Committed Lender or of any fee payable to such Defaulting Committed Lender hereunder, or alter the terms of this proviso, shall require the prior written consent of such Defaulting Committed Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Notices, Etc.</u> All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by facsimile copy or other electronic transmission) and shall be personally delivered or sent by registered mail, return receipt requested, or by courier or by facsimile or other electronic transmission, to each party hereto, at its address set forth on <u>Schedule II</u> hereof or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of overnight courier, two (2) days after being deposited with such courier, or, in the case of notice by facsimile or other electronic transmission, when electronic confirmation of receipt is obtained, in each case addressed as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Assignments; Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;<u>Participations</u>. Except as otherwise specifically provided herein, any Lender may sell to one or more Persons (each a "<u>Participant</u>") participating interests in the Loans of such Lender hereunder. Such Lender shall remain solely responsible for performing its obligations hereunder, and the Borrower, the Servicer, each Facility Agent and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations hereunder. A Lender shall not agree with a Participant to restrict such Lender's right to agree to any amendment hereto, except amendments that require the consent of

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all Lenders. Any such Participant shall not have any rights hereunder or under the Facility Documents. The Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 2.12</u> and <u>2.13</u> (subject to the requirements and limitations therein and subject to such Participant's compliance with the requirements of <u>Section 2.14</u>) to the same extent as if it were a Lender and acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant shall not be entitled to receive any greater payment under <u>Sections 2.12</u> or <u>2.13</u>, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in Law that occurs after the Participant acquired the applicable participation.

Each Lender (or its Facility Agent on its behalf) that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of its Participants and the amounts of each such Participant's interest in any Loans, Commitments or other rights or obligations hereunder (the "<u>Participant Register</u>"); provided that no Lender or Facility Agent shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in such Loans, Commitments or other rights or obligations hereunder) to any Person except to the extent that such disclosure is necessary to establish that such Loans, Commitments or other rights or obligations hereunder are in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignments by Committed Lenders</u>. Any Committed Lender may assign to one or more Persons (each a "<u>Purchasing Committed Lender</u>"), reasonably acceptable to the Administrative Agent, each LC Issuer and the related Facility Agent in their sole discretion, any portion of its Commitment pursuant to an Assignment and Acceptance with any changes as have been approved by the parties thereto, executed by each such Purchasing Committed Lender, such selling Committed Lender, such related Facility Agent and the Administrative Agent and with the consent of the Borrower (<u>provided</u>, that the consent of the Borrower shall not be unreasonably withheld or delayed and that no such consent shall be required if an Event of Termination has occurred and is continuing; <u>provided</u>, <u>further</u>, that no consent of the Borrower shall be required if the assignment is made by any Committed Lender to the Administrative Agent, to any other Committed Lender, to any Affiliate of the Administrative Agent or any Committed Lender or to any Program Support Provider). Any such assignment by a Committed Lender cannot be for an amount less than $10,000,000. Upon (i) the execution of the Assignment and Acceptance with any changes as have been approved by the parties thereto, (ii) delivery of an executed copy thereof to the Borrower, the Servicer, such related Facility Agent and the Administrative Agent and (iii) payment by the Purchasing Committed Lender to the selling Committed Lender of the agreed purchase price, if any, such selling Committed Lender shall be released from its obligations hereunder to the extent of such assignment and such Purchasing Committed Lender shall for all purposes be a Committed Lender party hereto and

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shall have all the rights and obligations of a Committed Lender hereunder to the same extent as if it were an original party hereto. The amount of the Commitment of the selling Committed Lender allocable to such Purchasing Committed Lender shall be equal to the amount of the Commitment of the selling Committed Lender transferred regardless of the purchase price, if any, paid therefor. The Assignment and Acceptance shall be an amendment hereof only to the extent necessary to reflect the addition of such Purchasing Committed Lender as a "Committed Lender" and any resulting adjustment of the selling Committed Lender's Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignments to Liquidity Providers and other Program Support Providers</u>. Any Conduit Lender may at any time grant to one or more of its Liquidity Providers or other Program Support Providers, participating interests in its Loans. In the event of any such grant by such Conduit Lender of a participating interest to a Liquidity Provider or other Program Support Provider, such Conduit Lender shall remain responsible for the performance of its obligations hereunder. The Borrower agrees that each Liquidity Provider and Program Support Provider of any Conduit Lender hereunder shall be entitled to the benefits of <u>Sections 2.12</u> and <u>2.13</u> (subject to the requirements and limitations therein and subject to such Participant's compliance with the requirements of <u>Section 2.14</u>) and <u>Article VIII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Assignments by Conduit Lenders</u>. Each party hereto agrees and consents (i) to any Conduit Lender's assignment, participation, grant of security interests in or other transfers of any portion of, or any of its beneficial interest in, its Loans (or, in each case, any portion thereof), including without limitation to any collateral agent in connection with its commercial paper program and (ii) to the complete assignment by any Conduit Lender of all of its rights and obligations hereunder to any other Person, including any Affiliate of its Facility Agent, any Lender in its Lender Group or the Administrative Agent, and upon such assignment such Conduit Lender shall be released from all obligations and duties, if any, hereunder; *provided*, that such Conduit Lender may not, without the prior consent of its Committed Lenders and the Administrative Agent, make any such transfer of its rights hereunder unless the assignee (x) is a commercial paper conduit that (i) is principally engaged in the purchase of assets similar to the assets being purchased hereunder, (ii) has as its Facility Agent the Facility Agent or an Affiliate thereof of the assigning Conduit Lender, (iii) issues commercial paper or other notes with credit ratings substantially comparable to the ratings of the assigning Conduit Lender and (iv) has been consented to by the Borrower (*provided*, that (1) the consent of the Borrower shall not be unreasonably withheld or delayed, (2) no such consent shall be required if an Event of Termination has occurred and is continuing and (3) no such consent shall be required if such assignee (x) is another commercial paper conduit administered by the same Program Administrator or an Affiliate thereof) or (y) is a Committed Lender, Liquidity Provider or Program Support Provider for such Conduit Lender. Any assigning Conduit Lender shall deliver to any assignee an Assignment and Acceptance with any changes as have been approved by the parties thereto, duly executed by such Conduit Lender, assigning any portion of its Loans to its assignee. Such Conduit Lender shall promptly (i) notify each of the other parties hereto of such assignment and (ii) take all further action that the assignee reasonably requests in order to evidence the assignee's right, title and interest in such interest in the its Loans, and to enable the assignee to exercise or enforce any rights of such Conduit Lender hereunder. Upon the assignment of any portion of its interest in its Loans, the assignee shall have all of the rights

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hereunder with respect to such interest (except that the Interest therefor shall thereafter accrue at the CP Rate determined with respect to the assigning Conduit Lender unless the Borrower, the related Facility Agent and the assignee shall have agreed upon a different Interest Rate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Register</u>. The Administrative Agent, acting as non-fiduciary agent for the Borrower (such agency being solely for Tax purposes) and each Affected Person and its successors and assigns (to the extent such Person has Loans or Interest owing thereto), shall maintain at an office of the Administrative Agent, a copy of each Assignment and Acceptance delivered to and accepted by it hereunder and a register for the names and addresses of the Lenders, the Commitment of each Lender Group and the aggregate outstanding Loans and Interest and other amounts owing to each Lender or other Affected Person from time to time (and such other Affected Person) (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Servicer, the Lenders, and such other Affected Persons shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower, any Facility Agent and any Lender (and any such other Affected Person) at any reasonable time and from time to time upon reasonable prior notice. Each Lender (and each such other Affected Person) that assigns or transfers all or part of its Loans, shall be required to provide the Administrative Agent with notice of such assignment in order for such assignee's interests in the Loans to be reflected in the Register. Each assignor may, in connection with any permitted assignment, disclose to the applicable assignee (that shall have agreed to be bound by <u>Section 10.12</u>) any information relating to any Originator, the Servicer, the Borrower, the Performance Guarantor or the Pool Receivables furnished to such assignor by or on behalf of such Originator, the Servicer, the Borrower, the Performance Guarantor, any Lender or the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to mean the successors and assigns of such party; all covenants, promises and agreements by or on behalf of any parties hereto that are contained in this Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns. Notwithstanding the foregoing, neither of the Borrower or the Servicer may assign its rights or delegate its obligations hereunder or under any other Facility Document or any interest herein or under any other Facility Document, in each case, without the prior written consent of the Administrative Agent and each Facility Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Enforcement By Agents</u>. Without limiting any other rights that may be available under applicable Law, the rights of the Administrative Agent, each Facility Agent and each Lender may be enforced through it or by its agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Pledges</u>. Without limiting the right of any Lender to sell or grant interests, security interests or participations to any Person as otherwise described in this <u>Section 10.03</u>, any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement, any portion of its interest in its Loans to secure its obligations as a Lender hereunder, including any pledge or assignment to secure obligations to a Federal Reserve Bank, the United States Treasury, the Federal Deposit Insurance Corporation or a security trustee

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in connection with the funding by such Lender of Purchases without notice to or consent of the Borrower, the Performance Guarantor or any other Person; provided that no such pledge or grant of a security interest shall release such Lender from any of its obligations hereunder or substitute any such pledgee or grantee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Additional Lender Groups</u>. With the written consent of the Administrative Agent, upon the Borrower's request, an additional Lender Group may be added to this Agreement at any time by the execution and delivery of a Joinder Agreement by the members of such proposed additional Lender Group, the Borrower, the Servicer, the Performance Guarantor, the Administrative Agent and each of the Facility Agents, which execution and delivery shall not be unreasonably refused by such parties. Upon the effective date of such Joinder Agreement, (i) each Person specified therein as a "Conduit Lender" shall become a party hereto as a Conduit Lender, entitled to the rights and subject to the obligations of a Conduit Lender hereunder, (ii) each Person specified therein as a "Committed Lender" shall become a party hereto as a Committed Lender, entitled to the rights and subject to the obligations of a Committed Lender hereunder, (iii) each Person specified therein as a "Facility Agent" shall become a party hereto as a Facility Agent, entitled to the rights and subject to the obligations of a Facility Agent hereunder, (iv) each Person specified therein as an "LC Issuer" shall become a party hereto as an LC Issuer, entitled to the rights and subject to the obligations of an LC Issuer hereunder, (v) the LC Sublimit shall be increased by an amount equal to the aggregate LC Commitments of the LC Issuers party to the Joinder Agreement, and (vi) the Facility Limit shall be increased by an amount equal to the aggregate Commitments of the Committed Lenders party to such Joinder Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Consent to Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in New York City in any action or proceeding arising out of or relating to this Agreement, and each party hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of the Borrower and the Servicer consents to the service of any and all process in any such action or proceeding by the mailing of copies of such process to it at its address specified in <u>Section 10.02</u>. Nothing in this <u>Section 10.05</u> shall affect the right of any Lender or the Administrative Agent to serve legal process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Right of Setoff</u>. Each Lender and each LC Issuer is hereby authorized (in addition to any other rights it may have) at any time any Borrower Obligation hereunder is due and payable, to set off, appropriate and apply (without presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by

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such Lender or such LC Issuer to, or for the account of, the Borrower against the amount of the Borrower Obligations owing by the Borrower to such Person. Each Lender and each LC Issuer is hereby authorized (in addition to any other rights it may have) at any time that any payment obligation of the Servicer hereunder is due and payable, to set off, appropriate and apply (without presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by such Lender or such LC Issuer to, or for the account of, the Servicer against the amount of such obligations owing by the Servicer to such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Ratable Payments</u>. If any Lender or any LC Issuer, whether by setoff or otherwise, has payment made to it with respect to any Borrower Obligations or obligation of the Servicer in a greater proportion than that received by any other Lender or any other LC Issuer entitled to receive a ratable share of such amount, such Lender or such LC Issuer, as applicable, agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of such Borrower Obligations or Servicer obligation held by the other Lenders or the other LC Issuers so that after such purchase each Lender will hold its ratable proportion of such Borrower Obligations or Servicer obligations, as applicable; <u>provided</u> that if all or any portion of such excess amount is thereafter recovered from such Lender or such LC Issuer, as applicable, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Limitation of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No claim may be made by any Transaction Party or any other Person against any Lender, any LC Issuer, any Facility Agent, the Administrative Agent or their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement or any other Facility Document, or any act, omission or event occurring in connection herewith or therewith; and each of the Borrower and the Servicer hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything to the contrary contained herein, the obligations of the Conduit Lenders under this Agreement are solely the corporate obligations of each such Conduit Lender and shall be payable only at such time as funds are actually received by, or are available to, such Conduit Lender in excess of funds necessary to pay in full all outstanding Commercial Paper Notes issued by such Conduit Lender and, to the extent funds are not available to pay such obligations, the claims relating thereto shall not constitute a claim against such Conduit Lender. Each party hereto agrees that the payment of any claim (as defined in Section 101 of Title 11 of the Bankruptcy Code) of any such party shall be subordinated to the payment in full of all Commercial Paper Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No recourse under any obligation, covenant or agreement of any Conduit Lender contained in this Agreement shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of such Conduit Lender or any of its Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely a corporate obligation of such Conduit Lender, and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of any Conduit Lender or any of its Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of such Conduit Lender contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by any Conduit Lender of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is

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hereby expressly waived as a condition of and in consideration for the execution of this Agreement; <u>provided</u> that the foregoing shall not relieve any such Person from any liability it might otherwise have as a result of fraudulent actions taken or fraudulent omissions made by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Costs, Expenses and Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In addition to the rights of indemnification under <u>Article VIII</u> hereof, the Borrower agrees to pay to the Administrative Agent and each Facility Agent within ten (10) days after demand thereof (i) all reasonable costs and expenses incurred in connection with the periodic auditing of the Borrower and the Servicer pursuant to <u>Section 5.01(c)</u>, <u>5.04(c)</u> or <u>5.04(d)</u> of this Agreement, (ii) all reasonable costs and expenses of the Administrative Agent and each Facility Agent in connection with the preparation, execution and delivery (including any requested amendments, waivers or consents) of this Agreement and the other documents to be delivered hereunder, including, without limitation, all pre-closing due diligence expenses and the reasonable fees and out-of-pocket expenses of special counsel for the Administrative Agent and each Facility Agent with respect thereto and with respect to advising the Administrative Agent and each Facility Agent and the related Lenders as to their respective rights and remedies under this Agreement, and the other agreements executed pursuant hereto and (iii) all costs and out-of-pocket expenses (including fees and expenses of outside counsel), incurred by the Administrative Agent and each Facility Agent in connection with any amendment to any of the Facility Documents after the Effective Date and the enforcement of this Agreement and the other agreements and documents to be delivered hereunder after the occurrence of an Event of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition, the Borrower shall pay any fees (including, without limitation, UCC filing fees and any penalties associated with the late payment of any UCC filing fees) payable or determined to be payable in connection with the execution, delivery, filing and recording of this Agreement or the other agreements and documents to be delivered hereunder (including any UCC financing statements) and agrees to indemnify the Administrative Agent, the Facility Agents, the Lenders and the Liquidity Providers against any liabilities with respect to or resulting from any delay by the Borrower in paying or omission to pay fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>No Proceedings</u>. The Borrower, the Servicer, each Lender, each LC Issuer, each Facility Agent and the Administrative Agent each hereby agrees that it will not institute against any Conduit Lender any proceeding of the type referred to in <u>Section 7.01(e)</u> until one year and one day after the last outstanding Commercial Paper Note issued by such Conduit Lender has been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Confidentiality</u>.

Each of the Borrower and the Servicer agrees (i) not to post to a website or publish or otherwise distribute to any other Person this Agreement and the other Facility Documents and (ii) to maintain the confidentiality of the information in this Agreement and the other Facility Documents relating to upfront fees and pricing in communications with third parties and otherwise; <u>provided</u>, that the Facility Documents and such information may be disclosed (a) to third parties to the extent such disclosure is made pursuant to a written agreement of confidentiality in form and substance reasonably satisfactory to the Administrative and each Facility Agent; (b) as required by the rules of any stock exchange; (c) to legal counsel, accountants and auditors for the Borrower and the Performance Guarantor if such counsel, accountants and auditors agree to hold it confidential or are otherwise under a professional duty to maintain the confidentiality of such information, (d) as required or requested by Law, rule, regulation, court order, subpoena, or other legal process, as reasonably determined by the Borrower (which may be in consultation with its internal or external legal counsel) and (e) if required in connection with any litigation or dispute between the parties hereto (provided that the

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Borrower and the Servicer will use reasonable efforts to obtain confidential treatment for such information in connection with such litigation or dispute).

The Administrative Agent, the Facility Agents, the Lenders and the LC Issuers agree to maintain the confidentiality of the Facility Documents (including pricing hereunder and thereunder) and any other non-public information regarding the Performance Guarantor, the Borrower, the Originators, the Servicer and their Affiliates; <u>provided</u>, that such information may be disclosed (i) to third parties to the extent such disclosure is made pursuant to a written agreement of confidentiality in form and substance reasonably satisfactory to the Borrower and the Performance Guarantor; (ii) to legal counsel, accountants and auditors of the Facility Agents, the Lenders, the LC Issuers or the Administrative Agent if such counsel, accountants and auditors agree to hold it confidential or are otherwise under a professional duty to maintain the confidentiality of such information; (iii) to any assignee or participant or potential assignee or participant (if it agrees to abide by the terms of this <u>Section 10.12</u>); (iv) to any regulatory or governmental authorities having jurisdiction, or claiming to have jurisdiction, over the Administrative Agent, any Facility Agent, any Lender, any LC Issuer or any Participant, (v) as required or requested by law, rule, regulation, court order, subpoena, or other legal process, (vi) as required in connection with any litigation or dispute or in connection with the exercise of any rights or remedies under the Facility Documents (provided that the Administrative Agent, the Facility Agents, the Lender and the LC Issuers will use reasonable efforts to obtain confidential treatment for such information in connection with such litigation or dispute), (vii) to any nationally recognized statistical rating organization as contemplated by Section 17g-5 of the Securities Exchange Act of 1934, (viii) to investors in Commercial Paper Notes (including potential investors in Commercial Paper Notes) as required by regulatory authorities and (ix) to any Liquidity Providers, Program Support Providers or equity investors in any Conduit Lender who agree to keep it confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>No Waiver; Remedies</u>. No failure on the part of the Administrative Agent, any Facility Agent, any LC Issuer, any Lender or any Liquidity Provider to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>GOVERNING LAW</u>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF (OTHER THAN §5-1401 AND §5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WHICH SHALL APPLY HERETO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Execution in Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission (including electronic PDF, Docusign, Adobe "fill and sign" or such other provider as specified in writing by the applicable party) shall be effective as delivery of a manually executed counterpart hereof and shall be fully binding on the parties to the same extent as the delivery of the signed originals and

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shall be admissible into evidence for all purposes. The words "execution," "execute," "signed," "signature," and words of like import in or related to any document to be signed in connection with this Agreement, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Notwithstanding the foregoing, if any party shall request manually signed counterpart signatures to this Agreement, each of the other parties hereby agrees to provide such manually signed signature pages as soon as commercially reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Integration; Binding Effect; Survival of Termination</u>. This Agreement and the other Facility Documents executed by the parties hereto on the date hereof contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns (including any trustee in bankruptcy). Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until the Final Collection Date; <u>provided</u>, <u>however</u>, that the provisions of <u>Section 2.12</u>, <u>2.13</u>, <u>2.14</u> and <u>Article VIII</u> and <u>IX</u>, and the provisions of <u>Sections 10.05</u>, <u>10.06</u>, <u>10.09</u>, <u>10.10</u>, <u>10.11</u>, <u>10.12</u> and <u>10.14</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>Patriot Act</u>. Each Lender and LC Issuer hereby notifies the Borrower, each Originator, the Servicer and the Performance Guarantor that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each of the Borrower, each Originator, the Servicer and the Performance Guarantor, which information includes the name and address of each of the Borrower, each Originator, the Servicer and the Performance Guarantor and other information that will allow such Lender or LC Issuer to identify each of the Borrower, each Originator, the Servicer and the Performance Guarantor in accordance with the Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Acknowledgment and Consent to Bail-In of EEA Financial Institutions</u>. Notwithstanding anything to the contrary in this Agreement or any other Facility Document, each party hereto acknowledges that any liability of any EEA Financial Institution arising under this Agreement or any other Facility Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, 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 Facility Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)<u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that the Facility Documents provide support, through a guarantee or otherwise, for Swap Contracts or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>" and each such QFC a "<u>Supported QFC</u>"), 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>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Facility Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York or of the United States or any other state of the United States):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") 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 Facility 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 Facility Documents were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;As used in this Section 9.18, the following terms have the following meanings:

"<u>BHC Act Affiliate</u>" 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.

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"<u>Covered Entity</u>" means any of the following:

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

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

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

"<u>Default Right</u>" 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.

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

"<u>QFC</u>" 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).

*[Signature pages follow.]*

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

NRG RECEIVABLES LLC,

as Borrower

By: _______________________________

Name:

Title:

NRG RETAIL LLC,

as Servicer

By: _______________________________

Name:

Title:

*Signature Page to Receivables Loan and Servicing Agreement*

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ROYAL BANK OF CANADA<br>as Administrative Agent, a Facility Agent and as a Committed Lender and as an LC Issuer<br>

By: _______________________________

Name:

Title:

By: _______________________________

Name:

Title:

OLD LINE FUNDING, LLC, as a Conduit Lender,<br>as a Conduit Lender<br>

By: _______________________________

Name:

Title:

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Facility Agent and as a Committed Lender and as an LC Issuer

By: _______________________________

Name:

Title:

ATLANTIC ASSET SECURITIZATION LLC, as a Conduit Lender

By: _______________________________

Name:

Title:

By: _______________________________

Name:

Title:

*Signature Page to Receivables Loan and Servicing Agreement*

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LA FAYETTE ASSET SECURITIZATION LLC, as a Conduit Lender

By: _______________________________

Name:

Title:

By: _______________________________

Name:

Title:

MUFG BANK, LTD., as a Facility Agent and as a Committed Lender

By: _______________________________

Name:

Title:

GOTHAM FUNDING CORPORATION, as a Conduit Lender

By: _______________________________

Name:

Title:

*Signature Page to Receivables Loan and Servicing Agreement*

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*EXHIBIT A*

FORM OF BORROWING REQUEST

*[DATE]*

To:&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada ("<u>RBC</u>"), as Administrative Agent and as Facility Agent

&nbsp;&nbsp;&nbsp;&nbsp;Crédit Agricole Corporate and Investment Bank ("CACIB"), as Facility Agent

&nbsp;&nbsp;&nbsp;&nbsp;MUFG Bank, Ltd. ("<u>MUFG</u>"), as Facility Agent

From:&nbsp;&nbsp;&nbsp;&nbsp;NRG Receivables LLC (the "<u>Borrower</u>")

Re:&nbsp;&nbsp;&nbsp;&nbsp;Receivables Loan and Servicing Agreement, dated as of September 22, 2020 among the Borrower, NRG Retail LLC, as Servicer, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed Lenders, the Persons from time to time party thereto as Facility Agents, the Persons from time to time party thereto as LC Issuers and RBC, as Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Agreement</u>"). Capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

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| | | | |
|:---|:---|:---|:---|
| A. | (i) | Pursuant to <u>Section 2.02(a)</u> of the Agreement, the undersigned hereby requests a Borrowing from each Lender Group in an aggregate amount equal to the following (which shall be at least $1,000,000, or integral multiples of $1,000,000 in excess thereof): | $&nbsp;&nbsp;&nbsp;&nbsp; |
| Lender Group <br>(identified by related Facility Agent) | Lender Group <br>(identified by related Facility Agent) | Lender Group <br>(identified by related Facility Agent) |  |
| RBC | RBC | RBC | $ |
| CACIB | CACIB | CACIB | $ |
| MUFG | MUFG | MUFG | $ |
| MIZUHO | MIZUHO | MIZUHO | $ |
| SANTANDER | SANTANDER | SANTANDER | $ |
| TRUIST | TRUIST | TRUIST | $ |
| Total | Total | Total | $ |
|  | (ii) | The requested Borrowing Date is: |  |
|  | (iii) | The Aggregate Principal Balance under the Agreement after giving effect to the requested Borrowing under (i) above will equal: | $&nbsp;&nbsp;&nbsp;&nbsp; |
|  | (iv) | The Aggregate Exposure Amount under the Agreement after giving effect to the requested Borrowing under (i) above will equal: | $&nbsp;&nbsp;&nbsp;&nbsp; |

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| | | |
|:---|:---|:---|
| | (v) If Conduit Lenders have declined to fund, the Borrower requests a Loan<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;based on [Term SOFR Rate for a term of [___] months][the Base Rate]. | (v) If Conduit Lenders have declined to fund, the Borrower requests a Loan<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;based on [Term SOFR Rate for a term of [___] months][the Base Rate]. |
| | (vi) The proceeds of the requested Borrowing are requested to be remitted to the following account of Borrower: | (vi) The proceeds of the requested Borrowing are requested to be remitted to the following account of Borrower: |
| B. | As of the date hereof and the Borrowing Date of such Borrowing: | As of the date hereof and the Borrowing Date of such Borrowing: |
|  | (i) | The representations and warranties contained in Article IV of the Agreement are true and correct unless such representation and warranties by their terms refer to an earlier date, in which case they shall be correct on and as of such earlier date; |
|  | (ii) | No event has occurred and is continuing, or would result from the Borrowing requested hereunder, that constitutes an Advance Suspension Event, an Event of Termination or a Potential Event of Termination; and |
|  | (iii) | After giving effect to the requested Borrowing, no Borrowing Base Deficiency shall exist. |
|  | (iv) | All other conditions precedent set forth in <u>Section 3.02</u> of the Agreement have been satisfied. |

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The undersigned certifies that this Borrowing Request is correct in all material respects as of the date furnished.

NRG Receivables LLC

By:___________________________

Name:

Title:

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EXHIBIT B

FORM OF LETTER OF CREDIT REQUEST

*[DATE]*

To:&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada ("RBC"), as Administrative Agent

&nbsp;&nbsp;&nbsp;&nbsp;[ADDRESS FOR FACILITY AGENT OF APPLICABLE LC ISSUER]

From:&nbsp;&nbsp;&nbsp;&nbsp;NRG Receivables LLC (the "<u>Borrower</u>")

Re:&nbsp;&nbsp;&nbsp;&nbsp;Receivables Loan and Servicing Agreement, dated as of September 22, 2020 among the Borrower, NRG Retail LLC, as Servicer, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed Lenders, the Persons from time to time party thereto as Facility Agents, the Persons from time to time party thereto as LC Issuers and RBC, as Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Agreement</u>"). Capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

Each of the Administrative Agent and the related Facility Agent of the LC Issuer of the below described Letter of Credit is hereby notified of the following request for [the issuance of a Letter of Credit][the [amendment][extension] of an outstanding Letter of Credit]:

Letter of Credit

No.:<sup>1</sup> LC

Issuer

Stated Amount:&nbsp;&nbsp;&nbsp;&nbsp;$<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><sup>2</sup>

Date of [Issuance][Amendment][Extension]:

Account Party:

Beneficiary:

Requested Expiration Date:

<sup>1</sup> For a request for amendment or extension only.

<sup>2</sup> Must be at least $1,000,000

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Please provide the current form of the applicable LC Issuer's Letter of Credit Application and deliver the requested Letter of Credit on the above-specified date to:

[Account Party]

[Account Party Address]

Attention: [Name]

Telephone No.: ()

In connection with the [issuance][amendment][extension] of Letter of Credit to be made on the above listed "Date of [Issuance][Amendment] [Extension]" (the "<u>Specified Date</u>"), the Borrower hereby certifies that the following statements are true on the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties contained in Article IV of the Agreement are true and correct unless such representation and warranties by their terms refer to an earlier date, in which case they shall be correct on and as of such earlier date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No event has occurred and is continuing, or would result from the proposed [issuance][amendment][extension] of Letter of Credit, that will constitute an Advance Suspension Event, an Event of Termination or a Potential Event of Termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (1) the Termination Date has not occurred, (2) after giving effect to such [issuance][amendment][extension] of Letter of Credit to be made on the Specified Date, (A) no Borrowing Base Deficiency will exist, (B) the LC Obligations will not exceed the LC Sublimit as of the date of [issuance][amendment][extension] and (C) the portion of the LC Obligations attributable to Letters of Credit issued by the LC Issuer will not exceed its LC Commitment as of the date of [issuance][amendment][extension], and (3) All other conditions precedent set forth in <u>Sections 2.04</u> and <u>3.02</u> of the Agreement have been satisfied.

The undersigned certifies that this Letter of Credit Request is correct in all material respects as of the date furnished.

NRG Receivables LLC

By:___________________________

Name:

Title:

&nbsp;&nbsp;&nbsp;&nbsp;

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EXHIBIT C

FORM OF MONTHLY REPORT

[Attached]

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EXHIBIT D

FORM OF BORROWING BASE CERTIFICATE

[Attached]

&nbsp;&nbsp;&nbsp;&nbsp;

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EXHIBIT E

LIST OF OFFICES

804 Carnegie Center

Princeton, NJ 08540

910 Louisiana Street

Houston, TX 77002

&nbsp;&nbsp;&nbsp;&nbsp;

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EXHIBIT F

LIST OF PAYMENT PROCESSORS, DEPOSIT ACCOUNTS; DEPOSIT ACCOUNT BANKS; LOCK BOXES

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Deposit Account Bank** | **Deposit Account Bank** | **Account Number** | **Related Lock-Box (if any)** |
| Deposit Account | The Bank of New York Mellon | The Bank of New York Mellon | 901-2892 | 223688 |
| Deposit Account | The Bank of New York Mellon | The Bank of New York Mellon | 119-2420 | 120954 |
| Deposit Account | The Bank of New York Mellon | The Bank of New York Mellon | 119-2323 | 650475 |
| Deposit Account | The Bank of New York Mellon | The Bank of New York Mellon | 103-0682 | 121233 |
| Deposit Account | The Bank of New York Mellon | The Bank of New York Mellon | 103-9038 | 660305 |
| Deposit Account | The Bank of New York Mellon | The Bank of New York Mellon | 904-5336 | N/A |
| Deposit Account | The Bank of New York Mellon | The Bank of New York Mellon | 909-4787 | 650261 |
| Deposit Account | The Bank of New York Mellon | The Bank of New York Mellon | 908-9064 | 660133 |
| Deposit Account | The Bank of New York Mellon | The Bank of New York Mellon | 120-4275 | 660004 |
| Deposit Account | The Bank of New York Mellon | The Bank of New York Mellon | 910-4922 | N/A |
| Designated Deposit Account | The Bank of New York Mellon | The Bank of New York Mellon | 910-6688 | N/A |
| Deposit Account | Citibank, N.A. | Citibank, N.A. | 30716464 | Deluxe 5112 |
| Deposit Account | Citibank, N.A. | Citibank, N.A. | 30833214 | Deluxe 115 & 5002 |
| Deposit Account | Citibank, N.A. | Citibank, N.A. | 30833169 | Deluxe 139 |
| Deposit Account | JPMorgan Chase, N.A. | JPMorgan Chase, N.A. | 9101483999 | 32106 & 32179 |
| Deposit Account | JPMorgan Chase, N.A. | JPMorgan Chase, N.A. | 304920169 | N/A |
| <br>Address(es) of Deposit Account Banks: 500 Ross St., Pittsburgh, PA 15262 with respect to The Bank of New York Mellon and 388 Greenwich Street, New York, NY 10013 with respect to Citibank, N.A. and 270 Park Ave, New York, NY 10017 with respect to JPMorgan Chase, N.A. | <br>Address(es) of Deposit Account Banks: 500 Ross St., Pittsburgh, PA 15262 with respect to The Bank of New York Mellon and 388 Greenwich Street, New York, NY 10013 with respect to Citibank, N.A. and 270 Park Ave, New York, NY 10017 with respect to JPMorgan Chase, N.A. | <br>Address(es) of Deposit Account Banks: 500 Ross St., Pittsburgh, PA 15262 with respect to The Bank of New York Mellon and 388 Greenwich Street, New York, NY 10013 with respect to Citibank, N.A. and 270 Park Ave, New York, NY 10017 with respect to JPMorgan Chase, N.A. | <br>Address(es) of Deposit Account Banks: 500 Ross St., Pittsburgh, PA 15262 with respect to The Bank of New York Mellon and 388 Greenwich Street, New York, NY 10013 with respect to Citibank, N.A. and 270 Park Ave, New York, NY 10017 with respect to JPMorgan Chase, N.A. | <br>Address(es) of Deposit Account Banks: 500 Ross St., Pittsburgh, PA 15262 with respect to The Bank of New York Mellon and 388 Greenwich Street, New York, NY 10013 with respect to Citibank, N.A. and 270 Park Ave, New York, NY 10017 with respect to JPMorgan Chase, N.A. |
| **Payment Processors** | **Payment Processors** | **Payment Processors** | **Payment Processors** | **Payment Processors** |
| **Payment Processor** | **Payment Processor** | **Address** | **Address** | **Address** |
| Chase Paymentech, LLC | Chase Paymentech, LLC | 8181 Communications Pkwy, Bldg B, 5<sup>th</sup> Fl, Plano Texas 75024 | 8181 Communications Pkwy, Bldg B, 5<sup>th</sup> Fl, Plano Texas 75024 | 8181 Communications Pkwy, Bldg B, 5<sup>th</sup> Fl, Plano Texas 75024 |
| Fiserv/CheckFree Pay | Fiserv/CheckFree Pay | 15 Sterling Drive, Wallingford, Connecticut 06492 | 15 Sterling Drive, Wallingford, Connecticut 06492 | 15 Sterling Drive, Wallingford, Connecticut 06492 |
| Barri Money Services. LLC | Barri Money Services. LLC | 9800 Centre Pkwy, Ste 700, Houston, Texas 77036 | 9800 Centre Pkwy, Ste 700, Houston, Texas 77036 | 9800 Centre Pkwy, Ste 700, Houston, Texas 77036 |
| Fidelity Express | Fidelity Express | 1301 Main Street, Sulphur Springs, Texas 75842 | 1301 Main Street, Sulphur Springs, Texas 75842 | 1301 Main Street, Sulphur Springs, Texas 75842 |
| BNY Mellon Financial Corp | BNY Mellon Financial Corp | 500 Ross Street, Pittsburgh, Pennsylvania 15262 | 500 Ross Street, Pittsburgh, Pennsylvania 15262 | 500 Ross Street, Pittsburgh, Pennsylvania 15262 |
| Robinson Law Group | Robinson Law Group | 4203 Yoakum Blvd, Ste 310, Houston, Texas 77006 | 4203 Yoakum Blvd, Ste 310, Houston, Texas 77006 | 4203 Yoakum Blvd, Ste 310, Houston, Texas 77006 |
| American Capital Recovery LLC | American Capital Recovery LLC | 5220 Spring Valley Road, Suite 408, Dallas, Texas 75254 | 5220 Spring Valley Road, Suite 408, Dallas, Texas 75254 | 5220 Spring Valley Road, Suite 408, Dallas, Texas 75254 |
| Credit Systems Intl. | Credit Systems Intl. | 1277 Country Club Lane, Ft. Worth, Texas 76112 | 1277 Country Club Lane, Ft. Worth, Texas 76112 | 1277 Country Club Lane, Ft. Worth, Texas 76112 |
| Deluxe Corporation | Deluxe Corporation | 801 S. Marquette Ave., Minneapolis, MN 55402 | 801 S. Marquette Ave., Minneapolis, MN 55402 | 801 S. Marquette Ave., Minneapolis, MN 55402 |

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| | |
|:---|:---|
| Credit Control, LLC | 3300 Rider Trail S, Suite 500, Earth City, Missouri 63045 |
| Greenberg, Grant & Richards Inc. | 5858 Westheimer, Suite 500, Houston, Texas 77057 |
| Mercantile Adjustment Bureau | 165 Lawrence Bell Dr, Ste 100, Williamsville, New York 14221 |
| Online Information Services | 685 West Firetower Road, Winterville, North Carolina 28590 |
| Penn Credit  | 2800 Commerce Drive, Harrisburg, Pennsylvania 17110 |
| Transworld Systems Inc. | 500 Virginia Dr, Ste 514, Fort Washington, Pennsylvania 19034 |
| Torres Credit Services Inc. | 27 Fairview Street, Suite 301, Carlisle, Pennsylvania 17015 |
| Remitco/Deluxe | 400 White Clay Center Drive, Newark, Delaware 19711 |
| Brown Sims P.C. | 1990 Post Oak Blvd, Ste 1800, Houston, Texas 77056 |
| Archie Law PLLC&nbsp;&nbsp;&nbsp;&nbsp; | 2000 Crawford St., Ste 845, Houston, Texas 77002 |
| McDowell Heatherington | 2000 E Lamar Blvd, #780, Arlington, Texas 76006 |
| Mehaffy Weber  | 500 Dallas, Suite 2800 Houston, Texas 77002 |
| ACI Worldwide&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 2811 Ponce de Leon Blvd, PH1, Coral Gables, Florida 33134 |
| Citibank, N.A. | 388 Greenwich St., New York, New York 10013 |
| JPMorgan Chase, N.A. | 270 Park Ave., New York, New York 10017 |

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EXHIBIT G

LIST OF CLOSING DOCUMENTS

Attached

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*EXHIBIT H*

*FORM OF ASSIGNMENT AND ACCEPTANCE*

*Dated as of [Date]*

Reference is made to the Receivables Loan and Servicing Agreement, dated as of September 22, 2020, among NRG Receivables LLC, as Borrower, NRG Retail LLC, as Servicer, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed Lenders, the Persons from time to time party thereto as Facility Agents, the financial institutions from time to time party thereto as LC Issuers and Royal Bank of Canada, as Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Agreement</u>"). Terms defined in the Agreement are used herein with the same meaning.

[*Assigning Lender*] (the "<u>Assignor</u>"), [*Assignee*] (the "<u>Assignee</u>") and [*Assignor's Facility Agent*], in its capacity as Facility Agent for the Lender Group which includes the Assignor [and the Assignee] (in such capacity, the "<u>Facility Agent</u>"), hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase and Sale of Interest</u>. The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, an interest in and to all of the Assignor's rights and obligations under the Agreement as of the date hereof (including, without limitation, its [Commitment] and all Loans, if any, or interests therein held by it) equal to the percentage (the "<u>Percentage</u>") interest specified on the signature page hereto. After giving effect to such sale and assignment, [the Assignee will be a [Committed] [Conduit] Lender in the Lender Group that includes [__________] as the Facility Agent and] the Assignee's [Commitment] will be as set forth in Section 2 of the signature page hereto. [As consideration for the sale and assignment contemplated in this Section 1, the Assignee shall pay to the Assignor on the Effective Date (as hereinafter defined) in immediately available funds an amount equal to $[__________], representing the purchase price payable by the Assignee for the interests in the transferred interest sold and assigned to the Assignee under this Section 1.]<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Disclaimers of Assignor</u>. The Assignor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and clear of any adverse claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with any Facility Document or any other instrument or document furnished pursuant thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or value of any Facility Document or any other instrument or document furnished pursuant thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Originators, the Borrower, the Servicer or the Performance Guarantor, or the performance or observance by any such party of any of its respective obligations under the Facility Documents or any other instrument or document furnished pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Agreements of Assignee</u>. The Assignee:

<sup>\*</sup>&nbsp;&nbsp;&nbsp;&nbsp;Include bracketed text if Assignor holds a portion of the Loans on the Effective Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;confirms that it has received a copy of the Agreement, together with copies of the most recent financial statements delivered pursuant to <u>Section 5.02(a)</u> of the Agreement 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 Acceptance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;agrees that it will, independently and without reliance upon the Administrative Agent, any Facility Agent, the Assignor or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[appoints and authorizes the Administrative Agent and [__________], as its Facility Agent, to take such action as agent on its behalf and to exercise such powers under the Agreement and the other Facility Documents as are delegated to the Administrative Agent and such Facility Agent, respectively, by the terms thereof, together with such powers as are reasonably incidental thereto;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Agreement and this Assignment and Acceptance are required to be performed by it as a [Committed] [Conduit] Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;specifies as its address for notices the office set forth beneath its name on the signature pages hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;represents that this Assignment and Acceptance has been duly authorized, executed and delivered by the Assignee pursuant to its [corporate] powers and constitutes the legal, valid and binding obligation of the Assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effectiveness of Assignment</u>. Following the execution of this Assignment and Acceptance by the Assignor, the Facility Agent, [and] the Assignee, [the Borrower and the Servicer,] it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent. The effective date of this Assignment and Acceptance shall be the date of acceptance thereof by the Administrative Agent, unless otherwise specified in Section 3 of the signature page hereto (the "<u>Effective Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights of the Assignee</u>. Upon such acceptance and recording by the Administrative Agent, as of the Effective Date, [(i) the Assignee shall be a party to the Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a [Committed] [Conduit] Lender thereunder and hereunder and (ii)] the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments</u>. Upon such acceptance and recording by the Administrative Agent, from and after the Effective Date, all payments under the Agreement in respect of the interest assigned hereby (including, without limitation, all payments of fees with respect thereto) shall be made to the Assignee or the Assignee's Facility Agent, for the benefit of the Assignee, in accordance with the Agreement. The Assignor and Assignee shall make all appropriate adjustments in payments under the Agreement for periods prior to the Effective Date directly between themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>GOVERNING LAW</u>. THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE

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LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Acceptance to be executed by their respective officers thereunto duly authorized, as of the date first above written.

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Signature Page to

Assignment and Acceptance

Dated as of [*Date*]

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| | | |
|:---|:---|:---|
| <u>Section 1.</u> |  |  |
| Percentage: | Percentage: | ________% |
| <u>Section 2.</u> |  |  |
| Assignee's [Commitment] as of the Effective Date: | Assignee's [Commitment] as of the Effective Date: | $_____________ |
| <br>Principal balance of Loans<br>held by Assignee as of the Effective Date: | <br>Principal balance of Loans<br>held by Assignee as of the Effective Date: | <br>$_____________ |
| <u>Section 3.</u> |  |  |
| Effective Date:<sup>4</sup> | Effective Date:<sup>4</sup> | __________, 20__ |
|  | [NAME OF ASSIGNOR] | [NAME OF ASSIGNOR] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title: |
|  | [NAME OF ASSIGNEE] | [NAME OF ASSIGNEE] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title: |
|  | <br>Address for Notices:<br>[Insert] | <br>Address for Notices:<br>[Insert] |
|  | Accepted this _____ day of <br>_____________, 20__ | Accepted this _____ day of <br>_____________, 20__ |
|  | ROYAL BANK OF CANADA,<br>as Administrative Agent | ROYAL BANK OF CANADA,<br>as Administrative Agent |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:<br>Title: |

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AGREED TO THIS ____ DAY OF ___________, 20___:

<sup>\*\*</sup>This date should be no earlier than the date of acceptance by the Administrative Agent.

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[NAME OF FACILITY AGENT],<br>as Facility Agent

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

NRG RECEIVABLES LLC,

as Borrower

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

NRG RETAIL LLC,

as Servicer

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

[LC Issuers]

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

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*EXHIBIT I*

FORM OF JOINDER AGREEMENT

Reference is made to the Receivables Loan and Servicing Agreement, dated as of September 22, 2020, among NRG Receivables LLC, as Borrower, NRG Retail LLC, as Servicer, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed Lenders, the Persons from time to time party thereto as Facility Agents, the financial institutions from time to time party thereto as LC Issuers and Royal Bank of Canada, as Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Agreement</u>"). To the extent not defined herein, capitalized terms used herein have the meanings assigned to such terms in the Agreement.

[*New Facility Agent*] (the "<u>New Facility Agent</u>"), [*New Conduit Lender(s)*] (the "<u>New Conduit Lender(s)</u>"), [*New Committed Lender(s)*] (the "<u>New Committed Lender(s)</u>") and [*New LC Issuer*] (the "<u>New LC Issuer</u>"; and together with the New Facility Agent, the New Conduit Lender(s) and the New Committed Lender(s), the "<u>New Lender Group</u>") agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;By execution and delivery of this Joinder Agreement and pursuant to <u>Section 10.04</u> of the Agreement, the New Lender Group elects to become a "Lender Group" under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The effective date (the "<u>Effective Date</u>") of this Joinder Agreement shall be the later of (i) the date on which a fully executed copy of this Joinder Agreement is delivered to the Administrative Agent, (ii) the date of this Joinder Agreement [and (iii) the effective date of that certain assignment agreement of even date herewith between the [New Committed Lender] [New Conduit Lender] and [*Name of [Committed] [Conduit] Lender Assignor*]].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;By executing and delivering this Joinder Agreement, each of the New Facility Agent, the New Conduit Lender(s), the New Committed Lender(s) and the New LC Issuer confirms to and agrees with each other party to the Agreement that (i) it has received a copy of the Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder Agreement; (ii) it will, independently and without reliance upon the Administrative Agent, any other Facility Agent, any other Lender, any other LC Issuer or any of their respective Affiliates, 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 Agreement or any documents or agreements to be delivered thereunder; (iii) it appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers pursuant to <u>Article IX</u> of the Agreement; (iv) it will perform in accordance with their terms all of the obligations which by the terms of the Agreement and the documents or agreements to be delivered thereunder are required to be performed by it as a Facility Agent, a Conduit Lender, a Committed Lender or an LC Issuer, respectively; (v) its address for notices shall be the office set forth beneath its name on the signature pages of this Joinder Agreement; (vi) the Lender Group Limit for the New Lender Group shall be as set forth on the signature page hereto; and (vii) it is duly authorized to enter into this Joinder Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;On the Effective Date of this Joinder Agreement, each of the New Facility Agent, the New Conduit Lender(s), the New Committed Lender(s) and the New LC Issuer shall join in and be a party to the Agreement and, to the extent provided in this Joinder Agreement, shall have the rights and obligations of a Facility Agent, a Conduit Lender, a Committed Lender and an LC Issuer, respectively, under the Agreement. <u>Schedule II</u> to the Agreement shall be amended to incorporate the information set forth on <u>Schedule I</u> to this Joinder Agreement and <u>Schedule II</u> shall be amended to incorporate the notice addresses set forth on the signature pages to this Joinder Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;This Joinder Agreement may be executed by one or more of the parties on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION

------

5-1401 OF THE GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties hereto hereby waives any right to have a jury participate in resolving any dispute, whether sounding in contract, tort, or otherwise between or among the parties hereto, or any of them, arising out of, connected with, related to, or incidental to the relationship between them in connection with this Joinder Agreement. Instead, any dispute resolved in court will be resolved in a bench trial without a jury.

*REMAINDER OF PAGE INTENTIONALLY LEFT BLANK*

------

IN WITNESS WHEREOF, the parties hereto have caused this Joinder Agreement to be executed by their respective officers thereunto duly authorized, as of this [__] day of [________], [20__].

NEW CONDUIT LENDER(S):

[*NAME(S)*]

By:_______________________

Name:

Title:

Address for notices:

[*Address*]

NEW COMMITTED LENDER(S):

[*NAME(S*)]

By:_______________________

Name:

Title:

Address for notices:

[*Address*]

NEW FACILITY AGENT:

[*NAME*]

By:_______________________

Name:

Title:

Address for notices:

[*Address*]

NEW LC ISSUER:

[*NAME*]

By:_______________________

Name:

Title:

Address for notices:

[*Address*]

------

AGREED TO THIS ____ DAY OF ___________, 20___:

ROYAL BANK OF CANADA <br>as Administrative Agent

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

[EACH FACILITY AGENT],<br>as a Facility Agent

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

NRG RECEIVABLES LLC,

as Borrower

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

NRG RETAIL LLC,

as Servicer

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

------

SCHEDULE I

<u>The [</u>*<u>NEW FACILITY AGENT</u>*<u>] Lender Group</u>

Facility Agent:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______________________

Conduit Lender(s):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______________________

Committed Lender(s):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______________________

Commitment(s):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period 1 ________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period 2 ________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period 3 ________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period 4 ________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period 5 ________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period 6 ________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period 7 ________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period 8 ________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period 9 ________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period 10 _______________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period 11 _______________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period 12 _______________

LC Issuer:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______________________

LC Commitment:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______________________

Lender Group Limit:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______________________

------

EXHIBIT J

FORM OF PREPAYMENT NOTICE

*[Date]*

To:&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada ("RBC"), as Administrative Agent,

RBC, as a Facility Agent,

Crédit Agricole Corporate and Investment Bank, as a Facility Agent

MUFG Bank, Ltd., as a Facility Agent

From:&nbsp;&nbsp;&nbsp;&nbsp;NRG Receivables LLC (the "<u>Borrower</u>")

Re:&nbsp;&nbsp;&nbsp;&nbsp;Receivables Loan and Servicing Agreement, dated as of September 22, 2020, among the Borrower, NRG Retail LLC, as Servicer, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed Lenders, the Persons from time to time party thereto as Facility Agents, the financial institutions from time to time party thereto as LC Issuers and RBC, as Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Agreement</u>"). Terms defined in the Agreement are used herein with the same meaning.

Pursuant to <u>Section 2.05</u> of the Agreement, the undersigned hereby notifies each Facility Agent of its intent to make certain prepayments (which shall be made ratably among the Lenders based on the aggregate outstanding Principal Balance of the Loans held by each) as outlined below. This notice must be received no later than [•] (New York City time) [•] ([•]) Business Days prior to the date of such payment.

1.&nbsp;&nbsp;&nbsp;&nbsp;The aggregate amount (which shall be at least $[•], or integral multiples of $[•] in excess thereof) of the prepayment is: $_____________

2.&nbsp;&nbsp;&nbsp;&nbsp;The Loans to which such prepayment is to be applied are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Lender | Borrowing Date | Principal balance <br>(before giving effect to prepayment) | Amount of Prepayment |

---

3.&nbsp;&nbsp;&nbsp;&nbsp;The Business Day upon which the undersigned shall make such prepayment is: ______________.

![image_1a.jpg](image_1a.jpg)The undersigned hereby certifies that this prepayment notice is correct in all material respects as of the date so furnished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG RECEIVABLES LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:___________________________

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:

------

EXHIBIT K

[RESERVED]

------

Exhibit L-1

**FORM OF U.S. TAX COMPLIANCE CERTIFICATE**

U.S. TAX COMPLIANCE CERTIFICATE

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

Reference is hereby made to the Receivables Loan and Servicing Agreement, dated as of September 22, 2020 (as amended, restated, supplemented or otherwise modified from time to time through the date hereof, the "*Receivables Loan Agreement*"), among NRG Receivables LLC, as Borrower (the "*Borrower*"); NRG Retail LLC, as initial Servicer; the various Lenders, LC Issuers and Facility Agents from time to time party thereto and Royal Bank of Canada, as Administrative Agent (in such capacity, together with its successors and assigns in such capacity, the *"Administrative Agent"*). Capitalized terms used but not defined herein shall have the meanings assigned thereto in the Receivables Loan Agreement.

Pursuant to the provisions of *Section 2.14* of the Receivables Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Commitment(s) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, or if a lapse in time or change in circumstances renders the information on this certificate obsolete, expired or inaccurate, the undersigned shall promptly so inform the Administrative Agent and the Borrower in writing and deliver promptly to Administrative Agent and the Borrower an updated certificate or other appropriate documentation (including any new documentation reasonably requested by the Administrative Agent or the Borrower) or promptly notify the Administrative Agent and the Borrower in writing of its legal ineligibility to do so, and (2) the undersigned shall have at all times furnished the Administrative Agent and the Borrower with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

[NAME OF FOREIGN LENDER]

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date: __________ __, 20__

------

Exhibit L-2

**FORM OF U.S. TAX COMPLIANCE CERTIFICATE**

U.S. TAX COMPLIANCE CERTIFICATE

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

Reference is hereby made to the Receivables Loan and Servicing Agreement, dated as of September 22, 2020 (as amended, restated, supplemented or otherwise modified from time to time through the date hereof, the "*Receivables Loan Agreement*"), among NRG Receivables LLC, as Borrower (the "*Borrower*"); NRG Retail LLC, as initial Servicer; the various Lenders, LC Issuers and Facility Agents from time to time party thereto and Royal Bank of Canada, as Administrative Agent (in such capacity, together with its successors and assigns in such capacity, the *"Administrative Agent"*). Capitalized terms used but not defined herein shall have the meanings assigned thereto in the Receivables Loan Agreement.

Pursuant to the provisions of *Section 2.14* of the Receivables Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, or if a lapse in time or change in circumstances renders the information on this certificate obsolete, expired or inaccurate, the undersigned shall promptly so inform such Lender in writing and deliver promptly to such Lender an updated certificate or other appropriate documentation (including any new documentation reasonably requested by such Lender) or promptly notify such Lender in writing of its legal ineligibility to do so, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

[NAME OF PARTICIPANT]

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date: __________ __, 20__

------

Exhibit L-3

**FORM OF U.S. TAX COMPLIANCE CERTIFICATE**

U.S. TAX COMPLIANCE CERTIFICATE

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

Reference is hereby made to the Receivables Loan and Servicing Agreement, dated as of September 22, 2020 (as amended, restated, supplemented or otherwise modified from time to time through the date hereof, the "*Receivables Loan Agreement*"), among NRG Receivables LLC, as Borrower (the "*Borrower*"); NRG Retail LLC, as initial Servicer; the various Lenders, LC Issuers and Facility Agents from time to time party thereto and Royal Bank of Canada, as Administrative Agent (in such capacity, together with its successors and assigns in such capacity, the *"Administrative Agent"*). Capitalized terms used but not defined herein shall have the meanings assigned thereto in the Receivables Loan Agreement.

Pursuant to the provisions of *Section 2.14* of the Receivables Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) neither the undersigned nor any of its direct or indirect partners/members claiming the interest portfolio exemption ("*Applicable Partners/Members*") is a bank within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its Applicable Partners/Members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its Applicable Partners/Members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its Applicable Partners/Members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, or if a lapse in time or change in circumstances renders the information on this certificate obsolete, expired or inaccurate, the undersigned shall promptly so inform such Lender in writing and deliver promptly to such Lender an updated certificate or other appropriate documentation (including any new documentation reasonably requested by such Lender) or promptly notify such Lender in writing of its legal ineligibility to do so and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

------

[NAME OF PARTICIPANT]

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date: __________ __, 20__

------

Exhibit L-4

**FORM OF U.S. TAX COMPLIANCE CERTIFICATE**

U.S. TAX COMPLIANCE CERTIFICATE

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

Reference is hereby made to the Receivables Loan and Servicing Agreement, dated as of September 22, 2020 (as amended, restated, supplemented or otherwise modified from time to time through the date hereof, the "*Receivables Loan Agreement*"), among NRG Receivables LLC, as Borrower (the "*Borrower*"); NRG Retail LLC, as initial Servicer; the various Lenders, LC Issuers and Facility Agents from time to time party thereto and Royal Bank of Canada, as Administrative Agent (in such capacity, together with its successors and assigns in such capacity, the *"Administrative Agent"*). Capitalized terms used but not defined herein shall have the meanings assigned thereto in the Receivables Loan Agreement.

Pursuant to the provisions of *Section 2.14* of the Receivables Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Commitment(s) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Commitment(s), (iii) neither the undersigned nor any of its direct or indirect partners/members claiming the portfolio interest exemption ("*Applicable Partners/Members*") is a bank within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its Applicable Partners/Members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its Applicable Partners/Members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its Applicable Partners/Members: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, or if a lapse in time or change in circumstances renders the information on this certificate obsolete, expired or inaccurate, the undersigned shall promptly so inform the Borrower and the Administrative Agent in writing and deliver promptly to the Administrative Agent and the Borrower an updated certificate or other appropriate documentation (including any new documentation reasonably requested by the Administrative Agent or the Borrower) or promptly notify the Administrative Agent and the Borrower in writing of its legal ineligibility to do so, and (2) the undersigned shall have at all times furnished the Administrative Agent and the Borrower with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

------

[NAME OF FOREIGN LENDER]

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date: __________ __, 20__

------

SCHEDULE I

LENDER GROUPS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Facility Agent | Conduit Lender(s) | Committed Lender | LC Issuer | Period | Commitment of Committed Lender, Lender Group Limit | <br>LC Commitment |
| Royal Bank of Canada | Old Line Funding, LLC | Royal Bank of Canada | Royal Bank of Canada | 1<br>2<br>3<br>4 | $750000000<br>$750000000<br>$750000000<br>$750000000 | $950000000<br>$950000000<br>$950000000<br>$950000000 |
|  |  |  |  | 5 | $650000000 | $800000000 |
|  |  |  |  | 6 | $650000000 | $800000000 |
|  |  |  |  | 7 | $650000000 | $800000000 |
|  |  |  |  | 8 | $650000000 | $800000000 |
|  |  |  |  | 9 | $650000000 | $800000000 |
|  |  |  |  | 10 | $600000000 | $725000000 |
|  |  |  |  | 11 | $600000000 | $725000000 |
|  |  |  |  | 12 | $600000000 | $725000000 |
| Credit Agricole Corporate and Investment Bank | Atlantic Asset Securitization LLC and La Fayette Asset Securitization LLC | Credit Agricole Corporate and Investment Bank | Credit Agricole Corporate and Investment Bank | 1<br>2<br>3<br>4 | $450000000<br>$450000000<br>$450000000<br>$450000000 | $450000000<br>$450000000<br>$450000000<br>$450000000 |
|  |  |  |  | 5 | $350000000 | $350000000 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | 6 | $350000000 |
| | | | 7 | $350000000 |
| | | | 8 | $425000000 |
| | | | 9 | $425000000 |
| | | | 10 | $325000000 |
| | | | 11 | $325000000 |
| | | | 12 | $325000000 |
| MUFG Bank, Ltd. | Gotham Funding Corporation | MUFG Bank, Ltd. | 1<br>2<br>3<br>4 | $200000000<br>$200000000<br>$200000000<br>$200000000 |
|  |  |  | 5 | $150000000 |
|  |  |  | 6 | $150000000 |
|  |  |  | 7 | $150000000 |
|  |  |  | 8 | $150000000 |
|  |  |  | 9 | $150000000 |
|  |  |  | 10 | $125000000 |
|  |  |  | 11 | $125000000 |
|  |  |  | 12 | $125000000 |
| Mizuho Bank, Ltd. |  | Mizuho Bank, Ltd. | 1 | $425000000 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | 2 | $425000000 |
| | | 3 | $425000000 |
| | | 4 | $425000000 |
| | | 5 | $325000000 |
| | | 6 | $325000000 |
| | | 7 | $325000000 |
| | | 8 | $400000000 |
| | | 9 | $400000000 |
| | | 10 | $325000000 |
| | | 11 | $325000000 |
| | | 12 | $325000000 |
| Truist Bank | Truist Bank. | 1 | $175000000 |
|  |  | 2 | $175000000 |
|  |  | 3 | $175000000 |
|  |  | 4 | $175000000 |
|  |  | 5 | $125000000 |
|  |  | 6 | $125000000 |
|  |  | 7 | $125000000 |
|  |  | 8 | $150000000 |
|  |  | 9 | $150000000 |
|  |  | 10 | $125000000 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | | 11 | $125000000 |
|  | | 12 | $125000000 |
| Banco Santander, S.A. | Banco Santander, S.A. acting directly or through Banco Santander New York Branch | 1 | $300000000 |
|  |  | 2 | $300000000 |
|  |  | 3 | $300000000 |
|  |  | 4 | $300000000 |
|  |  | 5 | $200000000 |
|  |  | 6 | $200000000 |
|  |  | 7 | $200000000 |
|  |  | 8 | $225000000 |
|  |  | 9 | $225000000 |
|  |  | 10 | $200000000 |
|  |  | 11 | $200000000 |
|  |  | 12 | $200000000 |

---

------

## Exhibit 10.4

**Exhibit 10.4**

**NRG ENERGY, INC.<br>AMENDED AND RESTATED EMPLOYEE STOCK PURCHASE PLAN**

**ARTICLE I<br>PURPOSE AND SCOPE OF THE PLAN**

**1.1Purpose**

The NRG Energy, Inc. Amended and Restated Employee Stock Purchase Plan is intended to encourage employee participation in the ownership of the Company.

**1.2Definitions**

Unless the context clearly indicates otherwise, the following terms have the meaning set forth below:

*Board of Directors* or *Board* means the Board of Directors of the Company.

*Code* means the Internal Revenue Code of 1986, as amended from time to time, together with any applicable regulations issued thereunder.

*Committee* means the committee of one or more officers established by the Board to administer the Plan, which Committee shall administer the Plan as provided in Section 1.3 hereof.

*Common Stock* means shares of the common stock, par value $0.01 per share, of the Company.

*Company* means NRG Energy, Inc., a corporation organized under the laws of the State of Delaware, or any successor corporation.

*Compensation* means (a) the fixed salary or base wage paid by the Employer to an Employee as reported by the Employer to the United States government on IRS Form W-2 (or other applicable foreign government on the comparable form for an eligible Employee) for income tax purposes, including an Employee's portion of salary deferral contributions pursuant to Section 401(k) of the Code and any amount excludable pursuant to Section 125 of the Code, and (b) to the extent authorized by the Committee for any Offering Period or Offering Periods, Plan Year, or Plan Years, any cash bonus received under a cash bonus plan or program established by the Employer, but excluding from both (a) and (b) any fee, overtime pay, severance pay, expenses, stock option or other equity-based incentive income, or other special emolument or any credit or benefit under any employee plan maintained by the Company.

*Continuous Service* means the period of time, uninterrupted by a termination of employment (other than a termination as a result of a transfer of employment among the Parent, the Company or a Designated Subsidiary), that an Employee has been employed by the Company, a Designated Subsidiary or the Parent (or any combination of the foregoing) immediately preceding an Offering Date. Such period of time shall include any approved leave of absence.

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*Designated Subsidiary* means any Subsidiary that has been designated by the Committee to participate in the Plan.

*Employee* means any full-time or part-time employee of the Company, any Parent or a Designated Subsidiary who customarily works for the Company, any Parent or Designated Subsidiary, as the case may be, for a minimum of seventeen and one-half hours per week.

*Employer* means the Company, any Parent or a Designated Subsidiary employing an Employee.

*Exercise Date* means September 30 and March 31 of each Plan Year, or such other date(s) as determined by the Committee.

*Fair Market Value of a share of Common Stock* means the last price of the Common Stock on the applicable date as reported by the exchange on which the Common Stock is then listed, or, if not so reported for that day, on the last preceding day for which such price is reported, or such other reasonable method of determining fair market value as the Committee shall adopt.

*Offering Date* means April 1 and October 1 of each Plan Year, or such other date(s) as determined by the Committee.

*Option Period* or *Period* means the period beginning on an Offering Date and ending on the next succeeding Exercise Date, or such other period as determined by the Committee.

*Option Price* means the purchase price of a share of Common Stock hereunder as provided in Section 3.1 hereof.

*Parent* means any corporation or other entity in an unbroken chain of entities ending with the Company, if each of the entities other than the Company owns equity interests possessing 50% or more of the total combined voting power of all classes of equity of one of the other entities in such chain, as determined pursuant to the requirements of Section 424(e) of the Code, and shall include entities that may become a parent after adoption of this Plan, as determined by the Committee.

*Participant* means any Employee who (i) is eligible to participate in the Plan under Section 2.1 hereof and (ii) elects to participate.

*Participant Election* means the form prescribed by the Committee which must be completed and executed by an Employee who elects to participate in the Plan for any Offering Period(s).

*Plan* means this NRG Energy, Inc. Amended and Restated Employee Stock Purchase Plan, as amended from time to time.

*Plan Account* or *Account* means an account established and maintained in the name of each participant.

&nbsp;&nbsp;&nbsp;&nbsp;2

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*Plan Manager* means any Employee appointed pursuant to Section 1.3 hereof.

*Plan Year* means the twelve (12) month period beginning April 1 and ending on the following March 31 during any calendar year in which the Plan is effective.

*Subsidiary* means any corporation or other entity in an unbroken chain of entities beginning with the Company if, each of the entities (other than the last entity in the unbroken chain) owns equity interests possessing 50% or more of the total combined voting power of all classes of equity in one of the other entities in the chain, as determined pursuant to the requirement of Section 424(f) of the Code, and may include entities that become subsidiaries after adoption of this Plan, as determined by the Committee.

**1.3Administration of Plan**

Subject to oversight by the Board of Directors or the Board's Compensation Committee, the Committee shall have the authority to administer the Plan and to make and adopt rules and regulations not inconsistent with the provisions of the Plan or the Code. The Committee shall adopt the form of Participant Election and all notices required hereunder. Its interpretations and decisions in respect to the Plan shall, subject as aforesaid, be final and conclusive. The Committee shall have the authority to appoint an Employee as Plan Manager and to delegate to the Plan Manager such authority with respect to the administration of the Plan as the Committee, in its sole discretion, deems advisable from time to time.

**1.4Effective Date of Plan**

The Plan was originally effective July 1, 2008, was amended and restated effective January 1, 2012, was amended and restated effective July 1, 2014, was amended and restated effective April 28, 2017, was amended and restated effective April 1, 2019 and was amended and restated effective April 1, 2023. This amended and restated Plan shall become effective July 30, 2025.

**1.5Extension or Termination of Plan**

The Plan shall continue in effect through, and including December 31, 2026 unless terminated prior thereto pursuant to Section 4.3 hereof, or by the Board of Directors or the Compensation Committee of the Board, each of which shall have the right to extend the term of or terminate the Plan at any time under Section 6.4. Upon any such termination, the balance, if any, in each Participant's Account shall be refunded to him or her, or otherwise distributed in accordance with policies and procedures prescribed by the Committee in cases where such a refund may not be possible.

**ARTICLE II<br>PARTICIPATION**

**2.1Eligibility**

Each Employee who on an Offering Date has at least sixty days of Continuous Service may become a Participant by executing and filing a Participant Election with the Company prior

&nbsp;&nbsp;&nbsp;&nbsp;3

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to said Offering Date. No Employee may participate in the Plan if said Employee, immediately after an Offering Date, would be deemed for purposes of Section 423(b)(3) of the Code to possess 5% or more of the total combined voting power or value of all classes of stock of the Company, its Parent or any Subsidiary, as determined pursuant to the requirements of Section 423(b)(3) of the Code.

**2.2Payroll Deductions**

Payment for shares of Common Stock purchased hereunder shall be made by authorized payroll deductions from each payment of Compensation in accordance with instructions received from a Participant. For base Compensation, said deductions shall be expressed as a fixed dollar amount per pay check, or a whole number percentage of such Compensation which shall be at least 1% but not more than 100%, with such deduction election method determined by the Committee in its sole discretion prior to, and then communicated and made applicable during subsequent open enrollments and, in each case, subject to the aggregate maximum described in Section 3.3. A Participant may not increase or decrease the deduction during an Option Period. However, a Participant may change the fixed dollar or percentage deduction for any subsequent Option Period by filing notice thereof with the Company prior to the Offering Date on which such Period commences. During an Option Period, a Participant may discontinue payroll deductions but have the payroll deductions previously made during that Option Period remain in the Participant's Account to purchase Common Stock on the next Exercise Date, provided that he or she is an Employee as of that Exercise Date. Any Participant who discontinues payroll deductions during an Option Period may again become a Participant for a subsequent Option Period by executing and filing another Participant Election in accordance with Section 2.1. Any amount remaining in the Participant's Account after the purchase of Common Stock on an Exercise Date shall be carried forward to the next succeeding Option Period, as provided in Section 3.2, unless the Participant requests, in writing, that any excess be refunded to the Participant. Notwithstanding the foregoing, if (i) the amount remaining in a Participant's Account after the purchase of Common Stock on an Exercise Date is less than the Fair Market Value of a share of Common Stock on the Exercise Date; and (ii) the Participant has not elected to make payroll deductions to the Participant's Account for the next Option Period, the Participant's Account balance shall be refunded to the Participant.

If authorized by the Committee, bonus compensation will be included in Compensation subject to payroll deductions in a given Offering Period or Plan Year. The Committee will provide a written notice to Participants if bonus compensation is to be included in Compensation for a given Offering Period or Plan Year. A Participant may select a different percentage or fixed dollar amount for base salary or fixed wage compensation than such percentage selected for cash bonus Compensation; provided, however any such deductions shall be subject to the aggregate maximum described in Section 3.3.

&nbsp;&nbsp;&nbsp;&nbsp;4

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**ARTICLE III<br>PURCHASE OF SHARES**

**3.1Option Price**

The Option Price per share of the Common Stock sold to Participants hereunder shall be equal to the lesser of: (a) 90% of the Fair Market Value of such share on the Exercise Date of an Option Period, or (b) 90% of the Fair Market Value of such share on the Offering Date of an Option Period. The Committee may change the Option Price per share of the Common Stock sold to Participants hereunder for an Option Period. Notwithstanding the foregoing, the Option Price per share shall (i) not be less than the par value of the Common Stock; and (ii) at all times not be less than the lesser of (a) 85% of the Fair Market Value of a share of Common Stock on the Offering Date of an Option Period and (b) 85% of the Fair Market Value of such share on the Exercise Date of such Option Period.

**3.2Purchase of Shares**

On each Exercise Date, the amount in a Participant's Account shall be charged with the aggregate Option Price of the largest number of whole shares of Common Stock which can be purchased with said amount. The balance, if any, in such account shall be carried forward to the next succeeding Option Period, subject to Section 2.2.

**3.3Limitations on Purchase**

Notwithstanding any provisions of the Plan to the contrary, no Employee shall be granted an option under the Plan if, immediately after the grant, such Employee's right to purchase shares under all employee stock purchase plans (as described in Section 423 of the Code) of the Company and any Subsidiary or Parent of the Company would accrue at a rate per Offering Period which exceeds the lesser of: (a) twenty-five thousand dollars ($25,000) or (b) an amount equal to one-hundred percent (100%) of the Employee's annualized base salary in effect at the start of such Offering Period, in each case of Fair Market Value of such shares (determined at the time such option is granted); provided, however, that for any calendar year Employee's right to purchase shares under all employee stock purchase plans (as described in Section 423 of the Code) of the Company and any Subsidiary or Parent of the Company may not accrue at a rate which exceeds twenty-five thousand dollars ($25,000) in the aggregate (as determined at the time such option is granted).

&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision in the Plan to the contrary, the Plan will be operated in compliance with Section 423(b)(8) of the Code.

**3.4 3.4&nbsp;&nbsp;&nbsp;&nbsp;Transferability of Rights**

Rights to purchase shares hereunder shall be exercisable only by the Participant. Such rights shall not be transferable.

&nbsp;&nbsp;&nbsp;&nbsp;5

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**ARTICLE IV<br>PROVISIONS RELATING TO COMMON STOCK**

**4.1Common Stock Reserved**

There shall be 9,700,000 shares of Common Stock reserved for the Plan, subject to adjustment in accordance with Section 4.2 hereof. The 9,700,000 shares of Common Stock reflects an increase of 4,400,000 shares, as approved by the Company's stockholders on April 27, 2023. Such shares can be authorized and unissued shares or treasury shares. The aggregate number of shares which may be purchased under the Plan shall not exceed the number of shares reserved for the Plan.

**4.2Adjustment for Changes in Common Stock**

In the event that adjustments are made in the number of outstanding shares of Common Stock or said shares are exchanged for a different class of stock of the Company or for shares of stock of any other entity by reason of merger, consolidation, stock dividend, stock split or otherwise, the Board shall make appropriate adjustments in (i) the number and class of shares or other securities that may be reserved for purchase, or purchased, hereunder, and (ii) the Option Price. All such adjustments shall be made approved by the Board, and its decision shall be binding and conclusive.

**4.3Insufficient Reserved Shares**

If the aggregate funds available for purchase of Common Stock on any Exercise Date would cause an issuance of shares in excess of the number provided for in Section 4.1 hereof, (i) the Committee shall proportionately reduce the number of shares which would otherwise be purchased by each Participant in order to eliminate such excess and (ii) the Plan shall automatically terminate immediately after such Exercise Date.

**4.4Confirmation**

Confirmation of each purchase of Common Stock hereunder shall be made available to the Participant in either written or electronic format. A record of purchases shall be maintained by appropriate entries on the books of the Company. Participants may obtain a certificate or certificates for all or part of the shares of Common Stock purchased hereunder upon making a written request. Once shares of Common Stock are delivered hereunder, Participants may sell such shares. If a Participant does not sell shares delivered hereunder, such shares must remain in the Participant's account with the Company's designated brokerage until eighteen (18) months following the delivery of such shares.

**4.5Rights as Shareholders**

The shares of Common Stock purchased by a Participant on an Exercise Date shall, for all purposes, be deemed to have been issued and sold as of the close of business on such Exercise Date. Prior to that time, none of the rights or privileges of a shareholder of the Company shall exist with respect to such shares.

&nbsp;&nbsp;&nbsp;&nbsp;6

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**ARTICLE V<br>TERMINATION OF PARTICIPATION**

**5.1Voluntary Withdrawal**

A Participant may withdraw from the Plan by filing notice of withdrawal at least three (3) business days prior to the close of business on an Exercise Date. Upon withdrawal, the entire amount, if any, in a Participant's Account shall be refunded to him or her without interest. Any Participant who withdraws from the Plan may again become a Participant in accordance with Section 2.1 hereof.

**5.2Termination of Eligibility**

If a Participant ceases to be eligible under Section 2.1 hereof for any reason, the dollar amount in such Participant's Account will be refunded to the Participant, or in the case of death, the Participant's designated beneficiary or estate, or otherwise distributed in accordance with policies and procedures prescribed by the Committee in cases where such a refund may not be possible.

**ARTICLE VI<br>GENERAL PROVISIONS**

**6.1Notices**

Any notice which a Participant files pursuant to the Plan shall be made on forms prescribed by the Committee and shall be effective only when received by the Company.

**6.2Condition of Employment**

Neither the creation of the Plan nor participation therein shall be deemed to alter the at-will nature of a Participant's employment, create any right of continued employment or in any way affect the right of the Employer to terminate an Employee.

**6.3Withholding of Taxes** 

Each Participant shall, no later than the date as of which the value of an option under the Plan and/or shares of Common Stock first becomes includible in the income of the Participant for income tax purposes, pay to the Company, or make arrangements satisfactory to the Committee regarding payment of, any taxes of any kind required by law to be withheld with respect to such option or shares of Common Stock. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant.

In particular, to the extent a Participant is subject to taxation under U.S. Federal income tax law, if the Participant makes a disposition, within the meaning of Section 424(c) of the Code of any share or shares of Common Stock issued to Participant pursuant to Participant's exercise of an option, and such disposition occurs within the two-year period commencing on the day after the Offering Date or within the one-year period commencing on the day after the Exercise

&nbsp;&nbsp;&nbsp;&nbsp;7

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Date, Participant shall, within ten (10) days of such disposition, notify the Company thereof and thereafter immediately deliver to the Company any amount of federal, state or local income taxes and other amounts which the Company informs the Participant the Company may be required to withhold.

**6.4Amendment of the Plan**

The Board of Directors or the Board's Compensation Committee may at any time, or from time to time, amend, modify, or terminate the Plan in any respect, except that, without approval of the shareholders, no amendment may increase the aggregate number of shares reserved under the Plan other than as provided in Section 4.2 hereof, materially increase the benefits accruing to Participants other than as provided in Section 3.1, or materially modify the requirements as to eligibility for participation in the Plan. Any amendment of the Plan must be made in accordance with applicable provisions of the Code and/or any regulations issued thereunder, any other applicable law or regulations, and the requirements of the principal exchange upon which the Common Stock is listed.

**6.5Application of Funds**

All funds received by the Company by reason of purchases of Common Stock hereunder shall constitute general funds of the Company and may be used for any corporate purpose.

**6.6Legal Restrictions**

The Company shall not be obligated to sell shares of Common Stock hereunder if counsel to the Company determines that such sale would violate any applicable law or regulation.

**6.7Gender**

Whenever used herein, use of any gender shall be applicable to all genders.

**6.8Governing Law**

The Plan and all rights and obligations thereunder shall be constructed and enforced in accordance with the laws of the State of Delaware and any applicable provisions of the Code and the related regulations.

**6.9Indemnification**

To the extent allowable under applicable law, the Committee and the Plan Manager and any delegate thereof shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such person in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act under the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her, provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not

&nbsp;&nbsp;&nbsp;&nbsp;8

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be exclusive of any other rights of indemnification to which such persons may be entitled under the Company's articles of incorporation or bylaws, as a matter of law, under any indemnification agreement or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

**6.10Expenses**

The expenses of administering the Plan shall be borne by the Company.

**6.11Titles and Headings**

The titles and headings of the sections in this Plan are for convenience of reference only, and in the event of any conflict, the text of this Plan, rather than such titles or headings, shall control.

**6.12Arbitration**

In the event of any dispute between the Employer and a Participant with respect to this Plan, either may require that the dispute be determined by binding arbitration by written notice to the other. In such case, the arbitration shall be conducted in accordance with the rules of the American Arbitration Association then in effect before a panel of three arbitrators, and the decision of the arbitrators shall be final and binding on the parties. In any such arbitration, the non-prevailing party shall pay all expenses, including the costs of the arbitrators and the costs and expenses, including reasonable attorneys' fees, incurred by the prevailing party in the arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;9

## Exhibit 22.1

**EXHIBIT 22.1**

**LIST OF GUARANTOR SUBSIDIARIES**

As of June 30, 2025, the following subsidiaries of NRG Energy, Inc. were guarantors of the Company's outstanding registered senior notes of $821 million of the 2028 Senior Notes:

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| | |
|:---|:---|
| **ENTITY NAME** | **JURISDICTION** |
| Ace Energy, Inc. | New York |
| Allied Home Warranty GP LLC | Delaware |
| Allied Warranty LLC | Texas |
| APX Group LLC | Delaware |
| Astoria Gas Turbine Power LLC | Delaware |
| AWHR America's Water Heater Rentals, L.L.C. | Delaware |
| Bounce Energy, Inc. | Delaware |
| Cabrillo Power I LLC | Delaware |
| Cabrillo Power II LLC | Delaware |
| Cirro Energy Services, Inc. | Texas |
| Cirro Group, Inc. | Texas |
| CPL Retail Energy L.P. | Delaware |
| Direct Energy Business, LLC | Delaware |
| Direct Energy Connected Home US Inc. | Delaware |
| Direct Energy GP, LLC | Delaware |
| Direct Energy HoldCo GP LLC | Delaware |
| Direct Energy Leasing, LLC | Delaware |
| Direct Energy Marketing LLC | Delaware |
| Direct Energy Operations, LLC | Delaware |
| Direct Energy Services, LLC | Delaware |
| Direct Energy US Holdings LLC | Delaware |
| Direct Energy, LP | Texas |
| Dunkirk Power LLC | Delaware |
| Eastern Sierra Energy Company LLC | California |
| El Segundo Power II LLC | Delaware |
| El Segundo Power, LLC | Delaware |
| Energy Alternatives Wholesale, LLC | Delaware |
| Energy Choice Solutions LLC | Texas |
| Energy Plus Holdings LLC | Delaware |
| Energy Plus Natural Gas LLC | Delaware |
| Everything Energy LLC | Delaware |
| First Choice Power, LLC | Texas |
| Forward Home Security, LLC | Texas |
| Gateway Energy Services Corporation | New York |
| GCP Funding Company, LLC | Delaware |
| Green Mountain Energy Company | Delaware |
| Home Warranty Holdings Corp. | Delaware |

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| | |
|:---|:---|
| Huntley Power LLC | Delaware |
| Independence Energy Alliance LLC | Delaware |
| Independence Energy Group LLC | Delaware |
| Independence Energy Natural Gas LLC | Delaware |
| Indian River Operations Inc. | Delaware |
| Indian River Power LLC | Delaware |
| Meriden Gas Turbines LLC | Delaware |
| NEO Corporation | Minnesota |
| New Genco GP, LLC | Delaware |
| Norwalk Power LLC | Delaware |
| NRG Affiliate Services Inc. | Delaware |
| NRG Arthur Kill Operations Inc. | Delaware |
| NRG Business Marketing LLC | Delaware |
| NRG Cabrillo Power Operations Inc. | Delaware |
| NRG California Peaker Operations LLC | Delaware |
| NRG Cedar Bayou Development Company, LLC | Delaware |
| NRG Construction LLC | Delaware |
| NRG Controllable Load Services LLC | Delaware |
| NRG Curtailment Solutions, Inc. | New York |
| NRG Dispatch Services LLC | Delaware |
| NRG Distributed Energy Resources Holdings LLC | Delaware |
| NRG Distributed Generation PR LLC | Delaware |
| NRG Dunkirk Operations Inc. | Delaware |
| NRG ECOKAP Holdings LLC | Delaware |
| NRG El Segundo Operations Inc. | Delaware |
| NRG Energy Services Group LLC | Delaware |
| NRG Energy Services LLC | Delaware |
| NRG Generation Holdings Inc. | Delaware |
| NRG Home & Business Solutions LLC | Delaware |
| NRG Home Services LLC | Texas |
| NRG Home Solutions LLC | Delaware |
| NRG Home Solutions Product LLC | Delaware |
| NRG Homer City Services LLC | Delaware |
| NRG HQ DG LLC | Delaware |
| NRG Huntley Operations Inc. | Delaware |
| NRG Identity Protect LLC | Delaware |
| NRG International LLC | Delaware |
| NRG Maintenance Services LLC | Delaware |
| NRG Mextrans Inc. | Delaware |
| NRG Norwalk Harbor Operations Inc. | Delaware |
| NRG Operating Services, Inc. | Delaware |
| NRG Portable Power LLC | Delaware |
| NRG Protects Inc. (IL) | Illinois |

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| | |
|:---|:---|
| NRG Reliability Solutions LLC | Delaware |
| NRG Retail LLC | Delaware |
| NRG Rockford Acquisition LLC | Delaware |
| NRG Saguaro Operations Inc. | Delaware |
| NRG Security LLC | Delaware |
| NRG SimplySmart Solutions LLC | Delaware |
| NRG Texas Gregory LLC | Delaware |
| NRG Texas Holding Inc. | Delaware |
| NRG Texas LLC | Delaware |
| NRG Texas Power LLC | Delaware |
| NRG VPP LLC | Delaware |
| NRG VPP Solutions LLC | Delaware |
| NRG Warranty Services LLC | Delaware |
| NRG West Coast LLC | Delaware |
| NRG Western Affiliate Services Inc. | Delaware |
| Reliant Energy Northeast LLC | Delaware |
| Reliant Energy Power Supply, LLC | Delaware |
| Reliant Energy Retail Holdings, LLC | Delaware |
| Reliant Energy Retail Services, LLC | Delaware |
| RERH Holdings, LLC | Delaware |
| RSG Holding Corp. | Delaware |
| Saguaro Power LLC | Delaware |
| SGE Energy Sourcing, LLC | Delaware |
| SGE Texas Holdco, LLC | Texas |
| Smart Home Pros, Inc. | Utah |
| Somerset Operations Inc. | Delaware |
| Somerset Power LLC | Delaware |
| Stream Energy Columbia, LLC | Delaware |
| Stream Energy Delaware, LLC | Delaware |
| Stream Energy Illinois, LLC | Delaware |
| Stream Energy Maryland, LLC | Delaware |
| Stream Energy New Jersey, LLC | Delaware |
| Stream Energy New York, LLC | Delaware |
| Stream Energy Pennsylvania, LLC | Delaware |
| Stream Georgia Gas SPE, LLC | Georgia |
| Stream Ohio Gas & Electric, LLC | Ohio |
| Stream SPE GP, LLC | Texas |
| Stream SPE, Ltd. | Texas |
| Texas Genco GP, LLC | Texas |
| Texas Genco Holdings, Inc. | Texas |
| Texas Genco LP, LLC | Delaware |
| Texas Genco Services, LP | Texas |
| US Retailers LLC | Delaware |

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| | |
|:---|:---|
| Vienna Operations Inc. | Delaware |
| Vienna Power LLC | Delaware |
| Vivint Amigo, Inc. | Delaware |
| Vivint Group LLC | Delaware |
| Vivint LLC | Utah |
| Vivint Louisiana LLC | Louisiana |
| Vivint Purchasing, LLC | Utah |
| Vivint Smart Home, Inc. | Delaware |
| Vivint VI Holdings, LLC | Delaware |
| Vivint Warranty and Home Insurance, LLC | Delaware |
| WCP (Generation) Holdings LLC | Delaware |
| West Coast Power LLC | Delaware |
| WTU Retail Energy L.P. | Delaware |
| XOOM Alberta Holdings, LLC | Delaware |
| XOOM British Columbia Holdings, LLC | Delaware |
| XOOM Energy California, LLC | California |
| XOOM Energy Connecticut, LLC | Connecticut |
| XOOM Energy Delaware, LLC | Delaware |
| XOOM Energy Georgia, LLC | Georgia |
| XOOM Energy Global Holdings, LLC | Delaware |
| XOOM Energy Illinois LLC | Illinois |
| XOOM Energy Indiana, LLC | Indiana |
| XOOM Energy Kentucky, LLC | Kentucky |
| XOOM Energy Maine, LLC | Maine |
| XOOM Energy Maryland, LLC | Maryland |
| XOOM Energy Massachusetts, LLC | Massachusetts |
| XOOM Energy Michigan, LLC | Michigan |
| XOOM Energy New Hampshire, LLC | New Hampshire |
| XOOM Energy New Jersey, LLC | New Jersey |
| XOOM Energy New York, LLC | New York |
| XOOM Energy Ohio, LLC | Ohio |
| XOOM Energy Pennsylvania, LLC | Pennsylvania |
| XOOM Energy Rhode Island, LLC | Rhode Island |
| XOOM Energy Texas, LLC | Texas |
| XOOM Energy Virginia, LLC | Virginia |
| XOOM Energy Washington D.C., LLC | District of Columbia |
| XOOM Energy, LLC | Delaware |
| XOOM Ontario Holdings, LLC | Delaware |
| XOOM Solar, LLC | Delaware |

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## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION**

I, Lawrence S. Coben, certify that:

1. I have reviewed this quarterly report on Form 10-Q of NRG Energy, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| /s/ LAWRENCE S. COBEN |
| Lawrence S. Coben<br>*President and Chief Executive Officer<br>(Principal Executive Officer)*  |

---

Date: August 6, 2025

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION**

I, Woo-Sung Chung, certify that:

1. I have reviewed this quarterly report on Form 10-Q of NRG Energy, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ WOO-SUNG CHUNG |
| Woo-Sung Chung |
| *Chief Financial Officer*<br>*(Principal Financial Officer)*  |

---

Date: August 6, 2025

## Exhibit 31.3

**EXHIBIT 31.3**

**CERTIFICATION**

I, G. Alfred Spencer, certify that:

1. I have reviewed this quarterly report on Form 10-Q of NRG Energy, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ G. ALFRED SPENCER |
| G. Alfred Spencer<br>*Chief Accounting Officer*<br>*(Principal Accounting Officer)* |

---

Date: August 6, 2025

## Ex-32

**EXHIBIT 32**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of NRG Energy, Inc. on Form 10-Q for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-Q"), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Form 10-Q.

Date: August 6, 2025

---

| |
|:---|
| /s/ LAWRENCE S. COBEN |
| Lawrence S. Coben |
| *President and Chief Executive Officer*<br>*(Principal Executive Officer)*  |
| /s/ WOO-SUNG CHUNG |
| Woo-Sung Chung |
| *Chief Financial Officer*<br>*(Principal Financial Officer)*  |
| /s/ G. ALFRED SPENCER |
| G. Alfred Spencer |
| *Chief Accounting Officer*<br>*(Principal Accounting Officer)*  |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of this Form 10-Q or as a separate disclosure document.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to NRG Energy, Inc. and will be retained by NRG Energy, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

<br>